Annual report and audited financial statements

BlackRock Market Advantage Fund

For the financial year ended 28 February 2021 Contents

General Information 2

About the Fund 3

Fund Managers 3

Significant Events 3

Risk and Reward Profile 4

Investment Report 5

Performance Record 8

Distribution Tables 9

Report on Remuneration 10

Portfolio Statement 16

Statement of Total Return 64

Statement of Change in Net Assets Attributable to Unitholders 64

Balance Sheet 65

Notes to Financial Statements 66

Statement of Manager’s Responsibilities 89

Statement of the Trustee’s Responsibilities in Respect of the Fund and Report of the Trustee to the Unitholders of the Fund for the Year Ended 28 February 2021 90

Independent Auditor’s Report 91

Supplementary Information 96

1 BlackRock Market Advantage Fund General Information Manager & Registrar BlackRock Fund Managers Limited 12 Throgmorton Avenue, EC2N 2DL

Member of The Investment Association and authorised and regulated by the Financial Conduct Authority (“FCA”).

Directors of the Manager G D Bamping* M B Cook (Resigned 30 October 2020) S Corrigall (Appointed 13 January 2021) W I Cullen* D Edgar (Appointed 14 November 2020) RARHayes(Resigned13January2021) AMLawrence HNMepham LEWatkins (Resigned 16 November 2020) M T Zemek*

Trustee & Custodian The of New York Mellon (International) Limited One Canada Square, London E14 5AL

Authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority.

Investment Manager BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL

Authorised and regulated by the FCA.

Investment Adviser BlackRock Financial Management, Inc 55 East 52nd Street, New York, NY 10055,

Regulated by the Securities and Exchange Commission.

Stock Lending Agent BlackRock Advisors (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL

Authorised and regulated by the FCA

Auditor Ernst & Young LLP Atria One, 144 Morrison Street, Edinburgh EH3 8EX

BlackRock’s proxy voting agent is ISS (Institutional Shareholder Services).

This Report relates to the packaged products of and is issued by: BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: 020 7743 3000 Dealing and Investor Services: 0800 44 55 22 blackrock.co.uk

For your protection, telephone calls are usually recorded.

* Non-executive Director.

BlackRock Market Advantage Fund 2 About the Fund BlackRock Market Advantage Fund (the “Fund”) is UCITS scheme under the COLL Sourcebook. The Fund was authorised on 22 December 2014 and launched on 16 January 2015. The Fund’s FCA product reference number is 658982.

Assessment of value The FCA has introduced new requirements for UK authorised fund managers to consider whether the charges taken from a fund they manage are justified in the context of the overall service and value offered by that fund, and to report on those findings. BlackRock has fulfilled its obligations for the reporting requirement, including assessing relevant charges, and published the annual assessment of value statements on the BlackRock website on 30 October 2020 in a composite report for all funds managed by BlackRock Fund Managers Limited subject to these requirements.

Fund Managers

As at 28 February 2021, the Fund Managers of the Fund are He Ren and Philip Hodges.

The former Fund Manager Ked Hogan relinquished his Fund Management responsibilities effective 1 December 2020.

Significant Events

Changes in the Directors of the Manager M B Cook resigned as a Director effective 30 October 2020. D Edgar was appointed as a Director effective 14 November 2020. L E Watkins resigned as a Director effective 16 November 2020.RARHayesresigned as a Director effective 13 January 2021. S Corrigall was appointed as a Director effective 13 January 2021.

Outbreak of COVID-19 An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has developed into a global pandemic and has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty.The impact of COVID-19 has adversely affected the of many nations across the entire global , individual issuers and capital markets, and could continue to extents that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty. The impact of this significant event on the Fund’s financial risk exposure is disclosed in Note 2.

The Manager has assessed the impact of market conditions arising from the COVID-19 outbreak on the Fund’s ability to meet its investment objectives. Based on the latest available information, the Fund continues to be managed in line with its investment objective, with no disruption to the operations of the Fund and the publication of net asset values.

Eligible Securities Markets The list of eligible securities markets applicable to the Fund has been updated in the Prospectus.

3 BlackRock Market Advantage Fund Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class X Accumulation 1 2 3 4 567 D Accumulation 1 2 3 4 567

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Documents (“KIIDs”), which are available at www.blackrock.com.

BlackRock Market Advantage Fund 4 Investment Report for the year ended 28 February 2021

Investment Objective The aim of the Fund is to provide a return on your investment (generated through an increase in the value of the assets held by the Fund and/or income received from those assets) over the long term ( five consecutive years ), which exceeds 3 month GBP LIBOR by 3.5 % (gross of fees). Target benchmark Investment management approach 3 Month GBP LIBOR (plus 3.5% (gross of fees)) Active

Performance Summary The following table compares the Fund’s realised performance against the performance of the relevant target benchmark during the financial year ended 28 February 2021.

The returns disclosed, based on bid-to-bid dealing prices (the price at which units are sold) and calculated net of fees, are the performance returns for the primary unit class of the Fund which has been selected as a representative unit class. The primary unit class represents the class of unit which is the highest charging unit class, free of any commissions or rebates, and is freely available. Performance returns for any other unit class can be made available on request. Target Fund return benchmark % % Class D Accumulation Units 3.20 3.67

All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product.

Global Economic Overview Global equities, as represented by the MSCI All Country World Index (GBP), posted a return of 19.00% for the twelve months ended 28 February 2021. The reporting period began at the height of uncertainty surrounding the spread of COVID-19, which initially led to steep declines for all classes of equities. Countries around the globe instituted restrictions to slow the progress of the virus, resulting in a sharp economic downturn and a sudden rise in unemployment. Turbulence in energy markets also unsettled equities, as a rapid fall in oil prices threatened the viability of parts of the energy sector.

Beginning in late March 2020, however,equities regained a significant portion of their losses as aggressive policy responses from governments and central , the phased reopening of economies around the world and new treatments of COVID-19 raised hopes for an economic recovery. In November 2020, news that multiple vaccines had shown high effectiveness rates and were ready to be put into production reassured investors and provided a strong boost to equities. As mass vaccination programs got underway in early 2021 and global infections began to decline, equities advanced again, with many indices reaching all-time highs. The prospect of a return to normality and increased consumer spending due to pent-up demand led investors to increase their expectations for future inflation.

5 BlackRock Market Advantage Fund Investment Report continued

Prior to the beginning of the reporting period, highly rated bonds rallied, while lower-rated bonds declined sharply, especially corporate and emerging market credits, in response to the COVID-19 outbreak. Many bond prices (which move inversely to yields) fell, particularly for corporate and emerging market bonds, before recovering due to central bank interventions. The US Federal Reserve (the Fed) implemented an unprecedented corporate bond purchasing facility which provided significant support to the sector. Consequently, the reporting period saw a reversal of the flight from risk as investor appetite for corporate bonds, particularly lower-quality, higher-yield bonds, increased substantially. High-yield corporate bonds subsequently advanced strongly, while investment-grade corporate bonds posted a more modest return.

The demand for less risky assets initially led to solid returns for US Treasuries, and the yield on the 10-year US Treasury, a benchmark lending rate for the bond market, touched an all-time low in August 2020. However, yields increased in early 2021 as investors’ inflation expectations rose, leading to negative US Treasury returns for the 12-month period.

Equities in emerging markets posted a strong advance for the reporting period. These equities were initially among the most affected by the COVID-19 pandemic, as lockdowns and factory closures in China negatively impacted on Chinese markets. Many of the emerging Asian economies that have substantial trade with China also suffered significant supply and demand shocks. However, emerging market equities rebounded sharply as infection rates slowed and economies reopened, and China reported economic data indicating a strong recovery. Emerging market bond prices, which fell sharply in March 2020, recovered due to optimism about the pace of economic recovery, outperforming other international bonds for the 12-month period.

In the market, gold prices rose, touching an all-time high in August 2020 as investors sought alternative stores of value amid a large increase in the money supply.Oil prices fell rapidly to a 21 year low in April 2020 amid a combination of weakened demand and increased supply following a dispute between Russia and Saudi Arabia (two of the world’s leading oil producers). However, prices climbed again as economic conditions improved, ending the reporting period with a gain.

On the foreign exchanges, the US dollar declined against most global currencies, reflecting ongoing monetary stimulus and historically low interest rates relative to other developed economies. The euro, sterling, the Swiss franc, and the Japanese yen all advanced against the US dollar.

The disruption caused by the pandemic led to a significant worldwide economic contraction early in the reporting period. The US economy shrank by an annualised record 31.4% in the second quarter of 2020, and the economies of the Eurozone and Japan fell into recession. Signs of recovery appeared later in the reporting period, however, as the Chinese economy returned to growth in the second quarter of 2020. The US and Japan followed with significant rebound growth in the third quarter followed by slower gains in the fourth quarter. The Eurozone economy grew in the third quarter before contracting again in the fourth quarter amid renewed lockdowns in some areas.

After the COVID-19 outbreak, the Fed instituted two emergency rate cuts, and along with other influential central banks implemented major bond-buying programs to stabilise debt markets. The US, along with many other countries, provided fiscal stimulus to offset the economic effects of the pandemic. The synchronised economic stimulus ultimately jumpstarted economic growth and supported risk taking in global markets. The Fed further committed to a near-zero interest rate policy through 2022 in a bid to promote longer-term economic expansion, even if inflation temporarily rises above its 2% target rate.

BlackRock Market Advantage Fund 6 Investment Report continued

Fund Performance Review and Activity Over the financial year to 28 February 2021, the Fund’s return was 3.20%, underperforming its target benchmark, which returned 3.67%.

The reporting period began with a sharp negative return in March 2020 as the spreading COVID-19 pandemic brought major economies to a standstill. Most investible assets fell steeply during that month before a widespread recovery took hold following unprecedented levels of coordinated government and central bank stimulus measures. The period ended with many risk assets well above their pre-pandemic levels, spurred on by the commencement of vaccination programmes around the world.

The Fund’s return was driven primarily by exposure to three of the six factors, shown in the table below. Those three are pro-cyclical factors, which all contributed to the positive performance of the Fund as the widespread global economic recovery continued following the shutdown of major economies at the beginning of 2020. On the contrary, the defensive factors (Real Rates and Inflation) underperformed in this recovery environment.

During the financial year the following were the largest contributors to and detractors from the Fund’s return in absolute terms: Largest Contributors Largest Detractors Effect on Effect on Strategy (Macro) Strategy (Macro) Fund return Fund return Economic 5.63% Credit (2.37)% Emerging 0.51% Real Rates (0.81)% Liquidity 0.29% Inflation (0.06)%

The Economic factor strongly outperformed with returns coming from equity, and listed real estate exposures. Developed market equities drove the majority of returns and commodities were particularly additive as energy prices recovered to pre-pandemic levels. On the contrary, the Inflation factor underperformed – government bond yields moved higher as investors priced in higher inflation expectations with all the pent up demand from the closure of major economies at the start of 2020.

The following table details the significant portfolio weightings at 28 February 2021 and 29 February 2020: 28 February 2021 29 February 2020 Asset Class Weighting Asset Class Weighting Developed Sovereign Debt 12.23% Inflation-Linked Debt 20.79% Emerging Equity 10.48% Developed Sovereign Debt 12.30% Developed Small Cap Equity 9.40% High Yield Credit 12.07% Emerging Sovereign Debt 8.72% Emerging Equity 10.19% Inflation-Linked Debt 8.40% Investment Grade Credit 10.03%

During the reporting period, the investment team took steps to reduce allocations to credit (both investment grade and high yield corporate bonds) due to their relative expensiveness, favouring other growth assets such as equities instead. The team also took action to reduce portfolio duration by cutting exposure to government bonds, as real rates are also relatively expensive and with more volatility across bond markets expected.

7 BlackRock Market Advantage Fund Performance Record

Comparative Table

X Accumulation Units D Accumulation Units For the year For the year For the year For the year For the year For the year to 28.2.2021 to 29.2.2020 to 28.2.2019 to 28.2.2021 to 29.2.2020 to 28.2.2019 Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Change in net assets per unit Opening net asset value per unit 118.0 113.1 111.2 115.7 111.3 109.9 Return before operating charges 4.50 4.96 1.89 4.37 4.92 1.85 Operating charges (0.05) (0.02) (0.03) (0.50) (0.49) (0.46)

Return after operating charges 4.45 4.94 1.86 3.87 4.43 1.39 Distributions (0.65) (1.21) (1.10) (0.18) (0.72) (0.65) Retained distributions on accumulation units 0.65 1.21 1.10 0.18 0.72 0.65

Closing net asset value per unit 122.5 118.0 113.1 119.6 115.7 111.3 After direct transaction costs of (0.02) (0.01) (0.01) (0.02) (0.01) (0.01)

Performance Return after charges1 3.77% 4.37% 1.67% 3.34% 3.98% 1.26%

Other information Closing net asset value (£000’s) 741,621 560,466 589,137 5,248 5,692 4,942 Closing number of units 605,658,993 474,791,012 521,081,767 4,389,047 4,918,211 4,441,093 Operating charges2 0.03% 0.02% 0.03% 0.44% 0.42% 0.42% Direct transaction costs3 0.02% 0.01% 0.01% 0.02% 0.01% 0.01%

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 125.0 122.4 113.7 122.1 120.0 111.9 Lowest bid unit price 102.0 112.8 107.3 99.95 111.0 105.7

1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments, debt instruments and collective investment schemes. See note 15 for further details.

BlackRock Market Advantage Fund 8 Distribution Tables for the year ended 28 February 2021

Final Distribution in Pence per Unit Group 1 − Units purchased prior to 1 September 2020 Group 2 − Units purchased 1 September 2020 to 28 February 2021

X Accumulation D Accumulation Units Units Group 1 Group 2 Group 1 Group 2 Gross 0.2987 0.2177 0.0598 0.0272 Equalisation† – 0.0810 – 0.0326 Distribution paid 30.4.2021 0.2987 0.2987 0.0598 0.0598 Distribution paid 30.4.2020 0.5627 0.5627 0.3187 0.3187

Interim Distribution in Pence per Unit Group 1 − Units purchased prior to 1 March 2020 Group 2 − Units purchased 1 March 2020 to 31 August 2020

X Accumulation D Accumulation Units Units Group 1 Group 2 Group 1 Group 2 Gross revenue 0.3483 0.1713 0.1198 0.0532 Equalisation† – 0.1770 – 0.0666 Distribution paid 31.10.2020 0.3483 0.3483 0.1198 0.1198 Distribution paid 31.10.2019 0.6451 0.6451 0.4050 0.4050

† Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes.

9 BlackRock Market Advantage Fund Report on Remuneration

The below disclosures are made in respect of the remuneration policies of the BlackRock group (BlackRock), as they apply to BlackRock Fund Managers Limited (the Manager). The disclosures are made in accordance with the Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS”), as amended, including in particular by Directive 2014/91/EU of the European Parliament and of the council of 23 July 2014, (the “Directive”), the Guidelines on sound remuneration policies under the UCITS Directive and AIFMD issued by the European Securities and Markets Authority,the Financial Conduct Authority Handbook SYSC 19E: The UCITS Remuneration Code (the “UCITS Remuneration Code”), and COLL 4.5.7 R(7).

BlackRock’s UCITS Remuneration Policy (the “UCITS Remuneration Policy”) will apply to the EEA entities within the BlackRock group authorised as a manager of alternative investment funds in accordance with the Directive, and will ensure compliance with the requirements of Article 14b of the Directive and the UCITS Remuneration Code.

The Manager has adopted the UCITS Remuneration Policy, a summary of which is set out below.

Remuneration Governance BlackRock’s remuneration governance in EMEA operates as a tiered structure which includes: (a) the Management Development and Compensation Committee (“MDCC”) (which is the global, independent remuneration committee for BlackRock, Inc. and (b) the Manager’s (the “Manager’s Board”). These bodies are responsible for the determination of BlackRock’s remuneration policies.

(a) MDCC The MDCC’s purposes include:

• providing oversight of:

• BlackRock’s executive compensation programmes;

• BlackRock’s employee benefit plans; and

• such other compensation plans as may be established by BlackRock from time to time for which the MDCC is deemed as administrator; • reviewing and discussing the compensation discussion and analysis included in the BlackRock, Inc. annual proxy statement with management and approving the MDCC’s report for inclusion in the proxy statement; • reviewing, assessing and making reports and recommendations to the BlackRock, Inc. Board of Directors (the “BlackRock, Inc. Board”) as appropriate on BlackRock’s talent development and succession planning, with the emphasis on performance and succession at the highest management levels; and • supporting the boards of the ’s EMEA regulated entities in meeting their remuneration-related obligations by overseeing the design and implementation of EMEA remuneration policy in accordance with applicable regulations.

The MDCC directly retains its own independent compensation consultant, Semler Brossy Consulting Group LLC, who has no relationship with BlackRock, Inc. or the BlackRock, Inc. Board that would interfere with its ability to provide independent advice to the MDCC on compensation matters.

BlackRock Market Advantage Fund 10 Report on Remuneration continued

The BlackRock, Inc. Board has determined that all of the members of the MDCC are “independent” within the meaning of the listing standards of the New York (NYSE), which requires each meet a “non-employee director” standard.

The MDCC held 9 meetings during 2020. The MDCC charter is available on BlackRock, Inc.’s website (www.blackrock.com).

Through its regular reviews, the MDCC continues to be satisfied with the principles of BlackRock’s compensation policy and approach.

(b) The Manager’s Board The Manager’s Board has the task of supervising and providing oversight of the UCITS Remuneration Policy as it applies to the Manager and its Identified Staff.

The Manager’s Board (through independent review by the relevant control functions) remains satisfied with the implementation of the UCITS Remuneration Policy as it applies to the Manager and its Identified Staff.

Decision-making process Remuneration decisions for employees are made once annually in January following the end of the performance year. This timing allows full-year financial results to be considered along with other non-financial goals and objectives. Although the framework for remuneration decision-making is tied to financial performance, significant discretion is used to determine individual variable remuneration based on achievement of strategic and operating results and other considerations such as management and leadership capabilities.

No set formulas are established and no fixed benchmarks are used in determining annual incentive awards. In determining specific individual remuneration amounts, a number of factors are considered including non- financial goals and objectives and overall financial and investment performance. These results are viewed in the aggregate without any specific weighting, and there is no direct correlation between any particular performance measure and the resulting annual incentive award. The variable remuneration awarded to any individual(s) for a particular performance year may also be zero.

Annual incentive awards are paid from a bonus pool.

The size of the projected bonus pool, including cash and equity awards, is reviewed throughout the year by the MDCC and the final total bonus pool is approved after year-end. As part of this review, the MDCC receives actual and projected financial information over the course of the year as well as final year-end information. The financial information that the MDCC receives and considers includes the current year projected income statement and other financial measures compared with prior year results and the current year budget. The MDCC additionally reviews other metrics of BlackRock’s financial performance (e.g., net inflows of AUM and investment performance) as well as information regarding market conditions and competitive compensation levels.

The MDCC regularly considers management’s recommendation as to the percentage of preincentive operating income that will be accrued and reflected as a compensation expense throughout the year for the cash portion of the total annual bonus pool (the “accrual rate”). The accrual rate of the cash portion of the total annual bonus pool may be modified by the MDCC during the year based on its review of the financial information described above. The MDCC does not apply any particular weighting or formula to the information it considers when determining the size of the total bonus pool or the accruals made for the cash portion of the total bonus pool.

Following the end of the performance year, the MDCC approves the final bonus pool amount.

11 BlackRock Market Advantage Fund Report on Remuneration continued

As part of the year-end review process the Enterprise Risk and Regulatory Compliance departments report to the MDCC on any activities, incidents or events that warrant consideration in making compensation decisions.

Individuals are not involved in setting their own remuneration.

Control functions Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) has its own organisational structure which is independent of the business units. The head of each control function is either a member of the Global Executive Committee (“GEC”), the global management committee, or has a reporting obligation to the board of directors of BlackRock Group Limited, the parent company of all of BlackRock’s EMEA regulated entities, including the Manager.

Functional bonus pools are determined with reference to the performance of each individual function. The remuneration of the senior members of control functions is directly overseen by the MDCC.

Link between pay and performance There is a clear and well defined pay-for-performance philosophy and compensation programmes which are designed to meet the following key objectives as detailed below:

• appropriately balance BlackRock’s financial results between shareholders and employees; • attract, retain and motivate employees capable of making significant contributions to the long-term success of the business; • align the interests of senior employees with those of shareholders by awarding BlackRock Inc.’s stock as a significant part of both annual and long-term incentive awards; • control fixed costs by ensuring that compensation expense varies with profitability; • link a significant portion of an employee’s total compensation to the financial and operational performance of the business as well as its common stock performance; • discourage excessive risk-taking; and • ensure that client interests are not negatively impacted by remuneration awarded on a short-term, mid-term and/or long-term basis.

Driving a high-performance culture is dependent on the ability to measure performance against objectives, values and behaviours in a clear and consistent way. Managers use a 5-point rating scale to provide an overall assessment of an employee’s performance, and employees also provide a self-evaluation. The overall, final rating is reconciled during each employee’s performance appraisal. Employees are assessed on the manner in which performance is attained as well as the absolute performance itself.

In keeping with the pay-for-performance philosophy, ratings are used to differentiate and reward individual performance – but don’t pre-determine compensation outcomes. Compensation decisions remain discretionary and are made as part of the year-end compensation process.

When setting remuneration levels other factors are considered, as well as individual performance, which may include:

• the performance of the Manager, the funds managed by the Manager and/or the relevant functional department;

BlackRock Market Advantage Fund 12 Report on Remuneration continued

• factors relevant to an employee individually; relationships with clients and colleagues; teamwork; skills; any conduct issues; and, subject to any applicable policy, the impact that any relevant leave of absence may have on contribution to the business); • the management of risk within the risk profiles appropriate for BlackRock’s clients; • strategic business needs, including intentions regarding retention; • market intelligence; and • criticality to business.

A primary product tool is risk management and, while employees are compensated for strong performance in their management of client assets, they are required to manage risk within the risk profiles appropriate for their clients. Therefore, employees are not rewarded for engaging in high-risk transactions outside of established parameters. Remuneration practices do not provide undue incentives for short-term planning or short-term financial rewards, do not reward unreasonable risk and provide a reasonable balance between the many and substantial risks inherent within the business of investment management, risk management and advisory services.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme.

BlackRock operates an annual discretionary bonus scheme. Although all employees are eligible to be considered for a discretionary bonus, there is no contractual obligation to make any award to an employee under its discretionary bonus scheme. In exercising discretion to award a discretionary bonus, the factors listed above (under the heading “Link between pay and performance”) may be taken into account in addition to any other matters which become relevant to the exercise of discretion in the course of the performance year.

Discretionary bonus awards for all employees, including executive officers, are subject to a guideline that determines the portion paid in cash and the portion paid in BlackRock, Inc. stock and subject to additional vesting/clawback conditions. Stock awards are subject to further performance adjustment through variation in BlackRock, Inc.’s share price over the vesting period. As total annual compensation increases, a greater portion is deferred into stock. The MDCC adopted this approach in 2006 to substantially increase the retention value and shareholder alignment of the compensation package for eligible employees, including the executive officers. The portion deferred into stock vests into three equal instalments over the three years following grant.

Supplementary to the annual discretionary bonus as described above, equity awards may be made to select individuals to provide greater linkage with future business results. These long-term incentive awards have been established individually to provide meaningful incentive for continued performance over a multi-year period recognising the scope of the individual’s role, business expertise and leadership skills.

13 BlackRock Market Advantage Fund Report on Remuneration continued

Selected senior leaders are eligible to receive performance-adjusted equity-based awards from the “BlackRock Performance Incentive Plan” (“BPIP”). Awards made from the BPIP have a three-year performance period based on a measurement of As Adjusted Operating Margin1 and Organic Revenue Growth2. Determination of pay-out will be made based on the firm’s achievement relative to target financial results at the conclusion of the performance period. The maximum number of shares that can be earned is 165% of the award in those situations where both metrics achieve pre-determined financial targets. No shares will be earned where the firm’s financial performance in both of the above metrics is below a pre-determined performance threshold. These metrics have been selected as key measures of shareholder value which endure across market cycles.

A limited number of investment professionals have a portion of their annual discretionary bonus (as described above) awarded as deferred cash that notionally tracks investment in selected products managed by the employee. The intention of these awards is to align investment professionals with the investment returns of the products they manage through the deferral of compensation into those products. Clients and external evaluators have increasingly viewed more favourably those products where key investors have “skin in the game” through significant personal investments.

Identified Staff The UCITS Remuneration Policy sets out the process that will be applied to identify staff as Identified Staff, being categories of staff of the Manager, including senior management, risk takers, control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profiles of the Manager or of the funds it manages.

The list of Identified Staff will be subject to regular review, being formally reviewed in the event of, but not limited to:

• organisational changes; • new business initiatives; • changes in significant influence function lists; • changes in role responsibilities; and • revised regulatory direction.

Quantitative Remuneration Disclosure The Manager is required under UCITS to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Manager; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund, including individuals who, although not directly employed by the Manager, are assigned by their employer to carry out services directly for the Manager.

1 As Adjusted Operating Margin: As reported in BlackRock’s external filings, reflects adjusted Operating Income divided by Total Revenue net of distribution and servicing expenses and amortisation of deferred sales commissions. 2 Organic Revenue Growth: Equal to net new base fees plus net new Aladdin revenue generated in the year (in dollars).

BlackRock Market Advantage Fund 14 Report on Remuneration continued

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Manager typically provide both UCITS and non-UCITS related services in respect of multiple funds, clients and functions of the Manager and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Manager according to an objective apportionment methodology which acknowledges the multiple-service nature of the Manager. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Manager to its staff which has been attributed to the Manager’s UCITS-related business in respect of the Manager’s financial year ending 31 December 2020 is GBP 61.2 million. This figure is comprised of fixed remuneration of GBP 2.0 million and variable remuneration of GBP 59.2 million. There were a total of 84 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Manager,which has been attributed to the Manager’s UCITS-related business in respect of the Manager’s financial year ending 31 December 2020, to its senior management was GBP 0.2 million, and to other members of its staff whose actions have a material impact on the risk profile of the Fund was GBP 61.0 million.

15 BlackRock Market Advantage Fund Portfolio Statement at 28 February 2021

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

EQUITIES − 11.27%; 29.2.2020 0.00% 5,249 Genworth Mortgage Insurance 70.00 ARGENTINA − 0.01%; 29.2.2020 0.00% 17,246 IOOF 31 0.01 Internet − 0.01%; 29.2.2020 0.00% 8,667 Pendal 29 0.00 41 MercadoLibre 48 0.01 2,103 Perpetual 36 0.01

AUSTRALIA − 0.28%; 29.2.2020 0.00% 112 0.02

Advertising − 0.00%; 29.2.2020 0.00% Electricity − 0.01%; 29.2.2020 0.00% 15,696 oOh!media 15 0.00 30,399 Spark 34 0.01

Agriculture − 0.00%; 29.2.2020 0.00% Electronics − 0.00%; 29.2.2020 0.00% 9,648 Costa 24 0.00 1,268 Altium 18 0.00 3,129 Elders 20 0.00 Engineering & − 0.00%; 29.2.2020 0.00% 44 0.00 9,702 Downer EDI 28 0.00 1,863 Lendlease 14 0.00 Banks − 0.03%; 29.2.2020 0.00% 4,037 Sydney Airport 13 0.00 1,557 Australia & New Zealand 23 0.00 Banking 55 0.00 4,566 Bendigo & Adelaide 25 0.00 Bank Entertainment − 0.00%; 29.2.2020 0.00% 818 Commonwealth Bank of 37 0.01 1,306 Aristocrat Leisure 22 0.00 Australia 6,693 Tabcorp 16 0.00 12,084 Link Administration 32 0.01 38 0.00 467 Macquarie 37 0.01 776 National Australia Bank 11 0.00 Food Producers − 0.00%; 29.2.2020 0.00% 1,770 Westpac Banking 23 0.00 4,336 Bega Cheese 15 0.00 9,197 GrainCorp 21 0.00 188 0.03 8,021 Tassal 15 0.00 Biotechnology − 0.01%; 29.2.2020 0.00% 51 0.00 258 CSL 38 0.01 Healthcare Products − 0.01%; 29.2.2020 0.00% Building Materials − 0.02%; 29.2.2020 0.00% 2,708 Ansell 54 0.01 18,949 Boral 54 0.01 112 Cochlear 13 0.00 11,442 CSR 35 0.01 67 0.01 89 0.02 Healthcare Services − 0.01%; 29.2.2020 0.00% Commercial Services − 0.05%; 29.2.2020 0.00% 14,482 Healius 32 0.01 17,391 Atlas Arteria 53 0.01 559 Ramsay Health Care 20 0.00 4,634 Brambles 25 0.00 1,780 Credit 31 0.01 52 0.01 24,998 G8 Education 15 0.00 Housewares − 0.00%; 29.2.2020 0.00% 2,444 IDP Education 37 0.01 1,379 Breville 21 0.00 5,505 InvoCare 34 0.01 10,778 Nearmap 13 0.00 Insurance − 0.01%; 29.2.2020 0.00% 4,044 SmartGroup 15 0.00 1,790 AUB 19 0.00 3,919 Transurban 28 0.00 6,451 Challenger 23 0.00 7,279 Worley 45 0.01 4,992 Insurance Australia 14 0.00 2,403 QBE Insurance 12 0.00 296 0.05 18,897 Steadfast 42 0.01 Computers − 0.00%; 29.2.2020 0.00% 110 0.01 5,245 Data#3 15 0.00 Internet − 0.01%; 29.2.2020 0.00% Diversified Financial Services − 0.02%; 29.2.2020 0.00% 4,851 carsales.com 50 0.01 138 Afterpay 9 0.00

BlackRock Market Advantage Fund 16 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

8,904 Domain Australia 22 0.00 9,609 PolyNovo 13 0.00 3,224 IRESS 16 0.00 30,253 Sigma Healthcare 11 0.00 1,592 Jumbo Interactive 12 0.00 57 0.00 1,011 SEEK 14 0.00 6,773 Webjet 21 0.00 Pipelines − 0.00%; 29.2.2020 0.00% 3,603 APA 19 0.00 135 0.01 Real Estate Investment Trusts − 0.01%; 29.2.2020 0.00% Iron & Steel − 0.00%; 29.2.2020 0.00% 6,193 Charter Hall 41 0.01 1,535 BlueScope Steel 14 0.00 60,127 Cromwell Property 26 0.00 812 Fortescue Metals 11 0.00 3,332 Dexus 16 0.00 1,191 Mineral Resources 25 0.00 1,140 Goodman 10 0.00 50 0.00 10,069 Growthpoint Properties Australia 17 0.00 12,011 Mirvac 15 0.00 Leisure Time − 0.00%; 29.2.2020 0.00% 7,280 Stockland 17 0.00 1,610 Corporate Travel Management 18 0.00 9,707 Vicinity Centres 9 0.00 1,168 Flight Centre Travel 11 0.00 151 0.01 29 0.00 − 0.01%; 29.2.2020 0.00% Lodging − 0.00%; 29.2.2020 0.00% 9,404 Bapcor 36 0.01 8,294 Star Entertainment Grp 17 0.00 1,939 Eagers Automotive 14 0.00 Media − 0.01%; 29.2.2020 0.00% 702 JB Hi-Fi 17 0.00 24,109 Nine Entertainment 38 0.01 3,153 Super Retail 19 0.00 5,736 Southern Cross Media 7 0.00 86 0.01 45 0.01 Shipbuilding − 0.00%; 29.2.2020 0.00% Mining − 0.02%; 29.2.2020 0.00% 4,656 Austal 60.00 45,944 Alumina 41 0.01 Software − 0.01%; 29.2.2020 0.00% 3,194 Iluka Resources 13 0.00 1,654 HUB24 19 0.00 195 Newcrest Mining 3 0.00 7,710 Technology One 36 0.01 7,328 NRW 8 0.00 12,294 OceanaGold 13 0.00 55 0.01 5,061 OZ Minerals 63 0.01 Telecommunications − 0.01%; 29.2.2020 0.00% 413 29 0.00 7,449 NEXTDC 46 0.01 11,680 St Barbara 13 0.00 14,197 Service Stream 9 0.00 183 0.02 9,809 Vocus 27 0.00

Miscellaneous Manufacturing − 0.01%; 29.2.2020 0.00% 82 0.01 7,627 ALS 42 0.01 Transportation − 0.01%; 29.2.2020 0.00% Oil & Gas Producers − 0.01%; 29.2.2020 0.00% 4,217 Aurizon 9 0.00 29,126 Beach Energy 27 0.00 17,754 Qube 30 0.01 63,048 Cooper Energy 11 0.00 39 0.01 2,914 Woodside Petroleum 40 0.01 − 0.05%; 29.2.2020 0.00% 78 0.01 Banks − 0.00%; 29.2.2020 0.00% Pharmaceuticals − 0.00%; 29.2.2020 0.00% 660 BAWAG 25 0.00 17,142 Australian Pharmaceutical 11 0.00 853 Erste Bank 20 0.00 Industries 501 Blackmores 22 0.00 45 0.00

17 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

Building Materials − 0.01%; 29.2.2020 0.00% Investment − 0.01%; 29.2.2020 0.00% 2,772 Wienerberger 67 0.01 1,502 KBC Ancora 43 0.01

Chemicals − 0.01%; 29.2.2020 0.00% Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00% 306 Lenzing 31 0.01 5,342 AGFA-Gevaert 17 0.00

Hand & Tools − 0.00%; 29.2.2020 0.00% Pharmaceuticals − 0.01%; 29.2.2020 0.00% 586 RHI Magnesita 23 0.00 2,669 Fagron 46 0.01

Iron & Steel − 0.00%; 29.2.2020 0.00% Real Estate Investment Trusts − 0.01%; 29.2.2020 0.00% 325 voestalpine 90.00 648 Befimmo 19 0.00 503 Cofinimmo 56 0.01 Oil & Gas Producers − 0.00%; 29.2.2020 0.00% 1,058 Warehouses De Pauw CVA 26 0.00 450 OMV 16 0.00 101 0.01 Oil & Gas Services − 0.00%; 29.2.2020 0.00% 380 Schoeller-Bleckmann Oilfield 13 0.00 BERMUDA − 0.02%; 29.2.2020 0.00% Equipment Commercial Services − 0.01%; 29.2.2020 0.00% Real Estate Investment & Services − 0.01%; 29.2.2020 0.00% 1,057 Triton International Ltd/Bermuda 44 0.01 1,209 CA Immobilien Anlagen 37 0.01 Insurance − 0.01%; 29.2.2020 0.00% 935 IMMOFINANZ 13 0.00 476 Argo International 16 0.00 1,627 S IMMO 25 0.00 711 Axis Capital 26 0.00 75 0.01 5,009 Hiscox 47 0.01

Semiconductors − 0.01%; 29.2.2020 0.00% 89 0.01 3,152 ams 53 0.01 CANADA − 0.30%; 29.2.2020 0.00% Transportation − 0.01%; 29.2.2020 0.00% Aerospace & Defence − 0.00%; 29.2.2020 0.00% 1,296 Oesterreichische Post 38 0.01 813 CAE 15 0.00 BELGIUM − 0.04%; 29.2.2020 0.00% Apparel − 0.00%; 29.2.2020 0.00% Banks − 0.01%; 29.2.2020 0.00% 647 Canada Goose 21 0.00 763 KBC 39 0.01 605 Gildan Activewear 13 0.00

Beverages − 0.00%; 29.2.2020 0.00% 34 0.00 681 Anheuser-Busch InBev 28 0.00 Automobile Manufacturers − 0.00%; 29.2.2020 0.00% Chemicals − 0.00%; 29.2.2020 0.00% 1,497 NFI 25 0.00 1,659 Recticel 18 0.00 227 Solvay 20 0.00 Automobile Parts & Equipment − 0.00%; 29.2.2020 0.00% 376 16 0.00 343 Magna International 21 0.00 Banks − 0.07%; 29.2.2020 0.00% 54 0.00 730 Bank of Montreal 43 0.01 Distribution & Wholesale − 0.00%; 29.2.2020 0.00% 1,291 Bank of Nova Scotia/The 54 0.01 405 D’ieteren 25 0.00 451 Canadian Imperial Bank of 30 0.01 Commerce Electrical Components & Equipment − 0.00%; 29.2.2020 0.00% 3,204 Canadian Western Bank 60 0.01 569 Bekaert 15 0.00 1,640 Laurentian Bank of Canada 32 0.01 618 Royal Bank of Canada 38 0.01 Electronics − 0.00%; 29.2.2020 0.00% 1,173 Toronto-Dominion Bank/The 51 0.01 1,592 Barco 28 0.00 308 0.07 Entertainment − 0.00%; 29.2.2020 0.00% 521 Kinepolis 19 0.00 Biotechnology − 0.00%; 29.2.2020 0.00% 1,218 Xenon Pharmaceuticals 16 0.00 Household Products − 0.00%; 29.2.2020 0.00% 2,010 Ontex 15 0.00

BlackRock Market Advantage Fund 18 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

550 Zymeworks 14 0.00 772 Metro Inc/CN 23 0.00

30 0.00 70 0.00

Chemicals − 0.00%; 29.2.2020 0.00% Forest Products & Paper − 0.00%; 29.2.2020 0.00% 360 Methanex 10 0.00 1,818 Canfor 27 0.00 356 Nutrien 14 0.00 1,556 Cascades 15 0.00

24 0.00 42 0.00

Commercial Services − 0.02%; 29.2.2020 0.00% Hand & Machine Tools − 0.01%; 29.2.2020 0.00% 148 Boyd Services 18 0.00 3,568 Finning International 67 0.01 678 Colliers International 50 0.01 Insurance − 0.02%; 29.2.2020 0.00% 4,549 Element Fleet Management 32 0.01 172 Intact Financial 14 0.00 954 Morneau Shepell 18 0.00 2,638 Manulife Financial 38 0.01 209 Ritchie Bros Auctioneers 8 0.00 1,352 Sun Life Financial 47 0.01 126 0.02 99 0.02 Diversified Financial Services − 0.01%; 29.2.2020 0.00% Internet − 0.01%; 29.2.2020 0.00% 2,804 Canaccord Genuity 18 0.00 82 Shopify 75 0.01 452 Equitable 34 0.01 2,607 Fiera Capital 16 0.00 Leisure Time − 0.00%; 29.2.2020 0.00% 656 First National Financial 16 0.00 437 BRP 23 0.00 1,028 Sagen MI Canada 25 0.00 Media − 0.01%; 29.2.2020 0.00% 756 Sprott 19 0.00 232 Cogeco 12 0.00 128 0.01 575 Cogeco Communications 37 0.01 6,388 Corus Entertainment 19 0.00 Electricity − 0.02%; 29.2.2020 0.00% 546 Algonquin Power & Utilities 6 0.00 68 0.01 2,211 Boralex 55 0.01 Mining − 0.02%; 29.2.2020 0.00% 676 Fortis Inc/Canada 19 0.00 333 Agnico Eagle Mines 13 0.00 1,177 Hydro One 18 0.00 3,864 Alamos Gold 20 0.00 4,282 Innergex 58 0.01 1,714 Altius Minerals 14 0.00 156 0.02 4,129 Dundee Precious Metals 18 0.00 2,573 Eldorado Gold 19 0.00 Engineering & Construction − 0.02%; 29.2.2020 0.00% 4,760 Endeavour Silver 20 0.00 2,296 Aecon 24 0.00 1,694 Equinox Gold 10 0.00 728 Badger Daylighting 17 0.00 354 Franco-Nevada 27 0.00 2,401 SNC-Lavalin 35 0.01 5,468 Hudbay Minerals 28 0.00 2,449 Stantec 69 0.01 8,917 IAMGOLD 19 0.00 345 WSP Global 21 0.00 5,428 Ivanhoe Mines 24 0.00 166 0.02 1,639 Lundin Mining 13 0.00 895 MAG Silver 12 0.00 Entertainment − 0.00%; 29.2.2020 0.00% 14,657 New Gold 17 0.00 2,755 Cineplex 21 0.00 3,995 Novagold Resources 24 0.00 1,917 IMAX 28 0.00 4,578 Osisko Gold Royalties 33 0.01 49 0.00 6,683 Osisko Mining 11 0.00 2,521 Pretium Resources 18 0.00 Food Producers − 0.00%; 29.2.2020 0.00% 5,152 Sandstorm Gold 22 0.00 235 George Weston 12 0.00 1,017 Torex Gold Resources 9 0.00 492 Loblaw Cos 17 0.00 2,223 Wesdome Gold Mines 11 0.00 1,191 Maple Leaf Foods 18 0.00

19 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

1,351 Wheaton Precious Metals 35 0.01 1,488 Sierra Wireless 18 0.00 1,276 TELUS 18 0.00 417 0.02 70 0.01 Oil & Gas Producers − 0.04%; 29.2.2020 0.00% 10,418 ARC Resources 45 0.01 Toys, Games & Hobbies − 0.00%; 29.2.2020 0.00% 8,075 Birchcliff Energy 14 0.00 869 Spin Master 14 0.00 8,087 Crescent Point Energy 21 0.00 Transportation − 0.00%; 29.2.2020 0.00% 8,502 Enerplus 29 0.00 490 Andlauer Healthcare 11 0.00 1,522 Parex Resources 17 0.00 4,695 PrairieSky Royalty 34 0.01 CAYMAN ISLANDS − 0.00%; 29.2.2020 0.00% 6,179 Seven Generations Energy 29 0.00 Biotechnology − 0.00%; 29.2.2020 0.00% 3,806 Tourmaline Oil 50 0.01 1,172 Theravance Biopharma 14 0.00 5,994 Vermilion Energy 27 0.00 10,670 Whitecap Resources 34 0.01 CHILE − 0.00%; 29.2.2020 0.00%

300 0.04 Mining − 0.00%; 29.2.2020 0.00% 1,310 Antofagasta 23 0.00 Oil & Gas Services − 0.00%; 29.2.2020 0.00% 2,715 Enerflex 13 0.00 − 0.01%; 29.2.2020 0.00%

Packaging & Containers − 0.00%; 29.2.2020 0.00% Computers − 0.01%; 29.2.2020 0.00% 1,360 Transcontinental 17 0.00 6,600 30 0.01

Pharmaceuticals − 0.00%; 29.2.2020 0.00% DENMARK − 0.08%; 29.2.2020 0.00% 898 HLS Therapeutics 9 0.00 − 0.00%; 29.2.2020 0.00% 836 Jamieson Wellness 16 0.00 317 Schouw & 23 0.00

25 0.00 Alternative Energy Sources − 0.01%; 29.2.2020 0.00% 236 Vestas Wind Systems 32 0.01 Pipelines − 0.01%; 29.2.2020 0.00% 1,089 Enbridge 26 0.00 Banks − 0.00%; 29.2.2020 0.00% 3,732 Gibson Energy 46 0.01 752 Jyske Bank 23 0.00

72 0.01 Beverages − 0.02%; 29.2.2020 0.00% 315 Carlsberg 36 0.01 Private Equity − 0.01%; 29.2.2020 0.00% 1,030 Royal Unibrew 77 0.01 1,541 Brookfield Asset Management 45 0.01 113 0.02 Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00% 544 Boardwalk Real Estate 11 0.00 Chemicals − 0.00%; 29.2.2020 0.00% Investment Trust 220 Novozymes 10 0.00

Retail − 0.00%; 29.2.2020 0.00% Commercial Services − 0.01%; 29.2.2020 0.00% 1,683 Aritzia 28 0.00 2,888 ISS 37 0.01 109 Lululemon Athletica 24 0.00 Computers − 0.00%; 29.2.2020 0.00% 2,628 Superior Plus 20 0.00 432 Netcompany 28 0.00 72 0.00 Electricity − 0.01%; 29.2.2020 0.00% Software − 0.02%; 29.2.2020 0.00% 341 Orsted 40 0.01 1,537 Descartes Systems 64 0.01 Healthcare Products − 0.00%; 29.2.2020 0.00% 302 Kinaxis 29 0.00 90 Coloplast 10 0.00 1,111 Lightspeed POS 55 0.01 139 GN Store Nord 8 0.00 2,129 Real Matters 19 0.00 18 0.00 167 0.02 Insurance − 0.00%; 29.2.2020 0.00% Telecommunications − 0.01%; 29.2.2020 0.00% 2,419 Alm 20 0.00 1,082 Rogers Communications 34 0.01

BlackRock Market Advantage Fund 20 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

377 Topdanmark 13 0.00 Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00% 1,483 Uponor 22 0.00 33 0.00 Oil & Gas Producers − 0.01%; 29.2.2020 0.00% Machinery Diversified − 0.01%; 29.2.2020 0.00% 669 Neste 32 0.01 1,110 FLSmidth & 34 0.01 Packaging & Containers − 0.00%; 29.2.2020 0.00% Pharmaceuticals − 0.01%; 29.2.2020 0.00% 427 Huhtamaki 14 0.00 43 ALK-Abello 13 0.00 1,860 Novo Nordisk 95 0.01 Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% 595 Zealand Pharma 14 0.00 2,390 Citycon 16 0.00

122 0.01 Shipbuilding − 0.00%; 29.2.2020 0.00% 1,355 Wartsila 11 0.00 Retail − 0.00%; 29.2.2020 0.00% 1,582 Matas 15 0.00 Software − 0.00%; 29.2.2020 0.00% 147 Pandora 10 0.00 1,944 Rovio Entertainment 10 0.00

25 0.00 Telecommunications − 0.00%; 29.2.2020 0.00% 4,921 Nokia 14 0.00 Software − 0.01%; 29.2.2020 0.00% 762 SimCorp 67 0.01 Transportation − 0.00%; 29.2.2020 0.00% 656 Cargotec 25 0.00 FINLAND − 0.07%; 29.2.2020 0.00% − 0.18%; 29.2.2020 0.00% Airlines − 0.00%; 29.2.2020 0.00% 27,587 Finnair 17 0.00 Advertising − 0.00%; 29.2.2020 0.00% 1,004 IPSOS 28 0.00 Automobile Parts & Equipment − 0.00%; 29.2.2020 0.00% 1,088 Nokian Renkaat 28 0.00 Apparel − 0.01%; 29.2.2020 0.00% 60 Kering 27 0.00 Banks − 0.00%; 29.2.2020 0.00% 119 LVMH Moet Hennessy Louis 54 0.01 2,291 Aktia Bank 18 0.00 Vuitton

Computers − 0.00%; 29.2.2020 0.00% 81 0.01 3,675 F-Secure 12 0.00 Automobile Parts & Equipment − 0.02%; 29.2.2020 0.00% Engineering & Construction − 0.00%; 29.2.2020 0.00% 359 Cie Generale des Etablissements 37 0.01 4,262 YIT 17 0.00 Michelin Forest Products & Paper − 0.01%; 29.2.2020 0.00% 1,841 Cie Plastic Omnium 47 0.01 1,355 UPM-Kymmene 37 0.01 590 Valeo 15 0.00

Hand & Machine Tools − 0.01%; 29.2.2020 0.00% 99 0.02 1,036 Konecranes 33 0.01 Banks − 0.02%; 29.2.2020 0.00% Household Products − 0.00%; 29.2.2020 0.00% 1,205 BNP Paribas 52 0.01 5,000 Oriola 90.00 2,076 Credit Agricole 21 0.00 3,136 Natixis 11 0.00 Internet − 0.00%; 29.2.2020 0.00% 2,106 Societe Generale 38 0.01 377 BasWare 11 0.00 122 0.02 Machinery Construction & Mining − 0.01%; 29.2.2020 0.00% 10,780 Metso Outotec 87 0.01 Beverages − 0.00%; 29.2.2020 0.00% 98 Pernod Ricard 13 0.00 Machinery Diversified − 0.02%; 29.2.2020 0.00% 3,789 Neles 34 0.01 Biotechnology − 0.00%; 29.2.2020 0.00% 2,905 ValmetØ 70 0.01 298 Vilmorin & Cie 14 0.00

104 0.02 Building Materials − 0.01%; 29.2.2020 0.00% 950 Imerys 35 0.01 Media − 0.01%; 29.2.2020 0.00% 2,540 Sanoma 30 0.01

21 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

1,063 Tarkett 12 0.00 3,499 Coface 27 0.00

47 0.01 102 0.01

Commercial Services − 0.00%; 29.2.2020 0.00% Leisure Time − 0.00%; 29.2.2020 0.00% 849 Elis 11 0.00 186 Trigano 25 0.00 108 Worldline SA/France 7 0.00 Machinery Construction & Mining − 0.00%; 29.2.2020 0.00% 18 0.00 432 Manitou BF 10 0.00

Computers − 0.02%; 29.2.2020 0.00% Media − 0.00%; 29.2.2020 0.00% 524 Alten 42 0.01 1,830 Television Francaise 1 11 0.00 300 Atos 17 0.00 913 Vivendi 23 0.00 270 Sopra Steria 32 0.01 34 0.00 99 Teleperformance 25 0.00 Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00% 116 0.02 461 Alstom 17 0.00 Cosmetics & Personal Care − 0.01%; 29.2.2020 0.00% Office & Business Equipment − 0.00%; 29.2.2020 0.00% 356 L’Oreal 94 0.01 820 Quadient 13 0.00 Distribution & Wholesale − 0.01%; 29.2.2020 0.00% Oil & Gas Producers − 0.01%; 29.2.2020 0.00% 4,196 RexelØ 56 0.01 1,911 Total 64 0.01 Diversified Financial Services − 0.00%; 29.2.2020 0.00% Oil & Gas Services − 0.00%; 29.2.2020 0.00% 155 Amundi 80.00 21,537 CGG 18 0.00 Electrical Components & Real Estate Investment & Services − 0.01%; 29.2.2020 0.00% Equipment − 0.01%; 29.2.2020 0.00% 1,286 Nexity 45 0.01 786 Schneider Electric 84 0.01 Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00% Electricity − 0.00%; 29.2.2020 0.00% 140 Gecina 14 0.00 744 Engie 80.00 1,200 Mercialys 9 0.00 Engineering & Construction − 0.00%; 29.2.2020 0.00% 258 Unibail-Rodamco-Westfield 14 0.00 396 Bouygues 12 0.00 37 0.00 259 Eiffage 19 0.00 Retail − 0.00%; 29.2.2020 0.00% 31 0.00 504 Fnac Darty 22 0.00 Entertainment − 0.00%; 29.2.2020 0.00% 1,624 Maisons du Monde 21 0.00 427 Cie des Alpes 80.00 43 0.00 Food Producers − 0.02%; 29.2.2020 0.00% Software − 0.00%; 29.2.2020 0.00% 1,523 Carrefour 19 0.00 105 Dassault Systemes 16 0.00 1,580 Casino Guichard Perrachon 36 0.01 677 Danone 33 0.01 Telecommunications − 0.00%; 29.2.2020 0.00% 2,376 Eutelsat Communications 21 0.00 88 0.02 320 Orange 3 0.00 Gas − 0.01%; 29.2.2020 0.00% 24 0.00 1,724 RubisØ 57 0.01 GEORGIA − 0.00%; 29.2.2020 0.00% Household Products − 0.01%; 29.2.2020 0.00% 1,072 Societe BIC 43 0.01 Banks − 0.00%; 29.2.2020 0.00% 1,431 Bank of Georgia 14 0.00 Insurance − 0.01%; 29.2.2020 0.00% 4,128 AXA 75 0.01

BlackRock Market Advantage Fund 22 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

GERMANY − 0.25%; 29.2.2020 0.00% 410 Deutsche Boerse 48 0.01 578 Grenke 17 0.00 Aerospace & Defence − 0.00%; 29.2.2020 0.00% 2,284 MLP 13 0.00 100 MTU Aero Engines 17 0.00 113 0.02 Agriculture − 0.00%; 29.2.2020 0.00% 389 BayWa 11 0.00 Electrical Components & Equipment − 0.00%; 29.2.2020 0.00% Alternative Energy Sources − 0.00%; 29.2.2020 0.00% 453 SMA Solar Technology 21 0.00 589 11 0.00 168 Varta 17 0.00 Apparel − 0.01%; 29.2.2020 0.00% 382 14 0.00 211 adidas 53 0.01 52 0.00 254 Puma 19 0.00 Electricity − 0.01%; 29.2.2020 0.00% 72 0.01 2,078 E.on 15 0.00 Automobile Manufacturers − 0.00%; 29.2.2020 0.00% 2,492 Encavis 38 0.01 439 Bayerische Motoren Werke 27 0.00 53 0.01 98 Daimler 6 0.00 Entertainment − 0.00%; 29.2.2020 0.00% 33 0.00 2,601 & 12 0.00 Automobile Parts & Equipment − 0.01%; 29.2.2020 0.00% 390 CTS Eventim 19 0.00 243 Bertrandt 9 0.00 31 0.00 1,240 ElringKlinger 15 0.00 207 JOST Werke 9 0.00 Healthcare Products − 0.00%; 29.2.2020 0.00% 689 Rheinmetall 49 0.01 255 Draegerwerk & 14 0.00

82 0.01 Healthcare Services − 0.00%; 29.2.2020 0.00% 935 26 0.00 Banks − 0.00%; 29.2.2020 0.00% 2,654 21 0.00 Insurance − 0.02%; 29.2.2020 0.00% 536 Allianz 93 0.01 Biotechnology − 0.01%; 29.2.2020 0.00% 186 Muenchener 39 0.01 472 MorphoSys 34 0.01 Rueckversicherungs- Building Materials − 0.00%; 29.2.2020 0.00% Gesellschaft in Muenchen 296 HeidelbergCement 17 0.00 924 Wuestenrot & 14 0.00 Wuerttembergische Chemicals − 0.01%; 29.2.2020 0.00% 607 BASF 36 0.01 146 0.02 2,414 K+S 19 0.00 Internet − 0.00%; 29.2.2020 0.00% 55 0.01 72 New Work 14 0.00 71 12 0.00 Commercial Services − 0.01%; 29.2.2020 0.00% 75 Hypoport 38 0.01 26 0.00 160 14 0.00 Iron & Steel − 0.00%; 29.2.2020 0.00% 133 Sixt 7 0.00 1,814 Kloeckner & 14 0.00

59 0.01 Leisure Time − 0.00%; 29.2.2020 0.00% Computers − 0.00%; 29.2.2020 0.00% 2,854 TUI 12 0.00 703 16 0.00 Machinery Diversified − 0.00%; 29.2.2020 0.00% Cosmetics & Personal Care − 0.00%; 29.2.2020 0.00% 777 Duerr 22 0.00 125 Beiersdorf 90.00 603 19 0.00

Diversified Financial Services − 0.02%; 29.2.2020 0.00% 41 0.00 1,862 Aareal Bank 35 0.01

23 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

Media − 0.01%; 29.2.2020 0.00% Transportation − 0.01%; 29.2.2020 0.00% 3,263 ProSiebenSat.1 Media 48 0.01 956 Deutsche Post 34 0.01

Metal & Hardware − 0.01%; 29.2.2020 0.00% GIBRALTAR − 0.01%; 29.2.2020 0.00% 901 Norma 31 0.01 Entertainment − 0.01%; 29.2.2020 0.00% Mining − 0.01%; 29.2.2020 0.00% 11,196 888 33 0.01 943 Aurubis 59 0.01 GUERNSEY − 0.00%; 29.2.2020 0.00% Miscellaneous Manufacturing − 0.01%; 29.2.2020 0.00% Private Equity − 0.00%; 29.2.2020 0.00% 475 Siemens 53 0.01 14,782 BMO Commercial Property Trust 10 0.00 Packaging & Containers − 0.01%; 29.2.2020 0.00% HONG KONG − 0.07%; 29.2.2020 0.00% 749 GerresheimerØ 56 0.01 Automobile Manufacturers − 0.00%; 29.2.2020 0.00% Pharmaceuticals − 0.01%; 29.2.2020 0.00% 152,000 Apollo Future Mobility 70.00 395 Merck 46 0.01 Banks − 0.01%; 29.2.2020 0.00% Private Equity − 0.00%; 29.2.2020 0.00% 11,000 BOC Hong Kong 26 0.00 427 Deutsche Beteiligungs 14 0.00 6,000 Dah Sing Financial 14 0.00 Real Estate Investment & Services − 0.02%; 29.2.2020 0.00% 2,300 Hang Seng Bank 32 0.01 1,889 Deutsche EuroShop 29 0.00 72 0.01 200 Deutsche Wohnen 7 0.00 594 PATRIZIA 12 0.00 Beverages − 0.01%; 29.2.2020 0.00% 35,385 Sirius Real Estate 33 0.01 14,000 Vitasoy International 44 0.01 3,008 TAG Immobilien 62 0.01 Diversified Financial Services − 0.01%; 29.2.2020 0.00% 143 0.02 38,000 Haitong International 8 0.00 1,400 Hong Kong Exchanges & 61 0.01 Real Estate Investment Trusts − 0.01%; 29.2.2020 0.00% Clearing 4,185 alstria office REIT-AG 50 0.01 69 0.01 Retail − 0.01%; 29.2.2020 0.00% 3,048 14 0.00 Food Producers − 0.00%; 29.2.2020 0.00% 214 Stiftung & 20 0.00 5,500 Health & Happiness H&H 16 0.00 1,272 Hugo Boss 35 0.01 International

69 0.01 Healthcare Products − 0.00%; 29.2.2020 0.00% 14,000 C-Mer Eye Care 80.00 Semiconductors − 0.01%; 29.2.2020 0.00% 1,570 26 0.00 Home Furnishings − 0.01%; 29.2.2020 0.00% 1,160 36 0.01 6,200 VTech 37 0.01 Insurance − 0.01%; 29.2.2020 0.00% 62 0.01 8,800 AIA 79 0.01 Software − 0.02%; 29.2.2020 0.00% Internet − 0.00%; 29.2.2020 0.00% 1,058 SAP 93 0.01 10,000 Hong Kong Television Network 13 0.00 1,071 Software 34 0.01 390 TeamViewer 15 0.00 Lodging − 0.00%; 29.2.2020 0.00% 17,500 Hongkong & Hotels 13 0.00 142 0.02 12,000 Melco International Development 18 0.00 Telecommunications − 0.01%; 29.2.2020 0.00% 655 Melco Resorts & Entertainment 10 0.00 3,017 Freenet 46 0.01 36,000 Shangri-La 26 0.00 3,567 Telefonica Deutschland 7 0.00 67 0.00 53 0.01

BlackRock Market Advantage Fund 24 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

Real Estate Investment & Services − 0.02%; 29.2.2020 0.00% Healthcare Products − 0.01%; 29.2.2020 0.00% 21,000 Hang Lung 38 0.01 738 Medtronic 62 0.01 19,000 Hysan Development 58 0.01 Healthcare Services − 0.01%; 29.2.2020 0.00% 4,000 Swire Properties 9 0.00 4,576 UDG Healthcare 35 0.01 105 0.02 Lodging − 0.00%; 29.2.2020 0.00% Retail − 0.00%; 29.2.2020 0.00% 7,724 Dalata Hotel 28 0.00 12,000 Cafe de Coral 19 0.00 Miscellaneous Manufacturing − 0.01%; 29.2.2020 0.00% 18,800 Man Wah 29 0.00 516 Trane Technologies 57 0.01

48 0.00 Oil & Gas Producers − 0.00%; 29.2.2020 0.00% Telecommunications − 0.00%; 29.2.2020 0.00% 301 DCC 17 0.00 26,000 HKBN 27 0.00 Pharmaceuticals − 0.00%; 29.2.2020 0.00% Transportation − 0.00%; 29.2.2020 0.00% 1,166 Alkermes 16 0.00 4,500 MTR 19 0.00 Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00% 10,000 SITC International 19 0.00 10,902 Hibernia REIT 11 0.00

38 0.00 Retail − 0.01%; 29.2.2020 0.00% IRELAND − 0.07%; 29.2.2020 0.00% 3,442 Grafton 34 0.01

Automobile Parts & Equipment − 0.01%; 29.2.2020 0.00% ISRAEL − 0.02%; 29.2.2020 0.00% 539 Aptiv 58 0.01 Banks − 0.01%; 29.2.2020 0.00% Banks − 0.00%; 29.2.2020 0.00% 3,522 Bank Hapoalim 18 0.00 17,815 AIB 29 0.00 2,137 First International Bank Of Israel 40 0.01

Biotechnology − 0.00%; 29.2.2020 0.00% 58 0.01 1,129 Prothena 18 0.00 Computers − 0.00%; 29.2.2020 0.00% Building Materials − 0.01%; 29.2.2020 0.00% 101 CyberArk Software 11 0.00 1,285 CRH 40 0.01 898 Matrix IT 14 0.00

Commercial Services − 0.00%; 29.2.2020 0.00% 25 0.00 263 Cimpress 19 0.00 Diversified Financial Services − 0.00%; 29.2.2020 0.00% 273 6 0.00 7,353 Isracard 18 0.00 25 0.00 1,176 Plus500 16 0.00

Computers − 0.01%; 29.2.2020 0.00% 34 0.00 509 Accenture 91 0.01 Food Producers − 0.01%; 29.2.2020 0.00% 424 Keywords Studios 11 0.00 2,747 Shufersal 16 0.00 102 0.01 2,021 Strauss 39 0.01

Electronics − 0.00%; 29.2.2020 0.00% 55 0.01 282 Allegion 22 0.00 Insurance − 0.00%; 29.2.2020 0.00% Entertainment − 0.00%; 29.2.2020 0.00% 14,308 Migdal Insurance & Financial 11 0.00 80 11 0.00 2,713 Phoenix 15 0.00

Food Producers − 0.00%; 29.2.2020 0.00% 26 0.00 2,588 Glanbia 24 0.00 Internet − 0.00%; 29.2.2020 0.00% 14,734 Greencore 22 0.00 68 Wix.com 17 0.00 71 Kerry 6 0.00

52 0.00

25 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

Oil & Gas Producers − 0.00%; 29.2.2020 0.00% Entertainment − 0.00%; 29.2.2020 0.00% 113 Israel 18 0.00 22,667 Juventus Football Club 16 0.00 383 Paz Oil 25 0.00 Food Services − 0.00%; 29.2.2020 0.00% 43 0.00 4,315 Autogrill 20 0.00

Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% Gas − 0.01%; 29.2.2020 0.00% 6,107 Amot Investments 23 0.00 18,206 Italgas 77 0.01 2,962 Gazit-Globe 13 0.00 Insurance − 0.01%; 29.2.2020 0.00% 36 0.00 2,171 Societa Cattolica di Assicurazioni 9 0.00 8,506 Unipol Gruppo 32 0.01 Retail − 0.00%; 29.2.2020 0.00% 2,230 Delek Automotive Systems 17 0.00 41 0.01

Semiconductors − 0.00%; 29.2.2020 0.00% Internet − 0.00%; 29.2.2020 0.00% 1,218 Tower Semiconductor 27 0.00 176 Reply 15 0.00

Telecommunications − 0.00%; 29.2.2020 0.00% Leisure Time − 0.00%; 29.2.2020 0.00% 26,606 Bezeq The Israeli 18 0.00 6,182 Piaggio & C 17 0.00 Telecommunication Media − 0.00%; 29.2.2020 0.00% 5,121 Partner Communications 18 0.00 5,686 Arnoldo Mondadori Editore 80.00 36 0.00 JAPAN − 0.92%; 29.2.2020 0.00% − 0.11%; 29.2.2020 0.00% Aerospace & Defence − 0.00%; 29.2.2020 0.00% Alternative Energy Sources − 0.01%; 29.2.2020 0.00% 1,300 IHI 17 0.00 2,290 ERG 47 0.01 Apparel − 0.01%; 29.2.2020 0.00% 5,026 Falck Renewables 25 0.00 4,000 Asics 47 0.01

72 0.01 Automobile Manufacturers − 0.01%; 29.2.2020 0.00% Banks − 0.04%; 29.2.2020 0.00% 800 Honda Motor 16 0.00 936 Banca IFIS 9 0.00 1,700 Mazda Motor 10 0.00 4,976 Banca Mediolanum 31 0.01 2,100 Shinmaywa Industries 13 0.00 12,353 Banca Popolare di Sondrio 26 0.00 1,000 Toyota Motor 53 0.01 16,030 Banco BPM 30 0.01 92 0.01 21,767 BPER Banca 34 0.01 3,614 Credito Emiliano 15 0.00 Automobile Parts & Equipment − 0.01%; 29.2.2020 0.00% 1,028 Credito Valtellinese 11 0.00 300 Denso 13 0.00 42,161 Intesa Sanpaolo 78 0.01 1,800 Nippon Seiki 15 0.00 681 UniCredit 5 0.00 5,100 Nisshinbo 27 0.00 3,300 NOK 32 0.01 239 0.04 300 Stanley Electric 6 0.00 Commercial Services − 0.01%; 29.2.2020 0.00% 1,500 Unipres 9 0.00 997 Gruppo MutuiOnline 34 0.01 102 0.01 Diversified Financial Services − 0.00%; 29.2.2020 0.00% Banks − 0.02%; 29.2.2020 0.00% 1,245 doValue 11 0.00 4,100 AEON Financial Service 38 0.01 Electricity − 0.03%; 29.2.2020 0.00% 600 Bank of Iwate 8 0.00 24,595 A2A 30 0.01 700 Bank of Okinawa 13 0.00 9,961 Enel 68 0.01 2,600 Chugoku Bank 15 0.00 15,730 Hera 40 0.01 7,000 Gunma Bank 16 0.00 6,500 Hirogin 27 0.00 138 0.03

BlackRock Market Advantage Fund 26 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

700 Hokkoku Bank 12 0.00 4,200 Toray Industries 20 0.00 1,900 Hokuhoku Financial 12 0.00 1,300 Toyo Ink 17 0.00 1,000 Juroku Bank 13 0.00 3,600 Ube Industries 52 0.01 4,000 Kansai Mirai Financial 16 0.00 509 0.07 1,400 Kiyo Bank 14 0.00 7,000 Kyushu Financial 20 0.00 Commercial Services − 0.02%; 29.2.2020 0.00% 2,580 Mizuho Financial 27 0.00 500 Benefit One 9 0.00 1,100 Musashino Bank 12 0.00 700 Dai Nippon Printing 9 0.00 1,000 Nanto Bank 12 0.00 2,900 Nomura 16 0.00 6,300 Resona 18 0.00 900 Recruit 32 0.01 7,000 Senshu Ikeda 8 0.00 100 Secom 6 0.00 500 Sumitomo Mitsui Financial 13 0.00 200 Sohgo Security Services 6 0.00 1,000 Sumitomo Mitsui Trust 23 0.00 1,100 TechnoPro 57 0.01 1,100 Tokyo Kiraboshi Financial 9 0.00 1,300 Toppan Forms 9 0.00 5,300 TOMONY 11 0.00 144 0.02 7,600 Yamaguchi Financial 33 0.01 Computers − 0.05%; 29.2.2020 0.00% 370 0.02 100 BayCurrent Consulting 14 0.00 Beverages − 0.02%; 29.2.2020 0.00% 300 Fujitsu 31 0.01 2,200 Sapporo 32 0.01 2,500 NEC Networks & System 30 0.01 3,700 Takara 35 0.01 Integration 1,600 NET One Systems 35 0.01 67 0.02 2,600 Nihon Unisys 54 0.01 Biotechnology − 0.00%; 29.2.2020 0.00% 700 Nomura Research Institute 16 0.00 600 Takara Bio 12 0.00 3,100 Prestige International 15 0.00 400 SHIFT 35 0.01 Building Materials − 0.03%; 29.2.2020 0.00% 800 Systena 10 0.00 300 Daikin Industries 42 0.01 800 Katitas 16 0.00 240 0.05 2,200 Nichias 37 0.01 Cosmetics & Personal Care − 0.00%; 29.2.2020 0.00% 3,900 Nippon Sheet Glass 14 0.00 1,100 Fancl 28 0.00 6,400 Sanwa 56 0.01 400 Kao 19 0.00 400 TOTO 17 0.00 1,400 Mandom 17 0.00 182 0.03 64 0.00 Chemicals − 0.07%; 29.2.2020 0.00% Distribution & Wholesale − 0.01%; 29.2.2020 0.00% 3,100 ADEKA 37 0.01 2,600 ITOCHU 55 0.01 3,400 Asahi Kasei 26 0.00 2,000 Itochu Enex 14 0.00 1,800 Denka 48 0.01 2,300 Marubeni 12 0.00 2,300 DIC 40 0.01 1,700 Sangetsu 17 0.00 1,100 Kaneka 30 0.01 1,300 Trusco Nakayama 22 0.00 500 Kansai Paint 9 0.00 1,600 Lintec 25 0.00 120 0.01 2,900 Nifco Inc/Japan 71 0.01 Diversified Financial Services − 0.01%; 29.2.2020 0.00% 5,000 Nippon Kayaku 35 0.01 2,200 Credit Saison 20 0.00 200 Nippon Paint 11 0.00 2,700 Financial Products 11 0.00 800 Nippon Soda 18 0.00 600 Fuyo General Lease 28 0.00 200 Nitto Denko 12 0.00 1,800 Hitachi Capital 35 0.01 800 Sumitomo Bakelite 23 0.00 700 Money Forward 21 0.00 4,500 Sumitomo Chemical 16 0.00 19,700 Orient 19 0.00 2,000 Tokai Carbon 19 0.00

27 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

2,100 ORIX 25 0.00 Food Producers − 0.06%; 29.2.2020 0.00% 600 Ricoh Leasing 13 0.00 3,000 euglena 18 0.00 2,000 Fuji Oil 40 0.01 172 0.01 1,100 Heiwado 14 0.00 Electrical Components & 2,600 House Foods 62 0.01 Equipment − 0.01%; 29.2.2020 0.00% 2,200 Kagome 47 0.01 900 Furukawa Electric 17 0.00 2,700 Kewpie 42 0.01 2,500 GS Yuasa 53 0.01 1,500 Maruha Nichiro 25 0.00 2,100 Ushio 19 0.00 400 Maxvalu Tokai 7 0.00 600 Morinaga Milk Industry 20 0.00 89 0.01 4,600 Nichirei 86 0.01 Electronics − 0.03%; 29.2.2020 0.00% 2,000 United Super Markets 14 0.00 2,200 Alps Alpine 21 0.00 700 Yaoko 31 0.01 3,100 Anritsu 47 0.01 500 Horiba 21 0.00 406 0.06 300 Hoya 24 0.00 Forest Products & Paper − 0.02%; 29.2.2020 0.00% 1,500 Japan Aviation Electronics 17 0.00 4,400 Hokuetsu 15 0.00 Industry 4,100 Nippon Paper Industries 38 0.01 400 Murata Manufacturing 24 0.00 2,700 Sumitomo Forestry 35 0.01 200 Nidec 18 0.00 600 Omron 35 0.01 88 0.02 500 SCREEN 28 0.00 Gas − 0.00%; 29.2.2020 0.00% 1,400 Taiyo Yuden 49 0.01 1,100 Tokyo Gas 16 0.00 500 Tokyo Seimitsu 16 0.00 600 Yokogawa Electric 8 0.00 Hand & Machine Tools − 0.00%; 29.2.2020 0.00% 1,300 Meidensha 20 0.00 308 0.03 Healthcare Products − 0.02%; 29.2.2020 0.00% Engineering & Construction − 0.05%; 29.2.2020 0.00% 600 Menicon 25 0.00 4,500 Chiyoda 13 0.00 1,500 Nihon Kohden 29 0.00 2,000 COMSYS 43 0.01 500 One 46 0.01 2,900 Kyowa Exeo 53 0.01 400 Sysmex 30 0.01 900 Meitec 33 0.01 1,600 Topcon 14 0.00 800 Nippo 15 0.00 1,400 Obayashi 9 0.00 144 0.02 1,100 Okumura 20 0.00 Healthcare Services − 0.01%; 29.2.2020 0.00% 1,600 Shimizu 9 0.00 600 Ain 28 0.00 5,600 Sumitomo Mitsui Construction 17 0.00 2,200 H.U. 49 0.01 900 Taikisha 17 0.00 77 0.01 1,600 Takasago Thermal Engineering 17 0.00 2,500 Takuma 35 0.01 Home Builders − 0.01%; 29.2.2020 0.00% 6,500 Toda 32 0.01 4,000 Haseko 35 0.01 1,000 Sekisui Chemical 13 0.00 313 0.05 1,800 Sekisui House 24 0.00 Entertainment − 0.00%; 29.2.2020 0.00% 72 0.01 200 Oriental Land 24 0.00 Home Furnishings − 0.02%; 29.2.2020 0.00% Environmental Control − 0.01%; 29.2.2020 0.00% 3,200 Kokuyo 33 0.01 1,200 Asahi 32 0.01 3,100 Panasonic 28 0.00 700 Daiseki 16 0.00 1,200 Sony 90 0.01 6,200 Hitachi Zosen 28 0.00 151 0.02 76 0.01

BlackRock Market Advantage Fund 28 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

Household Products − 0.00%; 29.2.2020 0.00% 200 Hirata 9 0.00 1,400 Duskin 26 0.00 100 Keyence 34 0.01 500 Pilot 11 0.00 900 Kubota 15 0.00 200 Miura 7 0.00 37 0.00 400 Yaskawa Electric 14 0.00 Insurance − 0.00%; 29.2.2020 0.00% 223 0.02 3,100 Anicom 21 0.00 900 Dai-ichi Life 11 0.00 Media − 0.00%; 29.2.2020 0.00% 1,300 MS&AD Insurance 26 0.00 4,900 SKY Perfect JSAT 15 0.00 700 Sompo 19 0.00 Metal & Hardware − 0.01%; 29.2.2020 0.00% 600 Tokio Marine 21 0.00 16,400 NTN 34 0.01 98 0.00 1,200 UACJ 20 0.00

Internet − 0.00%; 29.2.2020 0.00% 54 0.01 700 ASKUL 17 0.00 Mining − 0.02%; 29.2.2020 0.00% 1,000 Dip 19 0.00 1,900 Dowa 53 0.01 1,000 Infomart 6 0.00 700 Mitsui Mining & Smelting 17 0.00 100 M3 6 0.00 2,130 Nippon Light Metal 30 0.01 600 SMS 14 0.00 700 Sumitomo Metal Mining 24 0.00 3,000 Z 13 0.00 124 0.02 75 0.00 Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00% Iron & Steel − 0.00%; 29.2.2020 0.00% 1,000 Amano 16 0.00 1,000 Daido Steel 29 0.00 1,800 Glory 28 0.00 1,500 JFE 11 0.00 2,900 Toyobo 26 0.00 800 Sanyo Special Steel 9 0.00 70 0.00 49 0.00 Office & Business Equipment − 0.01%; 29.2.2020 0.00% Leisure Time − 0.00%; 29.2.2020 0.00% 1,700 Canon Marketing Japan 27 0.00 600 Daiichikosho 17 0.00 400 FUJIFILM 16 0.00 1,400 HIS 24 0.00 10,800 Konica Minolta 39 0.01 2,500 Round One 19 0.00 900 Toshiba TEC 24 0.00 400 Yamaha 16 0.00 800 Yamaha Motor 12 0.00 106 0.01

88 0.00 Office Furnishings − 0.00%; 29.2.2020 0.00% 2,400 Okamura 18 0.00 Lodging − 0.01%; 29.2.2020 0.00% 700 Kyoritsu Maintenance 18 0.00 Oil & Gas Producers − 0.01%; 29.2.2020 0.00% 3,100 Resorttrust 38 0.01 1,200 Cosmo Energy 21 0.00 10,600 Eneos 33 0.01 56 0.01 500 Idemitsu Kosan 9 0.00 Machinery Construction & Mining − 0.01%; 29.2.2020 0.00% 3,100 Inpex 16 0.00 1,600 Komatsu 34 0.01 79 0.01 300 Mitsubishi Heavy Industries 6 0.00 800 9 0.00 Packaging & Containers − 0.01%; 29.2.2020 0.00% 7,600 Rengo 44 0.01 49 0.01 1,900 Toyo Seikan 17 0.00 Machinery Diversified − 0.02%; 29.2.2020 0.00% 61 0.01 200 Daifuku 14 0.00 700 Daihen 21 0.00 Pharmaceuticals − 0.03%; 29.2.2020 0.00% 3,400 Ebara 91 0.01 600 Alfresa 8 0.00 100 FANUC 18 0.00 900 AnGes 6 0.00

29 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

2,400 Astellas Pharma 27 0.00 1,800 Aeon 39 0.01 900 Chugai Pharmaceutical 29 0.00 1,900 Autobacs Seven 18 0.00 1,500 Daiichi Sankyo 30 0.01 1,300 Bic Camera 10 0.00 400 Eisai 20 0.00 10,200 Citizen Watch 26 0.00 900 Kissei Pharmaceutical 13 0.00 700 cocokara fine 35 0.01 1,400 KYORIN 18 0.00 1,100 Colowide 15 0.00 400 Kyowa Kirin 8 0.00 3,900 DCM 28 0.00 900 Mochida Pharmaceutical 24 0.00 3,000 EDION 21 0.00 1,200 Rohto Pharmaceutical 23 0.00 100 Fast Retailing 70 0.01 1,500 Sawai Pharmaceutical 48 0.01 2,700 H2O Retailing 16 0.00 500 Shionogi & 18 0.00 500 Ichibanya 16 0.00 1,200 Ship Healthcare 48 0.01 500 Iwatani 20 0.00 1,300 Sosei 16 0.00 700 Izumi 18 0.00 1,100 Takeda Pharmaceutical 26 0.00 3,700 J Front Retailing 25 0.00 600 Tsumura & 13 0.00 2,000 Joyful Honda 18 0.00 600 Komeri 12 0.00 375 0.03 4,500 K’s 43 0.01 Pipelines − 0.00%; 29.2.2020 0.00% 1,400 Matsumotokiyoshi 39 0.01 3,400 TOKAI 21 0.00 900 MOS Food Services 19 0.00 900 Royal 12 0.00 Real Estate Investment & Services − 0.01%; 29.2.2020 0.00% 1,000 Seiko 12 0.00 1,400 Heiwa Real Estate 32 0.01 1,000 Seria 23 0.00 700 Mitsubishi Estate 9 0.00 2,900 Skylark 32 0.01 1,300 Mitsui Fudosan 21 0.00 800 Sushiro Global 21 0.00 1,100 Relo 19 0.00 1,400 Tokyo Tatemono 14 0.00 603 0.06

95 0.01 Semiconductors − 0.03%; 29.2.2020 0.00% 1,700 Shin-Etsu Polymer 11 0.00 Real Estate Investment Trusts − 0.10%; 29.2.2020 0.00% 200 Tokyo Electron 58 0.01 9 Activia Properties 28 0.00 1,100 Tokyo Ohka Kogyo 46 0.01 28 Advance Residence Investment 61 0.01 1,900 Ulvac 61 0.01 41 AEON REIT Investment 41 0.01 16 Comforia Residential REIT 34 0.01 176 0.03 13 Frontier Real Estate Investment 41 0.01 Software − 0.00%; 29.2.2020 0.00% 19 Hulic Reit 21 0.00 1,200 DeNA 17 0.00 63 Industrial & Infrastructure Fund 77 0.01 Investment 400 Freee 29 0.00 253 Invesco Office J-Reit 29 0.00 400 Fuji Soft 14 0.00 17 Itochu Advance Logistics 15 0.00 4,200 Gree 16 0.00 Investment 500 Justsystems 21 0.00 53 Japan Excellent 49 0.01 97 0.00 81 Japan Metropolitan Fund Invest 57 0.01 9 Kenedix Office Investment 43 0.01 Telecommunications − 0.02%; 29.2.2020 0.00% 14 Mitsubishi Estate Logistics REIT 39 0.01 2,300 KDDI 51 0.01 Investment 600 Nippon Telegraph & Telephone 11 0.00 61 Mori Hills REIT Investment 60 0.01 1,900 SoftBank 18 0.00 4OneREIT 8 0.00 800 SoftBank 53 0.01 21 Sekisui House Reit 12 0.00 800 T-Gaia 10 0.00

615 0.10 143 0.02

Retail − 0.06%; 29.2.2020 0.00% Textiles − 0.00%; 29.2.2020 0.00% 1,100 Adastria 15 0.00 600 Teijin 70.00

BlackRock Market Advantage Fund 30 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

Toys, Games & Hobbies − 0.01%; 29.2.2020 0.00% Transportation − 0.00%; 29.2.2020 0.00% 100 Nintendo 43 0.01 1,029 B&S Sarl 70.00 3,600 Tomy 24 0.00 MACAU − 0.00%; 29.2.2020 0.00% 67 0.01 Lodging − 0.00%; 29.2.2020 0.00% Transportation − 0.06%; 29.2.2020 0.00% 7,200 Sands China 24 0.00 100 Central Japan Railway 12 0.00 MALAYSIA − 0.01%; 29.2.2020 0.00% 900 East Japan Railway 47 0.01 600 Fuji Kyuko 22 0.00 Mining − 0.01%; 29.2.2020 0.00% 1,000 Fukuyama Transporting 28 0.00 11,714 Lynas Rare Earths 39 0.01 600 Hankyu Hanshin 14 0.00 MALTA − 0.01%; 29.2.2020 0.00% 1,700 Hitachi Transport System 38 0.01 300 Keio 16 0.00 Entertainment − 0.01%; 29.2.2020 0.00% 400 Kintetsu 12 0.00 5,338 Kindred 61 0.01 1,300 Kintetsu World Express 24 0.00 MONACO − 0.00%; 29.2.2020 0.00% 500 Kyushu Railway 9 0.00 Mining − 0.00%; 29.2.2020 0.00% 4,400 Nankai Electric RailwayØ 76 0.01 1,231 Endeavour Mining 17 0.00 200 Nippon Express 11 0.00 500 Nippon Yusen 10 0.00 − 0.12%; 29.2.2020 0.00% 2,500 Nishi-Nippon Railroad 50 0.01 Agriculture − 0.00%; 29.2.2020 0.00% 800 Odakyu Electric Railway 17 0.00 1,618 ForFarmers 80.00 2,400 Sankyu 72 0.01 2,100 Seino 21 0.00 Banks − 0.00%; 29.2.2020 0.00% 4,100 Senko 28 0.00 3,003 ING Groep 24 0.00 600 SG 10 0.00 Beverages − 0.00%; 29.2.2020 0.00% 2,800 Sotetsu 46 0.01 177 Heineken 13 0.00 400 Tobu Railway 8 0.00 1,500 Tokyu 15 0.00 Biotechnology − 0.00%; 29.2.2020 0.00% 400 West Japan Railway 17 0.00 15,520 Pharming 15 0.00

603 0.06 Chemicals − 0.02%; 29.2.2020 0.00% 419 Akzo Nobel 31 0.01 JERSEY − 0.00%; 29.2.2020 0.00% 497 IMCD 44 0.01 Mining − 0.00%; 29.2.2020 0.00% 171 Koninklijke DSM 20 0.00 24,124 Centamin 24 0.00 95 0.02 LUXEMBOURG − 0.02%; 29.2.2020 0.00% Commercial Services − 0.00%; 29.2.2020 0.00% Chemicals − 0.00%; 29.2.2020 0.00% 259 Randstad 12 0.00 1,539 Orion Engineered Carbons 19 0.00 Diversified Financial Services − 0.01%; 29.2.2020 0.00% Computers − 0.00%; 29.2.2020 0.00% 742 Euronext 57 0.01 1,234 Solutions 30 10 0.00 432 Flow Traders 13 0.00

Iron & Steel − 0.01%; 29.2.2020 0.00% 70 0.01 1,230 APERAM 37 0.01 Electrical Components & Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% Equipment − 0.01%; 29.2.2020 0.00% Ø 742 Grand City Properties 13 0.00 1,992 Signify 62 0.01

Telecommunications − 0.01%; 29.2.2020 0.00% Electronics − 0.01%; 29.2.2020 0.00% 1,486 Millicom International Cellular 40 0.01 1,435 TKH 51 0.01

31 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

Engineering & Construction − 0.00%; 29.2.2020 0.00% Semiconductors − 0.03%; 29.2.2020 0.00% 247 Alfen Beheer 15 0.00 390 ASML 158 0.02 1,112 Arcadis 27 0.00 605 BE Semiconductor Industries 33 0.01 1,196 Boskalis Westminster 26 0.00 91 NXP Semiconductors 12 0.00 11,621 Koninklijke BAM Groep 22 0.00 203 0.03 90 0.00 Telecommunications − 0.00%; 29.2.2020 0.00% Food Producers − 0.00%; 29.2.2020 0.00% 10,907 Koninklijke KPN 26 0.00 479 Corbion 20 0.00 Transportation − 0.01%; 29.2.2020 0.00% 474 Koninklijke Ahold Delhaize 9 0.00 14,371 PostNL 44 0.01 29 0.00 NEW ZEALAND − 0.03%; 29.2.2020 0.00% Insurance − 0.01%; 29.2.2020 0.00% Airlines − 0.00%; 29.2.2020 0.00% 5,463 Aegon 19 0.00 14,898 Air New Zealand 12 0.00 1,532 ASR Nederland 46 0.01 Building Materials − 0.00%; 29.2.2020 0.00% 65 0.01 8,036 Fletcher Building 27 0.00

Internet − 0.00%; 29.2.2020 0.00% Electricity − 0.01%; 29.2.2020 0.00% 323 Prosus 27 0.00 14,001 Contact Energy 50 0.01 Leisure Time − 0.00%; 29.2.2020 0.00% 5,148 Infratil 19 0.00 634 Accell 17 0.00 69 0.01 921 Basic-Fit 28 0.00 Engineering & Construction − 0.00%; 29.2.2020 0.00% 45 0.00 490 Auckland International Airport 20.00

Media − 0.01%; 29.2.2020 0.00% Healthcare Products − 0.00%; 29.2.2020 0.00% 664 Wolters Kluwer 38 0.01 560 Fisher & Paykel Healthcare 80.00

Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00% Healthcare Services − 0.01%; 29.2.2020 0.00% 759 AMG Advanced Metallurgical 20 0.00 17,574 Oceania Healthcare 13 0.00 Oil & Gas Services − 0.01%; 29.2.2020 0.00% 1,140 Ryman Healthcare 9 0.00 1,351 Core Laboratories 34 0.01 5,094 Summerset 33 0.01 1,657 Fugro 13 0.00 55 0.01

47 0.01 Lodging − 0.00%; 29.2.2020 0.00% Pharmaceuticals − 0.00%; 29.2.2020 0.00% 6,735 SKYCITY Entertainment 10 0.00 684 Merus 11 0.00 Media − 0.00%; 29.2.2020 0.00% 653 uniQure 17 0.00 17,943 Pushpay 16 0.00

28 0.00 Oil & Gas Producers − 0.00%; 29.2.2020 0.00% Pipelines − 0.00%; 29.2.2020 0.00% 17,964 Z Energy 25 0.00 215 Koninklijke Vopak 70.00 Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00% 19,284 PRECINCT PROPERTIES NEW 16 0.00 ZEAL 1,507 Eurocommercial Properties 23 0.00 415 NSI 12 0.00 Real Estate Investment Trusts − 0.01%; 29.2.2020 0.00% 963 WereldhaveØ 12 0.00 26,017 Goodman Property Trust 29 0.00 60,179 Kiwi Property 37 0.01 47 0.00 66 0.01 Retail − 0.00%; 29.2.2020 0.00% 148 Shop Apotheke 26 0.00

BlackRock Market Advantage Fund 32 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

Telecommunications − 0.00%; 29.2.2020 0.00% PORTUGAL − 0.00%; 29.2.2020 0.00% 3,564 Chorus 15 0.00 Banks − 0.00%; 29.2.2020 0.00% NORWAY − 0.06%; 29.2.2020 0.00% 282,782 Banco Comercial Portugues 29 0.00

Alternative Energy Sources − 0.01%; 29.2.2020 0.00% Commercial Services − 0.00%; 29.2.2020 0.00% 13,728 NEL 29 0.00 5,129 CTT-Correios de Portugal 11 0.00 2,557 Scatec 53 0.01 Food Producers − 0.00%; 29.2.2020 0.00% 82 0.01 769 Jeronimo Martins SGPS 9 0.00 12,133 Sonae SGPS 7 0.00 Banks − 0.01%; 29.2.2020 0.00% 3,486 Sbanken 24 0.00 16 0.00 4,525 SpareBank 1 SMN 38 0.01 Media − 0.00%; 29.2.2020 0.00% 62 0.01 8,247 NOS SGPS 20 0.00

Electricity − 0.00%; 29.2.2020 0.00% Oil & Gas Producers − 0.00%; 29.2.2020 0.00% 1,472 Fjordkraft 80.00 1,531 Galp Energia SGPS 12 0.00

Engineering & Construction − 0.00%; 29.2.2020 0.00% PUERTO RICO − 0.01%; 29.2.2020 0.00% 1,291 Veidekke 12 0.00 Banks − 0.01%; 29.2.2020 0.00% Environmental Control − 0.00%; 29.2.2020 0.00% 1,140 Popular 54 0.01 532 Tomra Systems 16 0.00 SINGAPORE − 0.05%; 29.2.2020 0.00% Food Producers − 0.00%; 29.2.2020 0.00% Agriculture − 0.00%; 29.2.2020 0.00% 2,438 Leroy Seafood 14 0.00 21,200 First Resources 16 0.00 569 Norway Royal Salmon 9 0.00 2,293 Orkla 15 0.00 Airlines − 0.00%; 29.2.2020 0.00% 4,200 Singapore Airlines 11 0.00 38 0.00 Banks − 0.00%; 29.2.2020 0.00% Insurance − 0.01%; 29.2.2020 0.00% 1,200 DBS 17 0.00 Ø 13,452 Storebrand 83 0.01 2,300 Oversea-Chinese Banking 14 0.00 Internet − 0.00%; 29.2.2020 0.00% 31 0.00 1,982 Atea 24 0.00 Electricity − 0.01%; 29.2.2020 0.00% Investment Companies − 0.01%; 29.2.2020 0.00% 158,500 Keppel Infrastructure Trust 46 0.01 755 Aker 44 0.01 Engineering & Construction − 0.00%; 29.2.2020 0.00% Mining − 0.00%; 29.2.2020 0.00% 4,400 Keppel 12 0.00 4,106 Norsk Hydro 16 0.00 4,500 SATS 11 0.00 Oil & Gas Producers − 0.01%; 29.2.2020 0.00% 23 0.00 2,536 Equinor 34 0.01 Healthcare Services − 0.00%; 29.2.2020 0.00% Oil & Gas Services − 0.00%; 29.2.2020 0.00% 35,000 Raffles Medical 21 0.00 1,493 TGS NOPEC Geophysical 17 0.00 Media − 0.00%; 29.2.2020 0.00% Real Estate Investment & Services − 0.01%; 29.2.2020 0.00% 32,500 Singapore Press 24 0.00 4,668 Entra 70 0.01 Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% Retail − 0.00%; 29.2.2020 0.00% 7,800 CapitaLand 13 0.00 2,488 Europris 10 0.00 Real Estate Investment Trusts − 0.02%; 29.2.2020 0.00% Shipbuilding − 0.00%; 29.2.2020 0.00% 35,648 ARA LOGOS Logistics Trust 14 0.00 1,867 Kongsberg Gruppen 27 0.00 58,300 ESR-REIT 12 0.00 Telecommunications − 0.00%; 29.2.2020 0.00% 25,671 Frasers Centrepoint Trust 35 0.01 2,202 Telenor 26 0.00 33,400 Frasers Hospitality Trust 9 0.00

33 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

13,300 Frasers Logistics & Commercial 10 0.00 2,995 Applus Services 22 0.00 Tr ust 40 0.00 24,600 Keppel DC REIT 36 0.01 33,300 Keppel REIT 21 0.00 Computers − 0.01%; 29.2.2020 0.00% 35,100 Lendlease Global Commercial 14 0.00 4,782 Indra Sistemas 30 0.01 REIT Electricity − 0.01%; 29.2.2020 0.00% 151 0.02 7,265 Iberdrola 66 0.01

Retail − 0.00%; 29.2.2020 0.00% Engineering & Construction − 0.01%; 29.2.2020 0.00% 25,900 Sheng Siong 22 0.00 497 Acciona 58 0.01

Semiconductors − 0.01%; 29.2.2020 0.00% Forest Products & Paper − 0.00%; 29.2.2020 0.00% 2,106 Kulicke & Soffa Industries 75 0.01 3,838 Ence Energia y Celulosa 14 0.00

Telecommunications − 0.00%; 29.2.2020 0.00% Gas − 0.00%; 29.2.2020 0.00% 16,600 Singapore Telecommunications 21 0.00 902 Naturgy Energy 16 0.00 23,200 StarHub 16 0.00 Lodging − 0.00%; 29.2.2020 0.00% 37 0.00 1,454 Melia Hotels International 90.00

Transportation − 0.01%; 29.2.2020 0.00% Media − 0.00%; 29.2.2020 0.00% 38,000 ComfortDelGro 33 0.01 3,071 Euskaltel 22 0.00 56,700 Singapore Post 21 0.00 5,757 Mediaset Espana Comunicacion 25 0.00

54 0.01 47 0.00

SOUTH AFRICA − 0.02%; 29.2.2020 0.00% Oil & Gas Producers − 0.01%; 29.2.2020 0.00% 3,324 Repsol 30 0.01 Banks − 0.01%; 29.2.2020 0.00% 26,697 Investec 52 0.01 Real Estate Investment Trusts − 0.01%; 29.2.2020 0.00% 9,201 Inmobiliaria Colonial Socimi 64 0.01 Healthcare Services − 0.01%; 29.2.2020 0.00% 13,918 Mediclinic International 40 0.01 Retail − 0.01%; 29.2.2020 0.00% 1,915 Industria de Diseno Textil 45 0.01 − 0.08%; 29.2.2020 0.00% SWEDEN − 0.15%; 29.2.2020 0.00% Alternative Energy Sources − 0.00%; 29.2.2020 0.00% 949 Solaria Energia y Medio 15 0.00 Aerospace & Defence − 0.00%; 29.2.2020 0.00% Ambiente 746 Saab 14 0.00

Automobile Parts & Equipment − 0.00%; 29.2.2020 0.00% Airlines − 0.00%; 29.2.2020 0.00% 1,246 CIE Automotive 25 0.00 79,173 SAS 12 0.00

Banks − 0.02%; 29.2.2020 0.00% Alternative Energy Sources − 0.00%; 29.2.2020 0.00% 10,099 Banco Bilbao Vizcaya Argentaria 40 0.01 537 PowerCell SwedenØ 13 0.00 131,571 Banco de Sabadell 48 0.01 Automobile Parts & Equipment − 0.00%; 29.2.2020 0.00% 7,172 Banco Santander 18 0.00 1,196 Veoneer 23 0.00 13,362 Bankia 19 0.00 6,231 CaixaBank 13 0.00 Banks − 0.00%; 29.2.2020 0.00% 22,132 Unicaja Banco 14 0.00 1,206 Skandinaviska Enskilda Banken 10 0.00 1,374 Svenska Handelsbanken 10 0.00 152 0.02 625 Swedbank 8 0.00 Biotechnology − 0.00%; 29.2.2020 0.00% 28 0.00 137 Pharma Mar 13 0.00 Biotechnology − 0.01%; 29.2.2020 0.00% Commercial Services − 0.00%; 29.2.2020 0.00% 2,296 Swedish Orphan Biovitrum 27 0.00 355 Amadeus IT 18 0.00

BlackRock Market Advantage Fund 34 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

1,654 Vitrolife 38 0.01 1,693 Svenska Cellulosa 21 0.00

65 0.01 54 0.01

Commercial Services − 0.00%; 29.2.2020 0.00% Healthcare Products − 0.01%; 29.2.2020 0.00% 3,231 AcadeMedia 23 0.00 1,418 Arjo 7 0.00 2,702 Bravida 25 0.00 3,571 Elekta 35 0.01 1,791 Coor Service Management 9 0.00 884 Getinge 16 0.00 311 Lifco 21 0.00 57 0.00 79 0.01 Cosmetics & Personal Care − 0.01%; 29.2.2020 0.00% 1,426 Essity 31 0.01 Healthcare Services − 0.00%; 29.2.2020 0.00% 1,451 Ambea 90.00 Distribution & Wholesale − 0.00%; 29.2.2020 0.00% 1,161 Bufab 20 0.00 Home Furnishings − 0.00%; 29.2.2020 0.00% 921 Mekonomen 9 0.00 3,017 Nobia 16 0.00 2,942 Munters 18 0.00 Housewares − 0.00%; 29.2.2020 0.00% 47 0.00 1,431 Duni 12 0.00

Diversified Financial Services − 0.00%; 29.2.2020 0.00% Internet − 0.00%; 29.2.2020 0.00% 1,201 Avanza Bank 27 0.00 665 Boozt 10 0.00 851 Intrum 17 0.00 Leisure Time − 0.03%; 29.2.2020 0.00% 44 0.00 4,352 Dometic 43 0.01 581 MIPS 32 0.01 Electronics − 0.00%; 29.2.2020 0.00% 3,104 Thule 93 0.01 711 Assa Abloy 13 0.00 539 Mycronic 10 0.00 168 0.03

23 0.00 Machinery Construction & Mining − 0.00%; 29.2.2020 0.00% 1,085 Sandvik 21 0.00 Engineering & Construction − 0.01%; 29.2.2020 0.00% 1,252 AF Poyry 24 0.00 Machinery Diversified − 0.00%; 29.2.2020 0.00% 1,550 Instalco 41 0.01 471 Atlas Copco 16 0.00 546 JM 14 0.00 423 Atlas Copco 17 0.00 1,239 NCC 15 0.00 33 0.00

94 0.01 Media − 0.00%; 29.2.2020 0.00% Entertainment − 0.00%; 29.2.2020 0.00% 1,147 Modern Times MTG 12 0.00 3,994 Betsson 23 0.00 901 Nordic Entertainment 29 0.00 140 Evolution Gaming 13 0.00 41 0.00 1,577 SkiStar 17 0.00 Metal & Hardware − 0.00%; 29.2.2020 0.00% 53 0.00 2,508 Granges 23 0.00 Environmental Control − 0.01%; 29.2.2020 0.00% 1,502 Lindab International 24 0.00 3,492 Sweco 36 0.01 47 0.00 Food Producers − 0.01%; 29.2.2020 0.00% Mining − 0.00%; 29.2.2020 0.00% 2,362 AAK 36 0.01 835 Boliden 24 0.00 618 Axfood 11 0.00 307 ICA Gruppen 10 0.00 Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00% 2,012 Scandi Standard 10 0.00 1,149 Indutrade 19 0.00 671 Trelleborg 12 0.00 67 0.01 31 0.00 Forest Products & Paper − 0.01%; 29.2.2020 0.00% 1,049 Holmen 33 0.01

35 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

Real Estate Investment & Services − 0.04%; 29.2.2020 0.00% Banks − 0.03%; 29.2.2020 0.00% 1,735 Atrium Ljungberg 23 0.00 573 Cembra Money Bank 43 0.01 4,754 Castellum 80 0.01 131 St Galler Kantonalbank 44 0.01 559 Catena 18 0.00 3,034 UBS 34 0.01 3,354 Dios Fastigheter 19 0.00 121 0.03 6,447 Fabege 64 0.01 1,299 Hufvudstaden 13 0.00 Beverages − 0.00%; 29.2.2020 0.00% 806 John Mattson 10 0.00 462 Coca-Cola HBC 10 0.00 Fastighetsforetagen Biotechnology − 0.01%; 29.2.2020 0.00% 20,955 Klovern 23 0.00 552 CRISPR Therapeutics 49 0.01 6,421 Kungsleden 47 0.01 812 Idorsia 16 0.00 1,471 Pandox 19 0.00 2,394 Wallenstam 24 0.00 65 0.01 3,506 Wihlborgs Fastigheter 49 0.01 Building Materials − 0.01%; 29.2.2020 0.00% 389 0.04 8 Belimo 42 0.01 22 Geberit 9 0.00 Retail − 0.00%; 29.2.2020 0.00% 1,850 Bilia 18 0.00 51 0.01 1,681 Clas Ohlson 11 0.00 Chemicals − 0.01%; 29.2.2020 0.00% 2,506 Dustin 18 0.00 15 Givaudan 41 0.01 1,371 H & M Hennes & Mauritz 23 0.00 Commercial Services − 0.02%; 29.2.2020 0.00% 70 0.00 8,716 IWG 31 0.01 Software − 0.01%; 29.2.2020 0.00% 19 SGS 39 0.01 539 Fortnox 22 0.00 70 0.02 638 Paradox Interactive 10 0.00 600 Sinch 80 0.01 Computers − 0.00%; 29.2.2020 0.00% 2,220 Stillfront 17 0.00 153 Logitech International 12 0.00

129 0.01 Distribution & Wholesale − 0.00%; 29.2.2020 0.00% 106 ALSO 21 0.00 Telecommunications − 0.00%; 29.2.2020 0.00% 167 Bossard 25 0.00 1,525 Tele2 14 0.00 2,211 Telefonaktiebolaget LM Ericsson 20 0.00 46 0.00 7,492 Telia 22 0.00 Diversified Financial Services − 0.01%; 29.2.2020 0.00% 56 0.00 1,063 Vontobel 58 0.01

Transportation − 0.00%; 29.2.2020 0.00% Electrical Components & 2,194 Nobina 12 0.00 Equipment − 0.00%; 29.2.2020 0.00% 861 ABB 18 0.00 − 0.29%; 29.2.2020 0.00% Electricity − 0.00%; 29.2.2020 0.00% Advertising − 0.00%; 29.2.2020 0.00% 238 BKW 19 0.00 59 APG SGA 90.00 Electronics − 0.01%; 29.2.2020 0.00% Alternative Energy Sources − 0.01%; 29.2.2020 0.00% 20 LEM 29 0.00 711 Landis+Gyr 35 0.01 400 TE Connectivity 37 0.01 Automobile Manufacturers − 0.00%; 29.2.2020 0.00% 66 0.01 74 Autoneum 90.00 Engineering & Construction − 0.00%; 29.2.2020 0.00% Automobile Parts & Equipment − 0.02%; 29.2.2020 0.00% 602 Implenia 14 0.00 132 Georg Fischer 122 0.02

BlackRock Market Advantage Fund 36 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

Food Producers − 0.02%; 29.2.2020 0.00% 894 PSP Swiss Property 77 0.01 85 Bell Food 18 0.00 192 0.03 1,719 Nestle 129 0.02 250 Orior 15 0.00 Retail − 0.01%; 29.2.2020 0.00% 118 Zur Rose 40 0.01 162 0.02 Semiconductors − 0.00%; 29.2.2020 0.00% Healthcare Products − 0.02%; 29.2.2020 0.00% 329 Sensirion 15 0.00 698 Alcon 34 0.01 384 STMicroelectronics 11 0.00 2,082 Quotient 7 0.00 224 u-blox 13 0.00 105 Sonova 19 0.00 199 Tecan 60 0.01 39 0.00

120 0.02 Telecommunications − 0.00%; 29.2.2020 0.00% 79 Swisscom 28 0.00 Healthcare Services − 0.01%; 29.2.2020 0.00% 144 Lonza 65 0.01 Transportation − 0.00%; 29.2.2020 0.00% 165 Kuehne + Nagel International 28 0.00 Insurance − 0.02%; 29.2.2020 0.00% 139 Helvetia 11 0.00 THAILAND − 0.01%; 29.2.2020 0.00% 554 Swiss Re 37 0.01 Miscellaneous Manufacturing − 0.01%; 29.2.2020 0.00% 118 Zurich Insurance 35 0.01 856 Fabrinet 54 0.01

83 0.02 UNITED ARAB EMIRATES − 0.00%; 29.2.2020 0.00%

Machinery Diversified − 0.00%; 29.2.2020 0.00% Diversified Financial Services − 0.00%; 29.2.2020 0.00% 46 Bucher Industries 16 0.00 4,886 Network International 18 0.00 11 Interroll 25 0.00 113 Komax 21 0.00 UNITED KINGDOM − 0.63%; 29.2.2020 0.00% Advertising − 0.00%; 29.2.2020 0.00% 62 0.00 4,528 Ascential 16 0.00 Metal & Hardware − 0.00%; 29.2.2020 0.00% 2,596 WPP 22 0.00 137 VAT 27 0.00 38 0.00 Mining − 0.00%; 29.2.2020 0.00% 4,391 13 0.00 Aerospace & Defence − 0.01%; 29.2.2020 0.00% 11,968 Meggitt 51 0.01 Miscellaneous Manufacturing − 0.01%; 29.2.2020 0.00% 828 Ultra Electronics 16 0.00 121 Daetwyler 26 0.00 547 Sulzer 44 0.01 67 0.01

70 0.01 Airlines − 0.00%; 29.2.2020 0.00% 2,272 easyJet 22 0.00 Packaging & Containers − 0.01%; 29.2.2020 0.00% 1,054 JET2 15 0.00 5,444 SIG CombiblocØ 87 0.01 37 0.00 Pharmaceuticals − 0.03%; 29.2.2020 0.00% 1,244 Novartis 77 0.01 Alternative Energy Sources − 0.01%; 29.2.2020 0.00% 413 Roche 97 0.01 4,663 ITM Power 24 0.00 73 Siegfried 41 0.01 16,284 John Laing 49 0.01

215 0.03 73 0.01

Real Estate Investment & Services − 0.03%; 29.2.2020 0.00% Apparel − 0.02%; 29.2.2020 0.00% 500 Allreal 73 0.01 10,892 boohoo 37 0.01 186 Mobimo 42 0.01 1,236 22 0.00

37 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

1,133 Capri 38 0.01 10,697 NCC 28 0.00 1,453 Softcat 21 0.00 97 0.02 87 0.01 Automobile Manufacturers − 0.00%; 29.2.2020 0.00% 512 Global 10 0.00 Cosmetics & Personal Care − 0.00%; 29.2.2020 0.00% 765 29 0.00 Banks − 0.01%; 29.2.2020 0.00% 488 Unilever 18 0.00 13,276 HSBC 57 0.01 10,486 Natwest 19 0.00 47 0.00 3,812 Paragon Banking 17 0.00 Distribution & Wholesale − 0.03%; 29.2.2020 0.00% 5,617 26 0.00 499 Ferguson 42 0.01 14,601 Virgin Money UK 27 0.00 6,721 Inchcape 48 0.01 146 0.01 4,987 Travis Perkins 72 0.01

Beverages − 0.02%; 29.2.2020 0.00% 162 0.03 4,605 Britvic 37 0.01 Diversified Financial Services − 0.05%; 29.2.2020 0.00% 394 Coca-Cola European Partners 14 0.00 4,596 AJ Bell 19 0.00 2,886 81 0.01 13,420 Ashmore 55 0.01 405 Fevertree Drinks 9 0.00 11,630 Brewin Dolphin 34 0.01 141 0.02 6,357 Close Brothers 99 0.01 1,658 IG 13 0.00 Biotechnology − 0.01%; 29.2.2020 0.00% 4,559 Janus Henderson 95 0.01 2,630 Abcam 44 0.01 17,554 Jupiter Fund Management 52 0.01 Building Materials − 0.01%; 29.2.2020 0.00% 118 11 0.00 6,909 Forterra 18 0.00 1,763 Rathbone Brothers 27 0.00 13,190 Ibstock 28 0.00 380 13 0.00 7,117 Marshalls 48 0.01 418 0.05 5,066 Polypipe 28 0.00 Electricity − 0.02%; 29.2.2020 0.00% 122 0.01 7,906 Drax 30 0.01 Chemicals − 0.01%; 29.2.2020 0.00% 5,750 National Grid 46 0.01 394 24 0.00 1,956 SSE 26 0.00 591 Johnson Matthey 18 0.00 102 0.02 451 Linde 79 0.01 Electronics − 0.00%; 29.2.2020 0.00% 121 0.01 248 Renishaw 14 0.00 Commercial Services − 0.04%; 29.2.2020 0.00% 776 Spectris 24 0.00 447 Ashtead 17 0.00 38 0.00 23,940 Hays 36 0.01 665 IHS Markit 43 0.01 Engineering & Construction − 0.04%; 29.2.2020 0.00% 147 8 0.00 13,260 Balfour Beatty 37 0.01 7,349 QinetiQ 22 0.00 5,247 HomeServe 55 0.01 9,439 Redde Northgate 26 0.00 4,689 IMI 61 0.01 3,309 RELX 56 0.01 958 Morgan Sindall 16 0.00 2,806 Savills 32 0.01 12,049 Signature Aviation 48 0.01

240 0.04 217 0.04

Computers − 0.01%; 29.2.2020 0.00% Entertainment − 0.01%; 29.2.2020 0.00% 4,620 GB 38 0.01 1,689 Gamesys 23 0.00

BlackRock Market Advantage Fund 38 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

12,589 William Hill 34 0.01 Insurance − 0.00%; 29.2.2020 0.00% 2,692 10 0.00 57 0.01 6,844 Legal & General 18 0.00 Environmental Control − 0.00%; 29.2.2020 0.00% 2,751 Numis 9 0.00 3,282 Biffa 80.00 1,077 Prudential 15 0.00

Food Producers − 0.03%; 29.2.2020 0.00% 52 0.00 590 14 0.00 Internet − 0.02%; 29.2.2020 0.00% 1,176 Cranswick 40 0.01 990 ASOS 55 0.01 1,299 Greggs 27 0.00 709 Future 14 0.00 5,419 J Sainsbury 12 0.00 11,060 62 0.01 41,249 Marks & Spencer 59 0.01 5,268 Trainline 27 0.00 18,735 Premier Foods 17 0.00 5,000 SSP 17 0.00 158 0.02 7,792 Tate & Lyle 57 0.01 Leisure Time − 0.00%; 29.2.2020 0.00% 7,322 Wm Morrison Supermarkets 13 0.00 1,907 On the Beach 80.00 256 0.03 Lodging − 0.00%; 29.2.2020 0.00% Food Services − 0.00%; 29.2.2020 0.00% 184 InterContinental Hotels 9 0.00 1,189 Compass 17 0.00 570 19 0.00

Forest Products & Paper − 0.00%; 29.2.2020 0.00% 28 0.00 1,483 26 0.00 Machinery Construction & Mining − 0.01%; 29.2.2020 0.00% Gas − 0.01%; 29.2.2020 0.00% 2,244 Weir 44 0.01 68,944 Centrica 36 0.01 Machinery Diversified − 0.01%; 29.2.2020 0.00% Hand & Machine Tools − 0.00%; 29.2.2020 0.00% 1,408 CNH Industrial 15 0.00 1,200 Luxfer 16 0.00 9,275 Rotork 33 0.01

Healthcare Products − 0.01%; 29.2.2020 0.00% 48 0.01 21,730 ConvaTec 41 0.01 Media − 0.01%; 29.2.2020 0.00% 429 LivaNova 24 0.00 4,586 25 0.00 65 0.01 93,087 ITV 102 0.01

Healthcare Services − 0.00%; 29.2.2020 0.00% 127 0.01 8,870 Spire Healthcare 13 0.00 Mining − 0.01%; 29.2.2020 0.00% Home Builders − 0.01%; 29.2.2020 0.00% 1,043 Rio Tinto 65 0.01 2,670 18 0.00 Miscellaneous Manufacturing − 0.02%; 29.2.2020 0.00% 1,748 Bellway 49 0.01 1,395 Diploma 32 0.01 322 Berkeley 13 0.00 10,945 Morgan Advanced Materials 34 0.01 3,919 Countryside Properties 18 0.00 4,482 Crest Nicholson 14 0.00 66 0.02 2,973 Redrow 16 0.00 Oil & Gas Producers − 0.02%; 29.2.2020 0.00% 7,185 11 0.00 10,507 BP 31 0.01 3,486 Vistry 29 0.00 16,530 Cairn Energy 32 0.01 168 0.01 63 0.02 Home Furnishings − 0.02%; 29.2.2020 0.00% Oil & Gas Services − 0.02%; 29.2.2020 0.00% 16,043 Howden Joinery 112 0.02 6,098 Hunting 15 0.00 Household Products − 0.00%; 29.2.2020 0.00% 10,111 John Wood 30 0.01 323 Benckiser 19 0.00

39 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

6,285 Subsea 7 47 0.01 Textiles − 0.00%; 29.2.2020 0.00% 11,338 Coats 70.00 92 0.02 Toys, Games & Hobbies − 0.01%; 29.2.2020 0.00% Packaging & Containers − 0.01%; 29.2.2020 0.00% 340 Games Workshop 32 0.01 11,049 DS Smith 44 0.01 Transportation − 0.01%; 29.2.2020 0.00% Pharmaceuticals − 0.04%; 29.2.2020 0.00% 20,592 Firstgroup 19 0.00 1,013 AstraZeneca 70 0.01 1,680 Go-Ahead 20 0.00 3,239 Dechra Pharmaceuticals 111 0.02 9,243 National Express 28 0.00 3,657 GlaxoSmithKline 44 0.01 12,702 57 0.01 9,773 Indivior 13 0.00 522 Myovant Sciences 8 0.00 124 0.01

246 0.04 Water − 0.01%; 29.2.2020 0.00% 4,789 Pennon 42 0.01 Private Equity − 0.01%; 29.2.2020 0.00% 1,408 16 0.00 UNITED STATES OF AMERICA − 7.29%; 29.2.2020 0.00% 2,427 Intermediate Capital 42 0.01 Advertising − 0.00%; 29.2.2020 0.00% 58 0.01 6,667 Clear Channel Outdoor 8 0.00 189 Omnicom 9 0.00 Real Estate Investment & Services − 0.01%; 29.2.2020 0.00% 23 Trade Desk 13 0.00 16,691 Grainger 45 0.01 4,747 Helical 18 0.00 30 0.00 4,140 St Modwen Properties 16 0.00 Aerospace & Defence − 0.05%; 29.2.2020 0.00% 7,848 Watkin Jones 16 0.00 845 AAR 24 0.00 95 0.01 373 AeroVironment 29 0.00 1,440 Barnes 54 0.01 Retail − 0.01%; 29.2.2020 0.00% 373 Ducommun 15 0.00 2,941 B&M European Value Retail 16 0.00 1,297 Hexcel 50 0.01 5,725 Domino’s Pizza 18 0.00 421 Howmet Aerospace 8 0.00 2,117 Dunelm 27 0.00 495 Kaman 17 0.00 6,246 18 0.00 841 Kratos Defense & Security 17 0.00 1,204 J D Wetherspoon 15 0.00 Solutions 6,443 Kingfisher 17 0.00 195 L3Harris Technologies 25 0.00 167 Next 13 0.00 924 Mercury Systems 43 0.01 7,145 28 0.00 624 Moog 35 0.01 1,984 WH Smith 38 0.01 1,018 Spirit AeroSystems 31 0.01 5,961 World 17 0.00 63 Teledyne Technologies 17 0.00 207 0.01 24 TransDigm 10 0.00 963 Triumph 10 0.00 Semiconductors − 0.01%; 29.2.2020 0.00% 1,202 Dialog Semiconductor 67 0.01 385 0.05

Software − 0.00%; 29.2.2020 0.00% Agriculture − 0.02%; 29.2.2020 0.00% 820 Blue Prism 13 0.00 1,136 Archer-Daniels-Midland 46 0.01 5,241 Micro Focus International 22 0.00 434 Bunge 24 0.00 2,189 Darling Ingredients 99 0.01 35 0.00 947 Tejon Ranch 11 0.00 Telecommunications − 0.01%; 29.2.2020 0.00% 180 0.02 16,005 BT 20 0.00 8,725 Spirent Communications 20 0.00 Airlines − 0.00%; 29.2.2020 0.00% 25,731 31 0.01 547 Alaska Air 25 0.00 487 Delta Air Lines 17 0.00 71 0.01

BlackRock Market Advantage Fund 40 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

1,232 JetBlue Airways 16 0.00 1,038 Meritor 23 0.00 1,423 Methode Electronics 40 0.01 58 0.00 671 Shyft 16 0.00 Alternative Energy Sources − 0.03%; 29.2.2020 0.00% 432 Visteon 39 0.01 1,241 First Solar 72 0.01 556 0.08 1,157 Sunnova Energy International 37 0.01 1,222 SunPower 30 0.01 Banks − 0.53%; 29.2.2020 0.00% 513 TPI Composites 17 0.00 1,876 Ameris Bancorp 64 0.01 582 BancFirst 27 0.00 156 0.03 2,167 BancorpSouth Bank 47 0.01 Apparel − 0.13%; 29.2.2020 0.00% 4,574 Bank of America 113 0.02 815 Carter’s 49 0.01 1,210 Bank of Hawaii 76 0.01 810 Columbia Sportswear 60 0.01 1,229 Bank of New York Mellon 37 0.01 1,089 Crocs 60 0.01 2,167 Bank OZK 64 0.01 526 Deckers Outdoor 123 0.02 788 BOK Financial 49 0.01 5,323 Hanesbrands 67 0.01 653 Bryn Mawr Bank 18 0.00 889 Kontoor 27 0.00 1,086 Byline Bancorp 15 0.00 2,367 Levi Strauss 39 0.01 574 Camden National 17 0.00 851 Nike 82 0.01 1,301 Cathay General Bancorp 35 0.01 476 Oxford Industries 26 0.00 1,203 CIT 39 0.01 1,184 PVH 85 0.01 2,198 Citigroup 104 0.01 1,079 Steven Madden 29 0.00 501 Citizens Financial 16 0.00 3,204 Tapestry 97 0.01 1,552 Commerce Bancshares Inc/MO 82 0.01 2,353 Under Armour 31 0.01 445 Community Bank System 23 0.00 2,334 Under Armour 37 0.01 615 Community Trust Bancorp 18 0.00 512 Urban Outfitters 12 0.00 1,300 Cullen/Frost Bankers 97 0.01 502 VF 28 0.00 1,009 CVB Financial 15 0.00 2,022 Wolverine World Wide 51 0.01 726 Dime Community Bancshares 15 0.00 1,878 First Busey 31 0.01 903 0.13 3,545 First Financial Bancorp 57 0.01 Automobile Manufacturers − 0.04%; 29.2.2020 0.00% 2,016 First Financial Bankshares 64 0.01 394 Cummins 71 0.01 1,957 First Hawaiian 39 0.01 757 Navistar International 24 0.00 7,638 First Horizon 88 0.01 122 PACCAR 8 0.00 1,458 First Interstate BancSystem 47 0.01 508 Tesla 244 0.03 7,049 Fulton Financial 78 0.01 2,010 Wabash National 24 0.00 1,223 Glacier Bancorp 47 0.01 227 Goldman Sachs 52 0.01 371 0.04 2,110 Great Western Bancorp 40 0.01 Automobile Parts & Equipment − 0.08%; 29.2.2020 0.00% 1,162 Hancock Whitney 31 0.01 953 Adient 25 0.00 819 Heartland Financial USA 27 0.00 2,531 Allison Transmission 69 0.01 1,582 Huntington Bancshares Inc/OH 17 0.00 2,263 American Axle & Manufacturing 16 0.00 904 Independent Bank Corp/MI 13 0.00 842 BorgWarner 27 0.00 1,787 International Bancshares 56 0.01 980 Cooper Tire & Rubber 40 0.01 1,888 JP Morgan Chase 199 0.03 2,622 Dana 45 0.01 2,631 KeyCorp 38 0.01 379 Dorman Products 27 0.00 996 Live Oak Bancshares 39 0.01 451 Douglas Dynamics 16 0.00 1,819 Morgan Stanley 100 0.01 480 Fox Factory 44 0.01 989 National Bank 27 0.00 1,770 Gentex 45 0.01 566 Northern Trust 38 0.01 1,251 Gentherm 63 0.01 774 Origin Bancorp 19 0.00 1,768 Goodyear Tire & Rubber 21 0.00

41 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

1,627 Pinnacle Financial Partners 94 0.01 658 Arcus Biosciences 17 0.00 343 PNC Financial Services 41 0.01 744 Arena Pharmaceuticals 43 0.01 1,622 Premier Financial 36 0.01 1,219 Arrowhead Pharmaceuticals 69 0.01 583 Prosperity Bancshares 31 0.01 1,369 Atara Biotherapeutics 16 0.00 653 QCR 19 0.00 961 Avrobio 8 0.00 2,930 Regions Financial 43 0.01 377 Axsome Therapeutics 18 0.00 576 Seacoast Banking of Florida 15 0.00 275 Beam Therapeutics 17 0.00 1,098 ServisFirst Bancshares 39 0.01 3,982 BioCryst Pharmaceuticals 31 0.01 844 South State 48 0.01 146 Biogen 28 0.00 342 Southside Bancshares 8 0.00 498 Biohaven Pharmaceutical 30 0.01 706 State Street 37 0.01 204 BioMarin Pharmaceutical 11 0.00 691 Stock Yards Bancorp 24 0.00 904 Bluebird Bio 20 0.00 82 SVB Financial 30 0.01 423 Blueprint Medicines 30 0.01 1,797 Synovus Financial 54 0.01 681 Cara Therapeutics 9 0.00 2,917 TCF Financial 93 0.01 482 ChemoCentryx 23 0.00 753 Texas Capital Bancshares 41 0.01 427 Constellation Pharmaceuticals 8 0.00 1,039 TriState Capital 17 0.00 415 Corteva 13 0.00 257 Triumph Bancorp 14 0.00 386 Cortexyme 9 0.00 821 Truist Financial 33 0.01 1,328 CytomX Therapeutics 7 0.00 1,098 Trustmark 24 0.00 427 Deciphera Pharmaceuticals 13 0.00 720 UMB Financial 43 0.01 844 Denali Therapeutics 43 0.01 5,378 Umpqua 66 0.01 1,201 Dicerna Pharmaceuticals 23 0.00 689 United Bankshares Inc/WV 18 0.00 2,593 Dynavax Technologies 16 0.00 1,120 Univest Financial 20 0.00 1,046 Editas Medicine 33 0.01 9,584 Valley National Bancorp 84 0.01 486 Emergent BioSolutions 33 0.01 2,636 Webster Financial 104 0.01 751 Epizyme 5 0.00 1,844 Wells Fargo 48 0.01 593 Esperion Therapeutics 12 0.00 1,890 Western Alliance Bancorp 124 0.02 79 Exact Sciences 8 0.00 1,153 Wintrust Financial 61 0.01 2,924 Exelixis 45 0.01 573 Fate Therapeutics 37 0.01 3,427 0.53 1,224 FibroGen 44 0.01 Beverages − 0.05%; 29.2.2020 0.00% 1,431 Gilead Sciences 63 0.01 72 Boston Beer 53 0.01 752 Global Blood Therapeutics 23 0.00 409 Brown-Forman 21 0.00 751 Guardant Health 79 0.01 3,763 Coca-Cola 132 0.02 1,294 Halozyme Therapeutics 42 0.01 922 Keurig Dr Pepper 20 0.00 255 IGM Biosciences 16 0.00 581 Molson Coors Beverage 18 0.00 130 Illumina 41 0.01 1,443 PepsiCo 133 0.02 619 Immunovant 7 0.00 2,089 Inovio Pharmaceuticals 17 0.00 377 0.05 1,204 Insmed 31 0.01 Biotechnology − 0.34%; 29.2.2020 0.00% 422 Intercept Pharmaceuticals 7 0.00 1,961 ACADIA Pharmaceuticals 69 0.01 870 Intra-Cellular Therapies 22 0.00 672 Acceleron Pharma 65 0.01 1,140 Iovance Biotherapeutics 30 0.01 1,001 Adverum Biotechnologies 9 0.00 3,337 Kadmon 11 0.00 312 Allakos 27 0.00 138 Karuna Therapeutics 12 0.00 567 Allogene Therapeutics 14 0.00 842 Karyopharm Therapeutics 8 0.00 565 Amgen 91 0.01 448 Kodiak Sciences 41 0.01 2,732 Amicus Therapeutics 24 0.00 274 Krystal Biotech 15 0.00 797 AnaptysBio 16 0.00 251 Ligand Pharmaceuticals 27 0.00 514 Apellis Pharmaceuticals 18 0.00 597 MacroGenics 11 0.00 480 Applied Therapeutics 7 0.00

BlackRock Market Advantage Fund 42 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

625 Mersana Therapeutics 8 0.00 1,657 Trex 109 0.02 373 Mirati Therapeutics 53 0.01 608 US Concrete 22 0.00 169 Moderna 19 0.00 687 0.10 536 Myriad Genetics 12 0.00 1,613 Nektar Therapeutics 26 0.00 Chemicals − 0.10%; 29.2.2020 0.00% 1,577 NeoGenomics 57 0.01 109 Air Products and Chemicals 20 0.00 711 Novavax 117 0.02 647 Axalta Coating Systems 13 0.00 2,113 Pacific Biosciences of California 46 0.01 376 Balchem 32 0.01 295 Phathom Pharmaceuticals 9 0.00 1,685 Chemours 28 0.00 1,534 Provention Bio 14 0.00 423 Dow 18 0.00 453 PTC Therapeutics 18 0.00 702 DuPont de Nemours 35 0.01 842 Radius Health 11 0.00 454 Ecolab 68 0.01 74 Regeneron Pharmaceuticals 24 0.00 1,214 HB Fuller 49 0.01 568 REGENXBIO 17 0.00 318 Ingevity 16 0.00 288 Replimune 7 0.00 551 Innospec 40 0.01 990 Rocket Pharmaceuticals 39 0.01 180 International Flavors & 17 0.00 636 Sage Therapeutics 39 0.01 Fragrances 2,017 Sangamo Therapeutics 17 0.00 459 Kraton 12 0.00 308 Scholar Rock 12 0.00 150 LyondellBasell Industries 11 0.00 2,686 Sorrento Therapeutics 19 0.00 1,484 Minerals Technologies 76 0.01 437 SpringWorks Therapeutics 27 0.00 715 Mosaic 15 0.00 966 TG Therapeutics 30 0.01 429 PPG Industries 41 0.01 431 Travere Therapeutics 9 0.00 335 Rogers 43 0.01 550 Turning Point Therapeutics 46 0.01 38 Sherwin-Williams 18 0.00 271 Twist Bioscience 27 0.00 348 Stepan 30 0.01 950 Ultragenyx Pharmaceutical 96 0.01 2,771 Valvoline 49 0.01 344 United Therapeutics 41 0.01 235 W R Grace 10 0.00 764 Veracyte 32 0.01 641 0.10 419 Vertex Pharmaceuticals 64 0.01 356 Xencor 13 0.00 Commercial Services − 0.32%; 29.2.2020 0.00% 551 Y-mAbs Therapeutics 14 0.00 785 2U 22 0.00 5,812 ZIOPHARM Oncology 22 0.00 486 Aaron’s 8 0.00 883 ABM Industries 27 0.00 2,547 0.34 2,588 ADT 14 0.00 Building Materials − 0.10%; 29.2.2020 0.00% 302 Alarm.com 19 0.00 711 AAON 39 0.01 34 Amerco 14 0.00 850 Armstrong World Industries 52 0.01 593 American Public Education 12 0.00 1,504 Boise Cascade 54 0.01 1,003 AMN Healthcare Services 52 0.01 1,891 Builders FirstSource 59 0.01 510 ASGN 34 0.01 804 Carrier Global 21 0.00 588 Automatic Data Processing 73 0.01 257 Fortune Brands Home & Security 15 0.00 940 Avis Budget 37 0.01 603 JELD-WEN 13 0.00 999 Bright Horizons Family Solutions 114 0.02 2,234 Johnson Controls International 89 0.01 303 Brink’s 17 0.00 91 Lennox International 18 0.00 1,212 Chegg 84 0.01 1,190 Louisiana-Pacific 40 0.01 579 CoreLogic Inc/United States 35 0.01 61 Martin Marietta Materials 15 0.00 254 CorVel 18 0.00 489 Masco 19 0.00 568 Deluxe 16 0.00 181 Masonite International 14 0.00 234 Euronet Worldwide 25 0.00 2,473 MDU Resources 50 0.01 581 FTI Consulting 48 0.01 330 Owens Corning 19 0.00 84 Global Payments 12 0.00 1,970 Summit Materials 39 0.01 56 Graham 24 0.00

43 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

401 Grand Canyon Education 30 0.01 576 ExlService 35 0.01 1,998 H&R Block 27 0.00 88 Fortinet 11 0.00 416 HealthEquity 24 0.00 3,914 Hewlett Packard Enterprise 41 0.01 641 Heidrick & Struggles 16 0.00 1,882 HP 39 0.01 International 868 Insight Enterprises 52 0.01 480 Herc 30 0.01 1,041 International Business 89 0.01 997 HMS 26 0.00 1,210 Lumentum 78 0.01 591 ICF International 35 0.01 630 Maximus 37 0.01 493 Insperity 31 0.01 750 MTS Systems 31 0.01 1,601 John Wiley & Sons 60 0.01 1,709 NCR 42 0.01 1,306 Kelly Services 19 0.00 907 OneSpan 15 0.00 473 Kforce 17 0.00 2,538 PAE 15 0.00 1,484 Korn Ferry 65 0.01 1,899 Pure Storage 32 0.01 1,124 Macquarie Infrastructure 25 0.00 595 Qualys 41 0.01 873 ManpowerGroup 59 0.01 1,014 Rapid7 55 0.01 33 MarketAxess 13 0.00 399 Science Applications 25 0.00 262 Medifast 47 0.01 International 511 Monro 23 0.00 1,307 Sykes Enterprises 38 0.01 214 Moody’s 42 0.01 576 Tenable 17 0.00 440 Morningstar 70 0.01 572 TTEC 34 0.01 532 National Research 20 0.00 356 Varonis Systems 47 0.01 644 Paylocity 88 0.01 964 Vocera Communications 30 0.01 850 PayPal 158 0.02 1,982 0.32 410 Progyny 12 0.00 2,392 Quanta Services 143 0.02 Cosmetics & Personal Care − 0.03%; 29.2.2020 0.00% 2,944 R1 RCM 58 0.01 1,163 Colgate-Palmolive 63 0.01 1,284 Rent-A-Center Inc/TX 53 0.01 1,985 Coty 11 0.00 350 Robert Half International 19 0.00 572 Edgewell Personal Care 12 0.00 208 S&P Global 49 0.01 1,602 Procter & Gamble 142 0.02 4,484 Sabre 47 0.01 228 0.03 1,340 Service International/US 46 0.01 898 SP Plus 21 0.00 Distribution & Wholesale − 0.08%; 29.2.2020 0.00% 305 Square 50 0.01 1,061 Avient 33 0.01 191 Strategic Education 12 0.00 214 Copart 17 0.00 389 Terminix Global 13 0.00 973 Fastenal 32 0.01 1,021 TriNet 59 0.01 1,887 IAA 79 0.01 1,386 TrueBlue 21 0.00 3,155 KAR Auction Services 31 0.01 79 United Rentals 17 0.00 508 LKQ 14 0.00 445 Vectrus 17 0.00 2,101 Resideo Technologies 36 0.01 322 Viad 10 0.00 762 SiteOne Landscape Supply 86 0.01 666 WEX 99 0.01 67 Watsco 12 0.00 1,125 WW International 24 0.00 1,185 WESCO International 68 0.01 139 WW Grainger 37 0.01 2,400 0.32 445 0.08 Computers − 0.32%; 29.2.2020 0.00% 11,275 Apple 977 0.13 Diversified Financial Services − 0.19%; 29.2.2020 0.00% 398 CACI International 63 0.01 1,058 Affiliated Managers 106 0.02 363 Cognizant Technology Solutions 19 0.00 629 Air Lease 21 0.00 3,655 Conduent 14 0.00 555 Alliance Data Systems 38 0.01 886 Cubic 44 0.01 763 Ally Financial 23 0.00 3,363 DXC Technology 61 0.01 942 Amerant Bancorp 11 0.00

BlackRock Market Advantage Fund 44 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

1,075 American Express 104 0.02 1,261 Clearway Energy 24 0.00 86 Ameriprise Financial 14 0.00 747 Consolidated Edison 35 0.01 727 Ares Management 27 0.00 730 Eversource Energy 41 0.01 718 Artisan Partners Asset 24 0.00 1,291 Evoqua Water Technologies 23 0.00 Management 1,347 Exelon 37 0.01 1,059 Charles Schwab 47 0.01 1,621 Hawaiian Electric Industries 41 0.01 242 CME 35 0.01 2,470 NextEra Energy 130 0.02 276 Cohen & Steers 13 0.00 861 Ormat Technologies 53 0.01 1,986 Columbia Financial 23 0.00 1,028 Public Service Enterprise 40 0.01 1,084 Cowen 26 0.00 284 Sempra Energy 24 0.00 50 Credit Acceptance 13 0.00 436 Unitil 13 0.00 133 Diamond Hill Investment 13 0.00 564 0.10 196 Discover Financial Services 13 0.00 509 Encore Capital 12 0.00 Electronics − 0.23%; 29.2.2020 0.00% 247 Evercore 21 0.00 510 Advanced Energy Industries 38 0.01 353 Federal Agricultural Mortgage 22 0.00 635 Agilent Technologies 55 0.01 514 Franklin Resources 10 0.00 661 Atkore 32 0.01 1,489 Hannon Armstrong Sustainable 60 0.01 615 Avnet 17 0.00 Infrastructure Capital 1,267 Badger Meter 98 0.01 508 Interactive Brokers 26 0.00 1,397 Benchmark Electronics 28 0.00 1,191 Invesco 19 0.00 870 Brady 33 0.01 84 LendingTree 16 0.00 589 Coherent 102 0.01 1,070 LPL Financial 101 0.01 766 FARO Technologies 51 0.01 658 Mastercard 166 0.02 7,499 Flex 98 0.01 1,203 Mr Cooper 27 0.00 462 Fortive 22 0.00 829 OneMain 28 0.00 2,101 GoPro 11 0.00 901 PennyMac Financial Services 38 0.01 858 Hubbell 109 0.02 1,124 PRA 30 0.01 1,030 II-VI 62 0.01 972 PROG 35 0.01 1,295 Itron 108 0.02 2,937 SLM 33 0.01 433 Keysight Technologies 44 0.01 329 StoneX 14 0.00 1,087 Kimball Electronics 18 0.00 388 T Rowe Price 45 0.01 1,383 Knowles 21 0.00 628 Virtu Financial 12 0.00 36 Mettler-Toledo International 29 0.00 185 Virtus Investment Partners 33 0.01 3,665 National Instruments 116 0.02 1,134 Visa 172 0.02 638 OSI Systems 43 0.01 538 Western Union 9 0.00 1,194 Plexus 72 0.01 1,480 0.19 115 Roper Technologies 31 0.01 418 Synnex 27 0.00 Electrical Components & 586 Trimble 31 0.01 Equipment − 0.05%; 29.2.2020 0.00% 464 Vishay Precision 11 0.00 929 Acuity Brands 82 0.01 2,507 Vontier 56 0.01 451 Emerson Electric 28 0.00 173 Waters 34 0.01 835 Energizer 25 0.00 1,025 Woodward 84 0.01 857 EnerSys 55 0.01 227 Littelfuse 42 0.01 1,481 0.23 742 Novanta 70 0.01 Engineering & Construction − 0.10%; 29.2.2020 0.00% 556 Universal Display 84 0.01 2,918 Aecom 121 0.02 386 0.05 1,339 Aegion 25 0.00 643 Arcosa 26 0.00 Electricity − 0.10%; 29.2.2020 0.00% 1,297 Comfort Systems USA 57 0.01 1,787 Avista 51 0.01 303 Dycom Industries 17 0.00 2,641 Clearway Energy 52 0.01

45 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

1,616 EMCOR 112 0.02 1,657 Performance Food 64 0.01 283 Exponent 19 0.00 275 Post 19 0.00 864 frontdoor 32 0.01 71 Sanderson Farms 8 0.00 1,316 Granite Construction 32 0.01 1,077 Simply Good Foods 22 0.00 2,439 Great Lakes Dredge & Dock 26 0.00 860 SpartanNash 11 0.00 366 IES 12 0.00 1,865 Sprouts Market 28 0.00 706 MasTec 44 0.01 495 Sysco 28 0.00 640 MYR 27 0.00 769 TreeHouse Foods 27 0.00 814 Primoris Services 19 0.00 1,273 United Natural Foods 24 0.00 1,060 Sterling Construction 17 0.00 2,810 US Foods 73 0.01 352 TopBuild 48 0.01 651 0.07 3,314 WillScot Mobile 66 0.01 Food Services − 0.01%; 29.2.2020 0.00% 700 0.10 1,608 Healthcare Services 33 0.01 Entertainment − 0.07%; 29.2.2020 0.00% Forest Products & Paper − 0.01%; 29.2.2020 0.00% 1,651 Accel Entertainment 13 0.00 1,380 Domtar 37 0.01 2,093 Caesars Entertainment 139 0.02 422 International Paper 15 0.00 316 Churchill Downs 52 0.01 1,403 Cinemark 22 0.00 52 0.01 2,179 Everi 24 0.00 Gas − 0.05%; 29.2.2020 0.00% 383 Marriott Vacations Worldwide 46 0.01 152 Chesapeake Utilities 11 0.00 1,824 Penn National Gaming 151 0.02 966 National Gas 31 0.01 456 Red Rock Resorts 10 0.00 1,662 New Jersey Resources 47 0.01 606 Scientific Games 20 0.00 1,160 ONE Gas 56 0.01 742 SeaWorld Entertainment 26 0.00 3,205 South Jersey Industries 58 0.01 1,046 Six Flags Entertainment 33 0.01 1,193 Southwest Gas 53 0.01 123 Vail Resorts 27 0.00 636 UGI 17 0.00 563 0.07 273 0.05 Environmental Control − 0.01%; 29.2.2020 0.00% Hand & Machine Tools − 0.04%; 29.2.2020 0.00% 218 Clean Harbors 13 0.00 1,047 Franklin Electric 56 0.01 1,839 Covanta 18 0.00 704 Kennametal 19 0.00 710 Harsco 8 0.00 413 Lincoln Electric 35 0.01 977 Tetra Tech 97 0.01 625 MSA Safety 72 0.01 136 0.01 576 Regal Beloit 56 0.01 69 Stanley Black & Decker 9 0.00 Food Producers − 0.07%; 29.2.2020 0.00% 762 B&G Foods 17 0.00 247 0.04 307 Beyond Meat 32 0.01 Healthcare Products − 0.30%; 29.2.2020 0.00% 518 Campbell Soup 17 0.00 881 Abbott Laboratories 75 0.01 562 Chefs’ Warehouse 13 0.00 43 Abiomed 10 0.00 2,655 Flowers Foods 41 0.01 1,348 Accelerate Diagnostics 10 0.00 979 General Mills 39 0.01 1,129 Adaptive Biotechnologies 46 0.01 701 Grocery Outlet 18 0.00 59 Align Technology 24 0.00 1,219 Hain Celestial 37 0.01 590 AtriCure 28 0.00 410 Hormel Foods 14 0.00 237 Axonics Modulation Technologies 9 0.00 785 Kellogg 32 0.01 146 Baxter International 8 0.00 1,014 Kroger 23 0.00 375 Bio-Techne 97 0.01 315 Lamb Weston 18 0.00 987 Bruker 43 0.01 360 McCormick & Inc/MD 22 0.00 294 Cantel Medical 16 0.00 637 Mondelez International 24 0.00

BlackRock Market Advantage Fund 46 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

915 Cardiovascular Systems 27 0.00 Healthcare Services − 0.19%; 29.2.2020 0.00% 596 CareDx 34 0.01 700 Acadia Healthcare 28 0.00 2,100 Cerus 9 0.00 465 Addus HomeCare 36 0.01 349 Conmed 31 0.01 509 Amedisys 92 0.01 252 Danaher 40 0.01 170 Anthem 37 0.01 289 DENTSPLY SIRONA 11 0.00 4,885 Brookdale Senior Living 20 0.00 778 Edwards Lifesciences 46 0.01 125 Catalent 10 0.00 1,924 Envista 53 0.01 409 Centene 17 0.00 1,641 GenMark Diagnostics 23 0.00 520 Charles River Laboratories 106 0.02 531 Glaukos 36 0.01 International 763 Globus Medical 34 0.01 95 Chemed 30 0.01 738 Haemonetics 67 0.01 227 DaVita 17 0.00 966 Hanger 15 0.00 1,859 Encompass Health 107 0.02 852 Hill-Rom 65 0.01 694 Ensign 41 0.01 545 Hologic 28 0.00 382 HCA Healthcare 47 0.01 69 ICU Medical 10 0.00 97 Humana 26 0.00 158 IDEXX Laboratories 59 0.01 1,231 Invitae 35 0.01 423 Inogen 16 0.00 75 IQVIA 10 0.00 198 Inspire Medical Systems 33 0.01 87 Laboratory of America 15 0.00 59 Insulet 11 0.00 489 LHC 63 0.01 1,117 Intersect ENT 18 0.00 160 Magellan Health 11 0.00 55 Intuitive Surgical 29 0.00 1,276 MEDNAX 22 0.00 357 iRhythm Technologies 41 0.01 159 Medpace 18 0.00 846 Luminex 20 0.00 390 ModivCare 36 0.01 1,083 Meridian Bioscience 16 0.00 8,542 OPKO Health 27 0.00 1,075 Merit Medical Systems 43 0.01 514 Pennant 19 0.00 487 NanoString Technologies 24 0.00 361 Quest Diagnostics 30 0.01 772 Natera 64 0.01 833 RadNet 11 0.00 635 Natus Medical 12 0.00 1,795 Select Medical 41 0.01 299 Nevro 35 0.01 731 SI-BONE 16 0.00 307 NuVasive 13 0.00 533 Surgery Partners 15 0.00 148 Omnicell 13 0.00 194 Teladoc Health 31 0.01 1,996 OraSure Technologies 15 0.00 735 Tenet Healthcare 27 0.00 799 Orthofix Medical 27 0.00 1,048 Tivity Health 18 0.00 461 OrthoPediatrics 18 0.00 584 UnitedHealth 139 0.02 2,451 Patterson Cos 54 0.01 388 US Physical Therapy 33 0.01 493 Penumbra 100 0.01 612 Vapotherm 11 0.00 489 Quidel 57 0.01 1,242 0.19 726 Repligen 110 0.02 241 ResMed 33 0.01 Home Builders − 0.06%; 29.2.2020 0.00% 636 Shockwave Medical 53 0.01 96 Cavco Industries 14 0.00 422 Silk Road Medical 17 0.00 428 Century Communities 17 0.00 504 STAAR Surgical 37 0.01 985 Green Brick Partners 14 0.00 194 STERIS 24 0.00 1,338 KB Home 39 0.01 822 Tandem Diabetes Care 56 0.01 422 LCI Industries 42 0.01 279 90 0.01 369 LGI Homes 29 0.00 1,671 Varex Imaging 27 0.00 479 MDC 19 0.00 64 Varian Medical Systems 8 0.00 489 Meritage Homes 30 0.01 235 West Pharmaceutical Services 47 0.01 1,697 Taylor Morrison Home 33 0.01 680 Thor Industries 57 0.01 2,115 0.30

47 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

905 Toll Brothers 35 0.01 446 Selective Insurance 22 0.00 1,120 Tri Pointe Homes 15 0.00 763 State Auto Financial 10 0.00 381 Winnebago Industries 19 0.00 292 Travelers Cos 30 0.01 326 Trupanion 23 0.00 363 0.06 2,097 Unum 40 0.01 Home Furnishings − 0.07%; 29.2.2020 0.00% 28 White Mountains Insurance 24 0.00 1,396 Dolby Laboratories 97 0.01 882 0.11 1,612 Herman Miller 44 0.01 813 iRobot 72 0.01 Internet − 0.32%; 29.2.2020 0.00% 1,374 Leggett & Platt 42 0.01 997 1-800-Flowers.com 20 0.00 493 Sleep Number 48 0.01 204 Alphabet 295 0.04 1,439 Sonos 40 0.01 204 Alphabet 297 0.04 1,284 Tempur Sealy International 31 0.01 283 .com 625 0.08 1,393 Anaplan 65 0.01 374 0.07 1,033 ANGI Homeservices 11 0.00 Household Products − 0.03%; 29.2.2020 0.00% 1,457 Boingo Wireless 12 0.00 3,623 ACCO Brands 21 0.00 29 Booking 48 0.01 325 Clorox 42 0.01 400 Cargurus 7 0.00 429 Helen of Troy 67 0.01 938 ChannelAdvisor 15 0.00 538 Kimberly-Clark 49 0.01 531 Cogent Communications 23 0.00 495 Spectrum Brands 27 0.00 457 eBay 18 0.00 495 ePlus 33 0.01 206 0.03 892 Eventbrite 13 0.00 Housewares − 0.01%; 29.2.2020 0.00% 1,435 Facebook 264 0.04 1,089 Newell Brands 18 0.00 1,973 FireEye 27 0.00 447 Scotts Miracle-Gro 68 0.01 176 GoDaddy 10 0.00 983 Grubhub 45 0.01 86 0.01 567 Lands’ End 13 0.00 Insurance − 0.11%; 29.2.2020 0.00% 3,188 Limelight Networks 7 0.00 556 American International 17 0.00 1,130 Magnite 39 0.01 696 Berkshire Hathaway 120 0.02 72 Match 8 0.00 704 Brighthouse Financial 20 0.00 1,204 Mimecast 37 0.01 1,795 CNO Financial 31 0.01 266 Netflix 102 0.01 319 eHealth 14 0.00 655 NortonLifeLock 9 0.00 659 Equitable 14 0.00 210 Okta 39 0.01 397 Essent 12 0.00 482 Overstock.com 23 0.00 2,188 First American Financial 82 0.01 526 Perficient 21 0.00 6,665 Genworth Financial 15 0.00 304 Pinterest 18 0.00 187 Goosehead Insurance 17 0.00 560 Proofpoint 48 0.01 899 Hanover Insurance 74 0.01 226 Q2 20 0.00 175 Kemper 9 0.00 953 RealReal 17 0.00 180 Kinsale Capital 23 0.00 84 Roku 24 0.00 406 Lincoln National 17 0.00 607 Snap 29 0.00 328 Loews 11 0.00 171 Stamps.com 22 0.00 615 Marsh & McLennan Cos 51 0.01 587 Stitch Fix 32 0.01 6,271 MGIC Investment 55 0.01 1,439 TripAdvisor 51 0.01 205 Palomar 12 0.00 388 Twitter 21 0.00 460 Primerica 46 0.01 507 Uber Technologies 19 0.00 310 Progressive 19 0.00 1,219 Upwork 47 0.01 718 Prudential Financial 45 0.01 105 VeriSign 15 0.00 2,015 Radian 29 0.00

BlackRock Market Advantage Fund 48 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

49 Wayfair 10 0.00 Machinery Diversified − 0.14%; 29.2.2020 0.00% 580 Yelp 16 0.00 512 Agco 47 0.01 227 Alamo 25 0.00 2,515 0.32 566 Altra Industrial Motion 23 0.00 Iron & Steel − 0.03%; 29.2.2020 0.00% 857 Cactus 20 0.00 1,467 Allegheny Technologies 21 0.00 482 Chart Industries 49 0.01 4,445 Cleveland-Cliffs 42 0.01 377 Cognex 22 0.00 1,499 Commercial Metals 27 0.00 629 Columbus McKinnon Corp/NY 23 0.00 239 Nucor 10 0.00 230 Crane 14 0.00 1,163 Reliance Steel & Aluminum 110 0.02 815 Curtiss-Wright 64 0.01 1,032 Schnitzer Steel Industries 25 0.00 283 Deere 71 0.01 625 Steel Dynamics 19 0.00 2,338 Flowserve 62 0.01 1,644 Graco 81 0.01 254 0.03 659 Ichor 20 0.00 Leisure Time − 0.08%; 29.2.2020 0.00% 143 IDEX 20 0.00 821 Brunswick Corp/DE 52 0.01 251 Lindsay 29 0.00 1,549 Callaway Golf 31 0.01 703 Middleby 74 0.01 641 Camping World 14 0.00 172 Rockwell Automation 30 0.01 1,971 Harley-Davidson 50 0.01 262 SPX Flow 12 0.00 238 Johnson Outdoors 21 0.00 763 Tennant 42 0.01 615 Malibu Boats 33 0.01 1,792 Toro 129 0.02 3,558 Norwegian Cruise Line 75 0.01 868 Watts Water Technologies 71 0.01 1,092 Planet Fitness 67 0.01 3,788 Welbilt 43 0.01 326 Polaris 27 0.00 550 Xylem 39 0.01 165 Royal Caribbean Cruises 11 0.00 1,010 0.14 1,511 Virgin Galactic 40 0.01 1,464 YETI 72 0.01 Media − 0.05%; 29.2.2020 0.00% 15 Cable One 20 0.00 493 0.08 2,360 Comcast 89 0.01 Lodging − 0.05%; 29.2.2020 0.00% 128 FactSet Research Systems 28 0.00 738 Boyd Gaming 31 0.01 1,138 Gray Television 15 0.00 1,573 Hilton Grand Vacations 44 0.01 2,107 iHeartMedia 21 0.00 341 Hilton Worldwide 30 0.01 1,592 Liberty Latin America 12 0.00 162 Marriott International Inc/MD 17 0.00 2,166 New York Times 79 0.01 689 MGM Resorts International 19 0.00 254 Nexstar Media 25 0.00 706 Travel + Leisure 31 0.01 2,901 TEGNA 38 0.01 836 Wyndham Hotels & Resorts 39 0.01 456 ViacomCBS 21 0.00 1,235 Walt Disney 167 0.02 211 0.05 454 World Wrestling Entertainment 16 0.00 Machinery Construction & Mining − 0.06%; 29.2.2020 0.00% 531 0.05 678 Astec Industries 33 0.01 1,119 Bloom Energy 23 0.00 Metal & Hardware − 0.05%; 29.2.2020 0.00% 463 Caterpillar 71 0.01 1,072 Advanced Drainage Systems 84 0.01 282 Hyster-Yale Materials Handling 17 0.00 341 Proto Labs 35 0.01 1,730 Oshkosh 131 0.02 9,792 Reliance Worldwide 23 0.00 1,196 Terex 35 0.01 913 Rexnord 29 0.00 2,345 Vertiv 35 0.01 6,565 Sims 49 0.01 1,012 Timken 57 0.01 345 0.06

49 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

353 Valmont Industries 60 0.01 1,347 Chevron 96 0.01 1,194 Cimarex Energy 49 0.01 337 0.05 2,518 CNX Resources 23 0.00 Mining − 0.02%; 29.2.2020 0.00% 1,383 ConocoPhillips 51 0.01 2,514 Alcoa 44 0.01 1,621 Delek US 28 0.00 1,822 Arconic 28 0.00 3,352 EQT 43 0.01 3,471 Coeur Mining 22 0.00 2,888 Exxon Mobil 112 0.02 597 Compass Minerals International 27 0.00 699 Hess 33 0.01 5,497 Hecla Mining 26 0.00 2,032 HollyFrontier 55 0.01 1,403 Livent 19 0.00 17,076 Kosmos Energy 38 0.01 672 Newmont 26 0.00 12,820 Marathon Oil 102 0.01 1,218 Royal Gold 90 0.01 466 Marathon Petroleum 18 0.00 1,372 Matador Resources 21 0.00 282 0.02 1,485 Murphy Oil 17 0.00 Miscellaneous Manufacturing − 0.15%; 29.2.2020 0.00% 994 Occidental Petroleum 19 0.00 885 3M 111 0.02 4,452 Ovintiv 73 0.01 771 Axon Enterprise 91 0.01 1,001 PDC Energy 25 0.00 806 Carlisle Cos 84 0.01 571 Phillips 66 34 0.01 2,428 Donaldson 102 0.01 2,408 Range Resources 17 0.00 266 Eaton 25 0.00 7,110 Southwestern Energy 20 0.00 573 EnPro Industries 33 0.01 311 Valero Energy 17 0.00 711 ESCO Technologies 54 0.01 989 0.14 1,020 Federal Signal 27 0.00 4,986 General Electric 45 0.01 Oil & Gas Services − 0.02%; 29.2.2020 0.00% 1,276 Hillenbrand 42 0.01 3,607 Archrock 27 0.00 263 Illinois Tool Works 38 0.01 1,186 Baker Hughes 21 0.00 1,952 ITT 116 0.02 2,592 ChampionX 39 0.01 389 John Bean Technologies 41 0.01 1,057 Halliburton 17 0.00 1,166 Myers Industries 18 0.00 1,709 MRC Global 11 0.00 86 Parker-Hannifin 18 0.00 3,801 Oceaneering International 32 0.01 1,375 Raven Industries 39 0.01 1,241 Schlumberger 25 0.00 442 Trinity Industries 10 0.00 172 0.02 1,128 Trinseo 52 0.01 Packaging & Containers − 0.04%; 29.2.2020 0.00% 946 0.15 1,155 AptarGroup 108 0.02 Office & Business Equipment − 0.02%; 29.2.2020 0.00% 371 Ball 23 0.00 3,283 Xerox 60 0.01 411 Berry Global 16 0.00 103 Zebra Technologies 37 0.01 920 Greif 32 0.01 1,140 Matthews International 29 0.00 97 0.02 1,417 O-I Glass 12 0.00 Office Furnishings − 0.01%; 29.2.2020 0.00% 728 Sonoco Products 31 0.01 1,143 HNI 29 0.00 900 TriMas 22 0.00 1,700 Interface 15 0.00 273 0.04 1,600 Kimball International 15 0.00 1,914 Knoll 22 0.00 Pharmaceuticals − 0.20%; 29.2.2020 0.00% 3,562 Steelcase 36 0.01 1,236 AbbVie 95 0.01 1,256 Aerie Pharmaceuticals 17 0.00 117 0.01 1,013 Agios Pharmaceuticals 34 0.01 Oil & Gas Producers − 0.14%; 29.2.2020 0.00% 6,863 Antares Pharma 21 0.00 4,617 Antero Resources 30 0.01 593 Arvinas 33 0.01 4,825 Apache 68 0.01

BlackRock Market Advantage Fund 50 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

267 Becton Dickinson and 46 0.01 Real Estate Investment & Services − 0.08%; 29.2.2020 0.00% 1,545 Bristol-Myers Squibb 68 0.01 1,024 CBRE 55 0.01 354 Cardinal Health 13 0.00 865 Cousins Properties 21 0.00 357 Cigna 54 0.01 4,224 Cushman & Wakefield 47 0.01 908 Coherus Biosciences 11 0.00 712 eXp World 31 0.01 532 Collegium Pharmaceutical 9 0.00 734 Howard Hughes 50 0.01 1,982 Corcept Therapeutics 36 0.01 3,662 Kennedy-Wilson 49 0.01 1,549 Covetrus 41 0.01 904 Marcus & Millichap 24 0.00 843 CVS Health 41 0.01 637 McGrath RentCorp 35 0.01 98 DexCom 28 0.00 2,146 Realogy 23 0.00 503 Eagle Pharmaceuticals 16 0.00 1,066 Redfin 58 0.01 612 Eli Lilly 90 0.01 588 RMR 17 0.00 1,394 Flexion Therapeutics 11 0.00 1,243 St Joe 45 0.01 672 G1 Therapeutics 11 0.00 455 0.08 1,010 Herbalife Nutrition 32 0.01 1,201 Heron Therapeutics 16 0.00 Real Estate Investment Trusts − 0.40%; 29.2.2020 0.00% 240 Heska 32 0.01 2,635 Alexander & Baldwin 33 0.01 911 Intellia Therapeutics 39 0.01 2,507 American Campus Communities 73 0.01 1,574 Johnson & Johnson 178 0.02 1,536 American Homes 4 Rent 34 0.01 1,463 Kala Pharmaceuticals 8 0.00 323 American Tower 50 0.01 1,277 Kura Oncology 26 0.00 1,966 Americold Realty Trust 49 0.01 1,691 Merck 88 0.01 545 Apartment Income REIT 16 0.00 820 Odonate Therapeutics 12 0.00 545 Apartment Investment and 20.00 1,129 Owens & Minor 27 0.00 Management 360 Pacira BioSciences 19 0.00 1,388 Apollo Commercial Real Estate 13 0.00 454 Passage Bio 6 0.00 Finance 710 PetIQ 18 0.00 991 Apple Hospitality REIT 10 0.00 2,333 Pfizer 56 0.01 2,129 Armada Hoffler Properties 20 0.00 462 PRA Health Sciences 49 0.01 892 Blackstone Mortgage Trust 19 0.00 2,150 Premier 52 0.01 181 Boston Properties 13 0.00 293 Reata Pharmaceuticals 25 0.00 6,484 Brandywine Realty Trust 57 0.01 549 Relmada Therapeutics 13 0.00 3,586 Brixmor Property 50 0.01 892 Revance Therapeutics 17 0.00 218 Centerspace 11 0.00 519 Rhythm Pharmaceuticals 10 0.00 1,495 Chimera Investment 12 0.00 810 Vanda Pharmaceuticals 11 0.00 6,477 Colony Capital 27 0.00 345 Viatris 4 0.00 3,257 Columbia Property Trust 33 0.01 493 Zoetis 55 0.01 692 CoreSite Realty 60 0.01 833 Zogenix 13 0.00 1,220 Corporate Office Properties Trust 23 0.00 182 Crown Castle International 20 0.00 1,481 0.20 1,269 CubeSmart 34 0.01 Pipelines − 0.01%; 29.2.2020 0.00% 1,417 CyrusOne 66 0.01 3,871 Antero Midstream 24 0.00 3,809 DiamondRock Hospitality 28 0.00 277 Cheniere Energy 13 0.00 107 Digital Realty Trust 10 0.00 3,656 EnLink Midstream 10 0.00 4,240 Douglas Emmett 99 0.01 3,439 Equitrans Midstream 18 0.00 2,798 Easterly Government Properties 44 0.01 535 Oneok 17 0.00 1,342 Empire State Realty Trust 11 0.00 2,106 Targa Resources 47 0.01 813 EPR Properties 26 0.00 113 Equinix 52 0.01 129 0.01 689 Equity Residential 32 0.01 Private Equity − 0.00%; 29.2.2020 0.00% 1,795 Essential Properties Realty Trust 30 0.01 716 Victory Capital 12 0.00 1,982 First Industrial Realty Trust 61 0.01

51 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

4,188 Franklin Street Properties 15 0.00 1,543 Xenia Hotels & Resorts 22 0.00 1,862 Gaming and Leisure Properties 59 0.01 2,719 0.40 1,322 Healthpeak Properties 27 0.00 1,348 Host Hotels & Resorts 16 0.00 Retail − 0.36%; 29.2.2020 0.00% 1,838 Hudson Pacific Properties 34 0.01 184 1 Automotive 20 0.00 1,454 Independence Realty Trust 15 0.00 2,557 American Eagle Outfitters 47 0.01 236 Innovative Industrial Properties 33 0.01 298 Asbury Automotive 36 0.01 923 iStar 12 0.00 608 AutoNation 33 0.01 1,810 JBG SMITH Properties 41 0.01 770 Beacon Roofing Supply 26 0.00 3,077 Kilroy Realty 140 0.02 1,331 Bed Bath & Beyond 26 0.00 5,681 Kimco Realty 74 0.01 630 Best Buy 45 0.01 823 KKR Real Estate Finance Trust 11 0.00 578 Big Lots 26 0.00 487 Lamar Advertising 30 0.01 1,637 BJ’s Wholesale Club 47 0.01 1,408 Life Storage 84 0.01 661 Boot Barn 29 0.00 2,864 Macerich 26 0.00 528 Brinker International 26 0.00 1,333 MGM Growth Properties 31 0.01 474 Buckle 13 0.00 2,767 New Residential Investment 20 0.00 100 CarMax 9 0.00 2,474 Outfront Media 36 0.01 608 Cheesecake Factory 24 0.00 3,281 Park Hotels & Resorts 51 0.01 397 Children’s Place 20 0.00 1,326 Pebblebrook Hotel Trust 21 0.00 20 Chipotle Mexican Grill 21 0.00 724 PennyMac Mortgage Investment 10 0.00 6,482 Clean Energy 60 0.01 Tr ust 193 Costco Wholesale 46 0.01 1,253 Physicians Realty Trust 15 0.00 111 Darden Restaurants 11 0.00 3,590 Piedmont Office Realty Trust 44 0.01 760 Dave & Buster’s Entertainment 22 0.00 320 PotlatchDeltic 12 0.00 1,073 Denny’s 13 0.00 760 Prologis 54 0.01 830 Dick’s Sporting Goods 42 0.01 778 QTS Realty Trust 35 0.01 405 Dine Brands Global 23 0.00 1,229 Rayonier 29 0.00 860 El Pollo Loco 11 0.00 260 Regency Centers 10 0.00 619 Five Below 82 0.01 1,410 Rexford Industrial Realty 48 0.01 800 Floor & Decor 54 0.01 2,192 RLJ Lodging Trust 25 0.00 1,286 Foot Locker 44 0.01 546 Ryman Hospitality Properties 30 0.01 769 Freshpet 86 0.01 2,407 Sabra Health Care REIT 30 0.01 627 GameStop 46 0.01 76 SBA Communications 14 0.00 4,119 Gap 74 0.01 1,501 Service Properties Trust 14 0.00 487 Genesco 16 0.00 218 Simon Property 18 0.00 759 GMS 20 0.00 2,116 SITE Centers 20 0.00 715 Haverty Furniture Cos 18 0.00 1,287 SL Green Realty 64 0.01 554 Hibbett Sports 25 0.00 3,740 Starwood Property Trust 61 0.01 1,029 Home Depot 190 0.03 2,102 STORE Capital 50 0.01 343 Jack in the Box 25 0.00 2,814 Sunstone Hotel Investors 27 0.00 1,447 Kohl’s 57 0.01 1,422 Tanger Factory Outlet Centers 16 0.00 2,472 L Brands 97 0.01 2,152 Two Harbors Investment 11 0.00 839 La-Z-Boy 26 0.00 790 UDR 23 0.00 277 Lithia Motors 74 0.01 4,204 Uniti 36 0.01 814 Lowe’s Cos 93 0.01 400 Ventas 15 0.00 824 MarineMax 26 0.00 2,866 Washington Real Estate 46 0.01 267 McDonald’s 39 0.01 Investment Trust 219 MSC Industrial Direct 13 0.00 455 Welltower 22 0.00 997 National Vision 34 0.01 987 Weyerhaeuser 24 0.00

BlackRock Market Advantage Fund 52 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

2,058 Nordstrom 54 0.01 3,084 Intel 134 0.02 467 Nu Skin Enterprises 17 0.00 162 Lam Research 66 0.01 601 ODP 16 0.00 1,444 Lattice Semiconductor 50 0.01 416 Ollie’s Bargain Outlet 25 0.00 550 Marvell Technology 19 0.00 179 Papa John’s International 12 0.00 254 Maxim Integrated Products 17 0.00 785 PriceSmart 54 0.01 604 MaxLinear 17 0.00 2,101 Qurate Retail 19 0.00 727 Micron Technology 48 0.01 167 RH 59 0.01 130 MKS Instruments 15 0.00 112 Ross Stores 9 0.00 499 Nvidia 196 0.03 373 Rush Enterprises 11 0.00 742 ON Semiconductor 21 0.00 610 Ruth’s Hospitality 10 0.00 1,058 Onto Innovation 47 0.01 1,220 Sally Beauty 14 0.00 884 Power Integrations 56 0.01 445 Shake Shack 38 0.01 544 QUALCOMM 53 0.01 960 Signet Jewelers 34 0.01 2,017 Rambus 30 0.01 684 Starbucks 53 0.01 897 Semtech 47 0.01 429 Target 56 0.01 605 Silicon Laboratories 67 0.01 342 Texas Roadhouse 22 0.00 193 Skyworks Solutions 25 0.00 988 TJX Cos 47 0.01 396 Synaptics 38 0.01 129 Supply 15 0.00 975 Texas Instruments 120 0.02 684 Walgreens Boots Alliance 23 0.00 942 Veeco Instruments 14 0.00 2,371 Wendy’s 35 0.01 192 Xilinx 18 0.00 1,147 Williams-Sonoma 108 0.02 1,789 0.27 335 Wingstop 33 0.01 1,383 World Fuel Services 31 0.01 Software − 0.62%; 29.2.2020 0.00% 470 Zumiez 15 0.00 1,053 1Life Healthcare 36 0.01 1,298 8x8 32 0.01 2,625 0.36 2,989 ACI Worldwide 82 0.01 Savings & Loans − 0.03%; 29.2.2020 0.00% 471 Activision Blizzard 32 0.01 1,184 Berkshire Hills Bancorp 17 0.00 441 Adobe 145 0.02 5,931 Investors Bancorp 57 0.01 109 Akamai Technologies 7 0.00 6,640 New York Community Bancorp 58 0.01 3,947 Allscripts Healthcare Solutions 44 0.01 2,207 OceanFirst Financial 34 0.01 715 Altair Engineering 31 0.01 1,650 TFS Financial 23 0.00 631 Alteryx 43 0.01 546 WSFS Financial 21 0.00 47 Ansys 11 0.00 357 Appian 44 0.01 210 0.03 833 Aspen Technology 90 0.01 Semiconductors − 0.27%; 29.2.2020 0.00% 281 Autodesk 55 0.01 119 ACM Research 8 0.00 1,587 Avaya 34 0.01 713 Advanced Micro Devices 43 0.01 309 Bandwidth 35 0.01 1,252 Amkor Technology 21 0.00 1,153 Benefitfocus 12 0.00 114 Analog Devices 13 0.00 663 Bill.com 78 0.01 1,135 Applied Materials 96 0.01 1,026 Blackbaud 51 0.01 111 Broadcom 37 0.01 966 Blackline 86 0.01 618 Brooks Automation 37 0.01 564 Bottomline Technologies DE 18 0.00 1,205 Cirrus Logic 70 0.01 2,212 Box 29 0.00 191 CMC Materials 23 0.00 601 Cadence Design Systems 61 0.01 1,528 Cree 124 0.02 335 Cardlytics 32 0.01 1,109 CTS 26 0.00 516 Cerence 41 0.01 1,700 Entegris 128 0.02 729 Cerner 36 0.01 360 FormFactor 12 0.00 856 Change Healthcare 14 0.00 449 Inphi 53 0.01 118 Citrix Systems 11 0.00

53 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

2,027 Cloudera 23 0.00 1,177 Verra Mobility 12 0.00 319 CommVault Systems 15 0.00 181 VMware 18 0.00 418 Concentrix 37 0.01 194 Workday 34 0.01 32 Coupa Software 8 0.00 791 Workiva 57 0.01 326 CSG Systems International 11 0.00 1,374 Xperi 21 0.00 105 Datadog 7 0.00 1,273 Yext 15 0.00 646 Digital Turbine 38 0.01 125 Zoom Video Communications 33 0.01 122 DocuSign 20 0.00 2,069 Zuora 22 0.00 265 Domo 12 0.00 11,610 Zynga 93 0.01 686 Elastic 66 0.01 4,226 0.62 184 Electronic Arts 18 0.00 402 Everbridge 44 0.01 Telecommunications − 0.06%; 29.2.2020 0.00% 30 Fair Isaac 10 0.00 1,840 Adtran 22 0.00 795 Fastly 42 0.01 3,499 AT&T 70 0.01 371 Fidelity National Information 37 0.01 653 Calix 18 0.00 Services 2,711 Ciena 101 0.01 192 Fiserv 16 0.00 4,063 Cisco Systems 130 0.02 883 Five9 117 0.02 2,782 CommScope 29 0.00 270 Intuit 75 0.01 983 Corning 27 0.00 672 LivePerson 31 0.01 3,021 Harmonic 17 0.00 788 Manhattan Associates 69 0.01 2,020 Infinera 14 0.00 866 Medallia 25 0.00 1,356 Inseego 14 0.00 5,329 Microsoft 885 0.12 1,096 Iridium Communications 30 0.01 95 MicroStrategy 51 0.01 660 Maxar Technologies 23 0.00 714 Model N 22 0.00 196 Motorola Solutions 25 0.00 950 New Relic 42 0.01 631 NETGEAR 18 0.00 1,802 NextGen Healthcare 24 0.00 810 Plantronics 23 0.00 3,247 Nuance Communications 103 0.01 2,843 Ribbon Communications 18 0.00 2,465 Nutanix 53 0.01 691 Shenandoah 22 0.00 852 Oracle 39 0.01 Telecommunications 40 Paycom Software 11 0.00 827 Telephone and Data Systems 11 0.00 266 Pegasystems 25 0.00 108 T-Mobile US 9 0.00 1,577 Progress Software 48 0.01 2,228 Verizon Communications 88 0.01 819 PROS 28 0.00 1,745 Vonage 16 0.00 121 PTC 12 0.00 725 0.06 57 RingCentral 15 0.00 1,138 Sailpoint Technologies 46 0.01 Textiles − 0.01%; 29.2.2020 0.00% 696 salesforce.com 108 0.02 336 UniFirst 58 0.01 382 Schrodinger Inc/United States 28 0.00 Toys, Games & Hobbies − 0.01%; 29.2.2020 0.00% 163 ServiceNow 62 0.01 310 Hasbro 21 0.00 309 Simulations Plus 16 0.00 3,318 Mattel 48 0.01 506 Slack Technologies 15 0.00 1,588 Smartsheet 79 0.01 69 0.01 33 Snowflake 6 0.00 Transportation − 0.12%; 29.2.2020 0.00% 173 Splunk 18 0.00 536 ArcBest 23 0.00 604 Sprout Social 29 0.00 333 CH Robinson Worldwide 22 0.00 752 SPS Commerce 54 0.01 446 CryoPort 19 0.00 1,981 SVMK 26 0.00 872 CSX 57 0.01 4,727 Teradata 136 0.02 1,021 Echo Global Logistics 20 0.00 104 Twilio 29 0.00

BlackRock Market Advantage Fund 54 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

508 Expeditors International of 33 0.01 CA$985,000 Canadian Government Real 1,097 0.15 Washington Return Bond 3% 1/12/2036 181 FedEx 33 0.01 CA$977,000 Canadian Government Real 1,228 0.16 1,157 Hub 48 0.01 Return Bond 4% 1/12/2031 232 Kansas City Southern 35 0.01 CA$884,000 Canadian Government Real 1,021 0.14 825 Landstar System 94 0.01 Return Bond 4.25% 1/12/2026 250 Norfolk Southern 45 0.01 7,355 0.98 1,234 Ryder System 60 0.01 228 Saia 33 0.01 Euro Denominated Government Bonds − 0.92%; 29.2.2020 2.91% 1,657 Schneider National 27 0.00 €404,000 Deutsche Bundesrepublik 393 0.05 304 Union Pacific 45 0.01 Inflation Linked Bond 0.1% 426 United Parcel Service 48 0.01 15/4/2023 1,291 Werner Enterprises 40 0.01 €412,000 Deutsche Bundesrepublik 409 0.05 682 0.12 Inflation Linked Bond 0.1% 15/4/2026 Trucking & Leasing − 0.01%; 29.2.2020 0.00% €244,000 Deutsche Bundesrepublik 314 0.04 722 GATX 49 0.01 Inflation Linked Bond 0.1% 15/4/2046 Water − 0.01%; 29.2.2020 0.00% €481,000 Deutsche Bundesrepublik 523 0.07 626 American States Water 33 0.01 Inflation Linked Bond 0.5% BONDS − 31.97%; 29.2.2020 43.22% 15/4/2030 €384,000 French Republic Government 366 0.05 Australian Dollar Denominated Government Bond OAT 0.1% 1/3/2025 Bonds − 0.92%; 29.2.2020 1.42% €97,000 French Republic Government 91 0.01 AU$1,401,000 Australia Government Bond 894 0.12 Bond OAT 0.1% 1/3/2026 0.75% 21/11/2027 €283,000 French Republic Government 278 0.04 AU$955,000 Australia Government Bond 1% 588 0.08 Bond OAT 0.1% 1/3/2028 21/2/2050 €205,000 French Republic Government 199 0.03 AU$1,696,000 Australia Government Bond 1,129 0.15 Bond OAT 0.1% 1/3/2029 1.25% 21/2/2022 €119,000 French Republic Government 120 0.02 AU$905,000 Australia Government Bond 634 0.09 Bond OAT 0.1% 1/3/2036 1.25% 21/8/2040 €184,000 French Republic Government 195 0.03 AU$1,054,000 Australia Government Bond 2% 838 0.11 Bond OAT 0.1% 25/7/2036 21/8/2035 €254,000 French Republic Government 293 0.04 AU$1,387,000 Australia Government Bond 2.5% 1,184 0.16 Bond OAT 0.1% 25/7/2047 20/9/2030 €405,000 French Republic Government 399 0.05 AU$1,920,000 Australia Government Bond 3% 1,590 0.21 Bond OAT 0.25% 25/7/2024 20/9/2025 €506,000 French Republic Government 549 0.07 6,857 0.92 Bond OAT 0.7% 25/7/2030 €439,000 French Republic Government 452 0.06 Canadian Dollar Denominated Government Bond OAT 1.1% 25/7/2022 Bonds − 0.98%; 29.2.2020 5.30% €286,000 French Republic Government 470 0.06 CA$1,230,000 Canadian Government Real 796 0.10 Bond OAT 1.8% 25/7/2040 Return Bond 0.5% 1/12/2050 €544,000 French Republic Government 644 0.09 CA$1,297,000 Canadian Government Real 1,035 0.14 Bond OAT 1.85% 25/7/2027 Return Bond 1.25% 1/12/2047 €408,000 French Republic Government 439 0.06 CA$1,297,000 Canadian Government Real 1,121 0.15 Bond OAT 2.1% 25/7/2023 Return Bond 1.5% 1/12/2044 €244,000 French Republic Government 420 0.06 CA$1,103,000 Canadian Government Real 1,057 0.14 Bond OAT 3.15% 25/7/2032 Return Bond 2% 1/12/2041

55 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

€207,275 French Republic Government 329 0.04 £120,000 United Kingdom Gilt Inflation 296 0.04 Bond OAT 3.4% 25/7/2029 Linked 1.125% 22/11/2037 £537,000 United Kingdom Gilt Inflation 1,058 0.14 6,883 0.92 Linked 1.25% 22/11/2027 Swedish Krona Denominated Government £558,000 United Kingdom Gilt Inflation 1,142 0.15 Bonds − 0.00%; 29.2.2020 1.47% Linked 1.25% 22/11/2032 £390,000 United Kingdom Gilt Inflation 1,502 0.20 UK Sterling Denominated Government Linked 1.25% 22/11/2055 Bonds − 25.25%; 29.2.2020 26.55% £593,000 United Kingdom Gilt Inflation 929 0.12 £519,000 United Kingdom Gilt Inflation 694 0.09 Linked 1.875% 22/11/2022 Linked 0.125% 22/3/2024 £336,000 United Kingdom Gilt Inflation 962 0.13 £458,000 United Kingdom Gilt Inflation 606 0.08 Linked 2% 26/1/2035 Linked 0.125% 22/3/2026 £307,000 United Kingdom Gilt Inflation 1,092 0.15 £736,000 United Kingdom Gilt Inflation 956 0.13 Linked 2.5% 17/7/2024 Linked 0.125% 10/8/2028 £221,000 United Kingdom Gilt Inflation 812 0.11 £526,000 United Kingdom Gilt Inflation 813 0.11 Linked 4.125% 22/7/2030 Linked 0.125% 22/3/2029 £15,300,000 United Kingdom Treasury Bill 0% 15,300 2.05 £527,000 United Kingdom Gilt Inflation 867 0.12 22/3/2021 Linked 0.125% 22/11/2036 £28,664,000 United Kingdom Treasury Bill 0% 28,663 3.84 £480,000 United Kingdom Gilt Inflation 789 0.11 12/4/2021 Linked 0.125% 10/8/2041 £22,000,000 United Kingdom Treasury Bill 0% 21,999 2.94 £572,000 United Kingdom Gilt Inflation 1,123 0.15 19/4/2021 Linked 0.125% 22/3/2044 £40,000,000 United Kingdom Treasury Bill 0% 39,998 5.35 £499,000 United Kingdom Gilt Inflation 950 0.13 4/5/2021 Linked 0.125% 22/3/2046 £29,000,000 United Kingdom Treasury Bill 0% 28,995 3.88 £479,000 United Kingdom Gilt Inflation 891 0.12 28/6/2021 Linked 0.125% 10/8/2048 £12,000,000 United Kingdom Treasury Bill 0% 11,999 1.61 £233,000 United Kingdom Gilt Inflation 516 0.07 26/7/2021 Linked 0.125% 22/11/2056 £13,000,000 United Kingdom Treasury Bill 0% 12,999 1.74 £433,000 United Kingdom Gilt Inflation 1,015 0.14 2/8/2021 Linked 0.125% 22/3/2058 £292,000 United Kingdom Gilt Inflation 777 0.10 188,572 25.25 Linked 0.125% 22/11/2065 US Dollar Denominated Corporate £483,000 United Kingdom Gilt Inflation 1,437 0.19 Bonds − 2.21%; 29.2.2020 0.00% Linked 0.125% 22/3/2068 $90,000 1011778 BC ULC / New Red 65 0.01 £447,000 United Kingdom Gilt Inflation 1,029 0.14 Finance 4.25% 15/5/2024 Linked 0.25% 22/3/2052 $45,000 Abercrombie & Fitch 35 0.00 £478,000 United Kingdom Gilt Inflation 1,390 0.19 Management 8.75% 15/7/2025 Linked 0.375% 22/3/2062 $50,000 Academy 6% 15/11/2027 38 0.01 £452,000 United Kingdom Gilt Inflation 1,201 0.16 Linked 0.5% 22/3/2050 $135,000 Advantage Sales & Marketing 99 0.01 6.5% 15/11/2028 £29,000 United Kingdom Gilt Inflation 77 0.01 Linked 0.5% 22/3/2050 $160,000 AECOM 5.125% 15/3/2027 125 0.02 £524,000 United Kingdom Gilt Inflation 1,175 0.16 $75,000 AHP Health Partners 9.75% 59 0.01 Linked 0.625% 22/3/2040 15/7/2026 £500,000 United Kingdom Gilt Inflation 1,201 0.16 $55,000 Allison Transmission 5.875% 43 0.01 Linked 0.625% 22/11/2042 1/6/2029 £560,000 United Kingdom Gilt Inflation 1,050 0.14 $70,000 American Airlines 3.75% 43 0.01 Linked 0.75% 22/3/2034 1/3/2025 £461,000 United Kingdom Gilt Inflation 1,270 0.17 $205,000 American Airlines 5% 1/6/2022 141 0.02 Linked 0.75% 22/11/2047 $30,000 American Airlines 11.75% 26 0.00 15/7/2025 £405,000 United Kingdom Gilt Inflation 999 0.13 Linked 1.125% 22/11/2037

BlackRock Market Advantage Fund 56 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

$105,000 AmeriGas Partners LP / 83 0.01 $130,000 Cinemark USA 4.875% 1/6/2023 92 0.01 AmeriGas Finance 5.625% $155,000 Clearway Energy Operating 116 0.02 20/5/2024 5.75% 15/10/2025 $90,000 AmeriGas Partners LP / 73 0.01 $80,000 Cleveland-Cliffs 5.75% 1/3/2025 59 0.01 AmeriGas Finance 5.75% $95,000 Cleveland-Cliffs 5.875% 1/6/2027 69 0.01 20/5/2027 $60,000 Cleveland-Cliffs 9.875% 50 0.01 $15,000 AmeriGas Partners LP / 12 0.00 17/10/2025 AmeriGas Finance 5.875% $130,000 Coty 6.5% 15/4/2026 92 0.01 20/8/2026 $20,000 Covanta 5.875% 1/7/2025 15 0.00 $150,000 Antero Midstream Partners LP / 108 0.01 $70,000 Credit Acceptance 6.625% 52 0.01 Antero Midstream Finance 15/3/2026 5.375% 15/9/2024 $160,000 Curo 8.25% 1/9/2025 115 0.02 $105,000 Antero Midstream Partners LP / 75 0.01 Antero Midstream Finance 5.75% $110,000 Cushman & Wakefield US 85 0.01 1/3/2027 Borrower 6.75% 15/5/2028 $115,000 Antero Resources 7.625% 88 0.01 $100,000 CVR Energy 5.25% 15/2/2025 71 0.01 1/2/2029 $20,000 Dave & Buster’s 7.625% 15 0.00 $80,000 Antero Resources 8.375% 63 0.01 1/11/2025 15/7/2026 $45,000 Delta Air Lines 3.8% 19/4/2023 33 0.00 $100,000 Arconic 6.125% 15/2/2028 75 0.01 $75,000 Delta Air Lines 4.375% 19/4/2028 55 0.01 $200,000 Aston Martin Capital 10.5% 156 0.02 $130,000 Delta Air Lines 7.375% 15/1/2026 108 0.01 30/11/2025 $100,000 Diebold Nixdorf 9.375% 80 0.01 $35,000 Avient 5.25% 15/3/2023 27 0.00 15/7/2025 $120,000 Bausch Health Americas 8.5% 95 0.01 $115,000 DISH DBS 5% 15/3/2023 85 0.01 31/1/2027 $25,000 DISH DBS 7.375% 1/7/2028 19 0.00 $170,000 Bausch Health Americas 9.25% 135 0.02 $160,000 DISH DBS 7.75% 1/7/2026 126 0.02 1/4/2026 $200,000 Drax Finco 6.625% 1/11/2025 148 0.02 $150,000 Bausch Health Cos 9% 117 0.02 $135,000 Edgewell Personal Care 4.7% 101 0.01 15/12/2025 24/5/2022 $130,000 Bed Bath & Beyond 5.165% 83 0.01 $165,000 Embarq 7.995% 1/6/2036 140 0.02 1/8/2044 $220,000 Endo Dac / Endo Finance / Endo 138 0.02 $90,000 Berry Global 5.625% 15/7/2027 68 0.01 Finco 6% 30/6/2028 $200,000 Braskem America Finance 162 0.02 $40,000 Endo Dac / Endo Finance / Endo 32 0.00 7.125% 22/7/2041 Finco 9.5% 31/7/2027 $105,000 Brink’s 4.625% 15/10/2027 77 0.01 $110,000 EnLink Midstream Partners LP 78 0.01 $220,000 Brookfield Property REIT / BPR 162 0.02 4.15% 1/6/2025 Cumulus / BPR Nimbus / GGSI $100,000 EnLink Midstream Partners LP 72 0.01 Sellco LL 5.75% 15/5/2026 4.4% 1/4/2024 $7,000 Brundage-Bone Concrete 50.00 $115,000 EQM Midstream Partners LP 85 0.01 Pumping 6% 1/2/2026 4.75% 15/7/2023 $45,000 Builders FirstSource 6.75% 35 0.00 $150,000 EQT 7.625% 1/2/2025 125 0.02 1/6/2027 $180,000 ESH Hospitality 5.25% 1/5/2025 131 0.02 $32,000 Callon Petroleum 6.125% 20 0.00 $160,000 Five Point Operating LP / Five 121 0.02 1/10/2024 Point Capital 7.875% 15/11/2025 $20,000 Callon Petroleum 6.25% 13 0.00 $75,000 FMG Resources August 2006 Pty 56 0.01 15/4/2023 5.125% 15/3/2023 $45,000 Carnival 9.875% 1/8/2027 37 0.00 $120,000 FMG Resources August 2006 Pty 93 0.01 $115,000 Carnival 10.5% 1/2/2026 96 0.01 5.125% 15/5/2024 $150,000 Carnival 11.5% 1/4/2023 122 0.02 $5,000 Ford Motor 7.45% 16/7/2031 5 0.00 $165,000 CCO / CCO Capital 5.875% 122 0.02 $55,000 Ford Motor 8.5% 21/4/2023 44 0.01 1/5/2027 $155,000 Ford Motor 9% 22/4/2025 135 0.02 $90,000 CHS/Community Health Systems 58 0.01 $150,000 Ford Motor 9.625% 22/4/2030 152 0.02 6.875% 1/4/2028 $40,000 Forestar 8% 15/4/2024 30 0.00 $150,000 Cimpress 7% 15/6/2026 113 0.02

57 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

$125,000 Fortress Transportation and 93 0.01 $45,000 Macy’s Retail 3.625% 1/6/2024 32 0.00 Infrastructure Investors 6.5% $55,000 Magnolia Oil & Gas Operating / 41 0.01 1/10/2025 Magnolia Oil & Gas Finance 6% $25,000 Fortress Transportation and 18 0.00 1/8/2026 Infrastructure Investors 6.75% $80,000 Marriott Ownership Resorts 61 0.01 15/3/2022 6.125% 15/9/2025 $45,000 Fortress Transportation and 37 0.00 $125,000 Marriott Ownership Resorts / ILG 93 0.01 Infrastructure Investors 9.75% 6.5% 15/9/2026 1/8/2027 $175,000 Matador Resources 5.875% 122 0.02 $120,000 Gap 8.625% 15/5/2025 96 0.01 15/9/2026 $35,000 Gap 8.875% 15/5/2027 29 0.00 $25,000 MDC 6% 15/1/2043 24 0.00 $30,000 GCP Applied Technologies 5.5% 22 0.00 $15,000 Meredith 6.875% 1/2/2026 11 0.00 15/4/2026 $115,000 Mineral Resources 8.125% 91 0.01 $95,000 goeasy 5.375% 1/12/2024 70 0.01 1/5/2027 $40,000 Graham 5.75% 1/6/2026 30 0.00 $160,000 Molina Healthcare 5.375% 121 0.02 $95,000 GrubHub 5.5% 1/7/2027 71 0.01 15/11/2022 $105,000 HCA 5.375% 1/2/2025 84 0.01 $55,000 Mueller Water Products 5.5% 41 0.01 $90,000 Hughes Satellite Systems 5.25% 71 0.01 15/6/2026 1/8/2026 $95,000 Navistar International 9.5% 76 0.01 $95,000 Hughes Satellite Systems 76 0.01 1/5/2025 6.625% 1/8/2026 $80,000 NCL 10.25% 1/2/2026 67 0.01 $150,000 Icahn Enterprises LP / Icahn 113 0.02 $105,000 NCL 12.25% 15/5/2024 89 0.01 Enterprises Finance 6.25% $60,000 Netflix 4.875% 15/4/2028 49 0.01 15/5/2026 $110,000 Netflix 5.875% 15/2/2025 90 0.01 $200,000 Intesa Sanpaolo 5.71% 161 0.02 $80,000 Netflix 6.375% 15/5/2029 71 0.01 15/1/2026 $175,000 New Fortress Energy 6.75% 130 0.02 $25,000 Iron Mountain 5.25% 15/3/2028 19 0.00 15/9/2025 $200,000 Jaguar Automotive 155 0.02 $5,000 Newell Brands 6% 1/4/2046 5 0.00 7.75% 15/10/2025 $45,000 NMI 7.375% 1/6/2025 36 0.00 $75,000 Joseph T Ryerson & Son 8.5% 59 0.01 $40,000 Norbord 5.75% 15/7/2027 31 0.00 1/8/2028 $5,000 Nordstrom 5% 15/1/2044 3 0.00 $170,000 Kennedy-Wilson 5.875% 123 0.02 $195,000 NortonLifeLock 5% 15/4/2025 141 0.02 1/4/2024 $175,000 Occidental Petroleum 3.5% 123 0.02 $65,000 KFC Co/Pizza Hut LLC/Taco Bell 48 0.01 15/6/2025 of America 5.25% 1/6/2026 $245,000 Occidental Petroleum 5.55% 187 0.03 $200,000 Klabin Austria 7% 3/4/2049 179 0.02 15/3/2026 $50,000 Korn Ferry 4.625% 15/12/2027 37 0.00 $115,000 Occidental Petroleum 6.95% 91 0.01 $425,000 Kraft Heinz Foods 4.375% 329 0.04 1/7/2024 1/6/2046 $40,000 Occidental Petroleum 7.875% 34 0.00 $80,000 Kraft Heinz Foods 6.875% 80 0.01 15/9/2031 26/1/2039 $55,000 Occidental Petroleum 8.5% 47 0.01 $70,000 L Brands 6.75% 1/7/2036 60 0.01 15/7/2027 $145,000 L Brands 6.875% 1/11/2035 125 0.02 $125,000 Oceaneering International 4.65% 89 0.01 $115,000 Laredo Petroleum 9.5% 78 0.01 15/11/2024 15/1/2025 $200,000 OCI 5.25% 1/11/2024 148 0.02 $155,000 Live Nation Entertainment 6.5% 122 0.02 $15,000 OneMain Finance 6.625% 12 0.00 15/5/2027 15/1/2028 $195,000 LPL 5.75% 15/9/2025 144 0.02 $115,000 OneMain Finance 6.875% 93 0.01 $50,000 Lumen Technologies 7.5% 40 0.01 15/3/2025 1/4/2024 $160,000 OneMain Finance 7.125% 132 0.02 $70,000 Lumen Technologies 7.65% 60 0.01 15/3/2026 15/3/2042 $85,000 Open Text 5.875% 1/6/2026 63 0.01 $170,000 Macy’s Retail 2.875% 15/2/2023 121 0.02

BlackRock Market Advantage Fund 58 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

$35,000 Par Pharmaceutical 7.5% 27 0.00 $170,000 Spirit AeroSystems 7.5% 129 0.02 1/4/2027 15/4/2025 $140,000 Park Intermediate / PK Domestic 105 0.01 $120,000 Sprint 7.125% 15/6/2024 99 0.01 Property / PK Finance Co-Issuer $150,000 Sprint 7.625% 15/2/2025 128 0.02 5.875% 1/10/2028 $15,000 Sprint 7.875% 15/9/2023 12 0.00 $70,000 Park Intermediate / PK Domestic 54 0.01 $115,000 Sprint Capital 8.75% 15/3/2032 122 0.02 Property / PK Finance Co-Issuer $170,000 SSL Robotics 9.75% 31/12/2023 136 0.02 7.5% 1/6/2025 $120,000 Stericycle 5.375% 15/7/2024 89 0.01 $100,000 Parkland Corp/Canada 6% 75 0.01 $120,000 Suburban Propane Partners 87 0.01 1/4/2026 LP/Suburban Energy Finance $38,000 Party City 8.75% 15/2/2026 28 0.00 5.5% 1/6/2024 $70,000 Patterson-UTI Energy 3.95% 47 0.01 $75,000 Sunoco LP / Sunoco Finance 55 0.01 1/2/2028 5.5% 15/2/2026 $35,000 Pitney Bowes 4.625% 15/3/2024 25 0.00 $55,000 Telecom Italia Capital 7.721% 53 0.01 $140,000 Post 5.75% 1/3/2027 105 0.01 4/6/2038 $70,000 Prime Security Services 53 0.01 $200,000 Telenet Finance Luxembourg 151 0.02 Borrower / Prime Finance 5.25% Notes Sarl 5.5% 1/3/2028 15/4/2024 $45,000 Telesat Canada / Telesat 4.875% 33 0.00 $135,000 Prime Security Services 104 0.01 1/6/2027 Borrower / Prime Finance 5.75% $95,000 Telesat Canada / Telesat 6.5% 70 0.01 15/4/2026 15/10/2027 $25,000 Prime Security Services 19 0.00 $205,000 Tenet Healthcare 5.125% 148 0.02 Borrower / Prime Finance 6.25% 1/5/2025 15/1/2028 $140,000 Terex 5.625% 1/2/2025 103 0.01 $15,000 QVC 4.375% 1/9/2028 11 0.00 $90,000 T-Mobile USA 5.125% 15/4/2025 66 0.01 $85,000 Radian 4.875% 15/3/2027 64 0.01 $170,000 TransDigm 6.25% 15/3/2026 128 0.02 $85,000 RBS Global / Rexnord 4.875% 62 0.01 $125,000 TransDigm 6.375% 15/6/2026 92 0.01 15/12/2025 $25,000 TransDigm 6.5% 15/5/2025 18 0.00 $65,000 Realogy / Realogy Co-Issuer 50 0.01 7.625% 15/6/2025 $35,000 TransDigm 8% 15/12/2025 27 0.00 $110,000 Rite Aid 8% 15/11/2026 83 0.01 $50,000 Travel + Leisure 6.625% 40 0.01 31/7/2026 $140,000 Royal Caribbean Cruises 5.25% 102 0.01 15/11/2022 $75,000 TRI Pointe / TRI Pointe Homes 59 0.01 5.875% 15/6/2024 $85,000 Royal Caribbean Cruises 9.125% 67 0.01 15/6/2023 $85,000 Trinseo Materials Operating / 62 0.01 Trinseo Materials Finance $45,000 Royal Caribbean Cruises 36 0.00 5.375% 1/9/2025 10.875% 1/6/2023 $160,000 Uber Technologies 7.5% 125 0.02 $145,000 Sabre GLBL 7.375% 1/9/2025 112 0.01 15/9/2027 $45,000 Sabre GLBL 9.25% 15/4/2025 38 0.01 $80,000 Unisys 6.875% 1/11/2027 63 0.01 $220,000 Sasol Financing USA 5.875% 170 0.02 $115,000 United Rentals North America 87 0.01 27/3/2024 4.875% 15/1/2028 $80,000 SeaWorld Parks & Entertainment 62 0.01 $60,000 United States Steel 6.25% 41 0.01 9.5% 1/8/2025 15/3/2026 $75,000 Sensata Technologies 4.875% 57 0.01 $155,000 United States Steel 12% 133 0.02 15/10/2023 1/6/2025 $120,000 Service Properties Trust 4.35% 85 0.01 $10,000 Uniti LP / Uniti Fiber / CSL 70.00 1/10/2024 Capital 7.125% 15/12/2024 $90,000 Service Properties Trust 4.75% 63 0.01 $55,000 Uniti LP / Uniti Fiber / CSL 42 0.01 1/10/2026 Capital 7.875% 15/2/2025 $95,000 Signature Aviation US 5.375% 69 0.01 $110,000 Viasat 5.625% 15/9/2025 80 0.01 1/5/2026 $90,000 Viasat 5.625% 15/4/2027 67 0.01 $45,000 Spirit AeroSystems 5.5% 33 0.00 15/1/2025

59 BlackRock Market Advantage Fund Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

$200,000 Virgin Media Secured Finance 153 0.02 $389,000 United States Treasury Inflation 332 0.04 5.5% 15/5/2029 Indexed Bonds 0.25% 15/1/2025 $200,000 Vmed O2 UK Financing I 4.25% 140 0.02 $376,800 United States Treasury Inflation 304 0.04 31/1/2031 Indexed Bonds 0.25% 15/7/2029 $190,000 Western Digital 4.75% 15/2/2026 150 0.02 $179,000 United States Treasury Inflation 138 0.02 $145,000 Western Midstream Operating LP 119 0.02 Indexed Bonds 0.25% 15/2/2050 6.5% 1/2/2050 $598,000 United States Treasury Inflation 512 0.07 $95,000 Wynn Las Vegas / Wynn Las 69 0.01 Indexed Bonds 0.375% Vegas Capital 4.25% 30/5/2023 15/7/2023 $20,000 Wynn Las Vegas / Wynn Las 15 0.00 $454,200 United States Treasury Inflation 393 0.05 Vegas Capital 5.25% 15/5/2027 Indexed Bonds 0.375% $175,000 Wynn Las Vegas / Wynn Las 133 0.02 15/7/2025 Vegas Capital 5.5% 1/3/2025 $365,000 United States Treasury Inflation 312 0.04 $90,000 XHR LP 6.375% 15/8/2025 68 0.01 Indexed Bonds 0.375% 15/1/2027 $160,000 XPO Logistics 6.75% 15/8/2024 120 0.02 $431,000 United States Treasury Inflation 366 0.05 16,496 2.21 Indexed Bonds 0.375% 15/7/2027 US Dollar Denominated Government $260,000 United States Treasury Inflation 207 0.03 Bonds − 1.69%; 29.2.2020 5.57% Indexed Bonds 0.5% 15/4/2024 $440,000 United States Treasury Inflation 346 0.05 $510,000 United States Treasury Inflation 432 0.06 Indexed Bonds 0.125% Indexed Bonds 0.5% 15/1/2028 15/4/2022 $446,000 United States Treasury Inflation 355 0.05 $519,000 United States Treasury Inflation 437 0.06 Indexed Bonds 0.625% Indexed Bonds 0.125% 15/4/2023 15/7/2022 $696,000 United States Treasury Inflation 601 0.08 $331,000 United States Treasury Inflation 280 0.04 Indexed Bonds 0.625% Indexed Bonds 0.125% 15/1/2024 15/1/2023 $537,000 United States Treasury Inflation 469 0.06 $389,000 United States Treasury Inflation 329 0.04 Indexed Bonds 0.625% Indexed Bonds 0.125% 15/1/2026 15/7/2024 $224,000 United States Treasury Inflation 209 0.03 $284,000 United States Treasury Inflation 223 0.03 Indexed Bonds 0.625% Indexed Bonds 0.125% 15/2/2043 15/10/2024 $348,000 United States Treasury Inflation 296 0.04 $337,000 United States Treasury Inflation 263 0.04 Indexed Bonds 0.75% 15/7/2028 Indexed Bonds 0.125% 15/4/2025 $219,000 United States Treasury Inflation 211 0.03 Indexed Bonds 0.75% 15/2/2042 $560,000 United States Treasury Inflation 438 0.06 Indexed Bonds 0.125% $301,000 United States Treasury Inflation 282 0.04 15/10/2025 Indexed Bonds 0.75% 15/2/2045 $349,300 United States Treasury Inflation 298 0.04 $343,000 United States Treasury Inflation 293 0.04 Indexed Bonds 0.125% Indexed Bonds 0.875% 15/7/2026 15/1/2029 $389,000 United States Treasury Inflation 307 0.04 $177,000 United States Treasury Inflation 167 0.02 Indexed Bonds 0.125% Indexed Bonds 0.875% 15/1/2030 15/2/2047 $524,000 United States Treasury Inflation 416 0.06 $193,000 United States Treasury Inflation 189 0.03 Indexed Bonds 0.125% Indexed Bonds 1% 15/2/2046 15/7/2030 $179,000 United States Treasury Inflation 171 0.02 $237,000 United States Treasury Inflation 184 0.02 Indexed Bonds 1% 15/2/2048 Indexed Bonds 0.125% $180,000 United States Treasury Inflation 169 0.02 15/1/2031 Indexed Bonds 1% 15/2/2049

BlackRock Market Advantage Fund 60 Portfolio Statement continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

$314,000 United States Treasury Inflation 334 0.05 $159,100 United States Treasury Inflation 248 0.03 Indexed Bonds 1.375% Indexed Bonds 3.625% 15/2/2044 15/4/2028 $288,000 United States Treasury Inflation 310 0.04 $185,000 United States Treasury Inflation 296 0.04 Indexed Bonds 1.75% 15/1/2028 Indexed Bonds 3.875% $161,000 United States Treasury Inflation 179 0.02 15/4/2029 Indexed Bonds 2% 15/1/2026 12,594 1.69 $207,000 United States Treasury Inflation 259 0.03 COLLECTIVE INVESTMENT Indexed Bonds 2.125% SCHEMES − 33.74%; 29.2.2020 24.93% 15/2/2040 $227,000 United States Treasury Inflation 283 0.04 Short-term Money Market Funds − 33.74%; 29.2.2020 24.93% Indexed Bonds 2.125% 590,860 BlackRock ICS Euro Liquid 50,778 6.80 15/2/2041 Environmentally Aware Fund† $265,000 United States Treasury Inflation 307 0.04 1,098,991 BlackRock ICS Sterling 109,895 14.71 Indexed Bonds 2.375% Government Liquidity Fund† 15/1/2025 105,000,000 BlackRock ICS US Dollar 75,102 10.06 $208,000 United States Treasury Inflation 237 0.03 Liquidity Fund† Indexed Bonds 2.375% 22,641,000 BlackRock ICS US Treasury 16,194 2.17 15/1/2027 Fund† $134,000 United States Treasury Inflation 150 0.02 Indexed Bonds 2.5% 15/1/2029 251,969 33.74 $40,000 United States Treasury Inflation 62 0.01 Indexed Bonds 3.375% 15/4/2032

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − 3.18%; 29.2.2020 (3.87%)

Credit Default Swaps − (0.34%); 29.2.2020 (0.53%) (18,000,000) Bank of America Merrill Lynch CDX 0% 20/12/2025 12,875 (477) (0.06) (12,347,699) CDX 0% 20/12/2025 8,832 (327) (0.04) (18,000,000) Citibank CDX 0% 20/12/2025 12,874 (477) (0.07) (24,400,000) Goldman Sachs International CDX 0% 20/12/2025 17,452 (646) (0.09) (21,760,000) Morgan Stanley International CDX 0% 20/12/2025 15,564 (577) (0.08)

67,597 (2,504) (0.34)

Forward Currency Contracts − 1.47%; 29.2.2020 (0.66%) AU$573,000 Australian dollar vs UK sterling 318 (1) 0.00 CA$1,081,000 Canadian dollar vs UK sterling 610 (1) 0.00 €1,418,000 Euro vs UK sterling 1,231 (24) 0.00 ¥107,399,000 Japanese yen vs UK sterling 721 (25) 0.00 £19,424,649 UK sterling vs Australian dollar 19,267 154 0.00 £21,497,586 UK sterling vs Canadian dollar 21,192 308 0.04 £85,686,502 UK sterling vs Euro 82,110 3,578 0.46 £20,768,936 UK sterling vs Hong Kong dollar 19,890 879 0.12 £15,638,818 UK sterling vs Japanese yen 14,669 970 0.13 £250,368 UK sterling vs New Zealand dollar 247 4 0.00 £430,620 UK sterling vs Norwegian krone 417 14 0.00 £1,046,810 UK sterling vs Singapore dollar 1,003 44 0.01 £2,711,217 UK sterling vs Swedish krona 2,580 131 0.02 £2,861,397 UK sterling vs Swiss franc 2,676 186 0.03

61 BlackRock Market Advantage Fund Portfolio Statement continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

£173,772,517 UK sterling vs US dollar 168,141 5,629 0.77 US$74,709,000 US dollar vs UK sterling 53,430 (873) (0.11)

388,502 10,973 1.47

Futures − 0.38%; 29.2.2020 (1.61%) 219 Australia 10 Year Bond March 2021 11,896 (1,066) (0.14) 353 Canada 10 Year Bond June 2021 27,877 (544) (0.07) 14 Japan 10 Year Bond (OSE) March 2021 14,157 (138) (0.02) 41 Long Gilt June 2021 5,239 (45) (0.01) 1,593 MSCI Emerging Markets March 2021 76,232 4,064 0.54 144 Russell 2000 E-Mini March 2021 11,325 861 0.12 256 US 10 Year Note (CBT) June 2021 24,301 (294) (0.04)

171,027 2,838 0.38

Swaptions − 0.43%; 29.2.2020 0.00% 152,742,516 Bank of America Merrill Lynch (Buy 10 Year Right to Pay 19/5/2021 0.06) 66,674 1,483 0.20 126,317,000 (Buy 10 Year Right to Pay 19/5/2021 1.51) 44,250 1,709 0.23

110,924 3,192 0.43

Total Return Swaps − 1.24%; 29.2.2020 (1.07%) 4,384,039 Bank of America Merrill Lynch Iboxx US Dollar Liquid Investment Index 0% 3,011 (145) (0.02) 22/3/2021 8,834 Citibank FTSE EPRA NAREIT Developed Index Net Total Return 0% 31,600 2,046 0.28 22/3/2021 1,320 Citibank FTSE EPRA NAREIT Developed Index Net Total Return 0% 4,722 306 0.04 22/3/2021 785 Citibank FTSE EPRA NAREIT Developed Index Net Total Return 0% 2,808 168 0.02 22/3/2021 14,610,594 Deutsche Bank Markit iBoxx EUR Liquid High Yield Index 0% 22/3/2021 13,284 649 0.09 28,106,099 Goldman Sachs International Iboxx US Dollar Liquid Investment Index 19,619 (620) (0.08) 0.239% 22/3/2021 46,227,077 JP Morgan Chase Bank Bloomberg Commodity Total Return Index 0.03% 38,654 6,401 0.86 22/3/2021 30,319,005 JP Morgan Chase Bank Bloomberg Commodity Total Return Index 0.03% 21,680 462 0.06 21/6/2021 3,898,934 JP Morgan Chase Bank Iboxx US Dollar Liquid High Yield Index 0.239% 2,921 138 0.02 22/3/2021 2,666,698 JP Morgan Chase Bank Iboxx US Dollar Liquid Investment Index 0.207% 1,856 (64) (0.01) 22/3/2021 13,879,497 JP Morgan Chase Bank Iboxx US Dollar Liquid Investment Index 0.239% 9,719 (276) (0.04) 22/3/2021 2,895,016 JP Morgan Chase Bank Markit iBoxx EUR Liquid High Yield Index 0% 2,632 128 0.02 22/3/2021 3,843 JP Morgan Chase Bank MSCI Emerging Markets Net Total Return USD Index 1,782 99 0.01 0% 22/3/2021

BlackRock Market Advantage Fund 62 Portfolio Statement continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

4,586,057 Morgan Stanley International Iboxx US Dollar Liquid Investment Index 3,246 (56) (0.01) 0.239% 22/3/2021

157,534 9,236 1.24

Portfolio of investments 598,670 80.16

CASH EQUIVALENTS

Short-term Money Market Funds − 16.80%; 29.2.2020 31.26%

125,453,000 BlackRock ICS Sterling Liquidity Fund† 125,453 16.80

Net other assets 22,746 3.04

Total net assets 746,869 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The counterparties for the forward currency contracts are Bank of America Merrill Lynch, Barclays Bank Plc, Citigroup Global Markets Limited, Deutsche Bank AG, Goldman Sachs International, HSBC Bank Plc, J.P. Morgan Securities Plc, Morgan Stanley & Co. International Plc, Royal Bank of Canada, Standard Chartered Bank, State Street Global Advisors Limited and Toronto-Dominion Bank. The total return swaps (“TRS”) shown in the portfolio statement starting on page 62 are expressed at both their mark-to-market and original notional value, which when added together represent the current notional value of the TRS. The current notional value of a TRS represents the reference amount used to calculate payments between the counterparties to the TRS. The full notional value represents the economic interest in the security underlying the TRS, but does not change hands in full between the counterparties. Ø All or a portion of this investment represents a security on loan, see note 2(b) vi) for further details. † Managed by a related party.

63 BlackRock Market Advantage Fund Statement of Total Return for the year ended 28 February 2021

For the year For the year to 28.2.2021 to 29.2.2020 Notes £000’s £000’s £000’s £000’s Income Net capital gains 3 26,346 19,584 Revenue 4 3,791 7,106 Expenses 5 (130) (118) Interest payable and similar charges 6 (138) (1,296) Net revenue before taxation 3,523 5,692 Taxation 7 (66) – Net revenue after taxation 3,457 5,692 Total return before distributions 29,803 25,276 Distributions 8 (3,454) (5,692)

Change in net assets attributable to unitholders from investment activities 26,349 19,584

Statement of Change in Net Assets Attributable to Unitholders for the year ended 28 February 2021

For the year For the year to 28.2.2021 to 29.2.2020 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 566,158 594,079 Amounts receivable on issue of units 253,523 220,158 Amounts payable on cancellation of units (102,723) (273,477) 150,800 (53,319) Change in net assets attributable to unitholders from investment activities 26,349 19,584 Retained distribution on accumulation units 3,562 5,814

Closing net assets attributable to unitholders 746,869 566,158

BlackRock Market Advantage Fund 64 Balance Sheet at 28 February 2021

28.2.2021 29.2.2020 Notes £000’s £000’s Assets: Fixed assets − Investment assets 605,346 389,752 Current assets − Debtors 9 2,053 1,163 − Cash and bank balances 10 36,500 28,963 − Cash collateral posted 450 – − Cash equivalents 11 125,453 176,999 Total assets 769,802 596,877

Liabilities: Investment liabilities (6,676) (25,799) Creditors − Amounts held at futures clearing houses and brokers (4,768) (209) − Cash collateral payable (10,209) (2,750) − Other creditors 12 (1,280) (1,961) Total liabilities (22,933) (30,719)

Net assets attributable to unitholders 746,869 566,158

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 12 May 2021

65 BlackRock Market Advantage Fund Notes to Financial Statements for the year ended 28 February 2021

1. Accounting and Distribution Policies Accounting Policies (a) The financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP) and the Statement of Recommended Practice for Authorised Funds (the “SORP”) issued by the Investment Management Association (now known as the Investment Association) in May 2014 and amended in June 2017.

The financial statements have been prepared on a going concern basis in accordance with UK GAAP and the SORP.The Fund is able to meet all of its liabilities from its assets. The performance, marketability and risks of the Fund are reviewed on a regular basis throughout the financial period. Therefore, the Directors of the Manager believe that the Fund will continue in operational existence for the foreseeable future and is financially sound. The Directors of the Manager are satisfied that, at the time of approving the financial statements, and following consideration of COVID-19, it is appropriate to continue to adopt the going concern basis in preparing the financial statements of the Fund.

(b) Bank interest is recognised on an accruals basis.

Dividends on quoted ordinary shares and preference shares are recognised when the securities are quoted ex-dividend. Where such securities are not quoted, dividends are recognised when the right to receive payment is established.

US REIT dividend revenue is accounted for partly as revenue and partly as capital, depending on the underlying REIT distribution. All REIT dividend revenue is recognised on an accruals basis.

Revenue from fixed interest securities is recognised on an effective interest rate basis.

Accrued interest purchased and sold on interest bearing securities is excluded from the capital cost of these securities and dealt with as part of the revenue of the Fund.

Any reported revenue from an offshore fund with reporting status from HMRC, in excess of any distribution received in the reporting period, is recognised as revenue no later than the date on which the reporting fund makes this information available. The equalisation element is treated as capital.

All revenue is recognised as a gross amount that takes account of any withholding taxes but excludes any other taxes such as attributable tax credits.

Revenue from securities lending is accounted for net of associated costs and is recognised on an accruals basis.

Returns from bond futures are streamed into revenue and capital components.

(c) Ordinary stock dividends are recognised wholly as revenue and are based on the market value of the shares on the date they are quoted ex-dividend. Where an enhancement is offered, the amount by which the market value of the shares (on the date they are quoted ex-dividend) exceeds the cash dividend is taken to capital.

(d) The underlying circumstances behind both special dividends and share buy backs are reviewed on a case by case basis in determining whether the amount is revenue or capital in nature. Any tax treatment will follow the accounting treatment of the principal amount.

(e) Underwriting commission is wholly recognised as revenue when the issue takes place, except where the Fund is required to take up some or all of the shares underwritten, in which case an appropriate proportion of the commission received is deducted from the cost of those shares.

(f) All expenses, except those relating to the purchase and sale of investments are charged against revenue. All expenses are recognised on an accruals basis.

BlackRock Market Advantage Fund 66 Notes to Financial Statements continued

(g) Provision for corporation tax is made at the current rate on the excess of taxable revenue over allowable expenses. Provision is made on all material timing differences arising from the different treatment of items for accounting and tax purposes. A deferred tax asset is recognised only to the extent that it is considered more likely than not that there will be taxable profits in the future against which the asset can be offset.

(h) Where the end of the accounting year on the Balance Sheet date is a business day, the valuation point is 12 noon, and where the end of the accounting year on the Balance Sheet date is a non-business day, the valuation point is end of day. All investments are valued at their fair value as at the end of the accounting period. In the case of an investment which is not quoted, listed or dealt in on a recognised market, or in respect of which a listed, traded or dealt price or quotation is not available at the time of valuation, the fair value of such investment shall be estimated with care and in good faith by a competent professional person, body,firm or corporation including the Manager’s pricing committee and such fair value shall be determined on the basis of the probable realisation value of the investment. The Manager shall be entitled to adopt an alternative method of valuing any particular asset if it considers that the methods of valuation set out above do not provide a fair valuation of a particular asset or liability.

For Over-the-Counter (“OTC”) derivatives including Credit Default Swaps, Currency Swaps, Forward Currency Contracts, Inflation Swaps, Interest Rate Swaps, OTC Options, Swaptions, Synthetic Caps, Total Return Swaps and Volatility Swaps; fair value is determined based on valuation pricing models which take into account relevant market inputs as well as the time values, liquidity and volatility factors underlying the positions. The fair value of exchange traded and over the counter derivatives represents the price that would be required to close out the contracts at the Balance Sheet date. Amounts due to and from an individual counterparty which falls under a legally enforceable master netting agreement are netted.

Investments in dual priced CIS have been valued at market values, defined as fair value, which is usually the quoted price at close of business on the last business day of the accounting period. Investments in single priced CIS have been valued at market values, defined as fair value, which is usually the latest available price at the Fund’s 12 noon valuation point on the last business day of the accounting period.

(i) Any transactions in foreign currencies are translated into Sterling at the rates of exchange ruling on the date of any such transaction. Assets and liabilities in foreign currencies are translated into Sterling at the exchange rates ruling at the end of the accounting period. Revenue items in foreign currencies are translated into Sterling at the exchange rate when the revenue is received.

(j) Where appropriate, certain permitted financial instruments such as derivatives are used for efficient portfolio management. Where such financial instruments are used to protect or enhance revenue, the revenue and expenses derived therefrom are included in ‘Revenue’ in the Statement of Total Return. Where such financial instruments are used to protect or enhance capital, the gains and losses derived therefrom are included in ‘Net capital gains’ in the Statement of Total Return.

(k) Cash and bank balances consist of deposits held on call with banks and cash held with clearing brokers and counterparties. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

(l) Cash collateral provided by the Fund is identified on the Balance Sheet as pledged cash collateral and is not included as a component of cash and cash equivalents.

67 BlackRock Market Advantage Fund Notes to Financial Statements continued

For collateral other than cash provided by the Fund, the party to whom the collateral is provided has the right by contract to sell or repledge the collateral but has an obligation to return equivalent securities to the Fund on maturity or sale of the contract. The Fund classifies these assets on its Balance Sheet separately from other assets and identifies the asset as pledged investments. Such assets are valued consistently with the accounting policies listed above.

Cash collateral provided to the Fund by counterparties is identified in the Balance Sheet as cash collateral payable. The Fund may reinvest this cash collateral and the assets purchased are included in investment assets or cash equivalents on the Balance Sheet.

For collateral received from counterparties other than cash, a disclosure of the collateral provided is made in the notes to the financial statements.

Distribution Policies (m) The ordinary element of stock dividends is treated as revenue but does not form part of the distribution.

(n) Special dividends and share buy backs recognised as revenue form part of the distribution.

(o) Returns from bond futures recognised as revenue from long positions form part of the distribution. Amounts recognised as revenue from short positions reduce the amounts available for distribution.

(p) The units in the Fund are all accumulation units. All of the net revenue available for distribution at the final accounting period end will be accumulated by the Fund with a transfer from revenue to capital. In order to conduct a controlled dividend flow to unitholders, interim distributions may be made at the Manager’s discretion, up to a maximum of the distributable revenue available for the period.

(q) The Fund has satisfied the qualifying investments tests as specified in S468L ICTA 1988 at all times throughout the distribution period. As such, any revenue available for distribution will be paid as an interest distribution.

2. Financial Instruments and Risks The Fund’s investment activities expose it to the various types of risk which are associated with the financial instruments and markets in which it invests. The following information is not intended to be a comprehensive summary of all risks and investors should refer to the Prospectus for a more detailed discussion of the risks inherent in investing in the Fund.

Risk management framework The Manager has delegated the day-to-day administration of the investment programme to the Investment Manager. The Investment Manager is also responsible for ensuring that the Fund is managed within the terms of its investment guidelines and limits set out in the Prospectus. The Manager reserves to itself the investment performance, product risk monitoring and oversight and the responsibility for the monitoring and oversight of regulatory and operational risk for the Fund.

The Manager has appointed a risk manager who has responsibility for the daily risk management process with assistance from key risk management personnel of the Investment Manager, including members of the BlackRock Risk and Quantitative Analysis Group (“RQA Group”) which is a centralised group which performs an independent risk management function. The RQA Group independently identifies, measures and monitors investment risk. The RQA Group tracks the actual risk management practices being deployed

BlackRock Market Advantage Fund 68 Notes to Financial Statements continued

across the different funds. By breaking down the components of the process, the RQA Group has the ability to determine if the appropriate risk management processes are in place for the Fund. This captures the risk management tools employed, how the levels of risk are controlled, ensuring risk/return is considered in portfolio construction and reviewing outcomes.

The principal risk exposure of the Fund is set out as follows:

(a) Market risk Market risk arises mainly from uncertainty about future values of financial instruments influenced by other price, currency and interest rate movements. It represents the potential loss the Fund may suffer through holding market positions in the face of market movements. The Fund is exposed to market risk by virtue of its investments in corporate bonds, government bonds, credit default swaps, interest rate swaps, futures contracts, total return swaps and forward currency contracts.

A key metric the RQA Group uses to measure market risk is Value-at-Risk (“VaR”) which encompasses price, currency and interest rate risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market moves in an ordinary market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis.

The VaR calculations are based on an adjusted historical simulation model with a confidence level of 99%, a holding period of one day and a historical observation period of not less than one year (250 days). A VaR number is defined at a specified probability and a specified time horizon. A 99% one day VaR means that the expectation is that 99% of the time over a one day period the Fund will lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk.

It is noted that the use of the VaR methodology has limitations, namely that the use of historical market data as a basis for estimating future events does not encompass all possible scenarios, particularly those that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) does not take into account losses that occur beyond this level. There is some probability that the loss could be greater than the VaR amounts. These limitations and the nature of the VaR measure mean that the Fund can neither guarantee that losses will not exceed the VaR amounts indicated, nor that losses in excess of the VaR amounts will not occur more frequently.

The one day VaR as at 28 February 2021 and 29 February 2020 based on a 99% confidence level was 0.99% and 0.86% respectively. i) Market risk arising from foreign currency risk Exposure to foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

The Fund may invest in securities, which may be denominated in currencies other than its reporting currency.

The Fund may also invest in forward currency contracts and thus gain further exposure to foreign currency risk.

69 BlackRock Market Advantage Fund Notes to Financial Statements continued

Management of foreign currency risk Foreign currency exposures are managed within parameters utilising forward currency contracts. The details of the contracts in place at the year end are disclosed in the Portfolio Statement. ii) Market risk arising from other price risk Exposure to other price risk Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. Local, regional or global events such as war,acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and market prices of its investments.

An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has now developed into a global pandemic and has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19 has adversely affected the economies of many nations across the entire global economy, individual issuers and capital markets, and could continue to extents that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre- existing political, social and economic risks in certain countries or globally. The duration of the COVID- 19 outbreak and its effects cannot be determined with certainty.

The Fund is exposed to other price risk arising from its investments. The exposure of the Fund to other price risk is the market value of the investments held as shown in the Portfolio Statement of the Fund.

Management of other price risk The Investment Manager manages the Fund’s other price risk on a daily basis in accordance with the Fund’s investment objective.

By diversifying the portfolio, where this is appropriate and consistent with the Fund’s objectives, the risk that a price change of a particular investment will have a material impact on the Net Asset Value (“NAV”) of the Fund is minimised. The investment concentrations within the portfolio are disclosed in the portfolio statement by investment type. iii) Market risk arising from interest rate risk Exposure to interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

BlackRock Market Advantage Fund 70 Notes to Financial Statements continued

The Fund is exposed to interest rate risk on its cash and bank balances held at The Bank of New York Mellon (International) Limited, amounts held at futures clearing houses and brokers, cash equivalent holdings and its investments in fixed and floating rate interest bearing securities where the value of these securities may fluctuate as a result of a change in interest rates. Cash held on deposit at The Bank of New York Mellon (International) Limited receives/incurs interest at the prevailing daily rate which may be negative depending on the currency in which the cash is held.

The Fund also has indirect exposure to interest rate risk through its investments in futures contracts, whereby the value of the underlying asset may fluctuate as a result of a change in interest rates through its investments in interest-bearing securities.

Management of interest rate risk Interest rate risk exposure is managed by constantly monitoring the position for deviations outside a pre-determined tolerance level and, when necessary, rebalancing back to the original desired parameters.

(b) Counterparty credit risk Exposure to counterparty credit risk Counterparty credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

The Fund is exposed to counterparty credit risk from the parties with which they trade and will bear the risk of settlement default.

Management of counterparty credit risk Counterparty risk is monitored and managed by BlackRock’s RQA Counterparty & Concentration Risk Team. The team is headed by BlackRock’s Chief Counterparty Credit Officer who reports directly to the Global Head of RQA. Credit authority resides with the Chief Counterparty Credit Officer and selected team members to whom specific credit authority has been delegated. As such, counterparty approvals may be granted by the Chief Counterparty Credit Officer or by identified RQA Credit Risk Officers who have been formally delegated authority by the Chief Counterparty Credit Officer as deemed appropriate.

BlackRock’s RQA Counterparty & Concentration Risk Team completes a formal review of each new counterparty, monitors and reviews all approved counterparties on an ongoing basis and maintains an active oversight of counterparty exposures.

The Manager maintains a list of approved counterparties. This list is regularly monitored and revised for changes based on the counterparty’s creditworthiness, market reputation and expectations of future financial performance. Transactions will only be opened with financial intermediaries on the approved counterparties list. i) Exchange Traded Financial Derivative Instruments The Fund’s holdings in futures contracts expose the Fund to counterparty credit risk.

Management of counterparty credit risk related to futures contracts The exposure is limited by trading the contracts through a clearing house. The Fund’s exposure to counterparty credit risk on contracts in which it currently has a gain position is reduced by such gains received in cash from the counterparty under the daily mark-to market mechanism on exchange traded

71 BlackRock Market Advantage Fund Notes to Financial Statements continued

futures contracts (variation margin). The Fund’s exposure to credit risk on contracts in which it currently has a loss position is equal to the amount of margin posted to the counterparty which has not been transferred to the exchange under the daily mark-to-market mechanism. The counterparty for futures contracts is Goldman Sachs International.

The market value of the exchange traded derivatives held by the Fund is shown in the portfolio statement.

Margin is paid or received on futures to cover any exposure by the counterparty or the Fund to each other. Margin receivable from the Fund’s clearing brokers and various counterparties is included in “Cash and bank balances” on the Balance Sheet. Margin payable to the Fund’s clearing brokers and various counterparties is included in “Amounts held at futures clearing houses and brokers” on the Balance Sheet.

Counterparty exposure has not been disclosed for exchange traded derivatives as the exchange requirements in respect of collateral mean that, in the opinion of the Manager, the counterparty risk is mitigated. ii) Over-the-Counter (“OTC”) Financial Derivative Instruments (“FDIs”) The Fund’s holdings in OTC FDIs expose the Fund to counterparty credit risk.

Counterparty credit risk arises from the failure of the counterparty to perform according to the terms of the contract. The Fund’s exposure to counterparty credit risk is limited to the contracts in which it currently has a gain position reduced by the cash collateral received from the counterparty or to counterparties which have received collateral from the Fund.

All OTC FDIs are entered into by the Fund under an International Swaps and Derivatives Associations, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC FDIs (including total return swaps) entered into by the parties. The parties’ exposures under the ISDA Master Agreement are netted and collateralised together, therefore any collateral disclosures provided are in respect of all OTC FDIs entered into by the Fund under the ISDA Master Agreement, not just total return swaps. All collateral received/posted by the Fund under the ISDA Master Agreement is transferred bilaterally under a transfer arrangement.

Cash held as security by the counterparty to derivative contracts is subject to the credit risk of the counterparty.

The carrying value of financial assets together with cash best represents the Fund’s gross maximum exposure to counterparty credit risk at the reporting date, before including the effect of ISDA Master Agreements and close-out netting, which would reduce the overall counterparty credit risk exposure.

The Fund’s maximum exposure to counterparty credit risk from holding forward currency contracts will be equal to the notional amount of the currency and any net unrealised gains or losses as disclosed in the portfolio statement.

Management of counterparty credit risk related to OTC FDIs Forward currency contracts do not require variation margin and thus the counterparty credit risk is monitored through the BlackRock RQA Counterparty & Concentration Risk Team which monitors the creditworthiness of the counterparty.The counterparties for forward currency contracts are disclosed in the portfolio statement.

BlackRock Market Advantage Fund 72 Notes to Financial Statements continued

The lowest credit rating of any one counterparty as at 28 February 2021 was BBB+ (29 February 2020: AA-) (Standard & Poor’s rating).

The following tables detail the number of counterparties the Fund is exposed to by OTC FDIs type and the maximum exposure (which is calculated on a net basis) to any one counterparty.

28 February 2021

Credit Total Default Return Total Swaps Forwards Swaptions Swaps Exposure Counterparty £000’s £000’s £000’s £000’s £000’s Bank of America Merrill Lynch (477) 135 1,483 (145) 996 Barclays Bank Plc (327) 138 – – (189) Citigroup Global Markets Limited (477) 1,077 – 2,520 3,120 Deutsche Bank AG – (186) 1,709 649 2,172 Goldman Sachs International (646) 183 – (620) (1,083) HSBC Bank Plc – 370 – – 370 J.P.Morgan Securities Plc – 7,880 – 6,889 14,769 Morgan Stanley & Co. International Plc (577) 1,010 – (56) 377 Royal Bank of Canada – 143 – – 143 Standard Chartered Bank – (26) – – (26) State Street Global Advisors Limited – 236 – – 236 Toronto-Dominion Bank – 13 – – 13

73 BlackRock Market Advantage Fund Notes to Financial Statements continued

29 February 2020

Credit Total Default Return Total Swaps Forwards Swaps Exposure Counterparty £000’s £000’s £000’s £000’s Bank of America Merrill Lynch – (779) (4,318) (5,097) Barclays Bank Plc – (2,768) – (2,768) Citigroup Global Markets Limited (2,888) 23 – (2,865) Deutsche Bank AG – 9 35 44 Goldman Sachs International – 64 2,362 2,426 HSBC Bank Plc – (39) – (39) J.P.Morgan Securities Plc (133) – (4,104) (4,237) Morgan Stanley & Co. International Plc – (30) – (30) Royal Bank of Canada – (48) – (48) Royal Bank of Scotland Plc – (104) – (104) State Street Global Advisors Limited – (66) – (66) iii) Trustee and Custodian The Fund’s Trustee and Custodian is The Bank of New York Mellon (International) Limited (the “Trustee” and “Custodian”).

Substantially all of the investments other than FDIs of the Fund are held by the Custodian at year end. Investments are segregated from the assets of the Custodian, with ownership rights remaining with the Fund. Bankruptcy or insolvency of the Custodian may cause the Fund’s rights with respect to its investments held by the Custodian to be delayed or limited. The maximum exposure to this risk is the total amount of equity and bond investments disclosed in the portfolio statement.

The Fund will be exposed to the credit risk of the Custodian, or any depositary used by the Trustee regarding cash balances held in accounts with same. In the event of insolvency or bankruptcy of the Custodian or any depositary used by the Trustee, the Fund will be treated as a general creditor of the Trustee.

Management of counterparty credit risk related to the Trustee and Custodian To mitigate the Fund’s credit risk with respect to the Trustee, the Investment Manager of the Fund employs specific procedures to ensure that the Trustee employed is a reputable institution and that the associated credit risk is acceptable to the Fund. The Fund only transacts with counterparties that are regulated entities subject to prudential supervision, or with high credit-ratings assigned by international credit-rating agencies.

The long term credit rating of the parent company of the Trustee and Custodian, The Bank of New York Mellon Corporation, as at 28 February 2021 was AA- (29 February 2020: AA-) (Standard & Poor’s rating).

BlackRock Market Advantage Fund 74 Notes to Financial Statements continued

iv) Counterparties All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation.

Counterparty credit risk arising on transactions with brokers relates to transactions awaiting settlement. Risk relating to unsettled transactions is considered small due to the short settlement period involved and the high credit quality of the brokers used.

Management of counterparty credit risk related to Counterparties The Manager monitors the credit rating and financial position of the brokers used to further mitigate this risk. v) Debt securities Issuer credit risk is the default risk of one of the issuers of any securities held by the Fund.

Bonds or other debt securities involve credit risk to the issuer which may be evidenced by the issuer’s credit rating. Securities which are subordinated and/or have a higher credit risk have a greater possibility of default than more highly rated securities. The Fund invests into sovereign debt which exposes the Fund to the risk that the issuer of the bonds may default on interest or principal payments.

Management of counterparty credit risk related to debt securities To manage this risk the Investment Manager invests in a wide range of securities, subject to the investment objective of the Fund and monitors the credit ratings of the investments as disclosed in the portfolio statement. The ratings of the debt securities are continually monitored by the BlackRock Portfolio Management Group.

28 February 2021

Investment grade Non-investment grade Not rated Total % % % % 29.77 2.20 – 31.97

29 February 2020

Investment grade Non-investment grade Not rated Total % % % % 43.22 – – 43.22 vi) Securities lending The Fund engages in security lending activities which expose the Fund to counterparty credit risk. The maximum exposure to the Fund is equal to the value of the securities loaned.

Securities lending transactions entered into by the Fund are subject to a written legal agreement between the Fund and the Stock Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Fund, and separately between the Stock Lending Agent and the approved borrowing counterparty.Collateral received in exchange for securities lent is transferred under a title transfer arrangement and is delivered to and held in an account with a tri-party collateral manager in the name of the Trustee on behalf of the Fund. Collateral received is segregated from the assets belonging to the Fund’s Trustee or the Stock Lending Agent.

75 BlackRock Market Advantage Fund Notes to Financial Statements continued

The following table details the value of securities on loan (individually identified in the Portfolio Statement) and associated collateral received, analysed by borrowing counterparty as at the Balance Sheet date.

28 February 2021 29 February 2020 Counterparty’s country of Securities Collateral Securities Collateral Counterparty establishment on loan received on loan received £000’s £000’s £000’s £000’s Citigroup Global Markets Limited UK 539 602 – – HSBC Bank Plc UK 11 12 – –

Total 550 614 – –

At 28 February 2021, collateral received from these borrowing counterparties comprised of 29.48% in debt securities and 70.52% in equity securities (29 February 2020: N/A).

Collateral accepted is non-cash in the form of sovereign debt rated AA or better from approved governments only, supranational debt obligations rated AAA or better and equity securities listed on a recognised exchange.

Management of counterparty credit risk related to securities lending To mitigate this risk, the Fund receives either cash or securities as collateral equal to a certain percentage in excess of the fair value of the securities loaned. The Investment Manager monitors the fair value of the securities loaned and additional collateral is obtained, if necessary.As at 28 February 2021 and 29 February 2020, all non-cash collateral received consists of securities admitted to or dealt on a recognised exchange.

The Fund also benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for full replacement of securities lent. BlackRock Inc. bears the cost of indemnification against borrower default. vii) Collateral The Fund engages in activities which may require collateral to be provided to a counterparty (“collateral posted”) or may hold collateral received (“collateral received”) from a counterparty.

Management of counterparty credit risk related to collateral The Fund uses inbound collateral received from a counterparty to reduce the credit risk associated with any trading activity the Fund has engaged in.

Cash collateral posted by the Fund is separately identified on the Balance Sheet as cash collateral posted and is not included as a component of cash and cash equivalents. Cash collateral received by the Fund is reflected on the Balance Sheet as cash collateral payable.

As at 28 February 2021 collateral received by the Fund in respect of OTC FDIs was £10,209,000 in the form of cash. Collateral posted by the Fund in respect of OTC FDIs was £450,000 in the form of cash.

As at 29 February 2020 collateral received by the Fund in respect of OTC FDIs was £2,750,000 in the form of cash. Collateral posted by the Fund in respect of OTC FDIs was £Nil.

BlackRock Market Advantage Fund 76 Notes to Financial Statements continued

(c) Liquidity risk Exposure to liquidity risk Liquidity risk is the risk that the Fund will encounter difficulties in meeting its obligations associated with financial liabilities.

Liquidity risk to the Fund arises from the redemption requests of unitholders and the liquidity of the underlying investments the Fund is invested in. The Fund’s unitholders may redeem their units on the close of any daily dealing deadline for cash equal to a proportionate share of the Fund’s NAV. The Fund is therefore potentially exposed to the liquidity risk of meeting the unitholders’ redemptions and may need to sell assets at prevailing market prices to meet liquidity demands.

The Fund invests primarily in companies based in the Asian emerging economies, the securities of which may, in the shorter term experience lower trading volumes and greater price volatility than securities issued by companies established in developed countries.

All non-derivative financial liabilities held by the Fund as at 28 February 2021 and 29 February 2020, based on contractual maturities, fall due within one to three months.

Management of liquidity risk Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidity demands.

At times of excessive redemptions the Manager may decide to defer redemptions at any valuation point to the next valuation point where the requested aggregate redemptions exceed 10 per cent of a Fund’s value. This will therefore allow the Manager to protect the interests of continuing unitholders by allowing the Manager to match the sale of scheme property to the level of redemptions. This should reduce the impact of dilution on the Funds. All unitholders who have sought to redeem units at any valuation point at which redemptions are deferred will be treated consistently and any redemption requests received in the meantime will not be processed until the redemption requests that have been deferred to the subsequent valuation points have been processed.

The Fund’s liquidity risk is managed on a daily basis by the Investment Manager in accordance with established policies and procedures in place. The portfolio managers review daily forward looking cash reports which project cash obligations. These reports allow them to manage their cash obligations.

(d) Valuation of financial instruments The Fund classifies financial instruments measured at fair value using a fair value hierarchy. The fair value hierarchy has the following categories:

Level 1 − Unadjusted quoted prices for identical instruments in active markets A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The Fund does not adjust the quoted price for these instruments.

77 BlackRock Market Advantage Fund Notes to Financial Statements continued

Level 2 − Valuation techniques using observable inputs other than quoted prices in level 1 This category includes instruments valued using quoted prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data.

Valuation techniques used for non-standardised financial instruments such as OTC derivatives, include the use of comparable recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity determined inputs.

Level 3 − Valuation techniques using significant unobservable inputs This category includes all instruments where the valuation techniques used include inputs not based on market data and these inputs could have a significant impact on the instrument’s valuation.

This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement.

Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ inputs requires significant judgement by the Investment Manager. The Investment Manager considers observable inputs to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The table below is an analysis of the Fund’s investment assets and investment liabilities measured at fair value at the Balance Sheet date.

Level 1 Level 2 Level 3 Total £000’s £000’s £000’s £000’s 28 February 2021 Investment assets 283,517 321,829 – 605,346 Investment liabilities (2,087) (4,589) – (6,676)

29 February 2020 Investment assets 151,163 238,589 – 389,752 Investment liabilities (15,321) (10,478) – (25,799)

BlackRock Market Advantage Fund 78 Notes to Financial Statements continued

(e) Global exposure The Manager is required by the COLL Sourcebook to employ a risk management process in respect of the Fund which enables it to accurately monitor and manage the global exposure from Financial Derivative Instruments (“FDIs”).

The Manager uses the Absolute VaR methodology to measure the Fund’s global exposure. For Absolute VaR, the monthly VaR will not exceed 20% of the Fund’s NAV. Where a VaR calculation is performed using a horizon other than the one month regulatory limit, this 20% limit will be rescaled to reflect the appropriate risk horizon period as directed by the relevant regulatory guidelines. Utilisation refers to the level of risk taken in this context.

The exposures to FDIs at year end are marked on the Portfolio Statement.

The tables below detail the highest, lowest and average utilisation of the VaR limit, expressed as a percentage of the respective relative VaR regulatory limit.

28 February 2021 Highest utilisation Lowest utilisation Average utilisation of the VaR limit of the VaR limit of the VaR limit 66.86% 20.57% 36.57%

29 February 2020 Highest utilisation Lowest utilisation Average utilisation of the VaR limit of the VaR limit of the VaR limit 19.53% 9.64% 12.94%

(f) Leverage The use of derivatives may expose the Fund to a higher degree of risk. In particular, derivative contracts can be highly volatile and the amount of initial margin is generally small relative to the size of the contract so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard bonds or equities. Leveraged derivative positions can therefore increase a fund’s volatility.

The leverage is calculated on a gross exposure basis, by taking the sum of the notional values of the derivatives used by the Fund, without netting, and is expressed as a percentage of the NAV.

The average level of leverage employed by the Fund during the year was 141.96% (29 February 2020: 134.63%).

79 BlackRock Market Advantage Fund Notes to Financial Statements continued

3. Net Capital Gains

For the year For the year to 28.2.2021 to 29.2.2020 £000’s £000’s The net capital gains comprise: (Losses)/gains on non-derivative securities (3,050) 16,229 Gains on derivative securities 32,721 1,705 Currency (losses)/gains (3,306) 1,663 Manager’s charge rebates 7 8 Custodian transaction costs (27) (21) US REITs 11 –

Net capital gains 26,356 19,584

4. Revenue

For the year For the year to 28.2.2021 to 29.2.2020 £000’s £000’s Interest from overseas fixed interest securities 623 1,006 Interest from UK bank deposits 19 97 Interest from UK fixed interest securities 1,123 2,532 Overseas dividends 645 – Overseas REIT dividends 24 – Returns from bond futures 978 62 Revenue from short-term money market funds 316 3,408 Securities lending revenue – 1 Stock dividends 3 – UK dividends 28 – US REIT dividends 32 –

Total revenue 3,791 7,106

BlackRock Market Advantage Fund 80 Notes to Financial Statements continued

5. Expenses

For the year For the year to 28.2.2021 to 29.2.2020 £000’s £000’s Payable to the Manager or associates of the Manager: − Annual service charge 3 3 − Expense rebate due from the Manager* (2) – − Manager’s charge 19 20 20 23

Other expenses: − Audit fee 10 6 − Legal and other professional fees 1 – − Safe custody fees 18 16 − Trustee’s fees 81 73 110 95

Total expenses 130 118

* The Fund receives rebates from the Manager to ensure that the Operating Charge does not exceed 0.03% for X class units.

6. Interest Payable and Similar Charges

For the year For the year to 28.2.2021 to 29.2.2020 £000’s £000’s Interest on amounts held at futures clearing houses and brokers 5 – Interest on bank overdrafts 42 24 Revenue from total return swaps 91 1,272

Total interest payable and similar charges 138 1,296

7. Taxation (a) Analysis of tax charge

For the year For the year to 28.2.2021 to 29.2.2020 £000’s £000’s Overseas tax 64 –

Current tax charge 64 –

Deferred tax movement [see note 7(c)] 2 –

Total tax charge [see note 7(b)] 66 –

81 BlackRock Market Advantage Fund Notes to Financial Statements continued

7. Taxation continued (b) Factors affecting the tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an authorised unit trust. The differences are explained below:

For the year For the year to 28.2.2021 to 29.2.2020 £000’s £000’s Net revenue before taxation 3,523 5,692

Corporation tax at 20% (29 February 2020: 20%) 705 1,138 Effects of: Capitalised income subject to tax 1 2 Double taxation relief (1) – Indexation allowance (28) (116) Overseas tax 64 – Relief on overseas tax expensed (2) – Revenue not subject to tax (85) – Tax deductible interest distributions (588) (1,024)

Total tax charge [see note 7(a)] 66 –

(c) Deferred tax charge

For the year For the year to 28.2.2021 to 29.2.2020 £000’s £000’s Movement in the year: Opening deferred tax balance – – Deferred tax movement 2 –

Provision at the end of the year 2 –

BlackRock Market Advantage Fund 82 Notes to Financial Statements continued

8. Distributions

For the year For the year to 28.2.2021 to 29.2.2020 £000’s £000’s Interim distribution 1,750 3,127 Final distribution 1,812 2,687 3,562 5,814

Add: Amounts deducted on cancellation of units 107 305 Less: Amounts received on issue of units (215) (427)

Distributions 3,454 5,692 The distributable amount has been calculated as follows: Net revenue after taxation 3,457 5,692 Less: Non distributable stock dividends (3) –

Distributions 3,454 5,692

Details of the interim and final distributions per unit are set out in the tables on page 9.

9. Debtors

28.2.2021 29.2.2020 £000’s £000’s Accrued Manager’s charge rebates – 20 Accrued revenue 512 547 Amounts receivable for issue of units 460 526 Expense rebate due from the Manager 8 – Overseas tax recoverable 3 – Sales awaiting settlement 1,070 70

Total debtors 2,053 1,163

10. Cash and Bank Balances

28.2.2021 29.2.2020 £000’s £000’s Amount held at futures clearing houses and brokers 9,392 14,986 Cash and bank balances 27,108 13,977

Total cash and bank balances 36,500 28,963

83 BlackRock Market Advantage Fund Notes to Financial Statements continued

11. Cash Equivalents

28.2.2021 29.2.2020 £000’s £000’s Investment in short-term money market funds 125,453 176,999

Total cash equivalents 125,453 176,999

12. Other Creditors

28.2.2021 29.2.2020 £000’s £000’s Accrued Annual service charge 1 1 Accrued Audit fee 9 7 Accrued Manager’s charge 6 3 Accrued Safe custody fees 7 3 Accrued Trustee’s fee 31 11 Amounts payable for cancellation of units 395 1,559 Amounts payable with respect to total return swaps – 215 Currency purchases awaiting settlement 137 – Custodian transaction costs 10 3 Deferred taxation 1 – Purchases awaiting settlement 683 159

Total other creditors 1,280 1,961

13. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (29 February 2020: £Nil).

14. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions.

The following entities were related parties of the Fund during the year ended 28 February 2021:

Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited Stock Lending Agent: BlackRock Advisors (UK) Limited

The ultimate of the Manager, Registrar, Investment Manager and securities lending agent is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. During the year to 28 February 2021, PNC Financial Services Group Inc. (“PNC”) was a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 28 February 2021 and 29 February 2020. On 11 May 2020, PNC announced its intent to sell its investment in BlackRock, Inc. through a registered offering and related buyback by BlackRock.

BlackRock Market Advantage Fund 84 Notes to Financial Statements continued

14. Related Parties continued The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8.

For holdings in Institutional Cash Series plc (“ICS”), there will be no initial charges or redemption charges payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees and expenses which may include fixed management fees, performance fees, administration fees and custodial fees.

The Fund may invest in other Collective Investment Schemes (“CIS”), which may or may not be operated and/or managed by an affiliate of the Manager.As an investor in such other CIS, in addition to the fees, costs and expenses payable by a unitholder in the Fund, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management and administration and other expenses. However, in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, in classes of the underlying funds which are not subject to any management charges. Alternatively,where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not be subject to any preliminary/initial sales fee in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, although it may be subject to duties and charges in respect of subscriptions and redemptions in such investment funds.

As at 28 February 2021 and 29 February 2020, none of the unitholders:

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or

(ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be a related party to the Fund.

85 BlackRock Market Advantage Fund Notes to Financial Statements continued

15. Portfolio Transaction Costs For the year ended 28 February 2021

Direct Transaction Costs Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Equity instruments 84,356 16 0.02 28 0.03 Debt instruments 495,953 –––– Collective investment schemes 11 ––––

Total purchases 580,320 16 28

Total purchases including transaction costs 580,364

Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Equity instruments 11,733 1 0.01 – – Debt instruments 496,488 ––––

Total sales 508,221 1 –

Total sales net of transaction costs 508,220

Derivative transaction costs 53 – Total transaction costs 70 28

Total transaction costs asa%ofaveragenetassets 0.02% 0.00%

BlackRock Market Advantage Fund 86 Notes to Financial Statements continued

15. Portfolio Transaction Costs continued For the year ended 29 February 2020

Direct Transaction Costs Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Debt instruments 420,257 –––– Collective investment schemes 87,997 ––––

Total purchases 508,254 – –

Total purchases including transaction costs 508,254

Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Debt instruments 413,628 –––– Collective investment schemes 76,469 ––––

Total sales 490,097 – –

Total sales net of transaction costs 490,097

Derivative transaction costs 48 – Total transaction costs 48 –

Total transaction costs asa%ofaveragenetassets 0.01% 0.00%

The above analysis covers direct transaction costs incurred by the Fund during the year. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types.

For the Fund’s investment transactions in debt and money market instruments any applicable transaction charges form part of the dealing spread for these instruments. Transactions in money market instruments to manage the Fund’s daily liquidity position are excluded from the analysis.

During the year the Fund utilised FDIs including credit default swaps, futures and total return swaps covering different underlying asset classes. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above.

Transaction costs for derivatives positions will be either incurred as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment.

At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.05% (29 February 2020: 0.04%).

87 BlackRock Market Advantage Fund Notes to Financial Statements continued

16. Units in Issue The movement in units in issue for the year ended 28 February 2021 is as follows:

X Accumulation D Accumulation Units Units Balance at the beginning of the year 474,791,012 4,918,211 Issued during the year 216,861,738 589,179 Cancelled during the year (85,993,757) (1,118,343)

Balance at the end of the year 605,658,993 4,389,047

Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution table. All unit classes have the same rights on winding up.

17. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Manager,may have had an impact on the Financial Statements for the year ended 28 February 2021.

BlackRock Market Advantage Fund 88 Statement of Manager’s Responsibilities

The Manager is required by the rules of the COLL Sourcebook to prepare the financial statements for each financial year. These financial statements must be prepared in accordance with generally accepted accounting standards in the United Kingdom to give a true and fair view of the state of affairs of the Fund at the year end and of the net revenue and net gains for the year.

The financial statements should comply with the disclosure requirements of the Statement of Recommended Practice (the “SORP”) for Authorised Funds issued by the Investment Management Association (subsequently The Investment Association) and must comply with any relevant provisions of the Trust Deed.

The Manager is responsible for keeping such accounting records as are necessary to enable it to ensure that the financial statements comply with the COLL Sourcebook, the SORP and the Trust Deed.

89 BlackRock Market Advantage Fund Statement of the Trustee’s Responsibilities in Respect of the Fund and Report of the Trustee to the Unitholders of the Fund for the Year Ended 28 February 2021

The Depositary in its capacity as Trustee of the Fund must ensure that the Fund is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Trust Deed and Prospectus (together “the Scheme documents”) as detailed below.

The Trustee must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Fund and its investors.

The Trustee is responsible for the safekeeping of all the custodial assets and maintaining a record of all other assets of the Fund in accordance with the Regulations.

The Trustee must ensure that:

• the Fund’s cash flows are properly monitored and that cash of the Fund is booked in cash accounts in accordance with the Regulations; • the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the Regulations; • the value of units of the Fund are calculated in accordance with the Regulations; • any consideration relating to transactions in the Fund’s assets is remitted to the Fund within the usual time limits • the Fund’s income is applied in accordance with the Regulations; and • the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management Company, are carried out (unless they conflict with the Regulations).

The Trustee also has a duty to take reasonable care to ensure that the Fund is managed in accordance with the Regulations and the Scheme documents of the Fund in relation to the investment and borrowing powers applicable to the Fund.

Having carried out such procedures as we considered necessary to discharge our responsibilities as Trustee of the Fund, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects the Fund, acting through the AFM:

(a) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Fund’s units and the application of the Fund’s income in accordance with the Regulations and the Scheme documents of the Fund; and

(b) has observed the investment and borrowing powers and restrictions applicable to the Fund in accordance with the Regulations and the Scheme documents of the Fund.

The Bank of New York Mellon London (International) Limited 12 May 2021

BlackRock Market Advantage Fund 90 Independent Auditor’s Report to the Unitholders of BlackRock Market Advantage Fund

Opinion We have audited the financial statements of BlackRock Market Advantage Fund (“the Fund”) for the year ended 28 February 2021, which comprise the Statement of Total Return, the Statement of Change in Net Assets Attributable to Unitholders, the Balance Sheet, the related notes, the Distribution Tables, and the accounting and distribution policies of the Fund set out on pages 66 to 68, which include a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 ‘The Financial Reporting Standard applicable to the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the financial position of the Fund as at 28 February 2021 and of the net revenue and the net capital gains on the scheme property of the Fund for the year then ended; and • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (“FRC”) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

A member of Ernst & Young Global Limited.

91 BlackRock Market Advantage Fund Conclusions relating to going concern In auditing the financial statements, we have concluded that the Manager’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Fund’s ability to continue as a going concern for a period of twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Fund’s ability to continue as a going concern.

Other information The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Manager is responsible for the other information contained within the Annual Report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

A member of Ernst & Young Global Limited.

BlackRock Market Advantage Fund 92 Opinions on other matters prescribed by the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority (the FCA) In our opinion:

• the financial statements have been properly prepared in accordance with the Statement of Recommended Practice relating to Authorised Funds, the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority and the Instrument of Incorporation; and • there is nothing to indicate that adequate accounting records have not been kept or that the financial statements are not in agreement with those records; and • the information given in the Manager’s report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception We have nothing to report in respect of the following matter in relation to which the Collective Investment Schemes Sourcebook of the Financial Conduct Authority requires us to report to you if, in our opinion:

• we have not received all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit.

Responsibilities of the Manager As explained more fully in the Manager’s responsibilities statement set out on page 89, the Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Manager is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to wind up or terminate the Fund or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A member of Ernst & Young Global Limited.

93 BlackRock Market Advantage Fund Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Fund and determined that the most significant are United Kingdom Generally Accepted Accounting Practice, the Investment Management Association Statement of Recommended practice (the “IMA SORP”), the FCA Collective Investment Schemes Sourcebook, the Trust Deed and the Prospectus. • We understood how the Fund is complying with those frameworks through discussions with the Manager and the Fund’s administrator. We corroborated our enquiries through our inspection of Board minutes and a review of the Fund’s documented policies and procedures. • We assessed the susceptibility of the Fund’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override, specifically management’s propensity to influence revenue and amounts available for distribution. We identified a fraud risk with respect to the incomplete or inaccurate income recognition through incorrect classification of special dividends and the resulting impact to amounts available for distribution. Our procedures involved journal entry testing by specific risk criteria, with a focus on manual top side financial statement adjustments and journals indicating large or unusual transactions based on our understanding of the business. We tested the appropriateness of management’s classification of material special dividends as either a capital or revenue return. We incorporated unpredictability into the nature, timing and extent of our testing. • Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting by the Manager with respect to the application of the documented policies and procedures and review of the financial statements to test compliance with the reporting requirements of the Fund. • Due to the regulated nature of the Fund, the Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities to identify non-compliance with the applicable laws and regulations.

A member of Ernst & Young Global Limited.

BlackRock Market Advantage Fund 94 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report This report is made solely to the Fund’s unitholders, as a body,pursuant to Paragraph 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority. Our audit work has been undertaken so that we might state to the Fund’s unitholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund’s unitholders as a body, for our audit work, for this report, or for the opinions we have formed.

Ernst & Young LLP Edinburgh Statutory Auditor 13 May 2021

A member of Ernst & Young Global Limited.

95 BlackRock Market Advantage Fund Supplementary Information

Efficient Portfolio Management Techniques The Manager may, on behalf of the Fund and subject to the conditions and within the limits laid down by the FCA and the Prospectus, employ techniques and instruments relating to transferable securities, including investments in OTC FDIs provided that such techniques and instruments are used for efficient portfolio management purposes or to provide protection against exchange risk or for direct investment purposes, where applicable.

In addition to the investments in OTC FDIs, the Fund may employ other techniques and instruments relating to transferable securities and money market instruments, subject to the conditions set out in the Fund’s Prospectus, as amended from time to time, and the relevant ESMA Guidelines, such as repurchase/reverse repurchase transactions (“repo transactions”) and securities lending.

Securities Lending and Total Return Swaps (TRS) The following table details the value of securities on loan as a proportion of the Fund’s total lendable assets and NAV and the value of TRS as a proportion of the Fund’s NAV, as at 28 February 2021 and the returns earned for the year ended 28 February 2021 Total lendable assets represents the aggregate value of assets forming part of the Fund’s securities lending programme. This excludes any assets held by the Fund that are not considered lendable due to any market, regulatory, investment or other restriction. The value of TRS is based on the underlying exposure value on a gross absolute basis as disclosed in the Fund’s portfolio statement.

Securities on loan TRS % of lendable assets % of NAV % of NAV Returns earned £000’s 0.41 0.07 21.09 (91)

The total income earned from securities lending transactions is split between the relevant Fund and the Stock Lending Agent. The Fund receives 62.5% while the Stock Lending Agent receives 37.5% of such income, with all operational costs borne out of the Stock Lending Agent’s share. Income earned during the year by the Fund from securities lending transactions is disclosed in the notes to the financial statements.

All returns and costs from TRS will accrue to the Fund and are not subject to any returns or cost sharing arrangements with the Fund’s Manager or any other third parties.

The following tables detail the underlying exposure value on a gross absolute basis for TRS, analysed by counterparty as at 28 February 2021.

Counterparty’s country TRS Counterparty of establishment Underlying exposure £000’s Citigroup Global Markets Limited UK 39,130 Deutsche Bank AG 13,284 Goldman Sachs International UK 19,619 J.P.Morgan Securities Plc UK 79,244 Merrill Lynch International UK 3,011 Morgan Stanley & Co. International Plc UK 3,246

Total 157,534

The value of securities on loan and associated collateral analysed by counterparty, as at 28 February 2021, is disclosed in the notes to the financial statements.

BlackRock Market Advantage Fund 96 Supplementary Information continued

The following table provides an analysis of the maturity tenor of TRS as at 28 February 2021.

Maturity Tenor 1-30 31 - 90 91 - 365 More than Open days days days 365 days transactions Total £000’s £000’s £000’s £000’s £000’s £000’s TRS 157,534 – – – – 157,534

The above maturity tenor analysis has been based on the respective transaction contractual maturity date. All securities on loan have an open maturity tenor as they are recallable or terminable on a daily basis.

Collateral The Fund engages in activities which may require collateral to be provided to a counterparty (“collateral posted”) or may hold collateral received (“collateral received”) from a counterparty.

The following table provides an analysis by currency of the underlying cash and non-cash collateral received/posted by way of title transfer collateral arrangement by the Fund, in respect of securities lending transactions and OTC FDIs (including TRS), as at 28 February 2021.

Cash Cash Non-cash Non-cash collateral collateral collateral collateral Currency received posted received posted £000’s £000’s £000’s £000’s Securities lending transactions AUD – – 26 – CHF – – 13 – CNY – – 2 – DKK – – 41 – EUR – – 242 – GBP – – 8 – JPY – – 89 – SGD – – 8 – USD – – 185 –

Total – – 614 –

OTC FDIs GBP 10,209 450 – –

10,209 450 – –

Total 10,209 450 614 –

As at 28 February 2021, all cash collateral received in respect of OTC derivative transactions by the Fund was re-invested in money market funds managed by the Manager or its affiliates, as disclosed in the Fund’s portfolio statement. All cash received or posted as collateral has an open maturity tenor as it’s not subject to a contractual maturity date.

97 BlackRock Market Advantage Fund Supplementary Information continued

Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions and OTC FDIs cannot be sold, re-invested or pledged.

The returns earned by the Fund from the reinvestment of cash collateral in money market funds during the year ended 28 February 2021 is summarised below. These returns represent the accumulative total return of the representative money market fund for the year ended 28 February 2021. These returns do not take into account any interest payable to the counterparty under the relevant collateral arrangements.

Money market fund Total return % Institutional Cash Series plc BlackRock ICS Sterling Liquidity Fund – Agency Income class 0.03

The following table provides an analysis of the type, quality and maturity tenor of non-cash collateral received/posted by the Fund by way of title transfer collateral arrangement in respect of securities lending transactions and OTC FDIs (including TRS), as at 28 February 2021.

Maturity Tenor 1-7 8-30 31 - 90 91 - 365 More than Open Collateral type and quality days days days days 365 days transactions Total £000’s £000’s £000’s £000’s £000’s £000’s £000’s Collateral received - securities lending Fixed income Investment grade – – 53 5 123 – 181 Equities Recognised equity index –––– –432432 ETFs Non-UCITS –––– – 11

Total – – 53 5 123 433 614

Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch.

A recognised equity index contains at least 20 equities where no single equity represents more than 20% of the total index and no five equities combined represent more than 60% of the total index.

The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturity date, while for equity securities and ETFs received as collateral are presented as open transactions as they are not subject to a contractual maturity date.

BlackRock Market Advantage Fund 98 Supplementary Information continued

As at 28 February 2021, all non-cash collateral received by the Fund in respect of securities lending transactions and OTC FDI (including TRS)is held by the Fund’s Trustee (or through its delegates).

The following table lists the top ten issuers (or all the issuers if less than ten) by value of non-cash collateral received by the Fund by way of the title transfer collateral arrangement across securities lending transactions and OTC FDIs as at 28 February 2021.

Issuer Value % of the Fund’s NAV £000’s Citigroup Global Markets Limited 602 0.08 HSBC Bank Plc 12 0.00 Total 614 0.08

No securities collateral received from a single issuer, in relation to efficient portfolio management and OTC FDIs, has exceeded 20% of the Fund’s NAV at the year end date.

The Fund has not been fully collateralised in securities issued or guaranteed by an EU member state at the year end date.

99 BlackRock Market Advantage Fund About us

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