All information is at 30 April 2013 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 -6.7%    -8.3%  -4.3%  -3.8%  -4.8%  -17.3%
Share price     -4.1%    -6.3%  -4.1%  -2.1%  -2.1%  -15.2%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     111.73p
Net asset value - cum income*:      111.99p
Share price:                        116.00p
Premium to NAV (cum income):           3.6%
Net yield:                             5.1%
Gearing:                               9.6%
Total assets^:                      £115.7m
Ordinary shares in issue:        94,258,000
Gearing range (as a % of net assets)  0.20%

*Includes net revenue of 0.26p.
^includes current year revenue.

Sector                     % Total    Country          % Total
Analysis                Cap Assets    Analysis      Cap Assets
Integrated Oil                31.1    Global              32.6
Diversified                   17.1    Canada              20.8
Exploration & Production      15.3    USA                 18.3
Copper                         7.9    Latin America       10.7 
Gold                           6.6    Europe               7.6
Oil Services                   6.1    Asia                 6.2
Oil Sands                      3.0    Australia            1.5
Iron Ore                       2.5    South Africa         1.4
Aluminium                      2.2    China                0.9
Distribution                   2.1    Russia               0.9
Nickel                         1.8    Current liabilities (0.9)
Fertilizer                     1.3
Coal                           0.9                       -----
Silver                         0.9                       100.0
Tin                            0.9                       =====
Platinum                       0.6
Zinc                           0.6
Current liabilities           (0.9)

Ten Largest Equity Investments(in alphabetical order)

Company                 Region of Risk

Anadarko Petroleum      USA
Antofagasta             Latin America
BHP Billiton            Global
BP                      Global
Chevron                 Global
ExxonMobil              Global
Freeport-McMoRan        Asia
Rio Tinto               Global
Teck Resources          Canada
Total                   Global

Commenting on the markets, Richard Davis, representing the Investment Manager

China released disappointing economic data in April, which precipitated a sharp
sell-off in mining commodities and equities. Chinese first quarter GDP came in
at 7.7% which missed expectations of 8.0% and industrial production grew by
8.9% versus the consensus of 10.1%. Investments in the Chinese property market
also appeared to be losing momentum. Meanwhile, Europe continues to be stuck in
recessionary territory with poor Eurozone PMIs and lending activity to the
private sector contracting further. Copper, nickel and tin lost 6.5%, 7.7% and
12.4% respectively. Mining equities closed the month down by 9.9% (in

It was a torrid period for the gold sector. Gold registered its worst two day
performance for 30 years, as paper market activity and ETF redemptions pushed
the yellow metal as low as US$1,322/oz on 16 April. Conjecture over the
longevity of the Federal Reserve's stimulus programme and fears of a gold sale
by the Cypriot government as part of its bailout terms were cited as triggers
for the rout. A surge in physical demand helped gold recover some of its losses
and prices closed the month at US$1,468/oz. Premiums for physical gold jumped,
retail outlets across Asia sold out of the metal and some traders reported
levels of demand not seen since the late 1980s as the bargain hunting began. In
Sterling terms, the FTSE Gold Index declined by 22.8% during the month.

In the energy sector, crude oil fell in April, although tighter physical
markets and stronger US demand helped prices recover partially towards the end
of the month. Brent crude declined by 5.5% and WTI was down by 4.1% to finish
the month at US$101.5/Bbl and US$93.2/Bbl respectively. Gas prices continued to
appreciate with Henry Hub adding 6.7%, helped by the extended winter in the
northern hemisphere. Over the month, gas inventories fell below the 5-year
average on the back of this strength in demand. Energy shares fell by 2.2% in
April (in Sterling).

All data sourced from Datastream and quoted in US Dollars unless otherwise

17 May 2013


Latest information is available by typing 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.

-0- May/17/2013 09:45 GMT

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