All information is at 30 September 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       -2.2%     3.2%     -8.6%    -6.0%    -5.4%     25.3%
Share price           -1.7%     3.3%    -10.0%    -7.2%    -7.1%     23.9% 
Sources: Datastream, BlackRock 
At month end
Net asset value - capital only:         106.49p
Net asset value - cum income**:         106.78p
Share price:                            106.00p
Discount to NAV (cum income):              0.7%
Net yield:                                 5.7%
Gearing - cum income:                      5.7%
Gearing range (as a % of net assets)     0%-20%
Total assets^^:                         £107.2m
Ordinary shares in issue:            95,008,000 
**Includes net revenue of 0.29p.
^^includes current year revenue. 
Sector                   % Total     Country                    % Total
Analysis              Cap Assets     Analysis               Cap Assets 
Integrated Oil              31.9     Global                       35.5
Diversified                 20.0     Canada                       20.9
Exploration & Production    14.8     USA                          18.0 
Copper                       7.4     Latin America                 9.3
Gold                         6.5     Europe                        7.7
Oil Services                 3.7     Asia                          4.0 
Oil Sands                    3.4     South Africa                  1.9
Iron Ore                     2.9     Africa                        1.9
Distribution                 2.0     Australia                     1.5
Aluminium                    1.7     China                         1.0
Fertilizer                   1.6     Current liabilities          (1.7)
Silver                       1.3                                 -----
Coal                         1.0                                 100.0
Uranium                      0.8                                 =====
Zinc                         0.7                              
Nickel                       0.7
Tin                          0.7
Platinum                     0.6
Current liabilities         (1.7) 


Ten Largest Equity Investments (in alphabetical order)

Company                      Region of Risk

BHP Billiton                    Global
BP                              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 September, the decision by the US Federal Reserve to delay the tapering of
its Quantitative Easing programme came as a positive surprise for equity
markets.  Meanwhile, Chinese leading indicators surprised on the upside with
industrial production, investment growth, electricity production and PMIs all
showing improvement.  The latter provided a positive catalyst for most metals
and in particular for copper, which gained 3.0%.  Over the month, steel
inventories in China remained low while iron ore inventories increased as more
supply came into the market.  Iron ore prices remain resilient and continue to
trade above the US$130/t level.  Gold prices fell sharply in September as
concerns over the prospect of military intervention in Syria eased and
expectations of Quantitative Easing tapering by the Federal Reserve began to be
factored into the gold price.  The metal closed the month down by 4.8% at
US$1,331/oz.  Mining equities gained 2.7% in US Dollar terms.  However, in
Sterling terms the shares fell by 1.9%, reflecting the weakness in the US
Dollar.  Gold shares suffered on the back of bullion's fall and closed the
month down by 13.1% (in Sterling terms).

Brent crude oil pulled back 6.6% during the month to US$108/Bbl.  Progressive
talks between the US and Iran - including the first telephone conversation
between the premiers of the two countries since 1979 - and the US and Russia
over Syrian disarmament eased the perception of supply risk in the market and
contributed to the price decline.  Supply outages elsewhere (for example in
Libya, Nigeria and Sudan) continue to support prices.  The US natural gas price
(Henry Hub) weakened by 2.2% to finish the month at US$3.5/mmbtu - a mild and
wet summer in the US reduced air conditioning demand and has contributed to the
retracement.  Energy equities fell by 2.1% (in Sterling terms).

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

10 October 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- Oct/10/2013 13:23 GMT

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