Vous êtes sur la page 1sur 164

UNAUDITED INTERIM REPORT AND ACCOUNTS

TITLE (4050 CHARACTERS)


BLACKROCK STRATEGIC FUNDS (BSF)
SUBTITLE (40-50 CHARACTERS)
R.C.S. Luxembourg: B 127481

30 NOVEMBER 2013

Contents
BSF Chairmans Letter to Shareholders

BSF Investment Advisers Report

Board of Directors

Management and Administration

Statement of Net Assets

Three Year Summary of Net Asset Values

11

Statement of Operations and Changes in Net Assets

15

Statement of Changes in Shares Outstanding

19

Portfolio of Investments
BlackRock Americas Diversified Equity Absolute Return Fund

22

BlackRock Asia Extension Fund

45

BlackRock Emerging Markets Absolute Return Fund

49

BlackRock Emerging Markets Allocation Fund

52

BlackRock Emerging Markets Flexi Dynamic Bond Fund

59

BlackRock Euro Dynamic Diversified Growth Fund

61

BlackRock European Absolute Return Fund

64

BlackRock European Constrained Credit Strategies Fund

67

BlackRock European Credit Strategies Fund

79

BlackRock European Diversified Equity Absolute Return Fund


BlackRock European Opportunities Extension Fund

92
103

BlackRock Fixed Income Strategies Fund

106

BlackRock Fund of iShares Conservative

114

BlackRock Fund of iShares Dynamic

115

BlackRock Fund of iShares Growth

116

BlackRock Fund of iShares Moderate

117

BlackRock Global Absolute Return Bond Fund

118

BlackRock Latin American Opportunities Fund

146

BlackRock Mining Opportunities Fund

148

Notes to the Financial Statements

150

General Information

159

Subscriptions may be made only on the basis of the current Prospectus, together with the most recent audited annual report and accounts and unaudited interim report and accounts. Copies are
available from the Investor Services Centre, the Transfer Agent, the Manager or any of the Distributors.

Unaudited Interim Report and Accounts

BSF Chairmans Letter to Shareholders


November 2013
Dear Shareholder,
I am writing to update you on the activities of BlackRock Strategic Funds (the Company), a Luxembourg UCITS Fund range
providing clients with access to BlackRock investment products that seek to take full advantage of the expanded investment
powers incorporated in the UCITS directive. This report covers a six month period from 1 June 2013 to 30 November 2013.
After some strong gains seen earlier in the year, equity returns moderated over the period as concerns about a potential tapering
(reduction) of quantitative easing (QE) purchases led to profit-taking by market participants. Anxiety over the sustainability of
the rate of Chinas economic growth also weighed on markets, particularly those of the Asia Pacific region. Elsewhere, Japanese
equities continued to perform well, supported by strong optimism about the direction of the countrys economic policies.
Having initially also benefited from global central banks buying of bonds in significant quantities, fixed income investors seemed
to increasingly favour higher yielding bonds as many areas of the government bond markets began looking fully valued. Concerns
over the timing of QE tapering subsequently led to a sharp rise in bond yields. Global government bonds ended the period in
negative performance territory, while UK index-linked gilts and investment grade corporate bonds proved somewhat more
resilient.
Over the period, there were a number of important regulatory developments, which are expected to affect the way fund providers
service their clients and communicate with them. They included:


The European Securities and Markets Authority (ESMA) published guidelines aimed at enhancing investor protection,
including additional disclosures being provided to all investors. In addition, new risk management obligations relating to the
use of collateral could result in lower permissible exposures to certain counterparties and governments.

The European Market Infrastructure Regulation (EMIR) will deliver mandatory clearing through central counterparties as
it attempts to increase the resilience of the market and its participants. The requirements apply to all counterparties who
engage in over-the-counter derivative business. The use of central counterparties and the associated compliance burden
imposed could also result in an increase in trading costs.

A US law, the Foreign Account Tax Compliance Act (FATCA) is expected to have far-reaching consequences in many other
global jurisdictions. Financial institutions, including asset managers, will be required to obtain information on clients in
order to identify whether a withholding tax is payable. The tax is intended to prevent US investors circumventing US taxation
requirements through the use of non-US investments.

The performance of the Funds is covered in more detail in the separate Investment Adviser's report, which also sets out some
views regarding our investment outlook.
Overall, the assets under management in the BlackRock Strategic Funds range have increased from USD3,937.0m toUSD5,614.9m,
which reflected the continued risk-on sentiment among market participants over the period.
One of the fastest-growing Funds within the range was the multi-asset BlackRock Euro Dynamic Diversified Growth Fund, which
increased from EUR160.5m to EUR359.9m over the six months. The BlackRock Emerging Markets Flexi Dynamic Bond Fund,
which was launched during the six month period, reached USD80.1m.
It was a very good period for the BlackRock Global Absolute Return Bond Fund (GARBF), which increased in size from
EUR111.7m to EUR187.5m. This was during a period which was generally difficult for bond investors. GARBF targets positive
returns in all market conditions by extracting relative value from a very broad range of fixed income-related investment strategies,
some of them traditional actively managed, and some of them based on quantitative models. GARBF also uses derivatives to
enhance its risk-management capabilities. At times, these financial instruments are used to quickly build protection (hedge)
against sudden market movements.
The largest Fund in the BSF range, the BlackRock European Absolute Return Fund, grew from EUR1,203.6m to EUR1,504.3m over
the period. Having reached its capacity, the Fund is now closed to new subscriptions.
Another one of our flagship bond Funds, BlackRock Fixed Income Strategies Fund (FISF), grew from EUR113.0m to EUR179.7m.
The Fund aims to offer attractive returns at lower volatility than the underlying market by investing across different European
fixed income sectors. FISF is able to go actively short duration (reverse its sensitivity to interest rate changes) and protect clients
capital during periods of rising interest rates.

BlackRock Strategic Funds (BSF)

BSF Chairmans Letter to Shareholders


November 2013 continued
The BlackRock European Credit Strategies Fund also attracted good flows for the period under review as it grew from EUR766.7m
to EUR1,104.1m.
Funds which experienced a reduction in size over the reporting period included BlackRock Americas Diversified Equity Absolute
Return Fund, which declined from USD235.1m to USD186.2m, BlackRock Latin American Opportunities Fund, which declined from
USD169.7m to USD146.0m and BlackRock Mining Opportunities Fund, which declined from USD10.3m to USD9.1m.
BlackRock is fully committed to remaining at the forefront of the European Mutual Funds Industry by bringing innovative
investment products to our clients and is actively working on adding other Funds to the range as our product development
process brings forward appropriate investment opportunities for clients.
On 12 June 2013, we launched the BlackRock Emerging Markets Flexi Dynamic Bond Fund, which seeks to maximise total return
bytaking long, synthetic long and synthetic short positions in predominantly fixed income securities. We also launched the
BlackRock Emerging Markets Allocation Fund on 15 November 2013. The Fund seeks to achieve total returns over the investment
cycle by investing in a broad range of asset classes that provide exposure to factors that are positively correlated with growth
inEmerging Markets (EM). Such asset classes include equity securities, fixed and floating-rate debt instruments, derivatives,
other investment companies, including affiliated and unaffiliated mutual funds and Exchange-Traded Funds (ETF),
currency-and commodity-related instruments and structured products.
The BlackRock European Opportunities Absolute Return Fund was closed in July 2013 following a number of large redemptions,
which led to a fall in the Funds assets to under 1 million, rendering it commercially unviable. Therefore, it was decided that it
was in the best interests of shareholders to close this Fund and distribute redemption proceeds to shareholders.
Should you have any questions on any of this material, please contact us via our website: www.blackrockinternational.com
Yours faithfully,

Nicholas C.D. Hall


Chairman

Unaudited Interim Report and Accounts

BSF Investment Advisers Report


Performance Overview
1 June 2013 30 November 2013
Market Overview
The period was underpinned by a growing belief in the
market that economic recovery in the US was solidifying,
despite the level of unemployment remaining high. But
sentiment faded somewhat after the Federal Reserve (Fed)
Chairman Ben Bernanke indicated that the banks
USD85 billion-a-month asset purchase programme might be
scaled back should economic data continue to improve.

Another particularly strong performer during the period was


the BlackRock European Diversified Equity Absolute Return
Fund, which gained 10.1%, compared to 0.1% for its
benchmark, 3 Month Euribor Index. The Fund invests in a
very diversified range of stocks and can therefore seek to
take advantage of a wide range of opportunities. It typically
exploits long and short positions in as many as 1,5002,000
European stocks, ranging from small to large companies.

Nevertheless, global equities gained over the six months,


with most developed regions finishing in positive territory.
Emerging Markets and Asia Pacific were particularly weak
amid concerns over economic growth and what the end of
the era of easy money might mean for capital flows.

The BlackRock Asia Extension Fund gained 5.9%,


outperforming its benchmark, the MSCI All Country Asia ex
Japan Index, which rose by 4.2%. Having reached its
capacity, the Fund is now closed to new subscriptions. The
BlackRock Americas Diversified Equity Absolute Return Fund
produced a positive absolute return of 2.8%, outperforming
its benchmark, LIBOR 3 Month Index, which was up 0.1%.

The picture in fixed income markets was quite different as


they largely failed to move forward, with weak returns across
most bond sectors, driven in part by the aforementioned
concerns over the Feds potential tapering of its QE
programme. The agitation this caused exposed the level of
reliance on liquidity injections that had flooded into asset
markets since the financial crisis in 2008.
Fund Performance
Equities continued to produce relatively strong performance,
with the MSCI All-Country World Index up by 10.5% over the
period in US dollar terms.
Among the key global equity markets, North America
provided the strongest returns, supported by continuing
improvement in economic indicators. Europe ex UK and
Emerging Markets closed the period in positive territory but
underperformed the broader global equity market, with Latin
America particularly weak.
In fixed income markets, both government and corporate
bonds posted declines as bond yields rose and expectations
grew regarding Fed tapering.
The performance data to which we refer in the following
comments is for the primary share class, stated in the base
currency of each respective Fund.
Equity Fund Performance
Performance of the equity-based Funds within the
BlackRock Strategic Funds range has been mixed but
predominantly positive. The best-performing fund was the
BlackRock European Opportunities Extension Fund, which
produced an absolute positive return of 21.8% over the
period, significantly outperforming its benchmark, the S&P
Europe BMI Index (Developed Markets only), which rose by
9.5%. This Fund seeks to outperform by blending a portfolio
of high conviction long positions with the flexibility to
establish synthetic short positions.

BlackRock Strategic Funds (BSF)

The largest Fund in the BSF range, the BlackRock European


Absolute Return Fund, produced a positive return of 1.7%
over the period and outperformed its benchmark, the
3month Euro Libor Rate, which was up by 0.08%.
The weakest performers included the BlackRock Latin
American Opportunities Fund, which declined by 9.8% and
underperformed its benchmark, the MSCI EM Latin America
Index, which was down by 5.1% over the period. Despite the
recent underperformance, the investment team believes that
their positioning in the region currently provides a good entry
point for long-term investors.
Another notable underperformer over the period was the
BlackRock Mining Opportunities Fund, which declined by
7.6%, compared to a fall of 2.1% for its benchmark, the HSBC
Global Mining Total Return Index. The mining sector and
other cyclical areas have struggled as global economic
growth remained weak.
Bond Fund Performance
The best-performing bond fund within the range was
BlackRock European Credit Strategies Fund, which gained
2.3%, compared to 0.1% of the 3 Month Euribor Index.
TheFund seeks to achieve a positive absolute return for
investors in different market environments. It seeks to
achieve its investment objective by taking long and short risk
positions in fixed income transferable securities and
fixed-income related securities (including derivatives)
issuedby companies, governments and agencies.
The other two funds within the range managed to the same
benchmark, BlackRock European Constrained Credit
Strategies Fund gained by 1.7% and BlackRock Global
Absolute Return Bond Fund fell by 0.2%.

BSF Investment Advisers Report


Performance Overview
1 June 2013 30 November 2013 continued
One of our flagship bond funds, BlackRock Fixed Income
Strategies Fund, produced an absolute positive return of
1.5% over the same period.
Mixed Fund Performance
The BlackRock Euro Dynamic Diversified Growth Fund
produced an absolute return of 1.5% over the six months,
outperforming its benchmark, the Euro Overnight Index
Average, which returned 0.0%.
Fund of Funds Performance
The BlackRock Funds of iShares Range, which was
launched in September 2010, offers investors four
diversified, multi-asset class funds for different risk
appetites: Conservative, Moderate, Growth and Dynamic.
The funds deliver their objectives via a combination of the
asset-allocation expertise of BlackRock and subsequent
investment in BlackRocks award-winning iShares Exchange
Traded Funds (ETF) range. All four funds achieved levels of
risk appropriate to their respective profiles.
The best-performing fund in this range was the BlackRock
Fund of iShares Dynamic, which delivered an absolute
return of 4.5%, which was followed by the BlackRock Fund
ofiShares Growth (+2.8%), the BlackRock Fund of iShares
Moderate (+1.1%) and, finally, the BlackRock Fund of
iShares Conservative (-0.5%).
Outlook
Our assumption is that equity and bond markets have been
driven heavily in 2013 by macroeconomic liquidity, and that
this will change in 2014, albeit only slightly. This will mean
changing outcomes for investors.
Our central scenario is that economic growth will be slow in
all major regions, policy will gradually tighten, and the
volatility in bond yields will steadily increase.
We would agree that some areas in equity markets are
looking fully valued, but in our view we are not in asset
bubble territory. Indeed, we believe that equities can rise
further from current levels, and that they still represent
better value than cash and bonds. However, further gains will
need to come alongside corporate earnings growth. Given the
current environment of slow economic growth, sluggish wage
growth and lacklustre consumer spending, that may not be
easy for companies to achieve.
In conclusion, we believe that economic and market
conditions should continue to improve. And while many
investors continue to sit on the sidelines, there are still
opportunities to be found, and in our view the risks of not
investing outweigh the risks of being in the market.
December 2013

Unaudited Interim Report and Accounts

Board of Directors1

Management
andAdministration continued

Nicholas C.D. Hall (Chairman)


Frank P. Le Feuvre
Alexander C. Hoctor-Duncan
Francine Keiser
Geoffrey D. Radcliffe
Bruno Rovelli2

BlackRock Japan Co., Ltd.


1-8-3 Marunouchi
Chiyoda-ku
Tokyo 100-8217
Japan

All Directors are non-executive Directors.

Appointed 20 November 2013

Management
andAdministration
Management Company
BlackRock (Luxembourg) S.A.
6D, route de Trves
L-2633 Senningerberg
Grand Duchy of Luxembourg
Investment Advisers
BlackRock Financial Management, Inc.,
Park Avenue Plaza
55 East 52nd Street
New York, NY 10055
USA
BlackRock Institutional Trust Company N.A.
400 Howard Street
San Francisco CA 94105
USA
BlackRock Investment Management, LLC
100 Bellevue Parkway
Wilmington
Delaware 19809
USA
BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue
London EC2N 2DL
United Kingdom
BlackRock (Singapore) Limited
#18-01 Twenty Anson
20 Anson Road
Singapore, 079912
Sub-Investment Advisers
BlackRock Asset Management North Asia Limited*
16/F Cheung Kong Center
2 Queens Road Central
Hong Kong
BlackRock Investment Management (Australia) Limited
Level 18, 120 Collins Street
Melbourne 3000
Australia

* Appointed on 04 October 2013

BlackRock Strategic Funds (BSF)

Principal Distributor
BlackRock (Channel Islands) Limited
One Waverley Place
Union Street
St. Helier
Jersey JE1 0BR
Channel Islands
Enquiries
In the absence of other arrangements, enquiries regarding
theCompany should be addressed as follows:
Written Enquiries:
BlackRock Investment Management (UK) Limited,
c/o BlackRock (Luxembourg) S.A.
P.O. Box 1058
L-1010 Luxembourg
Grand Duchy of Luxembourg
All other enquiries:
Telephone: + 44 207 743 3300,
Fax: + 44 207 743 1143
Email: investor.services@blackrock.com
Custodian and Fund Accountant
State Street Bank Luxembourg S.A.
49, avenue J.F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Transfer Agent and Registrar
J.P. Morgan Bank Luxembourg S.A.
6C, route de Trves
L-2633 Senningerberg
Grand Duchy of Luxembourg
Independent Auditors
Deloitte Audit, S..r.l.
560, rue de Neudorf
L-2220 Luxembourg
Grand Duchy of Luxembourg
Legal Adviser
Linklaters LLP
35, avenue J.F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Paying Agents
A list of Paying Agents is to be found on page 159.
Registered Office
49, avenue J.F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg

Statement of Net Assets


as at 30 November 2013

BlackRock
Strategic
Funds
Combined

BlackRock
Americas
Diversified
Equity
Absolute
Return
Fund

BlackRock
Asia
Extension
Fund

BlackRock
Emerging
Markets
Absolute
Return
Fund

USD

USD

USD

USD

USD

4,091,978,170
154,402,068

167,533,230
10,434

31,262,464
1,341

11,173,983
63,972

43,068,442
(104,409)

4,246,380,238
336,973,999
1,118,953,645
30,249,993
8,908,779
31,532,706
342,721
152,779,371
44,762,767

167,543,664
18,132,431

1,709,719
97,610
2,069
73,392,008
761,585

31,263,805
3,799,925

586,463
1,956,857
15,654

11,237,955
6,466,317

276,082

6,027

238,465
74,690

42,964,033
7,555,272

38,107
366,249

2,193,053
9,591,743
46,088,758
4,007,440
2,722,174
90,178

588,920
968,163
10,036,983
151,036

18,708
167
2,944,181

50,608

3,734

26,508

644

6,035,577,565

273,384,188

40,585,760

18,353,878

50,950,813

299,873
3,812,255
86,346,424
1,114,474
470,981
227,111,294
22,360,150

3,253,903
79,897,838

3,176,001

135,369

1,507,026

10,143
9,994
206,105

24,184

1,038,552

16,665,369
228,381
490,928
1,581,641
2,220,466
57,968,569

902,642

655,307

7,260

337,017

159,275

153,911

39,508

420,670,805

87,230,384

2,297,702

729,794

1,256,155

5,614,906,760

186,153,804

38,288,058

17,624,084

49,694,658

Note
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Securities portfolio at market value
Cash at bank
Time Deposits
Due from broker
Dividend receivable on contracts for difference
Interest and dividends receivable
Interest receivable on swaps
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open Exchange traded futures contracts
Open Forward foreign exchange transactions
Contracts for difference
Market value of swaps
Market value of purchased options/swaptions
Other assets

2(a)
14

2(a)

2(d)
2(d)
2(d)

Total assets
Liabilities
Cash owed to bank
Interest payable on contracts for difference
Due to broker
Interest payable on swaps
Dividend payable on contracts for difference
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open Futures exchange traded contracts
Open Forward foreign exchange transactions
Contracts for difference
Market value of swaps
Market value of written options/swaptions
Other liabilities
Total liabilities
Total net assets

2(a)
14

2(a)

2(d)
2(d)
2(d)

BlackRock
Emerging
Markets
Allocation
Fund*

* The Fund commenced trading on 15 November 2013.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

Statement of Net Assets


as at 30 November 2013 continued
BlackRock
Euro
Dynamic
Diversified
Growth
Fund

BlackRock
European
Absolute
Return
Fund

BlackRock
European
Constrained
Credit
Strategies
Fund

BlackRock
European
Credit
Strategies
Fund

USD

EUR

EUR

EUR

EUR

65,099,866
(2,644,163)

325,598,271
12,009,817

518,469,712
53,711,382

149,044,124
4,305,061

1,098,179,132
37,460,630

62,455,703
16,592,016

337,608,088
18,335,712

494,987

572,181,094
140,124,764
802,290,000
7,825,795

153,349,185
4,787,334
12,000,107
86,748

1,135,639,762
12,419,021

1,048,311
317,694

5,050

204,113
16,862

870,039

602,615

8,233,629

2,349,393

3,551,528

16,684,201

21,865,081
6,115,948

5,657
47,144

1,670,746

1,140,803
1,611,451

1,605,272
1,036,992
11,503

231,064
18,657,583

410,991

80,394

3,508,309

670,062

82,142,321

362,935,822

1,550,146,544

176,615,680

1,196,902,384

1,849,505

1,399,306
4,834

257,331

338,722
7,788,528
11,878,791

127,961

8,711,986
36,130

2,006,821
426,982

72,835,109
1,562,421

185,904

1,092,325
534,238

10,023,634

15,561,097

164,238

489,345
9,836
2,172,143

1,836,015

24,785
81,978
14,024,412

Total liabilities

2,035,409

3,030,703

45,848,103

11,711,639

92,798,523

Total net assets

80,106,912

359,905,119

1,504,298,441

164,904,041

1,104,103,861

BlackRock
Emerging
Markets Flexi
Dynamic
Bond
Fund**
Note
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Securities portfolio at market value
Cash at bank
Time Deposits
Due from broker
Dividend receivable on contracts
for difference
Interest and dividends receivable
Interest receivable on swaps
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open Exchange traded futures contracts
Open Forward foreign exchange transactions
Contracts for difference
Market value of swaps
Market value of purchased options/swaptions
Other assets

2(a)
14

2(a)

2(d)
2(d)
2(d)

Total assets
Liabilities
Cash owed to bank
Interest payable on contracts for difference
Due to broker
Interest payable on swaps
Dividend payable on contracts for difference
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open Futures exchange traded contracts
Open Forward foreign exchange transactions
Contracts for difference
Market value of swaps
Market value of written options/swaptions
Other liabilities

** The Fund commenced trading on 12 June 2013.

BlackRock Strategic Funds (BSF)

2(a)
14

2(a)

2(d)
2(d)
2(d)

Statement of Net Assets


as at 30 November 2013 continued
BlackRock
European
Diversified
Equity
Absolute
Return
Fund

BlackRock
European
Opportunities
Extension
Fund

BlackRock
Fixed Income
Strategies
Fund

BlackRock
Fund of
iShares
Conservative

BlackRock
Fund of
iShares
Dynamic

EUR

EUR

EUR

EUR

EUR

136,711,957
1,372

50,188,619
2,663,985

169,570,508
1,153,121

3,795,920
67,831

3,254,064
368,198

136,713,329
10,341,452

8,747,898

52,852,604
1,359,414

170,723,629
9,200,317

2,003,553

3,863,751
13,444

3,622,262
14,282

3,787,421
26,061

1,469,954

39,260
6,877

9,528
2,949,774

1,117,236

519,459
20,470,977

2,277

5,945

6,936

32,298

158,907
3,896,656

105,702
1,614,209

1,106

240,752

12,635

9,188

7,061

165,141,678

58,938,474

204,288,558

3,894,605

3,682,839

41,121

5,063,270
410,929

12,319
1,357,197

82,931
69,773

61,599

23,632,895
143,590

38,704

3,928,302

907,272

173,410

289,698
7,284
277,179

26,800

20,564

9,443,622

2,429,492

24,585,655

26,800

59,268

155,698,056

56,508,982

179,702,903

3,867,805

3,623,571

Note
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Securities portfolio at market value
Cash at bank
Time Deposits
Due from broker
Dividend receivable on contracts
for difference
Interest and dividends receivable
Interest receivable on swaps
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open Exchange traded futures contracts
Open Forward foreign exchange transactions
Contracts for difference
Market value of swaps
Market value of purchased options/swaptions
Other assets

2(a)
14

2(a)

2(d)
2(d)
2(d)

Total assets
Liabilities
Cash owed to bank
Interest payable on contracts for difference
Due to broker
Interest payable on swaps
Dividend payable on contracts for difference
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open Futures exchange traded contracts
Open Forward foreign exchange transactions
Contracts for difference
Market value of swaps
Market value of written options/swaptions
Other liabilities
Total liabilities
Total net assets

2(a)
14

2(a)

2(d)
2(d)
2(d)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

Statement of Net Assets


as at 30 November 2013 continued

Note
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Securities portfolio at market value
Cash at bank
Time Deposits
Due from broker
Dividend receivable on contracts
for difference
Interest and dividends receivable
Interest receivable on swaps
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open Exchange traded futures contracts
Open Forward foreign exchange transactions
Contracts for difference
Market value of swaps
Market value of purchased options/swaptions
Other assets

2(a)
14

2(a)

2(d)
2(d)
2(d)

Total assets
Liabilities
Cash owed to bank
Interest payable on contracts for difference
Due to broker
Interest payable on swaps
Dividend payable on contracts for difference
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open Futures exchange traded contracts
Open Forward foreign exchange transactions
Contracts for difference
Market value of swaps
Market value of written options/swaptions
Other liabilities

2(a)
14

2(a)

2(d)
2(d)
2(d)

Total liabilities
Total net assets
* Includes To be Announced (TBA), see Notes 2(a), for further details.

10

BlackRock Strategic Funds (BSF)

BlackRock
Fund of
iShares
Growth

BlackRock
Fund of
iShares
Moderate

BlackRock
Global
Absolute
Return
Bond
Fund

BlackRock
Latin
American
Opportunities
Fund

BlackRock
Mining
Opportunities
Fund

EUR

EUR

EUR

USD

USD

7,304,054
678,954

12,175,964
624,397

188,093,902
(522,224)

141,388,518
6,040,244

11,217,874
(2,009,602)

7,983,008
17,390

12,800,361
43,197

187,571,678
10,731,723
8,500,006
2,449,644

147,428,762
2,361,268

9,208,272

12,083

2,342

13,459

153,086

985,966

23,035,654*
224,972

48,178

1,326,048

16,190

13,459

11,335

14,877

200,369
8,007

35
239,706

8,026,158

13,024,980

233,708,019

151,164,256

9,477,662

11

172,045
23

594,992

299,873
350

342
47,259

34,536

45,219

51,760
167,933

359,186
440,047
230,377

4,599,323

71,124

34,547

217,287

46,222,452

5,194,315

418,948

7,991,611

12,807,693

187,485,567

145,969,941

9,058,714

195,496

44,777,653*

Three Year Summary of Net Asset Values


as at 30 November 2013
Currency

30 November 2013

31 May 2013

31 May 2012

31 May 2011

USD

186,153,804

235,107,890

6,805,522

AUD
USD
EUR
SEK
GBP
EUR
USD

121.14
110.13
109.65
111.20
107.10
109.94
112.73

112.33
107.13
106.99
107.71
112.20
106.90
107.98

105.15
105.07
105.06
108.44
104.81

USD

38,288,058

46,420,675

9,075,074

AUD
USD
GBP
USD
USD
USD

130.48
119.14
118.75
119.95
118.28
104.62

117.45
112.54
112.13
113.06
111.94

90.70
90.73
90.77
90.59

USD

17,624,084

13,023,136

USD
EUR
USD
EUR
GBP
EUR
USD

101.62
100.02
106.54
105.96
101.48
106.71
109.30

103.90
103.47

104.03
105.32

USD

49,694,658

USD
USD
USD
USD
USD
USD

99.39
99.35
99.42
99.36
99.43
99.46

USD

80,106,912

USD
USD
EUR
GBP
USD
EUR
USD

98.92
99.61
100.20
83.33
99.10
99.78
101.26

EUR

359,905,119

160,499,726

66,828,783

17,761,370

EUR
SEK
EUR
EUR
EUR
SEK
EUR

109.42
111.87
111.14
108.49
112.08
112.70
113.50

107.83
109.75
109.20
107.20
109.99
110.11
111.03

99.03
99.54
99.69
98.91
100.17

100.46

102.16

102.22

102.45

BlackRock Americas Diversified Equity Absolute Return Fund


Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share SEK hedged
A Class UK reporting non-distributing fund share
D Class UK reporting non-distributing fund share EUR hedged1
X Class non-distributing share

BlackRock Asia Extension Fund


Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share
A Class UK reporting non-distributing fund share GBP hedged
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share

BlackRock Emerging Markets Absolute Return Fund


Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share EUR hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class UK reporting distributing fund share GBP hedged
I Class non-distributing share EUR hedged
X Class non-distributing share

BlackRock Emerging Markets Allocation Fund*


Total net assets
Net asset value per:
A Class non-distributing share
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share

BlackRock Emerging Markets Flexi Dynamic Bond Fund**


Total net assets
Net asset value per:
A Class non-distributing share
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class UK reporting distributing fund share
E Class non-distributing share
E Class non-distributing share EUR hedged
X Class non-distributing share

BlackRock Euro Dynamic Diversified Growth Fund


Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share SEK hedged
D Class non-distributing share
E Class non-distributing share
I Class non-distributing share
I Class non-distributing share SEK hedged
X Class non-distributing share
1 Class name changed, see Note 1, for further details.
* The Fund commenced trading on 15 November 2013.
** The Fund commenced trading on 12 June 2013.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

11

Three Year Summary of Net Asset Values


as at 30 November 2013 continued
Currency

30 November 2013

31 May 2013

31 May 2012

31 May 2011

EUR

1,504,298,441

1,203,613,796

418,453,107

119,692,214

EUR
EUR
SEK
EUR
EUR
CHF
GBP
EUR
EUR

123.20
123.21
125.28
123.48
125.45
124.95
126.13
121.12
125.89

121.18
121.18
122.63
121.21
123.14
122.78
123.60
119.37
123.43

118.76
118.77

120.20
120.08

117.46
120.22

106.46
106.46

107.32

105.71

EUR

164,904,041

131,882,229

65,665,525

EUR

111.31

109.45

103.44

EUR

1,104,103,861

766,717,402

473,259,688

145,400,755

EUR
CHF
USD
GBP
EUR
GBP
USD
EUR
EUR
GBP
USD
EUR
GBP

113.79
113.46
113.91
114.50
114.96
116.00
115.27
102.91
114.19
95.09
114.47
122.74

111.25
111.12
111.33
111.79
112.11
112.91
112.29
100.30
111.57
95.36
111.72
118.32

104.64

104.42
104.65
104.87
105.14
104.74

107.81
105.57

102.35

102.40

102.41

103.45

EUR

155,698,056

147,192,059

225,899,516

674,914,313

AUD
EUR
CHF
SEK
GBP
USD
EUR
GBP
EUR
EUR
GBP
EUR

176.47
121.00
119.11
123.89
121.59
119.38
119.97
123.14
118.58
123.33

135.06

147.17
109.95
108.15
111.86
110.55
108.43
109.84
111.69
108.28
112.03

120.24

99.92
98.56
100.49
100.06
97.94
100.74
100.63
98.90
101.02
101.07
107.35

113.99
113.39
112.89
113.97
111.39
114.34
113.99
113.39
114.33
114.22
120.27

EUR

1,000,951

22,780,307

9,921,579

EUR
EUR
GBP
EUR
EUR

112.26
113.03
113.57
110.75
114.57

104.30
104.22
104.34
103.44
106.01

99.79

99.69
100.76

BlackRock European Absolute Return Fund


Total net assets
Net asset value per:
A Class distributing share
A Class non-distributing share
A Class non-distributing share SEK hedged
D Class distributing share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class UK reporting non-distributing fund share GBP hedged
E Class non-distributing share
I Class non-distributing share

BlackRock European Constrained Credit Strategies Fund


Total net assets
Net asset value per:
I Class non-distributing share

BlackRock European Credit Strategies Fund


Total net assets
Net asset value per:
H Class non-distributing share
H Class non-distributing share CHF hedged
H Class non-distributing share USD hedged
H Class UK reporting non-distributing fund share GBP hedged
I Class UK reporting non-distributing fund share1
I Class UK reporting non-distributing fund share GBP hedged
I Class UK reporting non-distributing fund share USD hedged1
T Class non-distributing share
U Class non-distributing share
U Class UK reporting non-distributing fund share
U Class UK reporting non-distributing fund share USD hedged1
X Class non-distributing share
X Class UK reporting non-distributing fund share GBP hedged

BlackRock European Diversified Equity Absolute Return Fund


Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share SEK hedged
A Class UK reporting non-distributing fund share GBP hedged
D Class non-distributing share USD hedged
D Class UK reporting non-distributing fund share
D Class UK reporting non-distributing fund share GBP hedged
E Class non-distributing share
I Class non-distributing share
I Class UK reporting non-distributing fund share GBP hedged
X Class non-distributing share

BlackRock European Opportunities Absolute Return Fund***


Total net assets
Net asset value per:
A Class non-distributing share
D Class non-distributing share
D Class UK reporting non-distributing fund share GBP hedged
E Class non-distributing share
I Class non-distributing share
1 Class name changed, see Note 1, for further details.
*** The Fund was liquidated on 17 July 2013.

12

BlackRock Strategic Funds (BSF)

Three Year Summary of Net Asset Values


as at 30 November 2013 continued
Currency

30 November 2013

31 May 2013

31 May 2012

31 May 2011

EUR

56,508,982

11,081,561

10,575,753

34,621,130

EUR
GBP
EUR
GBP
EUR

169.58
139.70
170.71
140.26
166.48

139.23
117.84
139.94
118.07
136.98

101.37
80.44
101.47

100.16

108.88
94.19

107.95

EUR

179,702,903

113,006,228

67,454,855

60,297,267

EUR
EUR
EUR
EUR
EUR

111.66
113.45
109.60
112.77
115.32

110.04
111.57
108.28
110.81
112.96

103.12
104.12
101.99
103.25
104.60

103.19
103.81
102.60

103.50

EUR

3,867,805

2,923,530

1,309,304

1,013,909

EUR
EUR
EUR

11.06
10.88
10.80

11.12
10.97
10.90

10.34
10.24
10.20

10.17
10.14
10.12

EUR

3,623,571

2,848,575

1,718,713

962,404

EUR
EUR
EUR

11.82
11.64
11.55

11.31
11.16
11.08

9.60
9.52
9.48

10.55
10.52
10.50

EUR

7,991,611

6,633,192

3,962,973

2,361,887

EUR
EUR
EUR

11.67
11.49
11.41

11.35
11.20
11.14

9.91
9.83
9.80

10.46
10.43
10.42

EUR

12,807,693

9,895,030

5,183,611

1,924,160

EUR
EUR
EUR

11.47
11.30
11.21

11.35
11.20
11.13

10.23
10.15
10.11

10.31
10.29
10.27

EUR

187,485,567

111,704,772

50,002,078

EUR
SEK
USD
EUR
EUR
EUR

103.22
1,010.53
100.30
103.86
102.53
105.43

103.47
1,008.37

103.84
103.04
105.05

99.99

100.00

USD

145,969,941

169,714,453

173,326,906

240,378,746

EUR
USD
GBP
USD
EUR
USD
GBP

84.03
117.81
69.02
109.84
87.00
117.84
69.58

97.33
130.57
82.49
122.32
100.42
130.56
82.76

90.57
115.57
71.97
109.18

115.57

106.32
157.85
92.17
150.65

BlackRock European Opportunities Extension Fund


Total net assets
Net asset value per:
A Class non-distributing share
A Class UK reporting distributing fund share
D Class non-distributing share
D Class UK reporting distributing fund share
E Class non-distributing share

BlackRock Fixed Income Strategies Fund


Total net assets
Net asset value per:
A Class non-distributing share
D Class non-distributing share
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share

BlackRock Fund of iShares Conservative


Total net assets
Net asset value per:
K Class non-distributing share
L Class non-distributing share
M Class non-distributing share

BlackRock Fund of iShares Dynamic


Total net assets
Net asset value per:
K Class non-distributing share
L Class non-distributing share
M Class non-distributing share

BlackRock Fund of iShares Growth


Total net assets
Net asset value per:
K Class non-distributing share
L Class non-distributing share
M Class non-distributing share

BlackRock Fund of iShares Moderate


Total net assets
Net asset value per:
K Class non-distributing share
L Class non-distributing share
M Class non-distributing share

BlackRock Global Absolute Return Bond Fund


Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share SEK hedged
A Class non-distributing share USD hedged
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share

BlackRock Latin American Opportunities Fund


Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share
A Class UK reporting non-distributing fund share
C Class non-distributing share
D Class non-distributing share
D Class non-distributing share
D Class UK reporting non-distributing fund share

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

13

Three Year Summary of Net Asset Values


as at 30 November 2013 continued
Currency

30 November 2013

31 May 2013

31 May 2012

31 May 2011

USD

9,058,714

10,317,581

10,445,632

GBP
USD

73.51
76.84

85.63
83.16

99.48

BlackRock Mining Opportunities Fund


Total net assets
Net asset value per:
D Class UK reporting non-distributing fund share
D Class UK reporting non-distributing fund share

14

BlackRock Strategic Funds (BSF)

Statement of Operations and Changes in Net Assets


for the period ended 30 November 2013

BlackRock
Strategic
Funds
Combined
Note

BlackRock
Americas
Diversified
Equity
Absolute
Return
Fund

BlackRock
Asia
Extension
Fund

BlackRock
Emerging
Markets
Absolute
Return
Fund

BlackRock
Emerging
Markets
Allocation
Fund*

BlackRock
Emerging
Markets
Flexi
Dynamic
Bond
Fund**

USD

USD

USD

USD

USD

USD

4,035,235,332

235,107,890

46,420,675

13,023,136

205,875
39,886,934
307,285
4,304,855
2,565,786
40

51,280
103,169

610,227

13,144

1,272,055

35,883

1,147
37,638

38,107

1,293,308
271,210

47,270,775

764,676

1,285,199

35,883

76,892

1,564,518

348,286
7,382,476
10,819,195
1,002,155
4,434,919
476,867
861,935
831,337
19,780,174
393,033
25,078,705
(93,985)

2,278,883
10,142

119,577
2,569
125,905
20,490
352,638

319,541

251,141

62,449
997
48,865
9,450
91,456
156
307,891

12,477

98,535
14,961
7,256
30,654
2,783
54,343

47,308

4,791
38
1,879
4,051

3
28,745
(644)

18,168

37,780
11,330
9,886
13,940

24
241,610

71,315,097

3,229,745

772,405

268,317

38,863

332,738

94,382

3,734

Total expenses after reimbursement

71,220,715

3,229,745

772,405

264,583

38,863

332,738

Net investment income/(deficit)


Net gain/(loss) realised on:
Investments
Contracts for difference
Futures exchange traded contracts
Foreign currencies and forward foreign
exchange transactions
Swap transactions
Options contracts

(23,949,940)

(2,465,069)

512,794

(228,700)

38,029

1,231,780

2(a)
2(d)
2(d)

76,415,806
23,531,836
(23,824,859)

63,802
(10,249,985)
759,364

(436)
1,173,788
(12,378)

(68,106)
743,982
(3,077)

137
(89,672)
(19,018)

98,417

(201,351)

2(d)
2(d)
2(d)

(23,102,784)
8,692,162
(6,009,496)

1,003,791

(1,333)

115,391

(1,657)

1,028,278
137,692
(68,692)

55,702,665

(8,423,028)

1,159,641

788,190

(110,210)

994,344

46,391,221
300,120
42,319,415
(19,758,208)
16,039,410
(15,042,967)
(1,445,800)

(17,817)

19,435,579
212,120
1,085,782
151,036

(5,014)

602,353
18,708
252

560,794
768
(561,609)
(7,260)
(69,187)

(104,409)
(1,349)
(153,911)
26,508

(2,644,163)
(17,374)

5,657
47,144
96,680

68,803,191

20,866,700

616,299

(76,494)

(233,161)

(2,512,056)

Net assets at the beginning of the period(1)


Income
Bank interest
Bond interest
Swap interest
Dividends
Contracts for difference dividends
Other income
Total income
Expenses
Bank interest
Contracts for difference interest
Swap interest
Contracts for difference dividends
Administration fees
Custodian and depositary fees
Custodian transaction fees
Luxembourg tax
Performance fees
Distribution fees
Management fees
Less Management fee rebate

2(d)
2(c)

2(d)
2(d)
5
6
6
8
7
4
4
4

Total expenses before reimbursement


Reimbursement of expenses

Net realised gain/(loss) for the period


Net change in unrealised appreciation/
(depreciation) on:
Investments
Foreign currencies
Contracts for difference
Open futures exchange traded contracts
Forward foreign exchange transactions
Swap transactions
Options contracts
Net change in unrealised appreciation/
(depreciation) for the period
Increase/(Decrease) in net assets as a result
ofoperations

2(a)
2(d)
2(d)
2(d)
2(d)
2(d)

100,555,916

9,978,603

2,288,734

482,996

(305,342)

(285,932)

Movements in share capital


Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares

2,454,004,671
(1,072,243,362)

24,000,784
(82,933,473)

81,314
(10,502,665)

4,746,336
(628,384)

50,000,000

87,219,927
(6,827,083)

Increase/(Decrease) in net assets as a result


ofmovements in share capital

1,381,761,309

(58,932,689)

(10,421,351)

4,117,952

50,000,000

80,392,844

Foreign exchange adjustment


Net assets at the end of the period

97,354,203
5,614,906,760

186,153,804

38,288,058

17,624,084

49,694,658

80,106,912

* The Fund commenced trading on 15 November 2013.


** The Fund commenced trading on 12 June 2013.
(1) The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for the
year ended 31 May 2013 reflected a figure of USD 3,936,993,045.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

15

Statement of Operations and Changes in Net Assets


for the period ended 30 November 2013 continued
BlackRock
Euro
Dynamic
Diversified
Growth
Fund
Note

BlackRock
European
Absolute
Return
Fund

BlackRock
European
Constrained
Credit
Strategies
Fund

BlackRock
European
Credit
Strategies
Fund

BlackRock
European
Diversified
Equity
Absolute
Return
Fund

EUR

EUR

EUR

EUR

EUR

160,499,726

1,203,613,796

131,882,229

766,717,402

147,192,059

8,372
168,542
27,040
303,780

20,359

1,854,693

15,216
2,753,779

6,517

54,229
22,972,662

59,860

1,394
96,406

4,618
410,156

507,734

1,875,052

2,775,512

23,086,751

512,574

124,963
19,904
8,070
27,236

202
677,872
(11,797)

1,816,706

677,339
2,094,585
142,186
57,980
360,504
5,056,748
229,105
9,537,551

1,137,937

35,741
10,752
44,178
8,630
594,655

714,828

6,865,832

321,266
52,692
63,380
76,038
5,828,704

4,520,159

2,008,865

217,330
1,987
97,380
37,747
2,351,313
24,347
971,051

846,450

19,972,704

2,546,721

17,728,071

5,710,020

Total expenses after reimbursement

846,450

19,972,704

2,546,721

17,728,071

5,710,020

Net investment income/(deficit)


Net gain/(loss) realised on:
Investments
Contracts for difference
Futures exchange traded contracts
Foreign currencies and forward foreign
exchange transactions
Swap transactions
Options contracts

(338,716)

(18,097,652)

228,791

5,358,680

(5,197,446)

2(a)
2(d)
2(d)

(126,782)

781,443

31,295,296
6,271,646
(17,837,810)

2,588,681

134,417

16,821,195

(76,429)

18,735
17,432,153

2(d)
2(d)
2(d)

67,920
220,803
658,814

(1,430,298)

(620,140)
404,107
(613,399)

(7,105,697)
4,681,546
(4,375,494)

(645,282)

1,602,198

18,298,834

1,893,666

9,945,121

16,805,606

3,167,030
21,612

512,214
1,340,460
1,405,485
(474,334)

17,974,135
2,696
15,414,375
(12,111,496)
445,833

1,748,606
16,719

(349,112)
713,073
(1,782,390)
(95,166)

19,846,982
(20,596)

(2,730,621)
7,255,304
(10,696,631)
(877,202)

9,560
25,651
558,360

376,927

Net change in unrealised appreciation/


(depreciation) for the period

5,972,467

21,725,543

251,730

12,777,236

970,498

Increase/(Decrease) in net assets as a result


of operations

Net assets at the beginning of the period(1)


Income
Bank interest
Bond interest
Swap interest
Dividends
Contracts for difference dividends
Other income
Total income
Expenses
Bank interest
Contracts for difference interest
Swap interest
Contracts for difference dividends
Administration fees
Custodian and depositary fees
Custodian transaction fees
Luxembourg tax
Performance fees
Distribution fees
Management fees
Less Management fee rebate

2(d)
2(c)

2(d)
2(d)
5
6
6
8
7
4
4
4

Total expenses before reimbursement


Reimbursement of expenses

Net realised gain/(loss) for the period


Net change in unrealised appreciation/
(depreciation) on:
Investments
Foreign currencies
Contracts for difference
Open futures exchange traded contracts
Forward foreign exchange transactions
Swap transactions
Options contracts

2(a)
2(d)
2(d)
2(d)
2(d)
2(d)

7,235,949

21,926,725

2,374,187

28,081,037

12,578,658

Movements in share capital


Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares

196,787,405
(4,617,961)

754,291,338
(475,533,418)

32,149,360
(1,501,735)

430,131,419
(120,825,997)

74,047,792
(78,120,453)

Increase/(Decrease) in net assets as a result


of movements in share capital

192,169,444

278,757,920

30,647,625

309,305,422

(4,072,661)

Foreign exchange adjustment


Net assets at the end of the period

359,905,119

1,504,298,441

164,904,041

1,104,103,861

155,698,056

(1)

16

The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for the
year ended 31 May 2013 reflected a figure of USD 3,936,993,045.

BlackRock Strategic Funds (BSF)

Statement of Operations and Changes in Net Assets


for the period ended 30 November 2013 continued
BlackRock
European
Opportunities
Absolute
Return
Fund***
Note
Net assets at the beginning of the period(1)
Income
Bank interest
Bond interest
Swap interest
Dividends
Contracts for difference dividends
Other income
Total income
Expenses
Bank interest
Contracts for difference interest
Swap interest
Contracts for difference dividends
Administration fees
Custodian and depositary fees
Custodian transaction fees
Luxembourg tax
Performance fees
Distribution fees
Management fees
Less Management fee rebate

BlackRock
European
Opportunities
Extension
Fund

BlackRock
Fixed
Income
Strategies
Fund

BlackRock
Fund of
iShares
Conservative

BlackRock
Fund of
iShares
Dynamic

EUR

EUR

EUR

EUR

EUR

1,000,951

11,081,561

113,006,228

2,923,530

2,848,575

10,188
30

79,595
63,435

1,559,772

403

35,079

28,997

10,218

143,030

1,560,175

35,079

28,997

943

260
470
10,430

171
1,181

41,818

26,328
745
36,511
6,905
578,332
11,857
128,550

7,086

50,330

65,802
10,742
65,900
18,634

11,352
164,680

1,753
4,436
8,580
935

339
10,517
(5,238)

1,543
4,288
4,448
848

2,139
9,257
(6,887)

13,455

831,046

394,526

21,322

15,636

2(d)
2(c)

2(d)
2(d)
5
6
6
8
7
4
4
4

Total expenses before reimbursement


Reimbursement of expenses

9,061

27,131

10,737

6,712

Total expenses after reimbursement

4,394

803,915

394,526

10,585

8,924

Net investment income/(deficit)


Net gain/(loss) realised on:
Investments
Contracts for difference
Futures exchange traded contracts
Foreign currencies and forward foreign
exchange transactions
Swap transactions
Options contracts

5,824

(660,885)

1,165,649

24,494

20,073

2(a)
2(d)
2(d)

23,654

1,121,878
246,769

1,268,462

(104,339)

6,150

11,013

2(d)
2(d)
2(d)

22,317

57,469

(448,120)
(181,158)
9

(50)

(211)

45,971

1,426,116

534,854

6,100

10,802

(1,338)
(31,660)

(20,611)

1,876,760
(1,363)
1,169,476

133,396

272,808
32,875

(243,009)
500,759
195,319
2,475

(33,171)
10

121,772
31

(53,609)

3,178,269

761,227

(33,161)

121,803

(1,814)

3,943,500

2,461,730

(2,567)

152,678

5,156
(1,004,293)

51,520,570
(10,036,649)

68,361,961
(4,127,016)

1,251,889
(305,047)

1,306,581
(684,263)

(999,137)

41,483,921

64,234,945

946,842

622,318

56,508,982

179,702,903

3,867,805

3,623,571

Net realised gain/(loss) for the period


Net change in unrealised appreciation/
(depreciation) on:
Investments
Foreign currencies
Contracts for difference
Open futures exchange traded contracts
Forward foreign exchange transactions
Swap transactions
Options contracts

2(a)
2(d)
2(d)
2(d)
2(d)
2(d)

Net change in unrealised appreciation/


(depreciation) for the period
Increase/(Decrease) in net assets as a result
of operations
Movements in share capital
Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares
Increase/(Decrease) in net assets as a result
of movements in share capital
Foreign exchange adjustment
Net assets at the end of the period

*** The Fund was liquidated on 17 July 2013.


(1) The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for the
year ended 31 May 2013 reflected a figure of USD 3,936,993,045.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

17

Statement of Operations and Changes in Net Assets


for the period ended 30 November 2013 continued

BlackRock
Fund of
iShares
Growth
Note
Net assets at the beginning of the period(1)
Income
Bank interest
Bond interest
Swap interest
Dividends
Contracts for difference dividends
Other income
Total income
Expenses
Bank interest
Contracts for difference interest
Swap interest
Contracts for difference dividends
Administration fees
Custodian and depositary fees
Custodian transaction fees
Luxembourg tax
Performance fees
Distribution fees
Management fees
Less Management fee rebate

2(d)
2(c)

2(d)
2(d)
5
6
6
8
7
4
4
4

Total expenses before reimbursement


Reimbursement of expenses

BlackRock
Fund of
iShares
Moderate

BlackRock
Global
Absolute
Return
Bond
Fund

BlackRock
Latin
American
Opportunities
Fund

BlackRock
Mining
Opportunities
Fund

EUR

EUR

EUR

USD

USD

6,633,192

9,895,030

111,704,772

169,714,453

10,317,581

31

72,675

118,796

5,738
1,215,391

11,741
42,491

767,200

1,177
20,478

79,836

72,706

118,796

1,221,129

821,432

101,491

3,635
4,954
7,448
1,848

1,154
21,811
(15,352)

5,536
5,066
8,762
2,857

328
33,216
(21,026)

48,193

60,566
972
47,613
14,655

369
119,466
(9,666)

232,604
103,782
10,840
35,566
58,069
17,491
1,524,818

14,814
5,110
19,324
2,194

49,379

25,498

34,739

282,168

1,983,170

90,821

7,676

6,631

Total expenses after reimbursement

17,822

28,108

282,168

1,983,170

90,821

Net investment income/(deficit)


Net gain/(loss) realised on:
Investments
Contracts for difference
Futures exchange traded contracts
Foreign currencies and forward foreign
exchange transactions
Swap transactions
Options contracts

54,884

90,688

938,961

(1,161,738)

10,670

2(a)
2(d)
2(d)

30,233

21,374

17,975

(1,148,489)

6,807,033

(1,289,930)
(29,651)

2(d)
2(d)
2(d)

(355)

(361)

(492,023)
1,286,984
(123,094)

(11,008,551)

(104,424)

29,878

21,013

(458,647)

(4,201,518)

(1,424,005)

153,268
51

53,219
54

(610,395)
145,003

(80,129)
480,100
(583,503)
360,502

(11,317,086)
14,489

444,943
8,213
170,270

35

Net change in unrealised appreciation/


(depreciation) for the period

153,319

53,273

(288,422)

(11,302,597)

623,461

Increase/(Decrease) in net assets as a result


of operations

238,081

164,974

191,892

(16,665,853)

(789,874)

Movements in share capital


Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares

1,630,256
(509,918)

3,051,328
(303,639)

77,059,456
(1,470,553)

31,200,791
(38,279,450)

31,007
(500,000)

Increase/(Decrease) in net assets as a result


of movements in share capital

1,120,338

2,747,689

75,588,903

(7,078,659)

(468,993)

Foreign exchange adjustment


Net assets at the end of the period

7,991,611

12,807,693

187,485,567

145,969,941

9,058,714

Net realised gain/(loss) for the period


Net change in unrealised appreciation/
(depreciation) on:
Investments
Foreign currencies
Contracts for difference
Open futures exchange traded contracts
Forward foreign exchange transactions
Swap transactions
Options contracts

(1)

18

2(a)
2(d)
2(d)
2(d)
2(d)
2(d)

The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for the
year ended 31 May 2013 reflected a figure of USD 3,936,993,045.

BlackRock Strategic Funds (BSF)

Statement of Changes in Shares Outstanding


as at 30 November 2013
Shares outstanding
at the beginning of
the period

Shares
issued

Shares
repurchased

Shares outstanding
at the end of
the period

49
7,747
621
785,353
6,259
263,631
1,701,980

25,382
153
14,025
118,765
4,186
57,175
75,042

835
2,538
444

39,159
699,805

24,596
5,362
14,202
904,118
10,445
281,647
1,077,217

166,870
204,292
32
40,876
548

602

57
50

66,145

25,725

100,725
204,894
32
15,151
605
50

64,981
7,579

38
49,840

10,584
37
8,063
19,850
32

161

4,396

10,423
37
73,044
23,033
32
38
49,840

499,750
50
50
50
50
50

499,750
50
50
50
50
50

350,101
50
35,899
37
252
39
467,903

35,860

19,250

350,101
50
39
37
252
39
448,653

89,399
1,265,931
217,214
301
779,122
329,073
189,863

45,954
1,227,783
43,142
2,394
626,508
234,389
907,430

4,347
209,875
1,382
29
12,744

131,006
2,283,839
258,974
2,666
1,392,886
563,462
1,097,293

185,603
4,702,550
12,994
94,725
3,549,507
68,737
115,604
499,576
642,945

66,301
3,206,598
5,011
16,735
1,747,384
68,743
19,510
531,751
462,361

37,001
1,708,087
1,408
14,792
1,834,777
5,377
27,489
213,246
5,170

214,903
6,201,061
16,597
96,668
3,462,114
132,103
107,625
818,081
1,100,136

BlackRock Americas Diversified Equity Absolute Return Fund


A Class non-distributing share AUD
A Class non-distributing share USD
A Class non-distributing share EUR hedged
A Class non-distributing share SEK hedged
A Class UK reporting non-distributing fund share GBP
D Class UK reporting non-distributing fund share EUR hedged
X Class non-distributing share USD

BlackRock Asia Extension Fund


A Class non-distributing share AUD
A Class non-distributing share USD
A Class UK reporting non-distributing fund share GBP hedged
D Class non-distributing share USD
E Class non-distributing share USD
X Class non-distributing share USD

BlackRock Emerging Markets Absolute Return Fund


A Class non-distributing share USD
A Class non-distributing share EUR hedged
D Class non-distributing share USD
D Class non-distributing share EUR hedged
D Class UK reporting distributing fund share GBP hedged
I Class non-distributing share EUR hedged
X Class non-distributing share USD

BlackRock Emerging Markets Allocation Fund*


A Class non-distributing share USD
C Class non-distributing share USD
D Class non-distributing share USD
E Class non-distributing share USD
I Class non-distributing share USD
X Class non-distributing share USD

BlackRock Emerging Markets Flexi Dynamic Bond Fund**


A Class non-distributing share USD
D Class non-distributing share USD
D Class non-distributing share EUR hedged
D Class UK reporting distributing fund share GBP
E Class non-distributing share USD
E Class non-distributing share EUR hedged
X Class non-distributing share USD

BlackRock Euro Dynamic Diversified Growth Fund


A Class non-distributing share EUR
A Class non-distributing share SEK hedged
D Class non-distributing share EUR
E Class non-distributing share EUR
I Class non-distributing share EUR
I Class non-distributing share SEK hedged
X Class non-distributing share EUR

BlackRock European Absolute Return Fund


A Class distributing share EUR
A Class non-distributing share EUR
A Class non-distributing share SEK hedged
D Class distributing share EUR
D Class non-distributing share EUR
D Class non-distributing share CHF hedged
D Class UK reporting non-distributing fund share GBP hedged
E Class non-distributing share EUR
I Class non-distributing share EUR
* The Fund commenced trading on 15 November 2013.
** The Fund commenced trading on 12 June 2013.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

19

Statement of Changes in Shares Outstanding


as at 30 November 2013 continued
Shares outstanding
at the beginning of
the period

Shares
issued

Shares
repurchased

Shares outstanding
at the end of
the period

1,204,983

290,119

13,580

1,481,522

504,066
7,150
94,894
16,488
2,873,160
1,038,394
850,338
457,421
533
36
46
1,022,586

441,538
34,457
158,857
37,942
2,206,083
534,186
329,128

60,934
523
43,758

214,722
847
6,860
291
644,586
36,208
211,667

1,308

730,882
40,760
246,891
54,139
4,434,657
1,536,372
967,799
457,421
60,159
559
43,804
1,022,586

35,927
115,031
1,490
2,772,237
7,746
23,858
569,512
46,784
93,871
112,205
92

189
215,692

1,984,376
4,064
1,609
175,337
10,606
239
2,589

19,027
101,173

2,011,447
362
3,633
307,583
5,550
12,561

17,089
229,550
1,490
2,745,166
11,448
21,834
437,266
51,840
81,549
114,794
92

2,621
2,018
1,158
2,934

46

2,667
2,018
1,158
2,934

62,317
3,668
35
33
13,799

185,428
2,680
57,052
120
75,749

58,656

2,037

5,721

189,089
6,348
55,050
153
83,827

54,822
235,149
16,579
37
698,840

260,346
112,090
152,236

88,351

15,172
18,485
3,395

299,996
328,754
165,420
37
787,191

253,634
7,536
1,784

111,257
3,257
280

27,925
35

336,966
10,758
2,064

179,456
58,504
15,074

109,585
3,023
500

7,517
50,169
1,509

281,524
11,358
14,065

BlackRock European Constrained Credit Strategies Fund


I Class non-distributing share EUR

BlackRock European Credit Strategies Fund


H Class non-distributing share EUR
H Class non-distributing share CHF hedged
H Class non-distributing share USD hedged
H Class UK reporting non-distributing fund share GBP hedged
I Class UK reporting non-distributing fund share EUR1
I Class UK reporting non-distributing fund share GBP hedged
I Class UK reporting non-distributing fund share USD hedged1
T Class non-distributing share EUR
U Class non-distributing share EUR
U Class UK reporting non-distributing fund share GBP
U Class UK reporting non-distributing fund share USD hedged1
X Class non-distributing share EUR

BlackRock European Diversified Equity Absolute Return Fund


A Class non-distributing share AUD
A Class non-distributing share EUR
A Class non-distributing share CHF hedged
A Class non-distributing share SEK hedged
A Class UK reporting non-distributing fund share GBP hedged
D Class non-distributing share USD hedged
D Class UK reporting non-distributing fund share EUR
D Class UK reporting non-distributing fund share GBP hedged
E Class non-distributing share EUR
I Class non-distributing share EUR
X Class non-distributing share EUR

BlackRock European Opportunities Absolute Return Fund***


A Class non-distributing share EUR
D Class non-distributing share EUR
D Class UK reporting non-distributing fund share GBP hedged
E Class non-distributing share EUR

BlackRock European Opportunities Extension Fund


A Class non-distributing share EUR
A Class UK reporting distributing fund share GBP
D Class non-distributing share EUR
D Class UK reporting distributing fund share GBP
E Class non-distributing share EUR

BlackRock Fixed Income Strategies Fund


A Class non-distributing share EUR
D Class non-distributing share EUR
E Class non-distributing share EUR
I Class non-distributing share EUR
X Class non-distributing share EUR

BlackRock Fund of iShares Conservative


K Class non-distributing share EUR
L Class non-distributing share EUR
M Class non-distributing share EUR

BlackRock Fund of iShares Dynamic


K Class non-distributing share EUR
L Class non-distributing share EUR
M Class non-distributing share EUR
1

Class name changed, see Note 1, for further details.


*** The Fund was liquidated on 17 July 2013.

20

BlackRock Strategic Funds (BSF)

Statement of Changes in Shares Outstanding


as at 30 November 2013 continued
Shares outstanding
at the beginning of
the period

Shares
issued

Shares
repurchased

Shares outstanding
at the end of
the period

547,189
23,492
14,435

140,032
4,811
448

35,322
5,773
4,080

651,899
22,530
10,803

861,605
6,745
3,946

270,867
857
109

26,069
46
1,109

1,106,403
7,556
2,946

230
59,301

260,349
939
738,527

66,789
23,059
50
13,670
1,055
627,250

139
11,933

497
240

66,880
70,427
50
273,522
1,754
1,365,777

129,140
790,784
326,906
37,553
40
18,588
42

4,040
74,862
105,154

2,521
73,667

37,011
239,593
739
10,199

26,631

96,169
626,053
431,321
27,354
2,561
65,624
42

35
124,022

8
387

6,592

43
117,817

BlackRock Fund of iShares Growth


K Class non-distributing share EUR
L Class non-distributing share EUR
M Class non-distributing share EUR

BlackRock Fund of iShares Moderate


K Class non-distributing share EUR
L Class non-distributing share EUR
M Class non-distributing share EUR

BlackRock Global Absolute Return Bond Fund


A Class non-distributing share EUR
A Class non-distributing share SEK hedged
A Class non-distributing share USD hedged
D Class non-distributing share EUR
E Class non-distributing share EUR
X Class non-distributing share EUR

BlackRock Latin American Opportunities Fund


A Class non-distributing share EUR
A Class non-distributing share USD
A Class UK reporting non-distributing fund share GBP
C Class non-distributing share USD
D Class non-distributing share EUR
D Class non-distributing share USD
D Class UK reporting non-distributing fund share GBP

BlackRock Mining Opportunities Fund


D Class UK reporting non-distributing fund share GBP
D Class UK reporting non-distributing fund share USD

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

21

BlackRock Americas Diversified Equity Absolute


Return Fund
Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(USD)

BONDS

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Province of Ontario Canada


1.375% 27/1/2014

USD 3,000,000
USD 9,000,000

USD 1,000,000
USD 2,800,000
USD 6,500,000
USD 4,900,000
USD 4,300,000
USD 3,000,000
USD 500,000
USD 8,500,000
USD 2,000,000
USD 3,000,000
USD 10,500,000
USD 10,000,000
USD 2,500,000
USD 8,700,000
USD 2,200,000

6,377,145

3.43

6,377,145

3.43

0.54

USD 3,000,000
4.83

USD 1,070,000
USD 6,500,000
USD 4,100,000
USD 2,820,000
USD 2,000,000

Total Certificates of Deposit

22

BlackRock Strategic Funds (BSF)

USD 4,000,000
USD 4,000,000

0.54

3.49

USD 1,615,000
USD 1,000,000
USD 5,000,000
USD 6,000,000

2.63

USD 4,000,000

2.31

USD 3,000,000

1.61
0.27

USD 3,200,000
USD 2,300,000
USD 2,500,000

4.57

USD 2,000,000

1.51

Antalis US Funding Corp 0.01%


3/2/2014
Atlantic Asset Secritization LLC
0% 18/12/2013
Bedford Row Funding Corp 0.10%
17/3/2014
BPCE SA 0.01% 3/2/2014
Cancara Asset Securitisation LLC
0.01% 19/12/2013
Gotham Funding Corp 0.01%
20/12/2013
ING (US) Funding LLC 0% 9/12/2013
Liberty Street Funding LLC 0.01%
11/2/2014
Lloyds Bank Plc 0% 27/1/2014
LMA Americas LLC 0% 2/12/2013
Matchpoint Master 0% 27/2/2014
Metlife Short Term Fund 0%
11/12/2013
Mont Blanc Capital Corp 0.01%
10/3/2014
Nieuw Amsterdam Receivables
Corp 0% 16/1/2014
Nordea Bank AB 0.01% 10/1/2014
Nordea Bank AB 0% 18/2/2014
Rabobank USA Financial Corp
0.01% 27/6/2014
Regency Markets No.1 LLC 0.01%
16/12/2013

1.08
1.61
5.64
5.37

Total Commercial Paper

4,098,297

2.20

1,999,860

1.07

2,997,325
4,098,371

1.61
2.20

999,926

0.54

2,999,700
3,999,820

1.61
2.15

3,998,621
1,614,428
999,989
4,995,426

2.15
0.87
0.54
2.68

5,999,789

3.22

3,997,445

2.15

2,999,334
3,199,144
2,298,748

1.61
1.72
1.24

2,496,081

1.34

1,999,876

1.07

55,792,180

29.97

55,792,180

29.97

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

167,543,664

90.00

Securities portfolio at market value

167,543,664

90.00

1.35
Other Net Assets
4.70
1.18

83,476,653

44.84

89,853,798

48.27

2,900,171

1.56

2,505,788
1,070,071
6,501,059
4,100,128

1.35
0.57
3.49
2.20

2,820,064

1.52

United States

USD 2,500,000

USD 4,100,000
USD 1,000,000

1.61

CERTIFICATES OF DEPOSIT
Bank of Tokyo-Mitsubishi UFJ Ltd/
The 0.21% 28/2/2014
Bank of Tokyo-Mitsubishi UFJ Ltd/
The 0% 7/3/2014
Mizuho Bank Ltd 0% 5/12/2013
Mizuho Bank Ltd 0.21% 12/12/2013
Norinchukin Bank 0% 4/12/2013
Oversea Chinese Banking Corp Ltd
0% 2/12/2013
Sumitomo Mitsui Banking Corp
0.21% 12/2/2014

EUR 2,000,000
USD 3,000,000

Fannie Mae Discount Notes 0.00%


21/1/2014 (Zero Coupon)
999,955
Fannie Mae Discount Notes 0.00%
27/1/2014 (Zero Coupon)
2,999,850
Federal Home Loan Bank Discount
Notes 0.00% 9/5/2014
(Zero Coupon)
8,996,760
Federal Home Loan Banks 0.12%
30/1/2014
1,000,110
Federal Home Loan Mortgage Corp
1.00% 20/8/2014
2,817,394
Freddie Mac Discount Notes 0.00%
4/2/2014 (Zero Coupon)
6,499,389
Freddie Mac Discount Notes 0.00%
7/4/2014 (Zero Coupon)
4,898,760
United States Treasury Bill 0.00%
26/12/2013 (Zero Coupon)
4,299,824
United States Treasury Bill 0.00%
9/1/2014 (Zero Coupon)
2,999,973
United States Treasury Bill 0.00%
6/2/2014 (Zero Coupon)
499,964
United States Treasury Bill 0.00%
13/2/2014 (Zero Coupon)
8,499,192
United States Treasury Bill 0.00%
24/4/2014 (Zero Coupon)
1,999,260
United States Treasury Bill 0.00%
8/5/2014 (Zero Coupon)
2,998,767
United States Treasury Note 0.25%
31/1/2014
10,503,486
United States Treasury Note 0.25%
28/2/2014
10,003,710
United States Treasury Note 1.875%
28/2/2014
2,511,182
United States Treasury Note 1.75%
31/3/2014
8,747,746
United States Treasury Note 0.25%
30/4/2014
2,201,331

Total Bonds

USD 2,900,000

United States
USD 4,100,000

United States
USD 1,000,000

Market Value
(USD)

COMMERCIAL PAPER
Canada

USD 6,365,000

Description

2,000,405

1.07

21,897,686

11.76

21,897,686

11.76

Total Net Assets (USD)

18,610,140

10.00

186,153,804

100.00

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Brazil continued

Bermuda
(705) Nordic American Tankers Ltd

(5,760)

(61)

(5,760)

(61)

Brazil
(46,300)
22,300
13,100
(119,100)
(339,300)
(17,000)
(148,400)
(114,800)
(28,398)
26,900
(63,300)
53,500
(6,930)
25,800
40,400
81,500
11,700
(28,900)
(53,400)
123,600
(66,700)
(137,500)
65,800
(145,300)
63,800
(25,600)
(137,300)
(68,200)
12,000
(4,400)
(4,800)
53,300
(2,700)
746
(9,900)
(27,500)
(99,900)
(38,900)
38,800
47,000
5,400
116,500
(2,300)
258,400
118,900
(177,700)
(181,500)
(73,800)
(405,700)
(110,500)
131,500
141,200

Abril Educacao SA
AES Tiete SA
Agrenco Ltd
Aliansce Shopping Centers SA
ALL - America Latina Logistica SA
Alpargatas SA (Pref)
AMBEV SA
Anhanguera Educacional
Participacoes SA
Arteris SA
Autometal SA
B2W Cia Digital
Banco Bradesco SA (Pref)
Banco Bradesco SA (Pref)
Banco Daycoval SA (Pref)
Banco do Brasil SA
Banco do Estado do Rio Grande
do Sul SA 'B' (Pref)
Banco Industrial e Comercial SA (Pref)
Banco Panamericano SA (Pref)
Banco Santander Brasil
SA/Brazil (Unit)
BM&FBovespa SA
BR Malls Participacoes SA
BR Properties SA
Bradespar SA
Brasil Brokers Participacoes SA
Braskem SA
BRF SA
CCR SA
CETIP SA - Mercados Organizados
Cia Brasileira de Distribuicao
Grupo Pao de Acucar
Cia de Gas de Sao Paulo 'A' (Pref)
Cia de Locacao das Americas
Cia de Saneamento Basico do Estado
de Sao Paulo
Cia de Saneamento de Minas
Gerais-COPASA
Cia Energetica de Minas Gerais
GER (Pref)
Cia Ferro Ligas da Bahia - Ferbasa
Cia Hering
Cia Siderurgica Nacional SA
Cielo SA
Contax Participacoes SA (Pref)
Cosan SA Industria e Comercio
Cremer SA
Cyrela Brazil Realty SA
Empreendimentos e Participacoes
Cyrela Commercial Properties SA
Empreendimentos e Participacoes
Diagnosticos da America SA
Direcional Engenharia SA
Duratex SA
EcoRodovias Infraestrutura
e Logistica SA
Embraer SA
Eneva SA
Equatorial Energia SA
Estacio Participacoes SA
Eternit SA

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

(676,960)
188,394
900
(1,007,199)
(1,128,815)
(109,101)
(1,111,009)

38,743
(19,983)
(1,534)
147,360
383,233
2,044
21,927

(758,434)
(232,109)
202,313
(388,305)
290,294
(91,835)
100,010
442,935

1,091
7,094
(24,716)
(146,557)
(32,105)
(30,997)
(24,217)
30,749

475,460
37,468
(57,564)

(94,149)
6,240
15,790

(341,329)
619,194
(550,894)
(1,141,554)
707,290
(356,779)
564,190
(560,464)
(1,079,186)
(744,213)

35,114
(124,201)
316,941
228,475
(73,080)
86,679
(2,637)
13,849
160,670
1,864

563,451
(112,932)
(15,722)

(29,590)
3,211
8,169

557,825

(14,605)

(44,287)

(1,356)

6,222
(58,010)
(361,945)
(516,761)
(1,120,160)
55,464
867,165
37,090

(529)
1,585
240,998
(70,959)
50,246
(13,938)
(27,217)
705

785,169

(39,152)

(20,240)
1,310,025
634,440
(1,032,102)

7,980
(95,502)
(84,520)
(27,560)

(1,133,645)
(572,152)
(513,765)
(1,130,852)
1,135,207
542,494

146,601
13,991
160,360
(60,700)
128,119
(73,168)

330,300
83,400
(1,600)
(17,800)
(600)
72,300
68,300
26,800
(53,500)
(139,660)
20,600
21,700
26,000
(35,900)
42,000
18,000
172,612
314,500
(72,400)
2,300
106,100
38,000
(12)
(100)
(2,655)
3,100
(500)
(9,500)
40,200
(222,000)
56,900
(194,700)
13,600
(16,600)
141,800
(18,114)
(9,500)
(266,200)
157,100
380,900
(1,161,000)
19,300
60,000
(400)
39,500
122,100
(7,500)
216,800
(67,500)
(15,018)
(25,000)
57,500
20,200
1,400
19,200
(39,200)
8,800
4,900

Even Construtora e Incorporadora SA


Ez Tec Empreendimentos
e Participacoes SA
Fertilizantes Heringer SA
Fibria Celulose SA
General Shopping Brasil SA
Gerdau SA
GP Investments Ltd BDR
Grendene SA
Grupo BTG Pactual (Unit)
Helbor Empreendimentos SA
HRT Participacoes em Petroleo SA
Hypermarcas SA
Iguatemi Empresa de Shopping
Centers SA
International Meal Co Holdings SA
Iochpe-Maxion SA
Itau Unibanco Holding SA (Pref)
Itausa - Investimentos Itau SA
JBS SA
JHSF Participacoes SA
JSL SA
Klabin SA (Pref)
Laep Investments Ltd BDR
Latam Airlines Group SA
Latam Airlines Group SA BDR
Localiza Rent a Car SA
Lojas Americanas SA (Pref)
LPS Brasil Consultoria de Imoveis SA
Lupatech SA
Magazine Luiza SA
Magnesita Refratarios SA
Mahle-Metal Leve SA Industria
e Comercio
Marcopolo SA
Metalurgica Gerdau SA (Pref)
Mills Estruturas e Servicos
de Engenharia SA
MRV Engenharia e Participacoes SA
Multiplan Empreendimentos
Imobiliarios SA
Natura Cosmeticos SA
Odontoprev SA
Oi SA
Oi SA (Pref)
PDG Realty SA Empreendimentos
e Participacoes
Petroleo Brasileiro SA
Porto Seguro SA
Positivo Informatica SA
Profarma Distribuidora de Produtos
Farmaceuticos SA
QGEP Participacoes SA
Qualicorp SA
Randon Participacoes SA (Pref)
Refinaria De Petroleos (Pref)
Refinaria De Petroleos
de Manguinhos SA
Rossi Residencial SA
Santos Brasil Participacoes SA (Unit)
Saraiva SA Livreiros Editores (Pref)
SLC Agricola SA
Sonae Sierra Brasil SA
Souza Cruz SA
Sul America SA (Unit)
Suzano Papel e Celulose SA 'A' (Pref)

1,137,156

(137,156)

1,106,630
(5,687)
(213,340)
(2,434)
564,558
118,744
209,269
(645,583)
(497,608)
6,544
174,755

(59,387)
304
10,967
159
(25,746)
(27,604)
(47,119)
13,770
105,853
(885)
(6,341)

266,864
(309,762)
464,082
252,518
680,963
1,134,063
(142,966)
15,758
560,219
4,568
(13)
(1,588)
(38,808)
20,973
(3,462)
(2,977)
145,821
(567,032)

(49,196)
73,805
(89,514)
21,350
(12,880)
18,061
95,057
(77)
(55,428)
(2,423)
(13)
(49)
3,912
(1,563)
(155)
222
(9,299)
151,893

679,038
(487,272)
132,877

(43,188)
60,011
(8,688)

(222,188)
565,496

41,817
(13,601)

(399,915)
(174,952)
(1,082,170)
253,572
582,101

45,606
574
59,204
(32,127)
(18,017)

(832,312)
159,653
764,456
(536)

352,887
(3,084)
92,562
172

322,172
529,388
(69,253)
1,116,806
(8,403)

(14,001)
(85,449)
(17,079)
(12,939)
1,794

(193)
(23,181)
479,105
216,871
11,743
159,897
(392,421)
59,158
17,879

632
94
(236,831)
(55,390)
(975)
(32,714)
185,266
(4,203)
(1,748)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

23

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Brazil continued
14,200
(17,400)
152,500
(28,600)
2,084
(5,700)
117,800
12,000
(65,800)
5,400
119,200

T4F Entretenimento SA
Technos SA
Tecnisa SA
Tegma Gestao Logistica
Telecomun Brasileiras SA (Pref)
Tereos Internacional SA
Tim Participacoes SA
Totvs SA
Tractebel Energia SA
UNICASA Industria de Moveis SA
Usinas Siderurgicas de Minas
Gerais SA 'A' (Pref)
40,700 Vale SA
28,000 Valid Solucoes e Servicos
de Seguranca em Meios
de Pagamento e Identificacao SA
(379,800) Vanguarda Agro SA
58,100 WEG SA
10,400 Wilson Sons Ltd BDR

(26,802)
(34,700)
(48,794)
(113,337)
50,156
(369,300)
(334,679)
(21,450)
(80,719)
249,336
(34,234)
(38,950)
117,536
63,350
41,200
29,000
(88,469)
74,000
(55,934)
87,534
(194,279)
42,350
153,501
(55,231)
(4,750)
44,579
(129,980)
(1,100)
(29,514)

24

Advantage Oil & Gas Ltd


Aecon Group Inc
AGF Management Ltd 'B'
Agnico Eagle Mines Ltd
Agrium Inc
Aimia Inc
Alacer Gold Corp
Alamos Gold Inc
Algonquin Power & Utilities Corp
Alimentation Couche Tard Inc 'B'
Allied Properties Real Estate
Investment Trust (Reit)
AltaGas Ltd
ARC Resources Ltd
Argonaut Gold Inc
Artis Real Estate Investment
Trust (Reit)
Atco Ltd/Canada 'I'
Athabasca Oil Corp
Atlantic Power Corp
ATS Automation Tooling Systems Inc
AuRico Gold Inc
B2Gold Corp
Bank of Montreal
Bank of Nova Scotia
Bankers Petroleum Ltd
Barrick Gold Corp
Baytex Energy Corp
BCE Inc
Bell Aliant Inc
Bellatrix Exploration Ltd
Birchcliff Energy Ltd
Black Diamond Group Ltd
BlackPearl Resources Inc
Boardwalk Real Estate Investment
Trust (Reit)
Bombardier Inc 'B'
Bonavista Energy Corp
Bonterra Energy Corp
Brookfield Asset Management Inc 'A'
CAE Inc
Calfrac Well Services Ltd
Calloway Real Estate Investment
Trust (Reit)

BlackRock Strategic Funds (BSF)

Description
Canada continued

29,564
(117,046)
580,672
(257,946)
2,568
(6,778)
570,922
189,363
(1,088,899)
14,279

(10,672)
17,947
(62,885)
108,209
(577)
867
(53,247)
(11,264)
39,842
(393)

640,646
568,175

109,884
(56,171)

440,884
(555,964)
794,869
133,488

(4,721)
66,795
20,116
18,326

1,883,115

1,560,015

49,634
2,355,671
(650,776)
(54,499)
(420,829)
892,959
212,625
683,590
(956,390)
2,387,138

10,841
414,365
(183,585)
(2,640)
(1,483)
143,473
(283,492)
15,702
33,039
556,707

(76,493)
(976,069)
(946,871)
(257,345)

4,256
(73,224)
(66,878)
206,930

(1,539,369)
2,292,101
(2,261,875)
(1,224,204)
(266,402)
(306,702)
511,398
(2,393,144)
(2,411,366)
446,592
1,050,844
1,660,851
1,291,021
(2,256,043)
497,297
(391,221)
2,444,830
(438,872)

243,222
948,487
(41,733)
570,439
16,190
323,847
(353,563)
(311,029)
(120,362)
130,625
(189,779)
(162)
51,719
111,576
110,297
27,748
551,465
75,748

2,375,683
699,315
(710,486)
(241,002)
1,736,811
(1,471,796)
(32,990)

(15,499)
118,618
31,407
(10,388)
86,525
(179,800)
483

(706,885)

55,258

Canada
12,385
165,053
(48,014)
(2,000)
(4,650)
50,226
109,735
53,973
(148,803)
32,396
(2,504)

Holding

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

(116,772) Cameco Corp


12,650 Canaccord Genuity Group Inc
(10,987) Canadian Apartment Properties
REIT (Reit)
11,700 Canadian Imperial Bank
of Commerce/Canada
(21,413) Canadian National Railway Co
(7,150) Canadian Natural Resources Ltd
(31,069) Canadian Oil Sands Ltd
(15,548) Canadian Pacific Railway Ltd
39,117 Canadian Real Estate Investment
Trust (Reit)
24,650 Canadian Tire Corp Ltd 'A'
68,464 Canadian Utilities Ltd 'A'
(40,042) Canadian Western Bank
(237,121) Canexus Corp
(42,063) Canfor Corp
(33,638) Capital Power Corp
102,080 Capstone Mining Corp
(6,750) Catamaran Corp
29,748 CCL Industries Inc 'B'
32,254 Cenovus Energy Inc
58,845 Centerra Gold Inc
11,933 CGI Group Inc 'A'
22,973 Chartwell Retirement
Residences (Reit)
(25,954) China Gold International
Resources Corp Ltd
71,038 CI Financial Corp
(4,000) Cineplex Inc
19,300 Cogeco Cable Inc
(139,702) Cominar Real Estate Investment
Trust (Reit)
(3,719) Constellation Software Inc/Canada
(96,936) Corus Entertainment Inc 'B'
(41,600) Cott Corp
31,109 Crescent Point Energy Corp
(80,040) Crew Energy Inc
(149,592) Crombie Real Estate Investment
Trust (Reit)
23,369 Davis & Henderson Corp
12,968 DeeThree Exploration Ltd
(192,363) Detour Gold Corp
3,900 Dollarama Inc
46,746 Dominion Diamond Corp
15,494 Dorel Industries Inc 'B'
(36,820) Dream Unlimited Corp
(8,920) Dundee Corp 'A'
(121,700) Dundee International Real Estate
Investment Trust (Reit)
(39,095) Dundee Real Estate Investment
Trust (Reit) 'A'
(81,233) Eldorado Gold Corp
137,699 Element Financial Corp
(61,058) Emera Inc
20,150 Empire Co Ltd 'A'
22,670 Enbridge Inc
(107,683) Enbridge Income Fund Holdings Inc
52,137 Endeavour Silver Corp
119,199 Enerflex Ltd
63,137 Enerplus Corp
(34,429) Ensign Energy Services Inc
1,900 Extendicare Inc
(10,950) Finning International Inc
(91,355) First Capital Realty Inc
(16,720) First Majestic Silver Corp

(2,377,381)
71,739

(90,334)
(6,137)

(214,963)

33,098

1,010,646
(2,430,720)
(234,166)
(583,351)
(2,396,861)

47,708
(379,418)
(659)
32,190
(196,825)

1,573,923
2,336,857
2,332,176
(1,296,256)
(1,335,767)
(932,701)
(663,858)
262,919
(307,068)
2,401,209
931,952
170,751
450,928

(81,051)
72,454
127,185
(117,672)
451,217
(308,590)
41,490
15,551
23,768
861,260
4,801
(96,546)
35,525

214,748

(33,192)

(72,122)
2,310,414
(161,626)
872,878

23,411
409,266
(374)
(45,859)

(2,380,744)
(660,808)
(2,221,832)
(354,268)
1,171,439
(434,243)

665,527
(58,491)
33,675
(13,169)
(11,845)
81,190

(1,877,677)
619,787
113,256
(758,179)
316,092
633,148
543,022
(547,080)
(155,805)

330,126
125,826
13,175
1,202,122
(15,099)
(7,954)
(77,101)
(259,664)
118,367

(983,492)

124,409

(1,029,847)
(494,462)
1,909,305
(1,689,194)
1,442,687
939,584
(2,332,792)
197,115
1,575,612
1,178,000
(523,594)
12,230
(251,498)
(1,511,070)
(163,249)

386,004
663,758
882,057
101,493
(136,793)
(32,227)
296,776
(248,874)
144,705
80,496
28,073
(751)
(3,249)
138,789
141,097

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Canada continued
(38,400)
44,398
(79,373)
58,889
6,350
(15,789)
(51,471)
69,860
9,800
94,258
10,319
(28,650)
167,750
38,300
(77,574)
(7,650)
(5,050)
(98,950)
6,000
51,010
2,700
(57,003)
9,800
10,900
25,000
16,513
100,395
68,221
21,481
136,466
1,350
53,225
64,700
(77,742)
10,023
(4,300)
(50,338)
(5,131)
4,796
(88,409)
6,979
(148,369)
201,529
26,250
4,000
(7,088)
6,400
98,466
(74,601)
(34,450)
34,175
(2,351)
76,296
15,741
(179)
(254,912)
(57,800)
24
(40,554)
(4,350)
121,262

First Quantum Minerals Ltd


FirstService Corp/Canada
Fortis Inc/Canada
Fortuna Silver Mines Inc
Franco-Nevada Corp
Freehold Royalties Ltd
Genivar Inc
Genworth MI Canada Inc
George Weston Ltd
Gibson Energy Inc
Gildan Activewear Inc
Goldcorp Inc
Gran Tierra Energy Inc
Granite Real Estate Investment
Trust (Reit)
Great-West Lifeco Inc
H&R Real Estate Investment
Trust (Reit)
Home Capital Group Inc
HudBay Minerals Inc
Husky Energy Inc
IAMGOLD Corp
IGM Financial Inc
Imperial Oil Ltd
Industrial Alliance Insurance &
Financial Services Inc
Intact Financial Corp
Intertape Polymer Group Inc
Jean Coutu Group PJC Inc/The 'A'
Just Energy Group Inc
Kelt Exploration Ltd
Keyera Corp
Kinross Gold Corp
Labrador Iron Ore Royalty Corp
Laurentian Bank of Canada
Legacy Oil + Gas Inc
Lightstream Resources Ltd
Linamar Corp
Loblaw Cos Ltd
Lundin Mining Corp
MacDonald Dettwiler & Associates Ltd
Magna International Inc
Manitoba Telecom Services Inc
Manulife Financial Corp
Maple Leaf Foods Inc
Martinrea International Inc
Methanex Corp
Metro Inc
Mullen Group Ltd
National Bank of Canada
Nevsun Resources Ltd
New Gold Inc
Norbord Inc
North West Co Inc/The
Northern Dynasty Minerals Ltd
Northern Property Real Estate
Investment Trust (Reit)
Northland Power Inc
NovaCopper Inc
Novagold Resources Inc
NuVista Energy Ltd
OceanaGold Corp
Onex Corp
Open Text Corp
Osisko Mining Corp

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Canada continued
(650,767)
1,851,455
(2,342,929)
199,265
254,960
(332,793)
(1,536,833)
2,283,986
740,372
2,295,868
502,295
(646,656)
1,197,082

18,463
240,620
218,083
(67,876)
(24,812)
14,823
(469,124)
183,930
(56,559)
35,718
38,332
40,335
(56,862)

1,295,974
(2,415,939)

(86,160)
(463,210)

(154,157)
(404,573)
(722,952)
169,962
218,408
138,241
(2,423,436)

(421)
(34,335)
59,088
(3,105)
(380,772)
(388)
(136,990)

450,911
697,167
332,467
281,252
705,991
590,002
1,245,411
643,635
40,219
2,387,076
376,092
(409,652)
396,657
(176,674)
(207,918)
(408,249)
391,432
(2,429,158)
135,754
(2,382,599)
1,664,805
1,627,103
233,384
(187,584)
559,123
324,808
(391,338)
(1,048,478)
861,481
(2,778)

4,786
16,931
(28,673)
16,337
(188,430)
108,701
14,621
(723,168)
(1,517)
39,347
(55,168)
162,900
114,429
(475)
13,847
(46,805)
33,054
390,063
28,115
(457,134)
(167,780)
47,551
(18,378)
(36,939)
29,368
(29,348)
408,922
(20,554)
55,863
10,603

2,005,474
234,181
(365)
(592,707)
(387,883)
40
(2,208,621)
(371,477)
497,426

(402,421)
(53,587)
(365)
340,466
(18,541)
(20)
(378,859)
(21,568)
(242,084)

(8,800)
9,643
(1,510)
1,100
18,647
74,598
(260,939)
(70,196)
(58,050)
(26,058)
(38,950)
80,310
(71,782)
(20,850)
(200)
96,802
(90,783)
(450)
(115,000)
23,808
(131,782)
34,500
(30,750)
147,790
(51,636)
124,475
(147,755)
105,529
(51,142)
17,425
(98,600)
(55,489)
(25,150)
70,178
(54,385)
26,262
(37,867)
70,375
223,356
92,199
(42,175)
(33,894)
52,850
51,306
(56,387)
(33,485)
(17,100)
(225,766)
72,598
15,074
(174,032)
(7,550)
154,687
63,385
145,071
(120,700)
(16,050)
104,589
(215,008)
(181,768)
31,300
100,488
(5,159)

Pacific Rubiales Energy Corp


Pan American Silver Corp
Paramount Resources Ltd 'A'
Parkland Fuel Corp
Pason Systems Inc
Pembina Pipeline Corp
Pengrowth Energy Corp
Penn West Petroleum Ltd
Peyto Exploration &
Development Corp
Poseidon Concepts Corp
Potash Corp of Saskatchewan Inc
Power Corp of Canada
Power Financial Corp
Precision Drilling Corp
Progressive Waste Solutions Ltd
Quebecor Inc 'B'
Reitmans Canada Ltd 'A'
RioCan Real Estate Investment
Trust (Reit)
Ritchie Bros Auctioneers Inc
Rogers Communications Inc 'B'
RONA Inc
Royal Bank of Canada
Russel Metals Inc
Sandvine Corp
Saputo Inc
Savanna Energy Services Corp
Secure Energy Services Inc
SEMAFO Inc
Shaw Communications Inc 'B'
Shawcor Ltd
Sherritt International Corp
Silver Standard Resources Inc
Silver Wheaton Corp
Silvercorp Metals Inc
SNC-Lavalin Group Inc
Stantec Inc
Sun Life Financial Inc
Suncor Energy Inc
Superior Plus Corp
Surge Energy Inc
Tahoe Resources Inc
Talisman Energy Inc
Teck Resources Ltd 'B'
TELUS Corp
Thomson Reuters Corp
Tim Hortons Inc
TMX Group Ltd
Torex Gold Resources Inc
Toromont Industries Ltd
Toronto-Dominion Bank/The
TransAlta Corp
TransCanada Corp
Transcontinental Inc 'A'
TransForce Inc
TransGlobe Energy Corp
Trican Well Service Ltd
Trilogy Energy Corp
Trinidad Drilling Ltd
Turquoise Hill Resources Ltd
Veresen Inc
Vermilion Energy Inc
Vicwest Inc
Wajax Corp

(164,522)
100,714
(52,236)
18,954
397,086
2,387,418
(1,632,719)
(603,102)

29,241
(79,781)
(13,693)
(141)
72,575
170,158
(310,358)
159,088

(1,740,403)
(6,650)
(1,235,135)
2,466,231
(2,450,629)
(194,508)
(5,163)
2,432,859
(514,837)

(130,957)
98,040
(17,207)
382,715
(194,066)
21,124
(17)
274,636
458,141

(10,501)
(2,361,957)
1,074,060
(1,619,250)
2,306,413
(816,997)
377,158
(2,387,067)
907,091
(2,279,170)
281,278
(1,188,641)
653,026
(322,454)
(330,417)
(532,001)
179,093
(2,428,820)
1,699,832
(1,334,651)
2,443,170
2,353,894
553,368
(750,619)
(401,090)
1,284,785
1,822,866
(2,128,636)
(1,946,118)
(850,959)
(202,720)
1,756,625
1,381,593
(2,327,555)
(336,467)
2,422,650
1,507,940
1,269,714
(1,445,434)
(407,621)
978,668
(906,366)
(2,369,169)
1,715,879
1,208,136
(171,885)

6
(171,021)
(69,925)
(239,939)
90,374
22,705
27,377
48,870
24,922
(768,448)
(17,629)
(28,432)
(49,524)
27,988
219,366
77,583
(202,898)
(189,241)
597,842
(226,447)
208,040
(241,709)
237,132
(30,648)
(4,459)
(129,704)
684,012
(389,683)
(132,455)
(61,085)
259,220
44,681
54,201
155,591
3,727
388,778
281,645
(157,856)
87,121
(1,480)
203,139
291,352
(184,622)
125,979
(36,476)
(2,746)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

25

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

61,800

Fomento Economico Mexicano


SAB de CV
Genomma Lab Internacional
SAB de CV 'B'
Gruma SAB de CV 'B'
Grupo Aeromexico SAB de CV
Grupo Aeroportuario del Centro
Norte Sab de CV
Grupo Aeroportuario del Pacifico SAB
de CV 'B'
Grupo Aeroportuario del Sureste SAB
de CV 'B'
Grupo Bimbo SAB de CV 'A'
Grupo Carso SAB de CV 'A1'
Grupo Comercial Chedraui SA de CV
Grupo Elektra SAB de CV
Grupo Famsa SAB de CV 'A'
Grupo Financiero Banorte SAB
de CV 'O'
Grupo Financiero Inbursa SAB
de CV 'O'
Grupo Financiero Santander Mexico
SAB de CV 'B'
Grupo Herdez SAB de CV
Grupo Mexico SAB de CV 'B'
Grupo Simec SAB de CV 'B'
Grupo Televisa SAB 'CPO'
Industrias CH SAB de CV
Industrias Penoles SAB de CV
Kimberly-Clark de Mexico SAB
de CV 'A'
Megacable Holdings SAB de CV 'CPO'
Mexichem SAB de CV
Minera Frisco SAB de CV 'A1'
OHL Mexico SAB de CV
Organizacion Soriana SAB
de CV 'B'
Promotora y Operadora
de Infraestructura SAB de CV
Sare Holding SAB de CV 'B'
TV Azteca SAB de CV 'CPO'
Urbi Desarrollos Urbanos SAB de CV
Wal-Mart de Mexico SAB de CV 'V'

Canada continued
18,188
20,000
(10,000)
(41,311)

West Fraser Timber Co Ltd


Westjet Airlines Ltd
Westport Innovations Inc
Westshore Terminals
Investment Corp
126,714 Whitecap Resources Inc
(35,150) Wi-Lan Inc
38,606 Yamana Gold Inc

Mexico continued
1,613,368
517,391
(213,138)

40,860
119,453
37,015

(1,341,241)
1,539,012
(113,955)
350,300

(245,219)
421,636
(1,569)
(367,528)

(318,514)

8,282,303

Antarchile SA
Banco de Chile
CAP SA
Cia Cervecerias Unidas SA
Coca-Cola Embonor SA 'B' (Pref)
Cruz Blanca Salud SA
Embotelladora Andina SA 'A' (Pref)
Embotelladora Andina SA 'B' (Pref)
Empresa Nacional
de Electricidad SA/Chile
(30,054) Empresas COPEC SA
305 Empresas Hites SA
190,520 Empresas Iansa SA
1,739,402 Enersis SA
8,903 ENTEL Chile SA
26,395 Forus SA
488 Inversiones Aguas Metropolitanas SA
119,941 Parque Arauco SA
15,519 PAZ Corp SA
430,200 Ripley Corp SA
25,022 Salfacorp SA
173,065 Sigdo Koppers SA
456,529 Sonda SA

25,497
67,159
111,976
33,263
13,500
167,133
152,854
120,961

(1,788)
3,749
(5,252)
(2,617)
(3,834)
(21,524)
(50,405)
(38,193)

16,243
(413,678)
236
7,185
537,875
126,725
139,353
840
211,454
7,901
324,465
24,298
267,584
1,099,251

(520)
(962)

(6,869)
(106,391)
(3,737)
(2,416)
(47)
(86,658)
(338)
(26,940)
384
(15,418)
(145,034)

3,042,075

(514,810)

Colombia
8,055
40,154
7,630
1,747
177
14
8,681

Avianca Holdings SA (Pref)


Cementos Argos SA
Cemex Latam Holdings SA
Grupo Argos SA
Grupo Aval Acciones y Valores
Grupo de Inversiones Suramericana SA
Grupo Nutresa SA

Alfa SAB de CV 'A'


Alpek SA de CV
Alsea SAB de CV
America Movil SAB de CV 'L'
Arca Continental SAB de CV
Axtel SAB de CV
Banregio Grupo Financiero SAB de CV
Cemex SAB de CV
Cia Minera Autlan SAB de CV 'B'
Coca-Cola Femsa SAB de CV 'L'
Consorcio ARA SAB de CV
Controladora Comercial
Mexicana SAB de CV
(475,534) Corp GEO SAB de CV 'B'
(317,300) Desarrolladora Homex SAB de CV
46,400 El Puerto de Liverpool SAB de CV 'C1'
(318,395) Empresas ICA SAB de CV
305,198 Fibra Uno Administracion SA
de CV (Reit)

26

BlackRock Strategic Funds (BSF)

(72,246)
188,617
174,000
113,507

(353,487)
(85,204)
(145,330)
(7,110)
(44,000)
(3,300)
450,300
394,259
(104,505)
(250,900)
22,609
(95,000)
(203,453)
(22,780)
403,200
297,020
(163,800)
(236,385)
15,600
(52,400)
96,758

14,823
190,606
56,559
18,250
117
250
117,736

(4,522)
9,627
(5,094)
(619)
(2)
(24)
6,888

398,341

6,254

Mexico
247,849
88,400
(220,292)
(721,000)
187,085
(2,116,010)
(149,379)
(19,500)
236,400
(2,600)
(63,300)
(51,690)

269,600

44,559

Chile
1,791
460,180
5,915
2,714
6,226
253,247
40,533
24,769
11,246

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

731,028
194,860
(661,174)
(839,744)
1,169,963
(618,143)
(826,038)
(21,477)
158,673
(31,097)
(26,748)

158,174
4,598
(75,893)
(75,384)
(11,511)
54,300
(47,470)
(304)
(9,501)
(1,698)
208

(208,956)
(60,209)
(58,810)
511,185
(596,440)

4,475
107,692
8,094
22,597
3,547

948,597

(13,221)

29,800
(396,082)
(155,600)
(499,500)

588,928

(9,017)

776,058
(501,450)
259,675

121,502
7,109
(2,994)

594,565

(11,608)

586,463

10,852

596,465
(1,102,730)
(445,167)
(475,538)
(263,234)
(78,363)

38,711
58,694
(4,331)
(19,491)
(31,255)
874

(22,621)

(1,017)

1,178,063

51,470

1,108,734
(365,707)
(735,816)
83,636
(579,025)
(1,156,093)
(575,114)

(93,853)
(12,558)
24,821
267
(5,880)
154,575
200,324

1,193,847
995,674
(700,889)
(526,652)
40,991

(24,452)
40,582
(13,149)
236,662
(194)

(167,143)

(2,078)

1,136,528
818
(187,909)
(18,633)
(1,305,255)

(10,348)
(296)
62,623
260
214,587

(301,424)

1,110,095

2,052
138,337
23,505

(405)
(2,223)
(833)

163,894

(3,461)

Peru
523
300,587
58,304

Grana y Montero SA
Minsur SA
Volcan Cia Minera SAA 'B'

Spain
(18,330) Abertis Infraestructuras SA

(389,498)

(10,450)

(389,498)

(10,450)

25,703
972,312
13,495
666,801
(34,622)
138,583
(598,390)
74,517
101,989
(1,344,196)

1,767
220,568
2,298
296,805
1,909
(2,238)
(89,580)
4,238
(2,255)
(562,136)

United States
5,182
30,480
437
21,175
(953)
4,070
(20,763)
2,668
6,822
(28,759)

1-800-Flowers.com Inc 'A'


1st Source Corp
AAON Inc
AAR Corp
Abaxis Inc
Abercrombie & Fitch Co 'A'
ABIOMED Inc
ABM Industries Inc
Acacia Research Corp
Acadia Healthcare Co Inc

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

3,287
6,866
7,870
(5,676)
(313)
(10,044)
10,935
(10,730)
8,067
4,965
(22,053)
15,048
81,732
10,337
(196)
(1,188)
4,908
(2,622)
3,019
(80,095)
3,196
7,862
14,960
(11,004)
(36,737)
(9,188)
(2,158)

Alliance Fiber Optic Products Inc


Alliance HealthCare Services Inc
Alliant Energy Corp
Allied Nevada Gold Corp
Allison Transmission Holdings Inc
Allscripts Healthcare Solutions Inc
Allstate Corp/The
Alnylam Pharmaceuticals Inc
Alon USA Energy Inc
Alpha & Omega Semiconductor Ltd
Alpha Natural Resources Inc
Alphatec Holdings Inc
Altera Corp
Altisource Residential Corp
Altra Holdings Inc
AM Castle & Co
AMAG Pharmaceuticals Inc
Amazon.com Inc
Ambarella Inc
AmBev SA ADR
Ambit Biosciences Corp
AMC Networks Inc 'A'
Amdocs Ltd
Amedisys Inc
America Movil SAB de CV
America's Car-Mart Inc/TX
American Axle & Manufacturing
Holdings Inc
American Capital Agency Corp
American Capital Mortgage
Investment Corp (Reit)
American Capital Mortgage
Investment Corp (Reit)
American Eagle Outfitters Inc
American Electric Power Co Inc
American Equity Investment
Life Holding Co
American Financial Group Inc/OH
American Homes 4 Rent 'A' (Reit)
American International Group Inc
American National Insurance Co
American Pacific Corp
American Realty Capital
Properties Inc (Reit)
American States Water Co
American Superconductor Corp
American Vanguard Corp
American Water Works Co Inc
American Woodmark Corp
Ameris Bancorp
Amgen Inc
Amkor Technology Inc
Amkor Technology Inc
AMN Healthcare Services Inc
Ampco-Pittsburgh Corp
Amphenol Corp 'A'
Ampio Pharmaceuticals Inc
Amtech Systems Inc
Amtrust Financial Services Inc
Amyris Inc
Anadarko Petroleum Corp
Analog Devices Inc
Angie's List Inc
AngioDynamics Inc
Anika Therapeutics Inc
ANN Inc

United States continued


(11,614)
(5,030)
(12,791)
6,891
(716)
35,516
(27,483)
45,044
(33,132)
(38,707)
4,289
(600)
3,140
(42,797)
1,058
(43,126)
4,686
(279)
21,877
(12,268)
(10,144)
(9,336)
1,481
(38,736)
(3,965)
13,330
(39,871)
(14,526)
17,242
(16,659)
7,224
802
51,621
(15,999)
(13,975)
6,169
21,889
(18,428)
(1,129)
6,310
(3,187)
(59,630)
829
17,344
5,497
105,357
889
(13,364)
15,058
2,129
(5,260)
(10,674)
939
(2,265)
6,109
(1,685)
(68,148)
9,882
6,019
838
(5,965)
(1,930)
(15,941)
(855)
27
608

ACADIA Pharmaceuticals Inc


Acadia Realty Trust (Reit)
Accelerate Diagnostics Inc
Acceleron Pharma Inc
Accenture Plc 'A'
Access National Corp
Acco Brands Corp
Acco Brands Corp
Accretive Health Inc
Accuray Inc
ACE Ltd
AcelRx Pharmaceuticals Inc
Aceto Corp
ACI Worldwide Inc
Acorda Therapeutics Inc
Acorn Energy Inc
Actavis Plc
Actavis Plc
Activision Blizzard Inc
Actuant Corp 'A'
Acuity Brands Inc
Acxiom Corp
Adobe Systems Inc
ADTRAN Inc
Advanced Emissions Solutions Inc
Advanced Energy Industries Inc
Advanced Micro Devices Inc
Advent Software Inc
Advent Software Inc
Advisory Board Co/The
Aegerion Pharmaceuticals Inc
AerCap Holdings NV
Aeroflex Holding Corp
Aeropostale Inc
Aerovironment Inc
AES Corp/VA
AFC Enterprises Inc
Affymetrix Inc
Aflac Inc
AGCO Corp
Agilent Technologies Inc
Agilysys Inc
Agios Pharmaceuticals Inc
AGL Resources Inc
AH Belo Corp 'A'
Air Lease Corp
Air Methods Corp
Air Products & Chemicals Inc
Aircastle Ltd
Airgas Inc
AK Steel Holding Corp
Akorn Inc
Alamo Group Inc
Albany International Corp 'A'
Albany Molecular Research Inc
Albemarle Corp
Alcoa Inc
Alere Inc
Alexander & Baldwin Inc
Alexion Pharmaceuticals Inc
Alexza Pharmaceuticals Inc
Alico Inc
Allegheny Technologies Inc
Allegiant Travel Co
Allergan Inc/United States
Alliance Data Systems Corp

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


(269,793)
(130,780)
(169,481)
150,293
(55,827)
559,377
(167,921)
275,219
(275,658)
(305,398)
445,627
(5,532)
67,667
(2,777,097)
37,125
(162,154)
762,834
(45,418)
381,316
(480,292)
(1,048,687)
(315,090)
84,299
(985,831)
(227,988)
324,186
(143,536)
(512,768)
608,643
(1,085,167)
526,846
16,834
351,023
(159,190)
(417,573)
89,080
953,923
(155,717)
(75,485)
367,053
(171,620)
(745,375)
14,922
812,220
42,547
3,350,353
49,908
(1,464,828)
281,283
233,849
(29,561)
(274,962)
55,346
(83,624)
73,613
(116,383)
(658,991)
323,438
228,421
102,504
(29,407)
(74,730)
(530,676)
(97,043)
2,636
148,072

(49,789)
(5,720)
(41,884)
15
425
66,576
30,374
(28,347)
110,665
(73,011)
22,303
(1,458)
35,714
(488,009)
3,020
140,561
27,196
(4,711)
(6,344)
(98,637)
17,661
(3,086)
1,043
(114,028)
(131,847)
84,683
3,949
(13,089)
101,107
(178,582)
39,035
69
(41,655)
54,067
(164,876)
(5,182)
12,698
(91,324)
700
2,785
1,874
(94,043)
(5,686)
(11,274)
12,889
155,016
427
13,097
57,038
2,505
(13,411)
(54,145)
8,950
(4,676)
13,062
(2,032)
(43,615)
67,901
585
(1,433)
4,719
7,574
7,333
(7,058)
33
117

(28,818)
(8,666)
13,208
16,339
15,952
819
(2,561)
792
2,052
(27)
8,622
70,261
14,694
(13,381)
653
782
146
22,058
15,125
128,673
(95,272)
16,848
5,637
404
(7,807)
(3,065)
149
(82,823)
6,526
(23,380)
2,560
11,129
5,808
4,636

49,568
198,977
406,879
(18,504)
(8,579)
(150,861)
595,848
(660,968)
112,051
37,337
(146,652)
29,344
2,653,838
286,335
(5,860)
(16,656)
122,798
(1,024,179)
74,811
(598,310)
39,950
504,269
606,030
(182,556)
(853,768)
(386,264)

(10,497)
44,300
(10,923)
12,707
(413)

(734)
(75,994)
(25,803)
(1,722)
18,780
3,102
29,798
80,577
(687)
3,591
16,121
(60,299)
38,822
4,007
(4,843)
(5,692)
(3,890)
(43,753)
(54,291)
20,204

(43,138)
(589,904)

(5,387)
27,665

(166,214)

4,224

253,329
266,652
756,444

(14,470)
8,823
(6,700)

19,459
(148,512)
12,989
102,313
(3,105)
357,296

1,668
(4,928)
(364)
1,640
31
153,146

924,635
426,640
(21,543)
18,748
33,227
5,303
456,601
1,725,006
770,751
(570,679)
233,513
103,721
34,328
(61,207)
(23,478)
6,262
(222,794)
576,637
(1,136,969)
32,768
172,388
202,583
165,737

(8,291)
281,715
22,380
3,273
(540)
325
42,466
(8,933)
253,977
(33,102)
27,027
1,821
(30)
(33,397)
(5,160)
184
13,700
(14,317)
25,943
1,702
9,238
140,099
29,750

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

27

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

United States continued


(12,057) Annaly Capital Management
Inc (Reit)
(122,740)
(3,542) Annie's Inc
(162,649)
(160,837) Antares Pharma Inc
(622,439)
3,969 Anworth Mortgage Asset Corp (Reit)
17,702
4,404 AO Smith Corp
239,886
(4,591) Apache Corp
(420,077)
8,143 Apco Oil and Gas International Inc
126,787
645 Apogee Enterprises Inc
23,117
12,014 Apollo Education Group Inc
317,650
10,660 Apollo Residential Mortgage Inc (Reit)
161,286
(2,493) Apple Inc
(1,371,574)
49,494 Applied Industrial Technologies Inc
2,391,550
(79,755) Applied Materials Inc
(1,382,952)
(18,296) Applied Micro Circuits Corp
(230,713)
23,364 Approach Resources Inc
492,046
(4,137) Approach Resources Inc
(87,125)
(45,951) Aptargroup Inc
(2,995,546)
(430) Arabian American Development Co
(4,481)
4,360 Aratana Therapeutics Inc
81,837
11,696 Arbor Realty Trust Inc (REIT)
77,778
37,106 ARC Document Solutions Inc
319,483
(18,543) Arch Capital Group Ltd
(1,094,593)
(474) Arch Coal Inc
(1,934)
2,188 Arcos Dorados Holdings Inc 'A'
26,147
1,000 Arctic Cat Inc
56,390
5,075 Arden Group Inc 'A'
648,230
24,759 Arena Pharmaceuticals Inc
161,676
236 Ares Commercial Real Estate Corp (Reit)
3,099
7,724 Argan Inc
178,502
10,585 Ariad Pharmaceuticals Inc
51,972
(112,767) ARMOUR Residential Inc (Reit)
(444,302)
5,381 Armstrong World Industries Inc
285,785
1,326 Arqule Inc
3,196
11,623 Arrow Electronics Inc
598,817
(40,854) Arrow Financial Corp
(1,127,979)
(1,600) Arrowhead Research Corp
(12,432)
1,033 ArthroCare Corp
38,944
1,478 Arthur J Gallagher & Co
69,289
11,411 Artisan Partners Asset
Management Inc 'A'
697,212
56,599 Aruba Networks Inc
1,004,066
(13,237) Ascena Retail Group Inc
(281,683)
129 Ashford Hospitality Prime Inc (Reit)
2,657
645 Ashford Hospitality Trust Inc (Reit)
5,250
1,037 Ashland Inc
94,595
(5,231) ASML Holding NV/NY
(491,086)
34,926 Aspen Insurance Holdings Ltd
1,418,694
22,455 Aspen Technology Inc
893,709
(54,846) Associated Estates Realty Corp (Reit)
(881,375)
3,635 Assurant Inc
236,493
5,797 Assured Guaranty Ltd
137,969
(5,777) Astec Industries Inc
(210,803)
(13,711) Astoria Financial Corp
(193,462)
(4,813) Astronics Corp
(249,554)
(697) Astronics Corp 'B'
(35,192)
(3,552) athenahealth Inc
(465,241)
10,310 Athlon Energy Inc
334,766
(1,596) Atlantic Tele-Network Inc
(90,174)
26,467 Atlas Air Worldwide Holdings Inc
1,021,891
(30,346) ATMI Inc
(925,553)
994 AtriCure Inc
16,073
126 Atrion Corp
35,048
9,983 Atwood Oceanics Inc
523,409
(5,971) Autoliv Inc
(555,781)
21,613 Auxilium Pharmaceuticals Inc
440,257

28

BlackRock Strategic Funds (BSF)

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


6,631
11,446
(56,645)
(5,768)
1,314
(2,743)
16,937
3,146
97,565
(68,466)
(75,796)
59,832
14,356
(82,180)
(45,117)
21,411
(106,371)
(1,102)
16,995
14,888
227,119
(9,165)
4,778
1,059
1,116
(13,025)
20,604
77
39,071
8,511
26,319
5,181
274
(30,164)
(86,217)
(783)
1,499
1,710
69,347
27,788
(290)
2,657
(2,788)
(560)
(9,724)
89,204
38,623
(12,414)
13,332
1,217
(8,523)
(55,655)
(114,010)
(35,192)
8,773
243
(5,017)
2,284
(114,804)
4,446
10,723
(14,322)
(22,147)
66,515

2,055
(3,040)
9,198
23,781
8,658
(438)
144,994
16,999
(35,213)
46,598
7,940
(444)
6,339
29,310
(24,326)
16,865
5,240
5,579
47,764
(28,271)
(21,989)
8,136
(42,449)
(9,494)
1,561
(4,649)
25,588
4,979
(4,190)
9,676
4,155
98
38,602
(80,952)
(25,285)
(11,343)
(21,676)
(7,456)
5,830
(13,605)
(216)
(335)
(1,672)
5,231
(1,075)
5,756
(4,802)
(55,145)
282
25,985
(28,937)
(234)
(18,113)
(5,474)
(1,314)
(26,383)
495
10,943
(40,616)
(22,125)
35,035
3,821
3,364
46,251
16,135

Avago Technologies Ltd


AvalonBay Communities Inc
AVEO Pharmaceuticals Inc
Avery Dennison Corp
AVG Technologies NV
AVG Technologies NV
Aviat Networks Inc
Avid Technology Inc
Avis Budget Group Inc
Avista Corp
Aviv REIT Inc (Reit)
Aviv REIT Inc (Reit)
Avon Products Inc
AVX Corp
Aware Inc
Axcelis Technologies Inc
Axiall Corp
Axis Capital Holdings Ltd
AXT Inc
AZZ Inc
B&G Foods Inc
B/E Aerospace Inc
Babcock & Wilcox Co/The
Badger Meter Inc
Baker Hughes Inc
Balchem Corp
Ball Corp
Ballantyne Strong Inc
Bally Technologies Inc
Banc of California Inc
Bancfirst Corp
Banco de Chile ADR
Banco Latinoamericano
de Comercio Exterior SA
Banco Santander Brasil SA/Brazil ADR
Banco Santander Chile ADR
Bancolombia SA ADR
Bancorp Inc/DE
BancorpSouth Inc
Bank Mutual Corp
Bank of Hawaii Corp
Bank of Marin Bancorp
Bank of the Ozarks Inc
BankFinancial Corp
Bankrate Inc
BankUnited Inc
Banner Corp
Barnes & Noble Inc
Barnes Group Inc
Barrett Business Services Inc
Baxter International Inc
Bazaarvoice Inc
BBX Capital Corp 'A'
Beacon Roofing Supply Inc
Beam Inc
Beazer Homes USA Inc
bebe stores inc
Becton Dickinson and Co
Bel Fuse Inc 'B'
Belden Inc
Bemis Co Inc
Benchmark Electronics Inc
Benefitfocus Inc
Best Buy Co Inc
BGC Partners Inc 'A'
Big 5 Sporting Goods Corp

92,290
(362,672)
19,960
1,161,464
149,437
(7,560)
359,585
150,101
(1,295,838)
1,268,398
205,328
(11,482)
113,722
400,081
(143,523)
37,272
237,739
277,555
109,380
(1,381,604)
(762,798)
713,690
(1,381,290)
(517,138)
89,196
(276,290)
1,290,147
23,152
(311,066)
123,369
232,888
8,673

617
2,797
(17,787)
13,317
(7,407)
74
(84,246)
37,611
(89,224)
(12,020)
8,140
(97)
4,530
61,453
(12,461)
(874)
10,166
3,124
(32,695)
(128,113)
(8,118)
34,442
1,817
(101,473)
(1,741)
(18,565)
5,484
(5,247)
(9,390)
(13,653)
49,772
(68)

1,033,376
(520,521)
(568,407)
(572,708)
(398,188)
(179,168)
39,527
(806,096)
(9,742)
(18,827)
(16,202)
98,343
(34,626)
251,134
(80,482)
(2,021,064)
24,021
1,773,996
(230,917)
(3,180)
(672,717)
(371,192)
(27,384)
(155,396)
53,960
249,610
(2,869,927)
(863,981)
807,907
187,917
134,291
269,181
306,242

198,423
17,809
17,954
30,226
(100,013)
(61,782)
3,088
(4,991)
(556)
(69)
(1,202)
22,181
(1,000)
72,992
4,093
(31,079)
721
21,648
53,484
(88)
26,006
1,148
(2,659)
(29,064)
15
53,380
(132,488)
2,295
119,275
6,210
3,041
23,371
8,183

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013
Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

1,494
(26,038)
(268)
(8,208)
(539)
(58,333)
(4,153)
28,312
(2,368)
(563)
(74,653)
4,779
(6,139)
409

Big Lots Inc


Bill Barrett Corp
Bio-Rad Laboratories Inc 'A'
Bio-Reference Labs Inc
BioCryst Pharmaceuticals Inc
BioDelivery Sciences International Inc
BioMarin Pharmaceutical Inc
BioScrip Inc
Biotime Inc
Black Box Corp
Black Diamond Inc
Black Hills Corp
Blackbaud Inc
Blackstone Mortgage Trust
Inc 'A' (Reit)
Bloomin' Brands Inc
Blucora Inc
Blue Nile Inc
Bluebird Bio Inc
Blyth Inc
BNC Bancorp
Bob Evans Farms Inc/DE
Body Central Corp
Boeing Co/The
Boise Cascade Co
BOK Financial Corp
Bon-Ton Stores Inc/The
Booz Allen Hamilton Holding Corp
Boston Beer Co Inc/The 'A'
Boston Scientific Corp
Bottomline Technologies (DE) Inc
Boyd Gaming Corp
BP Prudhoe Bay Royalty Trust
Brady Corp 'A'
Braskem SA ADR
Bravo Brio Restaurant Group Inc
BRE Properties Inc
BRF SA
Bright Horizons Family Solutions Inc
Brightcove Inc
Brink's Co/The
Bristol-Myers Squibb Co
Bristow Group Inc
Broadridge Financial Solutions Inc
BroadSoft Inc
Brocade Communications Systems Inc
Brookdale Senior Living Inc
Brookline Bancorp Inc
Brown & Brown Inc
Brown Shoe Co Inc
Bruker Corp
Brunswick Corp/DE
Bryn Mawr Bank Corp
BSB Bancorp Inc/MA
Buckle Inc/The
Buckle Inc/The
Buffalo Wild Wings Inc
Build-A-Bear Workshop Inc
Builders FirstSource Inc
Bunge Ltd
Burger King Worldwide Inc
Burlington Stores Inc
C&J Energy Services Inc
Cabela's Inc
Cablevision Systems Corp 'A'
Cabot Corp

Holding

Description

(5,407)
(1,745)
17,807
46,832
3,520
789
6,736
(45,299)
12,862
4,096
(6,735)
544
(15,657)
(14,152)
(1,936)
5,677
3,750
23,037
32,908
(40,216)
26,259
(328)
32,317
393
19,494
12,215
6,760
(4,163)
1,445
(4,977)
991
(20,516)
14,061
3,546
29,171
35,468
143
930
69,730
(3,872)
64,895
533
(21,328)
(11,470)
2,266
7,221
(32,437)
6,565
1,577
4,652
(4,375)

Cabot Microelectronics Corp


(245,045)
Caesars Entertainment Corp
(35,790)
CafePress Inc
118,951
Calamos Asset Management Inc 'A'
526,860
CalAmp Corp
88,387
Calavo Growers Inc
24,214
Calix Inc
68,438
Callidus Software Inc
(493,759)
Callon Petroleum Co
84,503
Cambrex Corp
80,159
Camden National Corp
(291,491)
Camden Property Trust (Reit)
31,732
Cameron International Corp
(864,736)
Campbell Soup Co
(551,503)
Canadian Solar Inc
(55,834)
Cape Bancorp Inc
56,713
Capella Educations Co
247,950
Capital Bank Financial Corp 'A'
542,061
Capital Southwest Corp
1,136,971
Capstead Mortgage Corp
(485,005)
Capstead Mortgage Corp
316,684
Cardinal Financial Corp
(5,799)
Cardinal Health Inc
2,100,605
Cardiovascular Systems Inc
13,421
Cardtronics Inc
840,971
Career Education Corp
61,319
CareFusion Corp
269,454
CarMax Inc
(210,731)
Carmike Cinemas Inc
35,099
Carpenter Technology Corp
(301,855)
Carter's Inc
70,272
Cass Information Systems Inc
(1,280,198)
Catamaran Corp
639,354
Cathay General Bancorp
98,543
Cbeyond Inc
162,774
CBL & Associates Properties Inc (Reit)
650,483
CBOE Holdings Inc
7,508
CBRE Group Inc 'A'
22,599
CBS Corp 'B'
4,107,794
Ceco Environmental Corp
(61,604)
Cedar Realty Trust Inc (Reit)
375,742
Celgene Corp
86,399
Cell Therapeutics Inc
(41,163)
Celldex Therapeutics Inc
(316,113)
Cellular Dynamics International
34,896
Celsion Corp
28,017
Cemex SAB de CV ADR
(355,834)
Centene Corp
392,718
Center Bancorp Inc
25,658
Centerstate Banks Inc
49,497
Central European Media
Enterprises Ltd 'A'
(11,025)
Central Garden and Pet Co
452,770
Central Garden and Pet Co 'A'
193,216
Central Pacific Financial Corp
920,211
Century Aluminum Co
(342,687)
Century Bancorp Inc/MA 'A'
41,753
Century Casinos Inc
67,168
Cenveo Inc
182,654
Cepheid Inc
(1,795,928)
Cerner Corp
(330,100)
Cerus Corp
(346,046)
CH Robinson Worldwide Inc
(212,466)
Charles River Laboratories
International Inc
(443,852)
Charles Schwab Corp/The
(734,852)

United States continued

3,112
12,676
539
494
3,508
(5,850)
1,329
(1,881)
6,904
3,536
3,164
(10,326)
58,520
(106)
1,554
(4,206)
(6,229)
4,070
2,430
31,960
1,122
(5,204)
(25,340)
(2,159)
(633)
(16,663)
(7,107)
9,337
7,938
(1,867)
(53,356)
(3,893)
(2,385)
4,634
561
(832)
6,533
(1,061)
(11,661)
(1,804)
252
(1,118)
19,116
9,072
3,498
(23,187)
4,875
(49,929)
(5,012)
(10,136)
(34,361)

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


57,235
(702,505)
(33,063)
(240,576)
(3,234)
(279,415)
(293,451)
187,992
(9,212)
(15,663)
(1,001,097)
241,674
(221,894)

3,702
30,073
(87)
(7,440)
290
1,925
(5,690)
(128,628)
427
(1,170)
(286,071)
6,415
(50,475)

10,577
81,939
367,477
24,643
9,831
44,201
(87,867)
73,839
(7,505)
932,454
88,789
202,211
(186,901)
1,028,196
(26,250)
18,182
(146,243)
(70,263)
309,198
75,549
564,733
17,840
(267,798)
(555,706)
(76,126)
(8,894)
(559,544)
(368,356)
751,255
304,978
(49,737)
(465,798)
(112,741)
(21,775)
147,083
14,771
(16,024)
299,407
(31,830)
(167,918)
(95,828)
13,386
(168,594)
178,926
66,498
281,519
(496,897)
138,450
(1,187,811)
(309,892)
(171,096)
(1,681,627)

421
97
25,781
7,115
(3,906)
(10,720)
(7,928)
345
13,504
(562)
(24,475)
4,856
(50,467)
(15,968)
(7,706)
(213)
(7,882)
(17,587)
(14,643)
5,029
(13,402)
365
8,365
23,830
2,043
(3,385)
(11,929)
4,193
(18,456)
14,189
12,025
(34,462)
3,582
(1,736)
(1,390)
2,095
166
9,609
(2,702)
(4,391)
(314)
209
(984)
54,696
12,197
(1,988)
(44,701)
843
(151,052)
8,871
(19,765)
(75,648)

58,649
25,028
45,555
(37,866)
1,195
12,917
53,097
(39,008)
(5,718)
(51,266)
(3,606)
(8,557)
(29,703)

(5,143)
(1,117)
14,037
65,565
4,061
1,487
(5,511)
(301,364)
37,945
31,841
(24,421)
(832)
4,347
48,824
3,498
3,178
47,133
133,974
1,031,567
3,647
5,853
(254)
3,002
1,640
200,747
23,052
5,102
(5,774)
4,069
2,414
745
(352,182)
(16,325)
10,083
(20,626)
(20,217)
132
137
(6,758)
(6,741)
6,798
5,858
(6,073)
(34,362)
(3,766)
(215,465)
(4,986)
24,816
807
2,788
10,827
(107,403)
3,660
105,517
33,127
1,148
(4,708)
41,608
(172,265)
(1,735)
(145,979)
3,822
3,505
(9,505)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

29

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013
Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

9,910
(2,722)
(219)
19,938
7,892
(25,714)
(7,799)
14,467
1,262
(4,151)
5,562
12,650
(8,828)
2,115
1,849
6,577
6,026
(7,377)
26
2,234
(23,168)
(11,067)
11,930

Chart Industries Inc


Charter Communications Inc 'A'
Chase Corp
Chatham Lodging Trust (Reit)
Checkpoint Systems Inc
Chefs' Warehouse Inc/The
Chemed Corp
Chemical Financial Corp
ChemoCentryx Inc
Chemtura Corp
Cherokee Inc
Chesapeake Lodging Trust
Chicago Bridge & Iron Co NV
Children's Place Retail Stores Inc/The
Chimerix Inc
China Biologic Products Inc
China Cord Blood Corp
Chindex International Inc
Chipotle Mexican Grill Inc
Chiquita Brands International Inc
Choice Hotels International Inc
Churchill Downs Inc
Cia Brasileira de Distribuicao
Grupo Pao de Acucar
Cia Cervecerias Unidas SA ADR
Cia de Minas Buenaventura SAA
Cia Siderurgica Nacional SA ADR
Ciena Corp
Cimarex Energy Co
Cincinnati Bell Inc
Cinemark Holdings Inc
CIRCOR International Inc
Cirrus Logic Inc
Cirrus Logic Inc
CIT Group Inc
Citi Trends Inc
Citigroup Inc
Citizens Inc/TX
Citrix Systems Inc
City Holding Co
CLARCOR Inc
Clayton Williams Energy Inc
Clean Energy Fuels Corp
Clean Energy Fuels Corp
Clean Harbors Inc
Clean Harbors Inc
Clear Channel Outdoor Holdings Inc 'A'
Cliffs Natural Resources Inc
Clifton Savings Bancorp Inc
Clorox Co/The
Clovis Oncology Inc
CME Group Inc/IL
CNA Financial Corp
CNB Financial Corp/PA
Coach Inc
Coach Inc
Cobalt International Energy Inc
Cobalt International Energy Inc
CoBiz Financial Inc
Coca-Cola Co/The
Coca-Cola Femsa SAB de CV ADR
Codexis Inc
Coeur d'Alene Mines Corp
Cogent Communications Group Inc
Cognex Corp
Cohen & Steers Inc

Holding

United States continued

7,333
43,997
(103,053)
(6,059)
4,153
9,503
6,258
1,463
3,957
(11,784)
5,549
1,327
9,347
(56,946)
3,290
(298)
(10,575)
40
56,816
(48,355)
12,934
(942)
(7,988)
4,497
(10,277)
(19,300)
(399)
(2,556)
25,537
(3,080)
(10,139)
4,013
3,914
(5,903)
(2,024)
(28,994)
(3,017)
31,659
(1,647)
(40,399)
46,359
(37,695)

30

BlackRock Strategic Funds (BSF)

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


970,784
(368,423)
(7,001)
405,539
113,645
(644,136)
(606,372)
464,246
6,588
(110,292)
78,424
300,690
(682,140)
116,515
29,621
194,285
23,923
(126,884)
13,736
23,859
(1,082,872)
(1,002,117)

(36,480)
(18,129)
(796)
85,415
(2,813)
(39,541)
(19,454)
66,819
(3,524)
(20,702)
3,491
(356)
15,537
1,454
(6,411)
29,082
6,699
(16,729)
75
(4,220)
(32,641)
(61,065)

564,050
179,585
517,405
(541,028)
(133,662)
393,497
30,220
206,514
115,270
80,406
(239,451)
280,224
22,015
499,784
(494,861)
194,044
(14,650)
(644,335)
2,883
708,496
(602,987)
680,975
(49,596)
(69,895)
111,031
(131,032)
(1,804,550)
(24,499)
(209,873)
1,057,232
(61,692)
(585,426)
231,711
87,047
(131,283)
(23,236)
(1,172,227)
(360,411)
47,172
(17,853)
(1,562,633)
1,547,000
(1,512,323)

(8,157)
(3,080)
(20,969)
46,374
5,040
(33,402)
(3,608)
476
7,906
(9,447)
9,888
4,846
2,111
27,909
51,177
6,843
(1,940)
(14,947)
(235)
54,270
28,650
(22,808)
3,674
(15,589)
(3,726)
(4,386)
(29,744)
(4,631)
2,176
40,438
(10,973)
(8,088)
14,447
(584)
21,584
(9,056)
(4,872)
(15,059)
(25,029)
952
(438,016)
93,080
(121,146)

1,086
(28,047)
(3,527)
(23,528)
37,378
71,607
(733)
17,936
168
(570)
7,418
5,519
8,819
(18,076)
(4,575)
(791)
(48,851)
4,377
(9,867)
(81)
(37,583)
46,914
(8,521)
4,316
(1,146)
783
(6,614)
(2,213)
(410)
(3,874)
(17,370)
15,036
173
9,442
3,859
365
4,645
(4,743)
383
777
(44,430)
(13,174)
61,464
(20,627)
15,935
(21,759)
6,645
(406)
18,131
(3,872)
67,146
573
(1,705)
(2,731)
22,752
(1,317)
7,294
(30,051)
(4,437)
1,119
57
3,107
(6,616)
9,618

Coherent Inc
75,477
Cohu Inc
(279,068)
Coldwater Creek Inc
(3,174)
Cole Real Estate Investment Inc (Reit)
(338,803)
Collectors Universe Inc
611,878
Colony Financial Inc (Reit)
1,442,165
Columbia Banking System Inc
(20,414)
Columbia Banking System Inc
499,518
Columbia Sportswear Co
11,626
Columbus McKinnon Corp/NY
(15,954)
Comcast Corp 'A'
370,010
Comerica Inc
251,942
Commercial Metals Co
171,794
Commercial Vehicle Group Inc
(134,124)
CommonWealth REIT (Reit)
(108,977)
Communications Systems Inc
(9,097)
Community Bank System Inc
(1,899,327)
Compass Minerals International Inc
314,619
Compass Minerals International Inc
(709,240)
Computer Programs & Systems
(4,902)
Computer Task Group Inc
(714,453)
Compuware Corp
516,054
comScore Inc
(230,067)
Comstock Resources Inc
72,293
Concur Technologies Inc
(110,876)
CONMED Corp
31,962
Conn's Inc
(392,739)
Connecticut Water Service Inc
(76,680)
ConnectOne Bancorp Inc
(15,564)
CONSOL Energy Inc
(136,597)
Consolidated Communications
Holdings Inc
(335,067)
Consolidated Graphics Inc
968,018
Consolidated-Tomoka Land Co
6,339
Constellium NV 'A'
199,037
Consumer Portfolio Services Inc
28,364
Control4 Corp
6,358
Copa Holdings SA
703,625
Corcept Therapeutics Inc
(9,960)
Core Laboratories NV
69,737
Core-Mark Holding Co Inc
57,498
CoreLogic Inc/United States
(1,570,601)
Cornerstone OnDemand Inc
(660,544)
Cornerstone Therapeutics Inc
583,293
Corning Inc
(353,547)
Corning Inc
273,126
Corporate Executive Board Co
(1,612,559)
Corporate Office Properties
Trust (Reit)
147,984
Corporate Resource Services Inc
(1,076)
Corvel Corp
832,576
Cousins Properties Inc
(41,624)
Covanta Holding Corp
1,174,384
Covisint Corp
7,214
CPI Aerostructures Inc
(24,808)
CR Bard Inc
(381,493)
CRA International Inc
423,870
Craft Brew Alliance Inc
(23,443)
Crawford & Co 'B'
74,034
Cray Inc
(712,209)
Credicorp Ltd
(573,970)
Credicorp Ltd
144,754
Credit Acceptance Corp
7,282
Cree Inc
174,676
Crimson Wine Group Ltd
(56,567)
Crocs Inc
132,247

10,607
(8,550)
15,829
(19,226)
108,663
11,904
(98)
58,374
353
(1,063)
15,949
4,139
8,928
6,966
1,174
(9)
(465,951)
(54)
11,939
(41)
40,045
22,436
3,940
1,792
(853)
3,051
(24,489)
(8,063)
(1,067)
2,789
(66,077)
416,085
42
15,703
(10,569)
385
(5,404)
(1,833)
(3,156)
5,627
(60,989)
(127,079)
250,554
99
2,072
(288,369)
539
138
190,821
(358)
1,513
163
(4,960)
(6,976)
(63,883)
(6,602)
23,786
(85,864)
12,619
736
126
(1,216)
(2,206)
(26,714)

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

United States continued


45,342
(650)
1,894
32,714
890
69,948
(368)
(23,346)
(10,577)
422
(23,166)
14,698
95,232
(31,726)
32,010
(5,504)
(4,870)
2,234
(2,863)
8,913
(466)
6,180
(1,462)
7,771
(3,124)
7,667
(261)
5,158
(5,902)
46,695
(8,005)
(233)
(14,399)
6,836
9,337
777
(5,501)
1,602
(799)
(2,746)
28,607
(544)
243
15,881
(586)
13,794
(2,791)
6,419
(40,516)
(124,018)
105
(75,111)
9,154
(7,252)
(3,587)
(1,297)
(31,103)
1,856
1,403
3,167
(7,889)
1,099
1,605
5,972

Cross Country Healthcare Inc


Crosstex Energy Inc
Crown Castle International Corp
Crown Media Holdings Inc 'A'
CST Brands Inc
CTC Media Inc
CTS Corp
CubeSmart (Reit)
Cubic Corp
Cubist Pharmaceuticals Inc
Cubist Pharmaceuticals Inc CVR
Culp Inc
Cumberland Pharmaceuticals Inc
Curis Inc
Cutera Inc
CVB Financial Corp
Cvent Inc
Cvent Inc
CVR Energy Inc
CVS Caremark Corp
Cyan Inc
Cyberonics Inc
Cynosure Inc 'A'
CyrusOne Inc (Reit)
CYS Investments Inc (Reit)
Cytec Industries Inc
Daily Journal Corp
Daktronics Inc
Darden Restaurants Inc
Darling International Inc
Datalink Corp
Datawatch Corp
DaVita HealthCare Partners Inc
Dawson Geophysical Co
Dean Foods Co
Deckers Outdoor Corp
Deckers Outdoor Corp
Delek US Holdings Inc
Delphi Automotive Plc
Delta Air Lines Inc
Delta Apparel Inc
Delta Natural Gas Co Inc
Deltic Timber Corp
Deluxe Corp
Deluxe Corp
Demand Media Inc
Demandware Inc
Denbury Resources Inc
Derma Sciences Inc
Desarrolladora Homex SAB
de CV ADR
Destination Maternity Corp
Destination Xl Group Inc
Devon Energy Corp
DeVry Education Group Inc
Diamond Foods Inc
Diamond Hill Investment Group
Inc GRP
Diamond Offshore Drilling Inc
Diamond Resorts International Inc
Diamondback Energy Inc
Diana Shipping Inc
Diebold Inc
Digi International Inc
Digimarc Corp
Digital Generation Inc

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


335,531
(21,411)
140,629
107,629
29,646
884,143
(6,694)
(378,672)
(598,976)
29,004
(38,224)
297,634
473,303
(104,696)
301,854
(88,669)
(160,710)
73,722
(112,401)
601,984
(1,985)
430,313
(37,413)
156,974
(25,117)
684,280
(37,845)
79,536
(314,695)
962,384
(83,012)
(7,847)
(861,204)
215,949
169,653
63,629
(450,477)
47,932
(46,638)
(79,936)
492,613
(12,066)
15,066
799,608
(29,505)
74,074
(159,785)
107,518
(469,986)

111,543
(10,081)
293
31,696
(240)
181,640
84
(34,276)
(43,760)
255
214,072
88,985
29,499
16,096
(54,206)
(448)
(50)
(12,280)
(3,769)
17,113
1,661
121,970
(3,499)
10,588
(37)
24,611
(5,544)
27,675
1,062
5,420
(1,573)
(1,609)
(13,247)
1,015
(14,172)
9,936
(19,095)
(6,508)
(1,146)
(2,719)
50,019
298
195
222,802
(866)
(19,162)
(7,997)
(5,713)
(14,758)

(140,140)
3,240
(522,773)
556,197
(255,125)
(89,567)

50,532
3
(141,759)
2,269
432
(16,806)

(161,477)
(1,867,424)
33,222
68,747
36,167
(269,173)
12,638
29,692
70,947

(27,302)
33,000
(1,042)
(5,280)
2,038
(35,181)
1,480
(3,153)
35,144

6,916
(4,308)
(68,055)
1,693
44,788
7,844
(8,943)
(2,800)
161,622
557
4,432
27,839
14,707
2,245
(14,236)
(3,535)
(15,589)
2,629
(2,428)
8,041
(41,725)
(7,176)
418
(7,542)
11,535
(15,398)
18,117
67,799
(2,098)
(1,724)
(32,148)
(675)
(31,752)
(26,591)
(2,313)
105,714
(1,070)
14,443
(32,841)
39,917
40,766
6,897
14,741
(19,204)
(44,977)
2,995
2,596
(366)
31,317
4,276
11,997
50,322
9,181
(201)
(14,123)
(171)
(18,592)
(752)
(194)
(861)
(172)
(3,613)
(16,721)
10,048
13,160

Digital Realty Trust Inc (Reit)


DigitalGlobe Inc
Dime Community Bancshares Inc
DineEquity Inc
Diodes Inc
DIRECTV
DISH Network Corp 'A'
Diversified Restaurant Holding Inc
Dolan Co/The
Dollar General Corp
Dollar Tree Inc
Dominion Diamond Corp
Domino's Pizza Inc
Domtar Corp
Dorman Products Inc
Douglas Dynamics Inc
DreamWorks Animation SKG Inc 'A'
Dresser-Rand Group Inc
Dresser-Rand Group Inc
Dril-Quip Inc
DryShips Inc
DST Systems Inc
DTE Energy Co
DTS Inc/CA
Ducommun Inc
Dun & Bradstreet Corp/The
Dunkin' Brands Group Inc
DuPont Fabros Technology Inc (Reit)
Durata Therapeutics Inc
DXP Enterprises Inc
Dyax Corp
Dycom Industries Inc
Dynergy Inc
E2open Inc
Eagle Bancorp Inc
EarthLink Inc
Eastern Insurance Holdings Inc
Eastman Chemical Co
Eaton Vance Corp
eBay Inc
Echelon Corp
Echo Global Logistics Inc
EchoStar Corp 'A'
Education Management Corp
Education Realty Trust Inc (Reit)
Edwards Lifesciences Corp
eHealth Inc
EI du Pont de Nemours & Co
Einstein Noah Restaurant Group Inc
El Paso Electric Co
Electro Scientific Industries Inc
Electronic Arts Inc
Electronics For Imaging Inc
Elephant Talk Communications Corp
Elizabeth Arden Inc
Ellie Mae Inc
Embraer SA
EMC Corp/MA
EMC Insurance Group Inc
Emcore Corp
Emeritus Corp
Emerson Electric Co
Empire Resorts Inc
Employers Holdings Inc
Empresa Nacional de Electricidad
SA/Chile ADR

329,063
(171,329)
(1,153,532)
142,601
915,467
517,782
(483,190)
(16,072)
113,152
32,050
247,527
376,940
1,019,342
193,676
(711,800)
(56,348)
(497,367)
149,012
(137,619)
874,137
(144,369)
(635,076)
27,989
(170,374)
292,758
(1,807,879)
893,168
1,595,310
(26,099)
(168,607)
(264,578)
(19,271)
(682,350)
(591,118)
(76,236)
561,341
(26,215)
1,113,555
(1,385,562)
2,015,010
95,392
141,733
727,911
(231,984)
(390,850)
196,682
117,157
(22,568)
504,204
153,423
123,809
1,117,148
364,302
(187)
(563,649)
(4,831)
(579,141)
(17,950)
(6,031)
(4,563)
(3,856)
(244,239)
(81,097)
327,866

3,238
(14,374)
(67,476)
1,376
(168,216)
9,107
(27,634)
5,897
(400,047)
(958)
(11,743)
(42,622)
6,890
1,010
(59,101)
(5,649)
2,660
(443)
8,085
(52,910)
(13,010)
(8,468)
(823)
(14,999)
43,406
(34,598)
29,107
(12,420)
(6,023)
(29,628)
(20,470)
775
(14,982)
(73,682)
(10,662)
(24,691)
(4,149)
(2,712)
25,878
38,951
(1,855)
11,797
7,336
(392)
74,077
2,037
71,581
165
33,726
3,068
(7,231)
(89,453)
40,047
304
85,387
501
(5,835)
98
257
85
(557)
1,337
10,032
36,541

568,775

(18,391)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

31

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

United States continued


(78,400)
1,382
(4,036)
(95)
(6,874)
(5,796)
3,247
(7,223)
(1,932)
1,463
(417)
2,422
(962)
795
(9,780)
(254)
1,407
49,022
6,782
3,175
350
(2,142)
(11,588)
10,362
(11,213)
2,429
12,464
632
12,504
125,335
2,807
725
(4,729)
410
427
9,571
(51)
(1,602)
10,858
87,383
(3,231)
(785)
(5,234)
(21,532)
1,505
16,602
(21)
755
967
(4,319)
5,935
65,649
(46,588)
3,171
5,342
3,407
(15,787)
(11,810)
(9,568)
15,282
53,140
(37,241)
12,476
328
(1,920)

32

Empresas ICA SAB de CV ADR


Enanta Pharmaceuticals Inc
Enbridge Energy Management LLC
Encore Capital Group Inc
Encore Wire Corp
Endeavour International Corp
Endo Health Solutions Inc
Endocyte Inc
Endologix Inc
Endurance International Group
Endurance Specialty Holdings Ltd
Energen Corp
Energizer Holdings Inc
Energizer Holdings Inc
Energy Recovery Inc
Energy XXI Bermuda Ltd
EnerNOC Inc
Enersis SA ADR
EnerSys Inc
Engility Holdings Inc
Ensign Group Inc/The
Enstar Group Ltd
Entegris Inc
Entegris Inc
Entercom Communications Corp 'A'
Enterprise Financial Services Corp
Entravision Communications Corp 'A'
Envestnet Inc
Envivio Inc
Enzon Pharmaceuticals Inc
EOG Resources Inc
EPAM Systems Inc
EPAM Systems Inc
Epiq Systems Inc
ePlus Inc
EPR Properties (Reit)
Equifax Inc
Equinix Inc
Equity Lifestyle Properties Inc (Reit)
Equity One Inc (Reit)
Equity Residential (Reit)
Erickson Air Crane Inc
Erie Indemnity Co 'A'
ESB Financial Corp
ESCO Technologies Inc
Essent Group Ltd
Essex Property Trust Inc (Reit)
Estee Lauder Cos Inc/The 'A'
Esterline Technologies Corp
Ethan Allen Interiors Inc
Euronet Worldwide Inc
EverBank Financial Corp
EverBank Financial Corp
Everest Re Group Ltd
Evolution Petroleum Corp
Exa Corp
Exact Sciences Corp
ExamWorks Group Inc
Exar Corp
EXCO Resources Inc
Exelis Inc
Exelixis Inc
Exide Technologies
ExOne Co/The
Expeditors International
of Washington Inc

BlackRock Strategic Funds (BSF)

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


(589,568)
37,314
(116,479)
(4,531)
(343,081)
(27,763)
218,556
(80,681)
(34,583)
20,716
(23,790)
174,529
(107,023)
88,444
(48,998)
(6,901)
24,172
758,861
485,862
100,997
15,736
(300,094)
(127,236)
113,775
(117,400)
47,948
83,260
25,286
37,137
200,536
463,997
25,868
(168,731)
6,790
23,754
486,398
(3,438)
(258,114)
387,848
1,968,739
(167,915)
(14,899)
(376,220)
(305,539)
51,320
364,746
(3,200)
57,033
85,870
(132,464)
286,008
1,111,438
(788,735)
502,350
65,386
49,401
(194,180)
(342,018)
(116,825)
79,772
947,486
(214,508)
2,882
17,551

(9,303)
9,762
(1,112)
(21)
(43,781)
(8,400)
7,878
(555)
(251)
4,583
(196)
(9,446)
(3,554)
4,118
(6,193)
49
6,265
(103,410)
19,301
1,503
2,330
(8,498)
(5,535)
11,798
(34,131)
9,672
58,913
2,926
14,997
(76,135)
(17,067)
568
(56,422)
1,070
897
(8,901)
13
10,397
(2,924)
(70,295)
(2,351)
(481)
(9,683)
(40,615)
2,470
9,826
79
1,412
16,295
4,139
88,068
97,199
(80,051)
3,898
1,470
15,684
(23,371)
(70,864)
(4,012)
(3,336)
34,703
(37,159)
(16,111)
328

(84,038)

(380)

16,622
4,531
(137)
28,922
(8,607)
1,359
5,727
14,830
138
228
(42,053)
(16,012)
(167)
1,073
(325)
3,716
22,256
394
23,176
(457)
(17,748)
(16,271)
1,725
(17,387)
2,878
(25,957)
(1,360)
10,894
495
(1,078)
(1,808)
(31,210)
(13,184)
2,021
(12,568)
9,627
(221)
(1,063)
(14,295)
(2,559)
406
766
(50,936)
(8,394)
1,688
3,731
35,879
(2,053)
(1,795)
15,566
(5,400)
488
5,611
4,992
(4,451)
8,130
2,682
(2,265)
810
(15,078)
(3,337)
(18,211)
61,560

Express Inc
Express Scripts Holding Co
Extra Space Storage Inc (Reit)
Extreme Networks Inc
Exxon Mobil Corp
Ezcorp Inc 'A'
F5 Networks Inc
Fabrinet
Facebook Inc 'A'
FactSet Research Systems Inc
Fair Isaac Corp
Fairpoint Communications Inc
Family Dollar Stores Inc
Farmer Bros Co
Farmers Capital Bank Corp
FARO Technologies Inc
FBR & Co
FEI Co
FelCor Lodging Trust Inc (Reit)
Female Health Co/The
Fibria Celulose SA ADR
Fidelity National Financial Inc 'A'
Fidelity Southern Corp
Fidus Investment Corp
Fiesta Restaurant Group Inc
Fifth & Pacific Cos Inc
Fifth Street Finance Corp
Finisar Corp
FireEye Inc
First American Financial Corp
First Bancorp Inc/ME
First BanCorp/Puerto Rico
First Bancorp/Troy NC
First Busey Corp
First Cash Financial Services Inc
First Citizens BancShares
Inc/NC 'A'
First Connecticut Bancorp
Inc/Farmington CT
First Defiance Financial Corp
First Financial Bankshares Inc
First Financial Corp/IN
First Financial Holdings Inc
First Financial Northwest Inc
First Horizon National Corp
First Industrial Realty Trust Inc (Reit)
First Interstate Bancsystem Inc
First Majestic Silver Corp
First Merchants Corp
First Niagara Financial Group Inc
First of Long Island Corp/The
First Republic Bank/CA
First Solar Inc
Firsthand Technology Value Fund Inc
Five Prime Therapeutics Inc
Flagstar Bancorp Inc
Flagstar Bancorp Inc
FleetCor Technologies Inc
Flextronics International Ltd
Flotek Industries Inc
Flowserve Corp
Fluidigm Corp
Fluor Corp
FMC Corp
FNB Corp/PA

407,073
306,069
(5,784)
201,442
(809,058)
15,887
470,473
294,524
6,486
25,983
(2,474,399)
(146,670)
(11,692)
21,932
(6,893)
204,789
629,622
36,063
166,867
(4,218)
(214,928)
(475,601)
29,946
(375,907)
141,914
(849,832)
(13,070)
226,377
19,097
(28,869)
(32,454)
(200,056)
(222,414)
12,207
(802,153)

52,768
10,014
89
42,315
10,931
(10,183)
731
38,099
(277)
262
(112,380)
3,870
2
6,257
(282)
76,781
11,536
450
59,804
(23)
(19,133)
(21,966)
3,198
(59,442)
2,460
(59,961)
1,694
(14,166)
2,412
(1,477)
(2,892)
(14,992)
(31,237)
1,199
(102,701)

2,157,988

339,945

(3,739)
(28,818)
(957,765)
(94,043)
26,865
8,265
(574,049)
(147,399)
47,196
36,452
761,711
(23,014)
(76,736)
799,003
(323,352)
10,321
53,304
91,468
(81,556)
993,486
20,249
(47,474)
58,352
(482,496)
(261,254)
(1,334,138)
784,274

(475)
(607)
(291,613)
(6,469)
2,383
(88)
(5,499)
(21,306)
14,911
(2,100)
165,426
(144)
(6,464)
2,487
(34,321)
(279)
(2,173)
17,856
(6,312)
51,221
(161)
(105)
1,733
(226,476)
3,047
30,634
103,359

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

United States continued


6,104
8,604
7,511
(40,312)
(4,222)
6,197
26,315
(1,357)
44,494
5,366
(1,166)
(12,793)
(2,898)
2,035
(8,839)
(12,175)
54,477
(7,677)
(40,234)
15,023
36,200
(24,075)
40,794
122
3,200
1,822
(14,653)
453
(34,335)
(3,279)
18,897
(14,438)
29,909
(24,222)
4,648
(150)
(150,788)
299
525
29,797
17,637
(3,880)
(8,641)
2,759
367
(10,476)
5,944
712
(9,068)
(68,390)
(7,230)
(9,605)
(1,897)
(10,633)
(9,397)
45,342
1,291
24,463
(1,675)
1,043
(1,232)
73,620
4,027
(11,324)
(31,517)

Fomento Economico Mexicano


SAB de CV
Foot Locker Inc
Forbes Energy Services Ltd
Forest City Enterprises Inc 'A'
Forest Laboratories Inc
Forest Laboratories Inc
Forestar Group Inc
FormFactor Inc
Fortegra Financial Corp
Fortinet Inc
Forum Energy Technologies Inc
Forward Air Corp
Foster Wheeler AG
Foundation Medicine Inc
Fox Chase Bancorp Inc
Francesca's Holdings Corp
Frank's International NV
Franklin Electric Co Inc
Franklin Financial Corp/VA
Franklin Street Properties Corp
Freescale Semiconductor Ltd
FreightCar America Inc
Fresh Del Monte Produce Inc
Fresh Market Inc /The
FriendFinder Networks Inc
FTD Cos Inc
FTI Consulting Inc
Fuel Tech Inc
FuelCell Energy Inc
Furiex Pharmaceuticals Inc
Fusion-io Inc
Fusion-io Inc
FutureFuel Corp
FXCM Inc 'A'
G & K Services Inc 'A'
G-III Apparel Group Ltd
Gafisa SA ADR
Gain Capital Holdings Inc
GAMCO Investors Inc 'A'
GameStop Corp 'A'
Gannett Co Inc
Garmin Ltd
Gartner Inc
Gastar Exploration Ltd
Geeknet Inc
Genco Shipping & Trading Ltd
Generac Holdings Inc
General Communication Inc 'A'
General Electric Co
General Growth Properties Inc (Reit)
Genesco Inc
Genesee & Wyoming Inc 'A'
Genie Energy Ltd 'B'
GenMark Diagnostics Inc
Genomic Health Inc
Genpact Ltd
Gentex Corp/MI
Gentherm Inc
Gentiva Health Services Inc
Genworth Financial Inc 'A'
Geospace Technologies Corp
Gerdau SA ADR
German American Bancorp Inc
Getty Realty Corp (Reit)
Gevo Inc

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


581,040
335,642
26,889
(787,696)
(217,813)
319,703
511,037
(7,409)
329,256
92,242
(31,482)
(558,031)
(88,331)
51,485
(156,008)
(236,804)
1,306,358
(342,164)
(824,797)
196,050
528,520
(559,262)
1,152,430
4,906
96
60,035
(657,041)
3,443
(47,726)
(146,899)
184,624
(141,059)
495,293
(402,812)
280,925
(9,045)
(447,840)
2,733
44,063
1,439,493
480,256
(189,965)
(566,072)
16,444
6,819
(27,028)
316,161
7,070
(242,569)
(1,424,564)
(543,479)
(928,996)
(30,788)
(129,191)
(329,459)
811,622
38,394
588,091
(20,787)
15,801
(105,940)
576,445
121,172
(210,060)
(57,361)

8,982
16,089
3,781
8,869
296
23,692
(53,384)
1,587
(7,680)
(12,933)
(2,693)
(83,807)
(2,927)
(19,151)
(4,102)
(16,234)
(248,981)
(99,718)
(118,764)
4,158
9,889
(103,099)
27,119
100
(6,996)
60,035
(53,803)
1,681
3,100
(8,496)
(629)
19,175
110,614
(48,598)
55,134
(693)
(3,772)
(444)
5,880
(168,327)
3,493
(4,755)
(5,769)
9,372
15
6,238
18,308
1,511
4,081
6,374
(18,688)
10,373
(8,880)
(2,800)
3,405
(6,160)
(219)
181,065
(3,598)
636
(7,878)
(14,760)
10,087
15,529
14,402

12,131
38,948
8,427
(165,600)
28,931
76,995
10,800
18,620
(718)
(15,350)
(838)
3,020
(28,040)
(471)
9,837
(416)
(12,969)
8,368
19,034
(106,454)
(7,477)
81,549
2,686
(48,813)
26,580
14,241
(1,286)
(49,299)
577
112,853
2,511
13,390
(90,447)
3,382
520
(36,404)
4,106
2,860
(144)
(5,736)
9,730
(2,153)
35,060
21,607
5,805
4,475
(13,834)
11,780
2,716
2,275
1,846
(7,801)
(1,483)
(8,341)
950
20,851
762
(15,709)
55,995
8,313
9,527
40,603
(15,707)

Gibraltar Industries Inc


213,627
Gilead Sciences Inc
2,921,100
Glacier Bancorp Inc
251,799
Glimcher Realty Trust (Reit)
(1,622,880)
Global Brass & Copper Holdings Inc
477,072
Global Cash Access Holdings Inc
743,002
Global Eagle Entertainment Inc
161,028
Global Geophysical Services Inc
26,999
Global Indemnity Plc
(19,135)
Global Payments Inc
(970,734)
Global Power Equipment Group Inc
(16,375)
Globe Specialty Metals Inc
54,330
Globe Specialty Metals Inc
(504,440)
Globecomm Systems Inc
(6,646)
Globus Medical Inc 'A'
190,543
Globus Medical Inc 'A'
(8,058)
Glu Mobile Inc
(48,504)
GNC Holdings Inc 'A'
502,749
Gogo Inc
508,208
Gol Linhas Aereas Inteligentes SA ADR (473,720)
Golar LNG Ltd
(272,985)
Gold Reserve Inc
277,267
Goldman Sachs Group Inc/The
453,182
Golub Capital BDC Inc
(909,386)
Goodrich Petroleum Corp
499,172
Gordmans Stores Inc
147,252
Gorman-Rupp Co/The
(54,977)
GrafTech International Ltd
(570,389)
Graham Holdings Co
381,016
Gramercy Property Trust Inc (Reit)
596,992
Gran Tierra Energy Inc
17,903
Graphic Packaging Holding Co
120,376
Great Lakes Dredge & Dock Corp
(809,048)
Great Northern Iron Ore Properties
247,901
Greatbatch Inc
21,258
Green Dot Corp 'A'
(885,345)
Green Plains Renewable Energy Inc
69,966
Greenbrier Cos Inc/The
89,804
Greenhill & Co Inc
(7,959)
Griffin Land & Nurseries Inc
(188,083)
Griffon Corp
126,490
Group 1 Automotive Inc
(148,126)
Groupon Inc
316,942
Grupo Aeroportuario del Centro
Norte Sab de CV ADR
588,791
Grupo Aeroportuario del Pacifico
SAB de CV ADR
299,248
Grupo Aeroportuario del Sureste
SAB de CV ADR
596,696
Grupo Televisa SAB ADR
(421,660)
GSE Holding Inc
24,267
GSI Group Inc
29,604
GSI Technology Inc
15,720
GSV Capital Corp
19,752
GT Advanced Technologies Inc
(76,996)
Guess? Inc
(50,496)
Guidance Software Inc
(77,321)
Guidewire Software Inc
44,935
Gulfmark Offshore Inc 'A'
1,027,537
Gyrodyne Co of America Inc (Reit)
55,001
H&R Block Inc
(441,580)
Hackett Group Inc/The
345,489
Haemonetics Corp
350,310
Hain Celestial Group Inc/The
788,836
Halcon Resources Corp
161,194
Halcon Resources Corp
(62,357)

(1,302)
276,414
43,068
209,003
(13,844)
214,074
50,353
(22,097)
(1,677)
4,088
(274)
2,968
(5,453)
(93)
6,847
(705)
(14,230)
10,564
283,306
(18,825)
22,031
45,032
30,937
(81,909)
(75,291)
(37,110)
(18,849)
(179,567)
3,374
236,283
3,114
6,251
(182,503)
7,319
2,130
(134,655)
2,196
2,239
(730)
(3,914)
22,565
(654)
(43,968)
(16,710)
3,773
53,866
(7,867)
(7,309)
8,864
383
4,722
(52,347)
(282)
(4,962)
291
(24,334)
(1,433)
6,127
102,490
20,928
(13,673)
(757)
21,727

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

33

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013
Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

6,676
3,842
20,483
(7,615)
(3,669)
19,889
(9,349)

Hallador Energy Co
51,939
Halliburton Co
201,052
Hallmark Financial Services Inc
192,335
Halozyme Therapeutics Inc
(114,606)
Hancock Holding Co
(130,176)
Hanmi Financial Corp
408,321
Hannon Armstrong Sustainable
Infrastructure Capital Inc
(115,460)
Hanover Insurance Group Inc/The
31,538
Hansen Medical Inc
(161,943)
Harbinger Group Inc
455,220
Hardinge Inc
(3,386)
Harman International Industries Inc
(93,807)
Harmonic Inc
6,160
Harte-Hanks Inc
677,044
Hartford Financial Services Group Inc
78,314
Harvard Apparatus Regenerative
Technology Inc
101,354
Harvard Bioscience Inc
333,422
Harvest Natural Resources Inc
26,774
Hasbro Inc
169,107
Hasbro Inc
(93,230)
Haverty Furniture Cos Inc
36,821
Haynes International Inc
(18,888)
HCI Group Inc
3,511
HCP Inc (Reit)
(143,682)
HD Supply Holdings Inc
153,568
Health Care Inc (Reit)
(86,086)
Health Insurance Innovations Inc 'A'
(3,432)
Health Management Associates Inc 'A' (119,144)
Health Net Inc/CA
944,487
Healthcare Services Group Inc
(685,529)
HealthStream Inc
(64,766)
Healthways Inc
(73,205)
Heartland Express Inc
(88,796)
Hecla Mining Co
(487,681)
HEICO Corp
63,920
Heidrick & Struggles International Inc
(92,798)
Helen of Troy Ltd
(364,496)
Helix Energy Solutions Group Inc
575,258
Hercules Offshore Inc
113,579
Heritage Financial Corp/WA
8,643
Heritage Financial Group Inc
879,676
Heritage Oaks Bancorp
321,709
Heritage-Crystal Clean Inc
(11,932)
Herman Miller Inc
(94,079)
Hershey Co/The
(63,211)
Hertz Global Holdings Inc
(39,568)
Hertz Global Holdings Inc
226,150
Hexcel Corp
4,430
hhgregg Inc
27,833
Hibbett Sports Inc
(221,158)
Higher One Holdings Inc
(243,055)
Hill-Rom Holdings Inc
(1,589,772)
Hillenbrand Inc
13,022
Hillshire Brands Co
276,966
Hilltop Holdings Inc
(500,490)
HMS Holdings Corp
(612,761)
HNI Corp
(407,028)
Hologic Inc
(230,969)
Home Bancorp Inc
(65,625)
Home BancShares Inc/AR
(154,763)
Home Federal Bancorp Inc/ID
159,074
HomeStreet Inc
974,584
Honeywell International Inc
(705,116)
Horace Mann Educators Corp
729,654

Holding

United States continued

520
(86,140)
37,935
(220)
(1,152)
799
85,270
2,190
19,991
73,603
7,396
3,138
(1,730)
1,271
(346)
69
(3,877)
7,285
(1,525)
(286)
(9,088)
30,906
(23,365)
(1,931)
(5,297)
(4,792)
(165,878)
1,113
(5,096)
(7,460)
25,971
17,943
499
49,840
40,365
(652)
(2,929)
(646)
(1,648)
9,419
101
1,858
(3,392)
(24,551)
(38,317)
459
8,280
(21,029)
(26,584)
(10,163)
(10,279)
(3,500)
(4,293)
10,397
46,453
(7,928)
23,667

34

BlackRock Strategic Funds (BSF)

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


3,173
(14,984)
2,064
(32,841)
(8,120)
131,348
(6,699)
2,591
41,405
132,928
(24)
(368)
312
118,513
(27)
95,971
(48,026)
(6,680)
3,640
(2,087)
6,023
(690)
301
6,603
1,603
6,192
(207)
454
79,694
(112,596)
(220)
30,809
(5,155)
28,371
7,572
1,069
(12,629)
(5,048)
(312)
479
76,616
56,358
(560)
(4,443)
459
(617)
3,108
29
14,334
(26,215)
(3,156)
(58,030)
48
6,376
(121,349)
(41,161)
(13,668)
(9,365)
(2,795)
(5,385)
15,978
(33,302)
(2,537)
215,585

6,534
(26,544)
(8,287)
35,052
(23,174)
345
199
(39,397)
(23,359)
(3,748)
(16,164)
(1,191)
(540)
1,577
10,091
(32,588)
34,187
3,465
8,241
(41,652)
14,542
102,636
(12,636)
(42,700)
19,671
29,906
(15,051)
(31,875)
(780)
10,492
(465)
(116,703)
(16,420)
(3,106)
(56,349)
19,237
5,526
(28,626)
(761)
1,989
(1,361)
11,346
6,799
5,153
32,628
(20,596)
60,203
(4,569)
10,382
(3,356)
(480)
17,568
(427)
(8,176)
366
(19,538)
(163,555)
(70,407)
42,400
(413)
(9,168)
(3,666)
(1,466)
(585)
(8,683)
13,828

Hormel Foods Corp


Horsehead Holding Corp
Hospira Inc
Host Hotels & Resorts Inc (Reit)
Hovnanian Enterprises Inc 'A'
HSN Inc
Hub Group Inc 'A'
Hudson City Bancorp Inc
Hudson Valley Holding Corp
Humana Inc
Huntington Ingalls Industries Inc
Hurco Cos Inc
Hyperion Therapeutics Inc
Hyster-Yale Materials Handling Inc
IAC/InterActiveCorp
ICG Group Inc
ICON Plc
Iconix Brand Group Inc
ICU Medical Inc
Idenix Pharmaceuticals Inc
IDT Corp 'B'
II-VI Inc
Illumina Inc
Imax Corp
Immersion Corp
ImmunoCellular Therapeutics Ltd
ImmunoGen Inc
Immunomedics Inc
Impax Laboratories Inc
Imperial Holdings Inc
Imperva Inc
inContact Inc
Incyte Corp Ltd
Independence Holding Co
Independent Bank Corp/Rockland MA
Independent Bank Group Inc
Infinera Corp
Infinera Corp
Infinity Pharmaceuticals Inc
Infoblox Inc
Informatica Corp
ING US Inc
Ingersoll-Rand Plc
Ingles Markets Inc 'A'
Ingram Micro Inc 'A'
Ingredion Inc
Inland Real Estate Corp (Reit)
Innodata Inc
Innophos Holdings Inc
Innospec Inc
Innovative Solutions & Support Inc
Inphi Corp
Insmed Inc
Insulet Corp
Insys Therapeutics Inc
Integra LifeSciences Holdings Corp
Integrated Device Technology Inc
Intel Corp
Inteliquent Inc
Intelsat SA
Inter Parfums Inc
Interactive Intelligence Group Inc
Intercept Pharmaceuticals Inc
IntercontinentalExchange Group Inc
InterDigital Inc/PA
Interface Inc

294,879
(400,284)
(327,254)
648,111
(117,956)
20,162
7,566
(369,544)
(484,699)
(390,429)
(1,336,278)
(31,550)
(13,073)
129,156
570,545
(558,558)
1,307,653
137,283
544,071
(221,589)
323,269
1,686,309
(1,229,483)
(1,309,182)
245,691
102,279
(220,949)
(139,294)
(18,525)
67,044
(20,772)
(871,771)
(772,068)
(43,857)
(2,136,754)
919,529
50,673
(262,500)
(11,164)
62,315
(52,943)
398,472
486,740
136,967
761,538
(1,438,631)
647,784
(11,605)
497,402
(161,893)
(3,686)
219,776
(6,930)
(301,286)
15,870
(910,471)
(1,632,279)
(1,688,360)
485,056
(8,983)
(337,932)
(238,583)
(77,024)
(125,067)
(295,743)
277,251

645
(108,972)
1,250
(18,227)
170
292
307
(12,662)
(64,250)
(22,113)
(43,786)
(1,961)
(1,029)
56,299
(11,498)
(176,958)
(11,351)
27,589
(67,624)
(48,686)
106,667
(28,315)
(27,945)
(51,545)
(38,951)
39,907
20,810
33,044
(132)
4,182
508
(233,520)
(43,492)
(2,637)
(289,930)
272,055
2,383
(68,236)
27
(1,742)
828
1,929
27,962
23,201
(20,882)
(14,985)
146,567
2,775
6,861
(4,949)
26
61,845
(829)
(119,042)
9,639
(94,213)
(184,105)
7,810
369,397
773
(52,858)
(77,782)
(2,215)
872
44,627
4,899

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

24,500
18,190
(1,513)
(7,118)
(28,731)
10,905
2,941
4,612
(17,756)
14,333
822
9,257
(14,124)
3,204
(40,981)
9,600
8,522
3,831
181
(100)
5,563
5,086
788
9,022
(12,566)
7,878
(1,706)
(16,849)
(8,962)
(5,826)
(1,121)
(15,753)
1,633
20,804
(552)
21,039
(671)
14,431
39,362
86
2,524
15,100
(4,270)
1,718
(13,795)
17,019
(19,001)
(25,471)
(7,329)
(9,487)
5,038
47,326
(12,622)
4,061
84,489
532
(2,669)
(9,748)
(19,833)
(10,587)
3,982
932
33,624
(6,703)
(4,018)
17,182

Intermolecular Inc
InterMune Inc
InterMune Inc
Internap Network Services Corp
International Bancshares Corp
International Game Technology
International Paper Co
International Rectifier Corp
Interpublic Group of Cos Inc/The
Intersections Inc
InterXion Holding NV
Intevac Inc
INTL. FCStone Inc
IntraLinks Holdings Inc
Intrepid Potash Inc
Intrexon Corp
Invacare Corp
InvenSense Inc
Invesco Ltd
Invesco Mortgage Capital Inc (Reit)
Invesco Mortgage Capital Inc (Reit)
Investment Technology Group Inc
Investors Real Estate Trust (Reit)
ION Geophysical Corp
IPC The Hospitalist Co Inc
iRobot Corp
iRobot Corp
Ironwood Pharmaceuticals Inc
Isis Pharmaceuticals Inc
Isle of Capri Casinos Inc
Isramco Inc
iStar Financial Inc (Reit)
iStar Financial Inc (Reit)
Itau Unibanco Holding SA ADR (Pref)
Itron Inc
ITT Corp
ITT Educational Services Inc
Ixia
IXYS Corp
J&J Snack Foods Corp
j2 Global Inc
Jack in the Box Inc
Jamba Inc
Janus Capital Group Inc
JC Penney Co Inc
JDS Uniphase Corp
JDS Uniphase Corp
JetBlue Airways Corp
Jive Software Inc
JMP Group Inc
John B Sanfilippo & Son Inc
John Bean Technologies Corp
John Wiley & Sons Inc 'A'
Johnson Outdoors Inc 'A'
Jones Group Inc/The
Jones Lang LaSalle Inc
Jones Lang LaSalle Inc
Jos A Bank Clothiers Inc
Joy Global Inc
JTH Holding Inc 'A'
Juniper Networks Inc
Kadant Inc
KaloBios Pharmaceuticals Inc
Kandi Technologies Group Inc
Kansas City Life Insurance Co
KapStone Paper and Packaging Corp

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

13,881
(1,120)
(15,427)
(81,917)
(23,601)
(7,494)
(34,929)
(6,153)
(3,843)
(35,392)
(5,210)
(40,631)
4,957
23,613
(67,968)
26,271
(76)
5,868
(2,535)
11,599
(2,679)
(20,893)
(61,698)
(4,678)
17,146
3,219
(3,289)
(1,952)
450
283
(8,146)
(78,795)
(5,497)
21,471
(30,389)
4,488
2,452
(17,510)
(1,366)
15,432
(12,894)
46,135
(4,820)
(1,730)
(595)
(2,847)
2,822
(3,405)
(6,374)
(976)
242
145
7,615
(9,556)
(4,484)
(34,939)
9,299
(6,092)
(3,366)
6,322
6,301
13,384
(49,422)
(57,082)
(5,694)
(424)

KAR Auction Services Inc


386,169
KB Home
(19,757)
KCAP Financial Inc
(127,890)
Kearny Financial Corp
(854,394)
Kellogg Co
(1,437,773)
Kelly Services Inc 'A'
(173,636)
Kemet Corp
(209,574)
Kemper Corp
(234,183)
Kennametal Inc
(183,772)
Kennedy-Wilson Holdings Inc
(724,828)
Keryx Biopharmaceuticals Inc
(69,710)
Key Energy Services Inc
(317,734)
Key Tronic Corp
52,247
KeyCorp
302,719
KEYW Holding Corp/The
(850,280)
Kforce Inc
534,615
Kilroy Realty Corp (Reit)
(3,847)
Kimball International Inc 'B'
87,903
Kimberly-Clark Corp
(276,721)
Kimco Realty Corp (Reit)
239,983
Kinder Morgan Management LLC
(204,970)
Kindred Healthcare Inc
(357,270)
KiOR Inc 'A'
(144,373)
Kirby Corp
(442,024)
Kirkland's Inc
440,138
Kite Realty Group Trust (Reit)
20,988
KLA-Tencor Corp
(211,548)
KMG Chemicals Inc
(35,604)
Knightsbridge Tankers Ltd
3,596
Knoll Inc
5,069
Kohl's Corp
(456,257)
Kopin Corp
(315,968)
Koppers Holdings Inc
(260,503)
Korn/Ferry International
494,048
Kosmos Energy Ltd
(318,781)
Kraft Foods Group Inc
239,839
Kraton Performance Polymers Inc
58,186
Kratos Defense & Security Solutions Inc (116,792)
Krispy Kreme Doughnuts Inc
(34,915)
Kroger Co/The
647,681
Kronos Worldwide Inc
(216,748)
Kulicke & Soffa Industries Inc
578,072
Kulicke & Soffa Industries Inc
(60,395)
KVH Industries Inc
(24,687)
KYTHERA Biopharmaceuticals Inc
(23,616)
L Brands Inc
(187,845)
L&L Energy Inc
4,741
La-Z-Boy Inc
(99,971)
Laboratory Corp of America Holdings
(651,933)
Lancaster Colony Corp
(85,429)
Landec Corp
2,833
Landstar System Inc
8,143
Lannett Co Inc
234,466
LaSalle Hotel Properties (Reit)
(298,147)
Latam Airlines Group SA
(3,318)
Latam Airlines Group SA ADR
(557,277)
Lawson Products Inc/DE
120,050
Layne Christensen Co
(101,493)
LCNB Corp
(59,948)
LDR Holding Corp
137,314
Lear Corp
522,983
Leggett & Platt Inc
402,725
Level 3 Communications Inc
(1,497,487)
Lexicon Pharmaceuticals Inc
(136,426)
Libbey Inc
(130,962)
Liberty Global Plc 'A'
(35,998)

United States continued

United States continued


139,160
252,659
(21,016)
(54,097)
(756,200)
189,093
137,286
112,625
(309,487)
111,367
18,232
58,875
(292,649)
35,180
(635,206)
214,944
190,126
66,161
6,349
(1,507)
83,834
99,686
6,934
33,472
(782,862)
261,865
(56,707)
(194,437)
(353,909)
(47,715)
(138,107)
(204,474)
21,196
291,464
(23,454)
862,599
(25,974)
186,737
490,844
7,429
122,767
720,119
(50,301)
18,709
(139,743)
206,611
(230,672)
(226,819)
(80,619)
(63,563)
130,283
1,402,743
(636,275)
116,307
1,191,295
51,907
(260,414)
(554,856)
(1,122,151)
(249,853)
81,273
38,548
142,902
(47,725)
(196,681)
913,911

(55,104)
23,470
(7,445)
(10,842)
(207,083)
(5,452)
3,382
4,201
(4,015)
(16,371)
97
7,844
(23,010)
16,335
50,300
13,653
64,491
679
224
10
(1,005)
37,930
289
(9,765)
(19,663)
(2,214)
2,041
39,042
(64,825)
(3,431)
(22,799)
(12,951)
2,025
(11,854)
144
6,287
(3,882)
(8,243)
117,115
264
(6,056)
81,655
(3,422)
1,678
61,960
(4,896)
4,940
(91,058)
(2,337)
(8,376)
35,400
446,711
(11,636)
21,487
44,032
2,006
1,231
(50,366)
(12,678)
(69,065)
2,270
3,628
(67,178)
(15,731)
(21,381)
168,526

41,106
(1,102)
3,940
(24,912)
39,669
(56,335)
(32,379)
(23,455)
(1,688)
(183,143)
(31,736)
14,502
511
(1,620)
130,179
116,893
5
20,042
(2,024)
(4,777)
(3,268)
(17,755)
223,932
3,181
208,062
4,014
(1,900)
2,525
(147)
492
(10,982)
(36,084)
1,538
49,329
5,774
1,750
3,174
(29,229)
(188)
(6,654)
(10,601)
40,822
(195)
(1,435)
2,956
(3,758)
(5,944)
(15,802)
22,122
(637)
(376)
(58)
150,949
2,244
(3,318)
16,895
(4,634)
29,275
8,102
(5,680)
16,131
(804)
(158,830)
(860)
(20,071)
(23)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

35

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

United States continued


(188)
970
4,394
(9,002)
(1,509)
642
154,890
83,144
240
3,380
12,113
26,549
56,661
2,952
(2,629)
6,774
5,546
795
(35,699)
(385)
(7,925)
8,441
33,082
(11,722)
3,222
(185)
(56,791)
13,023
2,657
5,895
4,047
(3,296)
479
19,964
4,479
(22,019)
13,409
7,455
(542)
(1,709)
33,243
13,563
(17,881)
14,349
3,471
675
33,404
(27,224)
3,147
(517)
(7,853)
401
8,464
17,881
3,540
3,317
301
(30,860)
15,612
9,769
(63,589)
3,382
658
511
22,252

36

Liberty Ventures 'A'


Life Time Fitness Inc
LifeLock Inc
LifePoint Hospitals Inc
Lifevantage Corp
Ligand Pharmaceuticals Inc 'B'
Lihua International Inc
Limelight Networks Inc
LIN Media LLC 'A'
Lindsay Corp
Linear Technology Corp
LinnCo LLC
Lions Gate Entertainment Corp
Liposcience Inc
Liquidity Services Inc
Liquidity Services Inc
Littelfuse Inc
Live Nation Entertainment Inc
LivePerson Inc
Loews Corp
Loral Space & Communications Inc
Lorillard Inc
Louisiana-Pacific Corp
Louisiana-Pacific Corp
Lowe's Cos Inc
LSB Industries Inc
LSI Corp
LSI Industries Inc
LTX-Credence Corp
Lumber Liquidators Holdings Inc
Luminex Corp
Lumos Networks Corp
Lydall Inc
LyondellBasell Industries NV 'A'
M/A-COM Technology Solutions
Holdings Inc
Macatawa Bank Corp
Mack-Cali Realty Corp (Reit)
Macquarie Infrastructure Co LLC
Madison Square Garden Co/The 'A'
Magellan Health Services Inc
magicJack VocalTec Ltd
Magnachip Semiconductor Corp
Magnum Hunter Resources Corp
Manhattan Associates Inc
Manitex International Inc
Manning & Napier Inc
MannKind Corp
MannKind Corp
Manpowergroup Inc
ManTech International Corp/VA 'A'
Marathon Oil Corp
Marathon Petroleum Corp
Marchex Inc 'B'
Marcus Corp/The
MarketAxess Holdings Inc
Marriott Vacations Worldwide Corp
Marrone Bio Innovations Inc
Marsh & McLennan Cos Inc
Martha Stewart Living Omnimedia 'A'
Martin Marietta Materials Inc
Marvell Technology Group Ltd
Masimo Corp
MasterCard Inc 'A'
Materion Corp
Matrix Service Co

BlackRock Strategic Funds (BSF)

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


(22,787)
47,443
75,577
(463,153)
(2,958)
36,061
851,895
168,782
6,233
257,556
518,436
824,081
1,787,655
13,166
(59,231)
152,618
484,110
14,509
(435,171)
(18,284)
(625,283)
435,724
539,567
(191,186)
153,528
(5,914)
(460,007)
113,821
19,237
592,506
79,726
(75,808)
8,526
1,556,992

(606)
(253)
4,311
1,440
596
12,064
104,970
(17,515)
318
(9,178)
7,026
30,969
(131,075)
(2,217)
30,408
4,359
44,645
659
(99,793)
223
(131,268)
(8,694)
(6,128)
469
(12,362)
215
19,025
22,970
4,329
(20,767)
9,932
(1,791)
2,236
(4,084)

71,664
(112,957)
274,884
403,017
(30,883)
(104,454)
386,949
274,379
(127,849)
1,737,664
46,373
12,609
167,020
(136,120)
253,271
(14,910)
(286,477)
33,708
80,323
258,613
244,756
173,612
4,539
(1,470,788)
57,921
946,128
(909,323)
97,672
501,626
14,512
485,984

8,577
(3,455)
(3,858)
(2,794)
(498)
357
(56,470)
64,630
(5,352)
581,945
5,789
948
4,710
(44,192)
(4,689)
(298)
11,443
1,196
46,860
355
1,871
11,913
(103)
(12,035)
19,527
(19,236)
(61,910)
7,076
7,182
(1,861)
225,629

34,163
538
(3,844)
(55,813)
125,066
86,652
(13,673)
(7,643)
(2,686)
(46,038)
(74,017)
7,541
(28,089)
(13,789)
(1,887)
1,821
(2,885)
(10,790)
1,318
1,432
37,478
4,599
3,451
(273)
(38,223)
(1,411)
(607)
(2,700)
1,335
2,075
(4,380)
(26,415)
2,011
(6,373)
(3,632)
(9,759)
2,704
2,634
10,689
5,599
(29,321)
(2,110)
(1,672)
9,443
100,280
3,518
(343)
1,634
(2,503)
(1,881)
(34,664)
(177)
6,884
15,689
10,214
(27,209)
17,618
12,451
(2,336)
5,596
452
3,378
(27,575)
(17,681)
(21,162)
1,501

Matson Inc
Matthews International Corp 'A'
Mattress Firm Holding Corp
Mattson Technology Inc
Maxim Integrated Products Inc
Maxygen Inc
MB Financial Inc
McClatchy Co/The 'A'
McCormick & Co Inc/MD
McDermott International Inc
McEwen Mining Inc
MCG Capital Corp
McGrath RentCorp
McGraw-Hill Cos Inc/The
MDC Partners Inc 'A'
Mead Johnson Nutrition Co
MeadWestvaco Corp
Measurement Specialties Inc
MedAssets Inc
MedCath Corp
Medical Action Industries Inc
Medicines Co/The
Medifast Inc
Medivation Inc
Medley Capital Corp
MEDNAX Inc
MEI Pharma Inc
Mellanox Technologies Ltd
Men's Wearhouse Inc/The
Mentor Graphics Corp
Mentor Graphics Corp
Mercer International Inc
Merchants Bancshares Inc
Merck & Co Inc
Mercury General Corp
Mercury Systems Inc
Meredith Corp
Merge Healthcare Inc
Meridian Bioscience Inc
Meritage Homes Corp
Meritor Inc
Merrimack Pharmaceuticals Inc
Mesa Laboratories Inc
Meta Financial Group Inc
Metalico Inc
Methode Electronics Inc
Metro Bancorp Inc
MetroCorp Bancshares Inc
Mettler-Toledo International Inc
MGE Energy Inc
MGIC Investment Corp
MGM Resorts International
Michael Kors Holdings Ltd
Micrel Inc
MicroFinancial Inc
Micron Technology Inc
MICROS Systems Inc
Microsemi Corp
MicroStrategy Inc 'A'
Middleby Corp
MidSouth Bancorp Inc
Midstates Petroleum Co Inc
Miller Energy Resources Inc
Mindspeed Technologies Inc
Mine Safety Appliances Co
Minerals Technologies Inc

864,324
22,768
(142,266)
(150,137)
3,569,384
2,600
(447,791)
(23,999)
(187,349)
(366,462)
(148,774)
36,197
(1,108,392)
(1,031,555)
(42,910)
154,803
(101,754)
(596,795)
28,759
1,962
320,437
168,323
95,248
(17,245)
(545,060)
(156,353)
(4,953)
(104,598)
68,005
47,102
(99,426)
(251,735)
62,924
(317,949)
(175,062)
(105,788)
144,745
6,322
260,010
245,012
(231,929)
(7,849)
(132,924)
366,388
181,507
101,811
(7,597)
23,742
(622,546)
(105,881)
(279,738)
(3,418)
559,945
153,909
91,109
(574,926)
944,501
306,046
(300,410)
1,241,305
8,095
19,356
(225,012)
(88,847)
(1,067,411)
89,670

4,753
2,319
(11,650)
(29,378)
(46,008)
(212,586)
(13,714)
(2,304)
913
(4,995)
105,173
2,664
(287,190)
(35,767)
(12,465)
291
(1,414)
(158,966)
2,227
(9,349)
86,393
(1,510)
13,530
(202)
34,512
(880)
(223)
4,171
15,387
7,786
(3,020)
(73,555)
6,115
(11,599)
(2,651)
(32,718)
2,132
(707)
3,092
10,504
(97,906)
(2,634)
(20,580)
80,307
(5,028)
12,055
(237)
6,899
(3,079)
(7,994)
(49,599)
25
(9,569)
8,823
5,181
(48,844)
1,142
61
(5,337)
33,413
1,115
(4,354)
(82,390)
(20,086)
15,394
7,119

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013
Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

(852)
906
(3,205)
(13,456)
4,010
(16,879)
(42,179)
424
(29,000)
(7,635)
(29,657)
(1,630)
38,362
3,714
(1,306)
6,281
(39,523)
(131)
(239)
(87,995)
3,589
(5,098)
18,292
12,340
1,237
7,988
(8,318)
(2,652)
16,029
(2,973)
22,317
(8,144)
762
212
7,047
7,376
(12,343)
450
(12,796)
11,006
(1,435)
15,926

Mitcham Industries Inc


MKS Instruments Inc
Mobile Mini Inc
Modine Manufacturing Co
ModusLink Global Solutions Inc
Molycorp Inc
Momenta Pharmaceuticals Inc
Monarch Casino & Resort Inc
Mondelez International Inc 'A'
Monolithic Power Systems Inc
Monro Muffler Brake Inc
Monsanto Co
Monster Worldwide Inc
Montpelier Re Holdings Ltd
Moog Inc 'A'
Morgan Stanley
Morgans Hotel Group Co
Morningstar Inc
Mosaic Co/The
MoSys Inc
Motorcar Parts of America Inc
Motorola Solutions Inc
Movado Group Inc
Move Inc
MSC Industrial Direct Co Inc 'A'
Mueller Water Products Inc 'A'
Multi-Color Corp
Multi-Fineline Electronix Inc
Multimedia Games Holding Co Inc
Murphy Oil Corp
Murphy USA Inc
Murphy USA Inc
MWI Veterinary Supply Inc
Myers Industries Inc
MYR Group Inc
Myriad Genetics Inc
Nabors Industries Ltd
NACCO Industries Inc 'A'
NASB Financial Inc
NASDAQ OMX Group Inc/The
Nathan's Famous Inc
National American University
Holdings Inc
National Bank Holdings Corp 'A'
National Bankshares Inc
National Beverage Corp
National Fuel Gas Co
National Health Investors Inc (Reit)
National Healthcare Corp
National Instruments Corp
National Interstate Corp
National Research Corp 'B'
National Retail Properties Inc (Reit)
National Western Life Insurance Co 'A'
Nationstar Mortgage Holdings Inc
Natus Medical Inc
Navidea Biopharmaceuticals Inc
Navios Maritime Partners LP
Navistar International Corp
NBT Bancorp Inc
NCR Corp
Neenah Paper Inc
Nektar Therapeutics
Nelnet Inc 'A'
Neogen Corp
NeoGenomics Inc

Holding

United States continued

66,339
(4,318)
7,876
(267)
(5,356)
(1,128)
(11,839)
(31,573)
3,257
6,023
1,081
(1,672)
15,821
(6,753)
14,588
(49,895)
(84,220)
(459)
150
(67,305)
17,526
(2,192)
845

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


(14,970)
26,818
(130,796)
(179,368)
15,198
(78,825)
(760,066)
7,708
(981,360)
(256,689)
(1,579,235)
(185,054)
216,362
108,226
(89,200)
197,161
(315,789)
(10,895)
(11,307)
(432,055)
62,305
(335,805)
824,603
189,666
94,915
68,777
(313,838)
(37,287)
467,406
(194,137)
1,023,458
(373,484)
138,562
4,344
180,474
223,345
(204,400)
29,065
(383,752)
432,536
(76,629)

(2,165)
(47)
(10,583)
(70,641)
3,979
19,376
(64,504)
(917)
7,559
(7,540)
(414,447)
(421)
5,806
4,518
(3,540)
6,038
(40,945)
193
416
(67,738)
26,267
(1,529)
64,990
9,425
(1,324)
592
(119,478)
4,051
(3,790)
(1,707)
123,909
(2,229)
15,671
288
23,757
33,974
14,921
5,974
(69,042)
24,433
(1,942)

57,015
1,411,031
(163,350)
167,601
(18,127)
(319,325)
(62,378)
(372,929)
(896,673)
109,533
192,676
231,345
(66,077)
362,301
(11,210)
242,744
(2,022,743)
(2,168,665)
(15,886)
6,306
(846,024)
792,175
(111,485)
2,966

(4,396)
193,129
(6,989)
49,567
969
7,828
(7,243)
4,144
135,581
(1,334)
(11,624)
39,481
1,297
171,083
8,672
29,691
(43,112)
(205,503)
1,256
503
(181,471)
85,748
(25,928)
(229)

(69,796)
(2,269)
13,531
(35,790)
(22,499)
(2,232)
(12,930)
5,132
6,424
6,619
(136,850)
(64,771)
(9,782)
213
(6,788)
40,021
4,369
(19,240)
(3,657)
(4,292)
289
(33,032)
11,658
(3,315)
4,721
9,662
(5,342)
609
16,748
13,973
7,498
20,318
165
28,841
8,941
(1,543)
(2,605)
1,304
3,302
45,776
(10,029)
(67,444)
(40,779)
13,179
7,098
(27,025)
8,293
12,649
3,215
1,089
(144,040)
(29,393)
(938)
33
342
6,227
(41,354)
3,837
(45,741)
1,436
47,758
(5,469)
38,595
(9,913)
152
16,501

Neonode Inc
(440,413)
NeoPhotonics Corp
(13,614)
Net 1 UEPS Technologies Inc
106,895
NETGEAR Inc
(1,151,722)
Netscout Systems Inc
(683,520)
NetSuite Inc
(213,937)
Neurocrine Biosciences Inc
(127,490)
New Jersey Resources Corp
236,329
New Mountain Finance Corp
96,553
New Residential Investment Corp (Reit)
39,648
New York Mortgage Trust Inc (Reit)
(951,108)
New York Times Co/The 'A'
(908,737)
NewLink Genetics Corp
(214,813)
NewMarket Corp
69,219
Newmont Mining Corp
(169,904)
Newport Corp
687,161
News Corp 'A'
78,292
NewStar Financial Inc
(344,204)
Nexstar Broadcasting Group Inc 'A'
(182,301)
NIC Inc
(105,111)
NIC Inc
7,078
NII Holdings Inc
(83,901)
NIKE Inc 'B'
924,946
NL Industries Inc
(38,288)
NN Inc
93,098
Noranda Aluminum Holding Corp
26,570
Northern Oil and Gas Inc
(85,472)
Northrim BanCorp Inc
15,998
Northrop Grumman Corp
1,909,272
NorthStar Realty Finance Corp (Reit)
137,914
Northwest Natural Gas Co
320,689
NorthWestern Corp
893,382
Norwegian Cruise Line Holdings Ltd
5,673
Novagold Resources Inc
66,911
Novatel Wireless Inc
19,491
NPS Pharmaceuticals Inc
(40,735)
NRG Energy Inc
(69,033)
NTELOS Holdings Corp
27,814
Nu Skin Enterprises Inc
422,412
Nuance Communications Inc
614,085
Numerex Corp 'A'
(130,628)
Nuverra Environmental Solution
(109,934)
NVIDIA Corp
(639,415)
NXP Semiconductor NV
556,154
NxStage Medical Inc
72,116
NxStage Medical Inc
(274,574)
Oasis Petroleum Inc
379,073
Ocean Rig UDW Inc
263,858
Oceaneering International Inc
247,716
Ocwen Financial Corp
61,888
Odyssey Marine Exploration Inc
(288,800)
Office Depot Inc
(160,780)
OFG Bancorp
(16,209)
Oi SA ADR
52
Oi SA ADR
534
Old Dominion Freight Line Inc
322,994
Old National Bancorp/IN
(644,295)
Old Republic International Corp
66,418
Olin Corp
(1,133,005)
Olympic Steel Inc
39,734
OM Group Inc
1,595,117
Omega Healthcare Investors Inc (Reit)
(178,563)
Omega Protein Corp
534,927
Omeros Corp
(78,214)
OmniAmerican Bancorp Inc
3,350
Omnicell Inc
397,509

(53,519)
(2,008)
37,173
(29,685)
(28,131)
3,412
21,669
1,341
2,522
(1,786)
36,475
(138,071)
(22,144)
(332)
18,735
28,145
699
(45,972)
(38,634)
(2,639)
221
61,073
4,470
(1,353)
24,655
(6,439)
(1,928)
433
64,926
8,373
5,443
(18,067)
216
(11,771)
307
(1,188)
274
10,935
39,606
(94,373)
(14,208)
156,938
3,776
2,838
187
79,348
(37,074)
3,586
(20,454)
4,650
165,536
(5,597)
(675)
(3)
(14)
14,776
(157,946)
1,702
(1,195)
185
86,204
981
223,222
(25,461)
10
109,439

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

37

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

2,816
22,899
(14,461)
29,464
26,097
5,919
424
4,130
2,285
(17,628)
(1,846)
7,032
(51,217)
4,339
6,740
(1,626)
(54,318)
57,889
(17,872)
10,547
(1,302)
50,512
377
(2,072)
(4,142)
19,144
3,572
675
17,795
(3,138)
360
5,019
(865)
8,451
13,207
(359)
21,854
11,254
10,620
(2,540)
31,042
(3,413)
15,966
33,528
(48,741)
(8,182)
14,868
(2,411)
(5,859)
(1,884)
27,316
(6,799)
(3,529)
45,688
(13,361)
(21,930)
576
(198)
(37,022)
(6,747)
2,456
2,332
(2,936)
(40,833)
22,675
28,241

OMNOVA Solutions Inc


On Assignment Inc
ON Semiconductor Corp
ON Semiconductor Corp
OncoGenex Pharmaceutical Inc
OncoMed Pharmaceuticals Inc
Onconova Therapeutics Inc
One Liberty Properties Inc
OneBeacon Insurance Group Ltd 'A'
ONEOK Inc
OpenTable Inc
Ophthotech Corp
Opko Health Inc
Oplink Communications Inc
Oppenheimer Holdings Inc 'A'
Oracle Corp
ORBCOMM Inc
Orbitz Worldwide Inc
Orexigen Therapeutics Inc
Organovo Holdiongs Inc
Organovo Holdiongs Inc
Orient-Express Hotels Ltd 'A'
Orion Marine Group Inc
Ormat Technologies Inc
Orrstown Financial Services Inc
Orthofix International NV
OSH 1 Liquidating Corp
Oshkosh Corp
OSI Systems Inc
Osiris Therapeutics Inc
Otter Tail Corp
OvaScience Inc
Owens & Minor Inc
Owens Corning
Owens-Illinois Inc
Oxford Industries Inc
Pacer International Inc
Pacific Biosciences of California Inc
Pacific Continental Corp
Pacific Mercantile Bancorp
Pacific Sunwear of California Inc
Pacira Pharmaceuticals Inc/DE
Packaging Corp of America
Pain Therapeutics Inc
Pall Corp
Palo Alto Networks Inc
Pan American Silver Corp
Pandora Media Inc
Panera Bread Co 'A'
Panhandle Oil and Gas Inc 'A'
Pantry Inc/The
Paramount Gold and Silver Corp
Park Sterling Corp
Parker Drilling Co
Parkervision Inc
Parkway Properties Inc/Md (Reit)
PartnerRe Ltd
Patriot Transportation Holding Inc
Patterson-UTI Energy Inc
Paychex Inc
PBF Energy Inc 'A'
PC Connection inc
PDF Solutions Inc
PDL BioPharma Inc
PDL BioPharma Inc
Peabody Energy Corp

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

(29,951)
(606)
(31,749)
(1,854)
(90,391)
(63,776)
76,393
(3,445)
556
(79,425)

Pebblebrook Hotel Trust


Pegasystems Inc
Pendrell Corp
Penford Corp
Pengrowth Energy Corp
Penn National Gaming Inc
Penn West Petroleum Ltd
Penns Woods Bancorp Inc
PennyMac Financial Services Inc 'A'
PennyMac Mortgage Investment
Trust (Reit)
Peoples Bancorp Inc/OH
Pep Boys-Manny Moe & Jack/The
Peregrine Semiconductor Corp
Performant Financial Corp
Pericom Semiconductor Corp
Pernix Therapeutics Holdings
Perrigo Co
Perry Ellis International Inc
PetMed Express Inc
Petroleo Brasileiro SA ADR
PG&E Corp
PGT Inc
PH Glatfelter Co
Pharmacyclics Inc
PHH Corp
PHI Inc
Phillips 66
Phillips 66 Partners LP
Phoenix Cos Inc/The
Photronics Inc
PICO Holdings Inc
Pike Corp
Pilgrim's Pride Corp
Pinnacle Financial Partners Inc
Pinnacle Foods Inc
Pioneer Energy Services Corp
Piper Jaffray Cos
Pitney Bowes Inc
Plains GP Holdings LP 'A'
Plantronics Inc
Platinum Underwriters Holdings Ltd
Plexus Corp
Plum Creek Timber Co Inc (Reit)
Pluristem Therapeutics Inc
PLX Technology Inc
Ply Gem Holdings Inc
PMC - Sierra Inc
PMFG Inc
Polaris Industries Inc
Polycom Inc
Polycom Inc
PolyOne Corp
Polypore International Inc
Polypore International Inc
Pool Corp
Popular Inc
Portola Pharmaceuticals Inc
Post Holdings Inc
Powell Industries Inc
Power Integrations Inc
Power Solutions International Inc
Pozen Inc
PPG Industries Inc
PPL Corp
Precision Castparts Corp

United States continued

38

BlackRock Strategic Funds (BSF)

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


23,840
781,085
(102,456)
208,752
222,868
76,710
6,292
85,202
36,446
(1,030,709)
(155,433)
193,239
(536,754)
70,379
155,020
(57,398)
(334,056)
394,803
(124,568)
92,286
(11,393)
742,526
4,411
(52,442)
(68,053)
411,787
793
33,230
1,375,376
(55,292)
10,746
47,680
(33,078)
330,772
438,472
(27,112)
201,057
49,067
152,397
(15,570)
91,263
(188,705)
979,833
157,917
(4,084,008)
(404,027)
155,371
(69,003)
(1,037,746)
(62,078)
388,160
(7,683)
(24,703)
365,504
(54,646)
(398,030)
59,455
(8,179)
(862,242)
(296,733)
71,813
51,071
(68,409)
(400,572)
222,442
514,833

(743)
8,186
217
2,179
17,540
(21,957)
(4,971)
(5,143)
5,793
(15,713)
(326)
(26,031)
(22,782)
29
27,273
(946)
(73,705)
(17,464)
(27,396)
(2,655)
(3,181)
137,052
551
(8,603)
(995)
(175,289)
(6,333)
741
84,525
(27,927)
867
(4,884)
(662)
18,170
(2,773)
(4,439)
114,718
28,961
40,615
(208)
(8,660)
(117,839)
8,578
64,096
(113,289)
(38,804)
(44,716)
7,088
(1,495)
(8,420)
37,094
8,027
(6,315)
166,982
(7,130)
(4,563)
1,665
(1,590)
56,479
(4,345)
(19,605)
4,293
(14,755)
(35,495)
52,676
(13,808)

771
(5,256)
(15,788)
20,113
19,695
(53,198)
3,466
11,758
26,714
34,338
(1,072)
30,787
10,206
770
11,757
6,144
2,945
33,420
(3,678)
(795)
1,573
30,489
18,629
2,867
18,175
1,154
(1,106)
(67,990)
28,884
(406)
7,697
(41,556)
168
(24,132)
(1,043)
8,090
(28,303)
(7,204)
18
(5,361)
549
(33,942)
5,745
(4,878)
(4,409)
907
2,740
7,166
(63)
5,085
(100)
6,562
2,590
(5,700)
3,797

(902,424)
(30,530)
(68,260)
(21,970)
(565,848)
(923,476)
656,216
(179,519)
9,708

(8,852)
(7,394)
1,211
3,999
11,443
15,885
1,289
(17,500)
(2,204)

(1,802,948)
18,334
(71,545)
(143,355)
212,997
185,133
(154,274)
540,245
182,249
421,280
570,011
(43,405)
309,409
282,094
96,250
283,696
259,584
206,533
1,076,792
(207,697)
(6,821)
38,460
322,574
305,702
93,493
510,717
8,366
(41,917)
(1,587,567)
674,441
(18,266)
488,759
(1,685,511)
7,395
(79,153)
(7,051)
142,708
(171,516)
(55,975)
2,416
(57,121)
5,850
(1,106,849)
214,920
(182,486)
(249,990)
25,949
66,856
365,466
(4,368)
273,853
(7,500)
51,971
479,746
(175,047)
990,068

118,394
1,164
(11,566)
15,599
12,357
39,640
94,259
10,143
(34,499)
103,013
56,861
128
16,849
11,803
939
27,621
65,280
8,923
3,843
(59,815)
(488)
1,294
(104,619)
18,443
36,611
(3,794)
(195)
(2,191)
(203,985)
17,909
(24)
4,044
(78,031)
(7)
(4,537)
(2,140)
1,643
13,934
(3,504)
51
274
467
(18,106)
5,251
18,947
(9,171)
172
550
62,055
(1,082)
(3,785)
(3,025)
7,187
1,147
2,109
28,373

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

(31,071)
6,713
(1,376)
21,710
32,957
35,870
11,080
884
(2,488)
(13,037)
3,305
(28,844)
(28,834)
23,158
(52,840)
(3,691)
(30,695)
1,241
(274)
295
60,762
(3,762)
21,613
6,870
(25,735)
300
19,553
(6,074)
(10,585)
8,180
1,251
(51,946)
(18,289)
15,695
(30,146)
(34,295)
36,254
21,392
(81,698)
233
550
10,020
(44,865)
(5,362)
9,460
12,475
(10,157)
(7,973)
1,972
(2,110)
10,918
(54,217)
23,953
2,880
(5,106)
(31,737)
(48,178)
(1,408)
1,183
(22,772)
(3,170)
(21,724)
6,742
3,132
(1,178)
249

Precision Drilling Corp


Preferred Bank/Los Angeles CA
Preformed Line Products Co
Premier Exhibitions Inc
Premiere Global Services Inc
Prestige Brands Holdings Inc
PRGX Global Inc
priceline.com Inc
Pricesmart Inc
PrivateBancorp Inc
ProAssurance Corp
Procera Networks Inc
Progenics Pharmaceuticals Inc
Progress Software Corp
Progressive Corp/The
Proofpoint Inc
Protalix BioTherapeutics Inc
Prothena Corp Plc
Proto Labs Inc
Providence Service Corp/The
Provident Financial Holdings Inc
Provident Financial Services Inc
PS Business Parks Inc (Reit)
PTC Inc
PTC Inc
PTC Therapeutics Inc
PTGi Holding Inc
Public Service Enterprise Group Inc
PulteGroup Inc
PulteGroup Inc
Puma Biotechnology Inc
Pure Cycle Corp
PVH Corp
QAD Inc 'A'
QEP Resources Inc
QIAGEN NV
Qlik Technologies Inc
QLogic Corp
QLogic Corp
QTS Realty Trust Inc 'A' (Reit)
Quad/Graphics Inc
QUALCOMM Inc
Quality Systems Inc
Quanex Building Products Corp
Quanta Services Inc
Quest Diagnostics Inc
Questar Corp
Questcor Pharmaceuticals Inc
Questcor Pharmaceuticals Inc
Quicksilver Resources Inc
Quidel Corp
Quiksilver Inc
QuinStreet Inc
Quintiles Transnational Holdings Inc
Rackspace Hosting Inc
Radian Group Inc
RadioShack Corp
Rally Software Development Corp
Ralph Lauren Corp
Rambus Inc
Range Resources Corp
Raptor Pharmaceutical Corp
Raytheon Co
RBC Bearings Inc
RBC Bearings Inc
RE/MAX Holdings Inc 'A'

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

18,354
9,016
(347)
(472)
2,853
16,061
(18,904)
33,190
(266)
307
(51,041)
14,191
(3,686)
(40,761)
14,717
1,721
1,010
2,323
9,077
(79,352)
(4,608)
15,889
(3,911)
19,909
(1,183)
(836)
3,048
(898)
12,460
44,383
10,996
(2,754)
10,061
4,505
(40,273)

RealD Inc
Realogy Holdings Corp
Realogy Holdings Corp
RealPage Inc
Receptos Inc
Red Lion Hotels Corp
Redwood Trust Inc (Reit)
Regal Entertainment Group 'A'
Regal-Beloit Corp
Regeneron Pharmaceuticals Inc
Regis Corp
Regulus Therapeutics Inc
Reinsurance Group of America Inc
Reis Inc
Reliance Steel & Aluminum Co
Remy International Inc
RenaissanceRe Holdings Ltd
Renewable Energy Group Inc
Rent-A-Center Inc/TX
Rentech Inc
Rentrak Corp
Repligen Corp
Repros Therapeutics Inc
Republic Airways Holdings Inc
Republic Bancorp Inc/KY 'A'
Resolute Forest Products Inc
Resolute Forest Products Inc
Resource America Inc 'A'
Resource Capital Corp (Reit)
Resources Connection Inc
Responsys Inc
Restoration Hardware Holdings Inc
Retail Opportunity Investments Corp
Retail Properties of America 'A' (Reit)
Retail Properties of America
Inc 'A' (Reit)
RetailMeNot Inc
Revett Minerals Inc
Revlon Inc 'A'
Revolution Lighting Technologies Inc
REX American Resources Corp
Rex Energy Corp
Reynolds American Inc
RF Micro Devices Inc
Richardson Electronics
Ltd/United States
RigNet Inc
RingCentral Inc 'A'
Riverbed Technology Inc
RLI Corp
RLJ Lodging Trust (Reit)
Robert Half International Inc
Rock Tenn Co 'A'
Rocket Fuel Inc
Rockwell Collins Inc
Rockwood Holdings Inc
Rogers Corp
Rollins Inc
Roma Financial Corp
Rosetta Resources Inc
Rosetta Stone Inc
Roundy's Inc
Rouse Properties Inc (Reit)
Rovi Corp
Rowan Cos Plc 'A'
Royal Caribbean Cruises Ltd

United States continued

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


(290,203)
135,670
(96,444)
25,618
308,148
1,256,885
72,906
1,056,946
(312,642)
(360,212)
159,466
(439,871)
(147,630)
610,445
(1,486,389)
(114,089)
(116,334)
34,115
(20,339)
8,095
893,201
(73,923)
1,695,756
224,992
(842,821)
4,674
48,882
(200,260)
(199,104)
153,866
61,399
(367,258)
(2,443,228)
263,519
(968,290)
(806,275)
893,661
260,982
(996,716)
4,797
14,470
738,574
(1,047,149)
(95,712)
279,732
764,468
(229,040)
(464,029)
114,770
(6,119)
277,317
(481,447)
209,589
125,280
(190,199)
(455,109)
(138,753)
(33,862)
206,410
(196,295)
(246,087)
(303,919)
600,982
215,920
(81,211)
7,624

24,551
7,241
6,240
(24,934)
(26,348)
49,841
(8,618)
48,557
(22,536)
(35,137)
5,453
(55,943)
(8,545)
48,837
(38,573)
(1,542)
18,856
12,643
1,387
3,651
(120,578)
(12,559)
177,624
2,611
(49,136)
(313)
(41,712)
6,742
(6,013)
12,201
8,309
(82,863)
(64,034)
42,776
10,521
33,412
(77,248)
58,847
(82,581)
24
556
15,531
(18,200)
(2,636)
(4,257)
(2,975)
4,164
37,398
(6,093)
(1,266)
3,717
(124,173)
(12,565)
(1,382)
25,326
(82,114)
11,206
2,308
(1,680)
(54,674)
(6,122)
(110,518)
26,024
4,947
(2,997)
228

306
9,622
(8,802)
(5,000)
22,636
(2,390)
6,577
19,715
(30,560)
407
662
(25,241)
(3,123)
39,541
46,596
194
3,402
(56,115)
15,079
(4,142)
6,617
(521)
(5,009)
7,289
30,291
(3,884)
17,093
3,265
3,752

163,534
427,268
(16,444)
(10,620)
66,475
91,066
(355,395)
646,541
(19,769)
90,347
(821,250)
88,836
(276,450)
(709,649)
1,083,171
39,996
96,162
26,413
309,435
(143,627)
(183,951)
214,978
(66,995)
221,388
(29,528)
(13,526)
49,317
(8,441)
74,760
625,356
185,063
(207,657)
146,891
59,826

(112,031)
16,319
(27)
699
2,912
(11,080)
11,097
28
(45)
4,444
55,586
6,261
(1,655)
3,627
(19,795)
8,350
1,447
(7,224)
(46,292)
25,700
(80,396)
73,402
(7,561)
36,485
2,229
(640)
9,583
(2,487)
(4,831)
99,885
107,981
(565)
1,944
(2,748)

(534,825)
8,764
6,062
(235,630)
(14,800)
727,747
(45,099)
332,138
103,602

25,007
(1,636)
(24,333)
(19,125)
4,433
201,622
(6,054)
(13,286)
4,888

(345,634)
17,302
10,632
(436,164)
(315,985)
951,752
1,804,197
18,366
166,018
(4,108,740)
1,038,642
(259,372)
187,195
(10,368)
(253,305)
84,042
262,623
(95,546)
312,118
113,100
166,964

12,101
1,722
(1,005)
13,982
(22,179)
(16,741)
3,878
(749)
5,418
(157,313)
33,676
(9,031)
3,176
(5,924)
20,998
(27,169)
125,048
(18,089)
14,145
(278)
795

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

39

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013
Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

(644)
5,363
37,824
10,145
88,728
(29,773)
(3,270)
(894)
9,324
(16,451)
(16,034)
4,973
11,536
4,028
(4,235)
(5,780)
958
(3,293)
3,003
27,387
30,928
(160)
2,901
(266)
(2,616)
(34,251)
10,525
62,911
12,811
(2,222)
151
5,444
(1,162)
13,909
(17,338)
16,265
94,310
3,478
(1)
(46,326)
(8,984)
1,663
127
67
2,265
51,237
4,463
(59)
(3,600)
11,757
620
1,195
13,169
(6,111)
(14,113)
(498)
1,401
(2,021)
(642)
(53,760)
2,944
(2,429)
(11,961)
41,497
(15,138)
(1,616)

Royal Gold Inc


(29,135)
RPC Inc
95,622
RPX Corp
617,288
RR Donnelley & Sons Co
187,480
RTI Surgical Inc
266,184
Rubicon Technology Inc
(298,921)
Ruby Tuesday Inc
(22,955)
Ruckus Wireless Inc
(11,416)
Ruckus Wireless Inc
119,067
Rudolph Technologies Inc
(185,403)
Rush Enterprises Inc 'A'
(468,834)
Ruth's Hospitality Group Inc
70,517
Ryder System Inc
804,751
Ryman Hospitality Properties (Reit)
169,257
S&T Bancorp Inc
(111,169)
Safeguard Scientifics Inc
(108,491)
Safety Insurance Group Inc
54,261
Saga Communications Inc 'A'
(168,602)
Saia Inc
103,664
Salem Communications Corp 'A'
248,400
Salesforce.com Inc
1,597,431
Salix Pharmaceuticals Ltd
(13,613)
Sanchez Energy Corp
74,730
Sanchez Energy Corp
(6,852)
SanDisk Corp
(177,940)
SandRidge Energy Inc
(190,778)
Sanmina Corp
162,190
Sapiens International Corp NV
434,086
Sarepta Therapeutics Inc
233,160
Sarepta Therapeutics Inc
(40,440)
Saul Centers Inc (Reit)
7,372
ScanSources Inc
227,178
Schawk Inc
(17,151)
Schlumberger Ltd
1,235,954
Scholastic Corp
(530,543)
Schweitzer-Mauduit International Inc
838,949
Sciclone Pharmaceuticals Inc
467,778
Science Applications International
129,451
Science Applications International
(37)
Scientific Games Corp 'A'
(839,427)
SciQuest Inc
(252,001)
Scotts Miracle-Gro Co/The 'A'
98,084
Scripps Networks Interactive Inc 'A'
9,507
Seaboard Corp
190,194
Seachange International Inc
33,930
Seacoast Banking Corp of Florida
115,796
Sealed Air Corp
143,619
Sears Canada Inc
(1,062)
Sears Holdings Corp
(227,268)
Sears Hometown and Outlet Stores Inc 372,814
Seattle Genetics Inc
25,476
SeaWorld Entertainment Inc
35,432
SEI Investments Co
445,902
Select Comfort Corp
(129,553)
Select Income (Reit)
(388,108)
Selective Insurance Group Inc
(13,984)
SemGroup Corp 'A'
86,288
Sempra Energy
(179,141)
Seneca Foods Corp 'A'
(19,498)
Senior Housing Properties Trust (Reit) (1,225,190)
Sensata Technologies Holding NV
114,963
Sensient Technologies Corp
(120,600)
Sequenom Inc
(31,816)
Service Corp International/US
751,926
ServiceNow Inc
(817,149)
ServiceSource International Inc
(15,691)

Holding

Description

(916)
(1,580)
5,474
(50,547)
(5,402)
2,745
(10,765)
(1)
723
800
2,705
4,036
(5,749)
(4,820)
12,895
29,314
(1,629)
11,452
(634)
777
(3,072)
6,292
(2,279)
(23,009)

Sherwin-Williams Co/The
SI Financial Group Inc
Sigma Designs Inc
Silgan Holdings Inc
Silicon Graphics International Corp
Silicon Image Inc
Silicon Laboratories Inc
Silver Bay Realty Trust Corp (Reit)
Silver Spring Networks Inc
Simmons First National Corp 'A'
Simon Property Group Inc (Reit)
Simplicity Bancorp Inc
Simpson Manufacturing Co Inc
Sirius XM Holdings Inc
Sirona Dental Systems Inc
Six Flags Entertainment Corp
SJW Corp
Skyworks Solutions Inc
SL Green Realty Corp (Reit)
SL Industries Inc
SM Energy Co
SM Energy Co
Snyders-Lance Inc
Sociedad Quimica y Minera
de Chile SA ADR
SodaStream International Ltd
Solar Capital Ltd
Solar Senior Capital Ltd
SolarCity Corp
SolarCity Corp
SolarWinds Inc
Solazyme Inc
Solera Holdings Inc
Solta Medical Inc
Sonus Networks Inc
Sotheby's
South Jersey Industries Inc
Southern Co/The
Southern Copper Corp
Southside Bancshares Inc
Southwest Gas Corp
Southwest Gas Corp
Southwestern Energy Co
Sovran Self Storage Inc
Spansion Inc 'A'
Spark Networks Inc
Spartan Motors Inc
Spartan Stores Inc
Spectranetics Corp
Spectrum Brands Holdings Inc
Spectrum Pharmaceuticals Inc
Speed Commerce Inc
Speedway Motorsports Inc
Spirit Aerosystems Holdings Inc 'A'
Spirit Airlines Inc
Spirit Realty Capital Inc (Reit)
Splunk Inc
Springleaf Holdings Inc
Sprint Corp
SPS Commerce Inc
SPS Commerce Inc
SPX Corp
SS&C Technologies Holdings Inc
Stamps.com Inc
Standard Parking Corp
Stanley Black & Decker Inc

United States continued

40

BlackRock Strategic Funds (BSF)

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


1,224
(2,875)
152,719
13,387
(62,076)
(90,119)
780
1,556
(2,971)
1,733
(83,989)
4,794
214,821
23,640
(36,419)
(17,242)
6,784
(17,647)
38,896
34,145
(79,568)
18
(7,908)
(487)
5,310
19,248
(7,408)
136,885
68,141
53,423
233
49,904
1,686
(22,817)
(13,580)
(14,002)
39,289
8,434
(37)
(6,887)
(57,269)
1,478
36
6,882
3,567
1,533
2,008
(289)
1,608
(66,048)
175
(2,211)
1,238
9,575
(25,376)
(2,445)
5,718
4,947
30
44,192
4,044
1,039
21,514
10,015
(3,339)
3,841

6,506
(12,498)
(2,971)
(1,204)
4,946
3,711
(22,769)
(27,598)
26,415
(153,099)
(3,785)
(22,484)
(34,596)
25,870
8,280
28,764
(2,252)
(1,110)
27,633
25,193
3,646
(1,455)
457
3,412
(11,377)
(5,139)
(124,696)
13,553
50,507
1,378
(26,961)
443
6,353
(173,490)
(618)
134
(6,609)
2,602
715
(21,120)
2,535

(168,581)
(18,486)
31,257
(2,367,621)
(69,686)
14,905
(420,696)
(16)
14,453
27,960
408,969
63,769
(209,666)
(18,003)
885,113
1,101,327
(44,928)
305,883
(57,675)
22,727
(270,828)
554,703
(66,729)

1,682
(997)
4,831
(71,509)
7,878
(114)
29,973
(1)
955
1,047
(3,206)
2,997
(22,772)
(1,694)
(43,050)
(1,019)
(3,691)
8,952
828
12,375
2,827
(20,567)
(1,057)

(579,597)
376,242
(288,079)
(53,805)
(59,755)
245,470
123,910
(193,309)
(1,843,546)
52,830
(447,049)
(196,328)
(1,287,434)
(1,412,555)
653,217
234,407
1,531,683
(119,919)
(43,090)
1,850,029
313,653
21,183
(9,850)
10,488
79,602
(805,150)
(49,797)
(486,314)
275,804
1,647,033
64,077
(268,801)
32,095
134,811
(1,505,893)
(40,961)
8,882
(619,065)
112,927
33,083
(513,638)
204,955

47,011
14,091
(10,535)
125
(4,405)
(9,549)
3,911
(12,470)
(22,802)
118
(50,716)
(10,820)
44,198
55,008
(47,469)
64,903
118,754
(782)
(2,608)
15,829
18,969
(590)
(1,011)
(48)
16,484
(68,799)
(11,175)
(82,132)
39,399
285,147
2,719
8,753
4,036
7,642
(210,219)
1,989
727
6,756
8,240
1,242
(58,769)
(4,538)

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

United States continued


(26,519) Star Scientific Inc
(34,210)
3,743 Starbucks Corp
307,525
8,351 Starwood Hotels & Resorts
Worldwide Inc
624,905
(27,809) Starwood Property Trust Inc (Reit)
(774,759)
788 Starz 'A'
22,222
(52,622) State Auto Financial Corp
(1,142,424)
11,806 State Bank Financial Corp
206,251
8,372 Steel Dynamics Inc
152,370
2,990 Steiner Leisure Ltd
179,789
6,329 StellarOne Corp
159,744
168 Stemline Therapeutics Inc
3,410
(542) Stepan Co
(34,395)
2,544 STERIS Corp
118,016
(60,683) Sterling Bancorp/DE
(801,016)
(8,646) Sterling Construction Co Inc
(103,666)
6,734 Sterling Financial Corp/WA
219,326
(7,207) Steven Madden Ltd
(281,505)
254 Stewart Information Services Corp
8,186
(19,814) Stifel Financial Corp
(899,556)
1,541 Stillwater Mining Co
17,444
778 Stock Building Supply Holdings Inc
14,611
2,619 Stone Energy Corp
85,432
(7,400) Stone Energy Corp
(241,388)
3,961 Stonegate Mortgage Corp
67,297
16,327 Stoneridge Inc
207,516
64,243 STR Holdings Inc
119,492
5,207 Straight Path Communications Inc 'B'
36,709
1,662 Stratasys Ltd
195,950
(4,604) Strayer Education Inc
(171,315)
433 Sturm Ruger & Co Inc
33,432
10,636 Sucampo Pharmaceuticals Inc 'A'
82,110
(2,236) Summit Hotel Properties Inc (Reit)
(20,370)
(38,299) Sun Bancorp Inc/NJ
(137,110)
4,380 Sun Communities Inc (Reit)
179,974
(712) Sun Communities Inc (Reit)
(29,256)
(1,283) Sun Hydraulics Corp
(55,195)
7,333 SunCoke Energy Inc
166,679
(7,764) Sunedison Inc
(100,544)
9,895 SunPower Corp
297,938
5,696 SunTrust Banks Inc
208,075
274 Superior Industries International Inc
5,283
(16,957) Supernus Pharmaceuticals Inc
(121,243)
6,068 Supertex Inc
157,647
13,809 support.com Inc
55,236
39,796 SurModics Inc
951,920
(4,594) Susser Holdings Corp
(300,677)
3,421 SVB Financial Group
348,429
4,630 Swift Energy Co
60,792
1,053 Swift Transportation Co
24,472
7,531 SWS Group Inc
49,027
(11,394) SY Bancorp Inc
(377,483)
72,126 Sycamore Networks Inc
33,539
179 Sykes Enterprises Inc
3,890
322 Symetra Financial Corp
6,150
50,340 Symmetry Medical Inc
493,835
42,398 Synacor Inc
118,290
125 Synageva BioPharma Corp
7,500
(3,800) Synageva BioPharma Corp
(228,000)
9,442 Synaptics Inc
475,782
(2,728) Synaptics Inc
(137,464)
8,987 Synchronoss Technologies Inc
281,563
(785) Synchronoss Technologies Inc
(24,594)
(1,779) Synergy Pharmaceuticals Inc
(8,094)
(15,146) Synopsys Inc
(555,404)
26,660 Synovus Financial Corp
93,843

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


17,671
3,631
3,997
(36,845)
5,813
(332,126)
3,757
574
10,328
62,315
(1,325)
(3,524)
3,809
(158,878)
(20,039)
63,630
(8,667)
338
(23,601)
108
2,706
38,123
6,010
1,652
78,027
(27,509)
36,709
7,213
59,112
(132)
9,354
2,811
(4,823)
(19,460)
2,132
(3,940)
18,178
(36,440)
1,279
3,838
448
(9,982)
4,609
(13,007)
(83,058)
(70,323)
13,582
217
6,224
11,323
(90,500)
(151,939)
225
202
(45,155)
(23,796)
778
(41,205)
104,416
(6,965)
(9,052)
4,537
(815)
(1,666)
5,169

(2,626)
15,097
(43,880)
18,983
(3,849)
2,209
20,186
3,209
(613)
(2,405)
55,669
(29,066)
(41,325)
(6,385)
5,181
23,955
4,107
(4,206)
23,414
(8,825)
16,964
2,141
(132)
(18,931)
28,293
2,534
25,157
(17,536)
(58,890)
(38,270)
10,463
1,465
(28)
(1,054)
(17,970)
63,826
47,466
6,018
336
(20,777)
(1,979)
(2,777)
(377)
(5,263)
1,517
(1,196)
2,694
(14,321)
88,983
(12,870)
1,042
16,824
7,399
(8,026)
(7,720)
(6,269)
(16,800)
(2,922)
2,413
(7,843)
58,291
(36,125)
4,803
15,846
13,870
32,050

Synta Pharmaceuticals Corp


Syntel Inc
Synutra International Inc
Sypris Solutions Inc
Sysco Corp
Systemax Inc
T-Mobile USA Inc
Tableau Software Inc 'A'
Tableau Software Inc 'A'
Tahoe Resources Inc
Take-Two Interactive Software Inc
TAL International Group Inc
Tanger Factory Outlet Centers (Reit)
Tangoe Inc
Targa Resources Corp
Targacept Inc
Target Corp
Target Corp
Taser International Inc
TCF Financial Corp
TCP Capital Corp
TD Ameritrade Holding Corp
Team Inc
TearLab Corp
Tech Data Corp
TechTarget Inc
TECO Energy Inc
Tecumseh Products Co 'A'
Teekay Corp
Teekay Offshore Partners LP
Tejon Ranch Co
Tejon Ranch Co (Warrants)
Teledyne Technologies Inc
Teleflex Inc
Telefonica Brasil SA
Telenav Inc
Telephone & Data Systems Inc
TeleTech Holdings Inc
TELUS Corp
Tempur-Pedic International Inc
Tennant Co
Tenneco Inc
Territorial Bancorp Inc
TESARO Inc
Tesco Corp
Tesla Motors Inc
Tesoro Corp
Tessco Technologies Inc
Tessera Technologies Inc
Tetra Tech Inc
TETRA Technologies Inc
Tetraphase Pharmaceuticals Inc
Texas Capital Bancshares Inc
Texas Industries Inc
Textainer Group Holdings Ltd
TG Therapeutics Inc
TherapeuticsMD Inc
Theravance Inc
Theravance Inc
Thermon Group Holdings Inc
Third Point Reinsurance Ltd
Thomson Reuters Corp
Thor Industries Inc
Thoratec Corp
Threshold Pharmaceuticals Inc
TIBCO Software Inc

(13,366)
1,349,219
(391,848)
51,064
(131,135)
25,227
521,001
210,189
(40,152)
(43,117)
906,848
(1,594,270)
(1,365,378)
(100,500)
424,013
134,148
264,984
(271,371)
411,150
(138,817)
294,325
61,789
(5,391)
(175,112)
1,465,860
15,432
430,939
(156,421)
(2,605,294)
(1,237,269)
376,668
7,618
(2,614)
(104,283)
(345,204)
451,250
1,319,080
155,926
11,918
(1,054,225)
(128,932)
(160,094)
(8,897)
(206,783)
27,078
(154,786)
158,488
(564,247)
1,801,906
(368,468)
12,764
202,224
415,232
(467,274)
(301,080)
(28,273)
(79,800)
(109,867)
90,729
(224,467)
984,535
(1,364,080)
261,715
624,332
67,547
779,776

12,447
45,150
(161,290)
(27,365)
(1,712)
4,551
(25,679)
10,109
(3,632)
2,482
(53,489)
(173,119)
53,862
(19,473)
15,398
11,257
(9,734)
(239)
230,375
(2,137)
40,364
3,138
(493)
(42,103)
75,325
2,686
(7,296)
18,408
(77,714)
41,121
32,389
7,618
(112)
(3,955)
4,006
52,786
(84,374)
22,433
94
(110,441)
(7,191)
(2,957)
(282)
(614)
8,501
(15,352)
11,584
(93,172)
39,085
(28,337)
238
64,053
92,292
58,516
(16,120)
9,644
(42,400)
(13,674)
1,263
(56,573)
119,209
20,255
6,903
55,242
4,783
13,651

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

41

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013
Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Description

(17,146)
9,345
13,931
(11,435)
5,258
(21,197)
1,434
4,223
20,745
(15,079)
(11,327)
(28,788)
(1,787)
13,612
(72,704)
466
(73,313)
18,629
8,015
(43,706)
16,314
1,164
14,433
(2,250)
(6,813)
10,906
(13,246)
14,322
7,338
24,346
(64,110)
973
33,521
781
(3,051)
25,649
5,564
2,408
(1,624)
14,529
(20,251)
(18,660)
9,110
14,513
5,608
(1,066)
1,077
(182)
388
(3,331)
(11,311)
(13,117)
51,866
(4,066)
18,690
(54,035)
276
3,371
(876)
420
(3,879)
46,975
(75,335)
(1,849)
8,948
4,662

TICC Capital Corp


Tidewater
Tile Shop Holdings Inc
Tile Shop Holdings Inc
Tilly's Inc 'A'
Time Warner Cable Inc
Time Warner Inc
Timken Co
TiVo Inc
Toll Brothers Inc
Tompkins Financial Corp
Tootsie Roll Industries Inc
Tornier NV
Tower International Inc
Towerstream Corp
Town Sports International Holdings Inc
TowneBank/Portsmouth VA
Transcept Pharmaceuticals Inc
TransDigm Group Inc
Transocean Ltd
TravelCenters of America LLC
Travelers Cos Inc/The
Travelzoo Inc
Tree.com Inc
TreeHouse Foods Inc
Tremor Video Inc
Trex Co Inc
Tri Pointe Homes Inc
Triangle Petroleum Corp
Trimas Corp
Trimble Navigation Ltd
Triple-S Management Corp 'B'
Tronox Ltd 'A'
TrueBlue Inc
Trulia Inc
Trustmark Corp
TRW Automotive Holdings Corp
TTM Technologies Inc
Tuesday Morning Corp
tw telecom Inc
Twin Disc Inc
Two Harbors Investment Corp (Reit)
Tyson Foods Inc 'A'
Ubiquiti Networks Inc
UBS AG
UDR Inc (Reit)
Ulta Salon Cosmetics & Fragrance Inc
Ultimate Software Group Inc/The
Ultimate Software Group Inc/The
Ultra Petroleum Corp
Ultratech Inc
UMB Financial Corp
Umpqua Holdings Corp
Uni-Pixel Inc
Unifi Inc
Unilife Corp
Union First Market Bankshares Corp
Union Pacific Corp
Unisys Corp
Unit Corp
United Bankshares Inc/WV
United Community Banks Inc/GA
United Community Financial Corp/OH
United Continental Holdings Inc
United Financial Bancorp Inc
United Fire Group Inc

Holding

Description

3,652
(1,503)
(45,793)
3,785
(1,147)
(892)
(1,757)
(8,685)
(3,584)
26,507
(10,704)

United Online Inc


United Rentals Inc
United States Steel Corp
United Therapeutics Corp
Unitil Corp
Universal American Corp/NY
Universal Corp/VA
Universal Display Corp
Universal Forest Products Inc
Universal Insurance Holdings Inc
Universal Stainless &
Alloy Products Inc
Universal Technical Institute Inc
Unum Group
Unwired Planet Inc
Uranium Energy Corp
Urban Outfitters Inc
US Antimony Corp
US Silica Holdings Inc
USA Mobility Inc
USANA Health Sciences Inc
USG Corp
UTi Worldwide Inc
Vaalco Energy Inc
Vail Resorts Inc
Valassis Communications Inc
Vale SA
Valeant Pharmaceuticals
International Inc
Valero Energy Corp
Validus Holdings Ltd
Valley National Bancorp
Valmont Industries Inc
Valspar Corp/The
ValueClick Inc
Vantage Drilling Co
Varian Medical Systems Inc
Vascular Solutions Inc
VCA Antech Inc
Vectren Corp
Veeco Instruments Inc
Veeva Systems Inc 'A'
Ventrus Biosciences Inc
Vera Bradley Inc
Verastem Inc
VeriFone Systems Inc
VeriFone Systems Inc
Verint Systems Inc
VeriSign Inc
VeriSign Inc
Verisk Analytics Inc 'A'
Verizon Communications Inc
VF Corp
Viacom Inc 'B'
Viad Corp
ViaSat Inc
Viasystems Group Inc
Vicor Corp
ViewPoint Financial Group Inc
Village Super Market Inc 'A'
Violin Memory Inc
VirnetX Holding Corp
Virtusa Corp
Vishay Intertechnology Inc
Vista Gold Corp
VistaPrint NV

United States continued

42

BlackRock Strategic Funds (BSF)

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


(185,177)
530,329
230,697
(189,364)
63,201
(2,936,844)
94,988
218,920
262,839
(519,170)
(566,350)
(938,489)
(32,005)
293,747
(163,584)
6,445
(1,118,756)
66,133
1,269,119
(2,209,775)
174,070
106,657
305,258
(67,950)
(479,158)
47,986
(962,587)
287,586
79,177
893,742
(2,061,778)
19,849
710,645
20,087
(105,687)
720,480
430,042
22,924
(22,963)
414,076
(585,051)
(173,538)
289,607
574,860
107,674
(25,030)
137,447
(28,556)
60,877
(68,119)
(296,348)
(844,735)
952,260
(52,045)
517,152
(244,238)
7,144
548,226
(24,230)
20,223
(126,805)
861,991
(283,260)
(72,925)
175,381
136,363

(20,048)
(18,403)
(81,849)
94,960
(7,583)
(109,282)
(250)
(5,508)
(1,198)
(14,610)
(43,682)
(33,891)
(2,223)
19,987
68,678
709
(11,557)
(25,872)
90,650
(4,626)
81,518
3,445
(3,559)
(26,493)
6,213
(41,889)
(232,990)
16,742
5,359
(3,310)
15,496
2,407
(20,818)
420
10,685
127,370
2,393
2,297
(1,311)
(4,068)
(97,697)
2,612
26,655
182,654
4,392
288
838
(48)
16
(3,797)
(2,724)
(32,827)
302,902
17,959
232,405
(65,458)
818
10,585
(2,148)
(774)
(13,331)
120,268
12,185
(4,922)
29,815
6,346

(23,456)
2,694
(202,814)
(146,224)
20,915
(26,569)
4,492
14,437
8,873
(5,331)
(68,645)
30,930
506
(2,104)
41,705
6,265
3,557
4,686
(204,588)
6,148
8,267
1,661
(148,043)
(676)
13,958
103,359
41,324
(8,825)
1,547
12,834
(5,924)
4,494
3,390
(17,278)
27,810
(2,806)
10,087
(9,346)
29,951
4,080
5,445
40,601
8,352
1,214
24,663
(28,425)
(3,646)
3,234
(4,658)
(1,735)
19,695
(7,266)
(3,332)

57,775
(103,226)
(1,227,252)
348,220
(34,639)
(6,859)
(91,540)
(313,442)
(188,375)
309,072

(88,344)
109
(130,371)
(5,599)
(5,154)
(23)
260
(7,442)
(43,196)
130,579

(382,026)
(344,100)
90,869
(316,390)
(269,052)
818,195
(53,935)
153,312
212,946
658,288
(146,443)
(1,089,396)
187,126
38,542
(62,363)
581,368

(4,893)
(67,951)
1,131
99,806
84,933
(21,961)
580
26,209
29,182
(10,406)
1,013
14,216
(45,547)
678
(466)
(37,675)

688,899
162,946
188,237
(2,078,614)
892,382
584,973
35,595
(273,880)
(52,850)
292,420
3,105,938
1,433,530
(286,371)
62,793
37,860
(144,842)
47,187
87,225
(444,563)
1,057,614
(160,419)
576,674
(607,864)
1,495,154
963,125
439,357
1,088,107
505,630
18,210
267,840
(721,995)
(139,933)
11,254
(92,228)
(61,159)
252,096
(2,688)
(192,156)

24,584
9,007
5,087
(118,010)
(123)
(5,704)
2,675
(10,493)
(2,379)
80,715
219,579
(16,597)
30,233
3,596
1,157
(17,204)
1,346
28,172
(11,139)
64,729
(1,459)
15,332
(9,433)
(8,623)
44,851
4,661
(28,403)
2,793
(177)
135,983
(133,061)
(12,116)
(8,600)
(2,371)
(10,800)
(4,785)
18,904
(4,515)

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

United States continued


2,934
(69,930)
(9,605)
(13,503)
25,310
(17,465)
6,046
(29,221)
(4,249)
(604)
1,371
(1,011)
8,121
4,003
(707)
(5,112)
11,484
(4,141)
5,017
139,727
(118)
(2,841)
643
1,126
(76,937)
4,514
6,939
(27,197)
(3,280)
(482)
(8,246)
9,083
5,702
(156)
2,576
5,624
2,519
(6,503)
(1,082)
(3,902)
4,115
11,728
554
(6,693)
13,614
3,354
61,498
(6,433)
(6,205)
(512)
5,117
127
42,253
4,349

Visteon Corp
231,933
Vitacost.com Inc
(406,993)
Vivus Inc
(96,626)
Volcano Corp
(308,273)
Vonage Holdings Corp
83,776
Vornado Realty Trust (Reit)
(1,547,748)
VOXX International Corp
106,410
Vringo Inc
(94,092)
Vulcan Materials Co
(239,729)
W&T Offshore Inc
(10,510)
WABCO Holdings Inc
121,786
Wabtec Corp
(69,911)
Waddell & Reed Financial Inc 'A'
519,744
WageWorks Inc
232,855
Wal-Mart Stores Inc
(57,380)
Walgreen Co
(303,653)
Walker & Dunlop Inc
186,960
Walter Energy Inc
(59,341)
Walter Investment Management Corp
192,101
Warren Resources Inc
442,935
Washington Trust Bancorp Inc
(4,309)
Waste Management Inc
(129,797)
Waters Corp
64,030
Watsco Inc
108,445
Wausau Paper Corp
(928,630)
WD-40 Co
341,484
Web.com Group Inc
197,415
WebMD Health Corp
(1,044,365)
Weight Watchers International Inc
(106,239)
Weis Markets Inc
(24,862)
WellCare Health Plans Inc
(616,801)
WellPoint Inc
849,170
Wendy's Co/The
49,237
WESCO International Inc
(13,516)
West Bancorporation Inc
41,860
West Corp
131,039
West Pharmaceutical Services Inc
126,454
Westamerica Bancorporation
(367,420)
Western Alliance Bancorp
(25,221)
Western Digital Corp
(294,562)
Western Refining Inc
162,090
Western Union Co/The
196,913
Westlake Chemical Corp
62,968
Westmoreland Coal Co
(100,395)
Westport Innovations Inc
289,570
Westwood Holdings Group Inc
191,178
Wet Seal Inc 'A'
208,478
WEX Inc
(643,750)
Weyco Group Inc
(180,938)
Weyerhaeuser Co
(15,416)
Whirlpool Corp
784,129
White Mountains Insurance Group Ltd
77,081
WhiteWave Foods Co 'A'
902,947
Whiting Petroleum Corp
261,897

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

United States continued


7,980
90,987
5,305
(10,094)
(8,604)
11,860
59,882
(8,178)
1,615
863
2,550
(581)
(10,881)
17,560
(1,372)
4,499
26,582
13,044
9,947
50,739
(532)
(1,305)
(120)
(129)
(37,902)
13,793
6,402
(55,468)
(679)
(1,791)
(37,487)
30,791
3,417
(198)
7,179
3,904
9,916
(2,171)
(919)
(436)
12,856
726
(673)
(25,279)
(85,951)
25,627
11,318
(7,141)
(23,371)
(189)
12,281
771
(1,930)
(18,453)

11,998
(1,545)
28,500
13,756
(86,942)
(3,550)
6,760
2,123
(65,850)
(1,840)
649
(3,927)
(2,072)
26,448
33,579
(29,848)
(453)
(1,319)
(45,318)
1,884
26
(5,376)
(2,043)
(29,996)
4,911
2,149
15,893
2,440
(23,789)
(35,827)
(9,519)
(1,305)
(1,736)
(2,070)
(5,093)
(34,471)
2,044
60,558
920
22,461
871
(4,011)
(24,787)
28,252
(28,970)
(22,924)
(11,832)
(7,799)
(155,092)

Willbros Group Inc


Williams-Sonoma Inc
Willis Lease Finance Corp
Wilshire Bancorp Inc
Windstram Holdings Inc
Winnebago Industries Inc
Wintrust Financial Corp
WisdomTree Investments Inc
Wolverine World Wide Inc
Woodward Inc
Workday Inc 'A'
Workday Inc 'A'
World Acceptance Corp
Worthington Industries Inc
WP Carey Inc (Reit)
WPX Energy Inc
WR Berkley Corp
WR Grace & Co
Wright Medical Group Inc
WSFS Financial Corp
WW Grainger Inc
Wyndham Worldwide Corp
Wynn Resorts Ltd
XenoPort Inc
Xerium Technologies Inc
Xilinx Inc
XL Group Plc
XO Group Inc
XPO Logistics Inc
Xylem Inc/NY
Yadkin Financial Corp
Yahoo! Inc
Yandex NV 'A'
Yelp Inc
YRC Worldwide Inc
Yum! Brands Inc
YuMe Inc
Zagg Inc
ZAIS Financial Corp
Zebra Technologies Corp 'A'
Zeltiq Aesthetics Inc
Zillow Inc 'A'
ZIOPHARM Oncology Inc
Zoetis Inc
Zogenix Inc
Zoltek Cos Inc
Zumiez Inc
Zygo Corp
Zynga Inc 'A'

Total market value


(USD underlying exposure USD 1,058,015,057)

103,543
(91,881)
518,985
146,639
(707,708)
(111,115)
307,174
32,397
(2,164,621)
(79,506)
53,341
(322,760)
(191,660)
1,099,972
2,119,506
(546,815)
(20,041)
(126,914)
(1,366,791)
141,677
6,751
(387,126)
(340,139)
(158,979)
64,727
95,630
513,026
36,600
(542,151)
(1,248,571)
(171,056)
(48,468)
(68,867)
(125,587)
(45,837)
(2,689,427)
18,028
258,583
15,677
1,172,464
15,112
(314,342)
(105,345)
882,875
(94,442)
(383,289)
(329,403)
(123,146)
(681,629)

(3,358)
(4,264)
32,685
43,764
75,117
(36,852)
32,118
2,774
(510,937)
(187)
(268)
(25,642)
(4,434)
41,259
(114,798)
2,388
(222)
(2,124)
(212,108)
27,924
84
(15,383)
(6,177)
29,650
29,583
2,687
14,145
16,598
(151,158)
(18,356)
(24,953)
(1,633)
(661)
(51,520)
53,199
(90,008)
(3,358)
(163,699)
277
27,823
588
(24,895)
1,576
(25,096)
(48,559)
(101,842)
(26,516)
(505)
(62,923)

(3,300,726)

(392,902)

1,171,503

10,036,983

Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)).
Goldman Sachs and Morgan Stanley are the counterparties to these Contracts for Difference.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

43

BlackRock Americas Diversified Equity Absolute


Return Fund continued
Sector Breakdown as at 30 November 2013

Swaps as at 30 November 2013

Nominal
Value
USD 5,330

Unrealised
appreciation/
(depreciation)
USD

Description

Total Return Swap (Citibank) (Fund receives 3 Month


LIBOR and pays MSCI Daily TR Net Emerging
Markets Chile USD Index) (25/7/2014)
151,036

(USD underlying exposure USD 2,149,417)

151,036

Note: The total market value of USD 151,036 is included in the Statement of Net Assets
(see Note 2(d)).

Open Forward Foreign Exchange Transactions


as at 30 November 2013

Purchases
EUR 33,614,114
USD 1,324,200
SEK 105,124,843
USD 636,136

Sales
USD 45,000,436
EUR 981,591
USD 15,782,226
SEK 4,219,352

Net unrealised appreciation


(USD underlying exposure USD 63,749,219)

Unrealised
appreciation/
(depreciation)
Value date
USD
13/12/2013
13/12/2013
13/12/2013
13/12/2013

712,762
(10,705)
274,430
(8,324)
968,163

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see Note 2(d)).
State Street Bank and Trust Company is the counterparty to these Open Forward Foreign
Exchange Transactions.

44

BlackRock Strategic Funds (BSF)

% of net
assets*
Government
Financial
Other Net Assets

48.27
41.73
10.00
100.00

* Based on the market value of the Portfolio of Investments

Open Exchange Traded Futures Contracts


as at 30 November 2013

Number of
Contracts
92
Total

Contract/
Description

S&P 500 E-Mini Index

Expiration
date

Unrealised
Underlying appreciation/
exposure (depreciation)
USD
USD

December 2013 8,298,860

588,920

8,298,860

588,920

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see Note 2(d)).

BlackRock Asia Extension Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(USD)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Canada
Province of Ontario Canada 1.375%
27/1/2014

1,001,908

2.62

1,001,908

2.62

USD 550,000
USD 1,200,000
USD 900,000
USD 500,000
USD 300,000

France
USD 500,000

BNP Paribas FRN 10/1/2014

500,457

1.31

500,457

1.31

United States
USD 1,000,000
USD 900,000
USD 250,000
USD 136,000
USD 1,100,000
USD 500,000
USD 500,000
USD 1,500,000
USD 1,000,000
USD 2,000,000
USD 1,000,000
USD 1,500,000
USD 500,000
USD 1,300,000
USD 400,000

Fannie Mae Discount Notes 0.00%


27/1/2014 (Zero Coupon)
Fannie Mae Discount Notes 0.00%
29/1/2014 (Zero Coupon)
Federal Home Loan Banks 0.12%
30/1/2014
Federal National Mortgage Association
1.35% 21/3/2014
Freddie Mac Discount Notes 0.00%
7/4/2014 (Zero Coupon)
United States Treasury Bill 0.00%
2/1/2014 (Zero Coupon)
United States Treasury Bill 0.00%
9/1/2014 (Zero Coupon)
United States Treasury Bill 0.00%
13/2/2014 (Zero Coupon)
United States Treasury Bill 0.00%
24/4/2014 (Zero Coupon)
United States Treasury Bill 0.00%
8/5/2014 (Zero Coupon)
United States Treasury Bill 0.00%
22/5/2014 (Zero Coupon)
United States Treasury Note 0.25%
31/1/2014
United States Treasury Note 1.875%
28/2/2014
United States Treasury Note 1.75%
31/3/2014
United States Treasury Note 0.25%
30/4/2014

Total Bonds

USD 500,000
USD 500,000

Credit Suisse AG 0.67% 9/1/2014


Mizuho Bank Ltd 0.21% 12/12/2013
Norinchukin Bank 0% 4/12/2013
Rabobank USA Financial Corp 0.01%
27/6/2014
Skandinaviska Enskilda Banken AB
0.01% 7/1/2014
Sumitomo Mitsui Banking Corp
0.21% 12/2/2014

899,953

2.35

250,028

0.65

USD 900,000

136,548

0.36

EUR 500,000

1,099,722

2.87

499,996

1.31

499,996

1.31

1,499,857

3.92

999,630

2.61

USD 500,000
USD 500,000
USD 295,000
USD 900,000
USD 500,000
USD 500,000
USD 1,000,000
USD 300,000
USD 1,000,000

1,999,178

5.22

999,529

2.61

USD 500,000
USD 400,000
USD 420,000

1,500,498

3.92

USD 500,000

502,236

1.31

USD 1,000,000

1,307,134

3.41

USD 500,000

400,242

1.04

13,594,497

35.50

15,096,862

39.43

553,207
1,200,196
900,028

1.44
3.13
2.35

499,216

1.30

300,728

0.78

500,101

1.31

5,954,698

15.55

5,954,698

15.55

899,626

2.35

499,965
499,795
499,801
294,728
899,642
500,000
499,797
999,955
299,894

1.31
1.30
1.30
0.77
2.35
1.31
1.30
2.61
0.78

999,778
499,866
399,782

2.61
1.31
1.04

419,811

1.10

499,969

1.31

999,967

2.61

499,869

1.31

10,212,245

26.67

10,212,245

26.67

Total Certificates of Deposit


2.61

COMMERCIAL PAPER
United States

United States
Bank of America NA 0.01% 14/1/2014
Bank of Tokyo-Mitsubishi UFJ Ltd/The
0.21% 28/2/2014
Bank of Tokyo-Mitsubishi UFJ Ltd/The
0% 7/3/2014
Credit Industriel et Commercial 0%
2/12/2013

USD 500,000

999,950

CERTIFICATES OF DEPOSIT
USD 500,000
USD 500,000

Market Value
(USD)

United States continued

BONDS
USD 1,000,000

Description

500,008

1.31

500,030

1.31

501,158

1.31

500,026

1.31

Antalis US Funding Corp 0.01%


3/2/2014
Atlantic Asset Secritization LLC 0%
18/12/2013
Bank of Nova Scotia 0.01% 25/2/2014
Barton Capital Corp 0.01% 3/2/2014
BNP Paribas SA 0% 5/3/2014
BPCE SA 0.01% 3/2/2014
Cooperatieve Centrale 0.01% 12/3/2014
Govco LLC 0.01% 11/2/2014
ING (US) Funding LLC 0% 9/12/2013
Lloyds Bank Plc 0% 27/1/2014
Nieuw Amsterdam Receivables Corp
0% 16/1/2014
Nordea Bank AB 0.01% 10/1/2014
Nordea Bank AB 0% 18/2/2014
Oversea-Chinese Banking Corp Ltd 0%
19/2/2014
Regency Markets No.1 LLC 0.01%
16/12/2013
Societe Generale North America Inc
0.01% 6/12/2013
Sumitomo Mitsui Banking Corp
0.01% 10/1/2014

Total Commercial Paper


Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

31,263,805

81.65

Securities portfolio at market value

31,263,805

81.65

Other Net Assets


Total Net Assets (USD)

7,024,253

18.35

38,288,058

100.00

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

45

BlackRock Asia Extension Fund continued


Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Hong Kong continued

Hong Kong
124,000
345,000
(286,000)
15,000
(45,400)
1,691,000
58,500
168,000
(50,000)
84,000
40,000
176,000
1,125,000
2,089,000
(916,500)
56,000
44,000
(428,000)
600,000
55,500
4,000
188,000
862,600
544,000
253,000
375,000
74,000
(62,000)
12,000
118,000
(695,000)
(178,000)
182,000
(78,000)
87,500
139,000
150,200
(79,000)
277,000
(340,000)
(164,000)
(483,500)
65,000
1,310,000
13,500
(121,000)
(278,000)
(454,000)
116,000
2,024,000
37,000
5,500
11,000
56,500
(54,000)
(86,000)
363,500
(39,500)
69,000
61,000
218,000
(186,250)

46

Agricultural Bank of China Ltd


63,658
AIA Group Ltd
1,748,875
Aluminum Corp of China Ltd
(106,982)
Anhui Conch Cement Co Ltd 'H'
58,625
ASM Pacific Technology Ltd
(377,421)
Bank of China Ltd
817,941
BBMG Corp 'H'
51,839
BOC Hong Kong Holdings Ltd
568,834
Champion (Reit)
(22,379)
Cheung Kong Holdings Ltd
1,327,280
China Agri-Industries Holdings Ltd
20,432
China CITIC Bank Corp Ltd
102,839
China Communications
Construction Co Ltd
947,573
China Construction Bank Corp
1,692,174
China COSCO Holdings Co Ltd
(471,685)
China Everbright Ltd
91,880
China Gas Holdings Ltd
59,592
China High Speed Transmission
Equipment Group Co Ltd
(215,306)
China Machinery Engineering Corp 'H'
461,259
China Merchants Bank Co Ltd 'H'
118,550
China Merchants Holdings
International Co Ltd
14,885
China Oilfield Services Ltd
567,441
China Petroleum & Chemical Corp
741,021
China Public Procurement Ltd
30,173
China Railway Construction Corp Ltd
283,588
China Railway Group Ltd 'H'
215,731
China Resources Cement Holdings Ltd
53,071
China Resources Enterprise Ltd
(219,524)
China Resources Power Holdings Co Ltd
29,038
China Shenhua Energy Co Ltd
400,299
China Shipping Container Lines Co Ltd (187,361)
China Shipping Development Co Ltd
(120,998)
China Unicom Hong Kong Ltd
288,751
China Yurun Food Group Ltd
(51,311)
China ZhengTong Auto Services
Holdings Ltd
59,592
Chongqing Rural Commercial Bank 'H'
72,793
Chow Tai Fook Jewellery Group Ltd
232,874
CITIC Pacific Ltd
(114,128)
CNOOC Ltd
568,099
Comba Telecom Systems Holdings Ltd (117,095)
Daphne International Holdings Ltd
(75,520)
Esprit Holdings Ltd
(1,006,577)
Geely Automobile Holdings Ltd
33,537
GOME Electrical Appliances Holding Ltd 228,114
Greentown China Holdings Ltd
23,438
Hang Lung Group Ltd
(640,686)
Hong Kong & China Gas Co Ltd
(656,927)
Honghua Group Ltd
(159,284)
Hutchison Whampoa Ltd
1,477,550
Industrial & Commercial Bank
of China Ltd
1,454,162
Jiangxi Copper Co Ltd 'H'
71,683
Kerry Logistics Network Ltd
4,682
Kerry Properties Ltd
43,417
Kingboard Chemical Holdings Ltd
152,679
Kingdee International Software
Group Co Ltd
(15,672)
Kunlun Energy Co Ltd
(159,072)
KWG Property Holding Ltd
218,493
L'Occitane International SA
(88,143)
Langham Hospitality Investments Ltd
34,265
Lee & Man Paper Manufacturing Ltd
44,928
Lenovo Group Ltd
258,416
Li Ning Co Ltd
(164,083)

BlackRock Strategic Funds (BSF)

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

7,672
294,548
14,398
2,793
100,696
66,129
7,078
3,095
42
27,619
2,052
8,092
(71,537)
86,081
(12,231)
12,554
7,925
(14,493)
117,764
14,632
59
137,165
118,654
(3,804)
41,930
31,560
4,499
(16,277)
549
(11,695)
(9,810)
(27,435)
24,364
161
(442)
4,420
19,616
(27,433)
60,370
(4,151)
39,576
(257,338)
(874)
74,101
1,010
6,297
6,264
(23,570)
295,356
47,679
1,485
4,682
(2,435)
35,411
628
2,922
(1,554)
(1,858)
(206)
4,533
28,735
(2,828)

10,700
22,000
(121,000)
3,600
(34,000)
520,000
47,000
159,000
209,000
288,000
33,000
71,000
5,500
157,600
(84,000)
(88,000)
(188,000)
59,000
76,000
65,500
56,000
17,000
780,000
16,000
197,000
(29,000)
(12,100)
3,700
180,000
214,000
(38,000)
(332,000)
19,000
352,000
15,000
17,500
410,000

Lifestyle Properties Development Ltd


Luk Fook Holdings International Ltd
Macau Legend Development Ltd
Man Wah Holdings Ltd
Melco International Development Ltd
MMG Ltd
New World Development Co Ltd
NWS Holdings Ltd
PanAsialum Holdings Co Ltd
PCCW Ltd
Ping An Insurance Group Co of
China Ltd 'H'
Poly Property Group Co Ltd
Power Assets Holdings Ltd
Sands China Ltd
Semiconductor Manufacturing
International Corp
Shandong Weigao Group Medical
Polymer CoLtd 'H'
Shanghai Electric Group Co Ltd 'H'
Shanghai Industrial Holdings Ltd
Shenzhen Investment Ltd
Shimao Property Holdings Ltd 'H'
Sino Land Co Ltd
Sinopec Engineering Group Co Ltd 'H'
Sinopec Shanghai Petrochemical
Co Ltd 'H'
Sinopharm Group Co Ltd 'H'
SJM Holdings Ltd
Sun Art Retail Group Ltd
Television Broadcasts Ltd
Tencent Holdings Ltd
Termbray Petro-King Oilfield
Services Ltd
Truly International Holdings
Tsingtao Brewery Co Ltd
Uni-President China Holdings Ltd
Wheelock & Co Ltd
Xinyi Glass Holdings Ltd
Yue Yuen Industrial Holdings Ltd
Zhaojin Mining Industry Co Ltd 'H'
Zhejiang Expressway Co Ltd

2,250
81,159
(94,581)
5,925
(119,945)
122,744
63,534
237,904
47,177
124,447

2,250
6,732
(12,877)
(355)
(56,271)
(83,487)
(1,442)
(4,628)
1,477
(5,408)

307,538
41,669
44,694
1,193,277

60,588
4,477
(67)
177,515

(6,934)

(243)

(120,319)
(67,899)
200,530
29,997
164,073
76,567
26,006

(29,969)
(783)
20,302
(499)
7,434
(14,756)
5,116

231,403
47,674
632,721
(43,017)
(75,696)
214,000

34,120
3,871
86,915
338
(2,835)
74,306

95,657
125,595
(318,354)
(335,310)
92,516
372,309
46,532
11,535
382,357

4,148
(11,940)
(72,653)
(32,745)
(2,103)
102,426
4,705
(1,989)
61,032

14,603,652

1,597,927

50,520
53,871
(21,757)
37,014
3,093
121,333
29,931

(1,283)
(2,788)
27,848
(38,516)
40
(60,915)
(1,193)

170,079

(76,529)

Indonesia
79,000
86,500
(897,500)
6,812,000
1,000
77,000
31,000
419,500
2,267,500

Bank Mandiri Persero Tbk PT


Bank Rakyat Indonesia Persero Tbk PT
Bumi Resources Tbk PT
Energi Mega Persada Tbk PT
Gudang Garam Tbk PT
Indocement Tunggal Prakarsa Tbk PT
Matahari Department Store Tbk PT
Perusahaan Gas Negara
Persero Tbk PT
Telekomunikasi Indonesia
Persero Tbk PT

412,273

(19,101)

856,357

(172,437)

8,965
2,187
53,545
93,677
145,813
273,052
54,866
585,048

(484)
(654)
(2,669)
1,170
7,349
14,168
5,913
5,561

Malaysia
4,300
13,300
44,137
4,800
96,500
160,300
11,900
195,400

Axiata Group Bhd


Berjaya Corp Bhd
Berjaya Sports Toto Bhd
British American Tobacco Malaysia Bhd
DiGi.Com Bhd
MISC Bhd
PPB Group Bhd
Sime Darby Bhd

BlackRock Asia Extension Fund continued


Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Malaysia continued
366,200
76,820

Tenaga Nasional Bhd


YTL Corp Bhd

South Korea continued


1,120,302
38,613

205,716
596

2,376,068

236,666

122,099
127,196
9,153
172,103
4,758
177,550

27,800
32,433
(7)
(9,889)
(77)
(10,674)

612,859

39,586

67,745
(372,729)
235,570
616,900
314,853
(28,558)
656,319
(31,626)
(202,232)
(448,700)
279,370
78,534

(1,026)
(361)
(6,330)
16,811
26,083
(40)
(216,025)
(2,818)
35,160
18,424
6,383
(4,915)

55,709
85,339
6,163
(38,641)
(27,438)
479,976
(75,219)
232,797

(1,711)
(1,367)
92
1,844
(2,114)
(21,354)
3,930
16,478

701,785

51,397

2,585,917

(81,459)

34,809
(105,072)
37,146
(77,982)
502,802
57,643

8,691
(5,967)
(2,235)
(7,701)
138,757
(10,329)

(219,638)
12,851
7,072
145,548
(12,775)
78,943
25,279
5,358
55,404
(180,648)
135,347
41,102
34,527
(42,877)
(9,549)
125,151

(24,668)
2,163
(97)
21,916
(692)
12,150
(4,701)
(196)
(35,814)
(8,561)
4,199
(1,648)
7,977
(2,345)
(460)
12,385

(142,718)

468

423,593
58,203

23,740
984

Philippines
188,200
31,440
84,000
2,780
12,700
64,500

Ayala Land Inc


Jollibee Foods Corp
Metro Pacific Investments Corp
Philippine Long Distance Telephone Co
SM Prime Holdings Inc
Universal Robina Corp

Singapore
109,000
(495,000)
152,000
394,000
23,000
(16,000)
144,000
(27,000)
(4,003)
(14,000)
31,000
28,000
79,000

Asian Pay Television Trust


Biosensors International Group Ltd
CapitaMall Trust (Reit)
ComfortDelGro Corp Ltd
DBS Group Holdings Ltd
First Resources Ltd
Fraser and Neave Ltd
Genting Singapore Plc
Jardine Matheson Holdings Ltd
Jardine Strategic Holdings Ltd
Keppel Corp Ltd
Keppel Land Ltd
Mapletree Greater China
Commercial Trust (Reit)
102,000 Mapletree Logistics Trust (Reit)
7,000 Noble Group Ltd
(61,000) Religare Health Trust
(71,000) Thai Beverage PCL
97,000 UOL Group Ltd
(118,000) Vard Holdings Ltd
83,000 Wilmar International Ltd
756,000 Yangzijiang Shipbuilding
Holdings Ltd

South Korea
2,260
(431)
378
(899)
8,038
607
(27,250)
800
810
12,730
(1,300)
310
1,704
270
2,221
(6,320)
3,608
1,820
3,150
(1,790)
(267)
1,837
(6,610)
7,127
261

BS Financial Group Inc


CJ CheilJedang Corp
CJ Corp
CJ Korea Express Co Ltd
Coway Co Ltd
Daelim Industrial Co Ltd
Daewoo Engineering &
Construction Co Ltd
DGB Financial Group Inc
Display Tech Co Ltd
Dongyang Mechatronics Corp
DuzonBizon Co Ltd
E-Mart Co Ltd
Eugene Technology Co Ltd
Global Display Co Ltd
Green Cross Cell Corp
GS Engineering & Construction Corp
Hana Financial Group Inc
Hankook Tire Worldwide Co Ltd
Hansol Paper Co
Hite Jinro Co Ltd
Huons Co Ltd
Hyosung Corp
Hyundai Development Co-Engineering
& Construction
Hyundai Engineering &
Construction Co Ltd
Hyundai Glovis Co Ltd

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

4,130
(3,238)
300
905
690
1,968
5,890
(283)
13,737
9,940
509
11,720
694
2,370
(210)
3,266
(470)
964
8,139
840
1,374
334
(4,455)
780
(2,269)
3,860
2,600
3,146
6,102
2,398
905
11,490
5,181
489

Hyundai Hysco Co Ltd


Hyundai Mipo Dockyard
Hyundai Mobis
Hyundai Wia Corp
Industrial Bank of Korea
Infraware Inc
KB Financial Group Inc
KEPCO Engineering &
Construction Co Inc
Kia Motors Corp
Korea Aerospace Industries Ltd
Korea Zinc Co Ltd
Korean Reinsurance Co
LG Chem Ltd
LG Fashion Corp
Lock & Lock Co Ltd
LOTTE Himart Co Ltd
Nexen Tire Corp
S-1 Corp
Samsung C&T Corp
Samsung Card Co Ltd
Samsung Electronics Co Ltd
Samsung Electronics Co Ltd (Pref)
Samsung Engineering Co Ltd
Samsung Life Insurance Co Ltd
Sapphire Technology Co Ltd
Seah Besteel Corp
Shinhan Financial Group Co Ltd
SK C&C Co Ltd
SK Chemicals Co Ltd
SK Holdings Co Ltd
SK Innovation Co Ltd
SK Networks Co Ltd
Sung Kwang Bend Co Ltd
YG Entertainment Inc

158,246
(552,262)
87,026
162,478
7,465
21,664
220,952

(5,700)
(166,376)
4,464
25,170
(1,029)
3,357
15,179

(16,285)
784,007
262,988
138,516
126,248
190,501
76,925
(4,544)
267,563
(6,839)
65,129
486,048
30,241
1,939,673
316,547
(264,783)
75,177
(80,615)
98,843
109,326
402,800
306,743
423,723
123,141
81,102
135,363
22,918

(1,006)
72,289
8,109
(1,793)
(4,395)
(4,781)
6,242
(208)
13,592
(143)
7,085
64,111
999
160,541
69,474
23,148
2,717
14,825
(22,458)
12,383
83,039
19,646
49,021
(5,153)
7,853
(6,821)
919

7,185,544

572,316

(240,256)
6,184
103,582
8,802
12,165
111,516
21,283
520,399
(4,764)
(91,657)
302,480
16,155
129,749
217,139
(92,715)
153,325
(107,931)
74,326
(133,642)
79,476
71,655
20,410
260,769
171,819
(31,729)
(69,744)
(5,102)
(724)
181,810
522,501

95,923
128
7,862
535
1,222
16,924
8,868
93,515
284
(1,293)
(1,383)
304
(3,202)
1,426
(870)
12,701
141
11,328
77,601
9,946
(228)
(5,179)
21,309
10,932
(304)
(13,294)
197
(724)
88,385
130,756

Taiwan
(443,000)
1,000
78,000
1,000
2,000
70,972
409,000
898,000
(3,000)
(155,000)
296,410
14,000
73,000
119,000
(34,000)
121,000
(45,500)
52,000
(113,000)
7,000
67,000
8,000
118,000
65,190
(20,000)
(6,000)
(1,000)
(399)
255,000
621,000

Acer Inc
Advantech Co Ltd
Asia Cement Corp
Asustek Computer Inc
Catcher Technology Co Ltd
Cathay Financial Holding Co Ltd
Chunghwa Picture Tubes Ltd
Compeq Manufacturing Co Ltd
CTCI Corp
Evergreen Marine Corp Taiwan Ltd
Far Eastern Department Stores Ltd
Far Eastern New Century Corp
Farglory Land Development Co Ltd
Feng Hsin Iron & Steel Co
Formosa Petrochemical Corp
Formosa Taffeta Co Ltd
Foxconn Technology Co Ltd
Fubon Financial Holding Co Ltd
G Tech Optoelectronics Corp
Giga Solar Materials Corp
Gintech Energy Corp
Global Unichip Corp
Highwealth Construction Corp
Hon Hai Precision Industry Co Ltd
Hota Industrial Manufacturing Co Ltd
Hotai Motor Co Ltd
HTC Corp
ILI Technology Corp
Inotera Memories Inc
Inventec Corp

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

47

BlackRock Asia Extension Fund continued


Contracts For Difference as at 30 November 2013

Holding

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Description

Holding

Taiwan continued
2,000
7,000
14,000
44,000
35,000
6,000
14,000
172,000
30,000
157,000
150,000
253,000
(10,000)
384,000
176,000
96,000
23,000
(107,000)
(47,000)
30,000
(11,000)
(769,000)
(854,000)
249,000
(1,226,000)
1,296,000
(6,000)
3,000

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Description
Thailand

Largan Precision Co Ltd


MediaTek Inc
Merida Industry Co Ltd
Motech Industries Inc
Neo Solar Power Corp
Parade Technologies Ltd
PChome Online Inc
Pou Chen Corp
President Chain Store Corp
Synnex Technology International Corp
Taiflex Scientific Co Ltd
Taiwan Cement Corp
Taiwan Fertilizer Co Ltd
Taiwan Semiconductor
Manufacturing Co Ltd
Teco Electric and Machinery Co Ltd
Ton Yi Industrial Corp
Tong Hsing Electronic Industries Ltd
TTY Biopharm Co Ltd
Unimicron Technology Corp
Vanguard International
Semiconductor Corp
Win Semiconductors Corp
Winbond Electronics Corp
Wintek Corp
Wistron NeWeb Corp
Yang Ming Marine Transport Corp
Yuanta Financial Holding Co Ltd
Yulon Motor Co Ltd
Yulon Nissan Motor Co Ltd

71,298
103,129
104,075
84,003
45,178
34,973
100,764
223,762
212,881
235,813
310,198
400,522
(23,316)

3,708
3,620
7,052
(4,404)
2,612
(9,911)
4,476
12,102
3,436
(13,640)
(2,378)
58,494
(102)

1,362,438
193,282
100,885
122,407
(357,221)
(34,860)

96,283
55,663
959
1,928
2,973
3,546

35,227
(9,255)
(189,950)
(263,466)
595,702
(538,555)
702,872
(9,874)
40,447

3,502
(225)
(8,153)
113,473
11,269
(6,529)
19,717
(95)
5,224

5,860,640

928,410

72,300
(34,200)
(33,700)
26,300
48,400
21,400
3,025,100
28,400
36,000

BEC World PCL


Italian-Thai Development PCL
Jasmine International PCL
Kasikornbank PCL
Land and Houses PCL
PTT Global Chemical PCL
Quality Houses PCL
Siam Cement PCL/The
Siam Commercial Bank PCL/The

119,337
(5,432)
(8,239)
138,421
15,676
50,817
260,021
355,553
176,020

(23,860)
(19)
383
(8,355)
(2,098)
(1,034)
(27,368)
(51,191)
(35,305)

1,102,174

(148,847)

69,025
719,864

(18,248)
29,157

11,350
52,911
61,922
368,399
53,730
(4,631)
511
(147,788)
570,277
252,070

4,455
3,749
(12,422)
(22,697)
1,345
(203)
(24,389)
19,031
(20,279)
12,520

2,007,640

(27,981)

37,190,851

2,944,181

United States
2,500
17,814
1,235

Changyou.com Ltd ADR


Dr Reddy's Laboratories Ltd ADR
E-Commerce China Dangdang
Inc 'A' ADR
4,922 E-House China Holdings Ltd ADR
1,864 HDFC Bank Ltd ADR
10,395 ICICI Bank Ltd ADR
995 Infosys Ltd ADR
(294) KT Corp ADR
375 Philippine Long Distance Telephone Co
(32,769) ReneSola Ltd ADR
49,035 Sesa Sterlite Ltd ADR
21,471 Wipro Ltd ADR
Total market value
(USD underlying exposure USD 60,163,950)

Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)).
Bank of America Merrill Lynch, Credit Suisse and Morgan Stanley are the counterparties to these Contracts for Difference.

Open Forward Foreign Exchange Transactions


as at 30 November 2013

Purchases

Sales

GBP 3,874
USD 257

USD 6,154
GBP 160

Open Exchange Traded Futures Contracts


as at 30 November 2013

Unrealised
appreciation/
(depreciation)
Value date
USD
13/12/2013
13/12/2013

172
(5)

Sector Breakdown
as at 30 November 2013
% of net
assets*
43.53
38.12
18.35
100.00

48

BlackRock Strategic Funds (BSF)

Contract/
Description

S&P 500 E Mini Index


SGX CNX Nifty Index

Expiration
date

December 2013
90,205
December 2013 1,220,688
1,310,893

(450)
19,158
18,708

167

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see Note 2(d)).
State Street Bank and Trust Company is the counterparty to these Open Forward Foreign
Exchange Transactions.

* Based on the market value of the Portfolio of Investments

(1)
98
Total

Net unrealised appreciation


(USD underlying exposure USD 6,588)

Financial
Government
Other Net Assets

Number of
Contracts

Unrealised
Underlying appreciation/
exposure (depreciation)
USD
USD

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see Note 2(d)).

BlackRock Emerging Markets Absolute Return Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(USD)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

COMMON STOCKS (SHARES)


Raiffeisen Bank International AG

276,865

1.57

276,865

1.57

444,824
633,323

2.53
3.59

2,260
28,400
162,708

Brazil
33,521
58,038

Banco Bradesco SA ADR


Cetip SA - Mercados Organizados

1,078,147

Baidu Inc ADR

624,036
352,444
454,850

3.54
2.00
2.58

1,431,330

8.12

Magnit OJSC
Sberbank of Russia ADR
VTB Bank OJSC GDR

South Africa
27,652

Foschini Group Ltd/The

6.12

358,402

2.03

358,402

2.03

3,713
1,399
9,539

Gamevil Inc
Hyundai Mobis Co Ltd
Kia Motors Corp

Chile
26,828,784

Corpbanca SA

346,521

1.97

346,521

1.97

Dongfeng Motor Group Co Ltd 'H'

Krung Thai Bank PCL

670,610

3.81

670,610

3.81

Globaltrans Investment Plc GDR

MOL Hungarian Oil and Gas Plc


OTP Bank Plc

Axis Bank Ltd


Axis Bank Ltd GDR
Reliance Industries Ltd GDR '144A'
Tata Motors Ltd ADR

1,103,744

6.26

189,186

1.07

189,186

1.07

Dogan Sirketler Grubu Holding AS

462,510

2.62

462,510

2.62

Total Common Stocks (Shares)

9,682,520

54.94

416,887

2.37

536,974
442,520

3.05
2.51

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

9,682,520

54.94

979,494

5.56

185,310
159,496
503,840
436,025

1.05
0.91
2.86
2.47

1,555,435

8.82

Funds

India
10,000
8,511
18,476
13,375

0.87
2.30
3.09

2.37

416,887

Hungary
8,497
22,020

153,495
405,833
544,416

Trinidad And Tobago


1,124,624

Cyprus
27,481

1.56
1.56

Thailand
326,600

China
422,000

275,637
275,637

South Korea

Cayman Islands
2,172

Market Value
(USD)

Russia

Austria
7,493

Description

Ireland

1,284,671

7.29

1,555,435

Institutional Cash Series Plc Institutional US Dollar Liquidity Fund 1

Total Funds
Securities portfolio at market value

1,555,435

8.82

1,555,435

8.82

11,237,955

63.76

Peru
16,469

Cia de Minas Buenaventura SAA ADR

193,675

1.10

Other Net Assets

193,675

1.10

Total Net Assets (USD)

6,386,130

36.24

17,624,084

100.00

Portugal
29,734

Jeronimo Martins SGPS SA

614,841

3.49

614,841

3.49

This fund is managed by BlackRock.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

49

BlackRock Emerging Markets Absolute Return Fund continued


Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

United States continued

Hong Kong
(37,933) Tsingtao Brewery Co Ltd H

(318,526)

(26,057)

(318,526)

(26,057)

(626,252)
(442,842)

(30,872)
(55,489)

(1,069,094)

(86,361)

(469,958)
(354,035)

(14,654)
(13,373)

(373,165)

(36,296)

(1,197,158)

(64,323)

Poland
(10,286) Bank Pekao SA
(73,418) PGE SA

South Africa
(50,489) Barloworld Ltd
(17,073) Imperial Holdings Ltd
(51,341) Woolworths Holdings Ltd/
South Africa

Turkey
(267,650) Eregli Demir ve Celik Fabrikalari TAS

(354,090)

(1,610)

(354,090)

(1,610)

(289,231)

(33,044)

(289,231)

(33,044)

(472,668)
(247,933)
(509,746)

(59,048)
3,414
(14,758)

United Kingdom
(11,649) Ultrapar Participacoes SA

Description

(531,970)
(395,500)
(23,943)
(1,089,326)
(181,984)
(601,350)
(3,112)
(372,700)
(29,000)
(85,602)
(40,582)
(346,200)
(378,937)
(4,600)
(90,993)
(35,400)
59,907

Ayala Land Inc


Bank Central Asia Tbk PT
BRF SA
BTS Group Holdings PCL
Chailease Holding Co Ltd
China Steel Corp
Coca-Cola Femsa SAB de CV
CP ALL PCL
Group BTG Pactual
Grupo Financiero Banorte SAB de CV
Hypermarcas SA
IHH Healthcare Bhd
Indofood CBP Sukses Makmur Tbk PT
Magnit OJSC
Odontoprev SA
Phosagro OAO GDR
Radiant Opto-Electronics Corp

Total market value


(USD underlying exposure USD 11,443,184)

United States
(476,000) Advanced Semiconductor
Engineering Inc
(474,512) Astra International Tbk PT
(244,600) Axiata Group Bhd

Note: The net unrealised depreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)).
Citibank, Credit Suisse and Deutsche Bank are the counterparties to these Contracts for Difference.

50

BlackRock Strategic Funds (BSF)

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

(345,940)
(319,050)
(524,254)
(317,539)
(483,750)
(516,920)
(371,760)
(473,590)
(350,056)
(587,144)
(326,921)
(434,827)
(316,753)
(302,680)
(370,032)
(344,442)
213,479

36,595
34,838
44,565
(39,260)
(78,838)
(4,479)
(1,826)
29,437
34,182
(49,743)
(53,008)
(13,409)
17,067
(8,953)
(17,625)
14,110
1,117

(7,402,526)

(125,622)

(10,630,625)

(337,017)

BlackRock Emerging Markets Absolute Return Fund continued


Open Forward Foreign Exchange Transactions
as at 30 November 2013

Purchases

Sales

EUR 2,473,109
USD 49,632
GBP 3,272
USD 66
USD 1,009,037
USD 986,772

USD 3,311,797
EUR 36,840
USD 5,194
GBP 41
PLN 3,130,000
ZAR 10,208,000

Sector Breakdown
as at 30 November 2013

Unrealised
appreciation/
(depreciation)
Value date
USD
13/12/2013
13/12/2013
13/12/2013
13/12/2013
28/2/2014
28/2/2014

Net unrealised appreciation


(USD underlying exposure USD 5,415,157)

51,485
(468)
149
(2)
2,108
(2,664)
50,608

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see Note 2(d)).
State Street Bank and Trust Company and UBS AG London are the counterparties to
these Open Forward Foreign Exchange Transactions.

% of net
assets*
Financial
Consumer, Cyclical
Funds
Consumer, Non-cyclical
Energy
Diversified
Industrial
Communications
Basic Materials
Technology
Other Net Assets

19.78
13.23
8.82
7.03
5.91
2.62
2.37
2.03
1.10
0.87
36.24
100.00

* Based on the market value of the Portfolio of Investments

Open Exchange Traded Futures Contracts


as at 30 November 2013

Number of
Contracts
(280)

Contract/
Description

Expiration
date

FTSE/ATHEX 20

December 2013

Total

Unrealised
Underlying appreciation/
exposure (depreciation)
USD
USD
750,143

(7,260)

750,143

(7,260)

Note: The net unrealised depreciation attributed to these transactions is included


in the Statement of Net Assets (see Note 2(d)).

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

51

BlackRock Emerging Markets Allocation Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(USD)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

BONDS

BRL 231,000
BRL 259,000
USD 375,000
USD 150,000

Banco do Brasil SA 3.875%


10/10/2022
Brazil Notas do Tesouro Nacional
Serie F 10.00% 1/1/2023
Brazilian Government International
Bond 10.25% 10/1/2028
Brazilian Government International
Bond 8.25% 20/1/2034
Caixa Economica Federal 3.50%
7/11/2022

USD 123,000
175,621

0.35

89,218

0.18

109,237

0.22

471,375

0.95

122,630

0.25

USD 290,000

968,081

1.95

USD 300,000
USD 200,000
USD 264,000

Hutchison Whampoa International


11 Ltd 4.625% 13/1/2022
Petrobras International Finance
Co 6.75% 27/1/2041

Banco de Credito e Inversiones


4.00% 11/2/2023
Banco Santander Chile 3.875%
20/9/2022
Corp Nacional del Cobre de Chile
4.25% 17/7/2042
Empresa Nacional del Petroleo
4.75% 6/12/2021

USD 305,000
USD 320,000

778,001

1.56

277,410

0.56

1,055,411

2.12

250,593

0.50

285,363

0.57

161,695

0.33

263,423

0.53

961,074

1.93

MXN 1,179,300
MXN 1,066,400
MXN 921,300
MXN 1,451,800
MXN 1,455,400
MXN 1,776,800
MXN 1,548,300
MXN 2,057,900
MXN 2,693,900
USD 100,000
USD 104,000
USD 117,000
USD 196,000

Colombia
USD 375,000
COP 257,000,000
COP 424,000,000
USD 325,000

Colombia Government International


Bond 2.625% 15/3/2023
Colombia Government International
Bond 4.375% 21/3/2023
Colombia Government International
Bond 9.85% 28/6/2027
Republic of Colombia 7.375%
18/9/2037

330,469

0.67

119,009

0.24

277,163

0.56

394,810

0.79

1,121,451

2.26

Curacao
USD 775,000

Teva Pharmaceutical Finance Co


BV 3.65% 10/11/2021

USD 109,000
763,987

1.54

763,987

1.54

USD 200,000

Deutsche Bank AG FRN 24/5/2028

206,300

0.42

206,300

0.42

PEN 569,000
PEN 495,000

India
Reliance Industries Ltd 5.875%
(Perpetual)

PEN 647,000
169,459

0.34

169,459

0.34

52

Vnesheconombank Via VEB


Finance Plc 6.80% 22/11/2025

BlackRock Strategic Funds (BSF)

USD 115,000
USD 250,000

Ireland
USD 330,000

0.27

392,887

0.79

392,887

0.79

285,083

0.57

348,264

0.70

177,354
92,612
92,244
91,859
119,051
125,904
141,598
148,987
172,392
208,733

0.36
0.19
0.19
0.18
0.24
0.25
0.28
0.30
0.35
0.42

88,125

0.18

94,284

0.19

120,086

0.24

Malayan Banking Bhd FRN


20/9/2022

346,216

0.70

346,216

0.70

America Movil SAB de CV 3.125%


16/7/2022
America Movil SAB de CV 6.375%
1/3/2035
BBVA Bancomer SA/Texas 6.75%
30/9/2022
Mexican Bonos 6.50% 9/6/2022
Mexican Bonos 8.00% 7/12/2023
Mexican Bonos 10.00% 5/12/2024
Mexican Bonos 7.50% 3/6/2027
Mexican Bonos 8.50% 31/5/2029
Mexican Bonos 7.75% 29/5/2031
Mexican Bonos 10.00% 20/11/2036
Mexican Bonos 8.50% 18/11/2038
Mexican Bonos 7.75% 13/11/2042
Mexico Government International
Bond 4.75% 8/3/2044
Mexico Government International
Bond 5.75% 12/10/2110
Petroleos Mexicanos 4.875%
24/1/2022
Petroleos Mexicanos 6.50%
2/6/2041

198,427

0.40

2,505,003

5.04

Petrobras Global Finance BV


4.375% 20/5/2023

124,884

0.25

124,884

0.25

138,093

0.28

107,639

0.22

199,080

0.40

135,702

0.27

243,686

0.49

181,059

0.36

233,527

0.47

146,099
287,288

0.29
0.58

1,672,173

3.36

Peru
USD 137,000

Germany

USD 200,000

0.27

132,422

Netherlands
USD 137,000

USD 150,000
USD 225,000

132,422

Gazprom OAO Via Gaz Capital SA


6.51% 7/3/2022

Malaysia
USD 394,000

USD 167,000

Chile
USD 270,000

Mexico

Cayman Islands
USD 750,000

Market Value
(USD)

Luxembourg
Brazil

USD 200,000

Description

Banco de Credito del Peru/Panama


FRN 24/4/2027
BBVA Banco Continental SA 5.00%
26/8/2022
Corp Financiera de Desarrollo SA
4.75% 8/2/2022
Fondo MIVIVIENDA SA 3.50%
31/1/2023
Peru Government Bond 8.20%
12/8/2026
Peru Government Bond 6.95%
12/8/2031
Peru Government Bond 6.90%
12/8/2037
Peruvian Government International
Bond 7.35% 21/7/2025
Republic of Peru 6.55% 14/3/2037

BlackRock Emerging Markets Allocation Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(USD)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Poland
PLN 661,000
PLN 272,000
PLN 298,000
USD 575,000

Poland Government Bond 5.75%


25/10/2021
Poland Government Bond 5.75%
23/9/2022
Poland Government Bond 4.00%
25/10/2023
Poland Government International
Bond 5.00% 23/3/2022

RUB 3,153,000
RUB 3,325,000
RUB 4,287,000
USD 88,000

Russian Federal Bond - OFZ 7.60%


20/7/2022
Russian Federal Bond - OFZ 7.00%
25/1/2023
Russian Federal Bond - OFZ 8.15%
3/2/2027
Russian Federal Bond - OFZ 7.05%
19/1/2028
Russian Foreign Bond - Eurobond
12.75% 24/6/2028

TRY 550,000
233,689

0.47
TRY 670,000

96,350

0.19
TRY 1,245,000

92,514

0.19

618,697

1.25

1,041,250

2.10

ZAR 1,350,000
ZAR 1,825,000
ZAR 2,430,000
ZAR 3,050,000
ZAR 2,975,000
ZAR 2,055,000
USD 370,000

USD 100,000

USD 200,000

Eskom Holdings SOC Ltd 6.75%


6/8/2023
South Africa Government Bond
7.75% 28/2/2023
South Africa Government Bond
10.50% 21/12/2026
South Africa Government Bond
7.00% 28/2/2031
South Africa Government Bond
6.25% 31/3/2036
South Africa Government Bond
6.50% 28/2/2041
South Africa Government Bond
8.75% 28/2/2048
South Africa Government
International Bond 4.665%
17/1/2024
South Africa Government
International Bond 6.25%
8/3/2041
Transnet SOC Ltd 4.00%
26/7/2022

91,121

0.18

90,958

0.18

102,332

0.21

118,932

0.24

THB 12,246,000
THB 7,073,000
THB 8,723,000

PTT PCL 3.375% 25/10/2022


Thailand Government Bond
3.65% 17/12/2021
Thailand Government Bond
3.625% 16/6/2023
Thailand Government Bond
3.85% 12/12/2025
Thailand Government Bond
3.58% 17/12/2027

USD 250,000
USD 100,000
USD 300,000
USD 100,000
USD 400,000
USD 125,000

150,810

0.31

554,153

1.12

USD 100,000
USD 100,000
USD 100,000

202,592

0.41

USD 250,000

130,497

0.26

USD 300,000

210,102

0.42

USD 200,000

199,357

0.40

USD 250,000
USD 125,000

218,973

0.44
USD 350,000

213,443

0.43
USD 500,000

190,951

0.39
USD 125,000

357,265

0.72

103,119

0.21

176,000

0.35

2,002,299

4.03

329,609

0.66

581,923

1.17

366,940

0.74

213,769

0.43

253,479

0.51

1,745,720

3.51

Thailand
USD 359,000
THB 19,027,000

277,297

0.56

318,780

0.64

537,681

1.08

1,133,758

2.28

94,127
91,612

0.19
0.18

180,750
246,688
101,987
279,421
98,582

0.36
0.50
0.21
0.56
0.20

379,075

0.76

142,031
126,206
100,477

0.29
0.25
0.20

113,088

0.23

243,053

0.49

335,740

0.68

230,653
245,752

0.46
0.49

132,959

0.27

336,445

0.68

475,484

0.96

149,719
96,191
92,528
283,200
91,712

0.30
0.19
0.19
0.57
0.18

117,500
366,378
176,075

0.24
0.74
0.35

139,985
114,068

0.28
0.23

92,923
207,800
100,871

0.19
0.42
0.20

110,433
165,101

0.22
0.33

1,099,895

2.21

Turkey Government Bond


9.50% 12/1/2022
Turkey Government Bond
8.50% 14/9/2022
Turkey Government Bond
7.10% 8/3/2023

United States
USD 100,000
USD 100,000
USD 150,000

South Africa
USD 200,000

Market Value
(USD)

Turkey

Russia
RUB 3,026,000

Description

USD 100,000
USD 100,000
USD 300,000
USD 100,000
USD 100,000
USD 375,000
USD 150,000
USD 150,000
USD 125,000
USD 100,000
USD 225,000
USD 100,000
USD 100,000
USD 150,000
USD 1,100,000

Alcoa Inc 5.95% 1/2/2037


Amazon.com Inc 2.50% 29/11/2022
American International Group Inc
FRN 15/5/2058
Amgen Inc 5.15% 15/11/2041
Amgen Inc 5.375% 15/5/2043
Apache Corp 2.625% 15/1/2023
Apache Corp 4.75% 15/4/2043
Bank of America Corp 3.30%
11/1/2023
Bank of America Corp 5.875%
7/2/2042
ConocoPhillips 6.50% 1/2/2039
Cummins Inc 3.65% 1/10/2023
Goldman Sachs Group Inc/The
5.75% 24/1/2022
Goldman Sachs Group Inc/The
3.625% 22/1/2023
Goldman Sachs Group Inc/The
6.125% 15/2/2033
Goldman Sachs Group Inc/The
6.25% 1/2/2041
Halliburton Co 3.50% 1/8/2023
JPMorgan Chase & Co 4.50%
24/1/2022
JPMorgan Chase & Co 3.25%
23/9/2022
JPMorgan Chase & Co 3.20%
25/1/2023
JPMorgan Chase & Co 6.40%
15/5/2038
McDonald's Corp 2.625% 15/1/2022
Merck & Co Inc 2.40% 15/9/2022
Merck & Co Inc 2.80% 18/5/2023
Merck & Co Inc 4.15% 18/5/2043
Mondelez International Inc 6.50%
9/2/2040
Morgan Stanley 3.75% 25/2/2023
Morgan Stanley 6.375% 24/7/2042
National Oilwell Varco Inc 2.60%
1/12/2022
NIKE Inc 2.25% 1/5/2023
Occidental Petroleum Corp 2.70%
15/2/2023
Oracle Corp 2.50% 15/10/2022
Starbucks Corp 3.85% 1/10/2023
Teva Pharmaceutical Finance Co
LLC 6.15% 1/2/2036
Time Warner Inc 6.25% 29/3/2041
United States Treasury Bill 0.00%
13/2/2014 (Zero Coupon)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

53

BlackRock Emerging Markets Allocation Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(USD)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

United States continued


USD 1,000,000
USD 150,000
USD 100,000
USD 100,000
USD 100,000

United States Treasury Bill 0.00%


22/5/2014 (Zero Coupon)
United Technologies Corp 3.10%
1/6/2022
United Technologies Corp 4.50%
1/6/2042
Viacom Inc 4.25% 1/9/2023
Viacom Inc 5.85% 1/9/2043

Total Bonds

USD 650,000
999,529

2.01
USD 1,000,000

147,133

0.30

97,327
101,241
104,442

0.20
0.20
0.21

8,808,181

17.72

25,704,709

51.73

USD 1,000,000

Nordea Bank Finland Plc 0.16%


11/12/2013
Norinchukin Bank 0.16%
2/12/2013

653,439

1.31

653,439

1.31

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

USD 650,000
USD 1,000,000
USD 1,000,000

Bank of America NA 0% 14/1/2014


Bank of Montreal 0.19% 7/4/2014
Bank of Nova Scotia 0% 22/2/2014
Bank of Tokyo Mitsubishi UFJ Ltd
0% 7/3/2014
Bank of Tokyo Mitsubishi UFJ Ltd
0.39% 13/5/2014
Credit Suisse AG 0.67% 9/1/2014
Mizuho Bank Ltd 0.22% 15/1/2014

Total Certificates of Deposit

1,000,166

2.02

1,000,012

2.01

iShares MSCI Frontier 100 ETF1

2,000,178

4.03

USD 650,000

54

This fund is managed by BlackRock.

BlackRock Strategic Funds (BSF)

2.01
11.30

5,617,657

11.30

42,120,522

84.76

2,534,650

5.10

2,534,650

5.10

2,534,650

5.10

Malaysia
650,010
1,000,198
650,003

1.31
2.01
1.31

MYR 522,000

651,979

1.31

MYR 320,000

651,617
1,005,832
1,000,250

1.31
2.03
2.01

MYR 517,000
MYR 230,000

5,609,889

11.29

MYR 320,000

8,263,506

16.63

United States

USD 650,000

999,922
5,617,657

BONDS

MYR 321,000

Malaysia Government Bond


3.418% 15/8/2022
Malaysia Government Bond
3.48% 15/3/2023
Malaysia Government Bond
3.733% 15/6/2028
Malaysia Government Bond
3.844% 15/4/2033
Malaysia Government Bond
3.892% 15/3/2027
Malaysia Government Bond
4.127% 15/4/2032
Malaysia Government Bond
4.392% 15/4/2026

COMMERCIAL PAPER
Barton Capital LLC 0% 3/2/2014
Govco LLC 0% 11/2/2014
ING (US) Funding LLC 0% 6/3/2014
Lloyds Bank Plc 0% 6/12/2013
Natexis Banques Populaires 0%
5/2/2014
Oversea - Chinese Banking Corp
0% 18/2/2014
Rabobank USA Financial Corp 0%
8/5/2014

1.31

Other Transferable Securities and Money Market Instruments

MYR 603,000

USD 600,000
USD 650,000
USD 650,000
USD 120,000
USD 650,000

649,776

United States
76,645

Total Funds

United States
USD 650,000
USD 1,000,000
USD 650,000
USD 650,000

FUNDS

Luxembourg
USD 1,000,000

Societe Generale North America


Inc 0% 31/1/2014
Victory Receivables Corp 0%
20/12/2013

Total Commercial Paper

France
BNP Paribas SA 0.69% 17/4/2014

Market Value
(USD)

United States continued

CERTIFICATES OF DEPOSIT
USD 650,000

Description

599,762
649,736
649,619
119,997

1.20
1.31
1.31
0.24

649,722

1.31
1.31

649,368

1.30

0.31

95,169

0.19

93,173

0.19

149,101

0.30

68,542

0.14

95,721

0.19

188,687

0.38

843,511

1.70

Total Bonds

843,511

1.70

Total Other Transferable Securities


and Money Market Instruments

843,511

1.70

Securities portfolio at market value

42,964,033

86.46

Other Net Assets


Total Net Assets (USD)

649,755

153,118

6,730,625

13.54

49,694,658

100.00

BlackRock Emerging Markets Allocation Fund continued


Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Hong Kong continued

Brazil
18,500 AES Tiete SA
(1,500) ALL - America Latina Logistica SA
(43,100) Anhanguera Educacional
Participacoes SA
23,600 Banco do Brasil SA
(70,700) BB Seguridade Participacoes
188,400 BM&FBovespa SA
(63,600) BR Properties SA
51,600 Bradespar SA
900 Braskem SA
(1,500) BRF SA
2,300 Centrais Eletricas Brasileiras SA
2,500 Cia Brasileira de Distribuicao Grupo
Pao de Acucar
2,000 Cia de Saneamento Basico do Estado
de Sao Paulo
23,400 Cia Energetica de Sao Paulo
500 Cia Paranaense de Energia
(9,000) Cielo SA
(39,000) CPFL Energia SA
50,400 EDP - Energias do Brasil SA
49,700 Even Construtora e Incorporadora SA
102,000 Gafisa SA
600 Gerdau SA
(2,600) International Meal Co Holdings SA
10,600 Itausa - Investimentos Itau SA
121,600 JBS SA
23,700 Light SA
(109,800) Marcopolo SA
43,000 Petroleo Brasileiro SA
24,400 Porto Seguro SA
8,700 Tractebel Energia SA
24,700 Vale SA

156,291
(4,990)

(8,524)
197

(284,743)
258,744
(763,602)
943,820
(528,021)
554,653
7,959
(32,840)
10,288

5,536
(22,963)
(14,324)
(51,798)
(10,513)
(20,035)
(236)
1,856
(622)

117,386

(2,417)

20,932
230,534
6,566
(259,163)
(321,610)
261,357
171,107
147,997
4,685
(22,434)
41,818
438,480
215,991
(274,795)
355,703
310,879
143,973
344,814

(1,587)
(14,629)
(782)
5,704
8,919
(19,189)
(11,469)
695
(280)
1,379
(2,689)
(11,215)
(6,726)
(10,539)
(44,668)
8,997
(7,056)
(12,748)

2,251,779

(241,726)

24,806
37,089
65,932

(805)
(195)
(1,150)

127,827

(2,150)

Chile
17,175
119,939
4,632

Empresa Nacional de Electricidad


SA/Chile
Enersis SA
ENTEL Chile SA

Egypt
95,988

Telecom Egypt Co

188,526

(4,462)

188,526

(4,462)

Greece
(48,300) Piraeus Bank SA

(106,411)

(1,690)

(106,411)

(1,690)

Agricultural Bank of China Ltd


462,546
Air China Ltd
43,629
Aluminum Corp of China Ltd
(25,436)
AviChina Industry & Technology Co Ltd (421,943)
Bank of China Ltd
1,000,780
Bank of Communications Co Ltd
165,051
Brilliance China Automotive
Holdings Ltd
(101,596)
China CITIC Bank Corp Ltd
304,427

23,862
5,876
(602)
(75,961)
42,944
8,142

Hong Kong
901,000
56,000
(68,000)
(696,000)
2,069,000
221,000
(58,000)
521,000

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

(1,218)
17,678

993,000
982,000
(1,680,500)
(242,000)
(585,000)
(357,000)
1,272,000
(3,000)
6,000
(358,000)
(820,000)
120,000
154,000
37,000
107,500
(44,000)
52,500
(596,000)
(70,000)
(218,000)
(370,000)
604,000
28,000
94,000
(480,000)
(20,000)
38,000
(1,661,000)
460,000
(11,000)
1,477,000
86,500
(40,000)
(89,000)
131,000
(112,000)
1,551,000
(7,500)
64,000
55,500
27,000
32,000
(693,500)
662,000
(74,000)
3,100
16,000
146,000
145,000
356,000
(156,000)
3,600
1,900

China Communications
Construction Co Ltd
836,391
China Construction Bank Corp
795,460
China COSCO Holdings Co Ltd
(864,885)
China Everbright International Ltd
(270,321)
China High Speed Transmission
Equipment Group Co Ltd
(294,285)
China Longyuan Power Group Corp
(460,024)
China Lumena New Materials Corp
275,641
China Mengniu Dairy Co Ltd
(13,737)
China Mobile Ltd
64,623
China Modern Dairy Holdings Ltd
(194,869)
China Oil & Gas Group Ltd
(153,366)
China Oilfield Services Ltd
362,196
China Petroleum & Chemical Corp
132,294
China Power International
Development Ltd
13,363
China Railway Construction Corp Ltd
120,497
China Resources Enterprise Ltd
(155,791)
China Shenhua Energy Co Ltd
178,099
China Shipping Container Lines Co Ltd (160,672)
China Shipping Development Co Ltd
(47,583)
China Singyes Solar Technologies
Holdings Ltd
(248,855)
China State Construction International
Holdings Ltd
(650,019)
China Telecom Corp Ltd
326,436
China ZhengTong Auto Services
Holdings Ltd
19,069
CNOOC Ltd
192,784
CSPC Pharmaceutical Group Ltd
(312,046)
ENN Energy Holdings Ltd
(141,241)
Evergrande Real Estate Group Ltd
15,979
GCL-Poly Energy Holdings Ltd
(544,190)
Geely Automobile Holdings Ltd
237,337
Golden Eagle Retail Group Ltd
(14,756)
GOME Electrical Appliances
Holding Ltd
257,194
Greentown China Holdings Ltd
150,179
Haier Electronics Group Co Ltd
(94,419)
Honghua Group Ltd
(31,225)
Huabao International Holdings Ltd
69,279
Huadian Fuxin Energy Corp Ltd
(38,717)
Industrial & Commercial Bank
of China Ltd
1,114,330
Intime Retail Group Co Ltd
(8,571)
Kaisa Group Holdings Ltd
19,235
Kingboard Chemical Holdings Ltd
149,977
KWG Property Holding Ltd
16,229
Lenovo Group Ltd
37,933
Li Ning Co Ltd
(610,962)
Lonking Holdings Ltd
142,601
Maanshan Iron & Steel
(20,617)
New China Life Insurance Co Ltd
11,096
Poly Property Group Co Ltd
9,390
Shanghai Industrial Holdings Ltd
496,227
Shenzhen International Holdings Ltd
18,142
Shenzhen Investment Ltd
140,514
Sinopec Kantons Holdings Ltd
(136,629)
Sinopharm Group Co Ltd
10,727
Tencent Holdings Ltd
109,892

32,207
38,637
(90,339)
(38,943)
(176)
(16,828)
10,793
(314)
1,857
(10,104)
(13,555)
(3,294)
3,018
(420)
1,519
(3,248)
11,832
(10,989)
(6,375)
(7,145)
(34,682)
16,772
159
7,317
(12,258)
(21,368)
412
6,166
991
1,590
(9,860)
(4,923)
3,051
(2,226)
12,587
662
47,181
20
(768)
4,914
(145)
792
(16,966)
12,015
(940)
177
(47)
19,694
726
(50)
(3,767)
723
5,854

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

55

BlackRock Emerging Markets Allocation Fund continued


Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

Hong Kong continued


22,000
(8,000)
(204,000)
22,000
268,000
(18,000)

Tingyi Cayman Islands Holding Corp


Tsingtao Brewery Co Ltd
Uni-President China Holdings Ltd
Yuexiu Property Co Ltd
Zhejiang Expressway Co Ltd
Zhuzhou CSR Times Electric Co Ltd

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Russia
65,268
(67,022)
(206,034)
5,760
249,931
(69,421)

1,884
241
1,690
(292)
6,170
(3,582)

2,261,274

(41,232)

130,190
3,117
68,100
1,033,900
(830)

Gazprom OAO
Lukoil OAO
Surgutneftegas OAO
Surgutneftegas OAO
Uralkali OJSC

561,594
191,941
56,244
734,993
(4,128)

(28,164)
(6,420)
(2,695)
(23,096)
333

1,540,644

(60,042)

(5,799)
(87,813)
14,528
(40,175)
(103,443)
102,351
6,928
345,139
(745,267)
139,968
183,899
(743,446)
134,793
67,622
858,479
338,814
785,032

203
1,635
120
(218)
814
2,309
(815)
9,410
43,041
1,608
4,856
4,346
1,094
(374)
(8,798)
2,453
(48,427)

1,251,610

13,257

44,341
(14,117)
(88,251)
7,253
(10,030)
(32,941)

5,380
(607)
(3,340)
511
(504)
(3,325)

(662,056)

(48,570)

(71,437)
3,457
(20,529)

(532)
54
(80)

(44,700)
110,909
28,012
(43,447)

491
(1,406)
1,188
2,121

131,096
307,387
10,219

3,282
14,337
(338)

23,180
(30,529)
(721,966)
10,443
76,333
170,311
794,293
777,672
478,617
130,987
27,036
447,002
302,181
179,488
90,286

1,069
29
14,035
225
(3,061)
9,549
18,049
(8,176)
9,832
(6,276)
516
11,850
20,996
5,821
15,341

South Africa
Hungary
(108) MOL Hungarian Oil & Gas PLC

(6,825)

155

(6,825)

155

26,827

(1,977)

50,364
(36,690)
103,741

(1,525)
4,492
(7,487)

144,242

(6,497)

282,982
(126,996)
(59,547)
65,921
(313,646)
255,697

(3,251)
(4,839)
1,059
3,170
(9,346)
1,661

Indonesia
284,000
277,000

Adaro Energy Tbk PT


Telekomunikasi Indonesia
Persero Tbk PT
(16,500) Unilever Indonesia Tbk PT
68,000 United Tractors Tbk PT

Malaysia
14,500

British American Tobacco


Malaysia Bhd
(103,100) Bumi Armada Bhd
(27,300) Maxis Bhd
38,700 MISC Bhd
(32,400) Petronas Dagangan Bhd
85,400 Sime Darby Bhd

104,411

(11,546)

(90,549)
(166,925)
(118,953)
(77,393)

(3,477)
6,464
(1,280)
(100)

112,449
41,645

2,400
(1,108)

8,267

260

307,877
38,458
280,074
82,283
(98,873)
310,898
(746,674)
(139,024)

12,545
939
(16,687)
666
(3,750)
(3,482)
(25,197)
4,351

(256,440)

(27,456)

Mexico
(30,700)
(89,000)
(63,500)
(24,900)
11,800

Alfa SAB de CV
Compartamos SAB de CV
Empresas ICA SAB de CV
Fibra Uno Administracion SA de CV
Fomento Economico Mexicano
SAB de CV
6,000 Gruma SAB de CV
1,600 Grupo Aeroportuario del Pacifico
SAB de CV
23,000 Grupo Aeroportuario del Sureste
SAB de CV
14,700 Grupo Financiero Inbursa SAB de CV
95,500 Grupo Mexico SAB de CV
13,500 Grupo Televisa SAB
(17,400) Industrias CH SAB de CV
105,000 Kimberly-Clark de Mexico SAB de CV
(174,500) Mexichem SAB de CV
(62,400) Minera Frisco SAB de CV

Philippines
(190,500) Aboitiz Equity Ventures Inc

(234,997)

(18,496)

(234,997)

(18,496)

(286,965)
(61,915)
(45,982)
127,371
207,807
6,903
372,064

4,092
1,334
941
(1,150)
1,279
229
(7,300)

319,283

(575)

Poland
(11,832)
(9,620)
(1,950)
3,356
34,489
3,945
111,150

56

Alior Bank SA
Cyfrowy Polsat SA
Grupa Azoty SA
KGHM Polska Miedz SA
PGE SA
Synthos SA
Telekomunikacja Polska SA

BlackRock Strategic Funds (BSF)

(2,001)
(9,434)
2,295
(5,020)
(7,507)
30,825
2,393
16,644
(52,846)
9,195
75,567
(38,911)
2,602
13,352
67,242
85,353
65,618

Aveng Ltd
Barloworld Ltd
Clicks Group Ltd
Discovery Ltd
Exxaro Resources Ltd
FirstRand Ltd
Harmony Gold Mining Co Ltd
Imperial Holdings Ltd
Massmart Holdings Ltd
Mr Price Group Ltd
Netcare Ltd
Remgro Ltd
SABMiller Plc
Sanlam Ltd
Spar Group Ltd/The
Steinhoff International Holdings Ltd
Vodacom Group Ltd

South Korea
108
(164)
(362)
248
(923)
(1,811)
(82,140)
(2,060)
420
(2,605)
(1,240)
5,782
110
(1,520)
11,610
44,870
150
390
(119)
(4,233)
36
978
7,510
1,800
13,626
18,090
12,160
1,050
7,569
9,310
1,333
3,000

AMOREPACIFIC Group
Cheil Industries Inc
CJ CheilJedang Corp
CJ E&M Corp
CrucialTec Co Ltd
CTC BIO Inc
Daewoo Engineering &
Construction Co Ltd
Daewoo Shipbuilding & Marine
Engineering Co Ltd
Daishin Securities Co Ltd
Danal Co Ltd
Doosan Heavy Industries &
Construction Co Ltd
e-LITECOM Co Ltd
E-Mart Co Ltd
GS Engineering & Construction Corp
Hanjin Heavy Industries &
Construction Co Ltd
Hanwha Life Insurance Co Ltd
Hyosung Corp
Hyundai Engineering &
Construction Co Ltd
Hyundai Heavy Industries Co Ltd
Hyundai Mipo Dockyard
Hyundai Mobis
Hyundai Steel Co
Jahwa Electronics Co Ltd
KCC Corp
Kia Motors Corp
Korea Aerospace Industries Ltd
Korean Reinsurance Co
KT Skylife Co Ltd
LG Corp
LG Fashion Corp
LG Hausys Ltd
LIG Insurance Co Ltd

BlackRock Emerging Markets Allocation Fund continued


Contracts For Difference as at 30 November 2013

Holding

Description

(22,280)
189
12
49
564
8,550
(2,095)
(1,729)
(636)
399
762
(6,416)
(4,753)
(1,674)
(494)
310
668
3,430
349
68,220
(2,000)
9,868

Lock & Lock Co Ltd


Lotte Chemical Corp
Lotte Chilsung Beverage Co Ltd
LS Corp
Maeil Dairy Industry Co Ltd
Neowiz Games Corp
OCI Co Ltd
OPTRON-TEC Inc
Osstem Implant Co Ltd
POSCO
Samsung Electronics Co Ltd
Samsung Engineering Co Ltd
Samsung Fine Chemicals Co Ltd
Sapphire Technology Co Ltd
Seoul Semiconductor Co Ltd
Shinhan Financial Group Co Ltd
SK C&C Co Ltd
SK Chemicals Co Ltd
SK Holdings Co Ltd
SK Networks Co Ltd
SM Entertainment Co
Woojeon & Handan Co Ltd

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Holding

South Korea continued

Taiwan continued
(482,105)
39,111
17,417
3,658
25,021
133,707
(347,418)
(18,625)
(14,964)
123,474
1,075,714
(381,335)
(211,085)
(59,475)
(19,512)
13,035
85,528
172,424
61,668
481,530
(80,979)
81,588

(41,304)
(491)
143
82
2,201
7,999
22,944
(558)
(1,082)
895
27,467
9,719
(13,210)
(2,177)
(420)
(73)
8,177
14,325
(506)
37,248
(4,286)
(1,786)

3,108,877

123,768

871,444
(13,080)
(47,510)
126,543
240,429
124,039
72,123
800,882
(58,762)
156,707
78,482
33,676
(9,259)
(96,912)
(286,325)
272,437
(137,582)
(380,820)
(121,917)
(253,633)
60,960
147,969
(132,730)
(453,335)
(428,600)
378,594
7,572
(161,577)
(188,450)
44,198
278,739
(56,008)
(637,528)
(164,638)
64,777
72,853
44,536
(155,555)
397,337

107,307
(1,560)
(169)
4,847
(2,857)
2,135
567
35,064
810
7,826
2,983
1,287
99
(3,875)
(10,141)
8,779
(5,959)
34,480
(986)
(10,863)
(1,447)
13,016
(8,648)
(24,173)
1,793
(4,251)
1,115
(9,664)
(18,721)
1,199
(11,885)
(1,487)
(57,059)
14,709
1,992
4,942
527
(270)
(3,560)

Taiwan
99,000
(14,000)
(19,000)
114,000
159,000
133,000
23,000
1,382,000
(37,000)
272,000
42,000
33,000
(8,000)
(30,000)
(105,000)
215,000
(58,000)
(322,000)
(41,000)
(36,000)
57,000
29,000
(16,000)
(39,000)
(84,000)
531,000
9,000
(198,000)
(78,000)
3,000
146,000
(5,000)
(285,000)
(109,000)
9,000
56,000
20,000
(165,000)
164,000

Asustek Computer Inc


Career Technology MFG. Co Ltd
Chicony Electronics Co Ltd
Chimei Materials Technology Corp
China Metal Products
China Motor Corp
Chunghwa Telecom Co Ltd
Compeq Manufacturing Co Ltd
CTCI Corp
Eva Airways Corp
Everlight Electronics Co Ltd
Far Eastern Department Stores Ltd
Faraday Technology Corp
FLEXium Interconnect Inc
Formosa Petrochemical Corp
Formosa Taffeta Co Ltd
Foxconn Technology Co Ltd
G Tech Optoelectronics Corp
Genius Electronic Optical Co Ltd
Giant Manufacturing Co Ltd
Gintech Energy Corp
Grape King Bio Ltd
Hiwin Technologies Corp
Hotai Motor Co Ltd
HTC Corp
Inotera Memories Inc
Inventec Corp
Lextar Electronics Corp
Lotus Pharmaceutical Co Ltd
MediaTek Inc
Motech Industries Inc
MStar Semiconductor Inc
Newmax Technology Co Ltd
Orise Technology Co Ltd
PChome Online Inc
Pou Chen Corp
Quanta Computer Inc
Radium Life Tech Co Ltd
Realtek Semiconductor Corp

Description

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

(638)
(13,000)
(16,000)
308,000
554,000
(100,000)
55,000

Sekonix Co Ltd
Simplo Technology Co Ltd
Standard Foods Corp
Taiflex Scientific Co Ltd
Taiwan Cement Corp
Taiwan Glass Industry Corp
Taiwan Semiconductor
Manufacturing Co Ltd
86,000 Taiwan Styrene Monomer
41,000 Tong Hsing Electronic Industries Ltd
(2,000) TPK Holding Co Ltd
(207,000) TTY Biopharm Co Ltd
66,000 Vanguard International
Semiconductor Corp
(880,000) Winbond Electronics Corp
327,000 Wistron NeWeb Corp
161,000 Yuanta Financial Holding Co Ltd

(16,066)
(57,765)
(48,550)
636,940
877,032
(103,568)

(673)
(2,620)
(1,358)
(24,919)
83,534
(2,651)

195,141
65,094
218,203
(11,185)
(691,073)

1,500
488
(3,875)
(192)
(5,222)

77,499
(217,368)
782,307
87,317

7,137
(7,530)
11,313
2,859

2,284,034

125,693

(9,231)
(115,992)
21,955
(246,061)
78,575
23,984
41,117
73,772

126
14,770
(569)
14,997
(2,971)
(1,054)
(1,538)
(6,670)

(131,881)

17,091

39,452

1,704

(151,742)

(4,124)

(103,436)
31,806
(150,877)

807
301
(15,356)

143,030
563,378
26,048
75,416
4,962
(33,914)
208,733
(307,561)

3,850
17,143
(672)
(1,279)
(120)
(1,577)
1,856
(73)

345,295

2,460

287,450
265,369
(100,661)
(235,611)
(120,812)

(15,499)
(6,750)
(1,417)
2,143
9,822

95,735

(11,701)

790,460
(5,461)
(286,406)
14,391
74,046

(40,153)
(65)
14,481
12
(1,272)

Thailand
(1,300)
(195,000)
17,300
(1,006,500)
242,600
10,100
653,600
142,700

Advanced Info Service PCL


CH Karnchang PCL
CP ALL PCL
Jasmine International PCL
Land and Houses PCL
PTT Global Chemical PCL
Sansiri PCL
Thai Airways International PCL

Turkey
9,434 Aksa Akrilik Kimya Sanayii AS
(13,315) Anadolu Efes Biracilik Ve Malt
Sanayii AS
(23,403) Aselsan Elektronik Sanayi
Ve Ticaret AS
1,417 BIM Birlesik Magazalar AS
(5,250) Coca-Cola Icecek AS
120,276 EIS Eczacibasi Ilac ve Sinai ve Finansal
Yatirimlar Sanayi ve Ticaret AS
169,198 Enka Insaat ve Sanayi AS
19,763 Eregli Demir ve Celik Fabrikalari TAS
16,508 Haci Omer Sabanci Holding AS
311 Koza Altin Isletmeleri AS
(1,053) Otokar Otomotiv Ve Savunma Sanayi AS
32,405 Tofas Turk Otomobil Fabrikasi AS
(51,088) Turkcell Iletisim Hizmetleri AS

United Kingdom
33,405
4,294
(6,684)
(1,789)
(4,819)

Gazprom OAO
Lukoil OAO
MMC Norilsk Nickel OJSC
NovaTek OAO
Uralkali OJSC

United States
54,741
(235)
(13,060)
234
860

AES Corp/VA
America Movil SAB de CV
BRF SA
Check Point Software Technologies Ltd
China Petroleum & Chemical Corp

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

57

BlackRock Emerging Markets Allocation Fund continued


Contracts For Difference as at 30 November 2013

Holding

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

Description
United States continued

Holding

Description
United States continued

2,816
1,744

Chunghwa Telecom Co Ltd


Cia Brasileira de Distribuicao
Grupo Pao de Acucar
3,132 Cia de Minas Buenaventura SAA
2,194 Copa Holdings SA
(17,535) CPFL Energia SA
(5,531) Embraer SA
609 Fomento Economico Mexicano
SAB de CV
32,936 Gafisa SA
(36) MercadoLibre Inc

87,916

1,153

82,456
36,832
332,347
(288,626)
(172,291)

(496)
(2,864)
4,780
7,801
(660)

57,971
97,820
(3,977)

2,230
2,473
(32)

4,458 Southern Copper Corp


(15,423) Telefonica Brasil SA
989 Telekomunikasi Indonesia
Persero Tbk PT
(18,876) Turkcell Iletisim Hizmetleri AS
1,675 Vale SA

Total market value


(USD underlying exposure USD 62,694,753)

Note: The net unrealised depreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)).
Bank of America Merrill Lynch and Deutsche Bank are the counterparties to these Contracts for Difference.

Open Exchange Traded Futures Contracts


as at 30 November 2013

Number of
Contracts
94

Contract/
Description
SGX CNX Nifty Index

Expiration
date

Unrealised
Underlying appreciation/
exposure (depreciation)
USD
USD

December 2013 1,170,864

26,508

1,170,864

26,508

Total

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see Note 2(d)).

Sector Breakdown
as at 30 November 2013
% of net
assets*
Financial
Government
Energy
Funds
Consumer, Non-cyclical
Communications
Diversified
Industrial
Consumer, Cyclical
Basic Materials
Technology
Utilities
Other Net Assets

38.18
27.54
5.22
5.10
3.65
2.19
1.56
1.05
0.62
0.52
0.42
0.41
13.54
100.00

* Based on the market value of the Portfolio of Investments

58

BlackRock Strategic Funds (BSF)

Unrealised
appreciation/
Market Value (depreciation)
USD
USD

112,565
(296,276)

(3,434)
10,957

36,108
(286,349)
23,350

(541)
(2,699)
(433)

406,876

(8,762)

13,693,859

(153,911)

BlackRock Emerging Markets Flexi Dynamic Bond Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(USD)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

BONDS
RON 10,000,000

Provincia de Buenos Aires 10.875%


26/1/2021

827,865

1.03

827,865

1.03

BRL 7,500,000
BRL 3,142,000

Brazil Notas do Tesouro Nacional


Serie F 10.00% 1/1/2015
Brazilian Government International
Bond 12.50% 5/1/2016
Brazilian Government International
Bond 12.50% 5/1/2016

4,258,855

5.32

3,416,613

4.26

1,431,333

1.79

9,106,801

11.37

USD 450,000

RUB 70,000,000

Dominican Republic International


Bond 6.60% 28/1/2024
Dominican Republic International
Bond 5.875% 18/4/2024

656,500

0.82

427,439

0.53

1,083,939

1.35

USD 1,350,000

Hungary
USD 400,000

Romania Government Bond 5.80%


26/10/2015

Russian Federal Bond - OFZ 7.60%


14/4/2021
Russian Federal Bond - OFZ 7.00%
25/1/2023

South Africa Government Bond


13.50% 15/9/2015
South Africa Government
International Bond 4.665%
17/1/2024
South Africa Government
International Bond
5.875% 16/9/2025

391,820

0.49

391,820

0.49

Republic of Iraq 5.80% 15/1/2028

1,517,652

1.89

1,517,652

1.89

Mexico
MXN 26,000,000
MXN 100,000,000

NGN 800,000,000
USD 800,000

PLN 18,000,000

3.97
3.97

6,982,210

8.72

2,019,368

2.52

9,001,578

11.24

4,075,469

5.09

386,232

0.48

1,410,750

1.76

5,872,451

7.33

4,444,554

5.55

4,444,554

5.55

4,191,360

5.23

Uruguay

Hungary Government International


Bond 5.375% 21/2/2023

UYU 86,394,386

Uruguay Government
International Bond
5.00% 14/9/2018

Iraq
USD 1,800,000

3,180,516
3,180,516

South Africa
ZAR 37,000,000
USD 400,000

Dominican Republic
USD 650,000

Russia
RUB 230,000,000

Brazil
BRL 960,000

Market Value
(USD)

Romania
Argentina

USD 900,000

Description

Venezuela
USD 6,000,000
USD 2,600,000

Mexican Bonos 6.50% 9/6/2022


Mexican Bonos 7.75% 13/11/2042

2,041,805
7,748,375

2.55
9.67

9,790,180

12.22

Petroleos de Venezuela SA 9.75%


17/5/2035
Venezuela Government
International Bond
11.75% 21/10/2026

2,141,750

2.68

6,333,110

7.91

Nigeria

Total Bonds

62,455,703

77.97

Nigeria Government Bond 4.00%


23/4/2015
Nigeria Government International
Bond 6.375% 12/7/2023

62,455,703

77.97

62,455,703

77.97

4,487,025

5.60

830,088

1.04

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

5,317,113

6.64

Securities portfolio at market value

Poland

Other Net Assets

17,651,209

22.03

Poland Government Bond 4.00%


25/10/2023

Total Net Assets (USD)

80,106,912

100.00

5,588,124

6.98

5,588,124

6.98

Sector Breakdown as at 30 November 2013


% of net
assets*
Government
Energy
Other Net Assets

72.74
5.23
22.03
100.00

* Based on the market value of the Portfolio of Investments

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

59

BlackRock Emerging Markets Flexi Dynamic Bond Fund continued


Open Forward Foreign Exchange Transactions
as at 30 November 2013

Swaps as at 30 November 2013

Nominal
Value
USD 8,000,000

USD 5,600,000

USD 11,200,000

USD 5,600,000

USD 3,000,000

Unrealised
appreciation/
(depreciation)
USD

Description

Credit Default Swaps (Citibank) (Fund receives


Fixed 5.000% and provides default protection
on CDX EM 20 Version 1) (20/12/2018)
Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on CDX EM 20 Version 1) (20/12/2018)
Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on CDX EM 20 Version 1) (20/12/2018)
Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on CDX EM 20 Version 1) (20/12/2018)
Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 5.000% and provides default
protection on Argentine Republic Government
International Bond 8.280% 31/12/2033)
(20/12/2023)

(USD underlying exposure USD 35,417,524)

(71,056)

17,461

1,323

662

148,290
96,680

Note: The total market value of USD 1,670,746 is included in the Statement of Net Assets
(see note 2(d)).

Open Exchange Traded Futures Contracts


as at 30 November 2013

Number of
Contracts
50

Contract/
Description
Euro-Bund

Expiration
date

Unrealised
Underlying appreciation/
exposure (depreciation)
USD
USD

December 2013 6,954,260

5,657

6,954,260

5,657

Total

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see Note 2(d)).

Open Forward Foreign Exchange Transactions


as at 30 November 2013

Purchases
EUR 8,097
USD 407
BRL 2,848,880
BRL 2,785,340
BRL 2,818,830
BRL 28,325,720
CLP 628,562,980
CLP 635,292,970
COP 2,340,190,070
COP 2,381,220,410
CZK 24,411,470
CZK 42,651,650
CZK 60,202,110
EUR 4,375,330
EUR 2,950,520
GBP 1,272,680

60

Sales
USD 10,842
EUR 303
USD 1,237,836
USD 1,184,243
USD 1,232,707
USD 12,281,574
USD 1,197,719
USD 1,224,307
USD 1,220,438
USD 1,230,732
USD 1,218,210
USD 2,124,355
USD 2,982,972
USD 5,876,582
USD 4,015,315
USD 2,049,439

BlackRock Strategic Funds (BSF)

Unrealised
appreciation/
(depreciation)
Value date
USD
13/12/2013
13/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013

170
(5)
(19,232)
7,182
(26,956)
(165,291)
(14,294)
(28,211)
(10,625)
292
(5,001)
(4,638)
8,973
73,586
(2,798)
28,500

Purchases
GBP 3,798,590
GBP 3,709,460
HUF 270,420,060
HUF 1,149,986,930
INR 154,125,980
KRW 3,187,053,880
KRW 1,078,457,020
MXN 15,664,140
MXN 80,398,100
MXN 52,429,190
MYR 12,822,670
PEN 3,414,790
PEN 3,434,510
PHP 44,306,500
PHP 130,052,610
PLN 3,716,770
PLN 6,987,860
PLN 9,309,470
RON 4,035,730
RON 3,972,860
RUB 2,696,610
USD 7,980,857
USD 22,648,025
USD 6,471,375
USD 2,413,321
USD 2,439,375
USD 2,307,722
USD 3,980,989
USD 5,856,493
USD 6,045,826
USD 2,413,630
USD 2,391,479
USD 812,130
USD 788,289
USD 6,420,055
USD 10,225,600
USD 3,014,845
USD 2,887,178
USD 12,533,078
USD 4,771,148
USD 2,436,606
USD 6,752,167
USD 2,856,505
USD 1,259,932
USD 5,673,301
USD 7,407,951
USD 1,968,550
USD 2,434,203
USD 769,224
USD 758,571
USD 3,198,363
USD 4,931,726
ARS 18,223,480

Sales
USD 6,081,935
USD 5,964,033
USD 1,230,317
USD 5,192,389
USD 2,456,191
USD 2,993,101
USD 1,019,528
USD 1,213,119
USD 6,194,995
USD 4,004,529
USD 4,005,323
USD 1,216,613
USD 1,222,246
USD 1,019,712
USD 2,984,569
USD 1,183,979
USD 2,260,582
USD 2,984,257
USD 1,226,293
USD 1,196,403
USD 81,052
AUD 8,767,590
BRL 53,050,780
BRL 14,774,150
CLP 1,263,855,950
COP 4,721,410,230
CZK 46,534,760
CZK 80,730,470
EUR 4,375,330
GBP 3,798,590
HUF 536,549,970
IDR 27,710,062,870
IDR 9,664,342,380
IDR 9,037,736,490
INR 405,307,430
JPY 1,017,150,560
JPY 300,387,090
JPY 289,750,560
MXN 165,803,440
MXN 62,466,130
PEN 6,849,300
PLN 21,093,860
PLN 8,950,000
PLN 3,899,400
RON 18,868,590
RUB 243,110,440
RUB 64,692,460
TRY 4,987,950
TRY 1,563,040
TRY 1,532,950
ZAR 33,290,000
ZAR 50,109,473
USD 2,681,896

Net unrealised appreciation


(USD underlying exposure USD 244,235,434)

Unrealised
appreciation/
(depreciation)
Value date
USD
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
4/2/2014

120,125
92,502
(10,628)
(5,544)
2,604
15,838
(1,343)
(19,643)
(69,336)
(9,865)
(29,818)
(1,288)
98
(5,658)
(8,021)
16,992
(2,649)
23,839
9,394
20,034
(23)
(878)
(44,365)
151,756
33,799
(1,462)
(4,978)
(31,182)
(93,675)
(156,234)
(6,399)
69,668
2,360
31,022
(45,875)
281,968
78,270
54,586
(99,752)
11,754
(1,063)
(63,727)
(35,439)
(51)
(104,009)
102,862
24,642
(30,097)
(2,997)
1,216
(63,329)
22,094
(12,603)
47,144

Note: The net unrealised appreciation attributed to these transactions is included


in the Statements of Net Assets (see Note 2(d)).
Bank of America N.A., Barclays Bank Plc, BNP Paribas S.A., Citibank N.A., Deutsche Bank
AG London, Goldman Sachs International, HSBC Bank Plc, JPMorgan Chase Bank N.A.,
State Street Bank and Trust Company and UBS AG London are the counterparties to
these Open Forward Foreign Exchange Transactions.

BlackRock Euro Dynamic Diversified Growth Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Funds
Holding

BONDS

EUR 3,233,000
EUR 7,500,000

Italy Buoni Poliennali Del Tesoro


5.50% 1/11/2022
Italy Buoni Poliennali Del Tesoro
4.50% 1/5/2023
Italy Buoni Poliennali Del Tesoro
4.50% 1/3/2024

Total Bonds

2,340,019
2,839,246

0.79

3,397,883

0.94

7,802,438

2.17

14,039,567

3.90

14,039,567

3.90

64,181,023

279,564

FUNDS

72,720

Guernsey

1,115,810
139,499
2,473,500
34,622
902,081
826,100
3,356,000
384,640
702,149

Alcentra European Floating Rate


Income Fund Ltd
Better Capital PCC Ltd
BH Macro Ltd
Bluecrest Allblue Fund Ltd
HarbourVest Global Private Equity Ltd
NB Distressed Debt Investment
Fund Ltd
NB Global Floating Rate Income
Fund Ltd
NB Global Floating Rate Income
Fund Ltd
NB Global Floating Rate Income
Fund Ltd
Starwood European Real Estate
Finance Ltd

1,450,232
1,495,653
1,471,612
2,777,425
4,124,561
257,462

0.42
0.41
0.77
1.15
0.07

857,989

0.24

1,049,519

0.29

4,133,419

1.15

298,745

0.08

836,292

0.23

17,302,677

4.81

1,218,978

0.34

61,190

34,473,160

9.58

64,181,023

17.83

Carador Income Fund Plc


iShares JP Morgan $ Emerging
Markets Bond UCITS ETF1
Stone Harbor Investment Funds
Plc - Emerging Market Debt Fund

BlackRock Developed World Index


Sub-Fund 1
Institutional Cash Series Plc Institutional Euro Liquidity
Fund 1
Institutional Cash Series Plc Institutional Ultra Bond Fund 1

31,008,890

8.62

129,663,073

36.03

1,144,160

821,731

4,640,802

3,303,796
166,612

BlackRock Global Funds - ASEAN


Leaders X2 RF 1
BlackRock Global Funds - Asian
Dragon Fund X2 (USD) 1
BlackRock Global Funds Emerging Markets Equity
Income Fund X2 (USD) 1
BlackRock Global Funds Euro Corporate Bond
Fund X2 (EUR) 1
BlackRock Global Funds Euro Short Duration Bond
Fund X2 (EUR) 1
BlackRock Global Funds - Global
Corporate Bond Fund
X2 (EUR) Hedged 1
BlackRock Global Funds - Global
Equity Income X2 (USD) 1
BlackRock Global Funds - US Dollar
High Yield Bond Fund X2 (USD) 1

4,904,889

1.36

1,749,699

0.49

11,950,793

3.32

17,219,608

4.78

13,032,654

3.62

56,292,928

15.64

35,111,399

9.76

3,603,765

1.00

143,865,735

39.97

United Kingdom

Ireland
1,728,854
99,356

Luxembourg
573,733

1,145,797

Market Value
(EUR)

Ireland
Italy

EUR 2,515,000

Description

7,841,647

2.18

6,712,002

1.86

15,772,627

4.38

1,327,336

BlackRock Frontiers Investment


Trust Plc 1

Total Funds

1,788,514

0.50

1,788,514

0.50

275,317,322

76.50

Other Transferable Securities and Money Market Instruments


Jersey
1,631,000
1,347,000

CVC Credit Partners European


Opportunities Ltd
Foresight Solar Fund Ltd

1,661,581
1,596,237

0.46
0.44

3,257,818

0.90

BONDS
Luxembourg
USD 4,200,000

Societe Generale SA 0.00%


28/3/2016 (Zero Coupon)

Luxembourg
110,392

Goldman Sachs Global High Yield


Portfolio

1,711,076
1,711,076

0.48
0.48

United Kingdom
593,836

Scottish Mortgage Investment


Trust Plc

Total Bonds

0.83

2,991,252

0.83

2,991,252

0.83

Total Other Transferable Securities


and Money Market Instruments

2,991,252

0.83

Securities portfolio at market value

337,608,088

93.80

7,215,749

2.00

Other Net Assets

7,215,749

2.00

Total Net Assets (EUR)

Total Funds

45,259,947

12.57

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

59,299,514

16.47

2,991,252

22,297,031

6.20

359,905,119

100.00

This fund is managed by BlackRock.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

61

BlackRock Euro Dynamic Diversified Growth Fund continued


Swaps as at 30 November 2013

Nominal
Value

Open Forward Foreign Exchange Transactions


as at 30 November 2013
Unrealised
appreciation/
(depreciation)
EUR

Description

Purchases
USD 1,000,000

USD 1,363,000

USD 3,933,000

USD 9,816,231

USD 2,187,000

EUR 5,940,141

EUR 1,692,836

Credit Default Swaps (Bank of America) (Fund


receives Fixed 5.000% and provides default
protection on CDX NA HY 21 Version 1)
(20/12/2018)
Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on CDX NA HY 21 Version 1) (20/12/2018)
Total Return Swap (Citibank) (Fund receives Citi
Dynavo2x Index and pays Fixed 0.000%)
(20/6/2014)
Total Return Swap (Citibank) (Fund receives
Emerging Lifestyle Trends Index and pays
6Month USD LIBOR BBA) (5/9/2014)
Total Return Swap (JP Morgan Chase Bank) (Fund
receives Global Volatility Carry Strategy Index
and pays Fixed 0.000%) (3/7/2014)
Total Return Swap (JP Morgan Chase Bank) (Fund
receives JP European Basket Index and pays
3Month EURIBOR) (19/8/2014)
Total Return Swap (JP Morgan Chase Bank) (Fund
receives JP European Basket Index and pays
3Month EURIBOR) (13/11/2014)

(EUR underlying exposure EUR 22,697,319)

14,509

20,297

117,746

864,306

48,540

455,838

(4,337)
1,516,899

Note: The total market value of EUR 1,605,272 is included in the Statement of Net Assets
(see Note 2(d)).

EUR 752,800
SEK 324,989,095
USD 2,053,858
USD 2,755,264
USD 2,055,483
USD 2,048,226
USD 2,392,047
USD 2,395,023
USD 2,385,364
USD 4,093,696
USD 2,387,239
EUR 1,919,724
EUR 6,090,000
EUR 11,534,122
EUR 8,493,486
EUR 6,780,320
EUR 50,912,419
EUR 10,610,333
USD 13,217,470
USD 9,010,000
USD 1,786,000
USD 4,000,000
USD 4,000,000
USD 13,860,000
USD 6,034,399

Sales
SEK 6,723,371
EUR 36,417,430
KRW 2,208,000,000
KRW 2,944,000,000
KRW 2,208,000,000
MYR 6,600,000
MYR 7,700,000
MYR 7,700,000
THB 75,950,000
THB 130,200,000
THB 75,950,000
CAD 2,705,000
CHF 7,497,308
GBP 9,763,000
JPY 1,130,500,000
USD 9,140,000
USD 68,733,000
USD 14,260,000
AUD 14,000,000
CAD 9,444,796
EUR 1,322,393
GBP 2,506,925
GBP 2,507,373
JPY 1,366,244,649
ZAR 62,100,000

Unrealised
appreciation/
(depreciation)
Value Date
EUR
13/12/2013
13/12/2013
29/1/2014
29/1/2014
29/1/2014
29/1/2014
29/1/2014
29/1/2014
29/1/2014
29/1/2014
29/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014

Net unrealised appreciation


(EUR underlying exposure EUR 240,157,621)

Open Exchange Traded Futures Contracts


as at 30 November 2013

Number of
Contracts

Contract/
Description

177
EURO STOXX 50 Index
(41)
FTSE 100 Index
1,320
FTSE 100 Index
(67)
H-Shares Index
927
Nikkei 225 Mini
275
STOXX 600 Oil Index
(80)
US Treasury 10 Year Note

Expiration
date

Unrealised
Underlying appreciation/
exposure (depreciation)
EUR
EUR

December 2013 5,460,450


December 2013 3,280,683
December 2014 3,831,993
December 2013 3,638,606
December 2013 10,468,859
December 2013 4,567,750
March 2014 6,476,266

Total

37,724,607

271,150
(107,525)
67,299
(52,740)
863,160
99,000
459
1,140,803

Sector Breakdown
as at 30 November 2013
% of net
assets*
Funds
Financial
Government
Other Net Assets

80.52
9.38
3.90
6.20
100.00

* Based on the market value of the Portfolio of Investments

BlackRock Strategic Funds (BSF)

1,611,451

Note: the net unrealised appreciation attributed to these transactions is included


in the Statements of Net Assets (see Note 2(d)).
Citibank N.A., Deutsche Bank AG London, Goldman Sachs International, HSBC Bank Plc,
State Street Bank and Trust Company, State Street Bank London and UBS AG London are
the counterparties to these Open Forward Foreign Exchange Transactions.

Note: The net unrealised appreciation of EUR 1,140,803 attributed to these transactions
is included in the Statement of Net Assets (see Note 2(d)).

62

(2,557)
94,450
(18,281)
(12,045)
(17,087)
5,631
8,369
10,555
19,426
36,606
20,802
46,021
(6,622)
(205,956)
379,172
67,641
432,923
137,378
346,325
74,972
(10,703)
(76,881)
(77,419)
372,781
(14,050)

BlackRock Euro Dynamic Diversified Growth Fund continued


Written Call Options as at 30 November 2013
Number of
contracts
subject
to Call

Issuer

Unrealised
Underlying appreciation/
exposure (depreciation)
EUR
EUR

(428) EURO STOXX 50 Index Call Option


strike price EUR 3,500.00
expiring on 19/12/2014 2,574,957
(57) Nikkei 225 Index Call Option
strike price JPY 14,750.00
expiring on 13/12/2013 5,339,211
Total Written Call Options

Written Put Options as at 30 November 2013

7,914,168

Market
Value
EUR

(26,264) (221,276)

(354,665) (413,058)
(380,929) (634,334)

Note: Written Call Options are included in the Statement of Net Assets (see Note 2(d)).
Merrill Lynch International is the counterparty to these Written Call Options.

Purchased Call Options as at 30 November 2013


Number of
contracts
subject
to Call
428

960

2,793

18

818

Issuer

Unrealised
Underlying appreciation/
exposure (depreciation)
EUR
EUR

EURO STOXX 50 Index


Call Option
strike price EUR 3,100.00
expiring on 19/12/2014
5,987,931
EURO STOXX Banks Index
Call Option
strike price EUR 150.00
expiring on 21/3/2014
2,046,932
Ishares MSCI EAFE ETF
Call Option
strike price USD 67.00
expiring on 21/12/2013 4,343,721
KOSPI 200 Index Call Option
strike price KRW 270.00
expiring on 12/12/2013
836,130
SPDR Gold Shares Call Option
strike price USD 132.00
expiring on 21/12/2013
192,766

Total Purchased Call Options

13,407,480

Market
Value
EUR

Number of
contracts
subject
to Put

Issuer

(356) DAX Index Put Option


strike price EUR 7,450.00
expiring on 20/12/2013
83,258
(428) EURO STOXX 50 Index Put Option
strike price EUR 2,600.00
expiring on 19/12/2014 2,835,228
(187) EURO STOXX Banks Index
Put Option
strike price EUR 115.00
expiring on 20/12/2013
25,257
(960) EURO STOXX Banks Index
Put Option
strike price EUR 115.00
expiring on 21/3/2014
574,554
(57) Nikkei 225 Index Put Option
strike price JPY 13,250.00
expiring on 13/12/2013
37,160
(127) S&P 500 Index Put Option
strike price USD 1,625.00
expiring on 21/12/2013
538,518
Total Written Put Options

103,576 754,136

Unrealised
Underlying appreciation/
exposure (depreciation)
EUR
EUR

4,093,975

186,544

Market
Value
EUR

(3,026)

92,448 (399,752)

24,123

(935)

52,800

(43,200)

25,039

(818)

35,851

(10,260)

416,805 (457,991)

Note: Written Put Options are included in the Statement of Net Assets (see Note 2(d)).
Merrill Lynch International is the counterparty to these Written Put Options.

2,496 144,000

3,322

73,848

(46,500)

17,301

(171,482)

4,206

(108,588) 993,491

Note: Purchased Call Options are included in the Statement of Net Assets (see Note 2(d)).
Citibank N.A. and Merrill Lynch International are the counterparties to these Purchased
Call Options.

Purchased Put Options as at 30 November 2013


Number of
contracts
subject
to Put
178

117

127

Issuer

Unrealised
Underlying appreciation/
exposure (depreciation)
EUR
EUR

DAX Index Put Option


strike price EUR 7,900.00
expiring on 20/12/2013
99,275
S&P 500 Index Put Option
strike price USD 1,550.00
expiring on 21/12/2013
251,025
S&P 500 Index Put Option
strike price USD 1,725.00
expiring on 21/12/2013
1,883,762

Total Purchased Put Options

2,234,062

Market
Value
EUR

(171,485)

2,581

(158,044)

6,874

(141,178)

34,046

(470,707)

43,501

Note: Purchased Put Options are included in the Statement of Net Assets (see Note 2(d)).
Merrill Lynch International is the counterparty to these Purchased Put Options.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

63

BlackRock European Absolute Return Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

COMMON STOCKS (SHARES)


Pandora A/S

449,369
19,679,017

1.31

19,679,017

1.31

Eiffage SA
L'Oreal SA
Legrand SA
Remy Cointreau SA
Rexel SA
Sanofi

14,952,945
16,004,958
17,796,595
13,484,035
20,125,872
18,837,911

1.00
1.06
1.18
0.90
1.34
1.25

101,202,316

6.73

22,352,650
24,369,246
16,903,268
17,920,442
17,156,250
5,849,934
11,028,117
15,471,377

1.49
1.62
1.12
1.19
1.14
0.39
0.73
1.03

131,051,284

8.71

Germany
228,228
287,170
1,535,265
116,936
660,618
270,893
298,784
468,262

Bayer AG
Bayerische Motoren Werke AG
Commerzbank AG
Continental AG
Deutsche Post AG
Drillisch AG
NORMA Group AG
ProSiebenSat.1 Media AG

OPAP SA

5,641,475

0.38

5,641,475

0.38

Ireland
36,826
2,272,267

Paddy Power Plc


Ryanair Holdings Plc

Atlantia SpA
Azimut Holding SpA
Telecom Italia SpA

64

ASML Holding NV
Koninklijke Boskalis Westminster NV
Reed Elsevier NV
Ziggo NV

This fund is managed by BlackRock.

BlackRock Strategic Funds (BSF)

1.01
1.01

Nordea Bank AB

16,300,613

1.08

16,300,613

1.08

Merlin Entertainments Plc'144A'

11,110,962

0.74

11,110,962

0.74

Total Common Stocks (Shares)

422,929,653

28.12

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

422,929,653

28.12

114,535,204

7.61

Funds
Ireland
114,535,204

Institutional Cash Series Plc Institutional Euro Assets


Liquidity Fund 1
Institutional Cash Series Plc Institutional Euro Liquidity
Fund 1

34,716,237

2.31

149,251,441

9.92

Total Funds

149,251,441

9.92

0.14
0.93

Securities portfolio at market value

572,181,094

38.04

16,082,253

1.07

Other Net Assets


Total Net Assets (EUR)

12,434,761
11,915,475
15,999,339

0.83
0.79
1.06

40,349,575

2.68

16,138,217
16,700,891
21,964,629
11,548,958

1.07
1.11
1.46
0.77

66,352,695

4.41

Netherlands
233,684
452,660
1,392,811
366,750

15,159,463
15,159,463

2,085,088
13,997,165

Italy
748,631
630,115
22,361,061

Grifols SA

United Kingdom
2,609,981

34,716,237

Greece
576,838

Sweden
1,724,364

France
360,095
129,333
436,298
216,611
1,074,526
240,894

Market Value
(EUR)

Spain

Denmark
517,210

Description

932,117,347

61.96

1,504,298,441

100.00

BlackRock European Absolute Return Fund continued


Time Deposit as at 30 November 2013
Description

Market Value
EUR

227,980,000
227,980,000
118,350,000
227,980,000

15.15
15.15
7.87
15.16

802,290,000

53.33

TIME DEPOSITS
Barclays Bank Plc
BNP Paribas SA
HSBC Bank Plc
Societe Generale SA
Total Time Deposits

Open Exchange Traded Futures Contracts


as at 30 November 2013

Number of
Contracts
(17,992)

Contract/
Description

Total

Unrealised
Underlying appreciation/
exposure (depreciation)
EUR
EUR

Expiration
date

STOXX EUROPE
600 Index December 2013

Open Forward Foreign Exchange Transactions


as at 30 November 2013

292,459,960 (10,023,634)
292,459,960 (10,023,634)

Note: The net unrealised depreciation attributed to these transactions is included


in the Statement of Net Assets (see note 2(d)).

Purchases
CHF 16,573,880
EUR 77,668
EUR 200,779
GBP 13,756,749
EUR 5,590
SEK 2,131,724

Sales
EUR 13,451,056
CHF 95,713
GBP 167,869
EUR 16,313,251
SEK 49,938
EUR 238,893

Net unrealised appreciation


(EUR underlying exposure EUR 30,520,222)

Sector Breakdown
as at 30 November 2013
% of net
assets*
Funds
Consumer, Cyclical
Consumer, Non-cyclical
Industrial
Communications
Financial
Technology
Other Net Assets

Unrealised
appreciation/
(depreciation)
Value Date
EUR
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013

27,988
(172)
(770)
203,509
(18)
527
231,064

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see note 2(d)).
State Street Bank and Trust Company is the counterparty to these Open Forward Foreign
Exchange Transactions.

9.92
7.04
6.54
5.77
4.71
2.99
1.07
61.96
100.00

* Based on the market value of the Portfolio of Investments

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

65

BlackRock European Absolute Return Fund continued


Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Holding

Belgium
(365,669) Belgacom SA

Description
Norway

(7,988,039)

(1,057,284)

(237,035) Norwegian Air Shuttle AS


(1,114,212) Petroleum Geo-Services ASA
1,352,222 Statoil ASA

(7,988,039)

(1,057,284)

22,640,811
24,635,404

3,902,340
443,857

South Korea

47,276,215

4,346,197

(445,112) SABMiller Plc

Denmark
1,284,228
187,791

GN Store Nord A/S


Novo Nordisk A/S 'B'

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

(6,554,303)
(9,851,734)
22,593,864

(441,467)
220,150
(209,639)

6,187,827

(430,956)

(16,921,986)

(526,335)

(16,921,986)

(526,335)

16,744,499
16,209,571
(12,421,944)
7,590,492
25,341,048
4,187,452
21,444,171
21,801,856

424,816
1,575,725
459,959
1,525,431
1,178,618
(129,528)
1,024,629
(128,797)

100,897,145

5,930,853

(16,531,956)
(15,714,696)
(8,316,162)
23,447,222
12,473,334
(22,750,133)
(12,350,826)
(2,929,891)
(7,028,986)
9,097,140
6,001,542
(2)
10,858,566
8,610,160
(9,997,442)
(5,877,731)
(4,605,970)
(10,010,903)
6,224,673
22,610,605
11,507,058
17,252,256
12,611,639
7,695,693
15,089,420
(6,115,773)

(4,085,356)
144,794
(487,700)
388,318
1,203,880
1,093,499
(297,037)
(124,704)
605,119
162,628
1,277,480

(1,006,331)
160,218
(293,679)
1,082,088
(707,198)
(523,238)
513,475
(591,764)
558,060
3,287,935
1,823,957
772,007
(1,468,896)
426,958

41,248,837

3,914,513

(59,553,262)

18,657,583

Finland
(857,965) Outotec OYJ

(6,443,317)

2,578,974

(6,443,317)

2,578,974

(16,609,569)
(15,671,085)
(10,630,042)
(15,368,570)
(15,583,759)
8,939,516
(8,163,313)
(15,258,355)
(14,221,382)
(15,120,909)

(669,333)
(1,266,975)
791,908
223,940
271,886
2,510,035
(214,930)
1,711,859
593,816
838,929

(117,687,468)

4,791,135

15,667,028
(23,613,211)
(16,063,178)
(12,217,843)
17,605,891
(7,897,668)
16,206,318
(1,084,942)

341,873
(470,799)
(2,654,510)
53,589
1,547,656
(1,229,760)
2,838,410
779,149

(11,397,605)

1,205,608

France
(161,729)
(190,669)
(696,367)
(287,102)
(724,826)
305,729
(110,614)
(207,202)
(339,291)
(1,264,290)

Air Liquide SA
Casino Guichard Perrachon SA
CGG SA
Danone
Eutelsat Communications SA
Salvatore Ferragamo SpA
Sodexo
Technip SA
Vallourec SA
Veolia Environnement SA

Germany
325,481
(662,548)
(1,001,445)
(176,635)
270,029
(279,514)
380,564
(733,069)

Cap Gemini SA
Deutsche Bank AG
Deutsche Lufthansa AG
MTU Aero Engines AG
Publicis Groupe SA
RWE AG
Societe Generale SA
SOITEC

Italy
(3,569,072) Fiat SpA

(20,950,453)

(258,779)

(20,950,453)

(258,779)

Luxembourg
(1,043,275) SES SA

(22,639,067)

(460,056)

(22,639,067)

(460,056)

(15,595,017)
(15,954,202)
(19,586,132)

(1,795,366)
219,487
199,570
22

(51,135,351)

(1,376,287)

Netherlands
(1,220,745)
(355,565)
(446,255)
(2,188,727)

ArcelorMittal
Fugro NV
Koninklijke Vopak NV
SNS REAAL NV*

Switzerland
270,227
215,964
(231,450)
23,453
435,843
22,755
104,521
1,544,384

Actelion Ltd
Cie Financiere Richemont SA
Holcim Ltd
Kuoni Reisen Holding AG
Novartis AG
Partners Group Holding AG
Roche Holding AG
UBS AG

United Kingdom
(2,795,072)
(1,048,708)
(1,750,773)
7,155,682
3,136,573
(581,027)
(669,681)
(1,919,858)
(260,585)
2,916,278
803,592
(1)
1,131,850
1,225,797
(2,041,961)
(2,074,249)
(1,219,342)
(1,703,619)
743,251
876,272
325,529
1,937,986
9,825,553
3,631,334
3,275,246
(1,919,894)

Aberdeen Asset Management Plc


Admiral Group Plc
Ashmore Group Plc
Barclays Plc
Barratt Developments Plc
British American Tobacco Plc
Burberry Group Plc
Bwin.Party Digital Entertainment Plc
Carnival Plc
Elementis Plc
Grafton Group Plc
Home Retail Group Plc
Hunting Plc
IG Group Holdings Plc
J Sainsbury Plc
Kazakhmys Plc
Lonmin Plc
Marks & Spencer Group Plc
Playtech Plc
Royal Dutch Shell Plc 'B'
Spirax-Sarco Engineering Plc
Sports Direct International Plc
Taylor Wimpey Plc
Thomas Cook Group Plc
William Hill Plc
WM Morrison Supermarkets Plc

Total market value


(EUR underlying exposure EUR 868,313,874)

* Investments which are less than 0,5 USD have been rounded down to zero.
Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)).
Deutsche Bank and JP Morgan are the counterparties to these Contracts for Difference.

66

BlackRock Strategic Funds (BSF)

BlackRock European Constrained Credit Strategies Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 400,000

Ireland
Smurfit Kappa Group Plc

412,895

0.25

412,895

0.25

0.00

0.00

EUR 2,100,000
EUR 300,000
EUR 1,700,000

Pescanova SA*

99,667

0.06

EUR 3,100,000
USD 768,000

99,667

0.06

Sweden
47,700

SAS AB

EUR 261,000

Switzerland
7,252

Cembra Money Bank AG

Societe Generale SA FRN


(Perpetual)

308,723

0.19

3,378,552

2.05

2,162,517
308,931

1.31
0.19

1,572,500
3,545,594

0.95
2.15

620,493

0.38

333,487

0.20

333,487

0.20

EUR 200,000

270,145

0.16

EUR 2,037,200

235,135
1,361,614

0.14
0.83

10,076,929

6.11

AIB Mortgage Bank 2.625% 29/7/2016


467,683
AIB Mortgage Bank 4.875% 29/6/2017
829,707
Bank of Ireland Mortgage Bank
2.75% 22/3/2018
2,952,625
Bank of Ireland Mortgage Bank
3.625% 2/10/2020
550,043
Cloverie Plc for Zurich Insurance
Co Ltd FRN 24/7/2039
546,248

0.28
0.50

5,346,306

3.24

1,101,652
588,171

0.67
0.36

859,140
552,175
1,140,815

0.52
0.33
0.69

2,069,610

1.26

3,655,550
1,005,469
774,919
2,316,642

2.22
0.61
0.47
1.40

14,064,143

8.53

1,138,114
228,705

0.69
0.14

1,366,819

0.83

1,588,029
661,671

0.96
0.40

813,393

0.49

2,048,269
847,292

1.24
0.51

108,864

0.07

Allianz SE FRN (Perpetual)


Allianz SE FRN (Perpetual)
Bayerische Landesbank FRN
7/2/2019
Commerzbank AG 7.75% 16/3/2021
Commerzbank AG '144A' 8.125%
19/9/2023
Deutsche Raststaetten Gruppe IV
GmbH 6.75% 30/12/2020
Muenchener Rueckversicherungs
AG FRN 26/5/2041
TUI AG 2.75% 24/3/2016

United Kingdom
38,426
2,086
48,858

Royal Bank of Scotland Group Plc


(Pref M)
Royal Bank of Scotland Group Plc
(Pref R)
Royal Bank of Scotland Group Plc
(Pref S)

613,426

RBS Capital Funding Trust V (Pref E)


RBS Capital Funding Trust VII (Pref G)

Total Common Stocks (Shares)

32,165

0.02

801,157

0.49

1,446,748

0.88

415,875
425,300

0.25
0.26

841,175

0.51

3,133,972

1.90

637,500
637,500

0.39

GBP 980,000
GBP 946,394

Brakes Capital 7.125% 15/12/2018


Punch Taverns Finance B Ltd 7.369%
30/6/2022
Punch Taverns Finance B Ltd 5.943%
30/12/2024
Punch Taverns Finance B Ltd 4.767%
30/6/2033

1,306,827

0.79

500,496

0.30

1,152,411

0.70

1,071,002

0.65

4,030,736

2.44

1,541,812

0.93

1,541,812

0.93

EUR 3,235,000
EUR 975,000
EUR 710,000
EUR 2,265,000

RPG Byty Sro 6.75% 1/5/2020

EUR 400,000
EUR 1,840,000

Fonciere Des Regions 0.875%


1/4/2019
France Government Bond OAT 2.25%
25/10/2022
France Government Bond OAT 4.25%
25/10/2023

0.33

A2A SpA 4.375% 10/1/2021


Astaldi SpA 7.125% 1/12/2020
Banca Monte dei Paschi di Siena SpA
4.875% 15/9/2016
Enel SpA '144A' FRN 24/9/2073
Gamenet SpA 7.25% 1/8/2018
Intesa Sanpaolo SpA 3.00%
28/1/2019
Italy Buoni Poliennali Del Tesoro
5.50% 1/11/2022
IVS F. SpA 7.125% 1/4/2020
UniCredit SpA 6.95% 31/10/2022
UniCredit SpA FRN 28/10/2025

AA Bond Co Ltd 6.269% 31/7/2025


Galaxy Bidco Ltd 6.375% 15/11/2020

Luxembourg

France
EUR 590,000

0.34

Jersey
GBP 860,000
GBP 190,000

Czech Republic
EUR 1,520,000

1.79

Italy
EUR 1,030,000
EUR 565,000
EUR 814,000

0.39

Cayman Islands
GBP 1,090,000
GBP 402,739

EUR 525,000

USD 690,000
EUR 1,120,000
EUR 2,040,000

Austria
Vienna Insurance Group AG Wiener
Versicherung Gruppe FRN
9/10/2043

EUR 455,000
EUR 755,000
EUR 2,875,000

EUR 450,000

BONDS
EUR 600,000

Ireland

0.37

United States
26,703
26,703

Germany

Spain
14,677

Market Value
(EUR)

France continued

COMMON STOCKS (SHARES)


23,500

Description

USD 2,100,000
USD 800,000
EUR 785,000
EUR 1,880,000

495,217

0.30

407,276

0.25

2,167,336

1.31

EUR 810,000
EUR 100,000

APERAM '144A' 7.75% 1/4/2018


APERAM 2.625% 30/9/2020
GELF Bond Issuer I SA 3.125%
3/4/2018
Intralot Finance Luxembourg SA
9.75% 15/8/2018
Magnolia BC SA 9.00% 1/8/2020
S&B Minerals Finance SCA / S&B
Industrial Minerals North America
Inc 9.25% 15/8/2020

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

67

BlackRock European Constrained Credit Strategies Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Luxembourg continued
EUR 1,672,000
EUR 940,000
USD 443,000
USD 372,000
USD 400,000
EUR 3,600,000
EUR 3,600,000
EUR 3,012,000
EUR 2,520,000

Servus Luxembourg Holding SCA


7.75% 15/6/2018
Snai SpA 7.625% 15/6/2018
Telecom Italia Capital SA 6.375%
15/11/2033
Telecom Italia Capital SA 6.00%
30/9/2034
Telecom Italia Capital SA 7.721%
4/6/2038
Telecom Italia Finance SA 6.125%
15/11/2016
Telecom Italia Finance SA 6.125%
15/11/2016
Telecom Italia Finance SA 7.75%
24/1/2033
Wind Acquisition Finance SA 7.375%
15/2/2018

Cemex SAB de CV '144A' 7.25%


15/1/2021

EUR 300,000
1,756,603
956,098

1.07
0.58

EUR 800,000

284,635

0.17

EUR 300,000

229,824

0.14

EUR 300,000

283,018

0.17

EUR 1,600,000

3,767,040

2.29
USD 800,000

3,600,000

2.18
EUR 200,000

3,280,038

1.99
EUR 1,500,000

2,666,261

1.62

22,891,035

13.88

EUR 1,100,000
EUR 1,100,000

1,229,092

0.75

1,229,092

0.75

EUR 300,000
EUR 400,000
EUR 400,000
EUR 1,100,000

Netherlands
EUR 570,000
EUR 845,000
EUR 360,000
EUR 700,000
EUR 401,000
USD 3,300,000
USD 5,248,001
EUR 1,845,000
AUD 550,000
EUR 977,000

Achmea BV FRN 4/4/2043


Achmea BV FRN 4/4/2043
Adria Bidco BV 7.875% 15/11/2020
Allianz Finance II BV FRN 8/7/2041
Enel Finance International NV
4.875% 17/4/2023
ING Bank NV '144A' 5.80%
25/9/2023
ING Bank NV FRN 21/11/2023
Portugal Telecom International
Finance BV 4.625% 8/5/2020
Royal Bank of Scotland NV FRN
17/5/2018
Ziggo BV 3.625% 27/3/2020

614,175
910,487
361,033
800,754

0.37
0.55
0.22
0.49

USD 5,190,000

0.27

2,532,636
3,851,576

1.54
2.34

EUR 3,600,000

1,882,472

1.14

330,763
977,000

0.20
0.59

EUR 112,000
EUR 740,000
EUR 2,288,000
EUR 750,000
EUR 400,000

68

Autonomous Community of Catalonia


2.125% 1/10/2014
Autonomous Community of Valencia
Spain 4.75% 20/3/2014
Autonomous Community of Valencia
Spain 3.25% 6/7/2015
Autonomous Community of Valencia
Spain 4.375% 16/7/2015
Autonomous Community of Valencia
Spain 4.00% 2/11/2016
Ayt Cedulas Cajas Global 4.00%
21/3/2017

BlackRock Strategic Funds (BSF)

Ayt Cedulas Cajas Global 4.25%


14/6/2018
Ayt Cedulas Cajas Global 3.75%
14/12/2022
Ayt Cedulas Cajas Global 4.25%
25/10/2023
AyT Cedulas Cajas X Fondo de
Titulizacion 3.75% 30/6/2025
AyT Cedulas Cajas XXIII Fondo de
Titulizacion de Activos 4.75%
15/6/2016
Banco Bilbao Vizcaya Argentaria SA
FRN (Perpetual)
BBVA Senior Finance SAU 3.75%
17/1/2018
BPE Financiaciones SA 2.875%
19/5/2016
CaixaBank SA 3.125% 14/5/2018
Caja Rural de Navarra 2.875%
11/6/2018
Cedulas TDA 4.125% 29/11/2019
Cedulas TDA 4.25% 28/3/2027
Cedulas TDA 1 Fondo de Titulizacion
de Activos FRN 8/4/2016
Cedulas TDA 6 Fondo de Titulizacion
de Activos 3.875% 23/5/2025
Cedulas TDA 6 Fondo de Titulizacion
de Activos 4.25% 10/4/2031
Cedulas TDA 7 Fondo de Titulizacion
de Activos 3.50% 20/6/2017
Kutxabank SA 3.00% 1/2/2017
Santander Issuances SAU FRN
30/9/2019
Spain Government Bond '144A'
5.40% 31/1/2023

313,958

0.19

761,960

0.46

293,565

0.18

262,950

0.16

1,701,352

1.03

622,449

0.38

213,085

0.13

1,501,327
1,136,261

0.91
0.69

1,131,449
309,938
352,330

0.69
0.19
0.21

382,288

0.23

966,625

0.59

834,600

0.51

101,735
520,757

0.06
0.31

1,418,910

0.86

3,973,950

2.41

22,063,721

13.38

Switzerland
EUR 1,875,000

Credit Suisse AG FRN 18/9/2025

7.71

1,981,256

1.20

1,981,256

1.20

996,190
937,650

0.60
0.57

607,420
743,282
225,269

0.37
0.45
0.14

174,962
674,099
252,714
1,823,661
387,855

0.11
0.41
0.15
1.11
0.24

601,210

0.36

552,475

0.34

246,989

0.15

United Kingdom
GBP 836,361
951,534

0.58

3,822,994

2.32

4,774,528

2.90

EUR 650,000
EUR 190,000
USD 226,000

893,652

0.54

112,840

0.07

744,366

0.45

EUR 780,000
EUR 280,000
USD 2,400,000
GBP 320,000
GBP 490,000

2,339,629

1.42

GBP 450,000

756,195

0.46

EUR 220,000

417,550

0.25

Spain
CHF 1,100,000

EUR 100,000

446,528

Portugal
Caixa Geral de Depositos SA 5.625%
4/12/2015
Portugal Government International
Bond 3.50% 25/3/2015

EUR 1,000,000

EUR 500,000
EUR 1,500,000

12,707,424

EUR 900,000

Market Value
(EUR)

Spain continued

Mexico
USD 1,640,000

Description

EUR 840,000
GBP 462,000

Annington Finance No 4 Plc FRN


10/1/2023
Aviva Plc FRN 5/7/2043
Bakkavor Finance 2 Plc 8.75%
15/6/2020
Barclays Bank Plc 6.00% 14/1/2021
Barclays Bank Plc 6.625% 30/3/2022
Barclays Bank Plc 7.625%
21/11/2022
Barclays Bank Plc FRN (Perpetual)
Barclays Bank Plc FRN (Perpetual)
Barclays Bank Plc FRN (Perpetual)
BUPA Finance Plc 5.00% 25/4/2023
Co-operative Group Holdings 2011
(Step Coupon) 6.875% 8/7/2020
Co-operative Group Holdings 2011
(Step Coupon) 7.50% 8/7/2026
Imperial Tobacco Finance Plc 4.50%
5/7/2018

BlackRock European Constrained Credit Strategies Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Funds
Holding

United Kingdom continued


GBP 200,000
EUR 1,545,000
EUR 1,436,000
GBP 824,000
EUR 1,183,000
GBP 1,105,000
USD 1,180,000
USD 300,000
GBP 1,170,000
GBP 2,209,062
GBP 400,000
GBP 253,000

Description

Jaguar Land Rover Automotive Plc


8.25% 15/3/2020
Lloyds Bank Plc 6.50% 24/3/2020
Lloyds Bank Plc FRN 16/12/2021
Marks & Spencer Plc 4.75%
12/6/2025
Nationwide Building Society FRN
20/3/2023
Next Plc 4.375% 2/10/2026
Royal Bank of Scotland Group Plc
'144A' FRN (Perpetual)
Santander UK Plc '144A' 5.00%
7/11/2023
Unique Pub Finance Co Plc/The
7.395% 28/3/2024
Unique Pub Finance Co Plc/The
5.659% 30/6/2027
Unique Pub Finance Co Plc/The
'A3' 6.542% 30/3/2021
Vougeot Bidco Plc Reg 7.875%
15/7/2020

15,822,036

Institutional Cash Series Plc Institutional Euro Assets


Liquidity Fund 1

271,537
1,796,804
1,785,802

0.16
1.09
1.08

993,904

0.60

1,219,271
1,338,443

0.74
0.81

Other Transferable Securities and Money Market Instruments

928,416

0.56

BONDS

220,704

0.13

Total Funds

1,369,706

0.83

Enterprise Funding Ltd 3.50%


10/9/2020

USD 530,000
USD 2,305,000
EUR 220,000

9.59
9.59

15,822,036

9.59

1,250,422

0.76

1,250,422

0.76

1,250,422

0.76

2,596,892

1.58

502,664

0.30

Total Other Transferable Securities


and Money Market Instruments

1,250,422

0.76

322,352

0.20

Securities portfolio at market value

153,349,185

92.99

21,570,271

13.08

Total Bonds

Total Net Assets (EUR)

Continental Rubber of America Corp


'144A' 4.50% 15/9/2019
Meccanica Holdings USA Inc '144A'
6.25% 15/7/2019
Meccanica Holdings USA Inc '144A'
7.375% 15/7/2039
Meccanica Holdings USA Inc '144A'
6.25% 15/1/2040
RBS Capital Trust A FRN (Perpetual)

15,822,036
15,822,036

Jersey
GBP 1,000,000

Other Net Assets

USD 3,780,000

Ireland

United States
USD 742,000

Market Value
(EUR)

579,982

0.35

2,878,111

1.75

370,492

0.22

1,454,442
199,604

0.88
0.12

5,482,631

3.32

Total Bonds

133,142,755

80.74

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

136,276,727

82.64

11,554,856

7.01

164,904,041

100.00

* Investments which are less than EUR 0.5 have been rounded down to zero.
1 This fund is managed by BlackRock.
Securities given as guarantee, see Note 13, for further details.

Time Deposit as at 30 November 2013


Description

Market Value
EUR

TIME DEPOSITS
Societe Generale SA
Total Time Deposits

12,000,107

7.28

12,000,107

7.28

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

69

BlackRock European Constrained Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value
USD 300,000

EUR 590,000

EUR 1,610,000

EUR 1,062,874

EUR 1,340,000

EUR 320,000

EUR 1,100,000

EUR 150,000

EUR 40,000

EUR 450,000

EUR 415,000

EUR 650,000

USD 1,635,000

USD 2,150,000

EUR 210,000

EUR 644,444

EUR 7,350,000

EUR 7,800,000

70

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (Bank of America Securities


LLC) (Fund receives default protection on Ireland
Government Bond 4.500% 18/4/2020 and pays
Fixed 1.000%) (20/3/2018)
(8,079)
Credit Default Swaps (Bank of America) (Fund
receives default protection on Portugal Telecom
International Finance BV 4.375% 24/3/2017 and
pays Fixed 5.000%) (20/6/2018)
(60,652)
Credit Default Swaps (Bank of America) (Fund
receives default protection on Stora Enso OYJ
5.125% 23/6/2014 and pays Fixed 5.000%)
(20/9/2018)
(79,879)
Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Virgin Media Finance Plc 5.125%
15/2/2022) (20/9/2018)
25,354
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on AXA SA 4.500% 23/1/2015
and pays Fixed 1.000%) (20/6/2018)
(41,167)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Clariant Finance Luxembourg
SA 4.375% 5/4/2013 and pays Fixed 1.000%)
(20/6/2018)
(10,999)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Deutsche Bank AG 5.125%
31/8/2017 and pays Fixed 1.000%) (20/3/2018)
(14,146)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Dixons Retail Plc 8.750%
3/8/2015 and pays Fixed 5.000%) (20/12/2017)
(22,870)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Dixons Retail Plc 8.750%
3/8/2015 and pays Fixed 5.000%) (20/12/2017)
(6,099)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Finmeccanica Finance SA/
Old 5.750% 12/12/2018 and pays Fixed 5.000%)
(20/12/2018)
(1,515)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Finmeccanica Finance SA/
Old 5.750% 12/12/2018 and pays Fixed 5.000%)
(20/3/2016)
(4,506)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Finmeccanica Finance SA/
Old 5.750% 12/12/2018 and pays Fixed 5.000%)
(20/6/2018)
(29,211)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on France Government Bond
OAT 4.250% 25/4/2019 and pays Fixed 0.250%)
(20/6/2018)
(12,128)
Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Italy Government
International Bond 6.875% 27/9/2023 and pays
Fixed 1.000%) (20/3/2018)
(62,410)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on iTraxx Europe Senior
Financials Series 19 Version 1 and pays Fixed
1.000%) (20/6/2018)
(6,063)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on iTraxx Europe Senior
Financials Series 19 Version 1 and pays Fixed
1.000%) (20/6/2018)
(17,608)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
(22,912)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
(24,394)

BlackRock Strategic Funds (BSF)

Nominal
Value
EUR 10,000

EUR 733,500

USD 800,000

USD 450,000

USD 600,000

EUR 750,000

EUR 540,000

EUR 531,438

EUR 330,000

USD 1,000,000

EUR 1,340,000

EUR 650,000

EUR 50,000

EUR 1,600,000

USD 33,000

EUR 1,720,000

EUR 9,500,000

EUR 1,100,000

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (Barclays Bank) (Fund


receives default protection on Peugeot SA 8.375%
15/7/2014 and pays Fixed 5.000%) (20/3/2018)
(1,684)
Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Peugeot SA 8.375%
15/7/2014 and pays Fixed 5.000%) (20/9/2018)
(67,942)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/6/2017)
(178,376)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/12/2015)
(24,641)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/12/2017)
(43,032)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Stena AB 6.125% 1/2/2017
and pays Fixed 5.000%) (20/12/2017)
(68,774)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Stora Enso OYJ 5.125%
23/6/2014 and pays Fixed 5.000%) (20/9/2018)
(27,757)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Unitymedia KabelBW GmbH
9.625% 1/12/2019 and pays Fixed 5.000%)
(20/9/2018)
(10,314)
Credit Default Swaps (Barclays Bank) (Fund receives
default protection on Wind Acquisition Finance
SA 11.750% 15/7/2017 and pays Fixed 5.000%)
(20/9/2015)
(416)
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 0.250% and provides default protection on
France Government Bond OAT 4.250% 25/4/2019)
(20/6/2023)
16,591
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 1.000% and provides default protection on
Aviva Plc 9.500% 20/6/2016) (20/6/2018)
37,950
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 1.000% and provides default protection on
Deutsche Bank AG 5.125% 31/8/2017) (20/6/2018) 9,394
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 1.000% and provides default protection on
Imperial Tobacco Finance Plc 6.250% 4/12/2018)
(20/12/2017)
946
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 1.000% and provides default protection
on Italy Government International Bond 6.875%
27/9/2023) (20/3/2018)
52,845
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 1.000% and provides default protection
on Italy Government International Bond 6.875%
27/9/2023) (20/3/2018)
1,441
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 1.000% and provides default protection on
iTraxx Europe Senior Financials Series 19 Version
1) (20/6/2018)
40,881
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 1.000% and provides default protection on
iTraxx Europe Series 20 Version 1) (20/12/2018)
13,244
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 1.000% and provides default protection on
Swiss Reinsurance Co Ltd 4.000% 29/6/2015)
(20/3/2018)
23,105

BlackRock European Constrained Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value
EUR 280,000

EUR 350,000

EUR 200,000

EUR 750,000

EUR 540,000

EUR 425,000

EUR 185,000

EUR 570,000

EUR 580,000

EUR 100,000

EUR 50,000

EUR 800,000

EUR 400,000

EUR 140,000

EUR 185,000

EUR 7,800,000

EUR 100,000

EUR 504,000

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (Barclays Bank) (Fund receives


Fixed 1.000% and provides default protection on
ThyssenKrupp AG 4.375% 18/3/2015) (20/3/2018) 12,103
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 5.000% and provides default protection on
Finmeccanica Finance SA/Old 5.750% 12/12/2018)
(20/3/2018)
14,148
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 5.000% and provides default protection on
Portugal Telecom International Finance BV 4.375%
24/3/2017) (20/9/2017)
38,925
Credit Default Swaps (Barclays Bank) (Fund receives
Fixed 5.000% and provides default protection on
Sunrise Communications Holdings SA 8.500%
31/12/2018) (20/12/2017)
47,361
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on AXA SA 6.000% 18/6/2013
and pays Fixed 1.000%) (20/6/2018)
(29,275)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Banco Comercial Portugues
SA FRN 17/6/2013 and pays Fixed 5.000%)
(20/3/2016)
(138,579)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Banco de Sabadell SA
0.365% 4/10/2016 and pays Fixed 5.000%)
(20/6/2017)
(27,687)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Banco de Sabadell SA
0.365% 4/10/2016 and pays Fixed 5.000%)
(20/3/2018)
(46,991)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Banco Espirito Santo SA
0.454% 19/1/2015 and pays Fixed 5.000%)
(20/6/2018)
(35,882)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Banco Santander SA FRN
9/8/2013 and pays Fixed 3.000%) (20/9/2017)
(11,322)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on BBVA Senior Finance SAU
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/12/2017)
(5,638)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on BBVA Senior Finance SAU
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/3/2018)
(60,857)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on BPE Financiaciones SA
1.211% 30/12/2014 and pays Fixed 5.000%)
(20/12/2017)
(63,199)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Caja de Ahorros y Pensiones
de Barcelona 3.940% 28/2/2019 and pays Fixed
3.000%) (20/6/2017)
(8,701)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Caja de Ahorros y Pensiones
de Barcelona 3.940% 28/2/2019 and pays Fixed
3.000%) (20/6/2017)
(11,076)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
(25,356)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Jaguar Land Rover
Automotive PLC 8.125% 15/5/2018 and pays Fixed
5.000%) (20/3/2016)
202
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Marks & Spencer Plc 6.125%
2/12/2019 and pays Fixed 1.000%) (20/12/2018)
(7,393)

Nominal
Value
EUR 473,500

EUR 745,000

EUR 520,000

EUR 531,437

EUR 540,000

EUR 65,000

EUR 100,000

EUR 531,437

EUR 410,000

EUR 530,000

EUR 1,610,000

EUR 500,000

EUR 420,000

EUR 130,000

USD 1,775,000

USD 500,000

USD 460,000

USD 750,000

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (BNP Paribas) (Fund receives


default protection on Peugeot SA 8.375%
15/7/2014 and pays Fixed 5.000%) (20/9/2017)
(89,225)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on St-Gobain Nederland BV
5.000% 25/4/2014 and pays Fixed 1.000%)
(20/9/2018)
(19,748)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Stena AB 6.125% 1/2/2017
and pays Fixed 5.000%) (20/3/2018)
(10,423)
Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Unitymedia KabelBW GmbH
9.625% 1/12/2019 and pays Fixed 5.000%)
(20/9/2018)
(12,939)
Credit Default Swaps (BNP Paribas) (Fund receives
Fixed 1.000% and provides default protection on
Aviva Plc 9.500% 20/6/2016) (20/6/2018)
28,492
Credit Default Swaps (BNP Paribas) (Fund receives
Fixed 1.000% and provides default protection
on St-Gobain Nederland BV 5.000% 25/4/2014)
(20/6/2018)
1,725
Credit Default Swaps (BNP Paribas) (Fund receives
Fixed 5.000% and provides default protection
on Jaguar Land Rover Automotive PLC 8.125%
15/5/2018) (20/3/2018)
4,152
Credit Default Swaps (BNP Paribas) (Fund receives
Fixed 5.000% and provides default protection
on Virgin Media Finance Plc 5.125% 15/2/2022)
(20/9/2018)
14,392
Credit Default Swaps (Citibank) (Fund receives
default protection on BBVA Senior Finance SAU
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/9/2017)
(48,375)
Credit Default Swaps (Citibank) (Fund receives
default protection on British Airways Plc 8.750%
23/8/2016 and pays Fixed 5.000%) (20/12/2018) (26,599)
Credit Default Swaps (Citibank) (Fund receives
default protection on Clariant AG 3.125% 9/6/2017
and pays Fixed 1.000%) (20/9/2018)
(37,077)
Credit Default Swaps (Citibank) (Fund receives
default protection on Deutsche Bank AG 5.125%
31/8/2017 and pays Fixed 1.000%) (20/3/2018)
(6,186)
Credit Default Swaps (Citibank) (Fund receives
default protection on Dixons Retail Plc 8.750%
3/8/2015 and pays Fixed 5.000%) (20/6/2017)
(94,749)
Credit Default Swaps (Citibank) (Fund receives
default protection on Dixons Retail Plc 8.750%
3/8/2015 and pays Fixed 5.000%) (20/6/2018)
(13,152)
Credit Default Swaps (Citibank) (Fund receives
default protection on France Government Bond
OAT 4.250% 25/4/2019 and pays Fixed 0.250%)
(20/6/2018)
(16,472)
Credit Default Swaps (Citibank) (Fund receives
default protection on Ireland Government Bond
5.400% 13/3/2025 and pays Fixed 1.000%)
(20/12/2016)
(90,047)
Credit Default Swaps (Citibank) (Fund receives
default protection on Ireland Government Bond
5.400% 13/3/2025 and pays Fixed 1.000%)
(20/12/2016)
(81,246)
Credit Default Swaps (Citibank) (Fund receives
default protection on Ireland Government Bond
5.400% 13/3/2025 and pays Fixed 1.000%)
(20/3/2017)
(112,757)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

71

BlackRock European Constrained Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value
EUR 1,000,000

EUR 3,840,000

EUR 820,000

EUR 3,670,000

EUR 6,390,000

EUR 2,460,000

EUR 260,000

EUR 330,000

USD 1,350,000

USD 650,000

USD 75,000

USD 295,000

USD 1,710,000

EUR 250,000

EUR 540,000

USD 1,085,000

EUR 1,000,000

USD 500,000

72

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (Citibank) (Fund receives


default protection on iTraxx Europe Crossover
Series 20 Version 1 and pays Fixed 5.000%)
(20/12/2018)
(3,087)
Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Senior
Financials Series 20 Version 1 and pays Fixed
1.000%) (20/12/2018)
(46,721)
Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Senior
Financials Series 20 Version 1 and pays Fixed
1.000%) (20/12/2018)
(9,183)
Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
(10,080)
Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
(18,727)
Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Series 9
Version 1 and pays Fixed 5.000%) (20/6/2018)
(300,567)
Credit Default Swaps (Citibank) (Fund receives
default protection on Peugeot SA 8.375%
15/7/2014 and pays Fixed 5.000%) (20/9/2017)
(47,693)
Credit Default Swaps (Citibank) (Fund receives
default protection on Peugeot SA 8.375%
15/7/2014 and pays Fixed 5.000%) (20/6/2018)
(51,292)
Credit Default Swaps (Citibank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 4.950% 25/10/2023 and pays Fixed
1.000%) (20/6/2015)
(4,406)
Credit Default Swaps (Citibank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/6/2017)
(142,468)
Credit Default Swaps (Citibank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/3/2018)
(2,560)
Credit Default Swaps (Citibank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/9/2017)
(49,221)
Credit Default Swaps (Citibank) (Fund receives
default protection on Republic of Ireland 4.500%
4/18/2020 and pays Fixed 1.000%) (20/6/2018)
(50,824)
Credit Default Swaps (Citibank) (Fund receives
default protection on Societe Generale SA 5.250%
28/3/2013 and pays Fixed 3.000%) (20/12/2017) (12,428)
Credit Default Swaps (Citibank) (Fund receives
default protection on Wind Acquisition Finance
SA 11.750% 15/7/2017 and pays Fixed 5.000%)
(20/9/2015)
(1,234)
Credit Default Swaps (Citibank) (Fund receives
Fixed 0.250% and provides default protection on
France Government Bond OAT 4.250% 25/4/2019)
(20/6/2023)
21,617
Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection on
Imperial Tobacco Finance Plc 6.250% 4/12/2018)
(20/12/2017)
19,415
Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Italy Government International Bond 6.875%
27/9/2023) (20/12/2016)
56,617

BlackRock Strategic Funds (BSF)

Nominal
Value
USD 460,000

EUR 9,500,000

EUR 500,000

EUR 310,000

EUR 1,630,000

EUR 545,000

EUR 700,000

EUR 380,000

EUR 75,000

EUR 70,000

EUR 190,000

EUR 200,000

EUR 531,438

EUR 580,000

EUR 270,000

EUR 672,000

EUR 540,000

EUR 100,000

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (Citibank) (Fund receives


Fixed 1.000% and provides default protection
on Italy Government International Bond 6.875%
27/9/2023) (20/12/2016)
50,940
Credit Default Swaps (Citibank) (Fund receives Fixed
1.000% and provides default protection on iTraxx
Europe Series 20 Version 1) (20/12/2018)
13,244
Credit Default Swaps (Citibank) (Fund receives Fixed
1.000% and provides default protection on Swiss
Reinsurance Co Ltd 4.000% 29/6/2015)
(20/3/2018)
10,624
Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection on
ThyssenKrupp AG 4.375% 18/3/2015) (20/9/2018) 14,353
Credit Default Swaps (Citibank) (Fund receives Fixed
5.000% and provides default protection on Grohe
Holding GmbH 8.750% 15/12/2017) (20/12/2018) 73,848
Credit Default Swaps (Citibank) (Fund receives Fixed
5.000% and provides default protection on Jaguar
Land Rover Automotive PLC 8.125% 15/5/2018)
(20/12/2018)
19,357
Credit Default Swaps (Citibank) (Fund receives Fixed
5.000% and provides default protection on Sunrise
Communications Holdings SA 8.500% 31/12/2018)
(20/12/2017)
28,899
Credit Default Swaps (Citibank) (Fund receives Fixed
5.000% and provides default protection on Sunrise
Communications Holdings SA 8.500% 31/12/2018)
(20/3/2018)
13,371
Credit Default Swaps (Citibank) (Fund receives Fixed
5.000% and provides default protection on Sunrise
Communications Holdings SA 8.500% 31/12/2018)
(20/12/2017)
3,846
Credit Default Swaps (Citibank) (Fund receives Fixed
5.000% and provides default protection on Sunrise
Communications Holdings SA 8.500% 31/12/2018)
(20/12/2017)
3,765
Credit Default Swaps (Citibank) (Fund receives Fixed
5.000% and provides default protection on Techem
GmbH 6.125% 1/10/2019) (20/6/2018)
12,349
Credit Default Swaps (Citibank) (Fund receives Fixed
5.000% and provides default protection on Techem
GmbH 6.125% 1/10/2019) (20/6/2018)
13,264
Credit Default Swaps (Citibank) (Fund receives Fixed
5.000% and provides default protection on Virgin
Media Finance Plc 5.125% 15/2/2022)
(20/9/2018)
10,388
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on AXA SA 6.000% 18/6/2013
and pays Fixed 1.000%) (20/6/2018)
(31,977)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Clariant Finance Luxembourg
SA 4.375% 5/4/2013 and pays Fixed 1.000%)
(20/12/2017)
(21,410)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Deutsche Bank AG 5.125%
31/8/2017 and pays Fixed 1.000%) (20/6/2018)
(9,460)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Dixons Retail Plc 8.750%
3/8/2015 and pays Fixed 5.000%) (20/12/2016) (158,490)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Finmeccanica Finance SA/
Old 5.750% 12/12/2018 and pays Fixed 5.000%)
(20/6/2018)
(3,725)

BlackRock European Constrained Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value
EUR 250,000

EUR 1,000,000

EUR 425,000

EUR 460,000

EUR 855,000

EUR 125,000

EUR 531,437

EUR 100,000

EUR 580,000

EUR 520,000

EUR 682,000

EUR 450,000

EUR 500,000

EUR 450,000

EUR 1,280,000

EUR 1,100,000

EUR 1,020,000

EUR 210,000

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (Credit Suisse) (Fund receives


default protection on Finmeccanica Finance SA/
Old 5.750% 12/12/2018 and pays Fixed 5.000%)
(20/6/2018)
(9,587)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Henkel AG & Co KGaA
4.250% 10/6/2013 and pays Fixed 1.000%)
(20/12/2017)
(10,458)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Koninklijke DSM NV 4.000%
10/11/2015 and pays Fixed 1.000%) (20/6/2018)
(3,280)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Marks & Spencer Plc 5.625%
24/3/2014 and pays Fixed 1.000%) (20/3/2018)
(17,977)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on St-Gobain Nederland BV
5.000% 25/4/2014 and pays Fixed 1.000%)
(20/9/2018)
(20,689)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Stena AB 6.125% 1/2/2017
and pays Fixed 5.000%) (20/12/2017)
(11,317)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Unitymedia KabelBW GmbH
9.625% 1/12/2019 and pays Fixed 5.000%)
(20/9/2018)
(12,142)
Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Wolters Kluwer NV 5.125%
27/1/2014 and pays Fixed 1.000%) (20/12/2017)
(745)
Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 1.000% and provides default protection on
Aviva Plc 9.500% 20/6/2016) (20/6/2018)
30,469
Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 1.000% and provides default protection on
Solvay SA 4.625% 27/6/2018) (20/6/2018)
7,684
Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 1.000% and provides default protection on
Swiss Reinsurance Co Ltd 4.000% 29/6/2015)
(20/6/2018)
16,609
Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 1.000% and provides default protection on
ThyssenKrupp AG 4.375% 18/3/2015) (20/3/2018) 14,945
Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 1.000% and provides default protection on
ThyssenKrupp AG 4.375% 18/3/2015)
(20/12/2017)
28,285
Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 1.000% and provides default protection on
ThyssenKrupp AG 4.375% 18/3/2015) (20/3/2018) 13,321
Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 5.000% and provides default protection on
CIR-Compagnie Industriali Riunite SpA 5.750%
16/12/2024) (20/12/2018)
(5,323)
Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 5.000% and provides default protection
on Grohe Holding GmbH 8.750% 15/12/2017)
(20/12/2018)
49,418
Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 5.000% and provides default protection
on Jaguar Land Rover Automotive Plc 8.125%
15/5/2018) (20/12/2018)
4,484
Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 5.000% and provides default protection on
Sunrise Communications Holdings SA 8.500%
31/12/2018) (20/12/2017)
8,108

Nominal
Value

Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 910,000

Credit Default Swaps (Credit Suisse) (Fund receives


Fixed 5.000% and provides default protection on
Techem GmbH 6.125% 1/10/2019) (20/6/2018)
23,190
EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 5.000% and provides default protection on
Techem GmbH 6.125% 1/10/2019) (20/9/2018)
4,341
EUR 110,000 Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 5.000% and provides default protection on
Techem GmbH 6.125% 1/10/2019) (20/9/2018)
1,291
EUR 102,516 Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 5.000% and provides default protection on
Techem GmbH 6.125% 1/10/2019) (20/12/2018)
1,385
EUR 550,000 Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 5.000% and provides default protection on
Techem GmbH 6.125% 1/10/2019) (20/6/2018)
9,099
EUR 1,130,000 Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 5.000% and provides default protection
on Unilabs Subholding AB 8.500% 15/7/2018)
(20/12/2017)
(34,204)
EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 5.000% and provides default protection on
Unitymedia KabelBW GmbH 9.625% 1/12/2019)
(20/12/2017)
1,698
EUR 265,000 Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on BBVA
Senior Finance SAU 4.875% 23/1/2014 and pays
Fixed 3.000%) (20/12/2018)
(5,446)
EUR 870,000 Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on Diageo
Capital Plc 5.500% 30/9/2016 and pays Fixed
1.000%) (20/12/2017)
(9,885)
EUR 90,000 Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on Diageo
Capital Plc 5.500% 30/9/2016 and pays Fixed
1.000%) (20/12/2017)
(1,004)
EUR 11,700,000 Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on iTraxx
Europe Senior Financials Series 19 Version 1 and
pays Fixed 1.000%) (20/6/2018)
(261,099)
EUR 7,350,000 Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on iTraxx
Europe Series 20 Version 1 and pays Fixed 1.000%)
(20/12/2018)
(23,276)
EUR 3,980,000 Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on iTraxx
Europe Series 20 Version 1 and pays Fixed 1.000%)
(20/12/2018)
(10,882)
EUR 290,000 Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on
Koninklijke DSM NV 4.000% 10/11/2015 and pays
Fixed 1.000%) (20/12/2017)
(2,360)
EUR 2,870,000 Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on
Koninklijke DSM NV 4.000% 10/11/2015 and pays
Fixed 1.000%) (20/12/2017)
(23,832)
EUR 1,310,000 Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on Next
Plc 5.375% 26/10/2021 and pays Fixed 1.000%)
(20/12/2018)
(14,727)
EUR 500,000 Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on Stena
AB 6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2017)
(46,520)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

73

BlackRock European Constrained Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value
EUR 250,000

EUR 560,000

EUR 1,000,000

EUR 1,370,000

EUR 130,000

EUR 265,000

EUR 8,400,000

EUR 120,000

EUR 210,000

EUR 3,795,000

USD 150,000

USD 450,000

USD 350,000

EUR 250,000

EUR 531,437

EUR 540,000

EUR 540,000

74

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (Deutsche Asset Management


Life) (Fund receives default protection on Veolia
Environnement SA 5.375% 28/5/2018 and pays
Fixed 1.000%) (20/12/2017)
(11,213)
Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on Wind
Acquisition Finance SA 11.750% 15/7/2017 and
pays Fixed 5.000%) (20/9/2015)
(2,959)
Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on Wolters
Kluwer NV 5.125% 27/1/2014 and pays Fixed
1.000%) (20/12/2017)
(3,591)
Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives default protection on WPP
PLC 6.000% 4/4/2017 and pays Fixed 1.000%)
(20/12/2017)
(28,727)
Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives Fixed 1.000% and provides
default protection on E.ON International Finance
BV 6.375% 29/5/2017) (20/12/2017)
1,743
Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives Fixed 3.000% and provides
default protection on UniCredit SpA 4.375%
29/1/2020) (20/12/2018)
7,786
Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives Fixed 5.000% and provides
default protection on iTraxx Europe Sub Financials
Series 19 Version 1) (20/6/2018)
262,479
Credit Default Swaps (Deutsche Asset Management
Life) (Fund receives Fixed 5.000% and provides
default protection on Portugal Telecom
International Finance BV 4.375% 24/3/2017)
(20/12/2017)
10,327
Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on iTraxx Europe Senior
Financials Series 19 Version 1 and pays Fixed
1.000%) (20/6/2018)
(5,970)
Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on iTraxx Europe Senior
Financials Series 20 Version 1 and pays Fixed
1.000%) (20/12/2018)
(46,287)
Credit Default Swaps (Deutsche Bank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/12/2017)
(11,414)
Credit Default Swaps (Deutsche Bank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/12/2015)
(24,641)
Credit Default Swaps (Deutsche Bank) (Fund receives
default protection on Republic of Ireland 4.500%
4/18/2020 and pays Fixed 1.000%) (20/3/2018)
(9,425)
Credit Default Swaps (Deutsche Bank) (Fund receives
default protection on Societe Generale SA 5.250%
28/3/2013 and pays Fixed 3.000%) (20/12/2017) (12,306)
Credit Default Swaps (Deutsche Bank) (Fund receives
default protection on Unitymedia KabelBW GmbH
9.625% 1/12/2019 and pays Fixed 5.000%)
(20/9/2018)
(11,900)
Credit Default Swaps (Deutsche Bank) (Fund receives
default protection on Wind Acquisition Finance
SA 11.750% 15/7/2017 and pays Fixed 5.000%)
(20/9/2015)
(2,441)
Credit Default Swaps (Deutsche Bank) (Fund receives
default protection on Wind Acquisition Finance
SA 11.750% 15/7/2017 and pays Fixed 5.000%)
(20/9/2015)
(2,441)

BlackRock Strategic Funds (BSF)

Nominal
Value
EUR 500,000

EUR 20,000

EUR 510,000

EUR 260,000

EUR 540,000

USD 650,000

EUR 2,300,000

EUR 250,000

USD 650,000

EUR 340,000

EUR 250,000

EUR 180,000

EUR 240,000

EUR 400,000

EUR 500,000

EUR 300,000

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (Deutsche Bank) (Fund receives


Fixed 1.000% and provides default protection on
Imperial Tobacco Finance Plc 6.250% 4/12/2018)
(20/12/2017)
6,684
Credit Default Swaps (Deutsche Bank) (Fund receives
Fixed 5.000% and provides default protection on
Portugal Telecom International Finance BV 4.375%
24/3/2017) (20/9/2017)
3,843
Credit Default Swaps (Deutsche Bank) (Fund receives
Fixed 5.000% and provides default protection on
Techem GmbH 6.125% 1/10/2019) (20/6/2018)
30,392
Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on BBVA Senior
Finance SAU 4.875% 23/1/2014 and pays Fixed
3.000%) (20/6/2018)
(18,137)
Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018 and pays
Fixed 5.000%) (20/12/2018)
(6,825)
Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Ireland Government
Bond 4.500% 18/4/2020 and pays Fixed 1.000%)
(20/12/2016)
(119,236)
Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Marks & Spencer
Plc 5.625% 24/3/2014 and pays Fixed 1.000%)
(20/6/2018)
(103,111)
Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on St-Gobain
Nederland BV 5.000% 25/4/2014 and pays
Fixed1.000%) (20/12/2017)
(10,415)
Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Italy Government International
Bond6.875% 27/9/2023) (20/12/2016)
75,322
Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/9/2018)
10,502
Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/12/2017)
14,593
Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/3/2018)
4,715
Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Sunrise Communications Holdings
SA 8.500% 31/12/2018) (20/12/2017)
11,108
Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Sunrise Communications Holdings
SA 8.500% 31/12/2018) (20/3/2018)
12,328
Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Unitymedia KabelBW GmbH 9.625%
1/12/2019) (20/12/2017)
32,858
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default protection
on Banco de Sabadell SA 0.365% 4/10/2016 and
pays Fixed 5.000%) (20/9/2017)
(46,853)

BlackRock European Constrained Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value
EUR 500,000

EUR 930,000

EUR 420,000

EUR 450,000

EUR 2,300,000

EUR 490,000

EUR 265,000

EUR 1,250,000

EUR 520,000

EUR 1,960,000

EUR 490,000

EUR 450,000

EUR 318,000

EUR 100,000

EUR 60,000

EUR 30,000

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (JP Morgan Chase Bank


(Depository Cle) (Fund receives default protection
on Caja de Ahorros y Pensiones de Barcelona
3.940% 28/2/2019 and pays Fixed 3.000%)
(20/12/2015)
(23,847)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default protection
on Clariant Finance Luxembourg SA 4.375%
5/4/2013 and pays Fixed 1.000%) (20/12/2017)
(72,103)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default protection
on Finmeccanica Finance SA/Old 5.750%
12/12/2018 and pays Fixed 5.000%) (20/12/2017) (22,119)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default protection
on Finmeccanica Finance SA/Old 5.750%
12/12/2018 and pays Fixed 5.000%) (20/12/2017) (21,680)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default protection
on Finmeccanica Finance SA/Old 5.750%
12/12/2018 and pays Fixed 5.000%) (20/3/2016)
(899)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default protection
on Jaguar Land Rover Automotive Plc 8.125%
15/5/2018 and pays Fixed 5.000%) (20/3/2016)
(4,626)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default protection
on St-Gobain Nederland BV 5.000% 25/4/2014
and pays Fixed 1.000%) (20/12/2017)
(12,675)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives Fixed 1.000% and
provides default protection on E.ON International
Finance BV 6.375% 29/5/2017) (20/12/2017)
11,533
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives Fixed 1.000% and
provides default protection on Vinci SA 4.125%
20/2/2017) (20/6/2018)
6,122
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives Fixed 5.000%
and provides default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018) (20/3/2018) 60,045
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives Fixed 5.000% and
provides default protection on Jaguar Land Rover
Plc 8.125% 5/15/2018) (20/3/2018)
40,120
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives Fixed 5.000% and
provides default protection on Portugal Telecom
International Finance BV 4.375% 24/3/2017)
(20/12/2017)
45,721
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle)) (Fund receives default protection
on British Airways Plc 8.750% 23/8/2016 and pays
Fixed 5.000%) (20/12/2018)
(16,852)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle)) (Fund receives default protection
on Henkel AG & Co KGaA 4.625% 19/3/2014 and
pays Fixed 1.000%) (20/12/2017)
(1,078)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle)) (Fund receives default protection
on St-Gobain Nederland BV 5.000% 25/4/2014
and pays Fixed 1.000%) (20/12/2017)
(2,870)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle)) (Fund receives default protection
on Veolia Environnement SA 5.375% 28/5/2018
and pays Fixed 1.000%) (20/12/2017)
(1,882)

Nominal
Value
EUR 140,000

EUR 223,333

EUR 230,000

USD 2,900,000

EUR 590,000

EUR 560,000

EUR 100,000

USD 1,770,000

USD 2,080,000

USD 290,000

USD 600,000

USD 225,000

USD 650,000

EUR 560,000

USD 1,080,000

EUR 1,230,000

EUR 6,006,667

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (JP Morgan Chase Bank


(Depository Cle)) (Fund receives default protection
on WPP PLC 6.000% 4/4/2017 and pays Fixed
1.000%) (20/12/2017)
(3,549)
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle)) (Fund receives Fixed 1.000% and
provides default protection on ThyssenKrupp AG
4.375% 18/3/2015) (20/9/2018)
10,431
Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle)) (Fund receives Fixed 1.000% and
provides default protection on ThyssenKrupp AG
4.375% 18/3/2015) (20/12/2017)
13,426
Credit Default Swaps (JP Morgan Securities Inc)
(Fund receives default protection on Portugal
Obrigacoes do Tesouro OT 5.450% 23/9/2013 and
pays Fixed 1.000%) (20/6/2015)
(144,774)
Credit Default Swaps (JP Morgan) (Fund receives
default protection on Banco Espirito Santo SA
0.454% 19/1/2015 and pays Fixed 5.000%)
(20/6/2018)
(37,268)
Credit Default Swaps (JP Morgan) (Fund receives
default protection on Credit Agricole SA 5.065%
8/10/2022 and pays Fixed 3.000%) (20/6/2018)
(29,589)
Credit Default Swaps (JP Morgan) (Fund receives
default protection on Finmeccanica Finance SA/
Old 5.750% 12/12/2018 and pays Fixed 5.000%)
(20/6/2018)
(353)
Credit Default Swaps (JP Morgan) (Fund receives
default protection on France Government Bond
OAT 4.250% 25/4/2019 and pays Fixed 0.250%)
(20/6/2018)
(9,596)
Credit Default Swaps (JP Morgan) (Fund receives
default protection on Ireland Government Bond
4.500% 18/4/2020 and pays Fixed 1.000%)
(20/3/2018)
(48,453)
Credit Default Swaps (JP Morgan) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/6/2015)
(11,307)
Credit Default Swaps (JP Morgan) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/12/2017)
(69,543)
Credit Default Swaps (JP Morgan) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/12/2015)
(4,484)
Credit Default Swaps (JP Morgan) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/6/2015)
(6,436)
Credit Default Swaps (JP Morgan) (Fund receives
default protection on Societe Generale SA 2.375%
28/2/2018 and pays Fixed 3.000%) (20/6/2018)
(30,949)
Credit Default Swaps (JP Morgan) (Fund receives
Fixed 0.250% and provides default protection on
France Government Bond OAT 4.250% 25/4/2019)
(20/6/2023)
16,100
Credit Default Swaps (JP Morgan) (Fund receives
Fixed 1.000% and provides default protection on
Allianz Finance II BV 4.000% 23/11/2016)
(20/6/2018)
34,770
Credit Default Swaps (JP Morgan) (Fund receives
Fixed 1.000% and provides default protection on
iTraxx Europe Series 20 Version 1) (20/12/2018)
59,998

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

75

BlackRock European Constrained Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value
EUR 1,230,000

EUR 510,000

EUR 500,000

EUR 150,000

EUR 1,213

EUR 590

EUR 85

EUR 14,869
EUR 5,503
GBP 226,342

GBP 350,000

EUR 940,000

EUR 1,892,000

EUR 540,000

EUR 100,000

EUR 100,000

EUR 100,000

EUR 200,000

EUR 570,000

EUR 570,000

EUR 1,050,000

76

Description

Unrealised
appreciation/
(depreciation)
EUR

Credit Default Swaps (JP Morgan) (Fund receives


Fixed 1.000% and provides default protection
on Muenchener Rueckversicherungs AG 7.625%
21/6/2028) (20/6/2018)
23,402
Credit Default Swaps (JP Morgan) (Fund receives
Fixed 1.000% and provides default protection
on St-Gobain Nederland BV 5.000% 25/4/2014)
(20/6/2018)
12,549
Credit Default Swaps (JP Morgan) (Fund receives
Fixed 5.000% and provides default protection on
Portugal Telecom International Finance BV 4.375%
24/3/2017) (20/12/2017)
85,802
Credit Default Swaps (Morgan Stanley) (Fund
receives default protection on Dixons Retail
Plc 8.750% 3/8/2015 and pays Fixed 5.000%)
(20/12/2016)
(41,025)
Total Return Swap (Barclays Bank) (Fund receives
3Month EURIBOR and pays Fonciere Des Regions)
(14/11/2014)
1,608
Total Return Swap (Barclays Bank) (Fund receives
3Month EURIBOR and pays Fonciere Des Regions)
(13/11/2014)
534
Total Return Swap (Barclays Bank) (Fund receives
3Month EURIBOR and pays Fonciere Des Regions)
(15/11/2014)
133
Total Return Swap (BNP Paribas) (Fund receives
3Month EURIBOR and pays TUI AG) (22/11/2014) (4,015)
Total Return Swap (BNP Paribas) (Fund receives
3Month EURIBOR and pays TUI AG) (25/11/2014)
(1,089)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Enterprise Inns Plc)
(5/9/2014)
7,066
Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Equiniti Newco 2 plc
7.125% 15/12/2018) (30/9/2014)
(7,959)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Italy Buoni Poliennali
DelTesoro 3.750% 1/8/2021) (29/8/2014)
(30,281)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Italy Buoni Poliennali
DelTesoro 3.750% 1/8/2021) (29/8/2014)
(60,490)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Italy Buoni Poliennali
DelTesoro 4.500% 1/5/2023) (29/8/2014)
(16,618)
Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Manutencoop Facility
8.500% 1/8/2020) (30/9/2014)
(8,072)
Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Manutencoop Facility
8.500% 1/8/2020) (30/9/2014)
(8,072)
Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Manutencoop Facility
8.500% 1/8/2020) (30/10/2014)
(7,572)
Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Manutencoop Facility
8.500% 1/8/2020) (30/10/2014)
(14,143)
Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Peugeot SA 7.375%
6/3/2018) (30/5/2014)
(65,721)
Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Peugeot SA 7.375%
6/3/2018) (30/5/2014)
(65,721)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Portugal Obrigacoes
doTesouro OT 4.350% 16/10/2017) (30/4/2014)
21,528

BlackRock Strategic Funds (BSF)

Nominal
Value
GBP 200,000

GBP 389,550

GBP 735,000

GBP 404,250

EUR 1,400,000

EUR 6,310,000

EUR 690,000

EUR 1,120,000

EUR 450,000

EUR 970,000

EUR 95,000

EUR 910,000

EUR 200,000

EUR 500,000

EUR 1,311,404

EUR 1,430,000

EUR 3,680,000

EUR 710,000

EUR 370,000

EUR 220,000

EUR 110,000

Description

Unrealised
appreciation/
(depreciation)
EUR

Total Return Swap (Credit Suisse) (Fund receives


1 Month LIBOR and pays Priory Group No 3 Plc
8.875% 15/2/2019) (31/10/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Punch Taverns Finance
Plc 6.820% 15/7/2020) (26/9/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Punch Taverns Finance
Plc 6.820% 15/7/2020) (26/9/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Punch Taverns Finance
Plc 6.820% 15/7/2020) (26/9/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond3.750% 31/10/2018) (29/8/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond4.100% 30/7/2018) (31/10/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond4.100% 30/7/2018) (29/8/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond4.100% 30/7/2018) (30/4/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond4.500% 31/1/2018) (28/2/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond5.500% 30/4/2021) (28/2/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond5.500% 30/7/2017) (28/2/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond5.900% 30/7/2026) (30/4/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Telecom Italia SpA
7.750% 20/3/2073) (29/8/2014)
Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Telecom Italia SpA
7.750% 20/3/2073) (29/8/2014)
Total Return Swap (JP Morgan) (Fund receives
3Month EURIBOR and pays Telecom Italia SpA)
(8/11/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.050% and pays Italy Buoni Poliennali Del Tesoro
3.750% 1/3/2021) (13/10/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.070% and pays France Government Bond OAT
4.000% 25/4/2018) (23/6/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.080% and pays Italy Buoni Poliennali Del Tesoro
3.750% 1/3/2021) (2/10/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.100% and pays France Government Bond OAT
4.000% 25/4/2018) (23/6/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.100% and pays Wind Acquisition Holdings
Finance SA 12.250% 15/7/2017) (15/10/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.100% and pays Wind Acquisition Holdings
Finance SA 12.250% 15/7/2017) (15/10/2014)

(1,341)

(17,817)

(32,205)

(17,276)

(41,131)

19,337

(29,212)

(45,423)

(32,133)

(69,950)

(1,012)

(75,310)

(7,775)

(14,944)

(49,833)

(62,468)

3,381

(26,028)

340

(13,034)

(6,517)

BlackRock European Constrained Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value
EUR 390,000

EUR 680,000

EUR 280,000

EUR 1,100,000

EUR 720,000

EUR 150,000

EUR 270,000

Unrealised
appreciation/
(depreciation)
EUR

Description

Total Return Swap (JP Morgan) (Fund receives Fixed


0.150% and pays Italy Buoni Poliennali Del Tesoro
3.750% 1/8/2021) (27/6/2014)
(1,256)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.150% and pays Spain Government Bond 4.100%
30/7/2018) (1/10/2014)
(27,453)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.150% and pays Spain Government Bond 4.100%
30/7/2018) (8/10/2014)
(11,028)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.180% and pays Italy Buoni Poliennali Del Tesoro
4.500% 3/1/2026) (6/3/2014)
(42,072)
Total Return Swap (JP Morgan) (Fund receives
Fixed 0.200% and pays Ireland Government Bond
5.500% 18/10/2017) (17/9/2014)
11,451
Total Return Swap (JP Morgan) (Fund receives Fixed
0.200% and pays Spain Government Bond 4.300%
31/10/2019) (24/3/2014)
(8,536)
Total Return Swap (JP Morgan) (Fund receives
Fixed 0.220% and pays Republic of Italy 4.500%
1/3/2026) (10/4/2014)
(17,863)

Nominal
Value
EUR 390,000

EUR 795,000

EUR 160,000

EUR 455,000

EUR 400,000

EUR 400,000

Unrealised
appreciation/
(depreciation)
EUR

Description

Total Return Swap (JP Morgan) (Fund receives Fixed


0.250% and pays Italy Buoni Poliennali Del Tesoro
3.750% 1/8/2021) (28/6/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.350% and pays Portugal Obrigacoes do Tesouro
OT 4.750% 14/6/2019) (2/10/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.400% and pays Portugal Obrigacoes do Tesouro
OT 4.750% 14/6/2019) (3/11/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.500% and pays Italy Buoni Poliennali Del Tesoro
3.750% 1/8/2021) (21/3/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.500% and pays Telecom Italia SpA 7.750%
20/3/2073) (15/10/2014)
Total Return Swap (JP Morgan) (Fund receives Fixed
0.500% and pays Telecom Italia SpA 7.750%
20/3/2073) (18/10/2014)

(EUR underlying exposure EUR 257,580,433)

(2,971)

(55,723)

(8,441)

(20,362)

(15,625)

(10,540)

(3,696,160)

Note: The total market value of EUR (489,345) is included in the Statement of Net Assets (see Notes 2(d)).

Open Exchange Traded Futures Contracts


as at 30 November 2013

Number of
Contracts

Contract/
Description

Open Forward Foreign Exchange Transactions


as at 30 November 2013

Underlying
exposure
EUR

Expiration
date

Unrealised
appreciation/
(depreciation)
EUR

(67)
German Euro BOBL December 2013 7,825,265
(145)
German Euro Bund December 2013 14,829,585
(19)
German Euro Schatz December 2013 1,905,035
(71)
UK Long Gilt Bond
March 2014 10,239,396
(5) Ultra US Long Treasury Bond
March 2014
417,170
(9)
US Long Bond
March 2014
888,657
(94)
US Treasury 10 Year Note
March 2014 7,618,564
(61)
US Treasury 5 Year Note
March 2014 4,449,216

(17,280)
(152,530)
(1,495)
19,608
402
310
(12,601)
(652)

Total

(164,238)

48,172,888

Note: The net unrealised depreciation attributed to these transactions is included


in the Statement of Net Assets (see Notes 2(d)).

Purchases
EUR 339,719
EUR 952,670
EUR 23,243,627
EUR 37,983
EUR 35,447,527
GBP 6,810,000
USD 13,650,000

Sales
AUD 490,000
CHF 1,180,000
GBP 19,540,000
SEK 330,000
USD 47,520,000
EUR 8,077,988
EUR 10,018,099

Net unrealised appreciation


(EUR underlying exposure EUR 77,941,519)

Unrealised
appreciation/
(depreciation)
Value Date
EUR
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013

11,577
(6,979)
(216,824)
919
504,849
98,352
19,097
410,991

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see Notes 2(d)).
Barclays Bank Plc, BNP Paribas SA, Citibank, Credit Suisse, Deutsche Bank AG London,
HSBC Bank Plc, Royal Bank of Scotland Plc, State Street Bank London and UBS AG
London are the counterparties to these Open Forward Foreign Exchange Transactions.

Sector Breakdown
as at 30 November 2013
% of net
assets*
Financial
Consumer, Cyclical
Government
Communications
Funds
Industrial
Consumer, Non-cyclical
Basic Materials
Utilities
Other Net Assets

39.54
13.01
11.45
10.51
9.59
4.12
1.82
1.68
1.27
7.01
100.00

* Based on the market value of the Portfolio of Investments

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

77

BlackRock European Constrained Credit Strategies Fund continued


Swaptions as at 30 November 2013

Nominal
Value

Description

Unrealised
appreciation/
(depreciation)
EUR

Fund purchases a put option


(expiring 15/1/2014) to enter into
a Credit Default Swap (Citibank
NA). If exercised Fund receives
Floating iTraxx XO 20 Version 1
quarterly from 20/12/2013; and
pays 5% Fixed quarterly from
15/1/2014
5,550,000 Fund purchases a put option
(expiring 15/1/2014) to enter
into a Credit Default Swap (JP
Morgan Chase Bank). If exercised
Fund receives Floating iTraxx
XO 20 Version 1 quarterly from
20/12/2013; and pays 5% Fixed
quarterly from 15/1/2014
(14,945,000) Fund writes a put option (expiring
15/1/2014) to enter into a Credit
Default Swap (Citibank NA). If
exercised Fund receives 5%
Fixed quarterly from 15/1/2014;
and pays Floating iTraxx XO 20
Version 1 quarterly from
20/12/2013
(5,550,000) Fund writes a put option (expiring
15/1/2014) to enter into a
Credit Default Swap (JP Morgan
Chase Bank). If exercised Fund
receives 5% Fixed quarterly from
15/1/2014; and pays Floating
iTraxx XO 20 Version 1 quarterly
from 20/12/2013

Market
Value
EUR

14,945,000

(EUR underlying exposure EUR 7,575,990)

(78,870)

58,624

(25,405)

21,770

6,278

(7,172)

2,831

(2,664)

(95,166)

70,558

Note: Swaptions are included in the Statement of Net Assets (see Notes 2(d)).

78

BlackRock Strategic Funds (BSF)

BlackRock European Credit Strategies Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

COMMON STOCKS (SHARES)


Smurfit Kappa Group Plc

EUR 14,500,000
EUR 11,500,000

2,600,360

0.24

2,600,360

0.24

EUR 21,600,000
USD 4,997,000

0.00

USD 223,000

0.00

Spain
86,667

Pescanova SA

EUR 1,026,000

Sweden
317,700

SAS AB

663,821

0.06

663,821

0.06

Cembra Money Bank AG

2,149,823

0.19

2,149,823

0.19

261,748
322,823

Royal Bank of Scotland Group


Plc (Pref)
Royal Bank of Scotland Group
Plc (Pref)
Royal Bank of Scotland Group
Plc (Pref)

188,351

0.01

4,178,498

0.38

EUR 3,455,000

5,293,541

0.48

EUR 4,875,000

9,660,390

0.87

EUR 9,060,000

1,884,544
1,927,269

0.17
0.18

3,811,813

0.35

18,886,208

1.71

United States
121,005
121,006

RBS Capital Funding Trust V (Pref)


RBS Capital Funding Trust VII (Pref)

Total Common Stocks (Shares)

EUR 1,000,000
EUR 12,998,600

United Kingdom
12,215

EUR 18,513,000
EUR 14,254,000
EUR 16,647,000

Switzerland
46,750

EUR 3,655,000
EUR 3,100,000
EUR 28,030,000

Vienna Insurance Group AG Wiener


Versicherung Gruppe FRN
9/10/2043

4,568,750

0.41

4,568,750

0.41

GBP 8,647,771

Brakes Capital 7.125% 15/12/2018


Punch Taverns Finance B Ltd
7.369% 30/6/2022
Punch Taverns Finance B Ltd
5.943% 30/12/2024
Punch Taverns Finance B Ltd
4.767% 30/6/2033

EUR 14,600,000

7,439,319

0.67

USD 4,640,000
EUR 7,460,000
EUR 12,230,000

3,507,502

0.32

EUR 18,220,000

7,433,052

0.67

EUR 7,201,000
EUR 4,490,000
EUR 15,220,000

Cayman Islands

GBP 6,321,000

9,786,387

0.89

28,166,260

2.55

10,019,749

0.91

10,019,749

0.91

Czech Republic
EUR 9,878,000

RPG Byty Sro 6.75% 1/5/2020

France
EUR 3,583,800
EUR 2,600,000
EUR 11,510,000
USD 2,440,000

Allianz SE FRN (Perpetual)


Bayerische Landesbank FRN
7/2/2019
Commerzbank AG 7.75% 16/3/2021
Commerzbank AG '144A'
8.125% 19/9/2023
Commerzbank AG 8.125%
19/9/2023
Deutsche Raststaetten Gruppe IV
GmbH 6.75% 30/12/2020
HSH Nordbank AG FRN 14/2/2017
HSH Nordbank AG Reg FRN
14/2/2017
HSH Nordbank AG (Flat trading)
7.408% (Perpetual)
Muenchener Rueckversicherungs
AG FRN 26/5/2041
TUI AG 2.75% 24/3/2016

14,931,665

1.35

10,637,500
24,704,784

0.96
2.24

4,037,246

0.37

180,169

0.02

1,061,951
13,308,163

0.10
1.20

10,220,118

0.92

4,848,522

0.44

1,175,675
8,687,939

0.11
0.79

93,793,732

8.50

AIB Mortgage Bank 2.625%


29/7/2016
AIB Mortgage Bank 4.875%
29/6/2017
Bank of Ireland Mortgage Bank
2.75% 22/3/2018
Bank of Ireland Mortgage Bank
3.625% 2/10/2020
Cloverie Plc for Zurich Insurance
Co Ltd FRN 24/7/2039
DEPFA Bank Plc FRN 15/12/2015

3,551,308

0.32

5,357,381

0.49

9,304,620

0.84

3,829,344

0.35

3,763,044
24,771,512

0.34
2.24

50,577,209

4.58

7,171,433
3,471,769

0.65
0.31

5,686,792

0.52

15,804,500
3,713,176
7,598,644

1.43
0.34
0.69

12,407,519

1.12

20,588,600
7,426,031
4,900,543
15,567,016

1.87
0.67
0.44
1.41

104,336,023

9.45

7,080,129

0.64

1,456,487

0.13

1,533,694

0.14

Italy
EUR 6,705,000
EUR 3,335,000
EUR 5,388,000

Austria

GBP 6,205,000
GBP 2,822,414

Ireland

BONDS
EUR 4,300,000

Market Value
(EUR)

Germany

Ireland
148,000

Description

Fonciere Des Regions 0.875%


1/4/2019
France Government Bond OAT
2.25% 25/10/2022
France Government Bond OAT
4.25% 25/10/2023
Societe Generale SA FRN (Perpetual)

Jersey
GBP 5,350,000
GBP 1,210,000
GBP 1,275,000

3,008,062

0.27

2,647,294

0.24

13,557,629
1,883,211

1.23
0.17

21,096,196

1.91

A2A SpA 4.375% 10/1/2021


Astaldi SpA 7.125% 1/12/2020
Banca Monte dei Paschi di Siena
SpA 4.875% 15/9/2016
Buzzi Unicem SpA 1.375%
17/7/2019
Enel SpA '144A' FRN 24/9/2073
Gamenet SpA 7.25% 1/8/2018
Intesa Sanpaolo SpA 3.00%
28/1/2019
Italy Buoni Poliennali Del Tesoro
5.50% 1/11/2022
IVS F. SpA 7.125% 1/4/2020
UniCredit SpA 6.95% 31/10/2022
UniCredit SpA FRN 28/10/2025

EUR 8,255,000

AA Bond Co Ltd 6.269% 31/7/2025


Galaxy Bidco Ltd 6.375%
15/11/2020
Galaxy Finco Ltd 7.875%
15/11/2021
RESPARCS Funding II LP
(Flat trading) 7.50% (Perpetual)

2,414,794

0.22

12,485,104

1.13

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

79

BlackRock European Credit Strategies Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

EUR 12,770,000
EUR 5,141,000
EUR 290,000

EUR 9,430,000
EUR 5,500,000
USD 2,976,000
USD 2,499,000
USD 2,475,000
EUR 21,500,000
EUR 21,500,000
EUR 19,522,000
EUR 17,170,000

APERAM '144A' 7.75% 1/4/2018


APERAM 2.625% 30/9/2020
GELF Bond Issuer I SA 3.125%
3/4/2018
Intralot Finance Luxembourg SA
9.75% 15/8/2018
Magnolia BC SA 9.00% 1/8/2020
S&B Minerals Finance SCA / S&B
Industrial Minerals North America
Inc 9.25% 15/8/2020
Servus Luxembourg Holding SCA
7.75% 15/6/2018
Snai SpA 7.625% 15/6/2018
Telecom Italia Capital SA 6.375%
15/11/2033
Telecom Italia Capital SA 6.00%
30/9/2034
Telecom Italia Capital SA 7.721%
4/6/2038
Telecom Italia Finance SA 6.125%
15/11/2016
Telecom Italia Finance SA Reg
6.125% 15/11/2016
Telecom Italia Finance SA 7.75%
24/1/2033
Wind Acquisition Finance SA
7.375% 15/2/2018

10,359,996
3,639,192

0.94
0.33

5,548,690

0.50

13,912,979
5,377,692

1.26
0.49

USD 26,150,000

EUR 707,000
315,704

0.03

EUR 3,150,000

9,907,158
5,594,188

0.90
0.51

EUR 18,287,000
EUR 5,850,000

1,912,128

0.17
EUR 3,900,000

1,543,900

0.14
EUR 2,200,000

1,751,172

0.16
EUR 3,300,000

22,497,600

2.04
EUR 2,100,000

21,500,000

1.95
EUR 3,300,000

21,259,263

1.92
EUR 9,600,000

18,166,547

1.64

143,286,209

12.98

Mexico
Cemex SAB de CV '144A' 7.25%
15/1/2021

EUR 10,000,000
8,416,284

0.76

8,416,284

0.76

USD 22,360,000
USD 25,122,010
EUR 10,400,000
EUR 11,800,000
AUD 3,750,000
EUR 2,520,000
EUR 5,270,000
EUR 7,039,000

Achmea BV FRN 4/4/2043


Adria Bidco BV 7.875% 15/11/2020
Allianz Finance II BV FRN 8/7/2041
Enel Finance International NV
4.875% 17/4/2023
ING Bank NV '144A' 5.80%
25/9/2023
ING Bank NV FRN 21/11/2023
IVG Finance BV 1.75% 29/3/2017
Portugal Telecom International
Finance BV 4.625% 8/5/2020
Royal Bank of Scotland NV FRN
17/5/2018
TMF Group Holding BV Reg
9.875% 1/12/2019
Univeg Holding BV 7.875%
15/11/2020
Ziggo BV 3.625% 27/3/2020

EUR 1,500,000
EUR 8,900,000

Netherlands
EUR 9,409,000
EUR 2,115,000
EUR 4,600,000
EUR 2,131,000

Portugal Government International


Bond 3.50% 25/3/2015

10,138,198
2,121,070
5,262,101

0.92
0.19
0.48

2,372,943

0.21

17,160,530
18,437,366
8,346,000

1.55
1.67
0.76

EUR 7,700,000
EUR 6,800,000
EUR 7,300,000
EUR 2,000,000
EUR 800,000
EUR 8,500,000
EUR 8,100,000

12,039,658

1.09
EUR 400,000

2,255,199

0.20
EUR 10,000,000

2,734,969

0.25

5,270,000
7,039,000

0.48
0.64

93,177,034

8.44

EUR 4,000,000
EUR 11,200,000
EUR 21,100,000

Autonomous Community of
Catalonia 2.125% 1/10/2014
Autonomous Community of Valencia
Spain 4.75% 20/3/2014
Autonomous Community of Valencia
Spain 3.25% 6/7/2015
Autonomous Community of Valencia
Spain 4.375% 16/7/2015
Autonomous Community of Valencia
Spain 4.00% 2/11/2016
Ayt Cedulas Cajas Global 4.00%
21/3/2017
Ayt Cedulas Cajas Global 4.25%
14/6/2018
Ayt Cedulas Cajas Global 3.75%
14/12/2022
Ayt Cedulas Cajas Global 4.25%
25/10/2023
AyT Cedulas Cajas X Fondo de
Titulizacion 3.75% 30/6/2025
AyT Cedulas Cajas XXIII Fondo de
Titulizacion de Activos 4.75%
15/6/2016
Banco Bilbao Vizcaya Argentaria SA
FRN (Perpetual)
Banco Popular Espanol SA FRN
(Perpetual)
BBVA Senior Finance SAU 3.75%
17/1/2018
BPE Financiaciones SA 2.875%
19/5/2016
CaixaBank SA 4.50% 22/11/2016
CaixaBank SA 3.125% 14/5/2018
Caja Rural de Navarra 2.875%
11/6/2018
Cedulas TDA 4.125% 29/11/2019
Cedulas TDA A-5 4.25% 28/3/2027
Cedulas TDA 6 Fondo de Titulizacion
de Activos 3.875% 23/5/2025
Cedulas TDA 6 Fondo de Titulizacion
de Activos 4.25% 10/4/2031
Cedulas TDA 7 Fondo de Titulizacion
de Activos 3.50% 20/6/2017
Indra Sistemas SA 1.75%
17/10/2018
Kutxabank SA 3.00% 1/2/2017
Santander Issuances SAU FRN
30/9/2019
Spain Government Bond '144A'
5.40% 31/1/2023

Norway
USD 16,440,000

Norske Skogindustrier ASA


'144A' 7.125% 15/10/2033

5,621,235
5,621,235

EUR 6,000,000

80

Caixa Geral de Depositos SA 5.625%


4/12/2015
Galp Energia SGPS SA 4.125%
25/1/2019

BlackRock Strategic Funds (BSF)

19,262,294

1.75

29,902,112

2.71

5,930,599

0.54

712,303

0.06

3,168,585

0.29

18,699,646

1.69

5,898,321

0.53

4,071,113

0.37

2,302,355

0.21

3,143,085

0.28

2,054,955

0.19

2,892,450

0.26

10,208,112

0.92

6,068,880

0.55

10,785,050

0.98

1,598,138

0.14

8,907,876
8,151,951
7,024,162

0.81
0.74
0.64

7,508,707
2,066,250
704,660

0.68
0.19
0.06

7,469,375

0.68

6,760,260

0.61

406,940

0.04

10,215,050
4,166,060

0.92
0.38

10,594,528

0.96

0.51

23,291,762

2.11

174,801,173

15.83

Sweden

0.51
SEK 140,000,000

Portugal
EUR 4,300,000

Spain
CHF 7,300,000

USD 7,800,000
USD 11,230,000

Market Value
(EUR)

Portugal continued

Luxembourg
USD 13,700,000
USD 4,400,000
EUR 5,355,000

Description

SAS AB 7.50% 1/4/2015

15,957,119

1.45

15,957,119

1.45

Switzerland
4,546,218
6,093,600

0.41
0.55

EUR 11,125,000

Credit Suisse AG FRN 18/9/2025

11,755,454

1.06

11,755,454

1.06

BlackRock European Credit Strategies Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

GBP 4,528,181
EUR 5,495,000
GBP 3,059,000
EUR 6,990,000
EUR 1,000,000
USD 2,045,000
EUR 4,770,000
EUR 1,690,000
USD 14,475,000
GBP 2,270,000
GBP 2,540,000

GBP 3,561,000

GBP 3,145,000
EUR 1,505,000
GBP 1,500,000
EUR 10,159,000
EUR 6,020,000
GBP 5,324,000
EUR 10,062,000
GBP 7,600,000
GBP 8,740,000
USD 7,040,000
USD 1,775,000
GBP 3,300,000
GBP 7,309,000
GBP 14,816,322
GBP 1,596,000
GBP 4,800,000

Annington Finance No 4 Plc FRN


10/1/2023
6,324,073
Annington Finance No 5 Plc
(Pay-in-kind) 13.00% 15/1/2023
6,347,716
Aviva Plc FRN 5/7/2043
6,133,794
Bakkavor Finance 2 Plc 8.75%
15/6/2020
4,021,855
Barclays Bank Plc 6.00% 14/1/2021 7,993,135
Barclays Bank Plc 6.625% 30/3/2022 1,185,625
Barclays Bank Plc 7.625% 21/11/2022 1,583,174
Barclays Bank Plc FRN (Perpetual)
4,122,377
Barclays Bank Plc FRN (Perpetual)
1,525,309
Barclays Bank Plc FRN (Perpetual) 10,998,954
BUPA Finance Plc 5.00% 25/4/2023 2,751,347
Co-operative Group Holdings 2011
(Step-up Coupon) 6.875%
8/7/2020
3,116,478
Co-operative Group Holdings 2011
(Step-up Coupon) 7.50%
8/7/2026
4,371,919
House of Fraser Funding Plc 8.875%
15/8/2018
4,087,816
Imperial Tobacco Finance Plc 4.50%
5/7/2018
1,689,626
Jaguar Land Rover Automotive Plc
8.25% 15/3/2020
2,036,530
Lloyds Bank Plc 6.50% 24/3/2020
11,814,714
Lloyds Bank Plc FRN 16/12/2021
7,486,442
Marks & Spencer Plc 4.75%
12/6/2025
6,421,775
Nationwide Building Society FRN
20/3/2023
10,370,501
Next Plc 4.375% 2/10/2026
9,205,580
Phosphorus Holdco Plc (Pay-in-kind)
10.00% 1/4/2019
10,021,936
Royal Bank of Scotland Group Plc
'144A' FRN (Perpetual)
5,539,026
Santander UK Plc '144A' 5.00%
7/11/2023
1,305,834
Unique Pub Finance Co Plc 6.542%
30/3/2021
4,146,976
Unique Pub Finance Co Plc 7.395%
28/3/2024
8,556,564
Unique Pub Finance Co Plc 5.659%
30/6/2027
17,417,529
Vougeot Bidco Plc Reg 7.875%
15/7/2020
2,033,492
Voyage Care Bondco Plc 11.00%
1/2/2019
6,246,075
168,856,172

USD 15,695,000
0.57
EUR 1,490,000

USD 22,995,000
USD 3,610,000

Continental Rubber of America


Corp '144A' 4.50% 15/9/2019
Meccanica Holdings USA Inc
'144A' 6.25% 15/7/2019
Meccanica Holdings USA Inc
'144A' 7.375% 15/7/2039

0.36
0.72
0.11
0.14
0.37
0.14
1.00
0.25

Meccanica Holdings USA Inc


'144A' 6.25% 15/1/2040
RBS Capital Trust A FRN
(Perpetual)

9,903,457

0.90

1,351,862

0.12

35,020,511

3.17

Total Bonds

1,011,836,326

91.64

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

1,030,722,534

93.35

0.57
0.56

Funds
Ireland

0.28

75,581,679

Institutional Cash Series Plc Institutional Euro Assets


Liquidity Fund 1

0.40
Total Funds

75,581,679

6.85

75,581,679

6.85

75,581,679

6.85

0.37
0.15
0.18
1.07
0.68

Other Transferable Securities and Money Market Instruments


BONDS
Italy
EUR 8,000,000

Snai SpA 12.00% 15/12/2018

0.58
0.94
0.83
0.91

GBP 7,900,000

0.12
0.38

8,412,920

0.76

8,412,920

0.76

8,115,124

0.74

Jersey
GBP 6,700,000

0.50

Balfour Beatty Finance No.2


Ltd 1.875% 3/12/2018
Enterprise Funding Ltd 3.50%
10/9/2020

9,878,331

0.89

17,993,455

1.63

2,929,174

0.27

2,929,174

0.27

29,335,549

2.66

Sweden
SEK 25,000,000

0.78

Scandinavian Airlines System


Denmark-Norway-Sweden
10.50% 16/6/2014

1.58

Total Bonds

0.18

Total Other Transferable Securities


and Money Market Instruments

29,335,549

2.66

0.57

Securities portfolio at market value

1,135,639,762

102.86

15.29

United States
USD 4,776,000

Market Value
(EUR)

United States continued

United Kingdom
GBP 5,309,436

Description

Other Net Liabilities


Total Net Assets (EUR)

3,733,142

0.34

17,508,509

1.58

2,523,541

0.23

(31,535,901)

(2.86)

1,104,103,861

100.00

This fund is managed by BlackRock.


Securities given as guarantee, see Note 13, for further details.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

81

BlackRock European Credit Strategies Fund continued


Open Exchange Traded Futures Contracts
as at 30 November 2013

Open Forward Foreign Exchange Transactions


as at 30 November 2013

Purchases
CHF 160,000
EUR 909,017
EUR 1,371,917
EUR 6,369,972
EUR 15,895,888
EUR 53,058
EUR 53,064
EUR 93,496,603
EUR 53,065
EUR 79,222,300
EUR 1,066,540
EUR 103,027
EUR 6,423,590
EUR 8,753,327
EUR 2,290,626
EUR 4,733,155
EUR 1,250,525
EUR 163,867,549
EUR 14,631,791
EUR 23,232,556
GBP 4,940,000
GBP 27,620,000
GBP 12,020,000
GBP 2,230,000
USD 1,945,000
USD 1,950,000
USD 57,500,000
USD 1,945,000
USD 10,780,000
CHF 4,641,027
EUR 28,579
EUR 37,213
EUR 20,146
GBP 184,527,728
USD 144,346,275

Sales
EUR 129,641
AUD 1,310,000
AUD 1,980,000
CHF 7,890,000
GBP 13,270,000
GBP 45,000
GBP 45,000
GBP 78,725,000
GBP 45,000
GBP 66,670,000
SEK 9,530,000
SEK 910,000
SEK 55,855,000
SEK 77,185,000
SEK 19,990,000
USD 6,410,000
USD 1,680,000
USD 218,800,000
USD 19,730,000
USD 31,350,000
EUR 5,842,081
EUR 32,598,439
EUR 14,356,187
EUR 2,660,015
EUR 1,434,752
EUR 1,438,514
EUR 42,314,656
EUR 1,434,837
EUR 7,906,801
EUR 3,766,537
CHF 35,240
GBP 31,222
USD 27,004
EUR 218,867,351
EUR 107,779,399

Unrealised
appreciation/
(depreciation)
Value date
EUR
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013

Net unrealised appreciation


(EUR underlying exposure EUR 864,425,475)

481
31,741
45,958
(46,662)
(36,568)
(971)
(965)
(1,023,562)
(964)
(824,184)
(3,825)
820
150,219
84,270
45,443
19,718
15,178
2,978,284
123,815
180,095
89,067
563,161
75,472
17,406
(4,543)
(4,628)
(33,427)
(4,628)
20,008
7,873
(81)
(274)
289
2,682,089
(1,637,796)
3,508,309

Note: The net unrealised appreciation attributed to these transactions is included


in the Statements of Net Assets (see Note 2(d)).
Barclays Bank Plc, BNP Paribas S.A., Citibank N.A., Credit Suisse International, Deutsche
Bank AG London, HSBC Bank Plc, Royal Bank of Scotland Plc, State Street Bank and Trust
Company and UBS AG London are the counterparties to these Open Forward Foreign
Exchange Transactions.

Sector Breakdown
as at 30 November 2013
% of net
assets*
Financial
Consumer, Cyclical
Government
Communications
Funds
Industrial
Consumer, Non-cyclical
Basic Materials
Utilities
Technology
Energy
Other Net Liabilities

45.13
16.74
10.31
9.94
6.85
6.05
3.12
2.05
1.20
0.92
0.55
(2.86)
100.00

* Based on the market value of the Portfolio of Investments

82

BlackRock Strategic Funds (BSF)

Number of
Contracts

Contract/
Description

Expiration
date

(56)
FTSE MIB Index
(546)
German Euro BOBL
(974)
German Euro Bund
(115)
German Euro Schatz
(456)
UK Long Gilt Bond
(31) Ultra US Long Treasury Bond
(52)
US Long Bond
(616) US Treasury 10 Year Note
(331)
US Treasury 5 Year Note

December 2013
December 2013
December 2013
December 2013
March 2014
March 2014
March 2014
March 2014
March 2014

Total

Unrealised
Underlying appreciation/
exposure (depreciation)
EUR
EUR
5,330,360
63,770,073
99,613,905
11,530,475
65,762,881
2,586,452
5,134,461
49,925,911
24,142,465

(341,600)
(271,340)
(1,391,060)
(10,095)
125,930
2,493
1,792
38,358
9,507

327,796,983

(1,836,015)

Note: The net unrealised depreciation attributed to these transactions is included


in the Statement of Net Assets (see Note 2(d)).

Swaptions as at 30 November 2013

Nominal
Value

Description

Unrealised
appreciation/
(depreciation)
EUR

Fund purchases a put option


(expiring 15/1/2014) to enter into
a Credit Default Swap (Citibank
NA). If exercised Fund receives
Floating iTraxx XO 20 Version 1
quarterly from 20/12/2013; and
pays 5% Fixed quarterly from
15/1/2014
38,300,000 Fund purchases a put option
(expiring 15/1/2014) to enter
into a Credit Default Swap (JP
Morgan Chase Bank). If exercised
Fund receives Floating iTraxx
XO 20 Version 1 quarterly from
20/12/2013; and pays 5% Fixed
quarterly from 15/1/2014
(132,520,000) Fund writes a put option (expiring
15/1/2014) to enter into a Credit
Default Swap (Citibank NA). If
exercised Fund receives 5%
Fixed quarterly from 15/1/2014;
and pays Floating iTraxx XO 20
Version 1 quarterly from
20/12/2013
(38,300,000) Fund writes a put option (expiring
15/1/2014) to enter into a
Credit Default Swap (JP Morgan
Chase Bank). If exercised Fund
receives 5% Fixed quarterly from
15/1/2014; and pays Floating
iTraxx XO 20 Version 1 quarterly
from 20/12/2013

Market
Value
EUR

132,520,000

(EUR underlying exposure EUR 62,823,879)

(699,358)

519,826

(175,314)

150,236

55,670

(63,598)

19,537

(18,380)

(799,465)

588,084

Note: Swaptions are included in the Statement of Net Assets (see Note 2(d)).

BlackRock European Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 1,310,000 Credit Default Swaps (Bank of America


International Ltd) (Fund receives Fixed
5.000% and provides default protection on
Scandinavian Airlines 9.650% 16/6/2014)
(20/3/2018)
USD 2,100,000 Credit Default Swaps (Bank of America Securities
LLC) (Fund receives default protection on
Ireland Government Bond 4.500% 18/4/2020
and pays Fixed 1.000%) (20/3/2018)
EUR 3,510,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Portugal Telecom
International Finance BV 4.375% 24/3/2017
and pays Fixed 5.000%) (20/6/2018)
EUR 11,130,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Stora Enso OYJ
5.125% 23/6/2014 and pays Fixed 5.000%)
(20/9/2018)
EUR 1,579,999 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/9/2018)
EUR 7,395,210 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Virgin Media Finance Plc 5.125%
15/2/2022) (20/9/2018)
EUR 8,070,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on AXA SA 4.500%
23/1/2015 and pays Fixed 1.000%) (20/6/2018)
EUR 1,500,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Clariant Finance
Luxembourg SA 4.375% 5/4/2013 and pays
Fixed 1.000%) (20/3/2018)
EUR 9,200,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Deutsche Bank
AG 5.125% 31/8/2017 and pays Fixed 1.000%)
(20/3/2018)
EUR 350,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Dixons Retail
Plc 8.750% 3/8/2015 and pays Fixed 5.000%)
(20/12/2016)
EUR 150,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Dixons Retail
Plc 8.750% 3/8/2015 and pays Fixed 5.000%)
(20/12/2017)
EUR 3,330,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018 and pays
Fixed 5.000%) (20/12/2018)
EUR 2,600,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018 and pays
Fixed 5.000%) (20/6/2018)
USD 10,260,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on France
Government Bond OAT 4.250% 25/4/2019 and
pays Fixed 0.250%) (20/6/2018)
USD 16,890,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Italy Government
International Bond 6.875% 27/9/2023 and pays
Fixed 1.000%) (20/3/2018)
EUR 1,490,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on iTraxx Europe
Senior Financials Series 19 Version 1 and pays
Fixed 1.000%) (20/6/2018)
EUR 4,450,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on iTraxx Europe
Senior Financials Series 19 Version 1 and pays
Fixed 1.000%) (20/6/2018)

119,153

(56,552)

(360,827)

(552,209)

63,470

176,408

(247,924)

(110,458)

(118,311)

(1,459)

(2,997)

(11,210)

(116,844)

(76,108)

(490,280)

(43,018)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 49,700,000 Credit Default Swaps (Barclays Bank) (Fund


receives default protection on iTraxx Europe
Series 20 Version 1 and pays Fixed 1.000%)
(20/12/2018)
(154,930)
EUR 53,910,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on iTraxx Europe
Series 20 Version 1 and pays Fixed 1.000%)
(20/12/2018)
(168,598)
EUR 3,100,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Norske
Skogindustrier ASA 7.000% 26/6/2017 and pays
Fixed 5.000%) (20/9/2017)
289,042
EUR 460,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Peugeot SA
8.375% 15/7/2014 and pays Fixed 5.000%)
(20/3/2018)
(77,455)
EUR 5,091,500 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Peugeot SA
8.375% 15/7/2014 and pays Fixed 5.000%)
(20/9/2018)
(471,611)
USD 4,200,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Portugal
Obrigacoes do Tesouro OT 5.450% 23/9/2013
and pays Fixed 1.000%) (20/12/2017)
(301,227)
USD 2,400,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Portugal
Obrigacoes do Tesouro OT 5.450% 23/9/2013
and pays Fixed 1.000%) (20/12/2015)
(131,419)
USD 5,000,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Portugal
Obrigacoes do Tesouro OT 5.450% 23/9/2013
and pays Fixed 1.000%) (20/6/2017)
(1,114,850)
EUR 1,260,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Societe Air
France SA 2.750% 1/4/2020 and pays Fixed
5.000%) (20/12/2017)
(164,165)
EUR 1,750,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Societe Air
France SA 2.750% 1/4/2020 and pays Fixed
5.000%) (20/12/2017)
(245,507)
EUR 5,150,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Stena AB 6.125%
1/2/2017 and pays Fixed 5.000%) (20/12/2017) (472,249)
EUR 3,670,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Stora Enso OYJ
5.125% 23/6/2014 and pays Fixed 5.000%)
(20/9/2018)
(188,648)
EUR 3,697,604 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Unitymedia
KabelBW GmbH 9.625% 1/12/2019 and pays
Fixed 5.000%) (20/9/2018)
(71,760)
EUR 2,160,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Wind Acquisition
Finance SA 11.750% 15/7/2017 and pays Fixed
5.000%) (20/9/2015)
(2,726)
USD 6,270,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 0.250% and provides default
protection on France Government Bond OAT
4.250% 25/4/2019) (20/6/2023)
104,027
EUR 8,070,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Aviva Plc 9.500% 20/6/2016)
(20/6/2018)
228,548
EUR 3,630,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Deutsche Bank AG 5.125%
31/8/2017) (20/6/2018)
52,461

(121,584)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

83

BlackRock European Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 12,620,000 Credit Default Swaps (Barclays Bank) (Fund


receives Fixed 1.000% and provides default
protection on Italy Government International
Bond 6.875% 27/9/2023) (20/3/2018)
416,817
USD 200,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Italy Government International
Bond 6.875% 27/9/2023) (20/3/2018)
8,731
EUR 160,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on iTraxx Europe Senior Financials
Series 19 Version 1) (20/6/2018)
3,641
EUR 11,410,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on iTraxx Europe Senior Financials
Series 19 Version 1) (20/6/2018)
271,195
EUR 64,200,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on iTraxx Europe Series 20 Version 1)
(20/12/2018)
89,502
EUR 9,200,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Swiss Reinsurance Co Ltd 4.000%
29/6/2015) (20/3/2018)
193,241
EUR 1,990,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/3/2018)
86,018
EUR 1,350,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 5.000% and provides default
protection on Portugal Telecom International
Finance BV 4.375% 24/3/2017) (20/9/2017)
262,745
EUR 1,430,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 5.000% and provides default
protection on Scandinavian Airlines 9.650%
16/6/2014) (20/12/2017)
214,617
EUR 5,150,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 5.000% and provides default
protection on Sunrise Communications
Holdings SA 8.500% 31/12/2018) (20/12/2017)
325,212
EUR 2,040,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 5.000% and provides default
protection on UPC Holding BV 8.000%
1/11/2016) (20/6/2017)
247,650
EUR 3,650,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on AXA SA 6.000% 18/6/2013
and pays Fixed 1.000%) (20/6/2018)
(197,878)
EUR 2,150,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Banca Monte dei Paschi
di Siena SpA 5.600% 9/9/2020 and pays Fixed
5.000%) (20/6/2016)
(322,102)
EUR 3,250,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Banco Comercial
Portugues SA FRN 17/6/2013 and pays Fixed
5.000%) (20/3/2016)
(1,059,723)
EUR 1,350,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Banco de Sabadell SA
0.365% 4/10/2016 and pays Fixed 5.000%)
(20/6/2017)
(202,040)
EUR 2,290,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Banco de Sabadell SA
0.365% 4/10/2016 and pays Fixed 5.000%)
(20/3/2018)
(188,787)
EUR 3,450,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Banco Espirito Santo SA
0.454% 19/1/2015 and pays Fixed 5.000%)
(20/6/2018)
(213,437)

84

BlackRock Strategic Funds (BSF)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 400,000 Credit Default Swaps (BNP Paribas) (Fund receives


default protection on Banco Santander SA FRN
9/8/2013 and pays Fixed 3.000%) (20/9/2017)
EUR 3,150,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on BBVA Senior Finance SAU
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/3/2018)
EUR 1,275,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on BBVA Senior Finance SAU
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/12/2017)
EUR 2,900,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on BPE Financiaciones SA
1.211% 30/12/2014 and pays Fixed 5.000%)
(20/12/2017)
EUR 1,020,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Caja de Ahorros y
Pensiones de Barcelona 3.940% 28/2/2019 and
pays Fixed 3.000%) (20/6/2017)
EUR 1,350,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Caja de Ahorros y
Pensiones de Barcelona 3.940% 28/2/2019 and
pays Fixed 3.000%) (20/6/2017)
EUR 53,910,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
EUR 8,240,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Lafarge SA 6.625%
29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
EUR 3,774,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Marks & Spencer Plc
6.125% 2/12/2019 and pays Fixed 1.000%)
(20/12/2018)
EUR 3,100,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Norske Skogindustrier
ASA 7.000% 26/6/2017 and pays Fixed 5.000%)
(20/9/2017)
EUR 5,091,500 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Peugeot SA 8.375%
15/7/2014 and pays Fixed 5.000%) (20/9/2017)
EUR 5,185,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on St-Gobain Nederland BV
5.000% 25/4/2014 and pays Fixed 1.000%)
(20/9/2018)
EUR 1,430,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Stena AB 6.125%
1/2/2017 and pays Fixed 5.000%) (20/3/2018)
EUR 3,697,605 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Unitymedia KabelBW
GmbH 9.625% 1/12/2019 and pays Fixed
5.000%) (20/9/2018)
EUR 3,650,000 Credit Default Swaps (BNP Paribas) (Fund receives
Fixed 1.000% and provides default protection
on Aviva Plc 9.500% 20/6/2016) (20/6/2018)
EUR 450,000 Credit Default Swaps (BNP Paribas) (Fund receives
Fixed 1.000% and provides default protection
on St-Gobain Nederland BV 5.000% 25/4/2014)
(20/6/2018)
EUR 1,500,000 Credit Default Swaps (BNP Paribas) (Fund receives
Fixed 3.000% and provides default protection
on Banca Monte dei Paschi di Siena SpA
5.600% 9/9/2020) (20/9/2016)
EUR 3,697,605 Credit Default Swaps (BNP Paribas) (Fund receives
Fixed 5.000% and provides default protection
on Virgin Media Finance Plc 5.125% 15/2/2022)
(20/9/2018)

(45,288)

(239,626)

(143,769)

(458,196)

(63,390)

(80,827)

(175,251)

(108,694)

(55,363)

335,542

(959,423)

(137,443)

(28,665)

(90,024)

192,587

11,942

90,960

100,138

BlackRock European Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 1,500,000 Credit Default Swaps (Citibank) (Fund receives


default protection on Banca Monte dei Paschi
di Siena SpA 4.500% 24/9/2015 and pays Fixed
5.000%) (20/9/2016)
(37,436)
EUR 690,000 Credit Default Swaps (Citibank) (Fund receives
default protection on BBVA Senior Finance SAU
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/9/2017)
(81,411)
EUR 3,700,000 Credit Default Swaps (Citibank) (Fund receives
default protection on British Airways Plc
8.750% 23/8/2016 and pays Fixed 5.000%)
(20/12/2018)
(185,693)
EUR 11,130,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Clariant AG 3.125%
9/6/2017 and pays Fixed 1.000%) (20/9/2018)
(256,316)
EUR 3,600,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Deutsche Bank AG 5.125%
31/8/2017 and pays Fixed 1.000%) (20/3/2018)
(44,539)
EUR 2,750,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Dixons Retail Plc 8.750%
3/8/2015 and pays Fixed 5.000%) (20/9/2016)
(805,478)
EUR 3,330,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Dixons Retail Plc 8.750%
3/8/2015 and pays Fixed 5.000%) (20/6/2017)
(751,225)
USD 11,090,000 Credit Default Swaps (Citibank) (Fund receives
default protection on France Government Bond
OAT 4.250% 25/4/2019 and pays Fixed 0.250%)
(20/6/2018)
(102,912)
USD 3,500,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Ireland Government Bond
5.400% 13/3/2025 and pays Fixed 1.000%)
(20/3/2017)
(526,198)
USD 2,000,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Ireland Government Bond
5.400% 13/3/2025 and pays Fixed 1.000%)
(20/12/2016)
(360,188)
USD 2,500,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Ireland Government Bond
5.400% 13/3/2025 and pays Fixed 1.000%)
(20/12/2016)
(441,555)
EUR 5,700,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Crossover
Series 20 Version 1 and pays Fixed 5.000%)
(20/12/2018)
(17,596)
EUR 25,780,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Senior
Financials Series 20 Version 1 and pays Fixed
1.000%) (20/12/2018)
(313,661)
EUR 5,155,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Senior
Financials Series 20 Version 1 and pays Fixed
1.000%) (20/12/2018)
(57,731)
EUR 1,620,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
(4,147)
EUR 24,850,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
(68,250)
EUR 15,400,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Series 9
Version 1 and pays Fixed 5.000%) (20/6/2018) (1,881,595)
EUR 900,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Series 9
Version 1 and pays Fixed 5.000%) (20/6/2018)
(134,713)
EUR 1,875,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Norske Skogindustrier
ASA 7.000% 26/6/2017 and pays Fixed 5.000%)
(20/9/2017)
225,839

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 2,000,000 Credit Default Swaps (Citibank) (Fund receives


default protection on Norske Skogindustrier
ASA 7.000% 26/6/2017 and pays Fixed 5.000%)
(20/9/2017)
91,479
EUR 1,950,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Peugeot SA 8.375%
15/7/2014 and pays Fixed 5.000%) (20/6/2018) (303,089)
USD 1,350,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 4.950% 25/10/2023 and pays Fixed
1.000%) (20/6/2015)
(4,406)
USD 580,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/3/2018)
(19,797)
USD 2,250,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/9/2017)
(375,414)
USD 6,500,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/6/2017)
(1,424,680)
USD 5,380,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Republic of Ireland
4.500% 4/18/2020 and pays Fixed 1.000%)
(20/6/2018)
(159,904)
EUR 3,625,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Scandinavian Airlines
9.650% 16/6/2014 and pays Fixed 5.000%)
(20/6/2018)
(188,193)
EUR 3,200,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Societe Air France SA
2.750% 1/4/2020 and pays Fixed 5.000%)
(20/12/2017)
(608,928)
EUR 4,140,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Societe Air France SA
2.750% 1/4/2020 and pays Fixed 5.000%)
(20/9/2018)
(393,896)
EUR 1,700,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Societe Generale SA
5.250% 28/3/2013 and pays Fixed 3.000%)
(20/12/2017)
(84,512)
EUR 3,840,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Wind Acquisition Finance
SA 11.750% 15/7/2017 and pays Fixed 5.000%)
(20/9/2015)
(8,772)
USD 6,760,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 0.250% and provides default protection
on France Government Bond OAT 4.250%
25/4/2019) (20/6/2023)
134,683
EUR 3,000,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Imperial Tobacco Finance Plc 6.250%
4/12/2018) (20/12/2017)
58,245
USD 2,000,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Italy Government International Bond 6.875%
27/9/2023) (20/12/2016)
226,470
USD 2,500,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Italy Government International Bond 6.875%
27/9/2023) (20/12/2016)
276,845
EUR 64,230,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on iTraxx Europe Series 20 Version 1) (20/12/2018) 89,544

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

85

BlackRock European Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 3,600,000 Credit Default Swaps (Citibank) (Fund receives


Fixed 1.000% and provides default protection
on Swiss Reinsurance Co Ltd 4.000%
29/6/2015) (20/3/2018)
EUR 2,120,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on ThyssenKrupp AG 4.375% 18/3/2015)
(20/9/2018)
EUR 13,500,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Ardagh Packaging Finance Plc 9.250%
15/10/2020) (20/12/2018)
EUR 4,500,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Ardagh Packaging Finance Plc 9.250%
15/10/2020) (20/12/2018)
EUR 11,300,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Grohe Holding GmbH 8.750% 15/12/2017)
(20/12/2018)
EUR 3,765,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Jaguar Land Rover Automotive PLC 8.125%
15/5/2018) (20/12/2018)
EUR 3,330,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Kabel BW Musketeer GmbH 9.500%
15/3/2021) (20/6/2017)
EUR 3,330,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Kabel BW Musketeer GmbH 9.500%
15/3/2021) (20/6/2017)
EUR 1,330,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Kabel BW Musketeer GmbH 9.500%
15/3/2021) (20/6/2017)
EUR 1,600,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Norske Skogindustrier ASA 7.000%
26/6/2017) (20/3/2015)
EUR 1,500,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Scandinavian Airlines 9.650% 16/6/2014)
(20/12/2017)
EUR 670,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Scandinavian Airlines 9.650% 16/6/2014)
(20/12/2017)
EUR 3,200,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Scandinavian Airlines 9.650% 16/6/2014)
(20/12/2017)
EUR 5,050,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Sunrise Communications Holdings SA
8.500% 31/12/2018) (20/12/2017)
EUR 1,670,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Sunrise Communications Holdings SA
8.500% 31/12/2018) (20/3/2018)
EUR 1,230,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Techem GmbH 6.125% 1/10/2019) (20/6/2018)
EUR 1,370,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Techem GmbH 6.125% 1/10/2019) (20/6/2018)

86

BlackRock Strategic Funds (BSF)

76,491

98,156

750,585

244,688

511,951

133,722

549,449

416,249

162,924

92,023

217,622

100,555

520,262

208,485

58,760

79,944

90,859

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 3,697,604 Credit Default Swaps (Citibank) (Fund receives


Fixed 5.000% and provides default protection
on Virgin Media Finance Plc 5.125% 15/2/2022)
(20/9/2018)
EUR 3,940,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on AXA SA 6.000%
18/6/2013 and pays Fixed 1.000%) (20/6/2018)
EUR 650,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Dixons Retail
Plc 8.750% 3/8/2015 and pays Fixed 5.000%)
(20/12/2016)
EUR 2,000,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Dixons Retail
Plc 8.750% 3/8/2015 and pays Fixed 5.000%)
(20/12/2016)
EUR 2,125,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018 and pays
Fixed 5.000%) (20/6/2018)
EUR 1,230,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018 and pays
Fixed 5.000%) (20/6/2018)
EUR 6,000,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Henkel AG &
Co KGaA 4.250% 10/6/2013 and pays Fixed
1.000%) (20/12/2017)
EUR 3,600,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Marks & Spencer
Plc 5.625% 24/3/2014 and pays Fixed 1.000%)
(20/3/2018)
EUR 5,925,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on St-Gobain
Nederland BV 5.000% 25/4/2014 and pays
Fixed 1.000%) (20/9/2018)
EUR 1,100,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Stena AB 6.125%
1/2/2017 and pays Fixed 5.000%) (20/12/2017)
EUR 3,697,605 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Unitymedia
KabelBW GmbH 9.625% 1/12/2019 and pays
Fixed 5.000%) (20/9/2018)
EUR 3,940,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Aviva Plc 9.500% 20/6/2016)
(20/6/2018)
EUR 3,370,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Solvay SA 4.625% 27/6/2018)
(20/6/2018)
EUR 3,300,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/3/2018)
EUR 3,600,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/3/2018)
EUR 3,400,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/12/2017)
EUR 2,500,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 3.000% and provides default
protection on Banca Monte dei Paschi di Siena
SpA 5.600% 9/9/2020) (20/6/2016)

72,277

(217,222)

(190,775)

(517,000)

(79,160)

(47,167)

(62,748)

(140,692)

(143,373)

(63,843)

(84,479)

206,981

49,799

109,598

106,572

192,338

(72,992)

BlackRock European Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 10,610,000 Credit Default Swaps (Credit Suisse) (Fund


receives Fixed 5.000% and provides default
protection on Ardagh Packaging Finance Plc
9.250% 15/10/2020) (20/12/2018)
259,091
EUR 7,380,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on CIR-Compagnie Industriali Riunite
SpA 5.750% 16/12/2024) (20/12/2018)
(30,691)
EUR 7,500,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Grohe Holding GmbH 8.750%
15/12/2017) (20/12/2018)
336,938
EUR 7,080,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Jaguar Land Rover Automotive Plc
8.125% 15/5/2018) (20/12/2018)
31,124
EUR 3,600,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Norske Skogindustrier ASA
7.000% 26/6/2017) (20/3/2015)
40,732
EUR 3,015,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Norske Skogindustrier ASA
7.000% 26/6/2017) (20/12/2018)
(199,691)
EUR 6,545,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Norske Skogindustrier ASA
7.000% 26/6/2017) (20/3/2015)
278,584
EUR 1,390,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Scandinavian Airlines 9.650%
16/6/2014) (20/12/2017)
208,614
EUR 2,100,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Sunrise Communications
Holdings SA 8.500% 31/12/2018) (20/12/2017)
81,085
EUR 2,450,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Techem GmbH 6.125% 1/10/2019)
(20/9/2018)
35,455
EUR 822,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Techem GmbH 6.125% 1/10/2019)
(20/9/2018)
9,644
EUR 818,267 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Techem GmbH 6.125% 1/10/2019)
(20/12/2018)
11,055
EUR 3,500,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Techem GmbH 6.125% 1/10/2019)
(20/6/2018)
57,905
EUR 5,630,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Techem GmbH 6.125% 1/10/2019)
(20/6/2018)
143,471
EUR 7,440,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Unilabs Subholding AB 8.500%
15/7/2018) (20/12/2017)
(225,204)
EUR 400,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Unitymedia KabelBW GmbH
9.625% 1/12/2019) (20/12/2017)
10,248
EUR 1,565,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on BBVA Senior Finance SAU 4.875%
23/1/2014 and pays Fixed 3.000%) (20/12/2018) (32,160)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 6,000,000 Credit Default Swaps (Deutsche Asset


Management Life) (Fund receives default
protection on Diageo Capital Plc 5.500%
30/9/2016 and pays Fixed 1.000%) (20/12/2017) (68,174)
EUR 79,400,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on iTraxx Europe Senior Financials
Series 19 Version 1 and pays Fixed 1.000%)
(20/6/2018)
(1,771,902)
EUR 48,000,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on iTraxx Europe Series 20 Version 1
and pays Fixed 1.000%) (20/12/2018)
(134,384)
EUR 49,700,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on iTraxx Europe Series 20 Version 1
and pays Fixed 1.000%) (20/12/2018)
(157,387)
EUR 24,890,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on iTraxx Europe Series 20 Version 1
and pays Fixed 1.000%) (20/12/2018)
(68,052)
EUR 20,020,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on Koninklijke DSM NV 4.000%
10/11/2015 and pays Fixed 1.000%) (20/12/2017) (166,245)
EUR 9,030,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on Next Plc 5.375% 26/10/2021 and
pays Fixed 1.000%) (20/12/2018)
(101,515)
EUR 3,500,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on Stena AB 6.125% 1/2/2017 and
pays Fixed 5.000%) (20/12/2017)
(325,637)
EUR 2,000,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on Veolia Environnement SA 5.375%
28/5/2018 and pays Fixed 1.000%) (20/12/2017) (89,707)
EUR 3,700,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on Wind Acquisition Finance SA
11.750% 15/7/2017 and pays Fixed 5.000%)
(20/9/2015)
(19,548)
EUR 6,000,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on Wolters Kluwer NV 5.125%
27/1/2014 and pays Fixed 1.000%) (20/12/2017)
(21,548)
EUR 6,130,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on WPP PLC 6.000% 4/4/2017 and
pays Fixed 1.000%) (20/12/2017)
(128,540)
EUR 1,565,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives Fixed 3.000%
and provides default protection on UniCredit
SpA 4.375% 29/1/2020) (20/12/2018)
45,979
EUR 56,700,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives Fixed 5.000%
and provides default protection on iTraxx
Europe Sub Financials Series 19 Version 1)
(20/6/2018)
1,771,733
EUR 1,750,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Banca Monte dei
Paschi di Siena SpA 5.600% 9/9/2020 and pays
Fixed 5.000%) (20/12/2016)
(263,436)
USD 3,000,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Ireland
Government Bond 4.500% 18/4/2020 and pays
Fixed 1.000%) (20/9/2016)
(551,003)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

87

BlackRock European Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 1,490,000 Credit Default Swaps (Deutsche Bank) (Fund


receives default protection on iTraxx Europe
Senior Financials Series 19 Version 1 and pays
Fixed 1.000%) (20/6/2018)
EUR 25,490,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on iTraxx Europe
Senior Financials Series 20 Version 1 and pays
Fixed 1.000%) (20/12/2018)
USD 3,250,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Portugal
Obrigacoes do Tesouro OT 5.450% 23/9/2013
and pays Fixed 1.000%) (20/12/2015)
USD 2,550,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Republic of
Ireland 4.500% 4/18/2020 and pays Fixed
1.000%) (20/3/2018)
EUR 1,700,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Societe Generale
SA 5.250% 28/3/2013 and pays Fixed 3.000%)
(20/12/2017)
EUR 3,697,605 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Unitymedia
KabelBW GmbH 9.625% 1/12/2019 and pays
Fixed 5.000%) (20/9/2018)
EUR 3,750,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Wind Acquisition
Finance SA 11.750% 15/7/2017 and pays Fixed
5.000%) (20/9/2015)
EUR 3,750,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Wind Acquisition
Finance SA 11.750% 15/7/2017 and pays Fixed
5.000%) (20/9/2015)
EUR 3,500,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Imperial Tobacco Finance Plc
6.250% 4/12/2018) (20/12/2017)
EUR 4,550,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/9/2018)
EUR 340,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 5.000% and provides default
protection on Portugal Telecom International
Finance BV 4.375% 24/3/2017) (20/9/2017)
EUR 3,470,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 5.000% and provides default
protection on Techem GmbH 6.125% 1/10/2019)
(20/6/2018)
EUR 1,540,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on BBVA Senior
Finance SAU 4.875% 23/1/2014 and pays Fixed
3.000%) (20/6/2018)
EUR 3,730,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018 and pays
Fixed 5.000%) (20/12/2018)
USD 4,000,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Ireland
Government Bond 4.500% 18/4/2020 and pays
Fixed 1.000%) (20/12/2016)
EUR 1,750,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on St-Gobain
Nederland BV 5.000% 25/4/2014 and pays
Fixed 1.000%) (20/12/2017)
USD 4,000,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Italy Government International
Bond 6.875% 27/9/2023) (20/12/2016)

88

BlackRock Strategic Funds (BSF)

(42,359)

(310,899)

(177,963)

(68,670)

(83,682)

(82,799)

(16,954)

(16,954)

46,789

149,001

65,323

206,788

(107,424)

(47,141)

(733,762)

(72,907)

463,520

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 1,725,000 Credit Default Swaps (Goldman Sachs) (Fund


receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/12/2017)
EUR 1,066,668 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on ThyssenKrupp AG 4.375%
18/3/2015) (20/9/2018)
EUR 1,940,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Sunrise Communications
Holdings SA 8.500% 31/12/2018) (20/12/2017)
EUR 1,790,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Sunrise Communications
Holdings SA 8.500% 31/12/2018) (20/3/2018)
EUR 3,500,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Unitymedia KabelBW GmbH
9.625% 1/12/2019) (20/12/2017)
EUR 2,350,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default
protection on Banco de Sabadell SA 0.365%
4/10/2016 and pays Fixed 5.000%) (20/9/2017)
EUR 3,400,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default
protection on Caja de Ahorros y Pensiones de
Barcelona 3.940% 28/2/2019 and pays Fixed
3.000%) (20/12/2015)
EUR 7,060,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default
protection on Clariant Finance Luxembourg
SA 4.375% 5/4/2013 and pays Fixed 1.000%)
(20/12/2017)
EUR 15,250,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default
protection on Finmeccanica Finance SA/Old
5.750% 12/12/2018 and pays Fixed 5.000%)
(20/3/2016)
EUR 2,420,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default
protection on Finmeccanica Finance SA/Old
5.750% 12/12/2018 and pays Fixed 5.000%)
(20/12/2017)
EUR 3,200,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default
protection on Finmeccanica Finance SA/Old
5.750% 12/12/2018 and pays Fixed 5.000%)
(20/12/2017)
EUR 3,240,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default
protection on Jaguar Land Rover Automotive
Plc 8.125% 15/5/2018 and pays Fixed 5.000%)
(20/3/2016)
EUR 2,785,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default
protection on Marks & Spencer Plc 5.625%
24/3/2014 and pays Fixed 1.000%) (20/12/2017)
EUR 2,050,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default
protection on Societe Air France SA 2.750%
1/4/2020 and pays Fixed 5.000%) (20/12/2017)
EUR 1,840,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives default
protection on St-Gobain Nederland BV 5.000%
25/4/2014 and pays Fixed 1.000%) (20/12/2017)

100,694

32,946

89,791

55,170

230,008

(367,019)

(162,160)

(547,366)

(5,964)

(127,447)

(154,169)

(30,587)

(120,417)

(292,719)

(88,011)

BlackRock European Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 7,500,000 Credit Default Swaps (JP Morgan Chase Bank


(Depository Cle) (Fund receives Fixed 1.000%
and provides default protection on E.ON
International Finance BV 6.375% 29/5/2017)
(20/12/2017)
69,195
EUR 1,705,000 Credit Default Swaps (JP Morgan Chase
Bank (Depository Cle) (Fund receives Fixed
1.000% and provides default protection on
ThyssenKrupp AG 4.375% 18/3/2015)
(20/12/2017)
99,527
EUR 3,370,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives Fixed 1.000%
and provides default protection on Vinci SA
4.125% 20/2/2017) (20/6/2018)
39,677
EUR 12,980,000 Credit Default Swaps (JP Morgan Chase
Bank (Depository Cle) (Fund receives Fixed
5.000% and provides default protection
on Finmeccanica Finance SA/Old 5.750%
12/12/2018) (20/3/2018)
397,644
EUR 3,240,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives Fixed 5.000%
and provides default protection on Jaguar Land
Rover Plc 8.125% 5/15/2018) (20/3/2018)
265,280
EUR 3,250,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle) (Fund receives Fixed 5.000%
and provides default protection on Portugal
Telecom International Finance BV 4.375%
24/3/2017) (20/12/2017)
330,211
EUR 2,220,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle)) (Fund receives default
protection on British Airways Plc 8.750%
23/8/2016 and pays Fixed 5.000%) (20/12/2018) (117,643)
EUR 1,680,001 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle)) (Fund receives Fixed
1.000% and provides default protection on
ThyssenKrupp AG 4.375% 18/3/2015) (20/9/2018) 78,465
USD 20,750,000 Credit Default Swaps (JP Morgan Securities Inc)
(Fund receives default protection on Portugal
Obrigacoes do Tesouro OT 5.450% 23/9/2013
and pays Fixed 1.000%) (20/6/2015)
(1,035,886)
EUR 3,440,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Banco Espirito Santo SA
0.454% 19/1/2015 and pays Fixed 5.000%)
(20/6/2018)
(217,292)
EUR 3,790,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Credit Agricole SA 5.065%
8/10/2022 and pays Fixed 3.000%) (20/6/2018) (200,256)
USD 11,100,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on France Government Bond
OAT 4.250% 25/4/2019 and pays Fixed 0.250%)
(20/6/2018)
(60,177)
USD 6,570,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Ireland Government Bond
4.500% 18/4/2020 and pays Fixed 1.000%)
(20/3/2018)
(153,046)
EUR 2,785,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Marks & Spencer Plc
5.625% 24/3/2014 and pays Fixed 1.000%)
(20/12/2017)
(146,718)
USD 4,100,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/12/2017)
(475,214)
USD 4,050,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Portugal Obrigacoes do
Tesouro OT 5.450% 23/9/2013 and pays Fixed
1.000%) (20/6/2015)
(40,102)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 3,790,000 Credit Default Swaps (JP Morgan) (Fund receives


default protection on Societe Generale SA
2.375% 28/2/2018 and pays Fixed 3.000%)
(20/6/2018)
(209,455)
EUR 3,175,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Unitymedia KabelBW
GmbH 9.625% 1/12/2019 and pays Fixed
5.000%) (20/12/2016)
(538,968)
USD 6,770,000 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 0.250% and provides default protection
on France Government Bond OAT 4.250%
25/4/2019) (20/6/2023)
100,921
EUR 8,350,000 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 1.000% and provides default protection
on Allianz Finance II BV 4.000% 23/11/2016)
(20/6/2018)
236,037
EUR 40,733,333 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 1.000% and provides default protection
on iTraxx Europe Series 20 Version 1) (20/12/2018) 406,867
EUR 8,350,000 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 1.000% and provides default protection
on Muenchener Rueckversicherungs AG 7.625%
21/6/2028) (20/6/2018)
158,864
EUR 3,140,000 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 1.000% and provides default protection
on St-Gobain Nederland BV 5.000% 25/4/2014)
(20/6/2018)
77,262
EUR 2,000,000 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 3.000% and provides default protection
on Banca Monte dei Paschi di Sien FRN
30/6/2015) (20/9/2016)
7,376
EUR 3,175,000 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 5.000% and provides default protection
on Kabel BW Musketeer GmbH 9.500%
15/3/2021) (20/12/2016)
844,995
EUR 3,400,000 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 5.000% and provides default protection
on Portugal Telecom International Finance BV
4.375% 24/3/2017) (20/12/2017)
583,451
EUR 900,000 Credit Default Swaps (Morgan Stanley) (Fund
receives default protection on Dixons Retail
Plc 8.750% 3/8/2015 and pays Fixed 5.000%)
(20/12/2016)
(246,149)
EUR 3,175,000 Credit Default Swaps (Morgan Stanley) (Fund
receives default protection on Kabel BW
Musketeer GmbH 9.500% 15/3/2021 and pays
Fixed 5.000%) (20/12/2016)
(448,120)
EUR 3,175,000 Credit Default Swaps (Morgan Stanley) (Fund
receives Fixed 5.000% and provides default
protection on Unitymedia KabelBW GmbH
9.625% 1/12/2019) (20/12/2016)
352,436
EUR 1,500,000 Credit Default Swaps (UBS) (Fund receives Fixed
5.000% and provides default protection on
Scandinavian Airlines 9.650% 16/6/2014)
(20/9/2017)
378,642
EUR 7,369 Total Return Swap (Barclays Bank) (Fund receives
3 Month EURIBOR and pays Fonciere Des
Regions) (14/11/2014)
9,771
EUR 3,584 Total Return Swap (Barclays Bank) (Fund receives
3 Month EURIBOR and pays Fonciere Des
Regions) (13/11/2014)
3,242
EUR 515 Total Return Swap (Barclays Bank) (Fund receives
3 Month EURIBOR and pays Fonciere Des
Regions) (15/11/2014)
805
EUR 94,873 Total Return Swap (BNP Paribas) (Fund receives
3Month EURIBOR and pays TUI AG) (22/11/2014) (25,616)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

89

BlackRock European Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 35,113 Total Return Swap (BNP Paribas) (Fund receives


3Month EURIBOR and pays TUI AG) (25/11/2014)
GBP 323,913 Total Return Swap (BNP Paribas) (Fund receives
3Month LIBOR and pays Balfour Beatty Plc)
(14/11/2014)
GBP 406,105 Total Return Swap (BNP Paribas) (Fund receives
3 Month LIBOR and pays Balfour Beatty Plc)
(13/11/2014)
GBP 128,207 Total Return Swap (BNP Paribas) (Fund receives
3 Month LIBOR and pays Balfour Beatty Plc)
(17/11/2014)
EUR 371,979 Total Return Swap (Citibank) (Fund receives
3Month EURIBOR and pays Indra Sistemas SA)
(9/10/2014)
EUR 325,394 Total Return Swap (Citibank) (Fund receives
3Month EURIBOR and pays Repsol SA)
(12/11/2014)
GBP 1,815,656 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Enterprise Inns Plc)
(5/9/2014)
GBP 2,150,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Equiniti Newco 2 plc
7.125% 15/12/2018) (30/9/2014)
EUR 2,500,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Generali Finance BV
3.875% 6/5/2015) (28/2/2014)
EUR 6,520,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Italy Buoni Poliennali
Del Tesoro 3.750% 1/8/2021) (29/8/2014)
EUR 10,680,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Italy Buoni Poliennali
Del Tesoro 3.750% 1/8/2021) (29/8/2014)
EUR 4,100,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Italy Buoni Poliennali
Del Tesoro 4.500% 1/5/2023) (29/8/2014)
EUR 700,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Manutencoop Facility
8.500% 1/8/2020) (30/9/2014)
EUR 700,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Manutencoop Facility
8.500% 1/8/2020) (30/9/2014)
EUR 700,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Manutencoop Facility
8.500% 1/8/2020) (30/10/2014)
EUR 1,400,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Manutencoop Facility
8.500% 1/8/2020) (30/10/2014)
EUR 2,500,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Ono Finance II Plc
11.125% 15/7/2019) (30/9/2014)
EUR 3,510,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Peugeot SA 7.375%
6/3/2018) (30/5/2014)
EUR 3,510,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Peugeot SA 7.375%
6/3/2018) (30/5/2014)
EUR 6,950,000 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Portugal Obrigacoes
do Tesouro OT 4.350% 16/10/2017) (30/4/2014)
GBP 1,100,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Priory Group No 3 Plc
8.875% 15/2/2019) (31/10/2014)
GBP 2,454,900 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Punch Taverns
Finance Plc 6.820% 15/7/2020) (26/9/2014)

90

BlackRock Strategic Funds (BSF)

(6,946)

(233)

(18,746)

(3,066)

(119,740)

(346,545)

56,682

(48,889)

(101,546)

(210,034)

(341,455)

(126,170)

(56,501)

(56,501)

(53,001)

(99,002)

(45,486)

(404,701)

(404,701)

142,497

(7,374)

(112,280)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

GBP 5,071,500 Total Return Swap (Credit Suisse) (Fund receives


1Month LIBOR and pays Punch Taverns
Finance Plc 6.820% 15/7/2020) (26/9/2014)
GBP 2,410,800 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Punch Taverns
Finance Plc 6.820% 15/7/2020) (26/9/2014)
EUR 1,700,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Societe Generale SA
4.000% 20/4/2016) (28/9/2014)
EUR 10,440,000 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond 3.750% 31/10/2018) (29/8/2014)
EUR 37,020,000 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond 4.100% 30/7/2018) (31/10/2014)
EUR 4,770,000 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond 4.100% 30/7/2018) (29/8/2014)
EUR 6,720,000 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond 4.100% 30/7/2018) (30/4/2014)
EUR 2,610,000 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond 4.500% 31/1/2018) (28/2/2014)
EUR 6,800,000 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond 5.500% 30/4/2021) (28/2/2014)
EUR 615,000 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond 5.500% 30/7/2017) (28/2/2014)
EUR 250,000 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond 5.850% 31/1/2022) (30/6/2014)
EUR 6,390,000 Total Return Swap (Credit Suisse) (Fund receives
1Month LIBOR and pays Spain Government
Bond 5.900% 30/7/2026) (30/4/2014)
EUR 1,500,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Telecom Italia SpA
7.750% 20/3/2073) (29/8/2014)
EUR 2,900,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Telecom Italia SpA
7.750% 20/3/2073) (29/8/2014)
EUR 14,037 Total Return Swap (Deutsche Bank) (Fund receives
3 Month EURIBOR and pays Indra Sistemas SA)
(22/10/2014)
EUR 7,902,047 Total Return Swap (JP Morgan) (Fund receives
3Month EURIBOR and pays Telecom Italia SpA)
(8/11/2014)
EUR 10,660,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.050% and pays Italy Buoni Poliennali
Del Tesoro 3.750% 1/3/2021) (13/10/2014)
EUR 23,020,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.070% and pays France Government
Bond OAT 4.000% 25/4/2018) (23/6/2014)
EUR 4,930,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.080% and pays Italy Buoni Poliennali
Del Tesoro 3.750% 1/3/2021) (2/10/2014)
EUR 2,300,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.100% and pays France Government
Bond OAT 4.000% 25/4/2018) (23/6/2014)
EUR 1,490,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.100% and pays Wind Acquisition
Holdings Finance SA 12.250% 15/7/2017)
(15/10/2014)

(222,214)

(103,027)

(166,381)

(306,716)

113,447

(201,940)

(272,537)

(186,370)

(490,368)

(6,549)

(16,943)

(528,829)

(58,311)

(86,675)

12,566

(300,278)

(465,673)

21,152

(180,730)

2,113

(88,278)

BlackRock European Credit Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 750,000 Total Return Swap (JP Morgan) (Fund receives


Fixed 0.100% and pays Wind Acquisition
Holdings Finance SA 12.250% 15/7/2017)
(15/10/2014)
(44,435)
EUR 2,460,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.150% and pays Italy Buoni Poliennali
Del Tesoro 3.750% 1/8/2021) (27/6/2014)
(7,925)
EUR 4,740,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.150% and pays Spain Government Bond
4.100% 30/7/2018) (1/10/2014)
(191,366)
EUR 2,450,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.150% and pays Spain Government Bond
4.100% 30/7/2018) (8/10/2014)
(96,496)
EUR 7,700,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.180% and pays Italy Buoni Poliennali
Del Tesoro 4.500% 3/1/2026) (6/3/2014)
(294,507)
EUR 4,640,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.200% and pays Ireland Government
Bond 5.500% 18/10/2017) (17/9/2014)
73,794
EUR 1,050,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.200% and pays Spain Government
Bond 4.300% 31/10/2019) (24/3/2014)
(59,749)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 2,490,000 Total Return Swap (JP Morgan) (Fund receives


Fixed 0.250% and pays Italy Buoni Poliennali
Del Tesoro 3.750% 1/8/2021) (28/6/2014)
EUR 4,850,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.350% and pays Portugal Obrigacoes do
Tesouro OT 4.750% 14/6/2019) (2/10/2014)
EUR 1,045,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.400% and pays Portugal Obrigacoes do
Tesouro OT 4.750% 14/6/2019) (3/11/2014)
EUR 3,195,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.500% and pays Italy Buoni Poliennali
Del Tesoro 3.750% 1/8/2021) (21/3/2014)
EUR 2,300,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.500% and pays Telecom Italia SpA
7.750% 20/3/2073) (15/10/2014)
EUR 2,200,000 Total Return Swap (JP Morgan) (Fund receives
Fixed 0.500% and pays Telecom Italia SpA
7.750% 20/3/2073) (18/10/2014)
(EUR underlying exposure EUR 1,805,864,594)

(18,968)

(339,947)

(55,133)

(142,982)

(89,844)

(57,970)

(21,815,786)

Note: The total market value of EUR 24,785 is included in the Statement of Net Assets (see Note 2(d)).

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

91

BlackRock European Diversified Equity Absolute


Return Fund
Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

BONDS
National Australia Bank Ltd FRN
7/4/2014

EUR 4,000,000
3,206,208

2.06

3,206,208

2.06

Finland
EUR 2,500,000

Pohjola Bank Plc FRN 9/8/2014

EUR 10,000,000
EUR 4,000,000
EUR 4,000,000

2,499,738

1.61

2,499,738

1.61

1,000,150

0.64

9,996,640
2,500,025

6.42
1.61

13,496,815

8.67

France
EUR 1,000,000
EUR 10,000,000
EUR 2,500,000

BNP Paribas SA FRN 20/12/2013


BNP Paribas SA 0.00% 3/2/2014
(Zero Coupon)
HSBC France SA FRN 6/12/2013

USD 1,500,000

Germany
Deutsche Bank AG FRN 17/1/2014
NRW Bank FRN 17/2/2014

4,001,600
999,790

2.57
0.64

5,001,390

3.21

EUR 5,000,000
EUR 3,000,000
EUR 5,000,000

Netherlands
EUR 3,700,000
EUR 8,000,000

EUR 5,000,000

EUR 5,000,000

Bank Nederlandse Gemeenten FRN


23/5/2014
Cooperatieve Centrale RaiffeisenBoerenleenbank BA FRN
13/3/2014
Cooperatieve Centrale RaiffeisenBoerenleenbank BA FRN
14/11/2014
Dutch Treasury Certificate 0.00%
31/1/2014 (Zero Coupon)

BMW Malta Finance Ltd 0%


23/1/2014
FMS Wertmanagement 0 %
8/1/2014
Metlife Short Term Funding LLC
0% 7/2/2014
Sumitomo Mitsui Banking Corp
0% 6/2/2014

3,999,160

2.57

10,000,000

6.42

3,998,468

2.57

3,998,678

2.57

21,996,306

14.13

1,999,671

1.28

3,999,822

2.57

1,499,367

0.96

3,999,798
4,999,526

2.57
3.21

2,998,861

1.93

Luxembourg
EUR 2,000,000
EUR 4,000,000

EUR 4,000,000
EUR 4,000,000
EUR 1,000,000

Market Value
(EUR)

Germany
Australia

EUR 3,200,000

Description

3,702,534

2.38

8,001,280

5.14

5,000,150

3.21

4,999,820

3.21

21,703,784

13.94

Barclays Bank Plc 0% 6/1/2014


Cancara Asset Securitisation Ltd
0% 16/12/2013
Mont Blanc Capital Corp 0%
14/2/2014
Mont Blanc Capital Corp 0%
13/12/2013
Scaldis Capital 0% 27/12/2013
Sheffield Receivables Corp 0%
10/2/2014
Svenska Handelsbanken AB 0%
22/5/2014

Total Commercial Paper


Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

4,994,720

3.21

24,491,765

15.73

63,184,819

40.58

125,899,468

80.86

Funds
Ireland

Sweden
EUR 700,000

Nordea Bank AB 1.177% 10/1/2014

10,813,861
700,774

0.45

700,774

0.45

United Kingdom
EUR 5,000,000
EUR 2,500,000
EUR 2,000,000
EUR 6,600,000

Bank of Tokyo Mitsubishi 0.00%


13/12/2013 (Zero Coupon)
Barclays Bank Plc FRN 17/1/2014
HSBC Bank Plc FRN 14/3/2014
Mizuho Bank Ltd 0.165% 7/2/2014

Total Bonds

Total Funds
4,999,805
2,504,912
2,003,480
6,597,743

3.21
1.61
1.28
4.24

16,105,940

10.34

62,714,649

40.28

3,699,417
5,997,564
6,999,767

2.38
3.85
4.49

16,696,748

10.72

COMMERCIAL PAPER
France
EUR 3,700,000
EUR 6,000,000
EUR 7,000,000

92

Antalis SA 0% 27/12/2013
BPCE SA 0% 3/2/2014
LMA SA 0% 12/12/2013

This fund is managed by BlackRock.

BlackRock Strategic Funds (BSF)

Institutional Cash Series Plc Institutional Euro Assets


Liquidity Fund 1

Securities portfolio at market value


Other Net Assets
Total Net Assets (EUR)

10,813,861

6.95

10,813,861

6.95

10,813,861

6.95

136,713,329

87.81

18,984,727

12.19

155,698,056

100.00

BlackRock European Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Holding

Austria
(50,424)
63,236
(153)
25,007
(1,150)
(20,570)
9,576
(72,662)
(6,654)
(30)
14,678
9,487
(22,844)
(3,091)
(1,291)
(81)
(252,719)
6,113
9,276
(2)
19,577
(28,730)
(141,778)
14,363
96,826

Andritz AG
Atrium European Real Estate Ltd
CA Immobilien Anlagen AG
Erste Group Bank AG
Erste Group Bank AG
EVN AG
Flughafen Wien AG
IMMOFINANZ AG
Kapsch TrafficCom AG
Lenzing AG
Oesterreichische Post AG
OMV AG
Raiffeisen Bank International AG
RHI AG
Schoeller-Bleckmann Oilfield
Equipment AG
Strabag SE
Telekom Austria AG
Verbund AG
Vienna Insurance Group AG Wiener
Versicherung Gruppe
Vienna Insurance Group AG Wiener
Versicherung Gruppe
Voestalpine AG
Voestalpine AG
Wienerberger AG
Wienerberger AG
Zumtobel AG

Denmark
(2,364,886)
275,709
(1,873)
647,431
(29,774)
(237,995)
557,610
(253,082)
(269,221)
(1,421)
515,565
341,722
(620,671)
(81,432)

49,920
994
(39)
22,867
(529)
617
65,434
(4,152)
(13,620)
47
19,819
11,105
(26,002)
(2,519)

(99,575)
(1,742)
(1,578,230)
99,275

6,132
(86)
(43,444)
(226)

358,796

11,753

(77)
716,518
(1,051,518)
(1,741,034)
176,378
1,130,928

(1)
24,569
(20,587)
59,159
(2,282)
13,895

(3,512,599)

172,824

2,114,202
39,902
(199,749)
2,654,352
841,466
2,045,848
(1,558,269)
761,420
(332,901)
(247,858)
(777,676)
136,430
1,847,317
1,336,989
(767,473)
567,971
162,541
(516)
528,460
(249,556)
1,442
280,687
2,004
(211,590)
771,250
(817,841)
79,780
(425,678)
(394,966)
906,288
(1,532,798)
3,109,689

41,805
(1,663)
2,353
32,253
20,731
(9,536)
(260,532)
6,540
(15,431)
(20,620)
2,045
6,338
3,679
(13,563)
5,934
(44,842)
28,443
115
22,280
(13,507)
25
(1,374)
304
(973)
9,063
82,423
781
15,086
(12,524)
(61,750)
(114,356)
(177,557)

10,671,167

(468,030)

Belgium
67,948
24,784
(2,652)
35,241
35,460
36,533
(71,382)
49,029
(21,436)
(3,756)
(8,560)
3,278
53,437
31,100
(23,190)
13,769
13,988
(35)
12,551
(5,927)
13
12,026
148
(15,627)
28,778
(366,745)
712
(3,799)
(22,365)
50,958
(30,841)
94,233

Ageas
AGFA-Gevaert NV
Anheuser-Busch InBev NV
Anheuser-Busch InBev NV
Arseus NV
Barco NV
Belgacom SA
bpost SA
bpost SA
Cie d'Entreprises CFE
Cofinimmo (Reit)
Colruyt SA
D'ieteren SA/NV
Delhaize Group SA
Elia System Operator SA/NV
EVS Broadcast Equipment SA
Exmar NV
Galapagos NV
KBC Groep NV
KBC Groep NV
Kinepolis Group NV
Melexis NV
Mobistar SA
Mobistar SA
NV Bekaert SA
Nyrstar NV
Solvay SA
Solvay SA
Tessenderlo Chemie NV
ThromboGenics NV
UCB SA
Umicore SA

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

(1,001)
372
8,265
12,797
(31,051)
(52,345)
97
(4,203)
65,068
(7,499)
(29,059)
10,674
(43,714)
(4)
7,676
129,414
(64,767)
1,809
3,610
60,182
16,183
22,133
(37,788)
(58,961)
(26)
(1,491)
34,448
(993)
1,461
(24,523)
(90,445)
38,864
1,211
(59)
4,396
4,268
(14,370)

ALK-Abello A/S
AP Moeller - Maersk A/S 'B'
Auriga Industries 'B'
Carlsberg A/S 'B'
Carlsberg A/S 'B'
Chr Hansen Holding
Coloplast A/S 'B'
Coloplast A/S 'B'
D/S Norden A/S
Danske Bank A/S
DSV A/S
FLSmidth & Co A/S
FLSmidth & Co A/S
Genmab A/S
GN Store Nord A/S
H Lundbeck A/S
H Lundbeck A/S
Jyske Bank A/S
Matas A/S
NKT Holding A/S
Novo Nordisk A/S 'B'
Novozymes A/S 'B'
Novozymes A/S 'B'
Pandora A/S
Rockwool International A/S 'B'
Royal UNIBREW
Schouw & Co
Sydbank A/S
TDC A/S
TDC A/S
Topdanmark A/S
Topdanmark A/S
Tryg A/S
Vestas Wind Systems A/S
Vestas Wind Systems A/S
William Demant Holding A/S
William Demant Holding A/S

(82,131)
2,765,468
207,763
1,032,830
(2,506,087)
(1,407,765)
4,701
(203,700)
2,164,304
(125,471)
(654,896)
411,137
(1,683,760)
(122)
135,224
2,083,763
(1,042,848)
71,861
67,032
2,067,947
2,121,886
632,039
(1,079,090)
(2,243,372)
(3,322)
(152,120)
946,765
(20,502)
9,658
(162,119)
(1,766,722)
759,156
80,577
(1,243)
92,648
294,111
(990,248)

(1,205)
73,602
(217)
49,782
(84,439)
12,207
178
(164)
137,359
245
(29,602)
13,181
(24,418)
(6)
3,883
5,965
22,697
253
(43)
(109,548)
92,442
(5,184)
5,515
(361,238)
(190)
(38,559)
18,603
1,291
290
(5,948)
(16,847)
3,135
127
(9)
3,199
2,453
(8,228)

1,823,352

(239,438)

(1,527,757)
52,160
321,109
(2,860,198)
(330,965)
(21,962)
2,220,472
(152,738)
(1,857,490)
(335,749)
2,028,048
(3,803,879)
2,698,837
(555,570)
(2,170,731)
665,471
(1,476,965)
1,018,326
1,261,709
(241,078)
588,774
1,227,097
(937,548)
(1,338,572)

(75,907)
8,782
27,531
(122,995)
(3,323)
186
251,792
(11,455)
34,979
(3,036)
44,057
(86,162)
(276,807)
(104,616)
(1,305)
(1,260)
454,436
(79,421)
14,144
(1,266)
31,451
29,304
(116,571)
(171,237)

Finland
(54,272)
6,030
19,309
(154,355)
(19,549)
(1,858)
81,906
(5,634)
(27,498)
(13,054)
78,851
(126,585)
191,815
(92,827)
(59,521)
34,338
(3,841,261)
135,596
90,510
(17,294)
62,107
35,630
(132,049)
(182,990)

Cargotec OYJ 'B'


Caverion Corp
Cramo OYJ
Elisa OYJ
Fortum OYJ
Kemira OYJ
Kesko OYJ 'B'
Kesko OYJ 'B'
Kone OYJ 'B'
Konecranes OYJ
Konecranes OYJ
Metso OYJ
Neste Oil OYJ
Nokia OYJ
Nokian Renkaat OYJ
Orion OYJ 'B'
Outokumpu OYJ
Outotec OYJ
Pohjola Bank Plc 'A'
Pohjola Bank Plc 'A'
Ramirent OYJ
Sampo 'A'
Sanoma OYJ
Stora Enso OYJ 'R'

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

93

BlackRock European Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Finland continued
50,290
(88,076)
(85,279)
100
226,380
(217,457)

UPM-Kymmene OYJ
UPM-Kymmene OYJ
Uponor OYJ
Wartsila OYJ
YIT OYJ
YIT OYJ

(12,614)
26,229
1,480
(6,252)
128,763
(49,049)
8,937
897
505,484
(9,040)
22,560
(24,905)
(15,590)
(12,414)
8,589
(45)
102,990
(3,214)
1,473
22,609

94

AB Science SA
Accor SA
Aeroports de Paris
Air France-KLM
Air France-KLM
Air Liquide SA
ALBIOMA
Alcatel Lucent (Right)
Alstom SA
Altran Technologies SA
Areva SA
Arkema SA
AtoS
AtoS
AXA SA
Beneteau SA
BioMerieux
BNP Paribas SA
Boiron SA
Bourbon SA
Bouygues SA
Bureau Veritas SA
Cap Gemini SA
Cap Gemini SA
Carrefour SA
Casino Guichard Perrachon SA
Casino Guichard Perrachon SA
CGG SA
CGG SA
Christian Dior SA
Christian Dior SA
Cie de St-Gobain
Cie Generale des Etablissements
Michelin
Cie Generale des Etablissements
Michelin
Ciments Francais SA
CNP Assurances
CNP Assurances
Credit Agricole SA
Danone
Danone
Dassault Systemes SA
Derichebourg SA
Edenred
Eiffage SA
Eiffage SA
Electricite de France SA
Eramet
Essilor International SA
Essilor International SA
Etablissements Maurel et Prom
Eurofins Scientific SE
Eurofins Scientific SE
European Aeronautic Defence
and Space Co NV

BlackRock Strategic Funds (BSF)

Description
France continued

618,567
(1,083,335)
(1,288,566)
3,611
2,133,632
(2,049,532)

23,543
(47,506)
(9,381)
351
(119,197)
60,058

(7,194,822)

(250,831)

(237,930)
(78,243)
(2,404,942)
3,240
(166,875)
(1,121,279)
1,180,440
(8,742)
2,019,654
(553,168)
(1,062,748)
(107,692)
2,698,799
(435)
(1,019,576)
31,852
(15,338)
2,784
120,367
(980,146)
713,566
(3,040,370)
2,749,712
(99,399)
(4,532,804)
179,667
(79,231)
310,099
(1,835,742)
483,014
(2,159,313)
(487,842)

(2,491)
1,587
(77,424)
210
(2,894)
(11,195)
120,758
(8,742)
35,557
738
(87,596)
(3,700)
96,575
17
(13,141)
(355)
(133)
70
(3,755)
22,125
386
177,327
222,973
(174)
(407,021)
783
45
3,433
207,051
93
(3,953)
(9,207)

2,555,201

(34,649)

(1,007,480)
1,439,185
20,816
(87,934)
1,196,723
(2,625,593)
478,398
75,680
1,200,525
(239,605)
936,804
(1,034,180)
(429,193)
(850,235)
667,451
(3,497)
1,163,787
(604,875)
277,219

7,531
90,930
198
(463)
62,797
96,568
(3,252)
(2,003)
(93,520)
(5,785)
(8,172)
(5,009)
(5,313)
30,025
10,874
(3)
(24,258)
2,089
89

1,188,329

118,771

France
(16,409)
(2,419)
(29,720)
422
(21,737)
(10,918)
65,580
(44,378)
74,252
(84,972)
(55,467)
(1,279)
43,403
(7)
(52,569)
2,413
(205)
50
2,525
(51,036)
25,654
(139,755)
57,125
(2,065)
(155,820)
2,186
(964)
20,341
(120,416)
3,373
(15,079)
(12,352)
31,992

Holding

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

(13,371) European Aeronautic Defence


and Space Co NV
(17,182) Eutelsat Communications SA
5,841 Faiveley Transport SA
3,629 Faurecia
(84,826) Faurecia
3,399 Fonciere Des Regions (Reit)
(905) GameLoft SE
20,190 GDF Suez
(8,880) Gecina SA (Reit)
(387) Groupe Eurotunnel SA
12,575 Groupe Steria SCA
(23,359) Havas SA
2,690 Hermes International
7,918 ICADE (Reit)
(5,212) Iliad SA
27,318 Imerys SA
(11,478) Imerys SA
44,847 Ingenico
3,432 Interparfums SA
(56,317) Ipsos
25,980 JCDecaux SA
(26) Kering
2,552 Klepierre (Reit)
(15,042) Klepierre (Reit)
8,116 L'Oreal SA
57,978 Lagardere SCA
(51,922) Legrand SA
1,055 LISI
(22,371) LVMH Moet Hennessy
Louis Vuitton SA
31,246 Medica SA
107 Mercialys SA (Reit)
48,700 Mersen
2,960 Metropole Television SA
17,059 Montupet
(3,865) Natixis
12,872 Natixis
(7,201) Naturex
2,876 Nexans SA
(40,057) Nexans SA
(71,413) Nexity SA
(58,131) Orange SA
(8,355) Orpea
(29) Parrot SA
17,454 Pernod-Ricard SA
(30,825) Pernod-Ricard SA
18,040 Peugeot SA
12,543 Plastic Omnium SA
(32,543) Rallye SA
(18,534) Remy Cointreau SA
(6,246) Renault SA
(11,082) Rexel SA
39,099 Rexel SA
(11,079) Rubis SCA
14,617 Rubis SCA
44,153 Safran SA
(123) Safran SA
3,235 Saft Groupe SA
(34,209) Sanofi
(17,320) Sartorius Stedim Biotech
6,512 Schneider Electric SA
(22,220) SCOR SE
(13,209) SEB SA
(233) Sequana SA

(702,780)
(369,413)
308,405
89,781
(2,098,595)
212,811
(7,032)
344,542
(862,248)
(2,801)
186,362
(140,201)
685,950
534,465
(908,973)
1,631,704
(685,581)
2,460,306
107,765
(1,721,611)
754,849
(4,264)
87,125
(513,534)
1,004,355
1,450,320
(2,117,898)
118,149

9,794
41,530
(26,789)
(725)
(277,585)
1,786
1
(3,260)
877
43
(2,422)
470
17,163
(2,900)
(13,659)
180,212
(15,815)
61,767
2,610
(34,076)
2,717
51
1,753
(1,385)
(2,940)
(50,871)
(11,462)
4,525

(3,109,569)
633,669
1,670
1,276,914
47,626
599,112
(15,823)
52,698
(428,459)
95,339
(1,327,890)
(1,913,868)
(559,802)
(357,678)
(555)
1,457,758
(2,574,504)
212,692
283,535
(1,010,786)
(1,153,741)
(407,052)
(207,566)
732,324
(517,279)
682,468
2,146,719
(5,980)
77,381
(2,675,144)
(1,988,336)
404,981
(573,054)
(909,572)
(1,375)

128,412
24,167
86
83,078
(2,901)
61,316
(5)
838
(8,457)
(356)
(19,253)
3,150
4,094
(11,012)
(28)
(30,588)
242,708
26,202
44,789
(132,125)
199,854
(20,469)
183
2,007
(10,588)
22,242
110,239
3
4,270
(107,554)
37,957
3,991
4,506
(16,448)
33

BlackRock European Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Holding

France continued
(27,382)
17,721
(2,176)
(16,046)
60,709
(27,203)
(204,183)
(20,390)
207,631
32,653
20,238
(23,433)
58,429
(15,980)
(1,603)
(908)
290
17,197
(19,871)
29,520
(14,789)
(4,559)
(66,523)
51,188
(8,352)
(14,932)
(10,553)
54,737
(1,312)
26,208
(63,301)

SES SA
Societe BIC SA
Societe BIC SA
Societe Generale SA
Societe Television Francaise 1
Sodexo
STMicroelectronics NV
Suez Environnement Co
Technicolor SA
Technip SA
Teleperformance
Teleperformance
Thales SA
Total SA
UBISOFT Entertainment
Unibail-Rodamco SE (Reit)
Unibail-Rodamco SE (Reit)
Valeo SA
Valeo SA
Vallourec SA
Vallourec SA
Valneva SE
Veolia Environnement SA
Veolia Environnement SA
Vicat
Vilmorin & Cie SA
Vinci SA
Vinci SA
Virbac SA
Vivendi SA
Vivendi SA

Germany continued
(594,189)
1,597,371
(196,145)
(683,399)
830,196
(2,007,037)
(1,193,450)
(258,749)
780,693
2,405,220
849,085
(983,132)
2,631,058
(710,710)
(15,581)
(174,835)
55,840
1,344,118
(1,553,117)
1,236,445
(619,437)
(18,783)
(795,615)
612,208
(457,105)
(1,402,264)
(501,373)
2,600,555
(189,584)
490,876
(1,185,628)

(3,395)
19,257
5,026
(11,945)
425
(57,172)
(13,313)
(3,037)
(11,421)
(89,322)
113,683
(50,140)
256,795
4,019
382
(627)
318
232,177
(75,768)
11,204
34,661
52
51,707
3,337
(140)
2,841
(3,886)
248,506
7,282
11,275
(106,502)

(14,478,752)

1,597,422

Aareal Bank AG
1,424,318
Adidas AG
2,980,541
ADVA Optical Networking SE
1,556,452
Aixtron SE
882,628
Aixtron SE
(247,712)
Aurubis AG
2,326,934
Axel Springer AG
(646,109)
BASF SE
1,027,271
Bayer AG
33,496
Bayerische Motoren Werke AG
138,322
BayWa AG
(149,959)
Bechtle AG
12,264
Beiersdorf AG
2,728,264
Bertrandt AG
(652,313)
Bilfinger SE
(878,926)
Borussia Dortmund GmbH & Co KGaA
253,446
Brenntag AG
(520,123)
CANCOM SE
(278,709)
CANCOM SE (Right)
(686)
Cewe Stiftung & Co KGAA
872,972
Commerzbank AG
(1,684,717)
Continental AG
2,287,103
CTS Eventim AG
1,104,595
Daimler AG
(737,789)
Delticom AG
520,266
Deutsche Annington Immobilien SE
109,192
Deutsche Bank AG
323,401
Deutsche Bank AG
(1,040,701)
Deutsche Boerse
(102,491)
Deutsche Euroshop AG
2,066
Deutsche Euroshop AG
(694,114)
Deutsche Lufthansa AG
(343,882)

127,189
115,828
(72,852)
(79,121)
44,217
(206)
330
41,174
720
57
(9,662)
(408)
83,420
(49,191)
(17,947)
11,649
(698)
11,017
(686)
31,273
(135,521)
299,800
117,266
(6,289)
(58,872)
762
15,225
(13,788)
(4,037)
59
(7,098)
(14,799)

Germany
52,655
33,239
400,528
86,110
(24,167)
53,616
(14,552)
13,053
342
1,630
(3,938)
257
36,567
(6,481)
(10,446)
67,227
(3,978)
(10,170)
(804)
21,635
(153,017)
14,924
28,992
(12,085)
14,976
5,662
9,069
(29,184)
(1,794)
63
(21,162)
(21,439)

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

4,934
(89,081)
19,034
(37,047)
32,758
320,814
80,241
(198)
(198)
(27,830)
37,681
5,083
(9,014)
(47,002)
17,949
(13,048)
(131,324)
17,798
(41,984)
25,846
(341,850)
(22,522)
(69,956)
68,611
(5,258)
20,813
11,123
(2,474)
(15,088)
52,511
(14,772)
8,239
2,876
717
(7,905)
53,873
1,258
1,321
(20,248)
18,163
(3,505)
26,272
155,748
27,764
(21,681)
(17,787)
(1,497)
(464,573)
2,376
37,467
129
644
18,464
(3,901)
22,897
1,898
(7,272)
32,219
9,526
(43,307)
(19,178)
110,327
(12,940)
11,582
(8,821)

Deutsche Post AG
Deutsche Post AG
Deutsche Telekom AG
Deutsche Telekom AG
Deutsche Wohnen AG
Deutz AG
Dialog Semiconductor Plc
DIC Asset AG
DIC Asset AG (Right)
DMG Mori Seiki AG
DMG Mori Seiki AG
Draegerwerk AG & Co KGaA (Pref)
Draegerwerk AG & Co KGaA (Pref)
Drillisch AG
Duerr AG
Duerr AG
E.ON SE
ElringKlinger AG
ElringKlinger AG
Evonik Industries AG
Evotec AG
Fielmann AG
Fraport AG Frankfurt Airport
Services Worldwide
Freenet AG
Fresenius Medical Care AG & Co KGaA
Fresenius Medical Care AG & Co KGaA
Fresenius SE & Co KGaA
Fresenius SE & Co KGaA
Fuchs Petrolub SE (Pref)
GAGFAH SA
GEA Group AG
Gerresheimer AG
Gerry Weber International AG
Gesco AG
GFK SE
Grammer AG
GSW Immobilien AG
Hamborner REIT AG (Reit)
Hamburger Hafen und Logistik AG
Hannover Rueck SE
HeidelbergCement AG
HeidelbergCement AG
Heidelberger Druckmaschinen AG
Henkel AG & Co KGaA (Pref)
Hochtief AG
Hugo Boss AG
Indus Holding AG
Infineon Technologies AG
Jenoptik AG
Jungheinrich AG (Pref)
K+S AG
KION Group AG
Kloeckner & Co SE
Kontron AG
Krones AG
KUKA AG
KWS Saat AG
LANXESS AG
LEG Immobilien AG
Leoni AG
Linde AG
LPKF Laser & Electronics AG
MAN SE
Merck KGaA
Merck KGaA

128,136
(2,313,434)
222,222
(432,524)
487,111
2,061,551
1,139,823
(1,321)
(46)
(637,029)
862,518
461,435
(818,291)
(1,015,008)
1,144,608
(832,071)
(1,856,265)
545,687
(1,287,229)
755,479
(1,381,074)
(1,892,749)

4,372
(84,151)
1,886
(2,419)
43,041
217,493
24,386
45
14
(13,241)
100,171
16,667
53,751
(17,156)
153,074
11,385
(65,658)
(2,250)
103,562
63,585
33,253
(78,137)

(3,790,916)
1,433,970
(268,526)
1,062,920
1,161,241
(258,286)
(1,043,939)
559,767
(506,827)
410,385
88,825
50,190
(332,010)
2,022,931
38,262
9,724
(373,981)
1,113,392
(202,379)
1,516,945
427,217
2,322,459
(1,410,349)
(1,743,660)
(41,909)
(3,475,006)
28,963
1,713,928
2,681
18,386
189,625
(21,998)
1,440,450
65,623
(1,817,636)
1,576,154
401,854
(2,379,720)
(2,879,577)
2,045,463
(1,155,542)
1,476,705
(1,124,677)

(107,290)
187,759
1,583
59,633
60,646
(3,689)
(86,562)
49,468
1,128
14,811
1,292
(2,015)
7,093
151,010
(9,930)
173
(5,872)
6,105
(2,443)
24,417
62,624
179,582
31,453
(33,889)
150
(169,232)
(1,169)
139,127
200
262
3,645
(956)
4,608
308
170,968
41,747
1,966
(222,942)
(74,502)
529,892
(14,655)
78,969
(8,223)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

95

BlackRock European Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Germany continued
(3,631)
10,154
(19,672)
(7,763)
305
(5,531)
(4)
23,528
(4,991)
(21,242)
(8,816)
87,115
(7,984)
(59,941)
77,359
60,085
(6,188)
(72,341)
(1,532)
38
(395)
1
(19,274)
54,434
89,291
(394)
5,793
(25,919)
2,233
(22,068)
(41,080)
2,182
29,750
(29,462)
76,923
37,127
30,843
16,341
356,476
(2,263)
21,032
(31,450)
87,881
51,523
(828)
2,218
(7,348)
(14,240)
24,058
25,545

Metro AG
Morphosys AG
Morphosys AG
MTU Aero Engines AG
Muenchener Rueckversicherungs AG
Muenchener Rueckversicherungs AG
Nemetschek AG
Nordex SE
Pfeiffer Vacuum Technology AG
PNE Wind AG
Porsche Automobil Holding SE (Pref)
ProSiebenSat.1 Media AG
Puma SE
QIAGEN NV
QSC AG
Rheinmetall AG
Rheinmetall AG
RWE AG
Salzgitter AG
SAP AG
Sartorius AG (Pref)
SGL Carbon SE
Siemens AG
Sixt SE
Sky Deutschland AG
SMA Solar Technology AG
Software AG
Software AG
Stada Arzneimittel AG
Stada Arzneimittel AG
STRATEC Biomedical AG
Stroeer Media AG
Suedzucker AG
Suss Microtec AG
Symrise AG
TAG Immobilien AG
Takkt AG
Talanx AG
Telefonica Deutschland Holding AG
ThyssenKrupp AG
Tipp24 SE
Tom Tailor Holding AG
TUI AG
United Internet AG
Volkswagen AG (Pref)
Volkswagen AG (Pref)
Vossloh AG
Wacker Chemie
Wincor Nixdorf AG
Wirecard AG

Bank of Ireland
C&C Group Plc
Glanbia Plc
Glanbia Plc
Irish Continental Group Plc
Kerry Group Plc 'A'
Paddy Power Plc
Ryanair Holdings Plc
Smurfit Kappa Group Plc

(8,688)
4,026
20,711
5,761
2,216
(37,450)
6
2,092
(5,304)
3,664
(34,933)
(43,565)
(88,064)
21,453
134,602
131,103
(10,791)
(45,326)
459
43
261
3
(161,323)
155,654
12,357
(105)
11,670
(49,635)
2,161
16,762
(52,456)
4,439
(95,680)
(12,554)
52,219
(4,854)
(18,992)
(2,862)
62,895
(79)
62,574
(17,769)
91,010
67,141
(16,633)
(1,168)
15,995
(58,812)
28,136
11,218

8,997,056

2,213,322

(150,027)
(614,735)
(493,518)
15,355
(1,247,904)
(1,027,231)
(581,827)
570,397
1,020,930

(11,580)
15,271
(52,414)
252
(138,187)
(7,338)
45,837
(8,852)
(726)

(2,508,560)

(157,737)

3,318
116,063

480
11,862

Italy
3,931
14,391

96

A2A SpA
ACEA SpA

BlackRock Strategic Funds (BSF)

Description
Italy continued

(134,311)
571,163
(1,106,550)
(537,044)
49,151
(891,321)
(200)
250,809
(457,525)
(59,966)
(660,759)
2,878,280
(1,865,062)
(1,034,582)
309,591
2,728,460
(280,997)
(2,043,995)
(49,361)
2,318
(32,350)
30
(1,877,866)
1,261,236
672,986
(11,629)
163,536
(731,693)
85,401
(843,991)
(1,318,668)
30,253
549,929
(198,868)
2,507,690
316,916
437,816
401,989
2,140,638
(43,766)
1,072,422
(570,817)
942,084
1,526,369
(161,212)
431,845
(517,667)
(1,116,986)
1,212,764
702,615

Ireland
(519,485)
(138,735)
(45,930)
1,429
(51,039)
(21,798)
(10,276)
92,597
58,239

Holding

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

(296) Aeroporto di Venezia Marco Polo


SpA - SAVE
(41,319) Amplifon SpA
183,042 Ansaldo STS SpA
(148,216) Assicurazioni Generali SpA
(119,665) Astaldi SpA
(220) ASTM SpA
(54,134) Atlantia SpA
(82,776) Azimut Holding SpA
(430,565) Banca Carige SpA
30,907 Banca Generali SpA
1,542 Banca Piccolo Credito
Valtellinese Scarl
32,470 Banca Popolare dell'Emilia
Romagna SC
704,933 Banca Popolare di Milano Scarl
249,393 Banco Popolare SC
(164,394) Beni Stabili SpA (Reit)
57,974 Brembo SpA
(54,779) Brunello Cucinelli SpA
(54,093) Buzzi Unicem SpA
1,566 Cairo Communication
148,644 CNH Industrial NV
(152) Credito Emiliano SpA
(49,744) Danieli & C Officine Meccaniche SpA
(49,416) De'Longhi SpA
(380) Ei Towers SpA
(304,761) Enel Green Power SpA
(2,168) Engineering SpA
(42,321) Eni SpA
(52,909) ERG SpA
284,236 Fiat SpA
590 Finmeccanica SpA
(425,694) Geox SpA
93,802 Gtech SpA
(6) Hera SpA
22,719 Industria Macchine Automatiche SpA
(197) Interpump Group SpA
538,783 Iren SpA
(7,929) Italcementi SpA
(6,023) Luxottica Group SpA
(17,121) Maire Tecnimont SpA
(23,192) MARR SpA
(6) Mediaset SpA
16,602 Mediobanca SpA
1,607 Milano Assicurazioni SPA
(56,244) Molecular Medicine SPA
174,365 Parmalat SpA
(15,362) Piaggio & C SpA
58,461 Prysmian SpA
141,408 Recordati SpA
(50,925) Safilo Group SpA
42,686 Salvatore Ferragamo SpA
(314,041) Saras SpA
(502,613) Snam SpA
8,532 Societa Cattolica di Assicurazioni SCRL
(122,053) Societa Iniziative Autostradali
e Servizi SpA
32,259 Sorin SpA
(410,884) Telecom Italia SpA
(165,408) Tenaris SA
(8,179) Tod's SpA
16,499 Trevi Finanziaria Industriale SpA
194,888 UniCredit SpA
(47,241) World Duty Free SpA
50,994 World Duty Free SpA

(4,496)
(163,623)
1,461,590
(2,516,708)
(940,567)
(2,519)
(899,166)
(1,565,294)
(210,546)
646,574

(364)
(5,704)
49,089
(70,950)
(172,470)
(11)
(78,496)
(138,106)
(710)
61,632

2,247

241

231,836
310,875
350,397
(82,033)
1,117,739
(1,416,585)
(688,604)
7,963
1,258,272
(863)
(1,160,527)
(637,466)
(12,802)
(553,446)
(86,720)
(755,007)
(517,715)
1,668,465
3,186
(1,080,411)
2,131,181
(10)
605,234
(1,652)
606,131
(50,468)
(234,897)
(28,352)
(273,434)
(20)
105,257
1,053
(43,702)
429,635
(36,807)
1,125,959
1,467,815
(922,761)
1,248,139
(282,637)
(1,991,353)
166,033

35,994
12,539
70,074
1,573
3,840
(486,774)
(18,813)
153
(34,456)
(390)
(80,556)
(37,778)
(243)
(18,479)
(21,443)
(4,145)
(36,478)
(5,101)
577
(225,843)
127,387
(2)
65,611
(470)
112,877
(1,812)
4,707
(2,706)
(6,470)

19,673
167
(366)
(2,257)
(2,888)
62,869
144,702
(90,116)
162,892
(4,273)
(110,794)
20,912

(901,361)
67,292
(293,987)
(2,749,081)
(1,027,282)
106,666
1,057,267
(407,217)
439,568

(34,119)
4,032
(33,028)
78,977
(69,522)
3,812
138,955
4,622
(978)

(5,804,364)

(596,862)

BlackRock European Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Holding

Norway continued

Netherlands
95
(24,787)
(381,655)
429,160
10,241
3
(79,165)
(6,067)
(38,971)
129,216
40,157
7,128
1,177
(198)
(10,670)
(154,723)
24,825
(4,648)
(118,916)
4,081
(67,086)
10,270
(13,627)
(194,936)
(65,012)
96,429
341,437
82,897
(93,773)
(24,228)
4,006
(26,820)
87,198
(58,843)
(17,367)
(131,766)
30,903
(90)
(315,527)
37,791
(86,440)
75,642
133,329
(12,414)
346,845
2,712
(15,436)
(204,782)
(3,851)
(53,347)
63,359

Aalberts Industries NV
2,158
Aalberts Industries NV
(563,161)
Aegon NV
(2,511,672)
Aegon NV
2,824,302
Akzo Nobel NV
567,454
AMG Advanced Metallurgical Group NV
23
APERAM
(1,080,602)
Arcadis NV
(152,312)
ArcelorMittal
(497,465)
ArcelorMittal
1,649,442
ASM International NV
1,004,728
ASML Holding NV
492,260
BE Semiconductor Industries NV
9,545
BinckBank NV
(1,499)
Brunel International NV
(480,150)
Coribon NV
(2,455,454)
Coribon NV
393,973
Corio NV (Reit)
(148,899)
Delta Lloyd NV
(2,127,407)
Eurocommercial Properties NV (Reit)
121,757
Fugro NV
(3,010,820)
Gemalto NV
855,902
Gemalto NV
(1,135,674)
Heijmans NV
(2,102,385)
Heineken NV
(3,246,374)
ING Groep NV
925,622
Koninklijke Ahold NV
4,573,549
Koninklijke BAM Groep NV
291,300
Koninklijke BAM Groep NV
(329,518)
Koninklijke Boskalis Westminster NV
(893,892)
Koninklijke DSM NV
231,467
Koninklijke DSM NV
(1,549,660)
Koninklijke Ten Cate NV
2,058,309
Koninklijke Vopak NV
(2,585,561)
Koninklijke Wessanen NV
(48,975)
Nieuwe Steen Investments NV (Reit)
(611,262)
Nutreco NV
1,089,331
Nutreco NV
(3,173)
PostNL NV
(1,362,761)
Randstad Holding NV
1,740,087
Reed Elsevier NV
(1,363,159)
Royal Imtech NV
151,965
SBM Offshore NV
1,969,269
TKH Group NV
(312,833)
TNT Express NV
2,327,677
TomTom NV
15,195
TomTom NV
(86,488)
USG People NV
(2,015,055)
Wereldhave NV (Reit)
(216,426)
Wolters Kluwer NV
(1,110,685)
Ziggo NV
1,995,175

287
(35,192)
(185,048)
380,410
26,790
2
(48,848)
(900)
(8,916)
325,856
28,263
(7,715)
81
7
(8,131)
112,220
(13,847)
641
(119,850)
(4,393)
50,381
23,476
954
(182,283)
44,550
62,016
133,515
(15,459)
40,588
(7,941)
(781)
(25,109)
142,590
(37,389)
(411)
44,817
(11,324)
77
(241,155)
(4,651)
(54,070)
(3,947)
(45,351)
(32,871)
(10,305)
138
834
(118,713)
(9,831)
(61,188)
28,229

(6,712,832)

151,103

(2,931,831)
31,118
(28,004)
1,603,088
81,621
1,779,921
559,429
(1,614,896)
(545,778)
(424,777)
1,291,167
(2,725,068)

(420,558)
10,241
(4,267)
(69,529)
(114)
31,360
26,617
89,043
1,514
(5,734)
342,165
(262,396)

843,010
(539,722)
122,231
11,401
(15,817)
1,261,646
(803,494)
834
445,909
(3,139,583)
(829,055)
2,531
24,353
(88,223)
145,846
(37,118)
379,506
2,265
208,215
(35,053)
14,546
(30,292)
(65,445)
33,053
(561,740)
59,732
73,237
189,015
55,404
(243,344)
144,858
149,279
61,793
80,015
(37,733)

Aker Solutions ASA


Algeta ASA
Archer Ltd
Atea ASA
Awilco Drilling Plc
Borregaard ASA
BW Offshore Ltd
Cermaq ASA
Det Norske Oljeselskap ASA
DNB ASA
DNO International ASA
DNO International ASA

Dolphin Group AS
Electromagnetic GeoServices
Fred Olsen Energy ASA
Gjensidige Forsikring ASA
Gjensidige Forsikring ASA
Kongsberg Automotive Holding ASA
Kvaerner ASA
Leroy Seafood Group ASA
Marine Harvest ASA
Marine Harvest ASA
Norsk Hydro ASA
Norwegian Air Shuttle AS
Odfjell Drilling Ltd
Opera Software ASA
Orkla ASA
Orkla ASA
Petroleum Geo-Services ASA
Polarcus Ltd
ProSafe SE
Royal Caribbean Cruises Ltd
Salmar ASA
Schibsted ASA
Seadrill Ltd
Seadrill Ltd
Songa Offshore
SpareBank 1 SMN
SpareBank 1 SR Bank ASA
Statoil ASA
Storebrand ASA
Storebrand ASA
Subsea 7 SA
Telenor ASA
TGS Nopec Geophysical Co ASA
Yara International ASA
Yara International ASA

554,088
(505,154)
3,566,704
152,342
(211,349)
774,570
(1,083,313)
18,373
381,653
(2,687,167)
(2,622,780)
70,077
121,075
(801,829)
835,357
(212,599)
3,357,833
1,219
1,152,482
(1,146,906)
132,204
(1,442,571)
(2,064,101)
1,042,474
(215,038)
390,085
493,710
3,158,194
252,108
(1,107,301)
2,075,117
2,664,974
1,199,849
2,574,681
(1,214,153)

120
(22,762)
(258,987)
(1,090)
(16,466)
30,638
(89,582)
866
16,466
(60,384)
(35,785)
3,765
(2,335)
(45,136)
30,139
1,527
(5,571)
63
(53,808)
(97,120)
9,973
(12,237)
61,752
(1,516)
146,740
38,189
51,779
28,007
11,269
17,133
(100,472)
68,693
88,695
80,513
(9,966)

6,730,898

(388,548)

282,704
(589,486)
(243,473)
432,239
70,040
878,221
(9,967)
(1,631,823)
(365,118)
208,287
1,048,950
1,992,114
(9,657)

31,279
(63,085)
(3,405)
14,419
819
(5,981)
184
(28,901)
(9,118)
559
18,085
220,570
(55)

2,063,031

175,370

1,701,969
937,281
(188,484)
103,285
(302,452)

145,315
1,325
(4,788)
(257)
9,785

1,510,983
(1,562,639)
3,642,819
(1,089,727)
(202,399)
125,863

11,027
(152,587)
191,433
(675,814)
(10,951)
9,938

Portugal
112,318
(495,783)
(1,902,135)
420,875
25,149
221,773
(2,517)
(133,210)
(24,013)
72,322
951,860
788,956
(1,817)

Norway
(223,030)
735
(48,974)
223,814
5,098
553,779
586,768
(132,822)
(53,058)
(32,284)
473,754
(999,880)

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Altri SGPS SA
Banco BPI SA
Banco Comercial Portugues SA 'R'
Banco Espirito Santo SA
EDP - Energias de Portugal SA
EDP Renovaveis SA
EDP Renovaveis SA
Galp Energia SGPS SA
Jeronimo Martins SGPS SA
Portucel SA
Sonae
Sonaecom - SGPS SA
ZON Optimus SGPS SA

Spain
872,357
59,986
(12,063)
2,274
(6,659)
63,274

Abengoa SA 'B'
Abertis Infraestructuras SA
Abertis Infraestructuras SA
Acciona SA
Acciona SA
ACS Actividades de Construccion
y Servicios SA
(136,475) Almirall SA
131,131 Amadeus IT Holding SA 'A'
(96,436) Atresmedia Corp
(22,721) Banco Bilbao Vizcaya Argentaria SA
65,725 Banco de Sabadell SA

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

97

BlackRock European Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Holding

Spain continued
(137,461)
13,811
(216,943)
(132,598)
(3,317)
99,816
13,350
246,792
(257,623)
453
538,267
(18,048)
47,354
4,798
165,701
(49,540)
2,484
(76)
51,367
95,641
(420,277)
11,148
(128,594)
232,468
64,646
(219,373)
61,022
(471)
(69)
(116,885)
256,214
31,362
(22,657)
(234,756)
(3,531)
189
5,919
(120,399)
(55,348)
652
1,972
(107,829)
(2,701)
(82,052)
(9,598)

Banco de Sabadell SA
Banco Popular Espanol SA
Banco Popular Espanol SA
Banco Santander SA
Bankinter SA
Bankinter SA
CaixaBank SA (Right)
Distribuidora Internacional
de Alimentacion SA
Duro Felguera SA
Ebro Foods SA
Ence Energia y Celulosa SA
Faes Farma
Ferrovial SA
Fomento de Construcciones
y Contratas SA
Gamesa Corp Tecnologica SA
Gas Natural SDG SA
Grifols SA
Grifols SA
Grupo Catalana Occidente SA
Iberdrola SA
Iberdrola SA
Inditex SA
Indra Sistemas SA
Jazztel Plc
Let's GOWEX SA
Mapfre SA
Mediaset Espana Comunicacion SA
Mediaset Espana Comunicacion SA
Melia Hotels International SA
NH Hoteles SA
Nyesa Valores Corp
Obrascon Huarte Lain SA
Obrascon Huarte Lain SA
Prosegur Cia de Seguridad SA
Realia Business SA
Repsol SA
Sacyr SA
Sacyr SA
Tecnicas Reunidas SA
Tecnicas Reunidas SA
Telefonica SA
Telefonica SA
Viscofan SA
Zardoya Otis SA
Zeltia SA

Sweden continued
(263,238)
60,299
(947,173)
(873,821)
(15,557)
468,137
721

(12,784)
5,483
(52,189)
(27,112)
(743)
42,740
721

1,674,484
(1,221,133)
7,749
1,612,110
(50,354)
661,772

58,194
(9,066)
340
213,099
(1,191)
9,714

75,017
1,204,646
(909,554)
83,798
(2,564)
1,309,345
450,947
(1,981,606)
1,311,562
(1,447,325)
1,805,114
801,611
(648,686)
527,657
(4,073)
(607)
(474,553)
43,556
920,161
(664,756)
(1,101,006)
(3,072)
3,652
23,309
(474,131)
(2,208,939)
26,021
23,999
(1,312,279)
(108,513)
(1,040,419)
(23,563)

(5,588)
40,506
(39,390)
5,886
(90)
114,198
40,169
(55,361)
38,837
32,871
(26,090)
230,002
(29,097)
(924)
(4)
(257)
(14,611)
(19,197)
25,000
(4,984)
(67,503)
(71)
154
1,649
(25,963)
(25,393)
412
(1,776)
42,905
(2,155)
(179,483)
(96)

1,995,244

(173,812)

1,919,983
(186,525)
(1,740,555)
(518,131)
(10,879)
(158,944)
567,246
(2,845,657)
(1,317,677)
466,913
2,086,148
89,148
(954,808)
(756,269)
2,565,465
(501,213)

30,274
(10,962)
(22,317)
1,312
(889)
(16,901)
(1,354)
(26,354)
(21,091)
(17,553)
89,743
1,571
(36,182)
(17,635)
64,222
137,072

Sweden
42,463
(22,438)
(99,385)
(77,845)
(113)
(4,263)
15,214
(138,803)
(53,683)
20,834
117,535
10,039
(107,521)
(70,200)
230,215
(151,759)

98

AarhusKarlshamn AB
Active Biotech AB
Alfa Laval AB
Alliance Oil Co Ltd SDR
Arcam AB
Assa Abloy AB 'B'
Assa Abloy AB 'B'
Atlas Copco AB 'A'
Avanza Bank Holding AB
Betsson AB
Bilia AB 'A'
BillerudKorsnas AB
BillerudKorsnas AB
Boliden AB
Castellum AB
CDON Group AB

BlackRock Strategic Funds (BSF)

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

(52,105)
27,090
58,220
207,351
(95,190)
2,626
(746)
40,364
27,873
(48,474)
(97,480)
(32,127)
68,793
(306,812)
(60,581)
15,310
732
102,554
5,059
330,013
(83,179)
44,694
(52,420)
21,364
(393)
(88,188)
10,830
(39,188)
(7,626)
28,469
(107,712)
117,040
(19,197)
1,696
46,967
118,631
(10,138)
(8,868)
(8,868)
(161)
(144,674)
9,466
2,734
21
(79,084)
141,990
(61,276)
40,642
323,094
(73,932)
140,868
(72,281)
(314,879)
(19,222)
31,599
(13,398)
106,960
52,345
309,799
(16,863)
23,051
(22,176)
(302,806)

Clas Ohlson AB 'B'


Concentric AB
Electrolux AB 'B'
Elekta AB 'B'
Elekta AB 'B'
Fabege AB
Getinge AB 'B'
Haldex AB
Hennes & Mauritz AB 'B'
Hennes & Mauritz AB 'B'
Hexagon AB 'B'
Holmen AB 'B'
Hufvudstaden AB 'A'
Husqvarna AB 'B'
ICA Gruppen AB
ICA Gruppen AB
Indutrade AB
Intrum Justitia AB
JM AB
Kungsleden AB
Lindab International AB
Loomis AB 'B'
Lundin Petroleum AB
Meda AB 'A'
Medivir 'B'
Mekonomen AB
Millicom International
Cellular SA SDR
Millicom International
Cellular SA SDR
Modern Times Group AB 'B'
Modern Times Group AB 'B'
NCC AB 'B'
Net Entertainment NE AB 'B'
Nibe Industrier AB 'B'
Nobia AB
Nolato AB 'B'
Nordea Bank AB
Nordea Bank AB
Opus Group AB
Opus Group AB
Oriflame Cosmetics SA
Peab AB
Saab AB 'B'
Sandvik AB
SAS AB
Scania AB 'B'
Scania AB 'B'
Seamless Distribution AB
Securitas AB 'B'
Skandinaviska Enskilda
Banken AB 'A'
Skanska AB 'B'
Skanska AB 'B'
SKF AB 'B'
SSAB AB 'A'
Svenska Cellulosa AB SCA 'B'
Svenska Cellulosa AB SCA 'B'
Svenska Handelsbanken AB 'A'
Swedbank AB 'A'
Swedish Match AB
Telefonaktiebolaget LM Ericsson 'B'
TeliaSonera AB
Trelleborg AB 'B'
Unibet Group Plc
Volvo AB 'B'

(604,352)
208,459
1,047,745
2,294,951
(1,053,558)
22,228
(17,180)
267,527
873,279
(1,518,722)
(2,222,964)
(827,552)
659,968
(1,359,002)
(1,353,605)
342,082
21,668
1,964,255
105,706
1,686,799
(555,970)
783,240
(806,749)
194,516
(4,382)
(2,040,786)

(30,629)
(3,327)
(2,205)
16,273
52,130
517
42
12,434
17,777
(22,189)
(42,315)
(31,946)
26,034
12,569
(8,491)
1,804
1,280
(5,117)
1,259
39,357
4,210
26,118
859
9,175
(569)
40,445

717,796

(4,086)

(2,597,323)
(286,644)
1,070,087
(2,482,918)
1,702,648
(323,479)
10,860
738,655
1,121,433
(95,836)
(12,154)
(12,154)
(3,717)
(643,748)
143,662
28,164
44
(1,162,918)
2,087,941
(302,875)
309,775

(51,291)
(1,791)
759
(161,079)
111,274
(30,838)
(457)
30,985
40,591
394
(414)
(12,154)
1
(8,289)
5,850
117
3
52,103
17,943
(10,051)
(3,638)

2,910,879
(1,043,971)
1,989,154
(1,455,067)
(1,670,992)
(414,376)
681,191
(459,954)
2,022,210
1,206,628
2,852,002
(100,305)
332,747
(783,474)
(2,950,902)

87,726
(5,304)
27,692
(47,572)
(72,291)
(8,809)
16,997
(3,964)
2,699
(46,168)
62,749
1,776
13,525
(20,270)
184,444

BlackRock European Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

79,608
90,009

Wallenstam AB 'B'
Wihlborgs Fastigheter AB

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Holding

Description

(9,766)
474
7
(11,775)
14,681
5,402
(531)
74,294
(1,654)
8,583
112
(435)
(15,644)
(99)
56
(283)
(11,493)
(3,852)
(2,564)
7,943
32,390
5,062
(338)
2,482
(26,575)
14,359
(3,865)
68,828
(47,424)
28,883
(32,031)
5,029
(3,936)
15,976
(13,784)
1,358

Panalpina Welttransport Holding AG


Partners Group Holding AG
PSP Swiss Property AG
Rieter Holding AG
Roche Holding AG
Schindler Holding AG
Schindler Holding AG
Schmolz + Bickenbach AG
SGS SA
Siegfried Holding AG
Sika AG
Sika AG
Sonova Holding AG
St Galler Kantonalbank AG
Straumann Holding AG
Straumann Holding AG
Sulzer
Swatch Group AG/The
Swiss Life Holding AG
Swiss Life Holding AG
Swiss Re AG
Swisscom AG
Swissquote Group Holding SA
Syngenta AG
Tecan Group AG
Temenos Group AG
Temenos Group AG
Transocean Ltd
Transocean Ltd
U-Blox AG
UBS AG
Valiant Holding
Valora Holding AG
Vontobel Holding AG
Zehnder Group AG
Zurich Insurance Group AG

Sweden continued

Switzerland continued
827,664
1,155,215

26,322
53,191

1,917,794

517,126

(905)
2,497,110
3,596
301,659
(4,473)
20,089
262,963
1,906,644
451,542
870,712
(980,240)
196,374
(1,357,834)
(140,025)
(943,581)
(149,591)
1,374,584
492,280
(347,989)
1,203,659
(1,608,657)
(162,905)
260,585
(2,654,999)
(19,444)
(537,872)
889,688
(442,278)
286,388
(680,107)
15,826
(82,599)
2,698,321
(999,114)
345
(402,952)
(1,871,530)
77,339
1,855,689
514,249
(90,479)
207
1,921,779
1,496,050
1,282,313
129,225
(2,843,423)
2,078,784
(284,065)
390,675
(452,098)
156,713
(101,362)
(280,436)
314,684
67,899
248,009
711,991
127,797
2,719,728

(1)
278,622
61
(3,573)
57
(87)
14,393
257,609
18,616
6,201
13,122
4,302
(59,717)
(30,722)
(29,463)
(2,170)
6,051
3,791
5,240
15,143
55,059
2,839
(5,838)
(263,774)
264
(2,418)
54,738
(59,115)
151
(40,088)
(109)
953
72,130
(65,065)
19
(21,991)
32,479
1,088
(33,133)
48,061
(1,780)
1
(7,063)
182,137
50,645
5,959
(59,428)
103,157
(1,095)
42,868
(29,761)
(1,980)
2,387
1,444
(2,603)
(138)
1,235
(38,612)
731
180,781

Switzerland
(48)
40,299
63
2,982
(57)
256
22,149
16,929
5,175
2,210
(2,488)
234
(1,618)
(1,626)
(3,084)
(3,253)
18,304
38,026
(5,668)
54,700
(73,105)
(1,675)
4,420
(21,270)
(2,035)
(1,272)
2,104
(606)
21,152
(33,998)
73
(381)
5,288
(1,958)
1
(1,168)
(34,871)
1,441
36,866
1,967
(2,618)
6
58,497
13,419
114,684
1,349
(29,683)
6,423
(89)
46,418
(53,716)
2,282
(1,476)
(966)
36,855
439
4,628
66,080
2,198
254,338

ABB Ltd
Actelion Ltd
Adecco SA
Allreal Holding AG
ams AG
ams AG
Ascom Holding AG
Autoneum Holding AG
Baloise Holding AG
Banque Cantonale Vaudoise
Banque Cantonale Vaudoise
Barry Callebaut AG
Barry Callebaut AG
Basilea Pharmaceutica
Burckhardt Compression Holding AG
Cembra Money Bank
Cie Financiere Richemont SA
Clariant AG
Cosmo Pharmaceuticals SpA
Credit Suisse Group AG
Credit Suisse Group AG
Daetwyler Holding
DKSH Holding AG
Dufry AG
EFG International AG
Flughafen Zuerich AG
Flughafen Zuerich AG
Galenica AG
GAM Holding AG
Gategroup Holding AG
Geberit AG
Geberit AG
Georg Fischer AG
Georg Fischer AG
Helvetia Holding AG
Helvetia Holding AG
Holcim Ltd
Holcim Ltd
Implenia AG
Inficon Holding AG
Julius Baer Group Ltd
Julius Baer Group Ltd
Kardex AG
Komax Holding AG
Kudelski SA
Kuehne + Nagel International AG
Kuehne + Nagel International AG
Kuoni Reisen Holding AG 'B'
Lindt & Spruengli AG
Logitech International SA
Logitech International SA
Lonza Group AG
Lonza Group AG
Luzerner Kantonalbank AG
Meyer Burger Technology AG
Mobimo Holding AG
Nestle SA
Nobel Biocare Holding AG
Novartis AG
OC Oerlikon Corp AG

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

(1,192,026)
87,227
440
(2,012,714)
3,010,850
550,859
(54,148)
71,289
(2,749,191)
1,105,561
272,228
(1,057,313)
(1,610,534)
(28,177)
7,696
(38,892)
(1,324,316)
(1,866,900)
(391,563)
1,213,022
2,124,241
1,903,805
(10,623)
718,926
(2,134,022)
280,820
(75,588)
2,556,140
(1,761,236)
2,057,476
(452,177)
331,454
(713,434)
435,212
(483,665)
279,389

(133,418)
1,360
(12)
(230,763)
555
(243)
(536)
(30,954)
144,508
60,331
32,150
(20,870)
(154,984)
663
68
(345)
(36,788)
(26,167)
6,430
56,288
3,926
(14,641)
(536)
3,222
(70,618)
5,501
(1,082)
114,196
124,882
154,510
(14,741)
(16,630)
(56,652)
(13,602)
(31,945)
171

9,436,654

555,844

(291,759)
(299,122)
371,211
(701,688)

(11,105)
7,413
24,370
(126,491)

(88,655)
(1,227,579)
(1,410,953)
(46,586)
(875,620)
1,339,443
(2,443,885)
(549,101)
(1,193,455)
(633,682)
34,113
(27,375)
(63,253)
(119,531)
(924,345)
2,005,442
(966,661)
1,742,014
(2,080,608)
(1,312,050)
(6,026)

(2,745)
(51,153)
(18,042)
(1,802)
39,511
54,986
(98,939)
(22,118)
(16,796)
59,387
(1,234)
(793)
2,293
(8,368)
(33,115)
129,379
(112,244)
76,467
(377,122)
(21,361)
(262)

United Kingdom
(44,019)
(52,864)
62,761
(118,635)
(78,340)
(626,075)
(73,398)
(4,399)
(215,386)
98,286
(179,328)
(932,572)
(220,586)
(38,820)
32,216
(2,857)
(5,185)
(221,223)
(75,437)
239,115
(115,258)
25,025
(75,340)
(31,279)
(2,182)

A.G.BARR Plc
Abcam Plc
Aberdeen Asset Management Plc
Aberdeen Asset Management Plc
Advanced Computer Software
Group Plc
Afren Plc
Aggreko Plc
Al Noor Hospitals Group Plc
Alent Plc
AMEC Plc
AMEC Plc
Amerisur Resources Plc
Amlin Plc
Anglo American Plc
Anite Plc
Antofagasta Plc
APR Energy Plc
Aquarius Platinum Ltd
ARM Holdings Plc
Ashtead Group Plc
Ashtead Group Plc
ASOS Plc
Associated British Foods Plc
AstraZeneca Plc
Avanti Communications Group Plc

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

99

BlackRock European Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Holding

United Kingdom continued


(19,834)
32,482
32,707
(1,211)
202,313
(11,153)
224,639
(88,267)
9,198
14,019
(50,946)
11,992
139,763
132,062
27,473
78,712
(38,500)
(240)
22,816
39,705
(723)
172,817
(165,696)
(57)
(205,500)
(342,095)
(352,711)
39,638
77,043
275,844
228,845
(84,809)
(12,013)
163,277
(666,158)
(2,681,666)
(58,625)
3,543
(148,805)
576
(1,958)
(213,602)
(36,986)
44,279
(91,700)
490,979
861,880
1,235
72,752
(51,224)
65,494
(661)
(90,571)
680,118
(265,075)
12,198
(94,757)
15,714
(44,556)
4,332
68,564
(82,547)
(5,012)
(1,340,792)
33,322

100

Aveva Group Plc


Aveva Group Plc
Aviva Plc
AZ Electronic Materials SA
Babcock International Group Plc
BAE Systems Plc
BAE Systems Plc
Balfour Beatty Plc
Barclays Plc
Barratt Developments Plc
BBA Aviation Plc
Beazley Plc
Bellway Plc
Berendsen Plc
Berkeley Group Holdings Plc
Betfair Group Plc
BG Group Plc
BHP Billiton Plc
Big Yellow Group Plc (Reit)
Blinkx Plc
Blinkx Plc
Bodycote Plc
Booker Group Plc
Bovis Homes Group Plc
BowLeven Plc
BP Plc
Brammer Plc
Brewin Dolphin Holdings Plc
British Land Co Plc (Reit)
British Sky Broadcasting Group Plc
Britvic Plc
BTG Plc
Bunzl Plc
Burberry Group Plc
Bwin.Party Digital Entertainment Plc
Cable & Wireless Communications Plc
Cairn Energy Plc
Cape Plc
Capita Plc
Capital & Counties Properties Plc
Capital & Counties Properties Plc
Carillion Plc
Carnival Plc
Catlin Group Ltd
Catlin Group Ltd
Centamin Plc
Centrica Plc
Clinigen Healthcare Ltd
Close Brothers Group Plc
Close Brothers Group Plc
Cobham Plc
Cobham Plc
Coca-Cola HBC AG
Colt Group SA
Compass Group Plc
Computacenter Plc
CRH Plc
Croda International Plc
Croda International Plc
CSR Plc
Daily Mail & General Trust Plc 'A'
Dairy Crest Group Plc
Dart Group Plc
Darty Plc
DCC Plc

BlackRock Strategic Funds (BSF)

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

United Kingdom continued


(535,443)
876,891
169,889
(3,997)
3,162,799
(57,985)
1,167,911
(285,518)
30,128
55,750
(199,724)
35,695
2,409,814
1,458,823
776,844
974,398
(578,533)
(5,392)
131,456
96,540
(1,758)
1,255,390
(329,266)
(532)
(98,698)
(1,983,128)
(1,904,702)
130,406
567,455
2,722,527
1,865,727
(567,716)
(202,226)
3,010,803
(1,018,222)
(1,533,957)
(194,421)
11,805
(1,783,138)
2,291
(7,788)
(773,524)
(997,434)
291,882
(604,475)
250,665
3,506,122
8,141
1,181,023
(831,547)
208,629
(2,106)
(1,875,923)
1,043,643
(2,948,839)
94,834
(1,777,171)
441,132
(1,250,799)
26,059
753,688
(512,919)
(13,781)
(1,403,541)
1,162,689

4,464
(125,736)
413
(75)
176,818
2,912
(870)
7,497
2,537
3,044
4,705
5,481
174,353
558,181
66,828
15,681
(23,016)
172
2,600
958
219
(54,626)
(27,790)
(19)
(1,234)
9,274
(40,549)
17,370
1,855
(121,073)
242,868
(115,999)
(1,742)
(62,868)
(37,744)
(52,988)
(6,267)
425
(30,229)
(19)
(8)
26,492
(80,509)
14,692
(26,581)
(59,570)
(212,561)
63
66,931
(18,041)
(7,392)
168
52,520
69,206
(219,340)
12,748
(17,117)
7,456
11,331
393
60,066
(23,150)
(682)
(140,393)
14,834

(155,389)
79,874
61,667
(2,151)
15
(19,163)
(183,701)
(317)
(225,455)
33,953
118,938
(137,059)
(407)
164,478
56,852
108,852
(117,644)
24,438
(2,959)
(95,496)
36,190
(494,087)
13,706
9,327
(11,166)
(250,146)
(720,941)
(255,165)
11,454
(84,958)
785,759
67,917
(122,878)
(132,129)
178,788
473,096
1,050
534,399
41,526
(71,849)
44,793
(34,463)
(923,481)
(94,293)
(26,863)
(168)
122,172
(463,328)
59,238
86,629
(37,184)
39,748
144,924
7,791
45,189
46,436
98,556
(425)
193,650
(14,832)
602,410
(63,710)
(60,656)
(678,444)
(50,222)

De La Rue Plc
Debenhams Plc
Derwent London Plc (Reit)
Devro Plc
Diageo Plc
Diageo Plc
Dialight Plc
Diploma Plc
Direct Line Insurance Group Plc
Direct Line Insurance Group Plc
Dixons Retail Plc
Domino Printing Sciences Plc
Domino's Pizza Group Plc
Domino's Pizza Group Plc
Dragon Oil Plc
Drax Group Plc
Drax Group Plc
DS Smith Plc
Dunelm Group Plc
easyJet Plc
easyJet Plc
Electrocomponents Plc
Electrocomponents Plc
Elementis Plc
Elementis Plc
Enterprise Inns Plc
Entertainment One Ltd
Essar Energy Plc
Essentra Plc
Essentra Plc
Evraz Plc
Experian Plc
F&C Asset Management Plc
Fenner Plc
Fenner Plc
Ferrexpo Plc
Fidessa Group Plc
Firstgroup Plc
Foxtons Group Plc
Foxtons Group Plc
Fresnillo Plc
Fresnillo Plc
G4S Plc
Galliford Try Plc
Genel Energy Plc
Genus Plc
GKN Plc
GKN Plc
GlaxoSmithKline Plc
Go-Ahead Group Plc
Grafton Group Plc
Grainger Plc
Great Portland Estates Plc (Reit)
Greencore Group Plc
Greene King Plc
Greggs Plc
Halfords Group Plc
Halfords Group Plc
Halma Plc
Halma Plc
Hammerson Plc (Reit)
Hargreaves Lansdown Plc
Hays Plc
Henderson Group Plc
Heritage Oil Plc

(1,682,921)
93,556
1,798,528
(7,593)
352
(449,599)
(2,070,610)
(2,674)
(633,721)
95,437
73,894
(1,150,328)
(2,661)
1,075,332
389,097
907,707
(981,022)
90,259
(31,976)
(1,633,943)
619,213
(1,744,165)
48,383
29,117
(34,858)
(417,189)
(2,095,711)
(250,924)
112,842
(836,989)
1,008,565
926,390
(138,387)
(706,936)
956,578
1,029,306
26,816
734,697
141,604
(245,006)
451,485
(347,365)
(2,897,372)
(1,235,211)
(343,834)
(2,503)
554,205
(2,101,781)
1,150,642
1,695,461
(277,705)
95,260
1,018,836
17,952
472,593
247,519
581,469
(2,507)
1,376,500
(105,429)
3,719,661
(933,264)
(89,872)
(1,744,899)
(98,141)

72,949
812
(21,283)
193
(10)
9,088
337,890
(5)
(3,383)
4,283
6,776
(72,294)
142
(56,773)
(2,749)
23,643
(6,463)
2,292
(760)
(62,454)
66,389
(92,728)
258
1,007
(154)
4,279
(174,422)
111,918
9,369
(22,961)
(131,234)
(15,437)
1,811
6,503
25,055
17,492
1,752
(17,716)
(6,179)
24,436
(38,180)
45,986
(66,453)
(5,432)
(8,737)
5
20,351
(198,259)
(9,539)
(1,969)
11,608
(1,310)
30,613
403
32,299
10,645
18,895
(45)
85,649
(330)
38,818
(149,984)
698
(11,520)
7,501

BlackRock European Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Holding

United Kingdom continued


355,014
(105,596)
(62,502)
53,259
361,545
(284,927)
(154,259)
863,584
(331,644)
139,342
17,707
(217,726)
33,036
(13,242)
73,951
(220)
66,949
(22,846)
(4,432)
261,342
15,338
(277,530)
(29,671)
(105)
(181,195)
232,917
(91,434)
37,241
(272,780)
(104,778)
(230,909)
16,558
(5,301,122)
418,009
(329,285)
37,930
(20,560)
(110,935)
60,680
(297,472)
(203,228)
113,452
(203,778)
54,137
(34,271)
(36,799)
(5,134)
(7,546)
1,336
(11,718)
(906,106)
(41,332)
142,866
(74,293)
41,016
(283,215)
(170)
(180,823)
(358,387)
(249,633)
409,395
(205,956)
43,904
(18,473)

Highland Gold Mining Ltd


Hikma Pharmaceuticals Plc
Hiscox Ltd
Hiscox Ltd
Home Retail Group Plc
Home Retail Group Plc
Homeserve Plc
Howden Joinery Group Plc
HSBC Holdings Plc
HSBC Holdings Plc
Hunting Plc
Hunting Plc
ICAP Plc
ICAP Plc
IG Group Holdings Plc
IGAS Energy Plc
Imagination Technologies Group Plc
Imagination Technologies Group Plc
Imperial Tobacco Group Plc
Inchcape Plc
Informa Plc
Inmarsat Plc
InterContinental Hotels Group Plc
Intermediate Capital Group Plc
International Consolidated
Airlines Group SA
International Consolidated
Airlines Group SA
International Personal Finance Plc
International Personal Finance Plc
Interserve Plc
Intertek Group Plc
Intu Properties Plc (Reit)
Investec Plc
IQE Plc
ITE Group Plc
ITV Plc
John Wood Group Plc
Johnson Matthey Plc
Jupiter Fund Management Plc
Jupiter Fund Management Plc
Kazakhmys Plc
Kcom Group Plc
Keller Group Plc
Kenmare Resources Plc
Kentz Corp Ltd
Kentz Corp Ltd
Kier Group Plc
Kingfisher Plc
Lancashire Holdings Ltd
Land Securities Group Plc (Reit)
Lavendon Group Plc
London Mining Plc
Majestic Wine Plc
Man Group Plc
Man Group Plc
Marks & Spencer Group Plc
Marston's Plc
McBride Plc
Mears Group Plc
Meggitt Plc
Melrose Industries Plc
Melrose Industries Plc
Michael Page International Plc
Micro Focus International Plc
Millennium & Copthorne Hotels Plc

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

United Kingdom continued


250,432
(1,527,817)
(510,317)
434,849
832,622
(656,174)
(476,941)
3,343,001
(2,738,470)
1,150,583
169,875
(2,088,786)
164,775
(66,048)
518,998
(288)
198,152
(67,618)
(123,566)
1,871,787
102,856
(2,332,944)
(679,391)
(539)

(186,375)
2,820
(2,982)
9,635
44,905
(33,687)
(1,681)
111,966
(85,705)
2,472
(4,329)
20,526
14,913
(7,467)
3,216
4
(1,209)
1,930
4,693
(28,116)
781
(12,271)
(14,535)
24

(799,323)

(63,577)

1,027,489
(655,968)
267,175
(2,146,951)
(3,837,133)
(895,530)
86,325
(1,628,636)
1,546,122
(753,885)
360,244
(787,747)
(519,881)
284,368
(842,222)
(241,516)
1,437,148
(48,999)
385,791
(244,222)
(785,606)
(23,080)
(71,170)
15,328
(25,255)
(1,245,723)
(286,848)
153,031
(79,579)
241,021
(507,707)

(970,506)
(2,151,158)
(883,322)
1,448,637
(1,173,157)
428,580
(130,533)

4,246
14,726
12,617
(191,343)
238,108
(4,385)
2,386
(123,566)
108,597
(17,118)
(5,730)
14,779
8,816
(4,203)
2,297
(19,460)
21,796
12,118
33,427
(10,198)
(66,947)
1,240
1,218
15,328
(105)
(91,582)
(12,868)
9,214
(1,020)
(7,432)
3,832

(59,179)
210,402
13,206
(29,221)
9,876
(9,534)
(7,431)

(16)
(129,636)
72,010
253,239
(919,772)
288,755
116,277
(282,727)
(158,246)
118,512
96,033
(292,091)
(140)
356,197
(137,743)
781,797
(133,431)
264,329
(19,890)
(304,028)
287,441
106,670
(241,383)
942,037
194
(190,464)
(1,439)
20,657
(280,369)
39,940
26,254
(451)
52,970
31
(529,410)
(351,281)
227,066
(56,096)
(156)
(1,273)
5,761
443,315
(2,973,677)
1,385,567
4,934
(194)
57,436
115,956
(19,733)
(1,057,499)
3,152
(188,877)
158,560
23,575
77,499
(10,307)
30,197
5,147,014
27,330
(45,306)
(26,695)
80,561
(225,679)
(6,020)
(35,880)
(2,575)

Mitchells & Butlers Plc


Mitie Group Plc
Mondi Plc
Moneysupermarket.com Group Plc
Monitise Plc
Monitise Plc
Morgan Sindall Group Plc
Mothercare Plc
Nanoco Group Plc
National Express Group Plc
National Grid Plc
National Grid Plc
Next Plc
Northgate Plc
Ocado Group Plc
Old Mutual Plc
Ophir Energy Plc
Optimal Payments Plc
Oxford Instruments Plc
Pace Plc
Pace Plc
Paragon Group of Cos Plc
Pearson Plc
Pendragon Plc
Pennon Group Plc
Pennon Group Plc
Perform Group Plc
Persimmon Plc
Petroceltic International Plc
Petrofac Ltd
Playtech Plc
Polymetal International Plc
Polymetal International Plc
Polyus Gold International Ltd
Premier Farnell Plc
Premier Foods Plc
Premier Oil Plc
Primary Health Properties Plc (Reit)
Providence Resources Plc
Provident Financial Plc
PZ Cussons Plc
QinetiQ Group Plc
Quindell Portfolio Plc
Quintain Estates & Development Plc
Randgold Resources Ltd
Reckitt Benckiser Group Plc
Redrow Plc
Regus Plc
Renishaw Plc
Rentokil Initial Plc
Resolution Ltd
Resolution Ltd
Restaurant Group Plc/The
Rexam Plc
Rightmove Plc
Rio Tinto Plc
Rio Tinto Plc
Rolls Royce Holdings -RightsRolls-Royce Holdings Plc
Rolls-Royce Holdings Plc
Rotork Plc
Rotork Plc
Royal Bank of Scotland Group Plc
Royal Dutch Shell Plc 'B'
RPS Group Plc
RSA Insurance Group Plc

(79)
(483,308)
875,869
554,312
(598,406)
187,865
1,064,561
(1,304,418)
(277,410)
373,959
896,515
(2,726,813)
(9,279)
1,773,836
(676,441)
1,882,111
(541,515)
1,048,946
(360,380)
(1,157,057)
1,093,931
442,898
(3,924,300)
404,372
1,513
(1,485,350)
(7,563)
287,715
(498,229)
606,646
219,875
(2,919)
342,812
71
(1,415,628)
(513,524)
846,546
(224,965)
(476)
(24,487)
27,337
1,160,395
(602,524)
1,559,681
256,818
(11,461)
194,961
276,787
(439,278)
(1,347,658)
13,008
(779,463)
1,101,372
143,020
2,381,156
(407,036)
1,192,517
6,180
408,222
(676,726)
(909,660)
2,745,201
(885,544)
(155,371)
(133,638)
(3,299)

(4)
(731)
(51,667)
19,831
(34,606)
504
(51,240)
(54,394)
8,156
8,317
4,008
(164,782)
(1)
(35,267)
(7,134)
22,047
33,903
131,913
(15,623)
(119,695)
138,836
21,987
(225,060)
(25,778)
16
52,953
1,405
(9,245)
13,122
43,223
749
623
(30,060)
(6)
13,632
61,583
(15,092)
1,852
86
(98)
1,090
124,024
(10,313)
164,646
(17,576)
(86)
14,445
23,390
(11,881)
10,023
980
11,583
73,862
4,597
168,170
(6,709)
26,963
6,180
27,811
(15,066)
10,575
66,457
4,657
(999)
(18,180)
(3,299)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

101

BlackRock European Diversified Equity Absolute


Return Fund continued
Contracts For Difference as at 30 November 2013

Holding

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Description

Holding

United Kingdom continued


31,274
(50,951)
(6,944)
2,010
27,060
(116,071)
(504,557)
463,550
4,556
115,887
(90,047)
(830,992)
(25,357)
235,183
(3,888)
476,213
(49,176)
1,234,159
(3,947)
77,720
(520,420)
(2,453)
(184,044)
31,037
(180)
284,975
(583)
638,141
15,863
(154,565)
297,612
(13,435)
(259,265)
58,441
187,362
2,413
(5,265)

SABMiller Plc
SABMiller Plc
Sage Group Plc /The
Salamander Energy Plc
Schroders Plc
SDL Plc
Segro Plc (Reit)
Serco Group Plc
Shaftesbury Plc (Reit)
Shire Plc
SIG Plc
Sirius Minerals Plc
Smith & Nephew Plc
Smith & Nephew Plc
Smiths Group Plc
Smiths News Plc
Spectris Plc
Speedy Hire Plc
Spirax-Sarco Engineering Plc
Spirax-Sarco Engineering Plc
Spirent Communications Plc
Spirit Pub Co Plc
Sports Direct International Plc
SSE Plc
St James's Place Plc
St James's Place Plc
Stagecoach Group Plc
Stagecoach Group Plc
Standard Chartered Plc
Standard Chartered Plc
Standard Life Plc
SuperGroup
Synthomer Plc
TalkTalk Telecom Group Plc
Tate & Lyle Plc
Taylor Wimpey Plc
Ted Baker Plc

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

United Kingdom continued


1,189,237
(1,937,482)
(29,132)
2,496
808,704
(380,821)
(2,034,966)
2,541,379
33,844
3,858,526
(231,917)
(70,343)
(248,290)
2,302,856
(64,377)
1,252,225
(1,447,216)
784,602
(139,522)
2,747,309
(679,236)
(2,121)
(1,638,588)
496,760
(1,380)
2,184,764
(2,573)
2,815,859
279,131
(2,719,780)
1,259,997
(195,178)
(729,067)
190,443
1,761,490
3,091
(127,193)

(16,544)
30,673
(30)
23
(28,227)
54,353
(102,459)
148,754
1,111
239,823
(3,448)
26,126
(7,052)
123,533
2,391
128,520
(67,661)
(62,557)
(710)
(28,520)
7,346
164
(68,061)
(36,816)
(51)
21,473
(145)
290,590
2,703
25,426
29,777
(12,455)
12,141
(2,648)
10,757
87
(14,463)

215,333
(764,137)
399,544
(1,270)
(4,305)
294,489
(230,036)
800,014
(6,612)
5
179,324
(42,189)
(68,743)
54,391
(41,067)
5,858
188,432
86,872
(367,823)
43,818
(10,352)
5,273
(18,690)
(13,273)
287,820
(846,229)
669,383
28,434
(19,841)
717
153,332
1,080,052

Telecity Group Plc


Tesco Plc
Thomas Cook Group Plc
Thomas Cook Group Plc
Travis Perkins Plc
Trinity Mirror Plc
TT electronics Plc
TUI Travel Plc
Tullett Prebon Plc
Tullett Prebon Plc
Tullow Oil Plc
Tullow Oil Plc
Tyman Plc
UBM Plc
Ultra Electronics Holdings Plc
Unite Group
United Utilities Group Plc
Vedanta Resources Plc
Vesuvius Plc
Victrex Plc
Vodafone Group Plc
Weir Group Plc/The
Weir Group Plc/The
Whitbread Plc
William Hill Plc
WM Morrison Supermarkets Plc
WM Morrison Supermarkets Plc
Wolseley Plc
Wolseley Plc
WS Atkins Plc
Xaar Plc
Xchanging Plc

Total market value


(EUR underlying exposure EUR 1,012,023,499)

1,817,619
(3,198,420)
846,732
(2,691)
(93,094)
639,123
(546,528)
3,549,351
(26,469)
20
1,877,551
(441,726)
(192,723)
445,725
(910,252)
27,882
1,495,523
928,339
(2,167,606)
854,428
(28,464)
136,377
(483,384)
(570,066)
1,326,364
(2,696,657)
2,133,106
1,133,136
(790,693)
11,571
1,859,478
1,974,417

(132,480)
102,019
155,595
(549)
1,244
139,596
(49,809)
2,289
(1,795)
(1)
(145,401)
51,779
(8,188)
(12,259)
10,305
(256)
(30,439)
(187,601)
(156,804)
24,615
446
(89)
34,711
(29,744)
(160)
139,951
(64,553)
19,018
(28,647)
113
286,758
248,322

(1,686,969)

788,903

1,736,298

3,896,656

* Investments which are less than EUR 0.5 have been rounded down to zero.
Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)).
Barclays Bank, Goldman Sachs and Morgan Stanley are the counterparties to these Contracts for Difference.

Open Forward Foreign Exchange Transactions


as at 30 November 2013

Purchases
CHF 177,431
EUR 484
EUR 437,886
EUR 967,637
GBP 8,114,911
SEK 347,636,942
USD 2,596,891

Sales
EUR 143,999
CHF 596
GBP 368,026
SEK 8,642,641
EUR 9,633,751
EUR 38,957,593
EUR 1,939,720

Net unrealised appreciation


(EUR underlying exposure EUR 52,254,020)

Sector Breakdown
as at 30 November 2013

Unrealised
appreciation/
(depreciation)
EUR
Value Date
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013

301
(1)
(3,977)
(3,045)
109,251
86,535
(30,157)
158,907

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see Note 2(d)).
State Street Bank and Trust Company is the counterparty to these Open Forward Foreign
Exchange Transactions.

102

BlackRock Strategic Funds (BSF)

% of net
assets*
Financial
Funds
Government
Other Net Assets

77.65
6.95
3.21
12.19
100.00

* Based on the market value of the Portfolio of Investments

BlackRock European Opportunities Extension Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

COMMON / PREFERRED STOCKS (SHARES)


Anheuser-Busch InBev NV
KBC Groep NV
Kinepolis Group NV
Melexis NV

16,662
1,096,508
1,680,453
831,972
872,029

1.94
2.98
1.47
1.54

4,480,962

7.93

1,964,309
843,673
1,329,538
458,702
719,838
602,461

3.48
1.49
2.35
0.81
1.27
1.07

5,918,521

10.47

546,370
480,751

0.97
0.85

713,013

1.26

114,952

0.20

1,855,086

3.28

Algeta ASA

GN Store Nord A/S


Matas A/S
Novo Nordisk A/S 'B'
Novozymes A/S 'B'
Pandora A/S
Royal UNIBREW

France
16,607
11,786
3,703
597

Alten SA
Legrand SA
Unibail-Rodamco SE (traded in France)
(Reit)
Unibail-Rodamco SE (traded in
Netherlands) (Reit)

Germany
6,857
8,871
7,463
31,331
4,857

Bayer AG
Continental AG
Sartorius AG -PrefSHW AG
Volkswagen AG

671,574
1,359,481
611,220
1,322,168
922,587

1.19
2.41
1.08
2.34
1.63

4,887,030

8.65

Irish Continental Group Plc


Kingspan Group Plc

Atlantia SpA
Azimut Holding SpA
Banca Generali SpA
Ei Towers SpA
Telecom Italia SpA

1.25
1.25

Assa Abloy AB 'B'


Hexagon AB 'B'
Nordea Bank AB

1,098,214
1,182,495
1,456,045

1.94
2.09
2.58

3,736,754

6.61

1,883,661
651,517
621,436
527,475
1,038,123
1,969,174
1,748,348
1,296,617
1,498,872

3.33
1.15
1.10
0.93
1.84
3.49
3.09
2.30
2.65

11,235,223

19.88

221,412
892,954

0.39
1.58

Switzerland
30,399
11,413
3,897
1,724
22,575
33,868
8,525
18,202
106,176

Actelion Ltd
Adecco SA
Bossard Holding 'BR'
Burckhardt Compression Holding AG
Cembra Money Bank AG
Novartis AG
Roche Holding AG
U-Blox AG
UBS AG

United Kingdom
52,010
128,555

Merlin Entertainments Plc'144A'


Restaurant Group Plc

1,114,366

1.97

Total Common / Preferred Stocks (Shares)

47,760,402

84.52

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

47,760,402

84,52

957,242
656,468

5,092,202

9.01

1.70
1.16

1,613,710

2.86

501,838
1,293,482
1,171,896
1,765,457
605,538

0.89
2.29
2.07
3.13
1.07

5,338,211

9.45

Ireland
5,092,202

Italy
30,213
68,402
56,018
52,403
846,314

705,428
705,428

FUNDS

Ireland
39,151
51,087

Sweden
29,455
51,854
154,028

Denmark
111,504
45,436
10,140
16,063
18,919
5,905

Market Value
(EUR)

Norway

Belgium
14,558
39,911
7,502
37,362

Description

Institutional Cash Series Plc Institutional Euro Assets


Liquidity Fund 1

Total Funds
Securities portfolio at market value
Other Net Assets
Total Net Assets (EUR)

5,092,202

9.01

5,092,202

9.01

52,852,604

93.53

3,656,378

6.47

56,508,982

100.00

Jersey
14,999

WANdisco Plc

265,098

0.47

265,098

0.47

1,180,512
379,501
1,579,544
1,528,523
1,077,879
864,054

2.09
0.67
2.80
2.70
1.91
1.53

6,610,013

11.70

Netherlands
17,094
23,014
164,553
41,429
68,350
27,439

ASML Holding NV
Beter Bed Holding NV
ING Groep NV - CVA
Koninklijke Boskalis Westminster NV
Reed Elsevier NV
Ziggo NV

This fund is managed by BlackRock.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

103

BlackRock European Opportunities Extension Fund continued


Contracts For Difference as at 30 November 2013

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Holding

Belgium
(5,775) Barco NV
(11,261) Umicore SA

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Ireland
(323,400)
(371,500)

(2,599)
2,972

(694,900)

373

337,368

Ryanair Holdings Plc

2,074,813

115,796

2,074,813

115,796

(166,223)
(444,682)
(293,256)
(394,886)

26,935
(14,739)
(52,421)
(29,255)

(1,299,047)

(69,480)

(210,507)
(226,594)
(448,292)

(15,830)
12,572
4,018
12,414

(885,393)

13,174

(390,380)
(308,685)

(6,611)
(4,609)

(699,065)

(11,220)

Italy
Denmark
(31,609)
(7,216)
(12,403)
(13,747)

Bang & Olufsen A/S


FLSmidth & Co A/S 'C'
H Lundbeck A/S 'C'
SimCorp A/SSimCorp A/SSimCorp A/S

(202,988)
(278,137)
(199,541)
(344,646)

16,597
(4,256)
(3,368)
(16,904)

(1,025,312)

(7,931)

(890,323)
(75,755)
(115,546)
(3,144)

Banca Monte dei Paschi di Siena SpA


Fiat SpA
Geox SpA
Tod's SpA

Netherlands
Finland
(25,934)
(511,713)
(23,845)
(23,881)

Neste Oil OYJ


Outokumpu OYJ
Outotec OYJ
Stockmann OYJ Abp 'B'

(365,151)
(197,009)
(179,076)
(270,094)

13,509
(1,324)
23,660
4,933

(1,011,330)

40,778

(27,808)
(5,050)
(10,214)
(13,642)

BinckBank NV
Fugro NV
Koninklijke Vopak NV
SNS REAAL NV

Norway
France
(32,153)
(2,708)
27,839
(2,857)
(8,463)
(6,555)
(9,804)
(89,514)
(4,568)
(13,655)
(8,512)
(26,311)
39,271

Air France KLM 'C'


Air Liquide SA
Cap Gemini SA
Dassault Systemes SA
Delticom AG
Nexans SA
Nutreco NV
Nyrstar NV
Sodexo
Suedzucker AG
Vallourec SA
Veolia Environnement SA
Vinci SA

(246,839)
(278,112)
1,340,030
(241,045)
(294,005)
(217,298)
(345,591)
(199,616)
(337,118)
(252,481)
(356,780)
(314,680)
1,864,784

(12,155)
(4,447)
61,087
13,802
15,684
(7,201)
10,947
20,201
(9,781)
35,296
2,692
4,180
69,193

121,249

199,498

(389,065)
(294,505)
(408,826)

(8,643)
4,143
(12,084)

(228,241)
(318,980)
1,643,502
(275,229)
(245,108)
232,476
797,305
626,843
515,790
(225,633)
939,848
524,702
(199,932)
(326,051)
(204,474)
(334,346)
(189,195)

(14,106)
(4,805)
134,935
(5,620)
(9,706)
17,214
10,391
89,836
(3,905)
7,496
70,109
15,396
(12,197)
34,523
30,189
(3,275)
1,246

1,640,881

341,137

Germany
(20,728)
(12,429)
(11,471)
(33,644)
(10,328)
65,374
(4,770)
(3,768)
1,976
52,437
55,522
4,168
(3,262)
96,099
28,014
(7,081)
(220,305)
(11,497)
(17,261)
(28,175)

104

Bauer AG
Carl Zeiss Meditec AG
Deutsche Bank AG
Distribuidora Internacional de
Alimentacion SA
Gerry Weber International AG
Grifols SA
HeidelbergCement AG
Hochtief AG
Inditex SA
Jeronimo Martins SGPS SA
JUMBO SA
L'Oreal SA
MTU Aero Engines AG
OPAP SA
Rexel SA
Software AG
SOITEC
ThromboGenics NV
ThyssenKrupp AG
TNT Express NV

BlackRock Strategic Funds (BSF)

(14,118) Norwegian Air Shuttle AS


(9,604) Yara International ASA

Spain
(51,461) Prosegur Cia de Seguridad SA

(241,352)

(17,988)

(241,352)

(17,988)

Sweden
(33,072) Elekta AB

(366,039)

(1,219)

(366,039)

(1,219)

(168,396)
(294,683)
(355,408)

(3,073)
(2,893)
4,037

(818,487)

(1,929)

(288,871)
(267,972)
659,447
1,377,434
(261,696)
(216,351)
351,235
1,147,991
(196,885)
253,949
1,025,970
(404,020)
928,230
1,977,516
1,028,304
(508,959)
826,100
(261,072)
(169,198)
(2,355)

(9,859)
4,123
79,808
292,070
(8,723)
14,697
26,051
143,096
(5,579)
13,523
82,253
(53,728)
(47,635)
(26,898)
58,867
(3,600)
76,353
12,271
6,100
(2,355)

Switzerland
(511) Kaba Holding AG
(2,561) Sulzer AG
(1,227) Syngenta AG

United Kingdom
(60,815)
(51,483)
165,826
205,589
(78,541)
(67,918)
31,590
104,407
(71,761)
30,786
121,633
(23,613)
68,022
70,898
449,397
(103,954)
21,561
(123,541)
(129,280)
(1,961,487)

Ashmore Group Plc


BAE Systems Plc
Barratt Developments Plc
BTG Plc
Cape Plc
Cobham Plc
Compass Group Plc
Daily Mail & General Trust Plc
Dart Group Plc
Dechra Pharmaceuticals Plc
Diploma Plc
easyJet Plc
Experian Plc
Imperial Tobacco Group Plc
ITV Plc
J Sainsbury Plc
Johnson Matthey Plc
Ladbrokes Plc
Mcbride Plc
McBride Plc

BlackRock European Opportunities Extension Fund continued


Contracts For Difference as at 30 November 2013

Holding

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

Description
United Kingdom continued

352,020
(254,783)
(76,052)
175,998
30,181
210,346
348,705
(76,450)
(139,725)

Holding

Description

Unrealised
appreciation/
Market Value (depreciation)
EUR
EUR

United States

National Express Group Plc


New World Resources Plc 'A'
Partnership Assurance Group Plc
SIG Plc
Spirax-Sarco Engineering Plc
Sports Direct International Plc
Vodafone Group Plc
WM Morrison Supermarkets Plc
Wolfson Microelectronics Plc 'C'

1,110,784
(233,264)
(281,984)
453,286
1,066,862
1,872,533
956,670
(243,529)
(247,358)

22,717
9,751
55,158
36,833
5,386
170,696
51,914
12,720
(2,803)

11,452,797

1,013,207

(78,742) Turkiye Garanti Bankasi AS

Total market value


(EUR underlying exposure EUR 43,090,615)

(219,183)

13

(219,183)

13

8,029,632

1,614,209

Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)).
Deutsche Bank and JP Morgan are the counterparties to these Contracts for Difference.

Open Forward Foreign Exchange Transactions


as at 30 November 2013

Purchases
EUR 3,786,410
EUR 4,179,744
EUR 253,905
GBP 12,989,767
NOK 1,146,304

Sales
CHF 4,666,807
DKK 31,171,152
SEK 2,280,567
EUR 15,479,690
EUR 137,362

Unrealised
appreciation/
(depreciation)
Value Date
EUR
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013

Net unrealised appreciation


(EUR underlying exposure EUR 23,964,984)

(8,966)
112
(2,232)
116,208
580
105,702

Note: The net unrealised appreciation attributed to these transactions is included


in the Statements of Net Assets (see note 2(d)).
State Street Bank London is the counterparty to these Open Forward Foreign
Exchange Transactions.

Sector Breakdown
as at 30 November 2013
% of net
assets*
Consumer, Non-cyclical
Financial
Industrial
Communications
Consumer, Cyclical
Funds
Technology
Basic Materials
Other Net Assets

19.75
18.67
13.55
13.42
13.25
9.01
5.07
0.81
6.47
100.00

* Based on the market value of the Portfolio of Investments

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

105

BlackRock Fixed Income Strategies Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Australia

USD 597,000
AUD 800,000

Australia Government Bond 4.50%


21/4/2033
CNOOC Curtis Funding No 1 Ltd
4.50% 3/10/2023
Holcim Finance Australia Pty Ltd
7.00% 27/3/2015

1,991,128

1.11

443,468

0.24

555,545

0.31

2,990,141

1.66

EUR 400,000
EUR 450,000
EUR 270,000
EUR 900,000

EUR 1,500,000

Austria
EUR 400,000

EUR 300,000
EUR 400,000

BAWAG PSK Bank fuer Arbeit und


Wirtschaft und Oesterreichische
Postsparkasse AG 8.125%
30/10/2023
Kommunalkredit Austria AG 1.625%
25/9/2018
UNIQA Insurance Group AG FRN
31/7/2043

EUR 937,000

417,300

0.23

EUR 1,760,000

305,826

0.17

EUR 2,782,982

431,106

0.24

1,154,232

0.64

EUR 196,000
EUR 10,000,000

Belgium Government Bond 2.25%


22/6/2023
UCB SA 4.125% 4/1/2021

EUR 300,000
4,114,767
972,620

2.29
0.54

5,087,387

2.83

EUR 400,000
EUR 400,000
EUR 791,216

British Virgin Islands


USD 405,000

CNPC General Capital Ltd 3.40%


16/4/2023

EUR 100,000
278,680

0.16

278,680

0.16

EUR 880,000
GBP 210,689
GBP 446,964

China Resources Land Ltd 4.625%


19/5/2016
IPIC GMTN Ltd 2.375% 30/5/2018
Punch Taverns Finance B Ltd
7.369% 30/6/2022
Punch Taverns Finance B Ltd FRN
30/6/2033

USD 454,000
153,361
901,938

0.09
0.50

261,829

0.15

512,523

0.28

1,829,651

1.02

Croatia Government International


Bond 6.00% 26/1/2024

Nordea Kredit Realkredit 3.00%


1/10/2044

EUR 535,000
EUR 1,010,000
EUR 900,000

360,081

0.20

360,081

0.20

EUR 190,761
EUR 500,000

Denmark
DKK 14,155

1,823

0.00

1,823

0.00

EUR 1,135,000
EUR 180,000
EUR 244,000

France
EUR 600,000
EUR 500,000
EUR 1,000,000
EUR 263,611
EUR 690,000

106

0.22
0.26
0.16

900,810

0.50

1,496,910

0.83

6,644,369

3.70

720,839

0.40

2,962,207

1.65

1,714,346

0.95

2,920,948
199,480

1.63
0.11

9,998,500

5.56

300,200
406,360
402,626

0.17
0.23
0.22

792,513

0.44

101,780

0.06

20,519,799

11.42

331,083

0.18

331,083

0.18

107,203
537,737

0.06
0.30

1,015,626

0.57

910,651

0.51

187,975

0.10

493,575
1,148,342

0.27
0.64

180,427

0.10

BPCE SA 1.75% 14/3/2016


Caisse Francaise de Financement
Local 3.00% 2/10/2028
Dexia Credit Local SA 1.625%
29/10/2018
FCT Copernic 2012-1 'A1' FRN
25/9/2029
GDF Suez 1.50% 1/2/2016

244,616

0.14

319,112

0.18

231,602

0.13

115,436

0.06

148,220

0.08

BlackRock Strategic Funds (BSF)

Allianz SE FRN (Perpetual)


Bundesrepublik Deutschland
4.75% 4/7/2034
Bundesrepublik Deutschland
2.50% 4/7/2044
Bundesrepublik Deutschland
Bundesobligation Inflation
Linked Bond 0.75% 15/4/2018
Daimler AG 1.75% 21/5/2015
German Treasury Bill 0.00%
26/3/2014 (Zero Coupon)
Red & Black Auto Germany 2 'A'
FRN 15/9/2022
RWE AG FRN (Perpetual)
SAP AG 1.00% 13/11/2015
SC Germany auto 2013-2 UG A'
FRN 12/3/2023
Trionista Holdco GmbH 5.00%
30/4/2020

Hungary Government International


Bond 5.75% 22/11/2023

Ireland
EUR 100,000

Croatia
USD 500,000

400,764
462,019
281,129

Imerys SA 2.50% 26/11/2020


Kering 8.625% 3/4/2014
Kering 3.75% 8/4/2015
Master Credit Cards Pass
Compartment France 2013-1
'A' FRN 25/10/2025
Societe Generale SFH 1.625%
5/1/2021

Hungary

Cayman Islands
USD 200,000

Germany
EUR 700,000
EUR 2,195,000

Belgium
EUR 4,150,000

Market Value
(EUR)

France continued

BONDS
AUD 3,105,000

Description

610,788

0.34

EUR 318,000

508,875

0.28

EUR 229,434

1,015,225

0.57

EUR 114,470

264,818
703,031

0.15
0.39

EUR 144,643

Ardagh Packaging Finance Plc


7.375% 15/10/2017
Bank of Ireland 2.75% 5/6/2016
Bank of Ireland Mortgage Bank
1.875% 13/5/2017
Caterpillar International Finance
Ltd 1.375% 18/5/2015
Cornerstone Titan 2007-1 Plc 'A1'
FRN 23/1/2017
Epic Value Retail Ltd 'C' FRN
26/7/2019
ESB Finance Ltd 3.494% 12/1/2024
German Residential Funding
2013-2 Ltd 'A' FRN 27/11/2024
German Residential Funding
2013-2 Ltd 'B' FRN 27/11/2024
German Residential Funding
2013-2 Ltd 'E' FRN 27/11/2024
German Residential Funding
Plc 'A' FRN 27/8/2024
German Residential Funding
Plc 'B' FRN 27/8/2024
German Residential Funding
Plc 'D' FRN 27/8/2024

BlackRock Fixed Income Strategies Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Ireland continued
EUR 144,643
EUR 400,000
EUR 895,000
EUR 325,000
EUR 1,093,111
EUR 567,012
USD 1,100,000
EUR 932,755
GBP 1,134,617
EUR 294,615

German Residential Funding Plc 'E'


FRN 27/8/2024
Ireland Government Bond 4.50%
18/4/2020
Ireland Government Bond 3.90%
20/3/2023
Ireland Government Bond 5.40%
13/3/2025
Opera Germany No 2 Plc 'A' FRN
20/10/2014
SCF Rahoituspalvelut Ltd
2013-1 'A' 0.802% 25/5/2021
Sibur Securities Ltd 3.914%
31/1/2018
Talisman-6 Finance Plc 'A' FRN
22/10/2016
Titan Europe 2007-1 Nhp Ltd 'A'
FRN 20/1/2017
Titan Europe 2007-2 Ltd 'A1' FRN
23/4/2017

GBP 575,000
148,052

0.08

435,450

0.24

EUR 275,000
EUR 300,000
EUR 1,500,000
EUR 1,300,000
EUR 768,310
EUR 100,000
EUR 1,500,000
EUR 1,550,000
EUR 1,803,499
EUR 7,112,817
EUR 3,551,919
EUR 3,850,000
EUR 3,683,000
EUR 360,000
EUR 1,050,000
EUR 2,080,000
EUR 703,000
EUR 100,000
EUR 140,000
EUR 800,000
EUR 310,000

756,930

0.42

756,930

0.42

923,515

0.51

193,995
179,872
446,112
541,452
413,568
105,663

0.11
0.10
0.25
0.30
0.23
0.06

367,981

0.20

1,075,085

0.60

567,380

0.32

600,120

0.33

EUR 100,000
788,632

105,060

0.06

0.44
EUR 188,610

876,790

189,253

0.10

0.49
EUR 592,134

1,249,949

592,186

0.33

3,367,281

0.70

292,515

0.16

1.87

12,365,871

6.88

AA Bond Co Ltd 9.50% 31/7/2019

Luxembourg
USD 242,000
EUR 178,779
EUR 443,630
EUR 541,477
EUR 415,000
EUR 100,000
EUR 600,000

ArcelorMittal 6.125% 1/6/2018


Bumper 2 SA 'A' FRN 23/2/2023
E-CARAT SA 'A' FRN 18/7/2020
ECAR 2013-1 'A' 0.852% 18/11/2020
ECAR 2013-1 'B' 1.478% 18/11/2020
Ontex IV SA 7.50% 15/4/2018
Red & Black Auto Lease Germany 1
SA 'A' 0.911% 15/4/2024
Servus Luxembourg Holding SCA
7.75% 15/6/2018
Volkswagen Car Lease '15B' FRN
21/1/2018
Volkswagen Car Lease '16A' FRN
21/7/2018

Mexico

Italy
AUTO ABS 2012-2 Srl 'A' 2.80%
27/4/2025
Banca Carige SpA 3.875%
24/10/2018
Banca Monte dei Paschi di Siena
SpA 3.125% 30/6/2015
Banca Monte dei Paschi di Siena
SpA 4.875% 15/9/2016
Banca Popolare dell'Emilia Romagna
SC 3.375% 22/10/2018
Berica PMI Srl 1 'A1X' 2.63%
31/5/2057
Eni SpA 5.875% 20/1/2014
Intesa Sanpaolo SpA 2.25%
24/9/2018
Intesa Sanpaolo SpA 3.00%
28/1/2019
Italy Buoni Poliennali Del Tesoro
2.15% 15/9/2014
Italy Buoni Poliennali Del Tesoro
2.55% 22/10/2016
Italy Buoni Poliennali Del Tesoro
2.25% 22/4/2017
Italy Buoni Poliennali Del Tesoro
4.75% 1/5/2017
Italy Buoni Poliennali Del Tesoro
2.15% 12/11/2017
Italy Buoni Poliennali Del Tesoro
5.50% 1/11/2022
Italy Buoni Poliennali Del Tesoro
4.50% 1/3/2024
Italy Buoni Poliennali Del Tesoro
'144A' 4.75% 1/9/2044
Telecom Italia SpA 4.50% 20/9/2017
Telecom Italia SpA 5.375%
29/1/2019
Telecom Italia SpA 4.00% 21/1/2020
UniCredit SpA 3.375% 11/1/2018
Unione Di Banche Italian SCPA
3.125% 14/10/2020

Market Value
(EUR)

Jersey

EUR 390,000
EUR 386,539

Description

390,848

0.22

275,697

0.15

304,762

0.17

EUR 200,000
EUR 670,000
EUR 250,000

1,583,182

0.88

EUR 130,535

1,321,593

0.74

EUR 192,670

781,029
100,711

0.43
0.06

EUR 120,548

America Movil SAB de CV FRN


6/9/2073

410,418

0.23

410,418

0.23

200,738
678,375

0.11
0.38

259,423

0.14

130,886

0.07

197,626

0.11

121,069
777,759

0.07
0.43

726,975

0.40

176,089

0.10

314,509

0.18

521,307

0.29

103,968

0.06

27,051

0.02

Netherlands

1,532,257

0.85

EUR 778,000
EUR 705,000

1,572,498

0.87

EUR 175,000

1,828,928

1.02

EUR 300,000

7,287,615

4.05

3,595,963

2.00

4,190,532

2.33

3,707,860

2.06

406,800

0.23

1,093,444

0.61

2,039,648
732,333

1.13
0.41

105,235
136,740
823,032

0.06
0.08
0.46

317,840

0.18

34,128,547

18.99

EUR 500,000
EUR 100,000
EUR 26,960
EUR 200,000

ABN Amro Bank NV FRN 1/8/2014


Alliander NV FRN (Perpetual)
BASF Finance Europe NV 5.00%
26/9/2014
Bumper 4 NL Finance BV 2011-4 'A'
FRN 20/5/2026
E-MAC DE 2009-I BV 'A1' FRN
25/11/2053
Highway BV 2012-1 'A' FRN
26/3/2024
ING Bank NV 3.50% 21/11/2023
Louis Dreyfus Commodities BV
3.875% 30/7/2018
Nederlandse Gasunie NV 0.875%
30/10/2015
Repsol International Finance BV
3.625% 7/10/2021
Roche Finance Europe BV 2.00%
25/6/2018
Schaeffler Finance BV 4.25%
15/5/2018
Storm 2010-1 BV 'A1' FRN
22/3/2052
Storm BV 2013-4 'A1' FRN
22/10/2053

199,991

0.11

4,435,766

2.47

New Zealand
EUR 2,410,000

ANZ New Zealand Int'l Ltd 1.50%


2/10/2018

2,443,017

1.36

2,443,017

1.36

812,480

0.45

Portugal
EUR 800,000
EUR 8,000,000

Galp Energia SGPS SA 4.125%


25/1/2019
Portugal Obrigacoes do Tesouro
'144A' 3.60% 15/10/2014

8,058,200

4.49

8,870,680

4.94

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

107

BlackRock Fixed Income Strategies Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Slovakia
EUR 700,000

Granvia 4.781% 30/9/2039

EUR 2,000,000
USD 320,000

Slovenia Government Bond


4.375% 2/4/2014
Slovenia Government Bond
2.75% 17/3/2015
Slovenia Government Bond
4.75% 10/5/2018

700,000

0.39

700,000

0.39

1,850,810

1.03

2,008,250

1.12

238,089

0.13

4,097,149

2.28

South Korea
USD 200,000

Korea Finance Corp 4.625%


16/11/2021

GBP 291,270
GBP 325,000

EUR 400,000
EUR 700,000
EUR 200,000
EUR 1,000,000
EUR 800,000
EUR 200,000
EUR 1,000,000
EUR 800,000
EUR 1,000,000
EUR 1,565,000
EUR 4,375,000
EUR 1,010,000

Autonomous Community of Valencia


Spain 4.375% 16/7/2015
Ayt Cedulas Cajas Global 3.50%
14/3/2016
Ayt Cedulas Cajas Global 4.00%
20/12/2016
Banco Bilbao Vizcaya Argentaria
SA 4.125% 13/1/2014
Banco Bilbao Vizcaya Argentaria
SA 4.25% 15/7/2014
Banco Bilbao Vizcaya Argentaria
SA 3.00% 9/10/2014
Banco Popular Espanol SA FRN
(Perpetual)
Bankia SA 4.25% 25/5/2018
BBVA Senior Finance SAU 3.75%
17/1/2018
Cajas Rurales Unidas 3.75%
22/11/2018
Spain Government Bond 3.75%
31/10/2015
Spain Government Bond '144A'
4.40% 31/10/2023
Spain Government Bond '144A'
5.15% 31/10/2028

158,610

0.09

158,610

0.09

European Financial Stability


Facility 2.75% 3/12/2029

Scania CV AB 1.75% 22/3/2016

Credit Suisse AG FRN 18/9/2025

GBP 297,466

412,090

0.23

GBP 150,000

733,320

0.41

200,801

0.11

EUR 50,000
GBP 364,116
USD 426,408

1,021,770

0.57

USD 266,505

814,928

0.45

GBP 138,585

215,701
1,061,875

0.12
0.59

GBP 301,785

852,340

0.47

997,260

0.56

1,634,290

0.91

4,473,219

2.49

1,061,611

0.59

14,808,540

8.24

108

Emirates Airline 4.50% 6/2/2025

BlackRock Strategic Funds (BSF)

GBP 361,000
GBP 300,000
GBP 500,000
GBP 127,102
GBP 500,000
GBP 354,000
GBP 156,422
GBP 100,000

2,997,621

1.67

2,997,621

1.67

GBP 338,835
GBP 267,063

816,340

0.45

816,340

0.45

GBP 166,662
GBP 200,000

1,474,055

0.82

1,474,055

0.82

GBP 159,940
EUR 218,886

United Arab Emirates


USD 555,000

USD 700,000
GBP 700,000

0.74

Switzerland
EUR 1,395,000

GBP 433,369

1,329,335

Sweden
EUR 800,000

GBP 136,060

GBP 162,692

Supranational
EUR 2,995,000

EUR 200,000
USD 700,000
GBP 140,000

EUR 297,330

Spain
EUR 1,300,000

Market Value
(EUR)

United Kingdom

Slovenia
EUR 1,840,000

Description

375,965

0.21

375,965

0.21

EUR 99,494

Annington Finance No 4 Plc FRN


10/1/2023
Asset-Backed European
Securitisation Transaction
Eight Srl 'B' FRN 15/6/2019
Barclays Bank Plc 5.25% 27/5/2014
Barclays Bank Plc FRN (Perpetual)
Broadgate Financing Plc FRN
5/10/2023
Bruntwood Alpha Plc 'A' FRN
15/1/2019
Bruntwood Alpha Plc 'B' FRN
15/1/2019
Bumper 5 UK Finance Plc 'A1'
FRN 20/6/2022
Centrica Plc 4.00% 16/10/2023
Co-Operative Bank Plc 4.75%
11/11/2021
E-CARAT 2012-1 Plc 'A' 1.30%
18/6/2020
Eddystone Finance Plc 'A2' FRN
19/4/2021
Enterprise Inns Plc 6.875%
15/2/2021
FCE Bank Plc 9.375% 17/1/2014
LCP Proudreed Plc 'A' FRN 25/8/2016
Leek Finance Number Eighteen Plc
'A2B' FRN 21/9/2038
Leek Finance Number Eighteen Plc
'A2D' FRN 21/9/2038
London & Regional Debt
Securitisation No 1 Plc
'A' FRN 15/10/2017
London & Regional Debt
Securitisation No 2 Plc
'A' FRN 15/10/2015
Marks & Spencer Plc 5.625%
24/3/2014
Mitchells & Butlers Finance Plc
6.469% 15/9/2030
Mitchells & Butlers Finance Plc
FRN 15/6/2036
Motor 2012 Plc 'A2' FRN 25/2/2020
Opera Finance Metrocentre Plc
FRN 2/2/2017
Precise Mortgage Funding No 1 Plc
'A' FRN 12/3/2047
Premiertel Plc 6.175% 8/5/2032
Priory Group No 3 Plc 7.00%
15/2/2018
Punch Taverns Finance Plc 6.82%
15/7/2020
Residential Mortgage Securities 25
Plc 'A1' FRN 16/12/2050
Residential Mortgage Securities 26
Plc 'A1' FRN 14/2/2041
Rochester Financing No 1 Plc 'B'
FRN 16/7/2046 (Zero Coupon)
Silk Road Finance Number Three Plc
'A' FRN 21/6/2055
Taurus 2013 GMF1 Plc 'A' 1.268%
21/5/2024
Taurus 2013 GMF1 Plc 'B' 1.718%
21/5/2024

346,932

0.19

391,135
204,666
531,901

0.22
0.11
0.30

157,247

0.09

163,572

0.09

520,349

0.29

298,560
508,894

0.17
0.28

895,001

0.50

195,571

0.11

349,619

0.19

181,749
50,521
428,827

0.10
0.03
0.24

321,437

0.18

200,361

0.11

166,649

0.09

359,728

0.20

439,068

0.24

389,410

0.22

403,503
152,840

0.22
0.09

584,156

0.32

425,050
190,916

0.24
0.11

126,187

0.07

422,606

0.24

336,104

0.19

209,327

0.12

239,051

0.13

194,775

0.11

219,926

0.12

100,057

0.06

BlackRock Fixed Income Strategies Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

United Kingdom continued


EUR 268,633
EUR 684,517
GBP 250,000
GBP 385,000
GBP 81,311
GBP 249,000
GBP 184,487
GBP 451,000
GBP 400,000
GBP 725,000
GBP 651,965
GBP 683,000
GBP 975,000
GBP 151,000
GBP 100,000
GBP 205,702

Taurus 2013 GMF1 Plc 'D' 2.968%


21/5/2024
Taurus 2013 GMF1 Plc 'E' 3.726%
21/5/2024
Telereal Securitisation Plc FRN
10/12/2031
Temese Funding 1 Plc 'C' FRN
21/11/2021
Turbo Finance 2 Plc 'A' FRN
20/2/2019
Turbo Finance 2 Plc 'B' 5.50%
20/2/2019
Turbo Finance 3 Plc 'A' FRN
20/11/2019
Turbo Finance 3 Plc 'B' FRN
20/11/2019
Unique Pub Finance Co Plc 6.542%
30/3/2021
Unique Pub Finance Co Plc 7.395%
28/3/2024
Unique Pub Finance Co Plc 5.659%
30/6/2027
Unique Pub Finance Co Plc 6.464%
30/3/2032
United Kingdom Gilt 3.50%
22/7/2068
Virgin Media Secured Finance Plc
7.00% 15/1/2018
Virgin Media Secured Finance Plc
6.00% 15/4/2021
Windermere CMBS Plc 'A' FRN
24/4/2017

EUR 538,000
USD 350,000
USD 454,000
USD 859,000
USD 168,000
USD 341,000
USD 566,000
USD 740,000
USD 320,000
EUR 1,390,000
USD 285,000
USD 896,000
USD 543,000
USD 400,000

CIT Group Inc '144A' 4.75%


15/2/2015
Citigroup Inc FRN 30/11/2017
COX Communications Inc '144A'
8.375% 1/3/2039
Dell Inc 2.30% 10/9/2015
Delphi Corp 5.00% 15/2/2023
DIRECTV Financing Co Inc 5.15%
15/3/2042
Discovery Communications LLC
4.95% 15/5/2042
Dollar General Corp 3.25%
15/4/2023
Ford Motor Credit Co LLC 8.00%
15/12/2016
Ford Motor Credit Co LLC 6.625%
15/8/2017
General Mills Inc 2.10% 16/11/2020
General Motors Co '144A' 6.25%
2/10/2043
HCP Inc 4.25% 15/11/2023
HSBC Finance Corp 5.25%
15/4/2015
JPMorgan Chase & Co FRN
(Perpetual)

Market Value
(EUR)

United States continued


USD 80,000
268,421

0.15
USD 352,000

679,897

0.38
USD 543,000

235,178

0.13

462,866

0.26

USD 300,000
USD 655,000

97,927

0.05

USD 60,000

309,340

0.17

221,780

0.12

542,677

0.30

EUR 2,370,000
USD 740,000
USD 566,000
USD 566,000
USD 160,000
USD 324,000

502,664

0.28
USD 1,223,000

848,749

0.47
USD 50,000

766,426

0.43

651,966

0.36

1,158,543

0.64

188,725

0.10

123,973

0.07

244,068

0.14

18,008,895

10.02

390,952
527,205

0.22
0.29

316,208
336,340
656,907

0.18
0.19
0.37

109,300

0.06

234,754

0.13
0.21

648,293

0.36

275,153
1,398,945

0.15
0.78

213,758
655,105

0.12
0.36

421,928

0.23

266,186

0.15

67,147

0.04

279,027

0.16

422,030
251,863

0.23
0.14

491,509

0.27

45,242
2,370,865
542,788
396,720
431,799
128,240

0.03
1.32
0.30
0.22
0.24
0.07

212,437

0.12

961,954

0.54

39,831

0.02

13,474,338

7.50

162,887,269

90.64

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

162,887,269

90.64

Funds
Ireland
Institutional Cash Series Plc Institutional Euro Assets
Liquidity Fund 1

Total Funds

7,150,927

3.98

7,150,927

3.98

7,150,927

3.98

Other Transferable Securities and Money Market Instruments


BONDS
Slovenia
EUR 700,000

381,852

Life Technologies Corp 6.00%


1/3/2020
Life Technologies Corp 5.00%
15/1/2021
Lorillard Tobacco Co 3.50%
4/8/2016
Morgan Stanley 5.75% 25/1/2021
Petrohawk Energy Corp 10.50%
1/8/2014
Petrohawk Energy Corp 7.875%
1/6/2015
ProLogis LP 3.00% 18/1/2022
QVC Inc 5.125% 2/7/2022
QVC Inc 4.375% 15/3/2023
SLM Corp 3.875% 10/9/2015
SLM Corp 6.25% 25/1/2016
Verizon Communications Inc 2.45%
1/11/2022
Verizon Communications Inc 5.15%
15/9/2023
WEA Finance LLC '144A' 5.75%
2/9/2015

Total Bonds

7,150,927

United States
USD 510,000

Description

Slovenia Ministry of Finance


Treasury Bill 0.00% 16/10/2014
(Zero Coupon)

Total Bonds

685,433

0.38

685,433

0.38

685,433

0.38

Total Other Transferable Securities


and Money Market Instruments

685,433

0.38

Securities portfolio at market value

170,723,629

95.00

Other Net Assets


Total Net Assets (EUR)

8,979,274

5.00

179,702,903

100.00

This fund is managed by BlackRock.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

109

BlackRock Fixed Income Strategies Fund continued


Open Exchange Traded Futures Contracts
as at 30 November 2013

Number of
Contracts

Contract/
Description

3 Month Euribor Interest


Rate
(60) 3 Month Euribor Interest
Rate
(44)
Australian 10 Year Bond
76
Australian 3 Year Bond
(66)
Euro BTP
(219)
German Euro BOBL
(261)
German Euro Bund
(71)
German Euro Schatz
(22)
Short Euro BTP
(27)
UK Long Gilt Bond
(1)
Ultra US Long Treasury
Bond
(144) US Treasury 10 Year Note
(92)
US Treasury 5 Year Note

Open Forward Foreign Exchange Transactions


as at 30 November 2013
Unrealised
Underlying appreciation/
exposure (depreciation)
EUR
EUR

Expiration
date

60

June 2014

59,961,750

1,500

June 2015 59,938,500


December 2013
3,387,088
December 2013
5,515,491
December 2013
7,457,207
December 2013 25,578,106
December 2013 26,693,254
December 2013
7,118,815
December 2013
2,321,154
March 2014
3,893,855

(8,250)
2,604
4,560
(55,740)
(60,400)
(47,180)
(1,880)
(34,790)
7,456

March 2014
March 2014
March 2014

Total

83,434
11,670,992
6,710,292

(103)
16,464
2,350

220,329,938

(173,410)

Note: The net unrealised depreciation attributed to these transactions is included


in the Statement of Net Assets (see note 2(d)).

% of net
assets*
42.14
20.99
6.68
5.50
5.08
3.98
2.59
2.02
1.98
1.83
1.04
0.51
0.41
0.25
5.00
100.00
* Based on the market value of the Portfolio of Investments

110

BlackRock Strategic Funds (BSF)

EUR 2,571,138
EUR 113,029
DKK 45,410,000
EUR 6,274,964
EUR 17,867,901
GBP 1,240,000
EUR 2,988,635
NOK 24,470,000
EUR 571,462
PLN 2,640,000
EUR 3,453
EUR 20,118,938
USD 9,380,000
EUR 282,887
ZAR 3,810,000
EUR 647,987
GBP 832,000
MXN 6,960,000
NOK 6,154,000
EUR 132,878

Sales
AUD 3,780,000
CHF 140,000
EUR 6,089,662
DKK 46,790,000
GBP 15,065,000
EUR 1,470,248
NOK 24,280,000
EUR 3,001,537
PLN 2,430,000
EUR 621,120
SEK 30,000
USD 26,840,000
EUR 6,890,366
ZAR 3,782,654
EUR 279,935
CHF 799,000
EUR 989,699
USD 538,364
EUR 744,501
USD 180,000

Net unrealised appreciation


(EUR underlying exposure EUR 72,147,478)

Sector Breakdown
as at 30 November 2013

Government
Financial
Mortgage Securities
Asset Backed Securities
Consumer, Cyclical
Funds
Consumer, Non-cyclical
Utilities
Communications
Energy
Industrial
Diversified
Technology
Basic Materials
Other Net Assets

Purchases

Unrealised
appreciation/
(depreciation)
Value date
EUR
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
20/12/2013
20/12/2013
20/12/2013
20/12/2013
20/12/2013

39,762
(828)
(879)
1,144
(219,699)
18,543
66,782
(56,819)
(6,119)
6,376
84
382,796
6,989
10,107
(5,184)
(1,865)
9,180
(5,990)
(4,146)
518
240,752

Note: The net unrealised appreciation attributed to these transactions is included


in the Statement of Net Assets (see note 2(d)).
Barclays Bank Plc, Credit Suisse International, Deutsche Bank AG London, HSBC Bank Plc,
Royal Bank of Scotland Plc and UBS AG London are the counterparties to these Open
Forward Foreign Exchange Transactions.

BlackRock Fixed Income Strategies Fund continued


Purchased Put Options as at 30 November 2013

Written Put Options as at 30 November 2013


Number of
contracts
subject
to Put

Issuer

(1,325,000) EUR/CHF Put Option


strike price EUR 1.20
expiring on 20/1/2014
(1,325,000) EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
(1,325,000) EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
(1,325,000) EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
(1,324,388) EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
(1,325,000) EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
(1,325,000) EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
(205,000) EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
(2,336,000) EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
(3,000,000) EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
(1,980,000) EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
(3,000,000) EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
Total Written Put Options

Underlying
exposure
EUR

Unrealised
appreciation/
(depreciation)
EUR

Market
Value
EUR

Number of
contracts
subject
to Put
660,000

14,356

12,205

(251)
665,000

14,356

12,026

(251)
660,000

14,356

10,164

(250)
665,000

14,356

11,277

(250)
662,188

14,350

10,477

(250)
660,000

14,356

10,714

(250)
665,000

14,356

11,701

(250)
100,000

2,221

1,980

(39)
1,168,000

25,311

20,524

(442)
6,000,000

32,506

28,233

(567)
1,500,000

21,454

20,416

(374)
990,000

671,623

38,040

(4,110)

853,601

187,757

(7,284)

Note: Written Put Options are included in the Statement of Net Assets (see note 2(d)).
UBS AG London is the counterparty to these Written Put Options.

Issuer
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.20
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014
EUR/CHF Put Option
strike price EUR 1.22
expiring on 20/1/2014

Total Purchased Put Options

Underlying
exposure
EUR

Unrealised
appreciation/
(depreciation)
EUR

Market
Value
EUR

147,757

(10,184)

904

148,876

(8,213)

911

147,757

(10,006)

904

148,876

(9,330)

911

148,246

(8,496)

907

147,757

(8,699)

904

148,876

(9,755)

911

22,388

(1,473)

137

261,485

(14,810)

1,600

65,010

(52,716)

1,134

335,812

(22,282)

2,055

221,636

(15,276)

1,357

1,944,476

(171,240)

12,635

Note: Purchased Put Options are included in the Statement of Net Assets (see note 2(d)).
UBS AG London is the counterparty to these Purchased Put Options.

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

111

BlackRock Fixed Income Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

USD 700,000 Credit Default Swaps (JP Morgan) (Fund provides


default protection on Constellation Energy
Group Inc 5.150% 1/12/2020 and receives Fixed
1.000%) (20/3/2018)
EUR 275,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on BBVA Senior
Finance SAU 4.875% 23/1/2014 and pays Fixed
3.000%) (20/12/2018)
EUR 800,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on UniCredit SpA
4.375% 29/1/2020 and pays Fixed 3.000%)
(20/12/2018)
EUR 300,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on RWE AG 5.750% 14/2/2033)
(20/9/2018)
USD 30,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on Host Hotels & Resorts LP 6.750%
1/6/2016) (20/6/2018)
EUR 800,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Deutsche
Telekom International Finance BV 6.000%
20/1/2017 and pays Fixed 1.000%)
(20/6/2018)
EUR 680,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Intesa Sanpaolo
SpA 4.75% 15/6/2017 and pays Fixed 3.000%)
(20/12/2018)
EUR 350,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Pernod Ricard
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Pernod Ricard
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Pernod Ricard
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
EUR 800,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Orange SA 5.625% 22/5/2018)
(20/6/2018)
EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on RWE AG 5.750% 14/2/2033)
(20/9/2018)
EUR 350,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on RWE AG 5.750% 14/2/2033)
(20/9/2018)
EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on RWE AG 5.750% 14/2/2033)
(20/9/2018)
EUR 395,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on Anglo American Capital
PLC 5.875% 17/4/2015 and pays Fixed 1.000%)
(20/12/2018)
EUR 270,000 Credit Default Swaps (BNP Paribas) (Fund receives
default protection on BBVA Senior Finance SAU
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/12/2018)

112

BlackRock Strategic Funds (BSF)

(802)

(3,954)

(16,765)

1,808

600

(11,007)

(7,994)

(4,200)

(3,452)

(2,203)

15,829

4,030

2,629

1,205

975

(3,616)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 255,000 Credit Default Swaps (Citibank) (Fund receives


default protection on BBVA Senior Finance SAU
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/12/2018)
EUR 10,000,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx EUR Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
EUR 400,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx FinSub 17 Version 1
and pays Fixed 1.000%) (20/6/2017)
EUR 290,000 Credit Default Swaps (Credit Suisse) (Fund receives
default protection on Anglo American Capital
PLC 5.875% 17/4/2015 and pays Fixed 1.000%)
(20/12/2018)
USD 260,000 Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 1.000% and provides default protection
on Host Hotels & Resorts LP 6.750% 1/6/2016)
(20/6/2018)
USD 510,000 Credit Default Swaps (Credit Suisse) (Fund receives
Fixed 1.000% and provides default protection
on Host Hotels & Resorts LP 6.750% 1/6/2016)
(20/6/2018)
EUR 200,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on BBVA Senior Finance SAU 4.875%
23/1/2014 and pays Fixed 3.000%) (20/12/2018)
EUR 516,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives Fixed 1.000%
and provides default protection on E.ON AG
6.375% 29/5/2017) (20/12/2017)
EUR 200,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives Fixed 3.000%
and provides default protection on UniCredit
SpA 4.375% 29/1/2020) (20/12/2018)
USD 525,000 Credit Default Swaps (Deutsche Bank) (Fund
provides default protection on Firstenergy Corp
7.375% 15/11/2031 and receives Fixed 1.000%)
(20/3/2018)
EUR 820,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Deutsche Telekom
International Finance BV 6.000% 20/1/2017 and
pays Fixed 1.000%) (20/6/2018)
EUR 645,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on iTraxx EUR Series
20 Version 1 and pays Fixed 1.000%)
(20/12/2018)
EUR 3,000,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on iTraxx EUR
Series20 Version 1 and pays Fixed 1.000%)
(20/12/2018)
EUR 820,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and pays default
protection on Orange SA 5.625% 22/5/2018)
(20/6/2018)
USD 1,000,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on CDX NA IG 20 Version 1) (20/6/2018)
EUR 375,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Anglo American
Capital PLC 5.875% 17/4/2015 and pays Fixed
1.000%) (20/12/2018)
EUR 295,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Anglo American
Capital PLC 5.875% 17/4/2015 and pays Fixed
1.000%) (20/12/2018)

(3,659)

(87,608)

(28,352)

186

5,010

9,455

(4,110)

5,898

5,876

(2,580)

(13,064)

(6,282)

(23,328)

21,180

2,390

1,097

55

BlackRock Fixed Income Strategies Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 870,000 Credit Default Swaps (Goldman Sachs) (Fund


receives default protection on Intesa Sanpaolo
SpA 4.75% 15/6/2017 and pays Fixed 3.000%)
(20/12/2018)
(10,198)
USD 200,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Exelon Generation Co LLC
6.200% 1/10/2017 and pays Fixed 1.000%)
(20/9/2018)
(842)
USD 200,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Exelon Generation Co
LLC 6.200% 1/10/2017 and pays Fixed 1.000%)
(20/9/2018)
(1,051)
USD 100,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Exelon Generation Co LLC
6.200% 10/1/2017 and pays Fixed 1.000%)
(20/9/2018)
(102)
EUR 700,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Intesa Sanpaolo SpA
4.750% 15/6/2017 and pays Fixed 3.000%)
(20/12/2018)
(16,493)
EUR 300,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Pernod Ricard SA 4.875%
18/3/2016 and pays Fixed 1.000%) (20/9/2018)
(5,814)
EUR 800,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on St-Gobain Nederland BV
5.000% 25/4/2014 and pays Fixed 1.000%)
(20/6/2018)
(23,793)
USD 350,000 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 1.000% and provides default protection on
FirstEnergy Corp 7.375% 15/11/2031) (20/9/2018) 4,641
USD 200,000 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 1.000% and provides default protection on
PSEG Power LLC 5.500% 1/12/2015) (20/9/2018)
1,909

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

USD 200,000 Credit Default Swaps (JP Morgan) (Fund receives


Fixed 1.000% and provides default protection on
PSEG Power LLC 5.500% 1/12/2015) (20/9/2018)
1,406
USD 100,000 Credit Default Swaps (JP Morgan) (Fund receives
Fixed 1.000% and provides default protection on
PSEG Power LLC 5.500% 1/12/2015) (20/9/2018)
409
EUR 1,400,000 Interest Rate Swap (Barclays Bank) (Fund receives
Fixed 2.348% and pays Floating EUR 6 Month
EURIBOR) (10/6/2033)
(49,328)
EUR 1,450,000 Interest Rate Swap (Barclays Bank) (Fund receives
Fixed 2.465% and pays Floating EUR 6 Month
EURIBOR) (8/7/2033)
(24,220)
EUR 1,195,000 Interest Rate Swap (Barclays Bank) (Fund receives
Floating EUR 6 Month EURIBOR and pays Fixed
2.208%) (4/7/2044)
105,084
EUR 1,150,000 Interest Rate Swap (Barclays Bank) (Fund receives
Floating EUR 6 Month EURIBOR and pays Fixed
2.410%) (4/7/2044)
50,071
EUR 830,000 Interest Rate Swap (Barclays Bank) (Fund receives
Floating EUR 6 Month EURIBOR and pays Fixed
2.525%) (10/6/2063)
27,300
EUR 830,000 Interest Rate Swap (Barclays Bank) (Fund receives
Floating EUR 6 Month EURIBOR and pays Fixed
2.605%) (8/7/2063)
8,282
EUR 460,000 Interest Rate Swap (Barclays Bank) (Fund receives
Floating EUR 6 Month EURIBOR and pays Fixed
2.735%) (19/9/2043)
(12,644)
PLN 13,325,000 Interest Rate Swap (Deutsche Asset Management
Life) (Fund receives Floating PLN 3 Month
WIBOR and pays Fixed 4.130%) (18/9/2014)
(34,621)
(EUR underlying exposure EUR 40,631,462)

(124,757)

Note: The total market value of EUR (289,698) is included in the Statement of Net Assets (see note 2(d)).

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

113

BlackRock Fund of iShares Conservative


Portfolio of Investments as at 30 November 2013
Transferable Securities Admitted to an Official Stock
Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities Admitted to an Official Stock


Exchange Listing or Dealt in on Another Regulated Market
Holding
3,183

Germany
iShares Dow Jones - UBS Commodity
Swap DE 1

93,216

2.41

93,216

2.41

179,932

4.65

Ireland
11,345
3,078
3,437
2,119
2,587
4,021
3,880
4,084
3,782
1

iShares Developed Markets Property


Yield UCITS ETF 1
iShares Euro Corporate Bond
UCITS ETF 1
iShares Euro Government Bond
1-3 UCITS ETF 1
iShares Euro Government Bond
3-5 UCITS ETF 1
iShares Euro Government Bond
7-10 UCITS ETF 1
iShares Euro High Yield Corporate
Bond UCITS ETF 1
iShares Euro Inflation Linked
Government Bond UCITS ETF 1
iShares EURO STOXX Small UCITS ETF 1
iShares FTSE 100 UCITS ETF 1

379,764

9.82

488,105

12.62

336,688

8.70

465,259

12.03

438,711

11.34

738,752
110,145
30,112

% of net
assets*
99.90
0.10
100.00
* Based on the market value of the Portfolio of Investments

BlackRock Strategic Funds (BSF)

2,561
3,298
4,239
534

19.10
2.85
0.78

251,123

6.49

129,838
65,562
29,616
109,165

3.36
1.70
0.77
2.82

17,763

0.46

3,770,535

97.49

3,863,751

99.90

Total Transferable Securities Admitted


to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market

3,863,751

99.90

Total Portfolio

3,863,751

99.90

Other Net Assets


Total Net Assets (EUR)

Sector Breakdown
as at 30 November 2013

Funds
Other net assets

4,471

iShares JP Morgan $ Emerging


Markets Bond UCITS ETF 1
iShares MSCI Emerging Markets
UCITS ETF 1
iShares MSCI Europe ex. UK UCITS ETF 1
iShares MSCI Japan UCITS ETF 1
iShares MSCI North America UCITS ETF 1
iShares MSCI Pacific ex-Japan
UCITS ETF 1

Total Funds

This fund is managed by BlackRock.

114

Market Value
(EUR)

Ireland continued

FUNDS
3,970

Description

4,054

0.10

3,867,805

100.00

BlackRock Fund of iShares Dynamic


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
20,933

Germany
iShares Dow Jones - UBS Commodity
Swap DE 1

17,070

0.47

17,070

0.47

17,440
23,340
22,057
3,784

Ireland
2,208
616
425
301
818
1,009
25,375
27,379
638

Market Value
(EUR)

Ireland continued

FUNDS
727

Description

iShares Developed Markets Property


Yield UCITS ETF 1
iShares Euro Corporate Bond
UCITS ETF 1
iShares Euro Government Bond
3-5 UCITS ETF 1
iShares Euro Government Bond
7-10 UCITS ETF 1
iShares Euro High Yield Corporate
Bond UCITS ETF 1
iShares Euro Inflation Linked
Government Bond UCITS ETF 1
iShares EURO STOXX Small UCITS ETF 1
iShares FTSE 100 UCITS ETF 1
iShares JP Morgan $ Emerging
Markets Bond UCITS ETF 1

13,620
35,019

iShares MSCI Emerging Markets


UCITS ETF 1
iShares MSCI Europe ex-UK UCITS ETF 1
iShares MSCI Japan UCITS ETF 1
iShares MSCI North America UCITS ETF 1
iShares MSCI Pacific ex-Japan
UCITS ETF 1
iShares S&P 500 UCITS ETF 1

0.97

76,002

2.10

67,528

1.86

54,133

1.49

89,248

2.46

192,114
684,364
217,992

5.30
18.89
6.02

50,335

1.39

Total Funds

607,894
446,464
209,593
568,023

16.78
12.32
5.78
15.68

125,875
180,608

3.47
4.98

3,605,192

99.49

3,622,262

99.96

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

3,622,262

99.96

Total Portfolio

3,622,262

99.96

Other Net Assets


Total Net Assets (EUR)

1,309

0.04

3,623,571

100.00

This fund is managed by BlackRock.

Sector Breakdown
as at 30 November 2013
% of net
assets*
Funds
Other net assets

99.96
0.04
100.00

* Based on the market value of the Portfolio of Investments

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

115

BlackRock Fund of iShares Growth


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
34,520

Germany
iShares Dow Jones - UBS Commodity
Swap DE 1

91,267

1.14

91,267

1.14

27,735
37,422
45,678
5,852

Ireland
12,481
3,369
2,308
1,544
4,396
5,375
40,736
42,578
3,467

iShares Developed Markets Property


Yield UCITS ETF 1
iShares Euro Corporate Bond
UCITS ETF 1
iShares Euro Government Bond
3-5 UCITS ETF 1
iShares Euro Government Bond
7-10 UCITS ETF 1
iShares Euro High Yield Corporate
Bond UCITS ETF 1
iShares Euro Inflation Linked
Government Bond UCITS ETF 1
iShares EURO STOXX Small UCITS ETF 1
iShares FTSE 100 UCITS ETF 1
iShares JP Morgan $ Emerging
Markets Bond UCITS ETF 1

197,949

2.48

415,667

5.20

366,718

4.59

277,681

3.47

479,625

6.00

1,023,400
1,098,650
339,006

12.81
13.75
4.24

273,529

3.42

Sector Breakdown
as at 30 November 2013
% of net
assets*
Funds
Other net assets

99.89
0.11
100.00

* Based on the market value of the Portfolio of Investments

BlackRock Strategic Funds (BSF)

iShares MSCI Emerging Markets


UCITS ETF 1
iShares MSCI Europe ex-UK UCITS ETF 1
iShares MSCI Japan UCITS ETF 1
iShares MSCI North America UCITS ETF 1
iShares MSCI Pacific ex-Japan
UCITS ETF 1

Total Funds

This fund is managed by BlackRock.

116

Market Value
(EUR)

Ireland continued

FUNDS
3,887

Description

1,002,461
710,016
336,049
1,176,323

12.54
8.88
4.21
14.72

194,667

2.44

7,891,741

98.75

7,983,008

99.89

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

7,983,008

99.89

Total Portfolio

7,983,008

99.89

Other Net Assets


Total Net Assets (EUR)

8,603

0.11

7,991,611

100.00

BlackRock Fund of iShares Moderate


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
34,575

Germany
iShares Dow Jones - UBS Commodity
Swap DE 1

252,199

1.97

252,199

1.97

25,560
34,092
42,733
5,718

Ireland
32,792
8,717
5,949
5,405
11,374
12,793
39,178
40,276
9,202

Market Value
(EUR)

Ireland continued

FUNDS
10,741

Description

iShares Developed Markets Property


Yield UCITS ETF 1
iShares Euro Corporate Bond
UCITS ETF 1
iShares Euro Government Bond
3-5 UCITS ETF 1
iShares Euro Government Bond
7-10 UCITS ETF 1
iShares Euro High Yield Corporate
Bond UCITS ETF 1
iShares Euro Inflation Linked
Government Bond UCITS ETF 1
iShares EURO STOXX Small UCITS ETF 1
iShares FTSE 100 UCITS ETF 1
iShares JP Morgan $ Emerging
Markets Bond UCITS ETF 1

520,081

4.06

1,075,503

8.40

945,237

7.38

972,062

7.59

1,240,960

9.69

iShares MSCI Emerging Markets


UCITS ETF 1
iShares MSCI Europe ex-UK UCITS ETF 1
iShares MSCI Japan UCITS ETF 1
iShares MSCI North America UCITS ETF 1
iShares MSCI Pacific ex-Japan
UCITS ETF 1

Total Funds

2,435,787
1,056,631
320,678

19.02
8.25
2.50

725,992

5.67

1,004,058
654,336
306,146
1,100,482

7.84
5.11
2.39
8.59

190,209

1.48

12,548,162

97.97

12,800,361

99.94

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

12,800,361

99.94

Total Portfolio

12,800,361

99.94

Other Net Assets


Total Net Assets (EUR)

7,332

0.06

12,807,693

100.00

This fund is managed by BlackRock.

Sector Breakdown
as at 30 November 2013
% of net
assets*
Funds
Other net assets

99.94
0.06
100.00

* Based on the market value of the Portfolio of Investments

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

117

BlackRock Global Absolute Return Bond Fund


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 700,000

Australia

USD 83,754
AUD 602,000
USD 221,202
AUD 626,552

Medallion Trust Series 2007-1G 'A1'


FRN 27/2/2039
Puma Finance Ltd 'A1' '144A' FRN
21/2/2038
Queensland Treasury Corp 6.00%
21/7/2022
Swan 2006-1E 'A1' FRN 12/5/2037
Torrens Trust 2013-1A FRN
12/4/2044

7,630

0.01

60,757

0.03

438,640
161,999

0.23
0.09

419,828

0.22

1,088,854

0.58

Austria
EUR 400,000

EUR 400,000

BAWAG PSK Bank fuer Arbeit und


Wirtschaft und Oesterreichische
Postsparkasse AG 8.125%
30/10/2023
UNIQA Insurance Group AG FRN
31/7/2043

UCB SA 4.125% 4/1/2021

Brazil Notas do Tesouro Nacional


Serie F 10.00% 1/1/2017

EUR 750,000

417,300

0.22

431,106

0.23

848,406

0.45

EUR 1,000,000
EUR 4,000,000
EUR 4,000,000

1,242,504

0.66

1,242,504

0.66

EUR 1,500,000

624,949

0.33

EUR 750,000
EUR 630,453
GBP 300,000

624,949

0.33

298,448

0.16

298,448

0.16

EUR 3,000,000

British Virgin Islands


USD 400,000

Caifu Holdings Ltd 8.75% 24/1/2020

Canada
USD 25,000

Thomson Reuters Corp 1.30%


23/2/2017

USD 362,000
USD 35,000

IPIC GMTN Ltd 2.375% 30/5/2018


Seagate HDD Cayman '144A' 3.75%
15/11/2018
Seagate HDD Cayman 3.75%
15/11/2018
XLIT Ltd 2.30% 15/12/2018

18,405

0.01

18,405

0.01

GBP 150,000
EUR 600,000
EUR 1,286,116
EUR 715,852
EUR 391,489
EUR 1,000,000

118

Auto ABS Compartiment 2012-1A


FRN 25/7/2026
AXA SA FRN (Perpetual)
Cars Alliance Auto Loans France V
2012-1A FRN 25/2/2024
Driver France 1 FCT 'A' FRN
21/10/2020
FCT Copernic 2012-1 'A1' FRN
25/9/2029
FCT GINKGO Sales Finance 2012-1A
FRN 18/7/2038
Master Credit Cards Pass
Compartment France 2013-1
FRN 25/10/2025

BlackRock Strategic Funds (BSF)

EUR 1,000,000

EUR 2,500,000
EUR 1,500,000

430,471

0.23

EUR 250,000

18,613

0.01

EUR 1,600,000

269,513
25,766

0.15
0.01

EUR 769,865

744,363

0.40

EUR 120,000
EUR 250,000
EUR 304,661

2,116,040
191,588

1.13
0.10

EUR 410,307

France
EUR 2,100,000

EUR 3,000,000

EUR 3,000,000

Cayman Islands
EUR 420,000
USD 25,000

693,840

0.37

186,267
808,635

0.10
0.43

7,999,058

4.27

926,793
972,658
1,259,531

0.49
0.52
0.67

1,304,615

0.70

6,657,300

3.55

2,749,329

1.47

1,000,040

0.53

4,001,940

2.14

3,998,720

2.13

1,499,025
787,523
630,296

0.80
0.42
0.34

361,474

0.19

2,999,790

1.60

2,999,715

1.60

999,850

0.53

2,999,028

1.60

2,499,350

1.33

1,499,475

0.80

268,819

0.14

1,601,067

0.85

770,605
121,908
253,975

0.41
0.07
0.14

305,543

0.16

412,912

0.22

EUR 538,533
600,848

538,803

0.29

0.32
EUR 967,041

1,287,317

0.69

968,627

0.52

719,129

0.38

45,388,711

24.21

394,494

0.21

253,093

0.14

253,093

1,000,900

0.54

0.14

Plastic Omnium SA 2.875%


29/5/2020
Red & Black Auto France 2012-1A
FRN 28/12/2021
Renault SA 4.625% 18/9/2017

Germany
EUR 900,000
EUR 932,000
EUR 1,250,000
EUR 1,300,000

EUR 2,619,469

Brazil
BRL 2,004,000

EUR 185,772

EUR 6,500,000

Belgium
EUR 1,197,000

Market Value
(EUR)

France continued

BONDS
USD 10,402

Description

Allianz SE FRN (Perpetual)


Bayer AG FRN 29/7/2105
Bundesobligation 2.25% 11/4/2014
Bundesrepublik Deutschland 4.25%
4/1/2014
Bundesrepublik Deutschland 4.25%
4/7/2014
Bundesrepublik Deutschland
Bundesobligation Inflation
Linked Bond 0.75% 15/4/2018
Bundesschatzanweisungen 0.25%
13/12/2013
Bundesschatzanweisungen 0.25%
14/3/2014
Bundesschatzanweisungen 0.00%
13/6/2014 (Zero Coupon)
Bundesschatzanweisungen 0.00%
12/9/2014 (Zero Coupon)
Continental AG 3.00% 16/7/2018
Driver Ten GmbH 'A' FRN 21/3/2019
FMS Wertmanagement AoeR FRN
3/8/2015
German Treasury Bill 0.00%
26/2/2014 (Zero Coupon)
German Treasury Bill 0.00%
12/3/2014 (Zero Coupon)
German Treasury Bill 0.00%
26/3/2014 (Zero Coupon)
German Treasury Bill 0.00%
14/5/2014 (Zero Coupon)
German Treasury Bill 0.00%
25/6/2014 (Zero Coupon)
German Treasury Bill 0.00%
27/8/2014 (Zero Coupon)
Heidelberger Druckmaschinen
AG 9.25% 15/4/2018
Red & Black Auto Germany 2 'A'
FRN 15/9/2022
Red & Black TME Germany 1 SA
'A' FRN 15/1/2023
RWE AG FRN (Perpetual)
RWE AG FRN (Perpetual)
SC Germany Auto 2010-1A FRN
12/8/2019
SC Germany Auto 2011-2A FRN
13/11/2021
SC Germany Auto 2013-1A FRN
12/10/2022
SC Germany auto 2013-2A FRN
12/3/2023

India
USD 400,000

Power Grid Corp of India Ltd


3.875% 17/1/2023

BlackRock Global Absolute Return Bond Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Indonesia
USD 400,000

Indonesia Government
International Bond 5.375%
17/10/2023

EUR 430,000
EUR 155,000
EUR 84,085
EUR 681,336
GBP 229,358
EUR 31,212

ESB Finance Ltd 3.494% 12/1/2024


Ireland Government Bond 4.50%
18/4/2020
Ireland Government Bond 3.90%
20/3/2023
Ireland Government Bond 5.40%
13/3/2025
Opera Germany No2 Plc 'A' FRN
20/10/2014
SCF Rahoituspalvelut Ltd 2013-1 'A'
0.802% 25/5/2021
Titan Europe 2007-1 Nhp Ltd 'A'
FRN 20/1/2017
Titan Europe 2007-2 Ltd 'A1' FRN
23/4/2017

292,467

0.16

292,467

0.16

1,239,400

0.66

Sasol Financing International Plc


4.50% 14/11/2022

USD 145,000
EUR 476,744
EUR 512,850
EUR 972,598
EUR 100,000
EUR 1,500,000

212,282

0.11
EUR 300,000

443,700

0.24
EUR 58,363

175,499

0.09
EUR 104,904

82,699

0.04
EUR 161,491

681,779

0.36
EUR 142,564

252,671

0.14

30,989

0.02

3,119,019

1.66

Isle Of Man
USD 300,000

Market Value
(EUR)

209,003

0.11

209,003

0.11

ArcelorMittal 6.125% 1/6/2018


Bumper 2 SA 'A' FRN 23/2/2023
E-Carat 2013-1 'A' 0.852%
18/11/2020
E-Carat 2012-1 'A' FRN 18/7/2020
GCS Holdco Finance I SA 6.50%
15/11/2018
Red & Black Auto Lease Germany 1
SA 'A' 0.911% 15/4/2024
Schmolz + Bickenbach Luxembourg
SA 9.875% 15/5/2019
Volkswagen Car Lease '13A' FRN
21/2/2017
Volkswagen Car Lease '15A' FRN
21/1/2018
Volkswagen Car Lease '16A' FRN
21/7/2018
Volkswagen Car Lease '17A' FRN
21/1/2019

EUR 900,000
EUR 487,937
EUR 950,000
EUR 300,000
EUR 1,663,362
EUR 5,760,893
EUR 998,880
EUR 2,142,000
EUR 500,000
EUR 200,000
EUR 180,000
EUR 920,000

Asset-Backed European Securitisation


Transaction Seven Srl 'A'
FRN 10/12/2026
Banca Popolare dell'Emilia Romagna
SC 3.375% 22/10/2018
Berica ABS Srl FRN 30/11/2051
Intesa Sanpaolo SpA 3.00%
28/1/2019
Intesa Sanpaolo SpA 4.00%
30/10/2023
Italy Buoni Poliennali Del Tesoro
2.15% 15/9/2014
Italy Buoni Poliennali Del Tesoro
2.55% 22/10/2016
Italy Buoni Poliennali Del Tesoro
2.15% 12/11/2017
Italy Buoni Poliennali Del Tesoro
2.15% 12/11/2017
Linea Group Holding SpA 3.875%
28/11/2018
Telecom Italia SpA 5.375%
29/1/2019
Telecom Italia SpA 4.00% 21/1/2020
UniCredit SpA 3.375% 11/1/2018

GBP 1,150,000

AA Bond Co Ltd 4.249% 31/7/2020


Aircraft Lease Securitisation Ltd
'144A' FRN 10/5/2032
Heathrow Funding Ltd 4.625%
31/10/2046

0.06
0.25

512,826
978,038

0.27
0.52

102,800

0.05

1,500,300

0.80

331,266

0.18

58,402

0.03

105,070

0.06

161,505

0.09

142,544

0.08

4,488,646

2.39

47,760

0.03

119,908

0.06

401,371

0.21

569,039

0.30

810,000
511,080

0.43
0.27

678,276

0.36

1,047,081

0.56

412,931

0.22

1,462,980

0.78

168,881

0.09

302,672
817,746

0.16
0.44

933,209

0.50

524,183
233,819

0.28
0.13

999,954

0.53

Mexico
Kansas City Southern de Mexico
de CV '144A' FRN 28/10/2016
MXN 21,500,000 Mexican Cetes 0.00% 23/1/2014
(Zero Coupon)
USD 600,000 Petroleos Mexicanos 3.50%
30/1/2023

Netherlands
427,270

0.23

914,949
476,018

0.49
0.25

EUR 800,000
EUR 500,000
EUR 600,000
EUR 1,044,278

963,789

0.51
GBP 300,000

304,101

0.16
USD 2,000,000

1,686,815

0.90

5,902,467

3.15

GBP 150,000

1,004,174

0.54

EUR 301,369

2,156,458

1.15

EUR 818,000
EUR 905,000

498,152

0.27
EUR 500,000

210,469
175,809
946,487

0.11
0.09
0.51

15,666,958

8.36

EUR 232,782
EUR 1,000,000
EUR 100,000

Jersey
GBP 780,000
USD 152,889

116,237
479,658

USD 65,000

Italy
EUR 421,946

Luxembourg

Ireland
EUR 1,225,000
EUR 195,000

Description

938,752

0.50

107,363

0.06

1,342,488

0.71
1.27

100,000

0.05

9,002,812

4.80

812,480

0.43

812,480

0.43

Portugal
EUR 800,000

2,388,603

Alliander NV FRN (Perpetual)


ASML Holding NV 3.375% 19/9/2023
Brenntag Finance BV 5.50%
19/7/2018
Bumper 4 NL Finance BV '2011-4
'A' FRN 20/5/2026
Cable & Wireless International
Finance BV 8.625% 25/3/2019
Cooperatieve Centrale RaiffeisenBoerenleenbank BA/Netherlands
4.625% 1/12/2023
Enel Finance International NV
5.75% 14/9/2040
Highway BV 2012-1 'A' FRN
26/3/2024
ING Bank NV 3.50% 21/11/2023
Louis Dreyfus Commodities BV
3.875% 30/7/2018
Repsol International Finance BV
3.625% 7/10/2021
Storm 2012-4 BV 'A1' FRN 22/8/2054
Storm 2013-4 BV 'A1' FRN
22/10/2053
Univeg Holding BV 7.875%
15/11/2020

Galp Energia SGPS SA 4.125%


25/1/2019

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

119

BlackRock Global Absolute Return Bond Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Warner Chilcott Co LLC Warner


Chilcott Finance LLC 7.75%
15/9/2018

152,809

0.08

152,809

0.08

451,980

0.24

451,980

0.24

Russia
USD 600,000

Russian Foreign Bond - Eurobond


4.875% 16/9/2023

EUR 500,000
EUR 900,000
EUR 300,000
EUR 450,000
EUR 900,000

Banco Popular Espanol SA FRN


(Perpetual)
Bankia SA 4.25% 25/5/2018
BBVA Senior Finance SAU 3.75%
17/1/2018
Caja Rural de Navarra 2.875%
11/6/2018
Ence Energia y Celulosa SA 7.25%
15/2/2020
Spain Government Bond '144A'
4.40% 31/10/2023

323,552
530,937

0.17
0.29

958,882

0.51

308,577

0.17

490,374

0.26

920,205

0.49

3,532,527

1.89

EUR 300,000

Svenska Handelsbanken AB 3.00%


20/11/2020
TVN Finance Corp III AB 7.375%
15/12/2020

Credit Suisse AG FRN 18/9/2025

GBP 621,000

GBP 1,500,000
GBP 1,024,000
GBP 277,970
GBP 508,000
GBP 801,085
GBP 763,000

GBP 688,000
1,562,760

0.83
GBP 1,271,000

319,799

0.17

1,882,559

1.00

Switzerland
EUR 687,000

GBP 783,462
GBP 400,000
GBP 440,000

GBP 27,369

Sweden
GBP 1,300,000

EUR 600,000
GBP 1,549,759
GBP 250,000

EUR 1,000,000

Spain
EUR 300,000

GBP 342,914
EUR 370,000

725,932

0.39

725,932

0.39

USD 800,000
GBP 141,869
GBP 604,000
EUR 1,498,127
USD 800,000
GBP 820,000
GBP 350,000
GBP 768,796
GBP 459,905
GBP 1,200,000
GBP 150,892
GBP 1,250,000
EUR 863,000
USD 64,571
GBP 860,000

120

Asset-Backed European
Securitisation Transaction 8
Srl 'A' FRN 15/6/2019
Barclays Plc FRN (Perpetual)
Brass No 2 Plc 2012-1A1 FRN
16/7/2050
Brass No 3 Plc 'A' FRN 16/4/2051
Brunel Residential Mortgage
Securitisation Plc FRN 13/1/2039
Centrica Plc 4.00% 16/10/2023
Chester Asset Receivables Dealings
2004-1 Plc 'A' FRN 15/4/2016
Dixons Retail Plc 8.75% 15/9/2017
E-Carat 2 Plc - Class A FRN
18/10/2021
E-Carat 2012-1 Plc 'A' 1.30%
18/6/2020
FCE Bank Plc 3.25% 19/11/2020
Gosforth Funding 2012-2 Plc 'A1A'
FRN 18/11/2049
Gracechurch Card 2011-3 'A2' FRN
15/4/2016
Gracechurch Card Funding Plc 2011
'A' FRN 15/1/2016
Granite Master Issuer Plc 'A1' '144A'
FRN 20/12/2054
Greater Gabbard Ofto Plc 4.137%
29/11/2032

BlackRock Strategic Funds (BSF)

HBOS Plc 4.875% 20/3/2015


Kenrick Plc 'A' FRN 18/4/2049
Marks & Spencer Plc 4.75%
12/6/2025
Motor 2012 Plc 'A2' FRN 25/2/2020
Next Plc 5.375% 26/10/2021
Penarth Master Issuer Plc 'A3' FRN
18/12/2016
Permanent Master Issuer Plc '1A2'
FRN 15/7/2042
Permanent Master Issuer Plc '1A3'
FRN 15/7/2042
Telereal Secured Finance Plc 4.01%
10/12/2031
Temese Funding 1 Plc - Class A FRN
21/11/2021
Turbo Finance 2 Plc 'A' FRN
20/2/2019
Turbo Finance 2 Plc 'B' 5.50%
20/2/2019
Turbo Finance 3 Plc 'A' FRN
20/11/2019
Turbo Finance 4 Plc - Class A FRN
20/1/2021
Unique Pub Finance Co Plc 5.659%
30/6/2027
United Kingdom Gilt 3.25%
22/1/2044
United Kingdom Gilt 3.50%
22/7/2068
United Kingdom Gilt Inflation Linked
0.125% 22/3/2068
WM Morrison Supermarkets Plc
2.25% 19/6/2020

625,275
1,860,862

0.33
0.99

301,548
942,110
536,694

0.16
0.50
0.29

531,958

0.28

746,623

0.40

1,001,206

0.53

1,775,548

0.95

1,230,080

0.66

334,774

0.18

631,104

0.34

963,020

0.51

916,414

0.49

32,174

0.02

773,278

0.41

1,510,265

0.81

446,872

0.24

369,700

0.20

27,355,410

14.59

United States

United Kingdom
GBP 201,119

Market Value
(EUR)

United Kingdom continued

Puerto Rico
USD 190,000

Description

241,631
607,887

0.13
0.32

USD 50,000
USD 75,000
USD 55,000
USD 75,000

170,645
726,844

0.09
0.39

1,480,558
581,593

0.79
0.31

USD 50,000
USD 26,000
USD 250,000

984,444
485,386

0.53
0.26

924,254

0.49

USD 22,000
USD 90,000
USD 325,000

552,848
1,433,716

0.29
0.76

EUR 150,000
USD 100,000

181,372

0.10

USD 400,000

1,503,783

0.80

USD 500,000

863,952

0.46

USD 405,000

46,888

0.03

USD 8,304,479

1,040,104

0.55

USD 50,000

Air Lease Corp 3.375% 15/1/2019


Ally Financial Inc 5.50% 15/2/2017
American Honda Finance Corp
1.125% 7/10/2016
American International Group Inc
4.875% 15/9/2016
Aviation Capital Group Corp '144A'
3.875% 27/9/2016
Avis Budget Car Rental LLC 4.875%
15/11/2017
Banc of America Re-Remic Trust
'144A' FRN 15/9/2026
Bank of America Corp 1.25% 11/1/2016
Bank of America Corp 6.50% 1/8/2016
Bank of America Corp 2.60%
15/1/2019
Belden Inc 5.50% 15/4/2023
Capital One Financial Corp 6.75%
15/9/2017
CarMax Auto Owner Trust 'A4'
0.84% 15/11/2018
CarMax Auto Owner Trust 'B' 1.21%
15/1/2019
Citibank Credit Card Issuance Trust
1.32% 7/9/2018
Citigroup Commercial Mortgage Trust
2013-GC15 FRN 10/9/2046
Citigroup Inc 1.25% 15/1/2016

36,893
60,044

0.02
0.03

40,720

0.02

60,807

0.03

37,226

0.02

20,170

0.01

184,224
16,258
75,187

0.10
0.01
0.04

241,896
147,351

0.13
0.08

86,414

0.05

292,062

0.16

365,557

0.20

301,609

0.16

482,770
36,950

0.26
0.02

BlackRock Global Absolute Return Bond Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

United States continued


USD 100,000
USD 50,000
USD 4,531,042
USD 7,991,377
USD 80,000
USD 477,882

USD 300,000

USD 350,000

USD 60,000
GBP 1,100,000
USD 350,000
USD 32,000
USD 43,000
USD 100,000
USD 27,670,873
USD 2,274,679

USD 3,587,093

USD 636,715

USD 299,191

USD 3,002,028

USD 3,178,416

USD 18,436,769

USD 29,000,000

USD 60,000
USD 550,000
USD 199,000
USD 75,000
USD 38,000
USD 1,000,000
USD 125,000

Citigroup Inc 1.70% 25/7/2016


74,563
CNH Capital LLC 6.25% 1/11/2016
40,626
COMM 2013-CR7 Mortgage Trust
FRN 10/3/2046
309,448
COMM 2013-LC13 Mortgage Trust
FRN 10/8/2046
524,016
Community Health Systems Inc
5.125% 15/8/2018
61,326
Countrywide Asset-Backed
Certificates 2007-4 'A2'
FRN 25/4/2047
325,332
Credit Acceptance Auto Loan Trust
2013-2A 'A' '144A' 1.50%
15/4/2021
220,252
Credit Suisse Commercial Mortgage
Trust Series 2006-C5 'A3' 5.311%
15/12/2039
281,094
DIRECTV Holdings LLC DIRECTV
Financing Co Inc 3.125% 15/2/2016
46,036
DIRECTV Holdings LLC DIRECTV
Financing Co Inc 5.20% 18/11/2033 1,303,871
Discover Card Execution Note Trust
1.04% 15/4/2019
258,223
ERP Operating LP 5.125% 15/3/2016
25,693
ERP Operating LP 5.375% 1/8/2016
35,198
ERP Operating LP 5.75% 15/6/2017
83,147
Fannie Mae-Aces FRN 25/1/2022
2,674,945
FHLMC Multifamily Structured
Pass Through Certificates FRN
25/7/2019
134,538
FHLMC Multifamily Structured
Pass Through Certificates FRN
25/11/2019
177,851
FHLMC Multifamily Structured
Pass Through Certificates FRN
25/6/2022
47,128
FHLMC Multifamily Structured
Pass Through Certificates FRN
25/10/2022
13,717
FHLMC Multifamily Structured
Pass Through Certificates FRN
25/11/2022
161,328
FHLMC Multifamily Structured
Pass Through Certificates FRN
25/1/2023
137,752
FHLMC Multifamily Structured
Pass Through Certificates FRN
25/4/2023
237,335
FHLMC Multifamily Structured
Pass Through Certificates FRN
25/8/2023
731,893
Fifth Third Bancorp 3.625% 25/1/2016
46,541
Ford Credit Auto Owner Trust 0.67%
15/4/2018
404,427
Ford Motor Credit Co LLC 5.625%
15/9/2015
158,700
GATX Corp 2.50% 15/3/2019
55,270
General Motors Co '144A' 3.50%
2/10/2018
28,606
General Motors Co '144A' 6.25%
2/10/2043
750,027
Goldman Sachs Group Inc 6.15%
1/4/2018
106,428

Description

Market Value
(EUR)

United States continued


0.04
0.02

USD 150,000

0.17

USD 45,000
USD 192,000
USD 97,000
USD 425,000
USD 140,000
USD 490,000
USD 100,000
USD 100,000

0.28
0.03

0.17

USD 100,000
0.12
USD 250,000
0.15
0.02

USD 190,000

0.70
USD 60,000
0.14
0.01
0.02
0.04
1.43

USD 65,000
USD 1,591,218

USD 264,076
0.07
USD 310,000
0.10
USD 53,287
0.03
USD 59,900
0.01
USD 5,585,534
0.09

0.07

USD 23,000
USD 130,000
USD 150,000

0.13

USD 250,000
USD 100,000

0.39
0.02
0.22

USD 100,000
USD 450,000
USD 845,000
USD 42,800,983

0.08
0.03
USD 400,000
0.02
0.40

EUR 400,000

0.06

USD 725,000

GS Mortgage Securities Trust


2006-GG8 'AM' 5.591%
10/11/2039
121,818
HCA Inc 6.50% 15/2/2016
36,274
HCA Inc 7.875% 15/2/2020
152,829
HCA Inc 7.25% 15/9/2020
78,102
HCP Inc 4.25% 15/11/2023
310,736
Health Care (Reit) Inc 6.20% 1/6/2016
115,151
Hewlett-Packard Co 2.35% 15/3/2015
366,736
Hilton USA Trust 4.611% 5/11/2030
73,899
Hilton USA Trust 2013-HLT '144A' FRN
5/11/2030
73,900
HLSS Servicer Advance Receivables
Trust - 2013-T3 'B3' '144A' 2.14%
15/5/2046
72,176
HLSS Servicer Advance Receivables
Trust 2013-T2 'C2' '144A' 1.843%
16/5/2044
182,757
Icahn Enterprises LP / Icahn
Enterprises Finance Corp 8.00%
15/1/2018
146,173
IntercontinentalExchange Group Inc
2.50% 15/10/2018
45,084
Iowa State Financial Authority 5.00%
1/12/2019
46,234
JP Morgan Chase Commercial
Mortgage Securities Corp FRN
15/12/2047
125,655
JP Morgan Chase Commercial
Mortgage Securities Trust
2006-LDP6 'A4' FRN 15/4/2043
211,809
JP Morgan Chase Commercial
Mortgage Securities Trust
2007-CIBC18 'A4' 5.44% 12/6/2047
252,517
JP Morgan Chase Commercial
Mortgage Securities Trust
2007-CIBC19 'A1A' FRN 12/2/2049
44,692
JP Morgan Chase Commercial
Mortgage Securities Trust
2007-CIBC20 'AJ' FRN 12/2/2051
46,017
JP Morgan Chase Commercial
Mortgage Securities Trust
2013-LC11 'XA' FRN 15/4/2046
402,249
JPMorgan Chase & Co 3.45% 1/3/2016
17,822
JPMorgan Chase & Co 3.15% 5/7/2016
100,479
LB-UBS Commercial Mortgage Trust
2007-C2 FRN 15/2/2040
117,701
LB-UBS Commercial Mortgage Trust
2007-C7 FRN 15/9/2045
212,652
Maxim Integrated Products Inc 2.50%
15/11/2018
73,343
Morgan Stanley 5.75% 18/10/2016
82,402
Morgan Stanley 3.75% 25/2/2023
323,287
Morgan Stanley 5.00% 24/11/2025
623,530
Morgan Stanley Bank of America
Merrill Lynch Trust FRN
15/11/2046
2,561,946
Morgan Stanley Capital I Trust
2007-IQ13 'AM' 5.406%
15/3/2044
321,776
NASDAQ OMX Group Inc/The 3.875%
7/6/2021
416,414
Packaging Corp of America 4.50%
1/11/2023
540,172

0.07
0.02
0.08
0.04
0.17
0.06
0.20
0.04
0.04

0.04

0.10

0.08
0.02
0.02

0.07

0.11

0.13

0.02

0.02

0.21
0.01
0.05
0.06
0.11
0.04
0.04
0.17
0.33

1.37

0.17
0.22
0.29

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

121

BlackRock Global Absolute Return Bond Fund continued


Portfolio of Investments as at 30 November 2013
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

United States continued


USD 85,000

USD 70,000
USD 1,975,000
USD 350,000

USD 150,000
EUR 1,779,000
USD 120,000
USD 110,000
USD 100,000
USD 1,025,000
USD 85,000
USD 300,000

USD 500,000
USD 500,000
USD 284,280
USD 146,802
USD 55,000
USD 151,000
USD 50,000
USD 1,950,000
USD 95,000
USD 640,000
USD 200,000
USD 100,000
USD 62,000
USD 113,000
USD 725,000
USD 850,000
USD 5,062,825
USD 549,049
USD 200,000

Penske Truck Leasing Co LP / PTL


Finance Corp '144A' 2.50%
15/3/2016
Petrohawk Energy Corp 6.25%
1/6/2019
Philip Morris International Inc
4.875% 15/11/2043
Prestige Auto Receivables Trust
2013-1A 'B' '144A' 1.74%
15/5/2019
ProLogis LP 5.625% 15/11/2016
ProLogis LP 3.00% 18/1/2022
Prudential Financial Inc 6.00%
1/12/2017
Prudential Financial Inc FRN
15/8/2018
Regions Financial Corp 2.00%
15/5/2018
Santander Drive Auto Receivables
Trust FRN 17/4/2017
Santander Drive Auto Receivables
Trust 2012-3 'C' 3.01% 16/4/2018
Santander Drive Auto Receivables
Trust 2012-AA 'C' '144A' 1.78%
15/11/2018
Santander Drive Auto Receivables
Trust 2013-3 'C' 1.81% 15/4/2019
Santander Drive Auto Receivables
Trust 2013-3 'D' 2.42% 15/4/2019
SLM Private Education Loan Trust
2013-C 'A1' '144A' FRN 15/2/2022
SLM Student Loan Trust 2013-4 'A'
FRN 25/6/2027
T-Mobile USA Inc '144A' 5.25%
1/9/2018
Thermo Fisher Scientific Inc 2.25%
15/8/2016
United Airlines Inc '144A' 6.75%
15/9/2015
United States Treasury Note 0.25%
30/9/2015
United States Treasury Note 1.00%
31/5/2018
United States Treasury Note 1.375%
31/7/2018
United States Treasury Note 1.125%
31/5/2019
Ventas Realty LP 1.55% 26/9/2016
Verizon Communications Inc 2.50%
15/9/2016
Verizon Communications Inc 5.50%
1/4/2017
Verizon Communications Inc 6.55%
15/9/2043
Western Union Co /The 3.35%
22/5/2019
WFRBS Commercial Mortgage Trust
2013-C14 'XA' FRN 15/6/2046
WFRBS Commercial Mortgage Trust
2013-C15 'XA' FRN 15/8/2046
WM Wrigley Jr Co '144A' 2.00%
20/10/2017

Total Bonds

This fund is managed by BlackRock.

122

BlackRock Strategic Funds (BSF)

Transferable Securities and Money Market Instruments Admitted to an


Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding

Description

Market Value
(EUR)

354,964
1,151,237
319,681
5,824,581
6,748,638

0.19
0.61
0.17
3.11
3.60

14,399,101

7.68

14,399,101

7.68

174,011,549

92.81

1,398,758

0.75

1,369,841

0.73

TBA
United States
64,084

0.03

56,367

0.03

1,437,388

0.77

USD 499,999
USD 1,500,000
USD 400,000
USD 7,850,000
USD 8,600,000

Fannie Mae Pool 3.00% TBA


Fannie Mae Pool 4.00% TBA
Fannie Mae Pool 5.00% TBA
Fannie Mae Pool 3.50% TBA
Fannie Mae Pool 4.50% TBA

Total TBA
256,076
122,769
1,779,649

0.14
0.07
0.95

102,588

0.05

81,131

0.04

72,403

0.04

753,937

0.40

64,516

0.03

Total Transferable Securities and Money


Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market

Funds
Luxembourg
92,879

265,473
220,538

0.12
227,539

362,671

0.19

366,619

0.20

209,550

0.11

107,797

0.06

42,313

0.02

113,792

0.06

37,961

0.02

1,433,735

0.76

69,307

0.04

BlackRock Global Funds - Emerging


Markets Bond Fund X2 EUR
hedged 1
BlackRock Global Funds - Emerging
Markets Local Currency Bond Fund
X2 EUR 1
BlackRock Global Funds - Global
High Yield Bond Fund X2 EUR
hedged 1

0.25

143,594
74,099

0.08
0.04

47,373

0.03

93,649

0.05

608,533

0.32

631,706

0.34

224,673

0.12

17,082

0.01

BlackRock Corporate Bond


Fund - D Acc 1

148,185

0.08
16.25

159,612,448

85.13

6,533,380

3.49

6,533,380

3.49

13,038,169

6.96

Other Transferable Securities and Money Market Instruments


BONDS
Australia
AUD 554,000

Western Australian Treasury Corp


6.00% 16/10/2023

401,607

0.22

401,607

0.22

120,353

0.06

United States
GBP 100,000

Health Care (Reit) Inc 4.80%


20/11/2028

120,353

0.06

Total Bonds

521,960

0.28

Total Other Transferable Securities


and Money Market Instruments

521,960

0.28

Securities portfolio at market value

187,571,678

100.05

Other Net Assets

30,455,413

1.99
3.47

United Kingdom
2,080,000

Total Funds

473,547

3,736,190
6,504,789

Total Net Assets (EUR)

(86,111)

(0.05)

187,485,567

100.00

BlackRock Global Absolute Return Bond Fund continued


Time Deposit as at 30 November 2013
Description

Market Value
EUR

1,700,000
1,700,001
1,700,000
1,700,001
1,700,004

0.91
0.90
0.91
0.91
0.90

8,500,006

4.53

TIME DEPOSITS
Barclays Bank Plc
BNP Paribas SA
HSBC Bank Plc
ING Bank NV
Societe Generale SA
Total Time Deposits

Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 300,000 Credit Default Swaps (Bank of America


International Ltd) (Fund receives Fixed 1.000%
and provides default protection on RWE AG
5.750% 14/2/2033) (20/9/2018)
EUR 1,150,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Akzo Nobel
NV 8.000% 6/4/2016 and pays Fixed 1.000%)
(20/12/2018)
EUR 660,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Alstom SA
4.125% 1/2/2017 and pays Fixed 1.000%)
(20/12/2018)
EUR 122,800 Credit Default Swaps (Bank of America) (Fund
receives default protection on BASF SE
4.500% 29/6/2016 and pays Fixed 1.000%)
(20/9/2017)
EUR 118,100 Credit Default Swaps (Bank of America) (Fund
receives default protection on BASF SE
4.500% 29/6/2016 and pays Fixed 1.000%)
(20/9/2017)
EUR 240,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on BBVA Senior
Finance SAU 4.875% 23/1/2014 and pays
Fixed3.000%) (20/12/2018)
EUR 50,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Bouygues SA
4.750% 24/5/2016 and pays Fixed 1.000%)
(20/6/2018)
EUR 640,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Deutsche
Lufthansa AG 6.500% 7/7/2016 and pays
Fixed1.000%) (20/12/2018)
EUR 200,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Deutsche
Telekom International Finance BV 6.000%
20/1/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 300,000 Credit Default Swaps (Bank of America)
(Fund receives default protection on E.ON
International Finance BV 6.375% 29/5/2017
and pays Fixed 1.000%) (20/12/2018)
EUR 500,000 Credit Default Swaps (Bank of America)
(Fund receives default protection on E.ON
International Finance BV 6.375% 29/5/2017
and pays Fixed 1.000%) (20/12/2018)
EUR 170,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Electrolux AB
FRN 7/4/2016 and pays Fixed 1.000%)
(20/12/2018)
EUR 540,000 Credit Default Swaps (Bank of America)
(Fund receives default protection on Enbw
International Finance BV 4.250% 19/10/2016
and pays Fixed 1.000%) (20/12/2018)

1,808

(17,850)

(12,813)

(2,657)

(2,607)

(3,451)

(896)

(11,594)

(760)

(994)

(3,699)

(27)

(1,896)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 200,000 Credit Default Swaps (Bank of America) (Fund


receives default protection on Experian
Finance Plc 4.750% 23/11/2018 and pays
Fixed1.000%) (20/12/2018)
EUR 73,394 Credit Default Swaps (Bank of America) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018 and pays
Fixed 5.000%) (20/3/2018)
EUR 210,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Lafarge SA
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
EUR 200,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Lafarge SA
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
EUR 80,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on LANXESS
Finance BV 7.750% 9/4/2014 and pays Fixed
1.000%) (20/3/2018)
EUR 110,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on LANXESS
Finance BV 7.750% 9/4/2014 and pays Fixed
1.000%) (20/3/2018)
EUR 1,150,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on LANXESS
Finance BV 7.750% 9/4/2014 and pays Fixed
1.000%) (20/12/2018)
EUR 10,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Metsa Board
OYJ 8.750% 1/4/2013 and pays Fixed 5.000%)
(20/12/2017)
EUR 70,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Metsa OYJ
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
EUR 60,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Metsa OYJ
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
EUR 680,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Orange SA
5.625% 22/5/2018 and pays Fixed 1.000%)
(20/12/2018)
EUR 105,200 Credit Default Swaps (Bank of America) (Fund
receives default protection on PostNL NV
3.875% 1/6/2015 and pays Fixed 1.000%)
(20/9/2017)
EUR 50,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Rallye SA
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/12/2017)

(922)

(3,048)

(2,724)

(2,594)

(701)

(1,066)

(5,332)

(1,171)

113

(429)

(8,120)

(5,296)

(4,564)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

123

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 80,000 Credit Default Swaps (Bank of America) (Fund


receives default protection on Rallye SA
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/6/2018)
EUR 200,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Rallye SA
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/9/2017)
EUR 580,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on RWE AG 5.750%
14/2/2033 and pays Fixed 1.000%)
(20/12/2018)
EUR 740,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on SABMiller Plc
6.625% 15/8/2033 and pays Fixed 1.000%)
(20/12/2018)
EUR 200,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Schneider
Electric SA 4.500% 17/1/2014 and pays Fixed
1.000%) (20/9/2017)
EUR 110,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Societe Air
France SA 2.75% 1/4/2020 and pays Fixed
5.000%) (20/12/2018)
EUR 40,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Societe Air
France SA 2.750% 1/4/2020 and pays Fixed
5.000%) (20/9/2018)
EUR 50,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Solvay SA
4.625% 27/6/2018 and pays Fixed 1.000%)
(20/6/2018)
EUR 60,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Stena AB
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2017)
EUR 100,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Telecom Italia
SpA 5.375% 29/1/2019 and pays Fixed 1.000%)
(20/3/2018)
EUR 400,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on ThyssenKrupp
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/6/2018)
EUR 160,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on ThyssenKrupp
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/12/2018)
EUR 500,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on ThyssenKrupp
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/6/2017)
EUR 800,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on UniCredit SpA
4.375% 29/1/2020 and pays Fixed 3.000%)
(20/12/2018)
EUR 400,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Vinci SA 4.125%
20/2/2017 and pays Fixed 1.000%)
(20/9/2018)
EUR 220,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Volvo Treasury
AB 5% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
USD 800,000 Credit Default Swaps (Bank of America) (Fund
receives default protection on Western Union
Co/The 3.65% 22/8/2018 and pays Fixed
1.000%) (20/12/2018)

124

BlackRock Strategic Funds (BSF)

(163)

(24,354)

(4,585)

(4,622)

(4,493)

80

(3,700)

(617)

(5,241)

(4,807)

(11,655)

(3,305)

(78,402)

(16,765)

(11,567)

(1,896)

(2,649)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 90,000 Credit Default Swaps (Bank of America) (Fund


receives Fixed 1.000% and provides default
protection on ArcelorMittal 6.125% 1/6/2018)
(20/12/2018)
EUR 140,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on ArcelorMittal 6.125% 1/6/2018)
(20/12/2018)
EUR 100,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on BMW Finance NV 5.000%
6/8/2018) (20/12/2018)
EUR 450,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on Carrefour SA 4.375% 2/11/2016)
(20/12/2018)
EUR 180,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on Enel SpA 5.25% 20/6/2017)
(20/12/2018)
EUR 420,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on GKN Holdings Plc 6.750%
28/10/2019) (20/12/2018)
EUR 110,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)
EUR 430,000 Credit Default Swaps (Bank of America)
(Fund receives Fixed 1.000% and provides
default protection on Kingfisher Plc 5.625%
15/12/2014) (20/12/2018)
EUR 390,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on Koninklijke KPN NV 8.375%
1/10/2030) (20/12/2018)
EUR 400,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on Next Plc 5.375% 26/10/2021)
(20/6/2018)
EUR 126,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on Publicis Groupe SA 4.250%
31/3/2015) (20/9/2017)
EUR 100,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on Rolls-Royce Plc 7.375%
14/6/2016) (20/12/2017)
EUR 170,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on Telefonaktiebolaget LM Ericsson
5.375% 27/6/2017) (20/12/2018)
EUR 700,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 1.000% and provides default
protection on Telefonaktiebolaget LM Ericsson
5.375% 27/6/2017) (20/12/2018)
EUR 260,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on British Airways Plc 8.750%
23/8/2016) (20/12/2018)
EUR 350,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on CIR-Compagnie Industriali
Riunite SpA 5.750% 16/12/2024) (20/12/2018)
EUR 810,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Conti-Gummi Finance BV
7.500% 15/9/2017) (20/12/2018)

2,182

3,329

978

4,944

684

8,778

2,421

3,887

1,891

8,214

3,476

1,697

1,406

3,734

11,191

(3,531)

21,871

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 320,000 Credit Default Swaps (Bank of America) (Fund


receives Fixed 5.000% and provides default
protection on Conti-Gummi Finance BV
7.500% 15/9/2017) (20/12/2018)
EUR 50,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on ConvaTec Healthcare E SA
10.875% 15/12/2018) (20/12/2017)
EUR 20,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Eileme 2 AB 11.750% 31/1/2020)
(20/12/2018)
EUR 190,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Jaguar Land Rover Automotive
PLC 8.125% 15/5/2018) (20/12/2018)
EUR 50,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/3/2018)
EUR 50,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/3/2018)
EUR 30,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/3/2018)
EUR 50,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/3/2018)
EUR 50,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/6/2018)
EUR 40,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/12/2018)
EUR 50,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Nokia OYJ 6.750% 4/2/2019)
(20/12/2017)
EUR 70,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Peugeot SA 8.375% 15/7/2014)
(20/9/2018)
EUR 40,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Scandinavian Airlines 9.65%
16/6/2014) (20/12/2018)
EUR 100,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on TUI AG 2.750% 24/3/2016)
(20/12/2018)
EUR 60,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on TUI AG 5.125% 10/12/2012)
(20/12/2017)
EUR 100,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on TUI AG 5.125% 10/12/2012)
(20/12/2017)
EUR 100,000 Credit Default Swaps (Bank of America) (Fund
receives Fixed 5.000% and provides default
protection on Wendel SA 4.875% 26/5/2016)
(20/12/2017)

3,004

5,948

3,637

6,500

7,032

7,032

4,294

6,907

4,782

1,399

10,495

4,909

(625)

2,911

5,194

10,650

5,731

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 220,000 Credit Default Swaps (Barclays Bank) (Fund


receives default protection on Anglo American
Capital PLC 5.875% 17/4/2015 and pays Fixed
1.000%) (20/12/2018)
EUR 70,000 Credit Default Swaps (Barclays Bank)
(Fund receives default protection on BAT
International Finance Plc 5.875% 12/3/2015
and pays Fixed 1.000%) (20/12/2017)
EUR 570,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Deutsche
Telekom International Finance BV 6.000%
20/1/2017 and pays Fixed 1.000%) (20/6/2018)
EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Deutsche
Telekom International Finance BV 6.000%
20/1/2017 and pays Fixed 1.000%) (20/6/2017)
EUR 170,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Fiat Finance
North America Inc 5.625% 12/6/2017 and pays
Fixed 5.000%) (20/12/2018)
EUR 150,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.75% 12/12/2018 and pays
Fixed 5.000%) (20/12/2018)
EUR 400,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on GDF Suez
5.125% 19/2/2018 and pays Fixed 1.000%)
(20/6/2018)
EUR 415,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Intesa Sanpaolo
SpA 4.75% 15/6/2017 and pays Fixed 3.000%)
(20/12/2018)
EUR 4,800,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on iTraxx Europe
Series 20 Version 1 and pays Fixed 1.000%)
(20/12/2018)
EUR 8,900,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on iTraxx Europe
Series 20 Version 1 and pays Fixed 1.000%)
(20/12/2018)
EUR 40,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on LANXESS
Finance BV 7.750% 9/4/2014 and pays Fixed
1.000%) (20/3/2018)
EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Orange SA
5.625% 22/5/2018 and pays Fixed 1.000%)
(20/12/2017)
EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Pernod Ricard
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Pernod Ricard
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Pernod Ricard
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
EUR 150,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Portugal
Telecom International Finance BV 4.375%
24/3/2017 and pays Fixed 5.000%) (20/6/2018)
EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Portugal
Telecom International Finance BV 4.375%
24/3/2017 and pays Fixed 5.000%) (20/6/2018)

180

(367)

(7,842)

(5,247)

(3,863)

(540)

(9,393)

(4,878)

(2,210)

(12,355)

(321)

(3,313)

(3,600)

(3,452)

(2,203)

(9,010)

(7,197)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

125

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 30,000 Credit Default Swaps (Barclays Bank) (Fund


receives default protection on Rallye SA
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/6/2018)
EUR 90,000 Credit Default Swaps (Barclays Bank)
(Fund receives default protection on
STMicroelectronics NV and pays Fixed 1.000%)
(20/12/2018)
EUR 170,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Suedzucker
International Finance BV 4.125% 29/3/2018
and pays Fixed 1.000%) (20/6/2018)
EUR 260,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Suedzucker
International Finance BV 4.125% 29/3/2018
and pays Fixed 1.000%) (20/12/2018)
EUR 50,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Swedish Match
AB 4.625% 28/6/2013 and pays Fixed 1.000%)
(20/6/2018)
EUR 80,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Virgin Media
Finance Plc 4.875% 15/2/2022 and pays Fixed
5.000%) (20/12/2018)
EUR 2,300,000 Credit Default Swaps (Barclays Bank) (Fund
receives default protection on Vodafone Group
Plc 5.000% 4/6/2018 and pays Fixed 1.000%)
(20/9/2018)
EUR 160,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Enel SpA 5.25% 20/6/2017)
(20/12/2018)
EUR 150,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on GKN Holdings PLC 6.75%
28/10/2019) (20/12/2018)
EUR 30,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)
EUR 70,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)
EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on J Sainsbury Plc 4.250%
16/7/2014) (20/12/2018)
EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Kering 3.750% 8/4/2015)
(20/12/2017)
EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Kingfisher Plc 5.625%
15/12/2014) (20/12/2017)
EUR 70,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Kingfisher Plc 5.625%
15/12/2014) (20/12/2017)
EUR 80,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Kingfisher Plc 5.625%
15/12/2014) (20/12/2017)
EUR 60,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on National Grid Plc 5.000%
2/7/2018) (20/6/2018)

126

BlackRock Strategic Funds (BSF)

(1,106)

(47)

1,779

(2,202)

(349)

(1,892)

(20,714)

1,522

1,068

575

157

3,377

7,316

2,935

1,928

2,240

199

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund


receives Fixed 1.000% and provides default
protection on Next Plc 5.375% 26/10/2021)
(20/6/2018)
EUR 650,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Next Plc 5.375% 26/10/2021)
(20/6/2017)
EUR 570,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Orange SA 5.625% 22/5/2018)
(20/6/2018)
EUR 50,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Pernod Ricard SA 4.625%
6/12/2013) (20/12/2017)
EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Renault SA FRN 4/8/2014)
(20/6/2018)
EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on RWE AG 5.750% 14/2/2033)
(20/9/2018)
EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on RWE AG 5.750% 14/2/2033)
(20/9/2018)
EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on RWE AG 5.750% 14/2/2033)
(20/9/2018)
EUR 280,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 1.000% and provides default
protection on Vodafone Group PLC 5%
4/6/2018) (20/12/2018)
EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 5.000% and provides default
protection on Ardagh Packaging Finance Plc
9.250% 15/10/2020) (20/12/2017)
EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 5.000% and provides default
protection on Ardagh Packaging Finance Plc
9.250% 15/10/2020) (20/12/2018)
EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 5.000% and provides default
protection on British Airways PLC 8.75%
23/8/2016) (20/12/2018)
EUR 50,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 5.000% and provides default
protection on ConvaTec Healthcare E SA
10.875% 15/12/2018) (20/6/2018)
EUR 110,000 Credit Default Swaps (Barclays Bank) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA 5%
18/12/2014) (20/12/2018)
EUR 235,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Anglo American
Capital PLC 5.875% 17/4/2015 and pays Fixed
1.000%) (20/12/2018)
EUR 235,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on BBVA Senior
Finance SAU 4.875% 23/1/2014 and pays Fixed
3.000%) (20/12/2018)
EUR 60,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Electrolux AB
FRN 7/4/2016 and pays Fixed 1.000%)
(20/12/2018)

2,136

29,053

11,278

787

4,828

4,030

2,253

1,205

521

25,642

5,470

232

3,076

323

580

(3,147)

(44)

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 200,000 Credit Default Swaps (BNP Paribas) (Fund


receives default protection on Ladbrokes
Group Finance PLC 7.625% 5/3/2017 and pays
Fixed 1.000%) (20/12/2018)
EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Ladbrokes
Group Finance PLC 7.625% 5/3/2017 and pays
Fixed 1.000%) (20/12/2018)
EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Ladbrokes
Group Finance PLC 7.625% 5/3/2017 and pays
Fixed 1.000%) (20/12/2018)
EUR 220,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Lafarge SA
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
EUR 40,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Stena AB
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
EUR 70,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Stena AB
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
EUR 40,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Stena AB
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Stena AB
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
EUR 170,000 Credit Default Swaps (BNP Paribas)
(Fund receives default protection on
STMicroelectronics NV and pays Fixed 1.000%)
(20/12/2018)
EUR 60,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Suedzucker
International Finance BV 4.125% 29/3/2018
and pays Fixed 1.000%) (20/6/2018)
EUR 130,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on ThyssenKrupp
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/12/2018)
EUR 80,000 Credit Default Swaps (BNP Paribas) (Fund
receives default protection on Virgin Media
Finance Plc 4.875% 15/2/2022 and pays Fixed
5.000%) (20/12/2018)
EUR 470,000 Credit Default Swaps (BNP Paribas) (Fund
receives Fixed 1.000% and provides default
protection on Rolls-Royce Plc 7.375%
14/6/2016) (20/12/2018)
EUR 60,000 Credit Default Swaps (BNP Paribas) (Fund
receives Fixed 5.000% and provides default
protection on Dixons Retail Plc 8.750%
3/8/2015) (20/6/2018)
EUR 10,000 Credit Default Swaps (BNP Paribas) (Fund
receives Fixed 5.000% and provides default
protection on OTE PLC 4.625% 20/5/2016)
(20/3/2018)
EUR 20,000 Credit Default Swaps (BNP Paribas) (Fund
receives Fixed 5.000% and provides default
protection on OTE PLC 4.625% 20/5/2016)
(20/3/2018)
EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund
receives Fixed 5.000% and provides default
protection on Peugeot SA 8.375% 15/7/2014)
(20/9/2018)

(426)

(211)

(129)

(2,798)

(1,015)

(1,326)

(881)

(162)

(383)

653

(4,587)

(2,254)

3,530

4,731

1,803

3,356

9,513

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 30,000 Credit Default Swaps (BNP Paribas) (Fund


receives Fixed 5.000% and provides default
protection on Peugeot SA 8.375% 15/7/2014)
(20/9/2018)
EUR 60,000 Credit Default Swaps (BNP Paribas) (Fund
receives Fixed 5.000% and provides default
protection on Peugeot SA 8.375% 15/7/2014)
(20/9/2018)
EUR 130,000 Credit Default Swaps (BNP Paribas) (Fund
receives Fixed 5.000% and provides default
protection on Peugeot SA 8.375% 15/7/2014)
(20/9/2018)
EUR 180,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Accor SA 2.875%
19/6/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 46,512 Credit Default Swaps (Citibank) (Fund receives
default protection on Accor SA 7.500%
4/2/2014 and pays Fixed 1.000%) (20/12/2017)
EUR 330,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Akzo Nobel NV 8.000%
6/4/2016 and pays Fixed 1.000%) (20/12/2018)
EUR 630,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Anglo American Capital
Plc 5.875% 17/4/2015 and pays Fixed 1.000%)
(20/12/2018)
EUR 100,000 Credit Default Swaps (Citibank) (Fund receives
default protection on BAT International
Finance Plc 5.875% 12/3/2015 and pays Fixed
1.000%) (20/12/2017)
EUR 225,000 Credit Default Swaps (Citibank) (Fund receives
default protection on BBVA Senior Finance
SAU 4.875% 23/1/2014 and pays Fixed
3.000%) (20/12/2018)
USD 100,000 Credit Default Swaps (Citibank) (Fund receives
default protection on BHP Billiton Finance USA
Ltd 7.250% 1/3/2016 and pays Fixed 1.000%)
(20/9/2017)
EUR 200,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Bouygues SA 4.750%
24/5/2016 and pays Fixed 1.000%) (20/6/2018)
EUR 400,000 Credit Default Swaps (Citibank) (Fund
receives default protection on British
Telecommunications Plc 5.750% 7/12/2028
and pays Fixed 1.000%) (20/9/2017)
EUR 250,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Credit Agricole SA
5.065% 10/8/2022 and pays Fixed 3.000%)
(20/6/2018)
EUR 100,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Deutsche Lufthansa
AG 4.625% 6/5/2013 and pays Fixed 1.000%)
(20/9/2017)
EUR 300,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Deutsche Lufthansa
AG 4.625% 6/5/2013 and pays Fixed 1.000%)
(20/6/2017)
EUR 540,000 Credit Default Swaps (Citibank) (Fund receives
default protection on E.ON International
Finance BV 6.375% 29/5/2017 and pays Fixed
1.000%) (20/12/2018)
EUR 110,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Fiat Finance North
America Inc 5.625% 12/6/2017 and pays Fixed
5.000%) (20/12/2018)
EUR 420,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Finmeccanica Finance
SA/Old 5.750% 12/12/2018 and pays Fixed
5.000%) (20/12/2018)

2,854

5,783

9,604

(4,226)

(1,651)

(5,613)

(6,552)

(378)

(3,229)

(2,055)

(5,926)

(8,140)

(11,398)

(8,576)

(32,398)

(4,536)

(753)

(5,359)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

127

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 8,200,000 Credit Default Swaps (Citibank) (Fund receives


default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%)
(20/12/2018)
EUR 4,000,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
EUR 4,100,000 Credit Default Swaps (Citibank) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
EUR 250,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Lloyds Bank Plc 3.375%
20/4/2015 and pays Fixed 1.000%) (20/6/2018)
EUR 200,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Michelin Luxembourg
SCS 2.75% 20/6/2019 and pays Fixed 1.000%)
(20/12/2018)
EUR 60,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Rallye SA 7.625%
4/11/2016 and pays Fixed 5.000%) (20/12/2018)
EUR 320,000 Credit Default Swaps (Citibank) (Fund receives
default protection on RWE AG 5.750%
14/2/2033 and pays Fixed 1.000%) (20/12/2018)
EUR 270,000 Credit Default Swaps (Citibank) (Fund receives
default protection on SABMiller Plc 6.625%
15/8/2033 and pays Fixed 1.000%) (20/12/2018)
EUR 650,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Securitas AB 6.500%
2/4/2013 and pays Fixed 1.000%) (20/9/2017)
EUR 210,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Societe Air France SA
2.75% 1/4/2020 and pays Fixed 5.000%)
(20/12/2018)
EUR 15,336 Credit Default Swaps (Citibank) (Fund receives
default protection on Societe Air France SA
2.750% 1/4/2020 and pays Fixed 5.000%)
(20/9/2018)
EUR 15,335 Credit Default Swaps (Citibank) (Fund receives
default protection on Societe Air France SA
2.750% 1/4/2020 and pays Fixed 5.000%)
(20/9/2018)
EUR 60,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Solvay SA 4.625%
27/6/2018 and pays Fixed 1.000%) (20/9/2018)
EUR 700,000 Credit Default Swaps (Citibank) (Fund receives
default protection on St-Gobain Nederland
BV 5.000% 25/4/2014 and pays Fixed 1.000%)
(20/6/2018)
EUR 620,000 Credit Default Swaps (Citibank) (Fund receives
default protection on STMicroelectronics
Finance BV 0.652% 17/3/2013 and pays Fixed
1.000%) (20/12/2018)
EUR 180,000 Credit Default Swaps (Citibank) (Fund receives
default protection on STMicroelectronics NV
and pays Fixed 1.000%) (20/12/2018)
EUR 170,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Suedzucker International
Finance BV 4.125% 29/3/2018 and pays Fixed
1.000%) (20/6/2018)
EUR 170,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Suedzucker International
Finance BV 4.125% 29/3/2018 and pays Fixed
1.000%) (20/6/2018)
EUR 100,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Telecom Italia SpA
5.375% 29/1/2019 and pays Fixed 1.000%)
(20/3/2018)

128

BlackRock Strategic Funds (BSF)

(22,178)

(10,020)

(12,316)

(10,960)

(531)

(1,858)

(2,054)

(1,548)

(10,618)

(225)

(1,402)

(1,402)

(1,364)

(21,629)

(1,502)

(181)

1,769

1,764

(2,231)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 400,000 Credit Default Swaps (Citibank) (Fund receives


default protection on TeliaSonera AB 4.125%
11/5/2015 and pays Fixed 1.000%) (20/9/2017)
EUR 700,000 Credit Default Swaps (Citibank) (Fund receives
default protection on ThyssenKrupp AG
4.375% 18/3/2015 and pays Fixed 1.000%)
(20/6/2018)
EUR 340,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Vattenfall AB 5.375%
29/4/2024 and pays Fixed 1.000%) (20/12/2018)
EUR 250,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Veolia Environnement
SA 5.375% 28/5/2018 and pays Fixed 1.000%)
(20/12/2017)
EUR 69,251 Credit Default Swaps (Citibank) (Fund receives
default protection on Veolia Environnement
SA 5.375% 28/5/2018 and pays Fixed 1.000%)
(20/12/2017)
EUR 180,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB 5%
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 179,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB 5%
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 360,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB 5%
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 420,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB 5%
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 221,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB 5%
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 200,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB 5%
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 20,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB 5%
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 60,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB 5%
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 150,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB
5.000% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
EUR 70,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB
5.000% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
EUR 150,000 Credit Default Swaps (Citibank) (Fund receives
default protection on Volvo Treasury AB
5.000% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
EUR 200,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Ahold Finance USA LLC 6.875% 1/5/2029)
(20/9/2017)
EUR 600,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Anheuser-Busch InBev NV 8.625%
30/1/2017) (20/12/2018)
EUR 50,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Cap Gemini SA 5.250% 29/11/2016)
(20/12/2017)

(4,202)

(31,121)

(1,220)

(12,674)

(2,754)

(1,902)

(1,891)

(3,632)

(3,828)

(2,014)

(2,004)

(171)

(485)

(1,374)

(542)

(1,233)

8,462

2,698

1,560

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 120,000 Credit Default Swaps (Citibank) (Fund receives


Fixed 1.000% and provides default protection
on Casino Guichard Perrachon SA 4.472%
4/4/2016) (20/12/2018)
551
EUR 100,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Fresenius US Finance II Inc 8.750%
15/7/2015) (20/12/2018)
1,657
EUR 150,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on GKN Holdings PLC 6.75% 28/10/2019)
(20/12/2018)
996
EUR 210,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on GKN Holdings Plc 6.750% 28/10/2019)
(20/6/2018)
6,052
EUR 60,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on J Sainsbury Plc 4.250% 16/7/2014) (20/6/2018)
894
EUR 60,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on J Sainsbury Plc 4.250% 16/7/2014) (20/6/2018)
893
EUR 60,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on J Sainsbury Plc 4.250% 16/7/2014) (20/6/2018)
775
EUR 650,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Kingfisher Plc 5.625% 15/12/2014)
(20/6/2017)
24,884
EUR 70,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Kingfisher Plc 5.625% 15/12/2014) (20/6/2018)
644
EUR 370,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Koninklijke KPN NV 8.375% 1/10/2030)
(20/12/2018)
2,332
EUR 1,000,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Markit ITraxx Europe 12/18 - Serie 20)
(20/12/2018)
6,850
EUR 820,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Marks & Spencer Plc 5.625% 24/3/2014)
(20/12/2018)
17,681
EUR 100,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Next Plc 5.375% 26/10/2021) (20/12/2017)
2,978
EUR 300,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Pernod Ricard SA 4.625% 6/12/2013)
(20/12/2017)
5,823
EUR 400,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Pernod Ricard SA 4.875% 18/3/2016)
(20/6/2018)
4,632
EUR 60,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Renault SA FRN 4/8/2014) (20/6/2018)
3,104
EUR 600,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Renault SA FRN 4/8/2014) (20/6/2018)
36,161
EUR 147,200 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Sanofi 3.375% 21/12/2015) (20/9/2017)
2,480
EUR 150,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 1.000% and provides default protection
on Valeo SA 4.875% 11/5/2018) (20/12/2018)
2,491

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 180,000 Credit Default Swaps (Citibank) (Fund receives


Fixed 1.000% and provides default protection
on Vodafone Group PLC 5% 4/6/2018) (20/12/2018)
85
EUR 230,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on British Airways PLC 8.75% 23/8/2016)
(20/12/2018)
990
EUR 40,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on British Airways Plc 8.750% 23/8/2016)
(20/12/2017)
4,755
EUR 60,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on British Airways Plc 8.750% 23/8/2016)
(20/12/2017)
6,696
EUR 48,077 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on British Airways Plc 8.750% 23/8/2016)
(20/6/2018)
4,233
EUR 50,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on British Airways Plc 8.750% 23/8/2016)
(20/6/2018)
3,394
EUR 20,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on ConvaTec Healthcare E SA 10.875%
15/12/2018) (20/6/2018)
930
EUR 120,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on ConvaTec Healthcare E SA 10.875%
15/12/2018) (20/12/2018)
6,797
EUR 10,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Dixons Retail Plc 8.750% 3/8/2015)
(20/12/2017)
1,338
EUR 320,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Dixons Retail Plc 8.750% 3/8/2015)
(20/12/2018)
4,419
EUR 80,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on EDP - Energias de Portugal SA 6.000%
7/12/2014) (20/6/2018)
1,347
EUR 370,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on EDP - Energias de Portugal SA 6.000%
7/12/2014) (20/12/2018)
18,137
EUR 50,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on EDP - Energias de Portugal SA 6.000%
7/12/2014) (20/12/2018)
2,885
EUR 90,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on ISS Global A/S 4.500% 8/12/2014) (20/12/2018) 1,901
EUR 100,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on ISS Global A/S 4.500% 8/12/2014) (20/12/2018) 2,113
EUR 90,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on ISS Global A/S 4.500% 8/12/2014) (20/12/2018) 2,055
EUR 530,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on ITV Plc 6.125% 5/1/2017) (20/12/2018)
(2,848)
EUR 280,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on NXP BV / NXP Funding LLC 2.961%
15/10/2013) (20/12/2018)
5,015

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

129

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 600,000 Credit Default Swaps (Citibank) (Fund receives


Fixed 5.000% and provides default protection
on Peugeot SA 8.375% 15/7/2014) (20/12/2018)
EUR 190,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Peugeot SA 8.375% 15/7/2014)
(20/12/2018)
EUR 210,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on Schaeffler Finance BV 7.75% 15/2/2017)
(20/12/2018)
EUR 150,000 Credit Default Swaps (Citibank) (Fund receives
Fixed 5.000% and provides default protection
on UPC Holding BV 8.000% 1/11/2016)
(20/6/2017)
EUR 107,000 Credit Default Swaps (Citigroup Global Markets)
(Fund receives default protection on Scania CV
AB 1.750% 22/3/2016 and pays Fixed 1.000%)
(20/9/2017)
EUR 420,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Air France-KLM
4.970% 1/4/2015 and pays Fixed 5.000%)
(20/9/2018)
EUR 80,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Air France-KLM
4.970% 1/4/2015 and pays Fixed 5.000%)
(20/9/2018)
EUR 140,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Air France-KLM
4.970% 1/4/2015 and pays Fixed 5.000%)
(20/9/2018)
EUR 1,630,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Alstom SA
4.000% 23/9/2014 and pays Fixed 1.000%)
(20/12/2018)
EUR 175,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Anglo American
Capital PLC 5.875% 17/4/2015 and pays Fixed
1.000%) (20/12/2018)
EUR 340,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Anglo American
Capital Plc 5.875% 17/4/2015 and pays Fixed
1.000%) (20/12/2018)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Anglo American
Capital PLC 5.875% 17/4/2015 and pays Fixed
1.000%) (20/12/2018)
EUR 1,400,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on AXA SA 4.500%
23/1/2015 and pays Fixed 1.000%) (20/6/2018)
EUR 130,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on BBVA Senior
Finance SAU 4.875% 23/1/2014 and pays Fixed
3.000%) (20/12/2018)
EUR 140,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Bouygues SA
4.750% 24/5/2016 and pays Fixed 1.000%)
(20/6/2018)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on CNH Industrial
Finance Europe SA 6.250% 9/3/2018 and pays
Fixed 5.000%) (20/6/2018)
EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Fiat Finance
North America Inc 5.625% 12/6/2017 and pays
Fixed 5.000%) (20/12/2018)

130

BlackRock Strategic Funds (BSF)

38,508

7,598

384

21,036

(2,877)

(46,320)

(8,647)

(14,049)

(49,013)

112

(2,240)

(21)

(75,329)

(1,235)

(4,659)

(2,429)

(1,053)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund


receives default protection on Fiat Finance
North America Inc 5.625% 12/6/2017 and pays
Fixed 5.000%) (20/12/2018)
(1,019)
EUR 320,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Fiat Finance
North America Inc 5.625% 12/6/2017 and pays
Fixed 5.000%) (20/12/2018)
(6,461)
EUR 210,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Fiat Finance
North America Inc 5.625% 12/6/2017 and pays
Fixed 5.000%) (20/12/2018)
(4,244)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018 and pays
Fixed 5.000%) (20/3/2018)
(3,785)
EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018 and pays
Fixed 5.000%) (20/12/2018)
115
EUR 20,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Infineon
Technologies Holding BV 7.500% 26/5/2014
and pays Fixed 5.000%) (20/12/2017)
(1,572)
EUR 230,000 Credit Default Swaps (Credit Suisse) (Fund receives
default protection on iTraxx Europe Series 20
Version 1 and pays Fixed 1.000%) (20/12/2018)
(78)
EUR 650,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Koninklijke DSM
NV 4.000% 10/11/2015 and pays Fixed 1.000%)
(20/6/2017)
(7,656)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on LANXESS
Finance BV 7.750% 9/4/2014 and pays Fixed
1.000%) (20/3/2018)
(1,175)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Metsa Board
OYJ 8.750% 1/4/2013 and pays Fixed 5.000%)
(20/3/2018)
(6,403)
EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Metsa OYJ
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
87
EUR 70,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Metsa OYJ
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
(294)
EUR 900,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Orange SA
5.625% 22/5/2018 and pays Fixed 1.000%)
(20/6/2018)
(21,877)
EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on PostNL NV
3.875% 1/6/2015 and pays Fixed 1.000%)
(20/6/2018)
(3,083)
EUR 30,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Rallye SA
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/6/2018)
(560)
EUR 200,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Siemens
Financieringsmaatschappij NV 5.625%
11/6/2018 and pays Fixed 1.000%) (20/6/2017)
(5,441)
EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Societe Air
France SA 2.75% 1/4/2020 and pays Fixed
5.000%) (20/12/2018)
(92)

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 160,000 Credit Default Swaps (Credit Suisse) (Fund


receives default protection on Societe Air
France SA 2.75% 1/4/2020 and pays Fixed
5.000%) (20/12/2018)
EUR 110,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Societe Air
France SA 2.75% 1/4/2020 and pays Fixed
5.000%) (20/12/2018)
EUR 20,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Societe Air
France SA 2.750% 1/4/2020 and pays Fixed
5.000%) (20/9/2018)
EUR 130,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Societe Air
France SA 2.750% 1/4/2020 and pays Fixed
5.000%) (20/9/2018)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Solvay SA
4.625% 27/6/2018 and pays Fixed 1.000%)
(20/6/2018)
EUR 110,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Stena AB
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Stena AB
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/9/2017)
EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Stora Enso OYJ
5.125% 23/6/2014 and pays Fixed 5.000%)
(20/6/2018)
EUR 250,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Suedzucker
International Finance BV 4.125% 29/3/2018
and pays Fixed 1.000%) (20/12/2018)
EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Swedish Match
AB 4.625% 28/6/2013 and pays Fixed 1.000%)
(20/6/2018)
EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Swedish Match
AB 4.625% 28/6/2013 and pays Fixed 1.000%)
(20/6/2018)
EUR 400,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Tate & Lyle
International Finance Plc 6.750% 25/11/2019
and pays Fixed 1.000%) (20/6/2018)
EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on TDC A/S 5.875%
16/12/2015 and pays Fixed 1.000%) (20/3/2018)
EUR 30,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on TDC A/S 5.875%
16/12/2015 and pays Fixed 1.000%) (20/3/2018)
EUR 30,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Telecom Italia
SpA 5.375% 29/1/2019 and pays Fixed 1.000%)
(20/3/2018)
EUR 130,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on UniCredit SpA
4.375% 29/1/2020 and pays Fixed 3.000%)
(20/12/2018)
EUR 80,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Virgin Media
Finance Plc 4.875% 15/2/2022 and pays Fixed
5.000%) (20/12/2018)

(804)

(654)

(1,778)

(13,019)

(2,313)

(321)

(52,870)

(16,656)

(2,117)

(373)

(374)

(1,686)

(464)

(218)

(320)

(1,732)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund


receives default protection on Virgin Media
Finance Plc 4.875% 15/2/2022 and pays Fixed
5.000%) (20/12/2018)
EUR 110,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Virgin Media
Finance Plc 4.875% 15/2/2022 and pays Fixed
5.000%) (20/12/2018)
EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Volvo Treasury
AB 5% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
EUR 110,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Volvo Treasury
AB 5% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
EUR 30,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Volvo Treasury
AB 5% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
EUR 220,000 Credit Default Swaps (Credit Suisse) (Fund
receives default protection on Volvo Treasury
AB 5% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
EUR 320,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on ArcelorMittal 6.125% 1/6/2018)
(20/12/2018)
EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on ArcelorMittal 6.125% 1/6/2018)
(20/12/2018)
EUR 700,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Aviva Plc 9.500% 20/6/2016)
(20/3/2018)
EUR 1,400,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Aviva Plc 9.500% 20/6/2016)
(20/6/2018)
EUR 700,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on AXA SA 6.000% 18/6/2013)
(20/3/2018)
EUR 200,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on EADS Finance BV 5.500%
25/9/2018) (20/12/2018)
EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on EADS Finance BV 5.500%
25/9/2018) (20/12/2018)
EUR 170,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.5% 27/2/2019) (20/12/2018)
EUR 150,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.5% 27/2/2019) (20/12/2018)
EUR 160,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)

(1,173)

(1,363)

(1,830)

(1,153)

(243)

(2,092)

5,958

3,458

24,848

71,694

25,524

1,604

866

368

49

159

(1,571)

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

131

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 160,000 Credit Default Swaps (Credit Suisse) (Fund


receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)
EUR 470,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)
EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Havas SA 5.500% 4/11/2014)
(20/3/2018)
EUR 400,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Heathrow Funding Ltd 4.600%
15/2/2018) (20/9/2017)
EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on J Sainsbury Plc 4.250%
16/7/2014) (20/6/2018)
EUR 60,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on J Sainsbury Plc 4.250%
16/7/2014) (20/6/2018)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on J Sainsbury Plc 4.250%
16/7/2014) (20/6/2018)
EUR 70,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Kingfisher Plc 5.625%
15/12/2014) (20/12/2017)
EUR 400,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on LVMH Moet Hennessy Louis
Vuitton SA 4.375% 12/5/2014) (20/6/2017)
EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on National Grid Plc 5.000%
2/7/2018) (20/12/2018)
EUR 150,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on PostNL NV 3.875% 1/6/2015)
(20/12/2018)
EUR 70,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on PostNL NV 3.875% 1/6/2015)
(20/12/2018)
EUR 350,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on PostNL NV 3.875% 1/6/2015)
(20/12/2018)
EUR 36,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Publicis Groupe SA 4.250%
31/3/2015) (20/9/2017)
EUR 650,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Rolls-Royce Plc 7.375%
14/6/2016) (20/6/2017)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Telefonaktiebolaget LM Ericsson
5.375% 27/6/2017) (20/12/2018)
EUR 360,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Telefonica Emisiones SAU
4.375% 2/2/2016) (20/12/2018)

132

BlackRock Strategic Funds (BSF)

159

467

14,190

17,101

1,120

864

1,196

1,960

6,820

687

1,611

749

757

1,382

14,913

634

5,768

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund


receives Fixed 1.000% and provides default
protection on Vodafone Group PLC 5%
4/6/2018) (20/12/2018)
EUR 380,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Vodafone Group PLC 5%
4/6/2018) (20/12/2018)
EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Vodafone Group PLC 5%
4/6/2018) (20/12/2018)
EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Vodafone Group PLC 5%
4/6/2018) (20/12/2018)
EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Vodafone Group PLC 5%
4/6/2018) (20/12/2018)
EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 1.000% and provides default
protection on Vodafone Group PLC 5%
4/6/2018) (20/12/2018)
EUR 199,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Alcatel-Lucent/France 6.375%
7/4/2014) (20/12/2018)
EUR 49,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Alcatel-Lucent/France 8.500%
15/1/2016) (20/12/2018)
EUR 42,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Alcatel-Lucent/France 8.500%
15/1/2016) (20/12/2018)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Ardagh Packaging Finance Plc
9.250% 15/10/2020) (20/3/2018)
EUR 210,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Ardagh Packaging Finance Plc
9.250% 15/10/2020) (20/12/2018)
EUR 10,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on British Airways Plc 8.750%
23/8/2016) (20/3/2018)
EUR 10,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on British Airways Plc 8.750%
23/8/2016) (20/6/2018)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on British Airways Plc 8.750%
23/8/2016) (20/6/2018)
EUR 290,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Cerved Group SpA 8.000%
15/1/2021) (20/12/2018)
EUR 10,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on ConvaTec Healthcare E SA
10.875% 15/12/2018) (20/6/2018)
EUR 20,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on EDP - Energias de Portugal SA
6.000% 7/12/2014) (20/6/2018)

428

760

255

256

256

256

10,121

2,716

2,328

5,760

8,638

771

681

6,364

12,508

515

1,200

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 70,000 Credit Default Swaps (Credit Suisse) (Fund


receives Fixed 5.000% and provides default
protection on Eileme 2 AB 11.750% 31/1/2020)
(20/12/2017)
EUR 20,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Eileme 2 AB 11.750% 31/1/2020)
(20/12/2017)
EUR 270,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Infineon Technologies Holding
BV 7.500% 26/5/2014) (20/12/2018)
EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Jaguar Land Rover Automotive
PLC 8.125% 15/5/2018) (20/3/2018)
EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Jaguar Land Rover Automotive
PLC 8.125% 15/5/2018) (20/3/2018)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Jaguar Land Rover Automotive
PLC 8.125% 15/5/2018) (20/6/2018)
EUR 280,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/12/2018)
EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on New Look Bondco I Plc 8.750%
14/5/2018) (20/12/2018)
EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on New Look Bondco I Plc 8.750%
14/5/2018) (20/12/2018)
EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on New Look Bondco I Plc 8.750%
14/5/2018) (20/12/2018)
EUR 90,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on New Look Bondco I Plc 8.750%
14/5/2018) (20/12/2018)
EUR 500,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on NXP BV / NXP Funding LLC
2.961% 15/10/2013) (20/6/2018)
EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on OTE PLC 4.625% 20/5/2016)
(20/3/2018)
EUR 20,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Schaeffler Finance BV 7.750%
15/2/2017) (20/12/2017)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Schaeffler Finance BV 7.750%
15/2/2017) (20/12/2017)
EUR 10,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Schaeffler Finance BV 7.750%
15/2/2017) (20/12/2017)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Schaeffler Finance BV 7.750%
15/2/2017) (20/3/2018)

15,047

4,706

7,476

3,792

3,424

3,568

15,716

2,839

2,839

2,689

2,901

33,261

6,913

1,933

9,878

924

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 10,000 Credit Default Swaps (Credit Suisse) (Fund


receives Fixed 5.000% and provides default
protection on Schaeffler Finance BV 7.750%
15/2/2017) (20/12/2017)
EUR 600,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Smurfit Kappa Acquisitions
3.727% 15/10/2020) (20/9/2018)
EUR 60,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Smurfit Kappa Acquisitions
3.727% 15/10/2020) (20/9/2018)
EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Sunrise Communications
Holdings SA 8.500% 31/12/2018) (20/9/2017)
EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Techem GmbH 6.125%
1/10/2019) (20/12/2018)
EUR 90,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Techem GmbH 6.125%
1/10/2019) (20/12/2018)
EUR 60,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Techem GmbH 6.125%
1/10/2019) (20/12/2018)
EUR 90,000 Credit Default Swaps (Credit Suisse) (Fund
receives Fixed 5.000% and provides default
protection on Wendel SA 4.875% 26/5/2016)
(20/3/2018)
EUR 240,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on BBVA Senior Finance SAU
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/12/2018)
EUR 100,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on Pearson Plc 7.000% 27/10/2014
and pays Fixed 1.000%) (20/6/2018)
EUR 50,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives default
protection on TDC A/S 4.375% 23/2/2018
andpays Fixed 1.000%) (20/3/2018)
EUR 50,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives Fixed
1.000% and provides default protection
on Glencore Finance Europe SA 6.500%
27/2/2019) (20/12/2018)
EUR 100,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives Fixed
1.000% and provides default protection
on Glencore Finance Europe SA 6.500%
27/2/2019) (20/12/2018)
EUR 60,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives Fixed
1.000% and provides default protection on
National Grid Plc 5.000% 2/7/2018) (20/6/2018)
EUR 240,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives Fixed
3.000% and provides default protection on
UniCredit SpA 4.375% 29/1/2020) (20/12/2018)
EUR 20,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives Fixed
5.000% and provides default protection on
Eileme 2 AB 11.750% 31/1/2020) (20/12/2017)

1,050

28,293

48

11,691

4,508

1,089

581

3,245

(4,932)

(1,309)

(491)

1,256

2,512

315

7,051

4,340

8,176

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

133

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 110,000 Credit Default Swaps (Deutsche Asset


Management Life) (Fund receives Fixed
5.000% and provides default protection on ISS
Global A/S 4.500% 8/12/2014) (20/12/2018)
EUR 10,000 Credit Default Swaps (Deutsche Asset
Management Life) (Fund receives Fixed
5.000% and provides default protection on
OTE PLC 4.625% 20/5/2016) (20/3/2018)
EUR 11,000,000 Credit Default Swaps (Deutsche Bank
Management Life) (Fund receives default
protection on iTraxx Europe Series 20 Version1
and pays Fixed 1.000%) (20/12/2018)
EUR 110,000 Credit Default Swaps (Deutsche Bank
Management Life) (Fund receives default
protection on Societe Air France SA 2.75%
1/4/2020 and pays Fixed 5.000%) (20/12/2018)
EUR 180,000 Credit Default Swaps (Deutsche Bank
Management Life) (Fund receives Fixed
1.000% and provides default protection on
Renault SA 5.625% 22/3/2017) (20/12/2018)
EUR 180,000 Credit Default Swaps (Deutsche Bank
Management Life) (Fund receives Fixed
1.000% and provides default protection on
Vodafone Group PLC 5% 4/6/2018) (20/12/2018)
EUR 60,000 Credit Default Swaps (Deutsche Bank
Management Life) (Fund receives Fixed
5.000% and provides default protection
on Wind Acquisition Finance SA 11.75%
15/7/2017) (20/12/2018)
USD 725,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Bank of America
Corp 5.650% 1/5/2018 and pays Fixed 1.000%)
(20/12/2018)
EUR 60,000 Credit Default Swaps (Deutsche Bank)
(Fund receives default protection on BAT
International Finance Plc 5.875% 12/3/2015
and pays Fixed 1.000%) (20/12/2017)
EUR 195,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Bouygues SA
4.750% 24/5/2016 and pays Fixed 1.000%)
(20/9/2017)
EUR 700,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Credit Agricole
SA 5.065% 10/8/2022 and pays Fixed 3.000%)
(20/3/2018)
EUR 590,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Deutsche
Telekom International Finance BV 6.000%
20/1/2017 and pays Fixed 1.000%) (20/6/2018)
EUR 170,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Fiat Finance
North America Inc 5.625% 12/6/2017 and pays
Fixed 5.000%) (20/12/2018)
EUR 20,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Fiat Finance
North America Inc 5.625% 12/6/2017 and pays
Fixed 5.000%) (20/12/2018)
EUR 20,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Fiat Finance
North America Inc 5.625% 12/6/2017 and pays
Fixed 5.000%) (20/12/2018)
EUR 2,390,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on iTraxx EUR
Series 20 Version 1 and pays Fixed 1.000%)
(20/12/2018)

134

BlackRock Strategic Funds (BSF)

1,392

1,576

(38,911)

(946)

1,295

167

164

(7,901)

(312)

(8,608)

(14,806)

(9,400)

(3,402)

(534)

(491)

(23,279)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 490,000 Credit Default Swaps (Deutsche Bank) (Fund


receives default protection on iTraxx Europe
Crossover Series 20 Version 1 and pays Fixed
5.000%) (20/12/2018)
EUR 360,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on LANXESS
Finance BV 7.750% 9/4/2014 and pays Fixed
1.000%) (20/12/2018)
EUR 830,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Markit ITraxx
Europe 12/18 - Serie 20 and pays Fixed
5.000%) (20/12/2018)
EUR 2,670,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Markit ITraxx
Europe Crossover 12/18 - Serie 20 and pays
Fixed 5.000%) (20/12/2018)
USD 725,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Morgan Stanley
6.000% 28/4/2015 and pays Fixed 1.000%)
(20/12/2018)
EUR 50,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Rallye SA
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/6/2018)
EUR 400,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on RWE AG 5.750%
14/2/2033 and pays Fixed 1.000%)
(20/9/2017)
EUR 10,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Societe Air
France SA 2.750% 1/4/2020 and pays Fixed
5.000%) (20/9/2018)
EUR 170,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Suedzucker
International Finance BV 4.125% 29/3/2018
and pays Fixed 1.000%) (20/12/2018)
EUR 70,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Swedish Match
AB 4.625% 28/6/2013 and pays Fixed 1.000%)
(20/3/2018)
EUR 70,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Swedish Match
AB 4.625% 28/6/2013 and pays Fixed 1.000%)
(20/3/2018)
EUR 100,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on ThyssenKrupp
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/6/2018)
EUR 90,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on ThyssenKrupp
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/12/2018)
EUR 80,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Volvo Treasury
AB 5.000% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
EUR 190,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Alstom SA 4.125% 1/2/2017)
(20/12/2018)
EUR 200,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on BAE Systems Plc 10.750%
24/11/2014) (20/6/2017)

(7,079)

(1,669)

(8,191)

(88,085)

(11,517)

(94)

(10,139)

(851)

(40)

(509)

(648)

(3,219)

(3,155)

(546)

1,627

10,765

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 50,000 Credit Default Swaps (Deutsche Bank) (Fund


receives Fixed 1.000% and provides default
protection on Cap Gemini SA 5.250%
29/11/2016) (20/12/2017)
EUR 400,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on EADS Finance BV 5.500%
25/9/2018) (20/6/2017)
EUR 60,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)
EUR 40,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)
EUR 50,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Heathrow Funding Ltd 4.600%
15/2/2018) (20/12/2017)
EUR 200,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Heathrow Funding Ltd 4.600%
15/2/2018) (20/12/2018)
EUR 110,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Next Plc 5.375% 26/10/2021)
(20/12/2018)
EUR 590,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Orange SA 5.625% 22/5/2018)
(20/6/2018)
EUR 100,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Renault SA FRN 4/8/2014)
(20/6/2018)
USD 220,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Rio Tinto Finance Plc 2.000%
11/5/2020) (20/12/2018)
EUR 260,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Telefonica Emisiones SAU
4.375% 2/2/2016) (20/12/2018)
EUR 180,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Telefonica Emisiones SAU
4.375% 2/2/2016) (20/12/2018)
EUR 180,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 1.000% and provides default
protection on Vodafone Group PLC 5%
4/6/2018) (20/12/2018)
EUR 250,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 5.000% and provides default
protection on Cable & Wireless International
Fin NV 8.625% 25/3/2019) (20/9/2017)
EUR 150,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 5.000% and provides default
protection on Cable & Wireless Worldwide Plc
5.750% 24/11/2014) (20/6/2017)
EUR 200,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 5.000% and provides default
protection on Infineon Technologies Holding
BV 7.500% 26/5/2014) (20/9/2018)
EUR 200,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 5.000% and provides default
protection on Unitymedia KabelBW GmbH
9.625% 1/12/2019) (20/9/2017)

1,605

25,045

1,774

782

2,177

1,547

1,153

15,239

3,009

2,251

10,069

2,797

86

41,367

33,926

6,532

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 30,000 Credit Default Swaps (Deutsche Bank) (Fund


receives Fixed 5.000% and provides default
protection on UPC Holding BV 8.000%
1/11/2016) (20/12/2018)
EUR 80,000 Credit Default Swaps (Deutsche Bank) (Fund
receives Fixed 5.000% and provides default
protection on Wendel SA 4.875% 26/5/2016)
(20/12/2018)
EUR 225,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Anglo American
Capital PLC 5.875% 17/4/2015 and pays Fixed
1.000%) (20/12/2018)
EUR 175,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Anglo American
Capital PLC 5.875% 17/4/2015 and pays Fixed
1.000%) (20/12/2018)
EUR 50,000 Credit Default Swaps (Goldman Sachs)
(Fund receives default protection on BAT
International Finance Plc 5.875% 12/3/2015
and pays Fixed 1.000%) (20/12/2017)
EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Bouygues SA
4.750% 24/5/2016 and pays Fixed 1.000%)
(20/6/2018)
USD 7,100,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on CDX NA IG 21
Version 1 and pays Fixed 1.000%) (20/12/2018)
EUR 130,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Clariant Finance
Luxembourg SA 4.375% 5/4/2013 and pays
Fixed 1.000%) (20/3/2018)
EUR 80,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Deutsche
Lufthansa AG 6.500% 7/7/2016 and pays Fixed
1.000%) (20/12/2018)
EUR 200,000 Credit Default Swaps (Goldman Sachs)
(Fund receives default protection on E.ON
International Finance BV 6.375% 29/5/2017
and pays Fixed 1.000%) (20/12/2018)
EUR 410,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Fiat Finance
North America Inc 5.625% 12/6/2017 and pays
Fixed 5.000%) (20/12/2018)
EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Finmeccanica
Finance SA/Old 5.750% 12/12/2018 and pays
Fixed 5.000%) (20/3/2018)
USD 1,450,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Ford Motor
Co 6.500% 1/8/2018 and pays Fixed 5.000%)
(20/12/2018)
EUR 220,000 Credit Default Swaps (Goldman Sachs)
(Fund receives default protection on
HeidelbergCement Finance BV 5.625%
4/1/2018 and pays Fixed 5.000%) (20/12/2018)
EUR 280,000 Credit Default Swaps (Goldman Sachs)
(Fund receives default protection on
HeidelbergCement Finance BV 5.625%
4/1/2018 and pays Fixed 5.000%) (20/12/2018)
EUR 535,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Intesa Sanpaolo
SpA 4.75% 15/6/2017 and pays Fixed 3.000%)
(20/12/2018)
EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Ladbrokes
Group Finance Plc 7.625% 5/3/2017 and pays
Fixed 1.000%) (20/12/2018)

245

962

658

32

(238)

(3,278)

(7,082)

(6,449)

(1,754)

(730)

(16,199)

(4,795)

(6,464)

(698)

(909)

(6,271)

568

22,518

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

135

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 90,000 Credit Default Swaps (Goldman Sachs) (Fund


receives default protection on Ladbrokes
Group Finance Plc 7.625% 5/3/2017 and pays
Fixed 1.000%) (20/12/2018)
EUR 210,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Ladbrokes
Group Finance PLC 7.625% 5/3/2017 and pays
Fixed 1.000%) (20/12/2018)
EUR 112,589 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Lafarge SA
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
EUR 96,066 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Lafarge SA
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
EUR 190,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Lafarge SA
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on LANXESS
Finance BV 7.750% 9/4/2014 and pays Fixed
1.000%) (20/3/2018)
EUR 120,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Metsa OYJ
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
EUR 80,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Metsa OYJ
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
EUR 80,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Metsa OYJ
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Pearson Plc
7.000% 27/10/2014 and pays Fixed 1.000%)
(20/6/2018)
USD 320,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Qantas Airways
Ltd 6.050% 15/4/2016 and pays Fixed 1.000%)
(20/12/2018)
EUR 210,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Rallye SA
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/12/2018)
EUR 210,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on SES SA 4.625%
9/3/2020 and pays Fixed 1.000%)
(20/12/2018)
EUR 60,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Solvay SA
4.625% 27/6/2018 and pays Fixed 1.000%)
(20/9/2018)
EUR 800,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on St-Gobain
Nederland BV 5.000% 25/4/2014 and pays
Fixed 1.000%) (20/6/2018)
EUR 40,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Stena AB
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2017)
EUR 80,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Stena AB
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)

136

BlackRock Strategic Funds (BSF)

457

(179)

(1,458)

(1,244)

(3,414)

(424)

10

(526)

(558)

(1,753)

(456)

(4,740)

(483)

(1,387)

(21,530)

(3,635)

(130)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 120,000 Credit Default Swaps (Goldman Sachs)


(Fund receives default protection on
STMicroelectronics NV and pays Fixed 1.000%)
(20/12/2018)
EUR 90,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Suedzucker
International Finance BV 4.125% 29/3/2018
and pays Fixed 1.000%) (20/12/2018)
EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Telecom Italia
SpA 5.375% 29/1/2019 and pays Fixed 1.000%)
(20/3/2018)
EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on ThyssenKrupp
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/6/2018)
EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on ArcelorMittal 6.125% 1/6/2018)
(20/12/2018)
EUR 90,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on ArcelorMittal 6.125% 1/6/2018)
(20/12/2018)
EUR 110,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on ArcelorMittal 6.125% 1/6/2018)
(20/12/2018)
EUR 250,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Aviva Plc 9.500% 20/6/2016)
(20/6/2018)
EUR 250,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on AXA SA 4.500% 23/1/2015)
(20/6/2018)
EUR 230,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on EADS Finance BV 5.500%
25/9/2018) (20/12/2018)
EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Fresenius US Finance II Inc
8.75% 15/7/2015) (20/12/2018)
EUR 30,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Gecina SA 2.125% 1/1/2016)
(20/12/2017)
EUR 80,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on GKN Holdings PLC 6.75%
28/10/2019) (20/12/2018)
EUR 140,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on GKN Holdings Plc 6.750%
28/10/2019) (20/6/2018)
EUR 240,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.5% 27/2/2019) (20/12/2018)
EUR 110,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.5% 27/2/2019) (20/12/2018)
EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)

(357)

(672)

(578)

(4,006)

1,397

2,551

1,440

11,823

12,359

1,157

1,321

1,304

570

3,650

71

32

2,334

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund


receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)
EUR 130,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)
EUR 60,000 Credit Default Swaps (Goldman Sachs)
(Fund receives Fixed 1.000% and provides
default protection on Kingfisher Plc 5.625%
15/12/2014) (20/6/2018)
EUR 20,000 Credit Default Swaps (Goldman Sachs)
(Fund receives Fixed 1.000% and provides
default protection on Kingfisher Plc 5.625%
15/12/2014) (20/6/2018)
EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Pernod Ricard SA 4.625%
6/12/2013) (20/12/2017)
EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Publicis Groupe SA 4.250%
31/3/2015) (20/6/2018)
EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Publicis Groupe SA 4.250%
31/3/2015) (20/6/2018)
EUR 180,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Renault SA 5.625% 22/3/2017)
(20/12/2018)
EUR 990,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Renault SA FRN 4/8/2014)
(20/9/2018)
EUR 680,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Rolls-Royce Plc 7.375%
14/6/2016) (20/12/2018)
USD 1,450,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on TRW Automotive Holdings Corp)
(20/12/2018)
EUR 290,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 1.000% and provides default
protection on Vodafone Group PLC 5%
4/6/2018) (20/12/2018)
EUR 570,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Alcatel-Lucent/France 6.375%
7/4/2014) (20/12/2018)
EUR 20,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on British Airways Plc 8.750%
23/8/2016) (20/3/2018)
EUR 290,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on CIR-Compagnie Industriali
Riunite SpA 5.750% 16/12/2024) (20/12/2018)
EUR 60,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on ConvaTec Healthcare E SA
7.375% 15/12/2017) (20/12/2017)
EUR 60,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Eileme 2 AB 11.75% 31/1/2020)
(20/12/2018)

768

523

581

135

902

973

874

1,047

44,601

4,584

3,499

187

29,753

2,051

(878)

6,135

4,070

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 30,000 Credit Default Swaps (Goldman Sachs) (Fund


receives Fixed 5.000% and provides default
protection on Eileme 2 AB 11.750% 31/1/2020)
(20/12/2017)
EUR 20,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Eileme 2 AB 11.750% 31/1/2020)
(20/12/2017)
EUR 70,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Imperial Tobacco Finance Plc
6.250% 4/12/2018) (20/9/2018)
EUR 60,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Infineon Technologies Holding
BV 7.500% 26/5/2014) (20/9/2018)
EUR 130,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on ISS Global A/S 4.500%
8/12/2014) (20/12/2018)
EUR 110,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA 5%
18/12/2014) (20/12/2018)
EUR 20,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/3/2018)
EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/6/2018)
EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/12/2018)
EUR 140,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Nokia OYJ 6.750% 4/2/2019)
(20/12/2018)
EUR 70,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on NXP BV / NXP Funding LLC
8.625% 15/10/2015) (20/3/2018)
EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on OTE PLC 4.625% 20/5/2016)
(20/3/2018)
EUR 40,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on OTE PLC 4.625% 20/5/2016)
(20/3/2018)
EUR 20,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Scandinavian Airlines 9.65%
16/6/2014) (20/12/2018)
EUR 230,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Scandinavian Airlines 9.650%
16/6/2014) (20/12/2018)
EUR 20,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Schaeffler Finance BV 7.750%
15/2/2017) (20/12/2017)
EUR 140,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Schaeffler Finance BV 7.750%
15/2/2017) (20/12/2018)

7,339

4,617

(532)

2,581

2,634

324

2,263

4,907

3,125

3,427

4,590

9,766

6,377

(312)

(143)

1,976

2,936

The notes on pages 150 to 158 form an integral part of these financial statements.

Unaudited Interim Report and Accounts

137

BlackRock Global Absolute Return Bond Fund continued


Swaps as at 30 November 2013

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 140,000 Credit Default Swaps (Goldman Sachs) (Fund


receives Fixed 5.000% and provides default
protection on TUI AG 2.75% 24/3/2016)
(20/12/2018)
EUR 90,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on UPM-Kymmene Corp 5.625%
1/12/2014) (20/12/2018)
EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund
receives Fixed 5.000% and provides default
protection on Wind Acquisition Finance SA
11.75% 15/7/2017) (20/12/2018)
EUR 200,000 Credit Default Swaps (HSBC) (Fund receives
default protection on Fortum OYJ 5.000%
19/11/2013 and pays Fixed 1.000%) (20/9/2017)
EUR 188,709 Credit Default Swaps (HSBC) (Fund receives
default protection on GDF Suez 5.125%
19/2/2018 and pays Fixed 1.000%)
(20/12/2017)
EUR 100,000 Credit Default Swaps (HSBC) (Fund receives
default protection on Rallye SA 7.625%
4/11/2016 and pays Fixed 5.000%)
(20/12/2017)
EUR 100,000 Credit Default Swaps (HSBC) (Fund receives
default protection on Telecom Italia SpA
5.375% 29/1/2019 and pays Fixed 1.000%)
(20/12/2017)
EUR 71,000 Credit Default Swaps (HSBC) (Fund receives
Fixed 1.000% and provides default protection
on Publicis Groupe SA 4.250% 31/3/2015)
(20/9/2017)
EUR 183,500 Credit Default Swaps (HSBC) (Fund receives
Fixed 1.000% and provides default protection
on Shell International Finance BV 5.200%
22/3/2017) (20/9/2017)
EUR 40,000 Credit Default Swaps (HSBC) (Fund receives
Fixed 5.000% and provides default protection
on ConvaTec Healthcare E SA 10.875%
15/12/2018) (20/12/2017)
EUR 300,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle)) (Fund receives default
protection on Pernod Ricard SA 4.875%
18/3/2016 and pays Fixed 1.000%) (20/9/2018)
EUR 50,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives default protection on LANXESS
Finance BV 7.750% 9/4/2014 and pays Fixed
1.000%) (20/12/2017)
EUR 120,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives default protection on LANXESS
Finance BV 7.750% 9/4/2014 and pays Fixed
1.000%) (20/3/2018)
EUR 110,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives default protection on Michelin
Luxembourg SCS 2.75% 20/6/2019 and pays
Fixed 1.000%) (20/12/2018)
EUR 150,000 Credit Default Swaps (JP Morgan Chase
Bank) (Fund receives default protection on
STMicroelectronics NV and pays Fixed 1.000%)
(20/12/2018)
EUR 40,000 Credit Default Swaps (JP Morgan Chase
Bank) (Fund receives default protection on
Suedzucker International Finance BV 4.125%
29/3/2018 and pays Fixed 1.000%) (20/12/2018)
EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives default protection on Telecom
Italia SpA 5.375% 29/1/2019 and pays Fixed
1.000%) (20/12/2017)

138

BlackRock Strategic Funds (BSF)

2,150

175

41

(1,289)

(4,206)

(8,931)

(5,295)

2,268

4,899

4,281

(5,814)

(830)

(1,127)

(505)

(153)

(339)

(3,233)

Nominal
Value Description

Unrealised
appreciation/
(depreciation)
EUR

EUR 50,000 Credit Default Swaps (JP Morgan Chase Bank)


(Fund receives Fixed 1.000% and provides
default protection on ArcelorMittal 6.125%
1/6/2018) (20/12/2018)
EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 1.000% and provides
default protection on BAE Systems Plc
10.750% 24/11/2014) (20/9/2018)
EUR 170,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 1.000% and provides
default protection on Enel SpA 5.25%
20/6/2017) (20/12/2018)
EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 1.000% and provides
default protection on Gecina SA 2.125%
1/1/2016) (20/12/2017)
EUR 50,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 1.000% and provides
default protection on Heathrow Funding Ltd
4.600% 15/2/2018) (20/12/2017)
EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 1.000% and provides
default protection on Kering 3.750% 8/4/2015)
(20/12/2017)
EUR 40,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 1.000% and provides
default protection on Kering 3.750% 8/4/2015)
(20/12/2017)
EUR 40,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 1.000% and provides
default protection on Kering 3.750% 8/4/2015)
(20/12/2017)
EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 1.000% and provides
default protection on Kingfisher Plc 5.625%
15/12/2014) (20/12/2017)
EUR 170,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 1.000% and provides
default protection on Safeway Ltd 6.125%
17/12/2018) (20/12/2018)
EUR 30,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 5.000% and provides
default protection on Ardagh Packaging
Finance Plc 9.250% 15/10/2020) (20/3/2018)
EUR 40,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 5.000% and provides
default protection on NXP BV / NXP Funding
LLC 2.961% 15/10/2013) (20/3/2018)
EUR 50,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 5.000% and provides
default protection on NXP BV / NXP Funding
LLC 2.961% 15/10/2013) (20/3/2018)
EUR 10,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives Fixed 5.000% and provides
default protection on Schaeffler Finance BV
7.750% 15/2/2017) (20/12/2017)
EUR 160,000 Credit Default Swaps (JP Morgan) (Fund receives
default protection on Accor SA 2.875%
19/6/2017 and pays