All information is at 31 December 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  1.9%     0.9%     4.1%  -5.2%   -20.5%    56.4%
Share price      2.6%     6.0%     9.5%  -0.8%   -20.7%    70.9% 
Sources: Datastream, BlackRock 
At month end
Net asset value - capital only:       106.16p
Net asset value - cum income**:       106.22p
Share price:                          110.75p
Premium to NAV (cum income):             4.3%
Net yield:                               5.4%
Net gearing - cum income:                9.5%
Total assets^^:                       £109.9m
Ordinary shares in issue:          96,258,000
Gearing range (as a % of net assets):   0-20% 
**Includes net revenue of 0.06p.
^^includes current year revenue. 
Sector                     % Total          Country              % Total
Analysis                   Total Assets     Analysis             Total Assets
Integrated Oil             37.1             Global               40.8
Diversified                20.5             Canada               21.0
Exploration & Production   14.5             USA                  18.3
Copper                      8.2             Europe                9.2 
Gold                        5.4             Latin America         8.6
Oil Sands                   4.4             Africa                4.3
Oil Services                3.7             Asia                  3.8
Coal                        2.8             Australia             1.9
Iron Ore                    2.5             China                 1.3
Distribution                1.9             Current liabilities  (9.2)
Aluminium                   1.9
Nickel                      1.5
Fertilizers                 1.4                                 -----
Uranium                     1.0                                 100.0
Silver                      1.0                                 =====
Tin                         0.8
Platinum                    0.6
Current liabilities        (9.2) 


Ten Largest Equity Investments(in alphabetical order)

Company              Region of Risk
Chevron              Global
ExxonMobil           Global
BHP Billiton         Global
Royal Dutch Shell    Global
BP                   Global
Rio Tinto            Global
GlencoreXstrata      Global
Total                Global
Eni                  Europe
Tech Resources       Canada

Commenting on the markets BlackRock's Natural Resources Team, representing the
Investment Manager noted:

Base metal prices enjoyed a strong rally in December 2013, with the MG Base
Metal Price Index gaining 5.3%. Copper rose by 4.6% to close the year at
US$3.35/lb. Copper inventories on the LME fell by 45.0% in the second half of 
year, suggesting solid underlying demand for the red metal. Zinc was the top
performer, with a gain of 10.0%. The news that Minmetal's Century mine is
reaching the end of its life brought the tightening outlook for zinc supply
into focus. The Century mine is Australia's largest open pit zinc mine and has
been in operation since 1997. Final production from the mine is expected in
mid-2015. Strong gains were also registered in the energy markets, where West
Texas Intermediate crude was up by 6.1%. Henry Hub gas prices rose by 14.5% to
US$4.34/MMBTU as the cold snap spread across parts of the US. The US Federal
Reserve announced the beginning of the highly anticipated tapering program. The
program, set to begin in January 2014, will commence with an initial reduction
of US$10 billion of bond buying per month. While the market response to this
initial announcement was rather muted, gold prices did drift back towards the
US1,200/oz level, a drop of 3.6% for the month. The metal closed at US$1,208/
oz, registering a 27% decline for the year - its largest calendar year fall
since 1981. Mining and energy equities rose by 0.2% and 1.7% respectively in
December (Sterling terms).

21 January 2014


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- Jan/21/2014 14:59 GMT

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