All information is at 31 May 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   3.4%  -5.3%     0.3%  9.9%   4.9% -19.5%
Share price       1.3%  -2.3%    -1.8%  8.7%   6.4% -18.6% 
Sources: Datastream, BlackRock 
At month end
Net asset value - capital only:         114.28p
Net asset value - cum income**:         115.84p
Share price:                            117.50p
Premium to NAV (cum income):               1.4%
Net yield:                                 5.1%
Gearing - cum income:                      8.2%
Total assets^^:                         £118.2m
Ordinary shares in issue:            94,258,000
Gearing range (as a % of net assets):     0-20% 
**Includes net revenue of 1.56p.
^^includes current year revenue. 
Sector                 % Total  Country             % Total
Analysis            Cap Assets  Analysis            Cap Assets
Integrated Oil            32.2  Global              33.6
Diversified               17.1  Canada              21.5
Exploration & Production  15.5  USA                 18.2
Gold                       8.6  Latin America       10.7 
Copper                     7.0  Europe               8.4
Oil Services               5.3  Asia                 5.3
Oil Sands                  3.0  Australia            1.2
Distribution               2.1  South Africa         0.9
Fertilizer                 1.9  China                0.9
Iron Ore                   1.8  Russia               0.8
Aluminium                  1.7  Current liabilities (1.5)
Nickel                     1.7
Silver                     0.9                     -----
Coal                       0.9                     100.0
Tin                        0.7                     =====
Zinc                       0.6
Platinum                   0.5
Current liabilities       (1.5) 


Ten Largest Equity Investments(in alphabetical order)

Company               Region of Risk

Anadarko Petroleum    USA
Antofagasta           Latin America
BHP Billiton          Global
BP                    Global
Chevron               Global
Eni                   Europe
ExxonMobil            Global
Glencore              Global
Rio Tinto             Global
Total                 Global

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

Even though the US economy continued to produce healthy economic data during
the month, the prospect of the Federal Reserve "tapering" its quantitative
easing program kept equity markets in check. Further impacting commodity
shares, data from China prompted some concern as the HSBC PMI number dropped
below 50. Meanwhile, the IMF scaled back its 2013 GDP forecast for China.

In the oil market, the International Energy Agency released its medium term
outlook. Reflecting the impact that shale oil production in the US has had on
supply prospects, the agency raised its long term projection for non-OPEC
supply growth by 1MBbl/d for the 2014-2017 annual balances. Iraq is also
forecast to be a meaningful production growth contributor. Significant non-OPEC
supply growth is not a factor that the oil market has been accustomed to over
recent years and it should, in our view, make for a relatively balanced market.
There are risks to this supply growth: Iraqi production carries with it
uncertainty and the future pace of US onshore oil production also involves a
number of variables, including the productivity of emerging shale plays and the
decline rates of existing ones.

Supply disruptions remain a feature of the market as Iran's oil exports hit a
new low during the month due to sanctions imposed on the country. Iran shipped
less than 700kBbl/d in May, prior to the US and EU sanctions, the country was
exporting 2.2MBbl/d. OPEC met in Vienna on the final day of the month and
decided to maintain the same production ceiling level of 30MBbl/d, illustrating
their relative comfort with current oil prices. Fiscal break-evens for some
members will start to come under pressure, however, should prices fall and
remain much below US$100/Bbl. Brent slipped back 1.0% to close at US$101/Bbl.
Energy shares gained 3.0% (in Sterling terms).

In the mining sector, iron ore prices fell by 14.5% to US$113/t (CSLA MB China
spot price, 63.5% Fe) as a consequence of anticipated seasonal weakness in
third quarter demand. Copper prices rose by 3.7% over the month due to supply
concerns following the announcement that Freeport-McMoRan will shut its
Indonesian Grasberg operation following an accident. Strong import numbers from
the China State Reserve Bureau were also supportive of copper prices over the
month. Elsewhere the performance of other metals was mixed. Precious metals
performed poorly with gold and silver declining 5.1% and 7.6% respectively,
while base metals such as tin and aluminium had positive returns (2.6% and 2.5%
respectively). The HSBC Global Mining Index fell by 0.6% (in Sterling terms) in

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

18 June 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- Jun/18/2013 08:51 GMT

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