All information is at 31 August 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       -0.6%    -3.2%     -8.3%     0.3%      6.3%    -4.3%
Share price           -2.8%    -5.7%     -7.9%    -1.0%      4.3%    -1.1% 
Sources: Datastream, BlackRock 
At month end
Net asset value - capital only:     109.27p
Net asset value - cum income**:     110.58p
Share price:                        109.25p
Premium to NAV (cum income):           1.2%
Net yield:                             5.5%
Gearing - cum income:                  8.2%
Gearing range (as a % of
net assets):                         0%-20%
Total assets^^:                     £113.7m
Ordinary shares in issue:        95,008,000 
**Includes net revenue of 1.31p.
^^includes current year revenue. 
Sector                   % Total     Country                   % Total
Analysis              Cap Assets     Analysis               Cap Assets 
Integrated Oil              32.2     Global                       34.3
Diversified                 17.5     USA                          21.1
Exploration & Production    17.2     Canada                       20.9     
Gold                         6.6     Latin America                 9.2
Copper                       6.5     Europe                        7.3
Oil Services                 4.7     Asia                          3.9 
Oil Sands                    3.4     South Africa                  1.8
Iron Ore                     2.7     Australia                     1.2
Distribution                 1.9     Africa                        1.1
Aluminium                    1.6     China                         0.9
Silver                       1.6     Current liabilities          (1.7)
Fertilizer                   1.4                                 -----
Uranium                      0.9                                 100.0
Coal                         0.9                                 =====
Nickel                       0.7    
Tin                          0.7
Zinc                         0.7
Platinum                     0.5
Current liabilities         (1.7) 


Ten Largest Equity Investments (in alphabetical order)

Company                      Region of Risk

Anadarko Petroleum              USA
BHP Billiton                    Global
Chevron                         Global
Eni                             Europe
ExxonMobil                      Global
Glencore                        Global
Occidental                      USA
Rio Tinto                       Global
Teck                            Canada
Total                           Global

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

In August, data from China and Europe surprised on the upside with PMIs
remaining above 50 while leading indicators from the US were slightly more
mixed.  In bulk commodity markets, iron ore continued to hold up better than
investors expected based on encouraging Chinese data.  Inventories of both iron
ore and steel remained low while we continue to see robust demand from
construction and infrastructure.  The bulk commodities added 3.7%, ending the
month at approximately US$139/tonne (source: CSLA, 63.5% Fe). Base metals also
performed well on the back of better than expected Chinese leading indicators. 
Copper, zinc and tin returned 3.0%, 3.6% and 4.1% respectively.

Precious metals also had positive returns in August. Gold climbed higher on the
support of physical demand, the stabilisation of ETF flows and tensions in the
Middle East prompting some safe haven interest. Silver rebounded heavily,
benefiting from positive industrial activity data as industrial demand is also
a significant driver of the silver price. Gold and silver returned 6.7% and
18.6% respectively.  Mining equities rose by 2.5% in September (in Sterling

In the energy sector, the oil price appreciated over the month with West Texas
Intermediate rising by 2.8% and Brent, the international oil index, rising by
7.2% against a backdrop of political instability in Egypt and Syria.  Over the
past year Iran, Iraq, Libya and Nigeria have all suffered production declines. 
While individually these are not significant enough to impact the energy
market, on a cumulative basis the consistency of the high levels of disruption
have resulted in spare capacity falling to historically low levels.  In gas
markets, Henry Hub rose by 3.2% during the month, a trend consistent with the
gas price moves in Europe.  Much of this can be attributed to warmer weather
during the northern hemisphere summer.  Energy equities closed the month down
by 3.2% (in Sterling terms).  Uncertainty has weighed on the share prices of
companies with significant exposure to Egyptian operations.

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

18 September 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- Sep/18/2013 09:13 GMT

Press spacebar to pause and continue. Press esc to stop.