All information is at 31 July 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    6.1%    0.7%   -7.6%  1.9%   5.6%  -2.2%
Share price        8.1%   -1.7%   -7.9%  3.1%   4.9%   3.8% 
Sources: Datastream, BlackRock 
At month end
Net asset value - capital only:    110.66p
Net asset value - cum income**:    111.22p
Share price:                       112.38p
Premium to NAV (cum income):          1.0%
Net yield:                            5.3%
Gearing - cum income:                 8.1%
Gearing range (as a % of net assets) 0-20%
Total assets^^:                    £113.9m
Ordinary shares in issue:       94,758,000 
**Includes net revenue of 0.56p.
^^includes current year revenue. 
Sector                    % Total  Country             % Total
Analysis               Cap Assets  Analysis            Cap Assets
Integrated Oil               31.9  Global              32.9
Exploration & Production     17.9  USA                 21.4
Diversified                  16.2  Canada              21.1
Gold                          7.0  Latin America        9.8 
Copper                        6.4  Europe               8.1
Oil Services                  5.9  Asia                 3.8
Oil Sands                     3.1  Australia            1.1
Distribution                  2.1  South Africa         0.9
Iron Ore                      1.8  China                0.8
Aluminium                     1.6  Russia               0.8
Fertilizer                    1.4  Africa               0.4
Nickel                        1.4  Current liabilities (1.1)
Silver                        1.0                     -----
Uranium                       1.0                     100.0
Coal                          0.8                     =====
Tin                           0.6
Zinc                          0.5
Platinum                      0.5
Current liabilities          (1.1) 


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
Occidental             USA
Total                  Global

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

Economic data was generally positive during the month, providing the impetus
for some decent returns in commodity markets. Gold bullion recovered some of
its recent losses in July, partly based on the belief that the US Federal
Reserve will maintain its current monetary policy for longer than comments 
from Ben Bernanke initially suggested. The gold price increased by 7.8%,
ending the month at $1,310/oz. Holdings in gold ETFs continued to decline and
the speculative net length in gold futures remains near a 10 year low. Other
precious metals had positive returns in July with silver returning 5.7% and
platinum 8.8%. Bulk commodities also rallied in July. Iron ore gained 14%
driven by a replenishment of inventories at Chinese steel mills. Iron ore ended
the month at US$134/t (source: CSLA, 63.5% Fe). Base metals prices were
relatively muted throughout the month with copper and aluminium posting returns
of 2.1% and 1.6% respectively.

The potash fertiliser industry was shaken during the month by the announcement
that Russian potash producer Uralkali was breaking away from the Belorussian
Potash Company "marketing organisation". The company plans to increase supply
and commented that potash prices could fall significantly in the coming months 
as a
result. This caused potash equities to drop by 10-30% on the day of the
announcement. Mining equities rose by 6.7% in July (in Sterling terms).

In the energy sector, Brent crude appreciated by 5.3% to finish the month at
US$107.9/Bbl. OPEC crude production fell by 370kb/d in June, according to the
International Energy Agency, owing to supply disruptions in Libya, Nigeria and
Iraq. Libyan oil fields and export terminals have been shut-in following worker
disputes and unrest. Iraqi output has suffered from pipeline damage and
inclement weather. South Sudan is also reportedly reducing oil production after 

an agreement between Sudan and South Sudan was reached for oil exports. 
South Sudan possesses the oil, but is beholden to Sudan for its export 
Tensions between the two have resulted in oil production from the area falling 
of its ~300kb/d normal operating capacity.

West Texas Intermediate (WTI) crude outpaced Brent, gaining 9.1%, further
narrowing the spread between the benchmark prices. At the end of the month, WTI
stood at US$105.1/Bbl, just US$2.8/Bbl below Brent. At the start of the year,
WTI traded at a discount of approximately US$20/Bbl. The steady momentum in the
US economy, an increase in refinery activity post a maintenance period, and
flooding in Canada which reduced the oil flow from the country into
America, have all contributed to the narrowing. Energy equities closed the
month up by 5.4% (in Sterling terms).

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

16 August 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- Aug/16/2013 13:45 GMT

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