All information is at 30 June 2014 and unaudited. 
Performance at month end with net income reinvested 
                            One     Three      Six      One   Three   Since 
                          month    months   months     year   years  
Share price                   -0.5%      2.1%     5.2%    16.4%   43.1%   31.1%
Net asset value               -0.8%      7.9%     9.3%    18.6%   44.2%   34.8%
MSCI Frontiers Index (NR)     -2.0%      9.1%    16.5%    20.8%   33.4%   24.2%
MSCI EM Markets (NR)           0.7%      3.9%     2.8%     1.4%   -7.2%   -5.8%
US Dollars:
Share Price                    1.5%      4.7%     8.6%    31.2%   52.5%   44.1%
Net asset value                1.2%     10.6%    13.0%    33.7%   53.7%   48.0%
MSCI Frontiers Index (NR)     -0.1%     11.9%    20.2%    36.2%   42.1%   36.2%
MSCI EM Markets (NR)           2.7%      6.6%     6.1%    14.3%   -1.2%    3.3% 
Sources: BlackRock and Standard & Poor's Micropal
* 17 December 2010. 
At month end
US Dollar:
Net asset value - capital only:               202.02c
Net asset value - cum income:                 205.80c
Net asset value - capital only:               118.14p
Net asset value - cum income:                 120.35p
Share price:                                  119.13p
Total assets (including income):              £181.3m
Discount to cum-income NAV:                      1.0%
Gearing:                                          nil
Gearing range (as a % of gross assets):         0-20%
Net yield:                                       1.1%
Ordinary shares in issue:                 150,621,621 
*The Company's yield based on dividends announced in the last 12 months as at
the date of the release of this announcement is 1.1% and includes the 2014
interim dividend of 2.25 cents per share announced on 20 May 2014 and payable
to shareholders on 4 July 2014. However, as previously announced, a special
dividend of 3.40c per share (representing the Company's earnings for the period
from 1 April 2013 to 30 September 2013) was paid early in 2013 to avoid revenue
dilution as a result of the Company's C-Share issue which was completed on 29
September 2013.  If this dividend had been paid as a final dividend for 2013,
the Company's yield would be 2.8%. 
Sector Analysis   Gross assets(%)*         Country Analysis  Gross assets(%)* 
Financials              31.2               Nigeria                    12.2
Energy                  18.2               Kuwait                     11.8
Telecommunications      14.5               Pakistan                    8.4
Consumer Staples        12.6               Bangladesh                  7.7
Consumer Discretionary   7.8               Saudi Arabia                7.0
Industrials              7.2               Iraq                        6.1
Health Care              6.9               Romania                     6.1
Materials                3.6               Kazakhstan                  6.0
Utilities                2.4               Sri Lanka                   5.7
Information Technology   2.2               Oman                        5.5 
                   -----               Argentina                   7.3
Total                  106.6               Ukraine                     4.8 
                   -----               Vietnam                     3.7
Short positions         -1.7               Turkmenistan                3.1 

                       =====               Morocco                     2.5
                                           Slovenia                    2.4
                                           Other                       6.3
                                           Short positions            -1.7

*reflects gross market exposure from contracts for difference (CFDs) 
Market Exposure 

       31.07 31.08 30.09 31.10 30.11 31.12 31.01 28.02 31.03 30.04 31.05 30.06  
          2013  2013  2013  2013  2013  2013  2014  2014  2014  2014  2014  2014  

          %     %     %     %     %     %     %     %     %     %     %     %
Long   103.2  98.9  98.8 100.4 100.5 103.3  96.6 101.8 101.6 101.6  98.0 106.6   
Short    3.0   3.3   1.4   1.6   1.6   1.5   1.7   1.8   1.7   2.0   1.7   1.7   
Gross  106.2 102.2 100.2 102.0 102.1 104.8  98.3 103.6 103.3 103.6  99.7 108.3   
Net    100.2  95.6  97.4  98.8  98.9 101.8  94.9 100.0  99.9  99.6  96.3 104.9   
Ten Largest Equity Investments 
Company                           Country of Risk              % of Gross 
Kuwait Food                        Kuwait                       5.1%
Zenith Bank                        Nigeria                      4.8%
Mobile Telecommunications          Kuwait                       4.7%
Halyk Bank                         Kazakhstan                   3.9%
BRD                                Romania                      3.7%
MHP                                Ukraine                      3.6%
Genel Energy                       Iraq                         3.4%
Banco Macro                        Argentina                    3.2%
Dragon Oil                         Turkmenistan                 3.1%
Bank Muscat                        Oman                         3.0% 
Commenting on the markets, Sam Vecht, representing the Investment Manager
In June, the MSCI Frontier Market Index fell 0.1%. The benchmark return
obscures a wide dispersion of return between individual constituent countries.
(All calculations in US dollars with net income reinvested.) 
The Buenos Aires bourse was the strongest performer during the month, rallying
by 10%. President Christina Fernandez announced that the government were
willing to negotiate with a bond holder who refused to participate in the debt
restructuring following the country's default in 2001. A resolution to the
long-running dispute has the potential to allow Argentina access to
international capital markets and facilitate much needed investment in the
Kazakhstan was also a strong performer during June as the market rose by 8%. In
response to a deteriorating economic environment, the government has brought
forward reforms which aim to increase investment, particularly into the energy
The weakest market during July was Bulgaria, falling by 10%, which suffered a
run on its fourth largest bank, KTB. The run appeared to be politically
motivated. The Trust does not have any direct exposure to Bulgaria. 
In June, the Company's NAV increased by 1.2%, outperforming the index by 1.3%
(on a US dollar basis with net income reinvested). 
The strongest individual contribution to performance was Iraqi E&P energy
company, Gulf Keystone, which rallied by 20%. Investors were cheered by the
news that CEO and chairman, Todd Kozel, had stepped down, raising the prospects
that boardroom unrest would be nearing a resolution.  
Kyrgyzstan gold miner Centerra was also a strong performer in June, returning
46%. After a period of uncertainty, the Canadian listed company received the
appropriate licences for its Kumtor mines. The stock rallied on this news and
the team took profits, selling the holding before the end of the month 
Detracting from relative performance over the month was Pakistani holding
company, Engro, which also owns fertilizer assets. The stock fell by 15% on the
back of an increase in regulated gas price announced as part of 2014-2015
government budget. 
The Company re-initiated a position in internet company, Mercadolibre which is
headquartered in Argentina and is eBay's equivalent in Latin America. We had
previously held the stock and profited from a 50% rise in the stock price
before selling the position. Following recent price weakness, we bought the
stock which enjoys considerable leverage to rising internet penetration and
online retail. 
We also invested in Nigerian Financial UBA. We had previously held UBA till
early 2013, and sold out after the stock had risen nearly threefold from its
initial purchase cost. Subsequently the stock has underperformed the Nigerian
market and is valued at an attractive discount to Nigerian peers, despite
considerable efforts to improve underwriting standards and asset quality. UBA
is valued at just 5 times forward price to earnings. 
The Company initiated a position in Pakistan financial, United Bank Ltd, by
participating in the current government's privatization of its remaining 19%
stake, which was valued at an attractive discount. The bank is well positioned
to benefit from accelerating loan growth in Pakistan and has a strong fee
franchise as the domestic leader in inward remittances. 
The S&P500 is now entering its sixth consecutive year of positive returns - a
rare phenomenon over the past century.  Financial markets appear to be
entrenched in the belief that interest rates will remain low, anchored by
dovish central banks in the US and EU and benign inflation trends. Bond yields
globally remain near or at record low levels, and consequently some of the best
performing Emerging Markets this year have been those characterised as the
'fragile five' given the dependence of their bond markets on foreign investment  
flows. This growing belief in the perpetuity of low interest rates may lead to 
renewed financial imbalances, as capital flows continue to seek high yield, at 
the expense of liquidity or quality. This may cause a sharp reversal of certain
asset prices at some stage. 
Frontier Markets are relatively well positioned in this environment, as they
are somewhat insulated from global capital flows given their underdeveloped
financial markets and are driven more by indigenous economic and political
developments. However, the surge of many relatively illiquid stocks, especially
in the consumer sector, is a growing cause for concern. We much prefer the
opportunities in markets such as Bangladesh, Romania, Saudi Arabia and Sri
Lanka, where valuations remain attractive and economic prospects are robust or
16 July 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 BlackRock's website (or any other
website) is incorporated into, or forms part of, this announcement. 
-0- Jul/16/2014 15:46 GMT
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