TIDMBERI 
 
BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31) 
 
All information is at 31 May 2020 and unaudited. 
 
Performance at month end with net income reinvested 
 
                                    One      Three                     Six       One                       Three                                              Five 
 
                                  Month     Months                  Months      Year                       Years                                             Years 
 
Net asset value                    6.9%       1.2%                  -10.0%     -9.3%                        4.0%                                              4.8% 
 
Share price                        6.6%       0.7%                  -13.3%    -16.0%                      -10.0%                                            -13.9% 
 
Sources: Datastream, BlackRock 
 
At month end 
 
Net asset value - capital only:                                                                   64.74p 
 
Net asset value cum income*:                                                                      65.71p 
 
Share price:                                                                                      55.20p 
 
Discount to NAV (cum income):                                                                      16.0% 
 
Net yield:                                                                                          7.2% 
 
Gearing - cum income:                                                                               3.0% 
 
Total assets:                                                                                     GBP74.6m 
 
Ordinary shares in issue:                                                                    113,470,349 
 
Gearing range (as a % of net assets):                                                              0-20% 
 
Ongoing charges**:                                                                                  1.5% 
 
* Includes net revenue of 0.97p. 
** Calculated as a percentage of average net assets and using expenses, 
excluding any interest costs and excluding taxation for the year ended 30 
November 2019. 
 
Sector Analysis                 % Total Assets^       Country Analysis                                                                                     % Total Assets^ 
 
Integrated Oil, Gas and Energy             37.0       Global                                                                                                           60.3 
 
Diversified Mining                         20.7       USA                                                                                                              16.4 
 
Gold                                       16.1       Canada                                                                                                            7.7 
 
Copper                                      8.7       Australia                                                                                                         6.5 
 
Distribution                                5.2       Latin America                                                                                                     4.9 
 
Exploration & Production                    3.9       Asia                                                                                                              2.4 
 
Silver                                      3.1       South Africa                                                                                                      1.7 
 
Steel                                       1.5       Africa                                                                                                            0.3 
 
Diamonds                                    1.5       Net Current Liabilities^                                                                                         -0.2 
 
Platinum Group Metals                       1.3                                                                                                                       ----- 
 
Iron Ore                                    0.8                                                                                                                       100.0 
 
Nickel                                      0.4                                                                                                                       ===== 
 
Net Current Liabilities^                   -0.2 
 
                                           ---- 
 
                                          100.0 
 
                                          ===== 
 
^ Total Assets for the purposes of these calculations exclude bank overdrafts, 
and the net current liabilities figure shown in the tables above therefore 
exclude bank overdrafts equivalent to 2.8% of the Company's net asset value. 
 
Ten Largest Investments 
 
Company                                               Region of Risk                                           % Total Assets 
 
BHP                                                           Global                                                      8.4 
 
First Quantum Minerals*                                       Global                                                      6.6 
 
Barrick Gold                                                  Global                                                      5.7 
 
Chevron                                                       Global                                                      5.0 
 
Total                                                         Global                                                      4.6 
 
Rio Tinto                                                     Global                                                      4.6 
 
Newmont Mining                                                Global                                                      4.3 
 
Royal Dutch Shell 'B'                                         Global                                                      4.1 
 
Vale                                                   Latin America                                                      3.6 
 
Williams Companies                                               USA                                                      3.5 
 
*The holding in First Quantum Minerals includes both an equity holding and a 
holding in several bonds. 
 
Commenting on the markets, Tom Holl and Mark Hume, representing the Investment 
Manager noted: 
 
The Company's NAV increased by 6.9% during the month of May (in Sterling 
terms). 
 
Global equity markets continued to recover in May as signs of activity 
restarting and the hopes for antiviral treatments and a vaccine improved equity 
market sentiment. For reference, the MSCI All Country World Index rose by 4.2%. 
Elsewhere, tensions between the US and China escalated as markets reacted to 
China's move to impose new national security legislation on Hong Kong. China 
also dropped its annual gross domestic product (GDP) target and instead adopted 
a target to keep urban unemployment below 6% and promised monetary policy 
support of credit growth "significantly higher" than last year. 
 
Against this backdrop, oil prices experienced their best month on record, with 
Brent and WTI (West Texas Intermediate) indices rising by 88.6% and 78.9%, to 
end the month at prices of $37/bbl and $35/bbl respectively. The oil price was 
boosted by anticipation of improved demand after some lockdown measures were 
eased globally, in conjunction with OPEC cuts being implemented. The US oil and 
natural gas rig count also slipped to 333 by the end of the month, plummeting 
from 835 in early March. 
 
Mined commodity prices were up almost across the board as positive economic 
data from China indicated a recovery in industrial activity. For example, the 
Caixin China Manufacturing Purchasing Managers' Index rose to 50.7 in May, up 
from 49.4 in April. The copper price rose by 3.7% over the month, whilst the 
iron ore (62% fe) price rose by 21.3% to $102.5/tonne. The iron ore (62% fe) 
price was boosted by improving steel demand as well as supply concerns as 
COVID-19 cases began to rise sharply in Brazil. 
 
 
All data points in US Dollar terms unless otherwise specified. Commodity price 
moves sourced from Thomson Reuters Datastream. 
 
16 June 2020 
 
ENDS 
 
Latest information is available by typing www.blackrock.co.uk/brci on the 
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV 
terminal).  Neither the contents of the Manager's website nor the contents of 
any website accessible from hyperlinks on the Manager's website (or any other 
website) is incorporated into, or forms part of, this announcement. 
 
 
 
 
END 
 

(END) Dow Jones Newswires

June 16, 2020 11:29 ET (15:29 GMT)

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