Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 March 20, 2015 - 6:40 AM EDT
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All information is at 28 February 2015 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    4.7%   -2.0%  -19.9%  -12.8%  -23.9%  -11.0%
Share price        1.7%   -7.5%  -21.3%  -13.9%  -21.7%  -5.9%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:        87.32p
Net asset value - cum income*:         88.57p
Share price:                           90.00p
Premium to NAV (cum income):             1.6%
Net yield:                               6.7%
Gearing - cum income:                     nil
Total assets^^:                        £94.6m
Ordinary shares in issue:         106,858,000
Gearing range (as a % of net assets):   0-20%
Ongoing charges**                        1.5%

*Includes net revenue of 1.25p.
^^includes current year revenue.
** calculated as a percentage of average net assets and using expenses,
excluding any interest costs and excluding taxation for the year ended 30
November 2014.

Sector                    % Total       Country            % Total
Analysis                  Assets        Analysis            Assets
Integrated Oil            32.9          Global              38.8
Diversified               20.7          USA                 20.7
Exploration & Production  11.4          Canada              13.1
Copper                     8.8          Europe               9.0
Gold                       6.0          Africa               5.1
Distribution               4.8          Latin America        4.6
Nickel                     3.8          Asia                 4.5
Coal                       3.3          China                2.3
Oil Sands                  2.1          Australia            2.1
Silver                     2.0          Current Liabilities (0.2)
Oil Services               1.8                             -----
Agriculture Science        1.1                             100.0
Diamonds                   0.6                             =====
Iron Ore                   0.5
Fertilizers                0.4
Current liabilities       (0.2)

Ten Largest Equity Investments(in % of Total Assets order)

                                           % Total
Company             Region of Risk          Assets

Rio Tinto           Global                  6.7
Chevron             Global                  6.2
ExxonMobil          Global                  6.2
BHP Billiton        Global                  4.9
Enbridge Income     Canada                  4.8
Royal Dutch Shell   Global                  4.8
Eni                 Europe                  3.5
Glencore            Global                  3.5
ConocoPhillips      USA                     3.3
Total               Global                  3.2

Commenting on the markets, Olivia Markham and Tom Holl, representing the
Investment Manager noted:

February saw a strong rebound in the commodity complex with underlying
commodities rallying from their January lows. Brent crude oil rallied from $49/
bbl to $62/bbl at the end of the month and the Henry Hub gas price also
recovered modestly, rising by almost 3%. On the mining side there was a more
mixed picture. The traditional bell-weather commodity, copper, rose by 6.9%
over the month on the back of a number of supply side disruptions. Other base
metals were weaker during the quiet Chinese New Year holiday season with
aluminium, zinc and nickel falling by 2.8%, 3.4% and 7.1% respectively.

Many companies reported their financial results during the month and some key
trends began to emerge. In the mining sector, the major producers generally
exceeded expectations in terms of earnings and cashflow generation as operating
costs were successfully reduced. A function of the actions taken by the companies
and depreciating currencies such as the Australian dollar. Capital expenditures
were also cut. The strength of the results and balance sheets was demonstrated
with Rio Tinto announcing a $2bn share buyback.

In the portfolio, we rotated out of a number of Canadian listed energy
companies where the valuation was not compelling and the stocks were lacking
near or medium term catalysts. We redeployed the capital into some new US
focused stocks where the recent sell-off had presented an attractive entry
point into companies with strategic resource bases. As well as buying shares,
we also selectively wrote puts as the levels of option premium on offer were
high following recent volatile markets.

The portfolio remains tilted towards the energy sector because of the risks to
mining commodity demand from an uncertain macro-economic outlook in China and
relative valuation metrics.

20 March 2015


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.

Source: PR Newswire (March 20, 2015 - 6:40 AM EDT)

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