UNAUDITED INTERIM REPORT AND ACCOUNTS TITLE (40–50 CHARACTERS) BLACKROCK STRATEGIC FUNDS (BSF) SUBTITLE (40-50 CHARACTERS) R.C.S. Luxembourg: B 127481

30 NOVEMBER 2013

Contents

BSF Chairman’s Letter to Shareholders 2

BSF Investment Adviser’s Report 4

Board of Directors 6

Management and Administration 6

Statement of Net Assets 7

Three Year Summary of Net Asset Values 11

Statement of Operations and Changes in Net Assets 15

Statement of Changes in Shares Outstanding 19

Portfolio of Investments BlackRock Americas Diversified Equity Absolute Return Fund 22 BlackRock Asia Extension Fund 45 BlackRock Emerging Markets Absolute Return Fund 49 BlackRock Emerging Markets Allocation Fund 52 BlackRock Emerging Markets Flexi Dynamic Bond Fund 59 BlackRock Euro Dynamic Diversified Growth Fund 61 BlackRock European Absolute Return Fund 64 BlackRock European Constrained Credit Strategies Fund 67 BlackRock European Credit Strategies Fund 79 BlackRock European Diversified Equity Absolute Return Fund 92 BlackRock European Opportunities Extension Fund 103 BlackRock Fixed Income Strategies Fund 106 BlackRock Fund of iShares – Conservative 114 BlackRock Fund of iShares – Dynamic 115 BlackRock Fund of iShares – Growth 116 BlackRock Fund of iShares – Moderate 117 BlackRock Global Absolute Return Bond Fund 118 BlackRock Latin American Opportunities Fund 146 BlackRock Mining Opportunities Fund 148

Notes to the Financial Statements 150

General Information 159

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

Unaudited Interim Report and Accounts 1 BSF Chairman’s Letter to Shareholders November 2013

Dear Shareholder,

I am writing to update you on the activities of BlackRock Strategic Funds (“the Company”), a Luxembourg UCITS Fund range providing clients with access to BlackRock investment products that seek to take full advantage of the expanded investment powers incorporated in the UCITS directive. This report covers a six month period from 1 June 2013 to 30 November 2013.

After some strong gains seen earlier in the year, equity returns moderated over the period as concerns about a potential ‘tapering’ (reduction) of quantitative easing (“QE”) purchases led to profit-taking by market participants. Anxiety over the sustainability of the rate of China’s economic growth also weighed on markets, particularly those of the Asia Pacific region. Elsewhere, Japanese equities continued to perform well, supported by strong optimism about the direction of the country’s economic policies.

Having initially also benefited from global central banks’ buying of bonds in significant quantities, fixed income investors seemed to increasingly favour higher yielding bonds as many areas of the government bond markets began looking fully valued. Concerns over the timing of QE tapering subsequently led to a sharp rise in bond yields. Global government bonds ended the period in negative performance territory, while UK index-linked gilts and investment grade corporate bonds proved somewhat more resilient.

Over the period, there were a number of important regulatory developments, which are expected to affect the way fund providers service their clients and communicate with them. They included:

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

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

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

The performance of the Funds is covered in more detail in the separate Investment Adviser's report, which also sets out some views regarding our investment outlook.

Overall, the assets under management in the BlackRock Strategic Funds range have increased from USD3,937.0m to USD5,614.9m, which reflected the continued ‘risk-on’ sentiment among market participants over the period.

One of the fastest-growing Funds within the range was the multi-asset BlackRock Euro Dynamic Diversified Growth Fund, which increased from EUR160.5m to EUR359.9m over the six months. The BlackRock Emerging Markets Flexi Dynamic Bond Fund, which was launched during the six month period, reached USD80.1m.

It was a very good period for the BlackRock Global Absolute Return Bond Fund (“GARBF”), which increased in size from EUR111.7m to EUR187.5m. This was during a period which was generally difficult for bond investors. GARBF targets positive returns in all market conditions by extracting relative value from a very broad range of fixed income-related investment strategies, some of them traditional actively managed, and some of them based on quantitative models. GARBF also uses derivatives to enhance its risk-management capabilities. At times, these financial instruments are used to quickly build protection (hedge) against sudden market movements.

The largest Fund in the BSF range, the BlackRock European Absolute Return Fund, grew from EUR1,203.6m to EUR1,504.3m over the period. Having reached its capacity, the Fund is now closed to new subscriptions.

Another one of our flagship bond Funds, BlackRock Fixed Income Strategies Fund (“FISF”), grew from EUR113.0m to EUR179.7m. The Fund aims to offer attractive returns at lower volatility than the underlying market by investing across different European fixed income sectors. FISF is able to go actively short duration (reverse its sensitivity to interest rate changes) and protect clients’ capital during periods of rising interest rates.

2 BlackRock Strategic Funds (BSF) BSF Chairman’s Letter to Shareholders November 2013 continued

The BlackRock European Credit Strategies Fund also attracted good flows for the period under review as it grew from EUR766.7m to EUR1,104.1m.

Funds which experienced a reduction in size over the reporting period included BlackRock Americas Diversified Equity Absolute Return Fund, which declined from USD235.1m to USD186.2m, BlackRock Latin American Opportunities Fund, which declined from USD169.7m to USD146.0m and BlackRock Mining Opportunities Fund, which declined from USD10.3m to USD9.1m.

BlackRock is fully committed to remaining at the forefront of the European Mutual Funds Industry by bringing innovative investment products to our clients and is actively working on adding other Funds to the range as our product development process brings forward appropriate investment opportunities for clients.

On 12 June 2013, we launched the BlackRock Emerging Markets Flexi Dynamic Bond Fund, which seeks to maximise total return by taking long, synthetic long and synthetic short positions in predominantly fixed income securities. We also launched the BlackRock Emerging Markets Allocation Fund on 15 November 2013. The Fund seeks to achieve total returns over the investment cycle by investing in a broad range of asset classes that provide exposure to factors that are positively correlated with growth in Emerging Markets (“EM”). Such asset classes include equity securities, fixed and floating-rate debt instruments, derivatives, other investment companies, including affiliated and unaffiliated mutual funds and Exchange-Traded Funds “(ETF”), currency- and commodity-related instruments and structured products.

The BlackRock European Opportunities Absolute Return Fund was closed in July 2013 following a number of large redemptions, which led to a fall in the Funds’ assets to under €1 million, rendering it commercially unviable. Therefore, it was decided that it was in the best interests of shareholders to close this Fund and distribute redemption proceeds to shareholders.

Should you have any questions on any of this material, please contact us via our website: www.blackrockinternational.com

Yours faithfully,

Nicholas C.D. Hall Chairman

Unaudited Interim Report and Accounts 3 BSF Investment Adviser’s Report Performance Overview 1 June 2013 – 30 November 2013

Market Overview Another particularly strong performer during the period was The period was underpinned by a growing belief in the the BlackRock European Diversified Equity Absolute Return market that economic recovery in the US was solidifying, Fund, which gained 10.1%, compared to 0.1% for its despite the level of unemployment remaining high. But benchmark, 3 Month Euribor Index. The Fund invests in a sentiment faded somewhat after the Federal Reserve (“Fed”) very diversified range of stocks and can therefore seek to Chairman Ben Bernanke indicated that the bank’s take advantage of a wide range of opportunities. It typically USD85 billion-a-month asset purchase programme might be exploits long and short positions in as many as 1,500–2,000 scaled back should economic data continue to improve. European stocks, ranging from small to large companies.

Nevertheless, global equities gained over the six months, The BlackRock Asia Extension Fund gained 5.9%, with most developed regions finishing in positive territory. outperforming its benchmark, the MSCI All Country Asia ex Emerging Markets and Asia Pacific were particularly weak Japan Index, which rose by 4.2%. Having reached its amid concerns over economic growth and what the end of capacity, the Fund is now closed to new subscriptions. The the era of ‘easy money’ might mean for capital flows. BlackRock Americas Diversified Equity Absolute Return Fund produced a positive absolute return of 2.8%, outperforming The picture in fixed income markets was quite different as its benchmark, LIBOR 3 Month Index, which was up 0.1%. they largely failed to move forward, with weak returns across most bond sectors, driven in part by the aforementioned The largest Fund in the BSF range, the BlackRock European concerns over the Fed’s potential tapering of its QE Absolute Return Fund, produced a positive return of 1.7% programme. The agitation this caused exposed the level of over the period and outperformed its benchmark, the reliance on liquidity injections that had flooded into asset 3 month Euro Libor Rate, which was up by 0.08%. markets since the financial crisis in 2008. The weakest performers included the BlackRock Latin Fund Performance American Opportunities Fund, which declined by 9.8% and Equities continued to produce relatively strong performance, underperformed its benchmark, the MSCI EM Latin America with the MSCI All-Country World Index up by 10.5% over the Index, which was down by 5.1% over the period. Despite the period in US dollar terms. recent underperformance, the investment team believes that their positioning in the region currently provides a good entry Among the key global equity markets, North America point for long-term investors. provided the strongest returns, supported by continuing improvement in economic indicators. Europe ex UK and Another notable underperformer over the period was the Emerging Markets closed the period in positive territory but BlackRock Mining Opportunities Fund, which declined by underperformed the broader global equity market, with Latin 7.6%, compared to a fall of 2.1% for its benchmark, the HSBC America particularly weak. Global Mining Total Return Index. The mining sector and other cyclical areas have struggled as global economic In fixed income markets, both government and corporate growth remained weak. bonds posted declines as bond yields rose and expectations grew regarding Fed tapering. Bond Fund Performance The best-performing bond fund within the range was The performance data to which we refer in the following BlackRock European Credit Strategies Fund, which gained comments is for the primary share class, stated in the base 2.3%, compared to 0.1% of the 3 Month Euribor Index. currency of each respective Fund. The Fund seeks to achieve a positive absolute return for investors in different market environments. It seeks to Equity Fund Performance achieve its investment objective by taking long and short risk Performance of the equity-based Funds within the positions in fixed income transferable securities and BlackRock Strategic Funds range has been mixed but fixed-income related securities (including derivatives) predominantly positive. The best-performing fund was the issued by companies, governments and agencies. BlackRock European Opportunities Extension Fund, which produced an absolute positive return of 21.8% over the The other two funds within the range managed to the same period, significantly outperforming its benchmark, the S&P benchmark, BlackRock European Constrained Credit Europe BMI Index (Developed Markets only), which rose by Strategies Fund gained by 1.7% and BlackRock Global 9.5%. This Fund seeks to outperform by blending a portfolio Absolute Return Bond Fund fell by 0.2%. of high conviction long positions with the flexibility to establish synthetic short positions.

4 BlackRock Strategic Funds (BSF) BSF Investment Adviser’s Report Performance Overview 1 June 2013 – 30 November 2013 continued

One of our flagship bond funds, BlackRock Fixed Income Strategies Fund, produced an absolute positive return of 1.5% over the same period.

Mixed Fund Performance The BlackRock Euro Dynamic Diversified Growth Fund produced an absolute return of 1.5% over the six months, outperforming its benchmark, the Euro Overnight Index Average, which returned 0.0%.

Fund of Funds Performance The BlackRock Funds of iShares Range, which was launched in September 2010, offers investors four diversified, multi-asset class funds for different risk appetites: Conservative, Moderate, Growth and Dynamic. The funds deliver their objectives via a combination of the asset-allocation expertise of BlackRock and subsequent investment in BlackRock’s award-winning iShares Exchange Traded Funds (“ETF”) range. All four funds achieved levels of risk appropriate to their respective profiles.

The best-performing fund in this range was the BlackRock Fund of iShares – Dynamic, which delivered an absolute return of 4.5%, which was followed by the BlackRock Fund of iShares – Growth (+2.8%), the BlackRock Fund of iShares – Moderate (+1.1%) and, finally, the BlackRock Fund of iShares – Conservative (-0.5%).

Outlook Our assumption is that equity and bond markets have been driven heavily in 2013 by macroeconomic liquidity, and that this will change in 2014, albeit only slightly. This will mean changing outcomes for investors.

Our central scenario is that economic growth will be slow in all major regions, policy will gradually tighten, and the volatility in bond yields will steadily increase.

We would agree that some areas in equity markets are looking fully valued, but in our view we are not in asset ‘bubble’ territory. Indeed, we believe that equities can rise further from current levels, and that they still represent better value than cash and bonds. However, further gains will need to come alongside corporate earnings growth. Given the current environment of slow economic growth, sluggish wage growth and lacklustre consumer spending, that may not be easy for companies to achieve.

In conclusion, we believe that economic and market conditions should continue to improve. And while many investors continue to sit on the sidelines, there are still opportunities to be found, and in our view the risks of not investing outweigh the risks of being in the market.

December 2013

Unaudited Interim Report and Accounts 5 Board of Directors 1 Management and Administration continued

Nicholas C.D. Hall (Chairman) BlackRock Japan Co., Ltd. Frank P. Le Feuvre 1-8-3 Marunouchi Alexander C. Hoctor-Duncan Chiyoda-ku Francine Keiser Tokyo 100-8217 Geoffrey D. Radcliffe Japan Bruno Rovelli2 Principal Distributor

1 All Directors are non-executive Directors. BlackRock (Channel Islands) Limited 2 Appointed 20 November 2013 One Waverley Place Union Street St. Helier Management Jersey JE1 0BR and Administration Channel Islands Enquiries In the absence of other arrangements, enquiries regarding Management Company the Company should be addressed as follows: BlackRock (Luxembourg) S.A. Written Enquiries: 6D, route de Trèves BlackRock Investment Management (UK) Limited, L-2633 Senningerberg c/o BlackRock (Luxembourg) S.A. Grand Duchy of Luxembourg P.O. Box 1058 Investment Advisers L-1010 Luxembourg BlackRock Financial Management, Inc., Grand Duchy of Luxembourg Park Avenue Plaza All other enquiries: 55 East 52nd Street Telephone: + 44 207 743 3300, New York, NY 10055 Fax: + 44 207 743 1143 USA Email: [email protected] BlackRock Institutional Trust Company N.A. 400 Howard Street Custodian and Fund Accountant State Street Bank Luxembourg S.A. San Francisco CA 94105 49, avenue J.F. Kennedy USA L-1855 Luxembourg BlackRock Investment Management, LLC Grand Duchy of Luxembourg 100 Bellevue Parkway Wilmington Transfer Agent and Registrar Delaware 19809 J.P. Morgan Bank Luxembourg S.A. USA 6C, route de Trèves L-2633 Senningerberg BlackRock Investment Management (UK) Limited Grand Duchy of Luxembourg 12 Throgmorton Avenue London EC2N 2DL Independent Auditors United Kingdom Deloitte Audit, S.à.r.l. 560, rue de Neudorf BlackRock (Singapore) Limited L-2220 Luxembourg #18-01 Twenty Anson Grand Duchy of Luxembourg 20 Anson Road Singapore, 079912 Legal Adviser Linklaters LLP Sub-Investment Advisers 35, avenue J.F. Kennedy BlackRock Asset Management North Asia Limited* L-1855 Luxembourg 16/F Cheung Kong Center Grand Duchy of Luxembourg 2 Queen’s Road Central Hong Kong Paying Agents A list of Paying Agents is to be found on page 159.

BlackRock Investment Management (Australia) Limited Registered Office Level 18, 120 Collins Street 49, avenue J.F. Kennedy Melbourne 3000 L-1855 Luxembourg Australia Grand Duchy of Luxembourg

* Appointed on 04 October 2013

6 BlackRock Strategic Funds (BSF) Statement of Net Assets as at 30 November 2013

BlackRock Americas BlackRock Diversified Emerging BlackRock BlackRock Equity BlackRock Markets Emerging Strategic Absolute Asia Absolute Markets Funds Return Extension Return Allocation Combined Fund Fund Fund Fund* Note USD USD USD USD USD

Assets Securities portfolio at cost 4,091,978,170 167,533,230 31,262,464 11,173,983 43,068,442 Unrealised appreciation/(depreciation) 154,402,068 10,434 1,341 63,972 (104,409)

Securities portfolio at market value 4,246,380,238 167,543,664 31,263,805 11,237,955 42,964,033 Cash at bank 2(a) 336,973,999 18,132,431 3,799,925 6,466,317 7,555,272 Time Deposits 1,118,953,645 – – – – Due from broker 14 30,249,993 – 586,463 276,082 – Dividend receivable on contracts for difference 8,908,779 1,709,719 1,956,857 – 38,107 Interest and dividends receivable 31,532,706 97,610 15,654 6,027 366,249 Interest receivable on swaps 342,721 2,069 – – – Receivable for investments sold 2(a) 152,779,371 73,392,008 – 238,465 – Receivable for Fund shares subscribed 44,762,767 761,585 – 74,690 – Unrealised appreciation on: Open Exchange traded futures contracts 2(d) 2,193,053 588,920 18,708 – 26,508 Open Forward foreign exchange transactions 2(d) 9,591,743 968,163 167 50,608 – Contracts for difference 2(d) 46,088,758 10,036,983 2,944,181 – – Market value of swaps 4,007,440 151,036 – – – Market value of purchased options/swaptions 2,722,174 – – – – Other assets 90,178 – – 3,734 644

Total assets 6,035,577,565 273,384,188 40,585,760 18,353,878 50,950,813

Liabilities Cash owed to bank 2(a) 299,873 – – – – Interest payable on contracts for difference 3,812,255 3,253,903 135,369 – – Due to broker 14 86,346,424 79,897,838 – – 24,184 Interest payable on swaps 1,114,474 – – 10,143 – Dividend payable on contracts for difference 470,981 – – 9,994 – Payable for investments purchased 2(a) 227,111,294 – 1,507,026 206,105 1,038,552 Payable for Fund shares redeemed 22,360,150 3,176,001 – – – Unrealised depreciation on: Open Futures exchange traded contracts 2(d) 16,665,369 – – 7,260 – Open Forward foreign exchange transactions 2(d) 228,381 – – – – Contracts for difference 2(d) 490,928 – – 337,017 153,911 Market value of swaps 1,581,641 – – – – Market value of written options/swaptions 2,220,466 – – – – Other liabilities 57,968,569 902,642 655,307 159,275 39,508

Total liabilities 420,670,805 87,230,384 2,297,702 729,794 1,256,155

Total net assets 5,614,906,760 186,153,804 38,288,058 17,624,084 49,694,658

* The Fund commenced trading on 15 November 2013.

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

Unaudited Interim Report and Accounts 7 Statement of Net Assets as at 30 November 2013 continued

BlackRock BlackRock BlackRock Emerging Euro BlackRock European BlackRock Markets Flexi Dynamic European Constrained European Dynamic Diversified Absolute Credit Credit Bond Growth Return Strategies Strategies Fund** Fund Fund Fund Fund Note USD EUR EUR EUR EUR

Assets Securities portfolio at cost 65,099,866 325,598,271 518,469,712 149,044,124 1,098,179,132 Unrealised appreciation/(depreciation) (2,644,163) 12,009,817 53,711,382 4,305,061 37,460,630

Securities portfolio at market value 62,455,703 337,608,088 572,181,094 153,349,185 1,135,639,762 Cash at bank 2(a) 16,592,016 18,335,712 140,124,764 4,787,334 12,419,021 Time Deposits – – 802,290,000 12,000,107 – Due from broker 14 – 494,987 7,825,795 86,748 – Dividend receivable on contracts for difference – – – – – Interest and dividends receivable 1,048,311 204,113 602,615 2,349,393 16,684,201 Interest receivable on swaps 317,694 16,862 – – – Receivable for investments sold 2(a) – – 8,233,629 3,551,528 21,865,081 Receivable for Fund shares subscribed 5,050 870,039 – – 6,115,948 Unrealised appreciation on: Open Exchange traded futures contracts 2(d) 5,657 1,140,803 – – – Open Forward foreign exchange transactions 2(d) 47,144 1,611,451 231,064 410,991 3,508,309 Contracts for difference 2(d) – – 18,657,583 – – Market value of swaps 1,670,746 1,605,272 – – – Market value of purchased options/swaptions – 1,036,992 – 80,394 670,062 Other assets – 11,503 – – –

Total assets 82,142,321 362,935,822 1,550,146,544 176,615,680 1,196,902,384

Liabilities Cash owed to bank 2(a) – – – – – Interest payable on contracts for difference – – 257,331 – – Due to broker 14 1,849,505 – – – 2,006,821 Interest payable on swaps – – – 127,961 426,982 Dividend payable on contracts for difference – – 338,722 – – Payable for investments purchased 2(a) – 1,399,306 7,788,528 8,711,986 72,835,109 Payable for Fund shares redeemed – 4,834 11,878,791 36,130 1,562,421 Unrealised depreciation on: Open Futures exchange traded contracts 2(d) – – 10,023,634 164,238 1,836,015 Open Forward foreign exchange transactions 2(d) – – – – – Contracts for difference 2(d) – – – – – Market value of swaps – – – 489,345 24,785 Market value of written options/swaptions – 1,092,325 – 9,836 81,978 Other liabilities 185,904 534,238 15,561,097 2,172,143 14,024,412

Total liabilities 2,035,409 3,030,703 45,848,103 11,711,639 92,798,523

Total net assets 80,106,912 359,905,119 1,504,298,441 164,904,041 1,104,103,861

** The Fund commenced trading on 12 June 2013.

8 BlackRock Strategic Funds (BSF) Statement of Net Assets as at 30 November 2013 continued

BlackRock European Diversified BlackRock Equity European BlackRock BlackRock BlackRock Absolute Opportunities Fixed Income Fund of Fund of Return Extension Strategies iShares – iShares – Fund Fund Fund Conservative Dynamic Note EUR EUR EUR EUR EUR

Assets Securities portfolio at cost 136,711,957 50,188,619 169,570,508 3,795,920 3,254,064 Unrealised appreciation/(depreciation) 1,372 2,663,985 1,153,121 67,831 368,198

Securities portfolio at market value 136,713,329 52,852,604 170,723,629 3,863,751 3,622,262 Cash at bank 2(a) 10,341,452 1,359,414 9,200,317 13,444 14,282 Time Deposits – – – – – Due from broker 14 8,747,898 – 2,003,553 – – Dividend receivable on contracts for difference 3,787,421 39,260 – – – Interest and dividends receivable 26,061 6,877 1,117,236 2,277 6,936 Interest receivable on swaps – – – – – Receivable for investments sold 2(a) – 9,528 519,459 – – Receivable for Fund shares subscribed 1,469,954 2,949,774 20,470,977 5,945 32,298 Unrealised appreciation on: Open Exchange traded futures contracts 2(d) – – – – – Open Forward foreign exchange transactions 2(d) 158,907 105,702 240,752 – – Contracts for difference 2(d) 3,896,656 1,614,209 – – – Market value of swaps – – – – – Market value of purchased options/swaptions – – 12,635 – – Other assets – 1,106 – 9,188 7,061

Total assets 165,141,678 58,938,474 204,288,558 3,894,605 3,682,839

Liabilities Cash owed to bank 2(a) – – – – – Interest payable on contracts for difference 41,121 12,319 – – – Due to broker 14 – 1,357,197 – – – Interest payable on swaps – – 61,599 – – Dividend payable on contracts for difference – – – – – Payable for investments purchased 2(a) 5,063,270 82,931 23,632,895 – 38,704 Payable for Fund shares redeemed 410,929 69,773 143,590 – – Unrealised depreciation on: Open Futures exchange traded contracts 2(d) – – 173,410 – – Open Forward foreign exchange transactions 2(d) – – – – – Contracts for difference 2(d) – – – – – Market value of swaps – – 289,698 – – Market value of written options/swaptions – – 7,284 – – Other liabilities 3,928,302 907,272 277,179 26,800 20,564

Total liabilities 9,443,622 2,429,492 24,585,655 26,800 59,268

Total net assets 155,698,056 56,508,982 179,702,903 3,867,805 3,623,571

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

Unaudited Interim Report and Accounts 9 Statement of Net Assets as at 30 November 2013 continued

BlackRock Global BlackRock BlackRock BlackRock Absolute Latin BlackRock Fund of Fund of Return American Mining iShares – iShares – Bond Opportunities Opportunities Growth Moderate Fund Fund Fund Note EUR EUR EUR USD USD

Assets Securities portfolio at cost 7,304,054 12,175,964 188,093,902 141,388,518 11,217,874 Unrealised appreciation/(depreciation) 678,954 624,397 (522,224) 6,040,244 (2,009,602)

Securities portfolio at market value 7,983,008 12,800,361 187,571,678 147,428,762 9,208,272 Cash at bank 2(a) 17,390 43,197 10,731,723 2,361,268 – Time Deposits – – 8,500,006 – – Due from broker 14 – – 2,449,644 – – Dividend receivable on contracts for difference – – – – – Interest and dividends receivable 12,083 13,459 985,966 48,178 16,190 Interest receivable on swaps – – – – – Receivable for investments sold 2(a) – – 23,035,654* 1,326,048 13,459 Receivable for Fund shares subscribed 2,342 153,086 224,972 – – Unrealised appreciation on: Open Exchange traded futures contracts 2(d) – – – – – Open Forward foreign exchange transactions 2(d) – – – – 35 Contracts for difference 2(d) – – – – 239,706 Market value of swaps – – – – – Market value of purchased options/swaptions – – 200,369 – – Other assets 11,335 14,877 8,007 – –

Total assets 8,026,158 13,024,980 233,708,019 151,164,256 9,477,662

Liabilities Cash owed to bank 2(a) – – – – 299,873 Interest payable on contracts for difference – – – – 350 Due to broker 14 – – – – – Interest payable on swaps – – 195,496 – – Dividend payable on contracts for difference – – – – 342 Payable for investments purchased 2(a) – 172,045 44,777,653* 594,992 47,259 Payable for Fund shares redeemed 11 23 – – – Unrealised depreciation on: Open Futures exchange traded contracts 2(d) – – 51,760 – – Open Forward foreign exchange transactions 2(d) – – 167,933 – – Contracts for difference 2(d) – – – – – Market value of swaps – – 359,186 – – Market value of written options/swaptions – – 440,047 – – Other liabilities 34,536 45,219 230,377 4,599,323 71,124

Total liabilities 34,547 217,287 46,222,452 5,194,315 418,948

Total net assets 7,991,611 12,807,693 187,485,567 145,969,941 9,058,714

* Includes To be Announced (“TBA”), see Notes 2(a), for further details.

10 BlackRock Strategic Funds (BSF) Three Year Summary of Net Asset Values as at 30 November 2013

Currency 30 November 2013 31 May 2013 31 May 2012 31 May 2011

BlackRock Americas Diversified Equity Absolute Return Fund Total net assets USD 186,153,804 235,107,890 6,805,522 – Net asset value per: A Class non-distributing share AUD 121.14 112.33 – – A Class non-distributing share USD 110.13 107.13 105.15 – A Class non-distributing share EUR hedged EUR 109.65 106.99 105.07 – A Class non-distributing share SEK hedged SEK 111.20 107.71 105.06 – A Class UK reporting non-distributing fund share GBP 107.10 112.20 108.44 – D Class UK reporting non-distributing fund share EUR hedged 1 EUR 109.94 106.90 104.81 – X Class non-distributing share USD 112.73 107.98 – – BlackRock Asia Extension Fund Total net assets USD 38,288,058 46,420,675 9,075,074 – Net asset value per: A Class non-distributing share AUD 130.48 117.45 – – A Class non-distributing share USD 119.14 112.54 90.70 – A Class UK reporting non-distributing fund share GBP hedged GBP 118.75 112.13 90.73 – D Class non-distributing share USD 119.95 113.06 90.77 – E Class non-distributing share USD 118.28 111.94 90.59 – X Class non-distributing share USD 104.62 – – – BlackRock Emerging Markets Absolute Return Fund Total net assets USD 17,624,084 13,023,136 – – Net asset value per: A Class non-distributing share USD 101.62 – – – A Class non-distributing share EUR hedged EUR 100.02 – – – D Class non-distributing share USD 106.54 103.90 – – D Class non-distributing share EUR hedged EUR 105.96 103.47 – – D Class UK reporting distributing fund share GBP hedged GBP 101.48 – – – I Class non-distributing share EUR hedged EUR 106.71 104.03 – – X Class non-distributing share USD 109.30 105.32 – – BlackRock Emerging Markets Allocation Fund* Total net assets USD 49,694,658 – – – Net asset value per: A Class non-distributing share USD 99.39 – – – C Class non-distributing share USD 99.35 – – – D Class non-distributing share USD 99.42 – – – E Class non-distributing share USD 99.36 – – – I Class non-distributing share USD 99.43 – – – X Class non-distributing share USD 99.46 – – – BlackRock Emerging Markets Flexi Dynamic Bond Fund** Total net assets USD 80,106,912 – – – Net asset value per: A Class non-distributing share USD 98.92 – – – D Class non-distributing share USD 99.61 – – – D Class non-distributing share EUR hedged EUR 100.20 – – – D Class UK reporting distributing fund share GBP 83.33 – – – E Class non-distributing share USD 99.10 – – – E Class non-distributing share EUR hedged EUR 99.78 – – – X Class non-distributing share USD 101.26 – – – BlackRock Euro Dynamic Diversified Growth Fund Total net assets EUR 359,905,119 160,499,726 66,828,783 17,761,370 Net asset value per: A Class non-distributing share EUR 109.42 107.83 99.03 102.16 A Class non-distributing share SEK hedged SEK 111.87 109.75 99.54 – D Class non-distributing share EUR 111.14 109.20 99.69 102.22 E Class non-distributing share EUR 108.49 107.20 98.91 – I Class non-distributing share EUR 112.08 109.99 100.17 102.45 I Class non-distributing share SEK hedged SEK 112.70 110.11 – – X Class non-distributing share EUR 113.50 111.03 100.46 –

1 Class name changed, see Note 1, for further details. * The Fund commenced trading on 15 November 2013. ** The Fund commenced trading on 12 June 2013.

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

Unaudited Interim Report and Accounts 11 Three Year Summary of Net Asset Values as at 30 November 2013 continued

Currency 30 November 2013 31 May 2013 31 May 2012 31 May 2011

BlackRock European Absolute Return Fund Total net assets EUR 1,504,298,441 1,203,613,796 418,453,107 119,692,214 Net asset value per: A Class distributing share EUR 123.20 121.18 118.76 106.46 A Class non-distributing share EUR 123.21 121.18 118.77 106.46 A Class non-distributing share SEK hedged SEK 125.28 122.63 – – D Class distributing share EUR 123.48 121.21 – – D Class non-distributing share EUR 125.45 123.14 120.20 107.32 D Class non-distributing share CHF hedged CHF 124.95 122.78 120.08 – D Class UK reporting non-distributing fund share GBP hedged GBP 126.13 123.60 – – E Class non-distributing share EUR 121.12 119.37 117.46 105.71 I Class non-distributing share EUR 125.89 123.43 120.22 – BlackRock European Constrained Credit Strategies Fund Total net assets EUR 164,904,041 131,882,229 65,665,525 – Net asset value per: I Class non-distributing share EUR 111.31 109.45 103.44 – BlackRock European Credit Strategies Fund Total net assets EUR 1,104,103,861 766,717,402 473,259,688 145,400,755 Net asset value per: H Class non-distributing share EUR 113.79 111.25 104.64 102.35 H Class non-distributing share CHF hedged CHF 113.46 111.12 – – H Class non-distributing share USD hedged USD 113.91 111.33 104.42 – H Class UK reporting non-distributing fund share GBP hedged GBP 114.50 111.79 104.65 102.40 I Class UK reporting non-distributing fund share 1 EUR 114.96 112.11 104.87 – I Class UK reporting non-distributing fund share GBP hedged GBP 116.00 112.91 105.14 102.41 I Class UK reporting non-distributing fund share USD hedged 1 USD 115.27 112.29 104.74 – T Class non-distributing share EUR 102.91 100.30 – – U Class non-distributing share EUR 114.19 111.57 – – U Class UK reporting non-distributing fund share GBP 95.09 95.36 – – U Class UK reporting non-distributing fund share USD hedged 1 USD 114.47 111.72 – – X Class non-distributing share EUR 122.74 118.32 107.81 103.45 X Class UK reporting non-distributing fund share GBP hedged GBP – – 105.57 – BlackRock European Diversified Equity Absolute Return Fund Total net assets EUR 155,698,056 147,192,059 225,899,516 674,914,313 Net asset value per: A Class non-distributing share AUD 176.47 147.17 – – A Class non-distributing share EUR 121.00 109.95 99.92 113.99 A Class non-distributing share CHF hedged CHF 119.11 108.15 98.56 113.39 A Class non-distributing share SEK hedged SEK 123.89 111.86 100.49 112.89 A Class UK reporting non-distributing fund share GBP hedged GBP 121.59 110.55 100.06 113.97 D Class non-distributing share USD hedged USD 119.38 108.43 97.94 111.39 D Class UK reporting non-distributing fund share EUR 119.97 109.84 100.74 114.34 D Class UK reporting non-distributing fund share GBP hedged GBP 123.14 111.69 100.63 113.99 E Class non-distributing share EUR 118.58 108.28 98.90 113.39 I Class non-distributing share EUR 123.33 112.03 101.02 114.33 I Class UK reporting non-distributing fund share GBP hedged GBP – – 101.07 114.22 X Class non-distributing share EUR 135.06 120.24 107.35 120.27 BlackRock European Opportunities Absolute Return Fund*** Total net assets EUR – 1,000,951 22,780,307 9,921,579 Net asset value per: A Class non-distributing share EUR – 112.26 104.30 99.79 D Class non-distributing share EUR – 113.03 104.22 – D Class UK reporting non-distributing fund share GBP hedged GBP – 113.57 104.34 – E Class non-distributing share EUR – 110.75 103.44 99.69 I Class non-distributing share EUR – 114.57 106.01 100.76

1 Class name changed, see Note 1, for further details. *** The Fund was liquidated on 17 July 2013.

12 BlackRock Strategic Funds (BSF) Three Year Summary of Net Asset Values as at 30 November 2013 continued

Currency 30 November 2013 31 May 2013 31 May 2012 31 May 2011

BlackRock European Opportunities Extension Fund Total net assets EUR 56,508,982 11,081,561 10,575,753 34,621,130 Net asset value per: A Class non-distributing share EUR 169.58 139.23 101.37 108.88 A Class UK reporting distributing fund share GBP 139.70 117.84 80.44 94.19 D Class non-distributing share EUR 170.71 139.94 101.47 – D Class UK reporting distributing fund share GBP 140.26 118.07 – – E Class non-distributing share EUR 166.48 136.98 100.16 107.95 BlackRock Fixed Income Strategies Fund Total net assets EUR 179,702,903 113,006,228 67,454,855 60,297,267 Net asset value per: A Class non-distributing share EUR 111.66 110.04 103.12 103.19 D Class non-distributing share EUR 113.45 111.57 104.12 103.81 E Class non-distributing share EUR 109.60 108.28 101.99 102.60 I Class non-distributing share EUR 112.77 110.81 103.25 – X Class non-distributing share EUR 115.32 112.96 104.60 103.50 BlackRock Fund of iShares – Conservative Total net assets EUR 3,867,805 2,923,530 1,309,304 1,013,909 Net asset value per: K Class non-distributing share EUR 11.06 11.12 10.34 10.17 L Class non-distributing share EUR 10.88 10.97 10.24 10.14 M Class non-distributing share EUR 10.80 10.90 10.20 10.12 BlackRock Fund of iShares – Dynamic Total net assets EUR 3,623,571 2,848,575 1,718,713 962,404 Net asset value per: K Class non-distributing share EUR 11.82 11.31 9.60 10.55 L Class non-distributing share EUR 11.64 11.16 9.52 10.52 M Class non-distributing share EUR 11.55 11.08 9.48 10.50 BlackRock Fund of iShares – Growth Total net assets EUR 7,991,611 6,633,192 3,962,973 2,361,887 Net asset value per: K Class non-distributing share EUR 11.67 11.35 9.91 10.46 L Class non-distributing share EUR 11.49 11.20 9.83 10.43 M Class non-distributing share EUR 11.41 11.14 9.80 10.42 BlackRock Fund of iShares – Moderate Total net assets EUR 12,807,693 9,895,030 5,183,611 1,924,160 Net asset value per: K Class non-distributing share EUR 11.47 11.35 10.23 10.31 L Class non-distributing share EUR 11.30 11.20 10.15 10.29 M Class non-distributing share EUR 11.21 11.13 10.11 10.27 BlackRock Global Absolute Return Bond Fund Total net assets EUR 187,485,567 111,704,772 50,002,078 – Net asset value per: A Class non-distributing share EUR 103.22 103.47 99.99 – A Class non-distributing share SEK hedged SEK 1,010.53 1,008.37 – – A Class non-distributing share USD hedged USD 100.30 – – – D Class non-distributing share EUR 103.86 103.84 – – E Class non-distributing share EUR 102.53 103.04 – – X Class non-distributing share EUR 105.43 105.05 100.00 – BlackRock Latin American Opportunities Fund Total net assets USD 145,969,941 169,714,453 173,326,906 240,378,746 Net asset value per: A Class non-distributing share EUR 84.03 97.33 90.57 106.32 A Class non-distributing share USD 117.81 130.57 115.57 157.85 A Class UK reporting non-distributing fund share GBP 69.02 82.49 71.97 92.17 C Class non-distributing share USD 109.84 122.32 109.18 150.65 D Class non-distributing share EUR 87.00 100.42 – – D Class non-distributing share USD 117.84 130.56 115.57 – D Class UK reporting non-distributing fund share GBP 69.58 82.76 – –

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

Unaudited Interim Report and Accounts 13 Three Year Summary of Net Asset Values as at 30 November 2013 continued

Currency 30 November 2013 31 May 2013 31 May 2012 31 May 2011

BlackRock Mining Opportunities Fund Total net assets USD 9,058,714 10,317,581 10,445,632 – Net asset value per: D Class UK reporting non-distributing fund share GBP 73.51 85.63 – – D Class UK reporting non-distributing fund share USD 76.84 83.16 99.48 –

14 BlackRock Strategic Funds (BSF) Statement of Operations and Changes in Net Assets for the period ended 30 November 2013

BlackRock BlackRock Americas BlackRock Emerging Diversified Emerging BlackRock Markets BlackRock Equity BlackRock Markets Emerging Flexi Strategic Absolute Asia Absolute Markets Dynamic Funds Return Extension Return Allocation Bond Combined Fund Fund Fund Fund* Fund** Note USD USD USD USD USD USD

Net assets at the beginning of the period(1) 4,035,235,332 235,107,890 46,420,675 13,023,136 – – Income Bank interest 205,875 51,280 – – 1,147 – Bond interest 39,886,934 103,169 13,144 – 37,638 1,293,308 Swap interest 307,285 – – – – 271,210 Dividends 4,304,855 – – 35,883 – – Contracts for difference dividends 2(d) 2,565,786 610,227 1,272,055 – 38,107 – Other income 40 – – – – –

Total income 2(c) 47,270,775 764,676 1,285,199 35,883 76,892 1,564,518

Expenses Bank interest 348,286 – 251,141 12,477 – 18,168 Contracts for difference interest 2(d) 7,382,476 2,278,883 – – – – Swap interest 10,819,195 10,142 – – – – Contracts for difference dividends 2(d) 1,002,155 – – 98,535 – – Administration fees 5 4,434,919 119,577 62,449 14,961 4,791 37,780 Custodian and depositary fees 6 476,867 2,569 997 7,256 38 11,330 Custodian transaction fees 6 861,935 125,905 48,865 30,654 1,879 9,886 Luxembourg tax 8 831,337 20,490 9,450 2,783 4,051 13,940 Performance fees 7 19,780,174 352,638 91,456 54,343 – – Distribution fees 4 393,033 – 156 – 3 24 Management fees 4 25,078,705 319,541 307,891 47,308 28,745 241,610 Less Management fee rebate 4 (93,985) – – – (644) –

Total expenses before reimbursement 71,315,097 3,229,745 772,405 268,317 38,863 332,738

Reimbursement of expenses 94,382 – – 3,734 – –

Total expenses after reimbursement 71,220,715 3,229,745 772,405 264,583 38,863 332,738

Net investment income/(deficit) (23,949,940) (2,465,069) 512,794 (228,700) 38,029 1,231,780 Net gain/(loss) realised on: Investments 2(a) 76,415,806 63,802 (436) (68,106) 137 98,417 Contracts for difference 2(d) 23,531,836 (10,249,985) 1,173,788 743,982 (89,672) – Futures exchange traded contracts 2(d) (23,824,859) 759,364 (12,378) (3,077) (19,018) (201,351) Foreign currencies and forward foreign exchange transactions 2(d) (23,102,784) 1,003,791 (1,333) 115,391 (1,657) 1,028,278 Swap transactions 2(d) 8,692,162 – – – – 137,692 Options contracts 2(d) (6,009,496) – – – – (68,692)

Net realised gain/(loss) for the period 55,702,665 (8,423,028) 1,159,641 788,190 (110,210) 994,344

Net change in unrealised appreciation/ (depreciation) on: Investments 2(a) 46,391,221 (17,817) (5,014) 560,794 (104,409) (2,644,163) Foreign currencies 300,120 – – 768 (1,349) (17,374) Contracts for difference 2(d) 42,319,415 19,435,579 602,353 (561,609) (153,911) – Open futures exchange traded contracts 2(d) (19,758,208) 212,120 18,708 (7,260) 26,508 5,657 Forward foreign exchange transactions 2(d) 16,039,410 1,085,782 252 (69,187) – 47,144 Swap transactions 2(d) (15,042,967) 151,036 – – – 96,680 Options contracts 2(d) (1,445,800) – – – – –

Net change in unrealised appreciation/ (depreciation) for the period 68,803,191 20,866,700 616,299 (76,494) (233,161) (2,512,056)

Increase/(Decrease) in net assets as a result of operations 100,555,916 9,978,603 2,288,734 482,996 (305,342) (285,932)

Movements in share capital Net receipts as a result of issue of shares 2,454,004,671 24,000,784 81,314 4,746,336 50,000,000 87,219,927 Net payments as a result of repurchase of shares (1,072,243,362) (82,933,473) (10,502,665) (628,384) – (6,827,083)

Increase/(Decrease) in net assets as a result of movements in share capital 1,381,761,309 (58,932,689) (10,421,351) 4,117,952 50,000,000 80,392,844

Foreign exchange adjustment 97,354,203 – – – – – Net assets at the end of the period 5,614,906,760 186,153,804 38,288,058 17,624,084 49,694,658 80,106,912

* The Fund commenced trading on 15 November 2013. ** The Fund commenced trading on 12 June 2013. (1) The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for the year ended 31 May 2013 reflected a figure of USD 3,936,993,045.

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

Unaudited Interim Report and Accounts 15 Statement of Operations and Changes in Net Assets for the period ended 30 November 2013 continued

BlackRock BlackRock BlackRock European Euro BlackRock European BlackRock Diversified Dynamic European Constrained European Equity Diversified Absolute Credit Credit Absolute Growth Return Strategies Strategies Return Fund Fund Fund Fund Fund Note EUR EUR EUR EUR EUR

Net assets at the beginning of the period(1) 160,499,726 1,203,613,796 131,882,229 766,717,402 147,192,059 Income Bank interest 8,372 20,359 15,216 54,229 1,394 Bond interest 168,542 – 2,753,779 22,972,662 96,406 Swap interest 27,040 – – – – Dividends 303,780 1,854,693 6,517 59,860 4,618 Contracts for difference dividends 2(d) – – – – 410,156 Other income – – – – –

Total income 2(c) 507,734 1,875,052 2,775,512 23,086,751 512,574

Expenses Bank interest – – – – – Contracts for difference interest 2(d) – 1,816,706 – – 2,008,865 Swap interest – – 1,137,937 6,865,832 – Contracts for difference dividends 2(d) – 677,339 – – – Administration fees 5 124,963 2,094,585 35,741 321,266 217,330 Custodian and depositary fees 6 19,904 142,186 10,752 52,692 1,987 Custodian transaction fees 6 8,070 57,980 44,178 63,380 97,380 Luxembourg tax 8 27,236 360,504 8,630 76,038 37,747 Performance fees 7 – 5,056,748 594,655 5,828,704 2,351,313 Distribution fees 4 202 229,105 – – 24,347 Management fees 4 677,872 9,537,551 714,828 4,520,159 971,051 Less Management fee rebate 4 (11,797) – – – –

Total expenses before reimbursement 846,450 19,972,704 2,546,721 17,728,071 5,710,020

Reimbursement of expenses – – – – –

Total expenses after reimbursement 846,450 19,972,704 2,546,721 17,728,071 5,710,020

Net investment income/(deficit) (338,716) (18,097,652) 228,791 5,358,680 (5,197,446) Net gain/(loss) realised on: Investments 2(a) (126,782) 31,295,296 2,588,681 16,821,195 18,735 Contracts for difference 2(d) – 6,271,646 – – 17,432,153 Futures exchange traded contracts 2(d) 781,443 (17,837,810) 134,417 (76,429) – Foreign currencies and forward foreign exchange transactions 2(d) 67,920 (1,430,298) (620,140) (7,105,697) (645,282) Swap transactions 2(d) 220,803 – 404,107 4,681,546 – Options contracts 2(d) 658,814 – (613,399) (4,375,494) –

Net realised gain/(loss) for the period 1,602,198 18,298,834 1,893,666 9,945,121 16,805,606

Net change in unrealised appreciation/ (depreciation) on: Investments 2(a) 3,167,030 17,974,135 1,748,606 19,846,982 9,560 Foreign currencies 21,612 2,696 16,719 (20,596) 25,651 Contracts for difference 2(d) – 15,414,375 – – 558,360 Open futures exchange traded contracts 2(d) 512,214 (12,111,496) (349,112) (2,730,621) – Forward foreign exchange transactions 2(d) 1,340,460 445,833 713,073 7,255,304 376,927 Swap transactions 2(d) 1,405,485 – (1,782,390) (10,696,631) – Options contracts 2(d) (474,334) – (95,166) (877,202) –

Net change in unrealised appreciation/ (depreciation) for the period 5,972,467 21,725,543 251,730 12,777,236 970,498

Increase/(Decrease) in net assets as a result of operations 7,235,949 21,926,725 2,374,187 28,081,037 12,578,658

Movements in share capital Net receipts as a result of issue of shares 196,787,405 754,291,338 32,149,360 430,131,419 74,047,792 Net payments as a result of repurchase of shares (4,617,961) (475,533,418) (1,501,735) (120,825,997) (78,120,453)

Increase/(Decrease) in net assets as a result of movements in share capital 192,169,444 278,757,920 30,647,625 309,305,422 (4,072,661)

Foreign exchange adjustment – – – – – Net assets at the end of the period 359,905,119 1,504,298,441 164,904,041 1,104,103,861 155,698,056

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

16 BlackRock Strategic Funds (BSF) Statement of Operations and Changes in Net Assets for the period ended 30 November 2013 continued

BlackRock European BlackRock BlackRock Opportunities European Fixed BlackRock BlackRock Absolute Opportunities Income Fund of Fund of Return Extension Strategies iShares – iShares – Fund*** Fund Fund Conservative Dynamic Note EUR EUR EUR EUR EUR

Net assets at the beginning of the period(1) 1,000,951 11,081,561 113,006,228 2,923,530 2,848,575 Income Bank interest – – – – – Bond interest – – 1,559,772 – – Swap interest – – – – – Dividends – 79,595 403 35,079 28,997 Contracts for difference dividends 2(d) 10,188 63,435 – – – Other income 30 – – – –

Total income 2(c) 10,218 143,030 1,560,175 35,079 28,997

Expenses Bank interest 943 41,818 7,086 – – Contracts for difference interest 2(d) – – – – – Swap interest – – 50,330 – – Contracts for difference dividends 2(d) – – – – – Administration fees 5 260 26,328 65,802 1,753 1,543 Custodian and depositary fees 6 470 745 10,742 4,436 4,288 Custodian transaction fees 6 10,430 36,511 65,900 8,580 4,448 Luxembourg tax 8 – 6,905 18,634 935 848 Performance fees 7 – 578,332 – – – Distribution fees 4 171 11,857 11,352 339 2,139 Management fees 4 1,181 128,550 164,680 10,517 9,257 Less Management fee rebate 4 – – – (5,238) (6,887)

Total expenses before reimbursement 13,455 831,046 394,526 21,322 15,636

Reimbursement of expenses 9,061 27,131 – 10,737 6,712

Total expenses after reimbursement 4,394 803,915 394,526 10,585 8,924

Net investment income/(deficit) 5,824 (660,885) 1,165,649 24,494 20,073 Net gain/(loss) realised on: Investments 2(a) – 1,121,878 1,268,462 6,150 11,013 Contracts for difference 2(d) 23,654 246,769 – – – Futures exchange traded contracts 2(d) – – (104,339) – – Foreign currencies and forward foreign exchange transactions 2(d) 22,317 57,469 (448,120) (50) (211) Swap transactions 2(d) – – (181,158) – – Options contracts 2(d) – – 9 – –

Net realised gain/(loss) for the period 45,971 1,426,116 534,854 6,100 10,802

Net change in unrealised appreciation/ (depreciation) on: Investments 2(a) – 1,876,760 272,808 (33,171) 121,772 Foreign currencies (1,338) (1,363) 32,875 10 31 Contracts for difference 2(d) (31,660) 1,169,476 – – – Open futures exchange traded contracts 2(d) – – (243,009) – – Forward foreign exchange transactions 2(d) (20,611) 133,396 500,759 – – Swap transactions 2(d) – – 195,319 – – Options contracts 2(d) – – 2,475 – –

Net change in unrealised appreciation/ (depreciation) for the period (53,609) 3,178,269 761,227 (33,161) 121,803

Increase/(Decrease) in net assets as a result of operations (1,814) 3,943,500 2,461,730 (2,567) 152,678

Movements in share capital Net receipts as a result of issue of shares 5,156 51,520,570 68,361,961 1,251,889 1,306,581 Net payments as a result of repurchase of shares (1,004,293) (10,036,649) (4,127,016) (305,047) (684,263)

Increase/(Decrease) in net assets as a result of movements in share capital (999,137) 41,483,921 64,234,945 946,842 622,318

Foreign exchange adjustment – – – – – Net assets at the end of the period – 56,508,982 179,702,903 3,867,805 3,623,571

*** The Fund was liquidated on 17 July 2013. (1) The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for the year ended 31 May 2013 reflected a figure of USD 3,936,993,045.

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

Unaudited Interim Report and Accounts 17 Statement of Operations and Changes in Net Assets for the period ended 30 November 2013 continued

BlackRock Global BlackRock BlackRock BlackRock Absolute Latin BlackRock Fund of Fund of Return American Mining iShares – iShares – Bond Opportunities Opportunities Growth Moderate Fund Fund Fund Note EUR EUR EUR USD USD

Net assets at the beginning of the period(1) 6,633,192 9,895,030 111,704,772 169,714,453 10,317,581 Income Bank interest 31 – 5,738 11,741 1,177 Bond interest – – 1,215,391 42,491 20,478 Swap interest – – – – – Dividends 72,675 118,796 – 767,200 79,836 Contracts for difference dividends 2(d) – – – – – Other income – – – –

Total income 2(c) 72,706 118,796 1,221,129 821,432 101,491

Expenses Bank interest – – – – – Contracts for difference interest 2(d) – – – – – Swap interest – – 48,193 – – Contracts for difference dividends 2(d) – – – – – Administration fees 5 3,635 5,536 60,566 232,604 14,814 Custodian and depositary fees 6 4,954 5,066 972 103,782 5,110 Custodian transaction fees 6 7,448 8,762 47,613 10,840 19,324 Luxembourg tax 8 1,848 2,857 14,655 35,566 2,194 Performance fees 7 – – – 58,069 – Distribution fees 4 1,154 328 369 17,491 – Management fees 4 21,811 33,216 119,466 1,524,818 49,379 Less Management fee rebate 4 (15,352) (21,026) (9,666) – –

Total expenses before reimbursement 25,498 34,739 282,168 1,983,170 90,821

Reimbursement of expenses 7,676 6,631 – – –

Total expenses after reimbursement 17,822 28,108 282,168 1,983,170 90,821

Net investment income/(deficit) 54,884 90,688 938,961 (1,161,738) 10,670 Net gain/(loss) realised on: Investments 2(a) 30,233 21,374 17,975 6,807,033 (1,289,930) Contracts for difference 2(d) – – – – (29,651) Futures exchange traded contracts 2(d) – – (1,148,489) – – Foreign currencies and forward foreign exchange transactions 2(d) (355) (361) (492,023) (11,008,551) (104,424) Swap transactions 2(d) – – 1,286,984 – – Options contracts 2(d) – – (123,094) – –

Net realised gain/(loss) for the period 29,878 21,013 (458,647) (4,201,518) (1,424,005)

Net change in unrealised appreciation/ (depreciation) on: Investments 2(a) 153,268 53,219 (610,395) (11,317,086) 444,943 Foreign currencies 51 54 145,003 14,489 8,213 Contracts for difference 2(d) – – – – 170,270 Open futures exchange traded contracts 2(d) – – (80,129) – – Forward foreign exchange transactions 2(d) – – 480,100 – 35 Swap transactions 2(d) – – (583,503) – – Options contracts 2(d) – – 360,502 – –

Net change in unrealised appreciation/ (depreciation) for the period 153,319 53,273 (288,422) (11,302,597) 623,461

Increase/(Decrease) in net assets as a result of operations 238,081 164,974 191,892 (16,665,853) (789,874)

Movements in share capital Net receipts as a result of issue of shares 1,630,256 3,051,328 77,059,456 31,200,791 31,007 Net payments as a result of repurchase of shares (509,918) (303,639) (1,470,553) (38,279,450) (500,000)

Increase/(Decrease) in net assets as a result of movements in share capital 1,120,338 2,747,689 75,588,903 (7,078,659) (468,993)

Foreign exchange adjustment – – – – – Net assets at the end of the period 7,991,611 12,807,693 187,485,567 145,969,941 9,058,714

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

18 BlackRock Strategic Funds (BSF) Statement of Changes in Shares Outstanding as at 30 November 2013

Shares outstanding Shares outstanding at the beginning of Shares Shares at the end of the period issued repurchased the period BlackRock Americas Diversified Equity Absolute Return Fund A Class non-distributing share AUD 49 25,382 835 24,596 A Class non-distributing share USD 7,747 153 2,538 5,362 A Class non-distributing share EUR hedged 621 14,025 444 14,202 A Class non-distributing share SEK hedged 785,353 118,765 – 904,118 A Class UK reporting non-distributing fund share GBP 6,259 4,186 – 10,445 D Class UK reporting non-distributing fund share EUR hedged 263,631 57,175 39,159 281,647 X Class non-distributing share USD 1,701,980 75,042 699,805 1,077,217 BlackRock Asia Extension Fund A Class non-distributing share AUD 166,870 – 66,145 100,725 A Class non-distributing share USD 204,292 602 – 204,894 A Class UK reporting non-distributing fund share GBP hedged 32––32 D Class non-distributing share USD 40,876 – 25,725 15,151 E Class non-distributing share USD 548 57 – 605 X Class non-distributing share USD –50–50 BlackRock Emerging Markets Absolute Return Fund A Class non-distributing share USD – 10,584 161 10,423 A Class non-distributing share EUR hedged –37–37 D Class non-distributing share USD 64,981 8,063 – 73,044 D Class non-distributing share EUR hedged 7,579 19,850 4,396 23,033 D Class UK reporting distributing fund share GBP hedged –32–32 I Class non-distributing share EUR hedged 38––38 X Class non-distributing share USD 49,840 – – 49,840 BlackRock Emerging Markets Allocation Fund* A Class non-distributing share USD – 499,750 – 499,750 C Class non-distributing share USD –50–50 D Class non-distributing share USD –50–50 E Class non-distributing share USD –50–50 I Class non-distributing share USD –50–50 X Class non-distributing share USD –50–50 BlackRock Emerging Markets Flexi Dynamic Bond Fund** A Class non-distributing share USD – 350,101 – 350,101 D Class non-distributing share USD –50–50 D Class non-distributing share EUR hedged – 35,899 35,860 39 D Class UK reporting distributing fund share GBP –37–37 E Class non-distributing share USD – 252 – 252 E Class non-distributing share EUR hedged –39–39 X Class non-distributing share USD – 467,903 19,250 448,653 BlackRock Euro Dynamic Diversified Growth Fund A Class non-distributing share EUR 89,399 45,954 4,347 131,006 A Class non-distributing share SEK hedged 1,265,931 1,227,783 209,875 2,283,839 D Class non-distributing share EUR 217,214 43,142 1,382 258,974 E Class non-distributing share EUR 301 2,394 29 2,666 I Class non-distributing share EUR 779,122 626,508 12,744 1,392,886 I Class non-distributing share SEK hedged 329,073 234,389 – 563,462 X Class non-distributing share EUR 189,863 907,430 – 1,097,293 BlackRock European Absolute Return Fund A Class distributing share EUR 185,603 66,301 37,001 214,903 A Class non-distributing share EUR 4,702,550 3,206,598 1,708,087 6,201,061 A Class non-distributing share SEK hedged 12,994 5,011 1,408 16,597 D Class distributing share EUR 94,725 16,735 14,792 96,668 D Class non-distributing share EUR 3,549,507 1,747,384 1,834,777 3,462,114 D Class non-distributing share CHF hedged 68,737 68,743 5,377 132,103 D Class UK reporting non-distributing fund share GBP hedged 115,604 19,510 27,489 107,625 E Class non-distributing share EUR 499,576 531,751 213,246 818,081 I Class non-distributing share EUR 642,945 462,361 5,170 1,100,136

* The Fund commenced trading on 15 November 2013. ** The Fund commenced trading on 12 June 2013.

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

Unaudited Interim Report and Accounts 19 Statement of Changes in Shares Outstanding as at 30 November 2013 continued

Shares outstanding Shares outstanding at the beginning of Shares Shares at the end of the period issued repurchased the period BlackRock European Constrained Credit Strategies Fund I Class non-distributing share EUR 1,204,983 290,119 13,580 1,481,522 BlackRock European Credit Strategies Fund H Class non-distributing share EUR 504,066 441,538 214,722 730,882 H Class non-distributing share CHF hedged 7,150 34,457 847 40,760 H Class non-distributing share USD hedged 94,894 158,857 6,860 246,891 H Class UK reporting non-distributing fund share GBP hedged 16,488 37,942 291 54,139 I Class UK reporting non-distributing fund share EUR 1 2,873,160 2,206,083 644,586 4,434,657 I Class UK reporting non-distributing fund share GBP hedged 1,038,394 534,186 36,208 1,536,372 I Class UK reporting non-distributing fund share USD hedged 1 850,338 329,128 211,667 967,799 T Class non-distributing share EUR 457,421 – – 457,421 U Class non-distributing share EUR 533 60,934 1,308 60,159 U Class UK reporting non-distributing fund share GBP 36 523 – 559 U Class UK reporting non-distributing fund share USD hedged 1 46 43,758 – 43,804 X Class non-distributing share EUR 1,022,586 – – 1,022,586 BlackRock European Diversified Equity Absolute Return Fund A Class non-distributing share AUD 35,927 189 19,027 17,089 A Class non-distributing share EUR 115,031 215,692 101,173 229,550 A Class non-distributing share CHF hedged 1,490 – – 1,490 A Class non-distributing share SEK hedged 2,772,237 1,984,376 2,011,447 2,745,166 A Class UK reporting non-distributing fund share GBP hedged 7,746 4,064 362 11,448 D Class non-distributing share USD hedged 23,858 1,609 3,633 21,834 D Class UK reporting non-distributing fund share EUR 569,512 175,337 307,583 437,266 D Class UK reporting non-distributing fund share GBP hedged 46,784 10,606 5,550 51,840 E Class non-distributing share EUR 93,871 239 12,561 81,549 I Class non-distributing share EUR 112,205 2,589 – 114,794 X Class non-distributing share EUR 92––92 BlackRock European Opportunities Absolute Return Fund*** A Class non-distributing share EUR 2,621 46 2,667 – D Class non-distributing share EUR 2,018 – 2,018 – D Class UK reporting non-distributing fund share GBP hedged 1,158 – 1,158 – E Class non-distributing share EUR 2,934 – 2,934 – BlackRock European Opportunities Extension Fund A Class non-distributing share EUR 62,317 185,428 58,656 189,089 A Class UK reporting distributing fund share GBP 3,668 2,680 – 6,348 D Class non-distributing share EUR 35 57,052 2,037 55,050 D Class UK reporting distributing fund share GBP 33 120 – 153 E Class non-distributing share EUR 13,799 75,749 5,721 83,827 BlackRock Fixed Income Strategies Fund A Class non-distributing share EUR 54,822 260,346 15,172 299,996 D Class non-distributing share EUR 235,149 112,090 18,485 328,754 E Class non-distributing share EUR 16,579 152,236 3,395 165,420 I Class non-distributing share EUR 37––37 X Class non-distributing share EUR 698,840 88,351 – 787,191 BlackRock Fund of iShares – Conservative K Class non-distributing share EUR 253,634 111,257 27,925 336,966 L Class non-distributing share EUR 7,536 3,257 35 10,758 M Class non-distributing share EUR 1,784 280 – 2,064 BlackRock Fund of iShares – Dynamic K Class non-distributing share EUR 179,456 109,585 7,517 281,524 L Class non-distributing share EUR 58,504 3,023 50,169 11,358 M Class non-distributing share EUR 15,074 500 1,509 14,065

1 Class name changed, see Note 1, for further details. *** The Fund was liquidated on 17 July 2013.

20 BlackRock Strategic Funds (BSF) Statement of Changes in Shares Outstanding as at 30 November 2013 continued

Shares outstanding Shares outstanding at the beginning of Shares Shares at the end of the period issued repurchased the period BlackRock Fund of iShares – Growth K Class non-distributing share EUR 547,189 140,032 35,322 651,899 L Class non-distributing share EUR 23,492 4,811 5,773 22,530 M Class non-distributing share EUR 14,435 448 4,080 10,803 BlackRock Fund of iShares – Moderate K Class non-distributing share EUR 861,605 270,867 26,069 1,106,403 L Class non-distributing share EUR 6,745 857 46 7,556 M Class non-distributing share EUR 3,946 109 1,109 2,946 BlackRock Global Absolute Return Bond Fund A Class non-distributing share EUR 230 66,789 139 66,880 A Class non-distributing share SEK hedged 59,301 23,059 11,933 70,427 A Class non-distributing share USD hedged –50–50 D Class non-distributing share EUR 260,349 13,670 497 273,522 E Class non-distributing share EUR 939 1,055 240 1,754 X Class non-distributing share EUR 738,527 627,250 – 1,365,777 BlackRock Latin American Opportunities Fund A Class non-distributing share EUR 129,140 4,040 37,011 96,169 A Class non-distributing share USD 790,784 74,862 239,593 626,053 A Class UK reporting non-distributing fund share GBP 326,906 105,154 739 431,321 C Class non-distributing share USD 37,553 – 10,199 27,354 D Class non-distributing share EUR 40 2,521 – 2,561 D Class non-distributing share USD 18,588 73,667 26,631 65,624 D Class UK reporting non-distributing fund share GBP 42––42 BlackRock Mining Opportunities Fund D Class UK reporting non-distributing fund share GBP 35 8 – 43 D Class UK reporting non-distributing fund share USD 124,022 387 6,592 117,817

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

Unaudited Interim Report and Accounts 21 BlackRock Americas Diversified Equity Absolute Return Fund Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (USD) % Holding Description (USD) % BONDS COMMERCIAL PAPER Canada United States USD 6,365,000 Province of Ontario Canada USD 4,100,000 Antalis US Funding Corp 0.01% 1.375% 27/1/2014 6,377,145 3.43 3/2/2014 4,098,297 2.20 6,377,145 3.43 EUR 2,000,000 Atlantic Asset Secritization LLC 0% 18/12/2013 1,999,860 1.07 United States USD 3,000,000 Bedford Row Funding Corp 0.10% USD 1,000,000 Fannie Mae Discount Notes 0.00% 17/3/2014 2,997,325 1.61 21/1/2014 (Zero Coupon) 999,955 0.54 USD 4,100,000 BPCE SA 0.01% 3/2/2014 4,098,371 2.20 USD 3,000,000 Fannie Mae Discount Notes 0.00% USD 1,000,000 Cancara Asset Securitisation LLC 27/1/2014 (Zero Coupon) 2,999,850 1.61 0.01% 19/12/2013 999,926 0.54 USD 9,000,000 Federal Home Loan Bank Discount USD 3,000,000 Gotham Funding Corp 0.01% Notes 0.00% 9/5/2014 20/12/2013 2,999,700 1.61 (Zero Coupon) 8,996,760 4.83 USD 4,000,000 ING (US) Funding LLC 0% 9/12/2013 3,999,820 2.15 USD 1,000,000 Federal Home Loan Banks 0.12% USD 4,000,000 Liberty Street Funding LLC 0.01% 30/1/2014 1,000,110 0.54 11/2/2014 3,998,621 2.15 USD 2,800,000 Federal Home Loan Mortgage Corp USD 1,615,000 Lloyds Bank Plc 0% 27/1/2014 1,614,428 0.87 1.00% 20/8/2014 2,817,394 1.51 USD 1,000,000 LMA Americas LLC 0% 2/12/2013 999,989 0.54 USD 6,500,000 Freddie Mac Discount Notes 0.00% USD 5,000,000 Matchpoint Master 0% 27/2/2014 4,995,426 2.68 4/2/2014 (Zero Coupon) 6,499,389 3.49 USD 6,000,000 Metlife Short Term Fund 0% USD 4,900,000 Freddie Mac Discount Notes 0.00% 11/12/2013 5,999,789 3.22 7/4/2014 (Zero Coupon) 4,898,760 2.63 USD 4,000,000 Mont Blanc Capital Corp 0.01% USD 4,300,000 United States Treasury Bill 0.00% 10/3/2014 3,997,445 2.15 26/12/2013 (Zero Coupon) 4,299,824 2.31 USD 3,000,000 Nieuw Amsterdam Receivables USD 3,000,000 United States Treasury Bill 0.00% Corp 0% 16/1/2014 2,999,334 1.61 9/1/2014 (Zero Coupon) 2,999,973 1.61 USD 3,200,000 Nordea Bank AB 0.01% 10/1/2014 3,199,144 1.72 USD 500,000 United States Treasury Bill 0.00% USD 2,300,000 Nordea Bank AB 0% 18/2/2014 2,298,748 1.24 6/2/2014 (Zero Coupon) 499,964 0.27 USD 2,500,000 Rabobank USA Financial Corp USD 8,500,000 United States Treasury Bill 0.00% 0.01% 27/6/2014 2,496,081 1.34 13/2/2014 (Zero Coupon) 8,499,192 4.57 USD 2,000,000 Regency Markets No.1 LLC 0.01% USD 2,000,000 United States Treasury Bill 0.00% 16/12/2013 1,999,876 1.07 24/4/2014 (Zero Coupon) 1,999,260 1.08 55,792,180 29.97 USD 3,000,000 United States Treasury Bill 0.00% Total Commercial Paper 55,792,180 29.97 8/5/2014 (Zero Coupon) 2,998,767 1.61 USD 10,500,000 United States Treasury Note 0.25% Total Transferable Securities and Money 31/1/2014 10,503,486 5.64 Market Instruments Admitted to an USD 10,000,000 United States Treasury Note 0.25% Official Stock Exchange Listing or 28/2/2014 10,003,710 5.37 Dealt in on Another Regulated Market 167,543,664 90.00 USD 2,500,000 United States Treasury Note 1.875% Securities portfolio at market value 167,543,664 90.00 28/2/2014 2,511,182 1.35 USD 8,700,000 United States Treasury Note 1.75% Other Net Assets 18,610,140 10.00 31/3/2014 8,747,746 4.70 Total Net Assets (USD) 186,153,804 100.00 USD 2,200,000 United States Treasury Note 0.25% 30/4/2014 2,201,331 1.18 83,476,653 44.84 Total Bonds 89,853,798 48.27

CERTIFICATES OF DEPOSIT United States USD 2,900,000 Bank of Tokyo-Mitsubishi UFJ Ltd/ The 0.21% 28/2/2014 2,900,171 1.56 USD 2,500,000 Bank of Tokyo-Mitsubishi UFJ Ltd/ The 0% 7/3/2014 2,505,788 1.35 USD 1,070,000 Mizuho Bank Ltd 0% 5/12/2013 1,070,071 0.57 USD 6,500,000 Mizuho Bank Ltd 0.21% 12/12/2013 6,501,059 3.49 USD 4,100,000 Norinchukin Bank 0% 4/12/2013 4,100,128 2.20 USD 2,820,000 Oversea Chinese Banking Corp Ltd 0% 2/12/2013 2,820,064 1.52 USD 2,000,000 Sumitomo Mitsui Banking Corp 0.21% 12/2/2014 2,000,405 1.07 21,897,686 11.76 Total Certificates of Deposit 21,897,686 11.76

22 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Bermuda Brazil continued (705) Nordic American Tankers Ltd (5,760) (61) 330,300 Even Construtora e Incorporadora SA 1,137,156 (137,156) (5,760) (61) 83,400 Ez Tec Empreendimentos e Participacoes SA 1,106,630 (59,387) Brazil (1,600) Fertilizantes Heringer SA (5,687) 304 (46,300) Abril Educacao SA (676,960) 38,743 (17,800) Fibria Celulose SA (213,340) 10,967 22,300 AES Tiete SA 188,394 (19,983) (600) General Shopping Brasil SA (2,434) 159 13,100 Agrenco Ltd 900 (1,534) 72,300 Gerdau SA 564,558 (25,746) (119,100) Aliansce Shopping Centers SA (1,007,199) 147,360 68,300 GP Investments Ltd BDR 118,744 (27,604) (339,300) ALL - America Latina Logistica SA (1,128,815) 383,233 26,800 Grendene SA 209,269 (47,119) (17,000) Alpargatas SA (Pref) (109,101) 2,044 (53,500) Grupo BTG Pactual (Unit) (645,583) 13,770 (148,400) AMBEV SA (1,111,009) 21,927 (139,660) Helbor Empreendimentos SA (497,608) 105,853 (114,800) Anhanguera Educacional 20,600 HRT Participacoes em Petroleo SA 6,544 (885) Participacoes SA (758,434) 1,091 21,700 Hypermarcas SA 174,755 (6,341) (28,398) Arteris SA (232,109) 7,094 26,000 Iguatemi Empresa de Shopping 26,900 Autometal SA 202,313 (24,716) Centers SA 266,864 (49,196) (63,300) B2W Cia Digital (388,305) (146,557) (35,900) International Meal Co Holdings SA (309,762) 73,805 53,500 Banco Bradesco SA (Pref) 290,294 (32,105) 42,000 Iochpe-Maxion SA 464,082 (89,514) (6,930) Banco Bradesco SA (Pref) (91,835) (30,997) 18,000 Itau Unibanco Holding SA (Pref) 252,518 21,350 25,800 Banco Daycoval SA (Pref) 100,010 (24,217) 172,612 Itausa - Investimentos Itau SA 680,963 (12,880) 40,400 Banco do Brasil SA 442,935 30,749 314,500 JBS SA 1,134,063 18,061 81,500 Banco do Estado do Rio Grande (72,400) JHSF Participacoes SA (142,966) 95,057 do Sul SA 'B' (Pref) 475,460 (94,149) 2,300 JSL SA 15,758 (77) 11,700 Banco Industrial e Comercial SA (Pref) 37,468 6,240 106,100 Klabin SA (Pref) 560,219 (55,428) (28,900) Banco Panamericano SA (Pref) (57,564) 15,790 38,000 Laep Investments Ltd BDR 4,568 (2,423) (53,400) Banco Santander Brasil (12) Latam Airlines Group SA (13) (13) SA/Brazil (Unit) (341,329) 35,114 (100) Latam Airlines Group SA BDR (1,588) (49) 123,600 BM&FBovespa SA 619,194 (124,201) (2,655) Localiza Rent a Car SA (38,808) 3,912 (66,700) BR Malls Participacoes SA (550,894) 316,941 3,100 Lojas Americanas SA (Pref) 20,973 (1,563) (137,500) BR Properties SA (1,141,554) 228,475 (500) LPS Brasil Consultoria de Imoveis SA (3,462) (155) 65,800 Bradespar SA 707,290 (73,080) (9,500) Lupatech SA (2,977) 222 (145,300) Brasil Brokers Participacoes SA (356,779) 86,679 40,200 Magazine Luiza SA 145,821 (9,299) 63,800 Braskem SA 564,190 (2,637) (222,000) Magnesita Refratarios SA (567,032) 151,893 (25,600) BRF SA (560,464) 13,849 56,900 Mahle-Metal Leve SA Industria (137,300) CCR SA (1,079,186) 160,670 e Comercio 679,038 (43,188) (68,200) CETIP SA - Mercados Organizados (744,213) 1,864 (194,700) Marcopolo SA (487,272) 60,011 12,000 Cia Brasileira de Distribuicao 13,600 Metalurgica Gerdau SA (Pref) 132,877 (8,688) Grupo Pao de Acucar 563,451 (29,590) (16,600) Mills Estruturas e Servicos (4,400) Cia de Gas de Sao Paulo 'A' (Pref) (112,932) 3,211 de Engenharia SA (222,188) 41,817 (4,800) Cia de Locacao das Americas (15,722) 8,169 141,800 MRV Engenharia e Participacoes SA 565,496 (13,601) 53,300 Cia de Saneamento Basico do Estado (18,114) Multiplan Empreendimentos de Sao Paulo 557,825 (14,605) Imobiliarios SA (399,915) 45,606 (2,700) Cia de Saneamento de Minas (9,500) Natura Cosmeticos SA (174,952) 574 Gerais-COPASA (44,287) (1,356) (266,200) Odontoprev SA (1,082,170) 59,204 746 Cia Energetica de Minas Gerais 157,100 Oi SA 253,572 (32,127) GER (Pref) 6,222 (529) 380,900 Oi SA (Pref) 582,101 (18,017) (9,900) Cia Ferro Ligas da Bahia - Ferbasa (58,010) 1,585 (1,161,000) PDG Realty SA Empreendimentos (27,500) Cia Hering (361,945) 240,998 e Participacoes (832,312) 352,887 (99,900) Cia Siderurgica Nacional SA (516,761) (70,959) 19,300 Petroleo Brasileiro SA 159,653 (3,084) (38,900) Cielo SA (1,120,160) 50,246 60,000 Porto Seguro SA 764,456 92,562 38,800 Contax Participacoes SA (Pref) 55,464 (13,938) (400) Positivo Informatica SA (536) 172 47,000 Cosan SA Industria e Comercio 867,165 (27,217) 39,500 Profarma Distribuidora de Produtos 5,400 Cremer SA 37,090 705 Farmaceuticos SA 322,172 (14,001) 116,500 Cyrela Brazil Realty SA 122,100 QGEP Participacoes SA 529,388 (85,449) Empreendimentos e Participacoes 785,169 (39,152) (7,500) Qualicorp SA (69,253) (17,079) (2,300) Cyrela Commercial Properties SA 216,800 Randon Participacoes SA (Pref) 1,116,806 (12,939) Empreendimentos e Participacoes (20,240) 7,980 (67,500) Refinaria De Petroleos (Pref) (8,403) 1,794 258,400 Diagnosticos da America SA 1,310,025 (95,502) (15,018) Refinaria De Petroleos 118,900 Direcional Engenharia SA 634,440 (84,520) de Manguinhos SA (193) 632 (177,700) Duratex SA (1,032,102) (27,560) (25,000) Rossi Residencial SA (23,181) 94 (181,500) EcoRodovias Infraestrutura 57,500 Santos Brasil Participacoes SA (Unit) 479,105 (236,831) e Logistica SA (1,133,645) 146,601 20,200 Saraiva SA Livreiros Editores (Pref) 216,871 (55,390) (73,800) Embraer SA (572,152) 13,991 1,400 SLC Agricola SA 11,743 (975) (405,700) Eneva SA (513,765) 160,360 19,200 Sonae Sierra Brasil SA 159,897 (32,714) (110,500) Equatorial Energia SA (1,130,852) (60,700) (39,200) Souza Cruz SA (392,421) 185,266 131,500 Estacio Participacoes SA 1,135,207 128,119 8,800 Sul America SA (Unit) 59,158 (4,203) 141,200 Eternit SA 542,494 (73,168) 4,900 Suzano Papel e Celulose SA 'A' (Pref) 17,879 (1,748)

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

Unaudited Interim Report and Accounts 23 BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Brazil continued Canada continued 14,200 T4F Entretenimento SA 29,564 (10,672) (116,772) Cameco Corp (2,377,381) (90,334) (17,400) Technos SA (117,046) 17,947 12,650 Canaccord Genuity Group Inc 71,739 (6,137) 152,500 Tecnisa SA 580,672 (62,885) (10,987) Canadian Apartment Properties (28,600) Tegma Gestao Logistica (257,946) 108,209 REIT (Reit) (214,963) 33,098 2,084 Telecomun Brasileiras SA (Pref) 2,568 (577) 11,700 Canadian Imperial Bank (5,700) Tereos Internacional SA (6,778) 867 of Commerce/Canada 1,010,646 47,708 117,800 Tim Participacoes SA 570,922 (53,247) (21,413) Canadian National Railway Co (2,430,720) (379,418) 12,000 Totvs SA 189,363 (11,264) (7,150) Canadian Natural Resources Ltd (234,166) (659) (65,800) Tractebel Energia SA (1,088,899) 39,842 (31,069) Canadian Oil Sands Ltd (583,351) 32,190 5,400 UNICASA Industria de Moveis SA 14,279 (393) (15,548) Canadian Pacific Railway Ltd (2,396,861) (196,825) 119,200 Usinas Siderurgicas de Minas 39,117 Canadian Real Estate Investment Gerais SA 'A' (Pref) 640,646 109,884 Trust (Reit) 1,573,923 (81,051) 40,700 Vale SA 568,175 (56,171) 24,650 Canadian Tire Corp Ltd 'A' 2,336,857 72,454 28,000 Valid Solucoes e Servicos 68,464 Canadian Utilities Ltd 'A' 2,332,176 127,185 de Seguranca em Meios (40,042) Canadian Western Bank (1,296,256) (117,672) de Pagamento e Identificacao SA 440,884 (4,721) (237,121) Canexus Corp (1,335,767) 451,217 (379,800) Vanguarda Agro SA (555,964) 66,795 (42,063) Canfor Corp (932,701) (308,590) 58,100 WEG SA 794,869 20,116 (33,638) Capital Power Corp (663,858) 41,490 10,400 Wilson Sons Ltd BDR 133,488 18,326 102,080 Capstone Mining Corp 262,919 15,551 1,883,115 1,560,015 (6,750) Catamaran Corp (307,068) 23,768 29,748 CCL Industries Inc 'B' 2,401,209 861,260 Canada 32,254 Cenovus Energy Inc 931,952 4,801 12,385 Advantage Oil & Gas Ltd 49,634 10,841 58,845 Centerra Gold Inc 170,751 (96,546) 165,053 Aecon Group Inc 2,355,671 414,365 11,933 CGI Group Inc 'A' 450,928 35,525 (48,014) AGF Management Ltd 'B' (650,776) (183,585) 22,973 Chartwell Retirement (2,000) Agnico Eagle Mines Ltd (54,499) (2,640) Residences (Reit) 214,748 (33,192) (4,650) Agrium Inc (420,829) (1,483) (25,954) China Gold International 50,226 Aimia Inc 892,959 143,473 Resources Corp Ltd (72,122) 23,411 109,735 Alacer Gold Corp 212,625 (283,492) 71,038 CI Financial Corp 2,310,414 409,266 53,973 Alamos Gold Inc 683,590 15,702 (4,000) Cineplex Inc (161,626) (374) (148,803) Algonquin Power & Utilities Corp (956,390) 33,039 19,300 Cogeco Cable Inc 872,878 (45,859) 32,396 Alimentation Couche Tard Inc 'B' 2,387,138 556,707 (139,702) Cominar Real Estate Investment (2,504) Allied Properties Real Estate Trust (Reit) (2,380,744) 665,527 Investment Trust (Reit) (76,493) 4,256 (3,719) Constellation Software Inc/Canada (660,808) (58,491) (26,802) AltaGas Ltd (976,069) (73,224) (96,936) Corus Entertainment Inc 'B' (2,221,832) 33,675 (34,700) ARC Resources Ltd (946,871) (66,878) (41,600) Cott Corp (354,268) (13,169) (48,794) Argonaut Gold Inc (257,345) 206,930 31,109 Crescent Point Energy Corp 1,171,439 (11,845) (113,337) Artis Real Estate Investment (80,040) Crew Energy Inc (434,243) 81,190 Trust (Reit) (1,539,369) 243,222 (149,592) Crombie Real Estate Investment 50,156 Atco Ltd/Canada 'I' 2,292,101 948,487 Trust (Reit) (1,877,677) 330,126 (369,300) Athabasca Oil Corp (2,261,875) (41,733) 23,369 Davis & Henderson Corp 619,787 125,826 (334,679) Atlantic Power Corp (1,224,204) 570,439 12,968 DeeThree Exploration Ltd 113,256 13,175 (21,450) ATS Automation Tooling Systems Inc (266,402) 16,190 (192,363) Detour Gold Corp (758,179) 1,202,122 (80,719) AuRico Gold Inc (306,702) 323,847 3,900 Dollarama Inc 316,092 (15,099) 249,336 B2Gold Corp 511,398 (353,563) 46,746 Dominion Diamond Corp 633,148 (7,954) (34,234) Bank of Montreal (2,393,144) (311,029) 15,494 Dorel Industries Inc 'B' 543,022 (77,101) (38,950) Bank of Nova Scotia (2,411,366) (120,362) (36,820) Dream Unlimited Corp (547,080) (259,664) 117,536 Bankers Petroleum Ltd 446,592 130,625 (8,920) Dundee Corp 'A' (155,805) 118,367 63,350 Barrick Gold Corp 1,050,844 (189,779) (121,700) Dundee International Real Estate 41,200 Baytex Energy Corp 1,660,851 (162) Investment Trust (Reit) (983,492) 124,409 29,000 BCE Inc 1,291,021 51,719 (39,095) Dundee Real Estate Investment (88,469) Bell Aliant Inc (2,256,043) 111,576 Trust (Reit) 'A' (1,029,847) 386,004 74,000 Bellatrix Exploration Ltd 497,297 110,297 (81,233) Eldorado Gold Corp (494,462) 663,758 (55,934) Birchcliff Energy Ltd (391,221) 27,748 137,699 Element Financial Corp 1,909,305 882,057 87,534 Black Diamond Group Ltd 2,444,830 551,465 (61,058) Emera Inc (1,689,194) 101,493 (194,279) BlackPearl Resources Inc (438,872) 75,748 20,150 Empire Co Ltd 'A' 1,442,687 (136,793) 42,350 Boardwalk Real Estate Investment 22,670 Enbridge Inc 939,584 (32,227) Trust (Reit) 2,375,683 (15,499) (107,683) Enbridge Income Fund Holdings Inc (2,332,792) 296,776 153,501 Bombardier Inc 'B' 699,315 118,618 52,137 Endeavour Silver Corp 197,115 (248,874) (55,231) Bonavista Energy Corp (710,486) 31,407 119,199 Enerflex Ltd 1,575,612 144,705 (4,750) Bonterra Energy Corp (241,002) (10,388) 63,137 Enerplus Corp 1,178,000 80,496 44,579 Brookfield Asset Management Inc 'A' 1,736,811 86,525 (34,429) Ensign Energy Services Inc (523,594) 28,073 (129,980) CAE Inc (1,471,796) (179,800) 1,900 Extendicare Inc 12,230 (751) (1,100) Calfrac Well Services Ltd (32,990) 483 (10,950) Finning International Inc (251,498) (3,249) (29,514) Calloway Real Estate Investment (91,355) First Capital Realty Inc (1,511,070) 138,789 Trust (Reit) (706,885) 55,258 (16,720) First Majestic Silver Corp (163,249) 141,097

24 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Canada continued Canada continued (38,400) First Quantum Minerals Ltd (650,767) 18,463 (8,800) Pacific Rubiales Energy Corp (164,522) 29,241 44,398 FirstService Corp/Canada 1,851,455 240,620 9,643 Pan American Silver Corp 100,714 (79,781) (79,373) Fortis Inc/Canada (2,342,929) 218,083 (1,510) Paramount Resources Ltd 'A' (52,236) (13,693) 58,889 Fortuna Silver Mines Inc 199,265 (67,876) 1,100 Parkland Fuel Corp 18,954 (141) 6,350 Franco-Nevada Corp 254,960 (24,812) 18,647 Pason Systems Inc 397,086 72,575 (15,789) Freehold Royalties Ltd (332,793) 14,823 74,598 Pembina Pipeline Corp 2,387,418 170,158 (51,471) Genivar Inc (1,536,833) (469,124) (260,939) Pengrowth Energy Corp (1,632,719) (310,358) 69,860 Genworth MI Canada Inc 2,283,986 183,930 (70,196) Penn West Petroleum Ltd (603,102) 159,088 9,800 George Weston Ltd 740,372 (56,559) (58,050) Peyto Exploration & 94,258 Gibson Energy Inc 2,295,868 35,718 Development Corp (1,740,403) (130,957) 10,319 Gildan Activewear Inc 502,295 38,332 (26,058) Poseidon Concepts Corp (6,650) 98,040 (28,650) Goldcorp Inc (646,656) 40,335 (38,950) Potash Corp of Saskatchewan Inc (1,235,135) (17,207) 167,750 Gran Tierra Energy Inc 1,197,082 (56,862) 80,310 Power Corp of Canada 2,466,231 382,715 38,300 Granite Real Estate Investment (71,782) Power Financial Corp (2,450,629) (194,066) Trust (Reit) 1,295,974 (86,160) (20,850) Precision Drilling Corp (194,508) 21,124 (77,574) Great-West Lifeco Inc (2,415,939) (463,210) (200) Progressive Waste Solutions Ltd (5,163) (17) (7,650) H&R Real Estate Investment 96,802 Quebecor Inc 'B' 2,432,859 274,636 Trust (Reit) (154,157) (421) (90,783) Reitmans Canada Ltd 'A' (514,837) 458,141 (5,050) Home Capital Group Inc (404,573) (34,335) (450) RioCan Real Estate Investment (98,950) HudBay Minerals Inc (722,952) 59,088 Trust (Reit) (10,501) 6 6,000 Husky Energy Inc 169,962 (3,105) (115,000) Ritchie Bros Auctioneers Inc (2,361,957) (171,021) 51,010 IAMGOLD Corp 218,408 (380,772) 23,808 Rogers Communications Inc 'B' 1,074,060 (69,925) 2,700 IGM Financial Inc 138,241 (388) (131,782) RONA Inc (1,619,250) (239,939) (57,003) Imperial Oil Ltd (2,423,436) (136,990) 34,500 Royal Bank of Canada 2,306,413 90,374 9,800 Industrial Alliance Insurance & (30,750) Russel Metals Inc (816,997) 22,705 Financial Services Inc 450,911 4,786 147,790 Sandvine Corp 377,158 27,377 10,900 Intact Financial Corp 697,167 16,931 (51,636) Saputo Inc (2,387,067) 48,870 25,000 Intertape Polymer Group Inc 332,467 (28,673) 124,475 Savanna Energy Services Corp 907,091 24,922 16,513 Jean Coutu Group PJC Inc/The 'A' 281,252 16,337 (147,755) Secure Energy Services Inc (2,279,170) (768,448) 100,395 Just Energy Group Inc 705,991 (188,430) 105,529 SEMAFO Inc 281,278 (17,629) 68,221 Kelt Exploration Ltd 590,002 108,701 (51,142) Shaw Communications Inc 'B' (1,188,641) (28,432) 21,481 Keyera Corp 1,245,411 14,621 17,425 Shawcor Ltd 653,026 (49,524) 136,466 Kinross Gold Corp 643,635 (723,168) (98,600) Sherritt International Corp (322,454) 27,988 1,350 Labrador Iron Ore Royalty Corp 40,219 (1,517) (55,489) Silver Standard Resources Inc (330,417) 219,366 53,225 Laurentian Bank of Canada 2,387,076 39,347 (25,150) Silver Wheaton Corp (532,001) 77,583 64,700 Legacy Oil + Gas Inc 376,092 (55,168) 70,178 Silvercorp Metals Inc 179,093 (202,898) (77,742) Lightstream Resources Ltd (409,652) 162,900 (54,385) SNC-Lavalin Group Inc (2,428,820) (189,241) 10,023 Linamar Corp 396,657 114,429 26,262 Stantec Inc 1,699,832 597,842 (4,300) Loblaw Cos Ltd (176,674) (475) (37,867) Sun Life Financial Inc (1,334,651) (226,447) (50,338) Lundin Mining Corp (207,918) 13,847 70,375 Suncor Energy Inc 2,443,170 208,040 (5,131) MacDonald Dettwiler & Associates Ltd (408,249) (46,805) 223,356 Superior Plus Corp 2,353,894 (241,709) 4,796 Magna International Inc 391,432 33,054 92,199 Surge Energy Inc 553,368 237,132 (88,409) Manitoba Telecom Services Inc (2,429,158) 390,063 (42,175) Tahoe Resources Inc (750,619) (30,648) 6,979 Manulife Financial Corp 135,754 28,115 (33,894) Talisman Energy Inc (401,090) (4,459) (148,369) Maple Leaf Foods Inc (2,382,599) (457,134) 52,850 Teck Resources Ltd 'B' 1,284,785 (129,704) 201,529 Martinrea International Inc 1,664,805 (167,780) 51,306 TELUS Corp 1,822,866 684,012 26,250 Methanex Corp 1,627,103 47,551 (56,387) Thomson Reuters Corp (2,128,636) (389,683) 4,000 Metro Inc 233,384 (18,378) (33,485) Tim Hortons Inc (1,946,118) (132,455) (7,088) Mullen Group Ltd (187,584) (36,939) (17,100) TMX Group Ltd (850,959) (61,085) 6,400 National Bank of Canada 559,123 29,368 (225,766) Torex Gold Resources Inc (202,720) 259,220 98,466 Nevsun Resources Ltd 324,808 (29,348) 72,598 Toromont Industries Ltd 1,756,625 44,681 (74,601) New Gold Inc (391,338) 408,922 15,074 Toronto-Dominion Bank/The 1,381,593 54,201 (34,450) Norbord Inc (1,048,478) (20,554) (174,032) TransAlta Corp (2,327,555) 155,591 34,175 North West Co Inc/The 861,481 55,863 (7,550) TransCanada Corp (336,467) 3,727 (2,351) Northern Dynasty Minerals Ltd (2,778) 10,603 154,687 Transcontinental Inc 'A' 2,422,650 388,778 76,296 Northern Property Real Estate 63,385 TransForce Inc 1,507,940 281,645 Investment Trust (Reit) 2,005,474 (402,421) 145,071 TransGlobe Energy Corp 1,269,714 (157,856) 15,741 Northland Power Inc 234,181 (53,587) (120,700) Trican Well Service Ltd (1,445,434) 87,121 (179) NovaCopper Inc (365) (365) (16,050) Trilogy Energy Corp (407,621) (1,480) (254,912) Novagold Resources Inc (592,707) 340,466 104,589 Trinidad Drilling Ltd 978,668 203,139 (57,800) NuVista Energy Ltd (387,883) (18,541) (215,008) Turquoise Hill Resources Ltd (906,366) 291,352 24 OceanaGold Corp 40 (20) (181,768) Veresen Inc (2,369,169) (184,622) (40,554) Onex Corp (2,208,621) (378,859) 31,300 Vermilion Energy Inc 1,715,879 125,979 (4,350) Open Text Corp (371,477) (21,568) 100,488 Vicwest Inc 1,208,136 (36,476) 121,262 Osisko Mining Corp 497,426 (242,084) (5,159) Wajax Corp (171,885) (2,746)

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

Unaudited Interim Report and Accounts 25 BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Canada continued Mexico continued 18,188 West Fraser Timber Co Ltd 1,613,368 40,860 61,800 Fomento Economico Mexicano 20,000 Westjet Airlines Ltd 517,391 119,453 SAB de CV 588,928 (9,017) (10,000) Westport Innovations Inc (213,138) 37,015 269,600 Genomma Lab Internacional (41,311) Westshore Terminals SAB de CV 'B' 776,058 121,502 Investment Corp (1,341,241) (245,219) (72,246) Gruma SAB de CV 'B' (501,450) 7,109 126,714 Whitecap Resources Inc 1,539,012 421,636 188,617 Grupo Aeromexico SAB de CV 259,675 (2,994) (35,150) Wi-Lan Inc (113,955) (1,569) 174,000 Grupo Aeroportuario del Centro 38,606 Yamana Gold Inc 350,300 (367,528) Norte Sab de CV 594,565 (11,608) 113,507 Grupo Aeroportuario del Pacifico SAB (318,514) 8,282,303 de CV 'B' 586,463 10,852 Chile 44,559 Grupo Aeroportuario del Sureste SAB 1,791 Antarchile SA 25,497 (1,788) de CV 'B' 596,465 38,711 460,180 Banco de Chile 67,159 3,749 (353,487) Grupo Bimbo SAB de CV 'A' (1,102,730) 58,694 5,915 CAP SA 111,976 (5,252) (85,204) Grupo Carso SAB de CV 'A1' (445,167) (4,331) 2,714 Cia Cervecerias Unidas SA 33,263 (2,617) (145,330) Grupo Comercial Chedraui SA de CV (475,538) (19,491) 6,226 Coca-Cola Embonor SA 'B' (Pref) 13,500 (3,834) (7,110) Grupo Elektra SAB de CV (263,234) (31,255) 253,247 Cruz Blanca Salud SA 167,133 (21,524) (44,000) Grupo Famsa SAB de CV 'A' (78,363) 874 40,533 Embotelladora Andina SA 'A' (Pref) 152,854 (50,405) (3,300) Grupo Financiero Banorte SAB 24,769 Embotelladora Andina SA 'B' (Pref) 120,961 (38,193) de CV 'O' (22,621) (1,017) 450,300 Grupo Financiero Inbursa SAB 11,246 Empresa Nacional de CV 'O' 1,178,063 51,470 de Electricidad SA/Chile 16,243 (520) 394,259 Grupo Financiero Santander Mexico (30,054) Empresas COPEC SA (413,678) (962) SAB de CV 'B' 1,108,734 (93,853) 305 Empresas Hites SA 236 – (104,505) Grupo Herdez SAB de CV (365,707) (12,558) 190,520 Empresas Iansa SA 7,185 (6,869) (250,900) Grupo Mexico SAB de CV 'B' (735,816) 24,821 1,739,402 Enersis SA 537,875 (106,391) 22,609 Grupo Simec SAB de CV 'B' 83,636 267 8,903 ENTEL Chile SA 126,725 (3,737) (95,000) Grupo Televisa SAB 'CPO' (579,025) (5,880) 26,395 Forus SA 139,353 (2,416) (203,453) Industrias CH SAB de CV (1,156,093) 154,575 488 Inversiones Aguas Metropolitanas SA 840 (47) (22,780) Industrias Penoles SAB de CV (575,114) 200,324 119,941 Parque Arauco SA 211,454 (86,658) 403,200 Kimberly-Clark de Mexico SAB 15,519 PAZ Corp SA 7,901 (338) de CV 'A' 1,193,847 (24,452) 430,200 Ripley Corp SA 324,465 (26,940) 297,020 Megacable Holdings SAB de CV 'CPO' 995,674 40,582 25,022 Salfacorp SA 24,298 384 (163,800) Mexichem SAB de CV (700,889) (13,149) 173,065 Sigdo Koppers SA 267,584 (15,418) (236,385) Minera Frisco SAB de CV 'A1' (526,652) 236,662 456,529 Sonda SA 1,099,251 (145,034) 15,600 OHL Mexico SAB de CV 40,991 (194) 3,042,075 (514,810) (52,400) Organizacion Soriana SAB de CV 'B' (167,143) (2,078) Colombia 96,758 Promotora y Operadora 8,055 Avianca Holdings SA (Pref) 14,823 (4,522) de Infraestructura SAB de CV 1,136,528 (10,348) 40,154 Cementos Argos SA 190,606 9,627 29,800 Sare Holding SAB de CV 'B' 818 (296) 7,630 Cemex Latam Holdings SA 56,559 (5,094) (396,082) TV Azteca SAB de CV 'CPO' (187,909) 62,623 1,747 Grupo Argos SA 18,250 (619) (155,600) Urbi Desarrollos Urbanos SAB de CV (18,633) 260 177 Grupo Aval Acciones y Valores 117 (2) (499,500) Wal-Mart de Mexico SAB de CV 'V' (1,305,255) 214,587 14 Grupo de Inversiones Suramericana SA 250 (24) (301,424) 1,110,095 8,681 Grupo Nutresa SA 117,736 6,888 398,341 6,254 Peru 523 Grana y Montero SA 2,052 (405) Mexico 300,587 Minsur SA 138,337 (2,223) 247,849 Alfa SAB de CV 'A' 731,028 158,174 58,304 Volcan Cia Minera SAA 'B' 23,505 (833) 88,400 Alpek SA de CV 194,860 4,598 163,894 (3,461) (220,292) Alsea SAB de CV (661,174) (75,893) (721,000) America Movil SAB de CV 'L' (839,744) (75,384) Spain 187,085 Arca Continental SAB de CV 1,169,963 (11,511) (18,330) Abertis Infraestructuras SA (389,498) (10,450) (2,116,010) Axtel SAB de CV (618,143) 54,300 (149,379) Banregio Grupo Financiero SAB de CV (826,038) (47,470) (389,498) (10,450) (19,500) Cemex SAB de CV (21,477) (304) 236,400 Cia Minera Autlan SAB de CV 'B' 158,673 (9,501) United States (2,600) Coca-Cola Femsa SAB de CV 'L' (31,097) (1,698) 5,182 1-800-Flowers.com Inc 'A' 25,703 1,767 (63,300) Consorcio ARA SAB de CV (26,748) 208 30,480 1st Source Corp 972,312 220,568 (51,690) Controladora Comercial 437 AAON Inc 13,495 2,298 Mexicana SAB de CV (208,956) 4,475 21,175 AAR Corp 666,801 296,805 (475,534) Corp GEO SAB de CV 'B' (60,209) 107,692 (953) Abaxis Inc (34,622) 1,909 (317,300) Desarrolladora Homex SAB de CV (58,810) 8,094 4,070 Abercrombie & Fitch Co 'A' 138,583 (2,238) 46,400 El Puerto de Liverpool SAB de CV 'C1' 511,185 22,597 (20,763) ABIOMED Inc (598,390) (89,580) (318,395) Empresas ICA SAB de CV (596,440) 3,547 2,668 ABM Industries Inc 74,517 4,238 305,198 Fibra Uno Administracion SA 6,822 Acacia Research Corp 101,989 (2,255) de CV (Reit) 948,597 (13,221) (28,759) Acadia Healthcare Co Inc (1,344,196) (562,136)

26 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued (11,614) ACADIA Pharmaceuticals Inc (269,793) (49,789) 3,287 Alliance Fiber Optic Products Inc 49,568 (10,497) (5,030) Acadia Realty Trust (Reit) (130,780) (5,720) 6,866 Alliance HealthCare Services Inc 198,977 44,300 (12,791) Accelerate Diagnostics Inc (169,481) (41,884) 7,870 Alliant Energy Corp 406,879 (10,923) 6,891 Acceleron Pharma Inc 150,293 15 (5,676) Allied Nevada Gold Corp (18,504) 12,707 (716) Accenture Plc 'A' (55,827) 425 (313) Allison Transmission Holdings Inc (8,579) (413) 35,516 Access National Corp 559,377 66,576 (10,044) Allscripts Healthcare Solutions Inc (150,861) – (27,483) Acco Brands Corp (167,921) 30,374 10,935 Allstate Corp/The 595,848 (734) 45,044 Acco Brands Corp 275,219 (28,347) (10,730) Alnylam Pharmaceuticals Inc (660,968) (75,994) (33,132) Accretive Health Inc (275,658) 110,665 8,067 Alon USA Energy Inc 112,051 (25,803) (38,707) Accuray Inc (305,398) (73,011) 4,965 Alpha & Omega Semiconductor Ltd 37,337 (1,722) 4,289 ACE Ltd 445,627 22,303 (22,053) Alpha Natural Resources Inc (146,652) 18,780 (600) AcelRx Pharmaceuticals Inc (5,532) (1,458) 15,048 Alphatec Holdings Inc 29,344 3,102 3,140 Aceto Corp 67,667 35,714 81,732 Altera Corp 2,653,838 29,798 (42,797) ACI Worldwide Inc (2,777,097) (488,009) 10,337 Altisource Residential Corp 286,335 80,577 1,058 Acorda Therapeutics Inc 37,125 3,020 (196) Altra Holdings Inc (5,860) (687) (43,126) Acorn Energy Inc (162,154) 140,561 (1,188) AM Castle & Co (16,656) 3,591 4,686 Actavis Plc 762,834 27,196 4,908 AMAG Pharmaceuticals Inc 122,798 16,121 (279) Actavis Plc (45,418) (4,711) (2,622) Amazon.com Inc (1,024,179) (60,299) 21,877 Activision Blizzard Inc 381,316 (6,344) 3,019 Ambarella Inc 74,811 38,822 (12,268) Actuant Corp 'A' (480,292) (98,637) (80,095) AmBev SA ADR (598,310) 4,007 (10,144) Acuity Brands Inc (1,048,687) 17,661 3,196 Ambit Biosciences Corp 39,950 (4,843) (9,336) Acxiom Corp (315,090) (3,086) 7,862 AMC Networks Inc 'A' 504,269 (5,692) 1,481 Adobe Systems Inc 84,299 1,043 14,960 Amdocs Ltd 606,030 (3,890) (38,736) ADTRAN Inc (985,831) (114,028) (11,004) Amedisys Inc (182,556) (43,753) (3,965) Advanced Emissions Solutions Inc (227,988) (131,847) (36,737) America Movil SAB de CV (853,768) (54,291) 13,330 Advanced Energy Industries Inc 324,186 84,683 (9,188) America's Car-Mart Inc/TX (386,264) 20,204 (39,871) Advanced Micro Devices Inc (143,536) 3,949 (2,158) American Axle & Manufacturing (14,526) Advent Software Inc (512,768) (13,089) Holdings Inc (43,138) (5,387) 17,242 Advent Software Inc 608,643 101,107 (28,818) American Capital Agency Corp (589,904) 27,665 (16,659) Advisory Board Co/The (1,085,167) (178,582) (8,666) American Capital Mortgage 7,224 Aegerion Pharmaceuticals Inc 526,846 39,035 Investment Corp (Reit) (166,214) 4,224 802 AerCap Holdings NV 16,834 69 13,208 American Capital Mortgage 51,621 Aeroflex Holding Corp 351,023 (41,655) Investment Corp (Reit) 253,329 (14,470) (15,999) Aeropostale Inc (159,190) 54,067 16,339 American Eagle Outfitters Inc 266,652 8,823 (13,975) Aerovironment Inc (417,573) (164,876) 15,952 American Electric Power Co Inc 756,444 (6,700) 6,169 AES Corp/VA 89,080 (5,182) 819 American Equity Investment 21,889 AFC Enterprises Inc 953,923 12,698 Life Holding Co 19,459 1,668 (18,428) Affymetrix Inc (155,717) (91,324) (2,561) American Financial Group Inc/OH (148,512) (4,928) (1,129) Aflac Inc (75,485) 700 792 American Homes 4 Rent 'A' (Reit) 12,989 (364) 6,310 AGCO Corp 367,053 2,785 2,052 American International Group Inc 102,313 1,640 (3,187) Agilent Technologies Inc (171,620) 1,874 (27) American National Insurance Co (3,105) 31 (59,630) Agilysys Inc (745,375) (94,043) 8,622 American Pacific Corp 357,296 153,146 829 Agios Pharmaceuticals Inc 14,922 (5,686) 70,261 American Realty Capital 17,344 AGL Resources Inc 812,220 (11,274) Properties Inc (Reit) 924,635 (8,291) 5,497 AH Belo Corp 'A' 42,547 12,889 14,694 American States Water Co 426,640 281,715 105,357 Air Lease Corp 3,350,353 155,016 (13,381) American Superconductor Corp (21,543) 22,380 889 Air Methods Corp 49,908 427 653 American Vanguard Corp 18,748 3,273 (13,364) Air Products & Chemicals Inc (1,464,828) 13,097 782 American Water Works Co Inc 33,227 (540) 15,058 Aircastle Ltd 281,283 57,038 146 American Woodmark Corp 5,303 325 2,129 Airgas Inc 233,849 2,505 22,058 Ameris Bancorp 456,601 42,466 (5,260) AK Steel Holding Corp (29,561) (13,411) 15,125 Amgen Inc 1,725,006 (8,933) (10,674) Akorn Inc (274,962) (54,145) 128,673 Amkor Technology Inc 770,751 253,977 939 Alamo Group Inc 55,346 8,950 (95,272) Amkor Technology Inc (570,679) (33,102) (2,265) Albany International Corp 'A' (83,624) (4,676) 16,848 AMN Healthcare Services Inc 233,513 27,027 6,109 Albany Molecular Research Inc 73,613 13,062 5,637 Ampco-Pittsburgh Corp 103,721 1,821 (1,685) Albemarle Corp (116,383) (2,032) 404 Amphenol Corp 'A' 34,328 (30) (68,148) Alcoa Inc (658,991) (43,615) (7,807) Ampio Pharmaceuticals Inc (61,207) (33,397) 9,882 Alere Inc 323,438 67,901 (3,065) Amtech Systems Inc (23,478) (5,160) 6,019 Alexander & Baldwin Inc 228,421 585 149 Amtrust Financial Services Inc 6,262 184 838 Alexion Pharmaceuticals Inc 102,504 (1,433) (82,823) Amyris Inc (222,794) 13,700 (5,965) Alexza Pharmaceuticals Inc (29,407) 4,719 6,526 Anadarko Petroleum Corp 576,637 (14,317) (1,930) Alico Inc (74,730) 7,574 (23,380) Analog Devices Inc (1,136,969) 25,943 (15,941) Allegheny Technologies Inc (530,676) 7,333 2,560 Angie's List Inc 32,768 1,702 (855) Allegiant Travel Co (97,043) (7,058) 11,129 AngioDynamics Inc 172,388 9,238 27 Allergan Inc/United States 2,636 33 5,808 Anika Therapeutics Inc 202,583 140,099 608 Alliance Data Systems Corp 148,072 117 4,636 ANN Inc 165,737 29,750

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

Unaudited Interim Report and Accounts 27 BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued (12,057) Annaly Capital Management 2,055 Avago Technologies Ltd 92,290 617 Inc (Reit) (122,740) 6,631 (3,040) AvalonBay Communities Inc (362,672) 2,797 (3,542) Annie's Inc (162,649) 11,446 9,198 AVEO Pharmaceuticals Inc 19,960 (17,787) (160,837) Antares Pharma Inc (622,439) (56,645) 23,781 Avery Dennison Corp 1,161,464 13,317 3,969 Anworth Mortgage Asset Corp (Reit) 17,702 (5,768) 8,658 AVG Technologies NV 149,437 (7,407) 4,404 AO Smith Corp 239,886 1,314 (438) AVG Technologies NV (7,560) 74 (4,591) Apache Corp (420,077) (2,743) 144,994 Aviat Networks Inc 359,585 (84,246) 8,143 Apco Oil and Gas International Inc 126,787 16,937 16,999 Avid Technology Inc 150,101 37,611 645 Apogee Enterprises Inc 23,117 3,146 (35,213) Avis Budget Group Inc (1,295,838) (89,224) 12,014 Apollo Education Group Inc 317,650 97,565 46,598 Avista Corp 1,268,398 (12,020) 10,660 Apollo Residential Mortgage Inc (Reit) 161,286 (68,466) 7,940 Aviv REIT Inc (Reit) 205,328 8,140 (2,493) Apple Inc (1,371,574) (75,796) (444) Aviv REIT Inc (Reit) (11,482) (97) 49,494 Applied Industrial Technologies Inc 2,391,550 59,832 6,339 Avon Products Inc 113,722 4,530 (79,755) Applied Materials Inc (1,382,952) 14,356 29,310 AVX Corp 400,081 61,453 (18,296) Applied Micro Circuits Corp (230,713) (82,180) (24,326) Aware Inc (143,523) (12,461) 23,364 Approach Resources Inc 492,046 (45,117) 16,865 Axcelis Technologies Inc 37,272 (874) (4,137) Approach Resources Inc (87,125) 21,411 5,240 Axiall Corp 237,739 10,166 (45,951) Aptargroup Inc (2,995,546) (106,371) 5,579 Axis Capital Holdings Ltd 277,555 3,124 (430) Arabian American Development Co (4,481) (1,102) 47,764 AXT Inc 109,380 (32,695) 4,360 Aratana Therapeutics Inc 81,837 16,995 (28,271) AZZ Inc (1,381,604) (128,113) 11,696 Arbor Realty Trust Inc (REIT) 77,778 14,888 (21,989) B&G Foods Inc (762,798) (8,118) 37,106 ARC Document Solutions Inc 319,483 227,119 8,136 B/E Aerospace Inc 713,690 34,442 (18,543) Arch Capital Group Ltd (1,094,593) (9,165) (42,449) Babcock & Wilcox Co/The (1,381,290) 1,817 (474) Arch Coal Inc (1,934) 4,778 (9,494) Badger Meter Inc (517,138) (101,473) 2,188 Arcos Dorados Holdings Inc 'A' 26,147 1,059 1,561 Baker Hughes Inc 89,196 (1,741) 1,000 Arctic Cat Inc 56,390 1,116 (4,649) Balchem Corp (276,290) (18,565) 5,075 Arden Group Inc 'A' 648,230 (13,025) 25,588 Ball Corp 1,290,147 5,484 24,759 Arena Pharmaceuticals Inc 161,676 20,604 4,979 Ballantyne Strong Inc 23,152 (5,247) 236 Ares Commercial Real Estate Corp (Reit) 3,099 77 (4,190) Bally Technologies Inc (311,066) (9,390) 7,724 Argan Inc 178,502 39,071 9,676 Banc of California Inc 123,369 (13,653) 10,585 Ariad Pharmaceuticals Inc 51,972 8,511 4,155 Bancfirst Corp 232,888 49,772 (112,767) ARMOUR Residential Inc (Reit) (444,302) 26,319 98 Banco de Chile ADR 8,673 (68) 5,381 Armstrong World Industries Inc 285,785 5,181 38,602 Banco Latinoamericano 1,326 Arqule Inc 3,196 274 de Comercio Exterior SA 1,033,376 198,423 11,623 Arrow Electronics Inc 598,817 (30,164) (80,952) Banco Santander Brasil SA/Brazil ADR (520,521) 17,809 (40,854) Arrow Financial Corp (1,127,979) (86,217) (25,285) Banco Santander Chile ADR (568,407) 17,954 (1,600) Arrowhead Research Corp (12,432) (783) (11,343) Bancolombia SA ADR (572,708) 30,226 1,033 ArthroCare Corp 38,944 1,499 (21,676) Bancorp Inc/DE (398,188) (100,013) 1,478 Arthur J Gallagher & Co 69,289 1,710 (7,456) BancorpSouth Inc (179,168) (61,782) 11,411 Artisan Partners Asset 5,830 Bank Mutual Corp 39,527 3,088 Management Inc 'A' 697,212 69,347 (13,605) Bank of Hawaii Corp (806,096) (4,991) 56,599 Aruba Networks Inc 1,004,066 27,788 (216) Bank of Marin Bancorp (9,742) (556) (13,237) Ascena Retail Group Inc (281,683) (290) (335) Bank of the Ozarks Inc (18,827) (69) 129 Ashford Hospitality Prime Inc (Reit) 2,657 2,657 (1,672) BankFinancial Corp (16,202) (1,202) 645 Ashford Hospitality Trust Inc (Reit) 5,250 (2,788) 5,231 Bankrate Inc 98,343 22,181 1,037 Ashland Inc 94,595 (560) (1,075) BankUnited Inc (34,626) (1,000) (5,231) ASML Holding NV/NY (491,086) (9,724) 5,756 Banner Corp 251,134 72,992 34,926 Aspen Insurance Holdings Ltd 1,418,694 89,204 (4,802) Barnes & Noble Inc (80,482) 4,093 22,455 Aspen Technology Inc 893,709 38,623 (55,145) Barnes Group Inc (2,021,064) (31,079) (54,846) Associated Estates Realty Corp (Reit) (881,375) (12,414) 282 Barrett Business Services Inc 24,021 721 3,635 Assurant Inc 236,493 13,332 25,985 Baxter International Inc 1,773,996 21,648 5,797 Assured Guaranty Ltd 137,969 1,217 (28,937) Bazaarvoice Inc (230,917) 53,484 (5,777) Astec Industries Inc (210,803) (8,523) (234) BBX Capital Corp 'A' (3,180) (88) (13,711) Astoria Financial Corp (193,462) (55,655) (18,113) Beacon Roofing Supply Inc (672,717) 26,006 (4,813) Astronics Corp (249,554) (114,010) (5,474) Beam Inc (371,192) 1,148 (697) Astronics Corp 'B' (35,192) (35,192) (1,314) Beazer Homes USA Inc (27,384) (2,659) (3,552) athenahealth Inc (465,241) 8,773 (26,383) bebe stores inc (155,396) (29,064) 10,310 Athlon Energy Inc 334,766 243 495 Becton Dickinson and Co 53,960 15 (1,596) Atlantic Tele-Network Inc (90,174) (5,017) 10,943 Bel Fuse Inc 'B' 249,610 53,380 26,467 Atlas Air Worldwide Holdings Inc 1,021,891 2,284 (40,616) Belden Inc (2,869,927) (132,488) (30,346) ATMI Inc (925,553) (114,804) (22,125) Bemis Co Inc (863,981) 2,295 994 AtriCure Inc 16,073 4,446 35,035 Benchmark Electronics Inc 807,907 119,275 126 Atrion Corp 35,048 10,723 3,821 Benefitfocus Inc 187,917 6,210 9,983 Atwood Oceanics Inc 523,409 (14,322) 3,364 Best Buy Co Inc 134,291 3,041 (5,971) Autoliv Inc (555,781) (22,147) 46,251 BGC Partners Inc 'A' 269,181 23,371 21,613 Auxilium Pharmaceuticals Inc 440,257 66,515 16,135 Big 5 Sporting Goods Corp 306,242 8,183

28 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued 1,494 Big Lots Inc 57,235 3,702 (5,407) Cabot Microelectronics Corp (245,045) (5,143) (26,038) Bill Barrett Corp (702,505) 30,073 (1,745) Caesars Entertainment Corp (35,790) (1,117) (268) Bio-Rad Laboratories Inc 'A' (33,063) (87) 17,807 CafePress Inc 118,951 14,037 (8,208) Bio-Reference Labs Inc (240,576) (7,440) 46,832 Calamos Asset Management Inc 'A' 526,860 65,565 (539) BioCryst Pharmaceuticals Inc (3,234) 290 3,520 CalAmp Corp 88,387 4,061 (58,333) BioDelivery Sciences International Inc (279,415) 1,925 789 Calavo Growers Inc 24,214 1,487 (4,153) BioMarin Pharmaceutical Inc (293,451) (5,690) 6,736 Calix Inc 68,438 (5,511) 28,312 BioScrip Inc 187,992 (128,628) (45,299) Callidus Software Inc (493,759) (301,364) (2,368) Biotime Inc (9,212) 427 12,862 Callon Petroleum Co 84,503 37,945 (563) Black Box Corp (15,663) (1,170) 4,096 Cambrex Corp 80,159 31,841 (74,653) Black Diamond Inc (1,001,097) (286,071) (6,735) Camden National Corp (291,491) (24,421) 4,779 Black Hills Corp 241,674 6,415 544 Camden Property Trust (Reit) 31,732 (832) (6,139) Blackbaud Inc (221,894) (50,475) (15,657) Cameron International Corp (864,736) 4,347 409 Blackstone Mortgage Trust (14,152) Campbell Soup Co (551,503) 48,824 Inc 'A' (Reit) 10,577 421 (1,936) Canadian Solar Inc (55,834) 3,498 3,112 Bloomin' Brands Inc 81,939 97 5,677 Cape Bancorp Inc 56,713 3,178 12,676 Blucora Inc 367,477 25,781 3,750 Capella Educations Co 247,950 47,133 539 Blue Nile Inc 24,643 7,115 23,037 Capital Bank Financial Corp 'A' 542,061 133,974 494 Bluebird Bio Inc 9,831 (3,906) 32,908 Capital Southwest Corp 1,136,971 1,031,567 3,508 Blyth Inc 44,201 (10,720) (40,216) Capstead Mortgage Corp (485,005) 3,647 (5,850) BNC Bancorp (87,867) (7,928) 26,259 Capstead Mortgage Corp 316,684 5,853 1,329 Bob Evans Farms Inc/DE 73,839 345 (328) Cardinal Financial Corp (5,799) (254) (1,881) Body Central Corp (7,505) 13,504 32,317 Cardinal Health Inc 2,100,605 3,002 6,904 Boeing Co/The 932,454 (562) 393 Cardiovascular Systems Inc 13,421 1,640 3,536 Boise Cascade Co 88,789 (24,475) 19,494 Cardtronics Inc 840,971 200,747 3,164 BOK Financial Corp 202,211 4,856 12,215 Career Education Corp 61,319 23,052 (10,326) Bon-Ton Stores Inc/The (186,901) (50,467) 6,760 CareFusion Corp 269,454 5,102 58,520 Booz Allen Hamilton Holding Corp 1,028,196 (15,968) (4,163) CarMax Inc (210,731) (5,774) (106) Boston Beer Co Inc/The 'A' (26,250) (7,706) 1,445 Carmike Cinemas Inc 35,099 4,069 1,554 Boston Scientific Corp 18,182 (213) (4,977) Carpenter Technology Corp (301,855) 2,414 (4,206) Bottomline Technologies (DE) Inc (146,243) (7,882) 991 Carter's Inc 70,272 745 (6,229) Boyd Gaming Corp (70,263) (17,587) (20,516) Cass Information Systems Inc (1,280,198) (352,182) 4,070 BP Prudhoe Bay Royalty Trust 309,198 (14,643) 14,061 Catamaran Corp 639,354 (16,325) 2,430 Brady Corp 'A' 75,549 5,029 3,546 Cathay General Bancorp 98,543 10,083 31,960 Braskem SA ADR 564,733 (13,402) 29,171 Cbeyond Inc 162,774 (20,626) 1,122 Bravo Brio Restaurant Group Inc 17,840 365 35,468 CBL & Associates Properties Inc (Reit) 650,483 (20,217) (5,204) BRE Properties Inc (267,798) 8,365 143 CBOE Holdings Inc 7,508 132 (25,340) BRF SA (555,706) 23,830 930 CBRE Group Inc 'A' 22,599 137 (2,159) Bright Horizons Family Solutions Inc (76,126) 2,043 69,730 CBS Corp 'B' 4,107,794 (6,758) (633) Brightcove Inc (8,894) (3,385) (3,872) Ceco Environmental Corp (61,604) (6,741) (16,663) Brink's Co/The (559,544) (11,929) 64,895 Cedar Realty Trust Inc (Reit) 375,742 6,798 (7,107) Bristol-Myers Squibb Co (368,356) 4,193 533 Celgene Corp 86,399 5,858 9,337 Bristow Group Inc 751,255 (18,456) (21,328) Cell Therapeutics Inc (41,163) (6,073) 7,938 Broadridge Financial Solutions Inc 304,978 14,189 (11,470) Celldex Therapeutics Inc (316,113) (34,362) (1,867) BroadSoft Inc (49,737) 12,025 2,266 Cellular Dynamics International 34,896 (3,766) (53,356) Brocade Communications Systems Inc (465,798) (34,462) 7,221 Celsion Corp 28,017 (215,465) (3,893) Brookdale Senior Living Inc (112,741) 3,582 (32,437) Cemex SAB de CV ADR (355,834) (4,986) (2,385) Brookline Bancorp Inc (21,775) (1,736) 6,565 Centene Corp 392,718 24,816 4,634 Brown & Brown Inc 147,083 (1,390) 1,577 Center Bancorp Inc 25,658 807 561 Brown Shoe Co Inc 14,771 2,095 4,652 Centerstate Banks Inc 49,497 2,788 (832) Bruker Corp (16,024) 166 (4,375) Central European Media 6,533 Brunswick Corp/DE 299,407 9,609 Enterprises Ltd 'A' (11,025) 10,827 (1,061) Bryn Mawr Bank Corp (31,830) (2,702) 58,649 Central Garden and Pet Co 452,770 (107,403) (11,661) BSB Bancorp Inc/MA (167,918) (4,391) 25,028 Central Garden and Pet Co 'A' 193,216 3,660 (1,804) Buckle Inc/The (95,828) (314) 45,555 Central Pacific Financial Corp 920,211 105,517 252 Buckle Inc/The 13,386 209 (37,866) Century Aluminum Co (342,687) 33,127 (1,118) Buffalo Wild Wings Inc (168,594) (984) 1,195 Century Bancorp Inc/MA 'A' 41,753 1,148 19,116 Build-A-Bear Workshop Inc 178,926 54,696 12,917 Century Casinos Inc 67,168 (4,708) 9,072 Builders FirstSource Inc 66,498 12,197 53,097 Cenveo Inc 182,654 41,608 3,498 Bunge Ltd 281,519 (1,988) (39,008) Cepheid Inc (1,795,928) (172,265) (23,187) Burger King Worldwide Inc (496,897) (44,701) (5,718) Cerner Corp (330,100) (1,735) 4,875 Burlington Stores Inc 138,450 843 (51,266) Cerus Corp (346,046) (145,979) (49,929) C&J Energy Services Inc (1,187,811) (151,052) (3,606) CH Robinson Worldwide Inc (212,466) 3,822 (5,012) Cabela's Inc (309,892) 8,871 (8,557) Charles River Laboratories (10,136) Cablevision Systems Corp 'A' (171,096) (19,765) International Inc (443,852) 3,505 (34,361) Cabot Corp (1,681,627) (75,648) (29,703) Charles Schwab Corp/The (734,852) (9,505)

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

Unaudited Interim Report and Accounts 29 BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued 9,910 Chart Industries Inc 970,784 (36,480) 1,086 Coherent Inc 75,477 10,607 (2,722) Charter Communications Inc 'A' (368,423) (18,129) (28,047) Cohu Inc (279,068) (8,550) (219) Chase Corp (7,001) (796) (3,527) Coldwater Creek Inc (3,174) 15,829 19,938 Chatham Lodging Trust (Reit) 405,539 85,415 (23,528) Cole Real Estate Investment Inc (Reit) (338,803) (19,226) 7,892 Checkpoint Systems Inc 113,645 (2,813) 37,378 Collectors Universe Inc 611,878 108,663 (25,714) Chefs' Warehouse Inc/The (644,136) (39,541) 71,607 Colony Financial Inc (Reit) 1,442,165 11,904 (7,799) Chemed Corp (606,372) (19,454) (733) Columbia Banking System Inc (20,414) (98) 14,467 Chemical Financial Corp 464,246 66,819 17,936 Columbia Banking System Inc 499,518 58,374 1,262 ChemoCentryx Inc 6,588 (3,524) 168 Columbia Sportswear Co 11,626 353 (4,151) Chemtura Corp (110,292) (20,702) (570) Columbus McKinnon Corp/NY (15,954) (1,063) 5,562 Cherokee Inc 78,424 3,491 7,418 Comcast Corp 'A' 370,010 15,949 12,650 Chesapeake Lodging Trust 300,690 (356) 5,519 Comerica Inc 251,942 4,139 (8,828) Chicago Bridge & Iron Co NV (682,140) 15,537 8,819 Commercial Metals Co 171,794 8,928 2,115 Children's Place Retail Stores Inc/The 116,515 1,454 (18,076) Commercial Vehicle Group Inc (134,124) 6,966 1,849 Chimerix Inc 29,621 (6,411) (4,575) CommonWealth REIT (Reit) (108,977) 1,174 6,577 China Biologic Products Inc 194,285 29,082 (791) Communications Systems Inc (9,097) (9) 6,026 China Cord Blood Corp 23,923 6,699 (48,851) Community Bank System Inc (1,899,327) (465,951) (7,377) Chindex International Inc (126,884) (16,729) 4,377 Compass Minerals International Inc 314,619 (54) 26 Chipotle Mexican Grill Inc 13,736 75 (9,867) Compass Minerals International Inc (709,240) 11,939 2,234 Chiquita Brands International Inc 23,859 (4,220) (81) Computer Programs & Systems (4,902) (41) (23,168) Choice Hotels International Inc (1,082,872) (32,641) (37,583) Computer Task Group Inc (714,453) 40,045 (11,067) Churchill Downs Inc (1,002,117) (61,065) 46,914 Compuware Corp 516,054 22,436 11,930 Cia Brasileira de Distribuicao (8,521) comScore Inc (230,067) 3,940 Grupo Pao de Acucar 564,050 (8,157) 4,316 Comstock Resources Inc 72,293 1,792 7,333 Cia Cervecerias Unidas SA ADR 179,585 (3,080) (1,146) Concur Technologies Inc (110,876) (853) 43,997 Cia de Minas Buenaventura SAA 517,405 (20,969) 783 CONMED Corp 31,962 3,051 (103,053) Cia Siderurgica Nacional SA ADR (541,028) 46,374 (6,614) Conn's Inc (392,739) (24,489) (6,059) Ciena Corp (133,662) 5,040 (2,213) Connecticut Water Service Inc (76,680) (8,063) 4,153 Cimarex Energy Co 393,497 (33,402) (410) ConnectOne Bancorp Inc (15,564) (1,067) 9,503 Cincinnati Bell Inc 30,220 (3,608) (3,874) CONSOL Energy Inc (136,597) 2,789 6,258 Cinemark Holdings Inc 206,514 476 (17,370) Consolidated Communications 1,463 CIRCOR International Inc 115,270 7,906 Holdings Inc (335,067) (66,077) 3,957 Cirrus Logic Inc 80,406 (9,447) 15,036 Consolidated Graphics Inc 968,018 416,085 (11,784) Cirrus Logic Inc (239,451) 9,888 173 Consolidated-Tomoka Land Co 6,339 42 5,549 CIT Group Inc 280,224 4,846 9,442 Constellium NV 'A' 199,037 15,703 1,327 Citi Trends Inc 22,015 2,111 3,859 Consumer Portfolio Services Inc 28,364 (10,569) 9,347 Citigroup Inc 499,784 27,909 365 Control4 Corp 6,358 385 (56,946) Citizens Inc/TX (494,861) 51,177 4,645 Copa Holdings SA 703,625 (5,404) 3,290 Citrix Systems Inc 194,044 6,843 (4,743) Corcept Therapeutics Inc (9,960) (1,833) (298) City Holding Co (14,650) (1,940) 383 Core Laboratories NV 69,737 (3,156) (10,575) CLARCOR Inc (644,335) (14,947) 777 Core-Mark Holding Co Inc 57,498 5,627 40 Clayton Williams Energy Inc 2,883 (235) (44,430) CoreLogic Inc/United States (1,570,601) (60,989) 56,816 Clean Energy Fuels Corp 708,496 54,270 (13,174) Cornerstone OnDemand Inc (660,544) (127,079) (48,355) Clean Energy Fuels Corp (602,987) 28,650 61,464 Cornerstone Therapeutics Inc 583,293 250,554 12,934 Clean Harbors Inc 680,975 (22,808) (20,627) Corning Inc (353,547) 99 (942) Clean Harbors Inc (49,596) 3,674 15,935 Corning Inc 273,126 2,072 (7,988) Clear Channel Outdoor Holdings Inc 'A' (69,895) (15,589) (21,759) Corporate Executive Board Co (1,612,559) (288,369) 4,497 Cliffs Natural Resources Inc 111,031 (3,726) 6,645 Corporate Office Properties (10,277) Clifton Savings Bancorp Inc (131,032) (4,386) Trust (Reit) 147,984 539 (19,300) Clorox Co/The (1,804,550) (29,744) (406) Corporate Resource Services Inc (1,076) 138 (399) Clovis Oncology Inc (24,499) (4,631) 18,131 Corvel Corp 832,576 190,821 (2,556) CME Group Inc/IL (209,873) 2,176 (3,872) Cousins Properties Inc (41,624) (358) 25,537 CNA Financial Corp 1,057,232 40,438 67,146 Covanta Holding Corp 1,174,384 1,513 (3,080) CNB Financial Corp/PA (61,692) (10,973) 573 Covisint Corp 7,214 163 (10,139) Coach Inc (585,426) (8,088) (1,705) CPI Aerostructures Inc (24,808) (4,960) 4,013 Coach Inc 231,711 14,447 (2,731) CR Bard Inc (381,493) (6,976) 3,914 Cobalt International Energy Inc 87,047 (584) 22,752 CRA International Inc 423,870 (63,883) (5,903) Cobalt International Energy Inc (131,283) 21,584 (1,317) Craft Brew Alliance Inc (23,443) (6,602) (2,024) CoBiz Financial Inc (23,236) (9,056) 7,294 Crawford & Co 'B' 74,034 23,786 (28,994) Coca-Cola Co/The (1,172,227) (4,872) (30,051) Cray Inc (712,209) (85,864) (3,017) Coca-Cola Femsa SAB de CV ADR (360,411) (15,059) (4,437) Credicorp Ltd (573,970) 12,619 31,659 Codexis Inc 47,172 (25,029) 1,119 Credicorp Ltd 144,754 736 (1,647) Coeur d'Alene Mines Corp (17,853) 952 57 Credit Acceptance Corp 7,282 126 (40,399) Cogent Communications Group Inc (1,562,633) (438,016) 3,107 Cree Inc 174,676 (1,216) 46,359 Cognex Corp 1,547,000 93,080 (6,616) Crimson Wine Group Ltd (56,567) (2,206) (37,695) Cohen & Steers Inc (1,512,323) (121,146) 9,618 Crocs Inc 132,247 (26,714)

30 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued 45,342 Cross Country Healthcare Inc 335,531 111,543 6,916 Digital Realty Trust Inc (Reit) 329,063 3,238 (650) Crosstex Energy Inc (21,411) (10,081) (4,308) DigitalGlobe Inc (171,329) (14,374) 1,894 Crown Castle International Corp 140,629 293 (68,055) Dime Community Bancshares Inc (1,153,532) (67,476) 32,714 Crown Media Holdings Inc 'A' 107,629 31,696 1,693 DineEquity Inc 142,601 1,376 890 CST Brands Inc 29,646 (240) 44,788 Diodes Inc 915,467 (168,216) 69,948 CTC Media Inc 884,143 181,640 7,844 DIRECTV 517,782 9,107 (368) CTS Corp (6,694) 84 (8,943) DISH Network Corp 'A' (483,190) (27,634) (23,346) CubeSmart (Reit) (378,672) (34,276) (2,800) Diversified Restaurant Holding Inc (16,072) 5,897 (10,577) Cubic Corp (598,976) (43,760) 161,622 Dolan Co/The 113,152 (400,047) 422 Cubist Pharmaceuticals Inc 29,004 255 557 Dollar General Corp 32,050 (958) (23,166) Cubist Pharmaceuticals Inc CVR (38,224) 214,072 4,432 Dollar Tree Inc 247,527 (11,743) 14,698 Culp Inc 297,634 88,985 27,839 Dominion Diamond Corp 376,940 (42,622) 95,232 Cumberland Pharmaceuticals Inc 473,303 29,499 14,707 Domino's Pizza Inc 1,019,342 6,890 (31,726) Curis Inc (104,696) 16,096 2,245 Domtar Corp 193,676 1,010 32,010 Cutera Inc 301,854 (54,206) (14,236) Dorman Products Inc (711,800) (59,101) (5,504) CVB Financial Corp (88,669) (448) (3,535) Douglas Dynamics Inc (56,348) (5,649) (4,870) Cvent Inc (160,710) (50) (15,589) DreamWorks Animation SKG Inc 'A' (497,367) 2,660 2,234 Cvent Inc 73,722 (12,280) 2,629 Dresser-Rand Group Inc 149,012 (443) (2,863) CVR Energy Inc (112,401) (3,769) (2,428) Dresser-Rand Group Inc (137,619) 8,085 8,913 CVS Caremark Corp 601,984 17,113 8,041 Dril-Quip Inc 874,137 (52,910) (466) Cyan Inc (1,985) 1,661 (41,725) DryShips Inc (144,369) (13,010) 6,180 Cyberonics Inc 430,313 121,970 (7,176) DST Systems Inc (635,076) (8,468) (1,462) Cynosure Inc 'A' (37,413) (3,499) 418 DTE Energy Co 27,989 (823) 7,771 CyrusOne Inc (Reit) 156,974 10,588 (7,542) DTS Inc/CA (170,374) (14,999) (3,124) CYS Investments Inc (Reit) (25,117) (37) 11,535 Ducommun Inc 292,758 43,406 7,667 Cytec Industries Inc 684,280 24,611 (15,398) Dun & Bradstreet Corp/The (1,807,879) (34,598) (261) Daily Journal Corp (37,845) (5,544) 18,117 Dunkin' Brands Group Inc 893,168 29,107 5,158 Daktronics Inc 79,536 27,675 67,799 DuPont Fabros Technology Inc (Reit) 1,595,310 (12,420) (5,902) Darden Restaurants Inc (314,695) 1,062 (2,098) Durata Therapeutics Inc (26,099) (6,023) 46,695 Darling International Inc 962,384 5,420 (1,724) DXP Enterprises Inc (168,607) (29,628) (8,005) Datalink Corp (83,012) (1,573) (32,148) Dyax Corp (264,578) (20,470) (233) Datawatch Corp (7,847) (1,609) (675) Dycom Industries Inc (19,271) 775 (14,399) DaVita HealthCare Partners Inc (861,204) (13,247) (31,752) Dynergy Inc (682,350) (14,982) 6,836 Dawson Geophysical Co 215,949 1,015 (26,591) E2open Inc (591,118) (73,682) 9,337 Dean Foods Co 169,653 (14,172) (2,313) Eagle Bancorp Inc (76,236) (10,662) 777 Deckers Outdoor Corp 63,629 9,936 105,714 EarthLink Inc 561,341 (24,691) (5,501) Deckers Outdoor Corp (450,477) (19,095) (1,070) Eastern Insurance Holdings Inc (26,215) (4,149) 1,602 Delek US Holdings Inc 47,932 (6,508) 14,443 Eastman Chemical Co 1,113,555 (2,712) (799) Delphi Automotive Plc (46,638) (1,146) (32,841) Eaton Vance Corp (1,385,562) 25,878 (2,746) Delta Air Lines Inc (79,936) (2,719) 39,917 eBay Inc 2,015,010 38,951 28,607 Delta Apparel Inc 492,613 50,019 40,766 Echelon Corp 95,392 (1,855) (544) Delta Natural Gas Co Inc (12,066) 298 6,897 Echo Global Logistics Inc 141,733 11,797 243 Deltic Timber Corp 15,066 195 14,741 EchoStar Corp 'A' 727,911 7,336 15,881 Deluxe Corp 799,608 222,802 (19,204) Education Management Corp (231,984) (392) (586) Deluxe Corp (29,505) (866) (44,977) Education Realty Trust Inc (Reit) (390,850) 74,077 13,794 Demand Media Inc 74,074 (19,162) 2,995 Edwards Lifesciences Corp 196,682 2,037 (2,791) Demandware Inc (159,785) (7,997) 2,596 eHealth Inc 117,157 71,581 6,419 Denbury Resources Inc 107,518 (5,713) (366) EI du Pont de Nemours & Co (22,568) 165 (40,516) Derma Sciences Inc (469,986) (14,758) 31,317 Einstein Noah Restaurant Group Inc 504,204 33,726 (124,018) Desarrolladora Homex SAB 4,276 El Paso Electric Co 153,423 3,068 de CV ADR (140,140) 50,532 11,997 Electro Scientific Industries Inc 123,809 (7,231) 105 Destination Maternity Corp 3,240 3 50,322 Electronic Arts Inc 1,117,148 (89,453) (75,111) Destination Xl Group Inc (522,773) (141,759) 9,181 Electronics For Imaging Inc 364,302 40,047 9,154 Devon Energy Corp 556,197 2,269 (201) Elephant Talk Communications Corp (187) 304 (7,252) DeVry Education Group Inc (255,125) 432 (14,123) Elizabeth Arden Inc (563,649) 85,387 (3,587) Diamond Foods Inc (89,567) (16,806) (171) Ellie Mae Inc (4,831) 501 (1,297) Diamond Hill Investment Group (18,592) Embraer SA (579,141) (5,835) Inc GRP (161,477) (27,302) (752) EMC Corp/MA (17,950) 98 (31,103) Diamond Offshore Drilling Inc (1,867,424) 33,000 (194) EMC Insurance Group Inc (6,031) 257 1,856 Diamond Resorts International Inc 33,222 (1,042) (861) Emcore Corp (4,563) 85 1,403 Diamondback Energy Inc 68,747 (5,280) (172) Emeritus Corp (3,856) (557) 3,167 Diana Shipping Inc 36,167 2,038 (3,613) Emerson Electric Co (244,239) 1,337 (7,889) Diebold Inc (269,173) (35,181) (16,721) Empire Resorts Inc (81,097) 10,032 1,099 Digi International Inc 12,638 1,480 10,048 Employers Holdings Inc 327,866 36,541 1,605 Digimarc Corp 29,692 (3,153) 13,160 Empresa Nacional de Electricidad 5,972 Digital Generation Inc 70,947 35,144 SA/Chile ADR 568,775 (18,391)

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

Unaudited Interim Report and Accounts 31 BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued (78,400) Empresas ICA SAB de CV ADR (589,568) (9,303) 16,622 Express Inc 407,073 52,768 1,382 Enanta Pharmaceuticals Inc 37,314 9,762 4,531 Express Scripts Holding Co 306,069 10,014 (4,036) Enbridge Energy Management LLC (116,479) (1,112) (137) Extra Space Storage Inc (Reit) (5,784) 89 (95) Encore Capital Group Inc (4,531) (21) 28,922 Extreme Networks Inc 201,442 42,315 (6,874) Encore Wire Corp (343,081) (43,781) (8,607) Exxon Mobil Corp (809,058) 10,931 (5,796) Endeavour International Corp (27,763) (8,400) 1,359 Ezcorp Inc 'A' 15,887 (10,183) 3,247 Endo Health Solutions Inc 218,556 7,878 5,727 F5 Networks Inc 470,473 731 (7,223) Endocyte Inc (80,681) (555) 14,830 Fabrinet 294,524 38,099 (1,932) Endologix Inc (34,583) (251) 138 Facebook Inc 'A' 6,486 (277) 1,463 Endurance International Group 20,716 4,583 228 FactSet Research Systems Inc 25,983 262 (417) Endurance Specialty Holdings Ltd (23,790) (196) (42,053) Fair Isaac Corp (2,474,399) (112,380) 2,422 Energen Corp 174,529 (9,446) (16,012) Fairpoint Communications Inc (146,670) 3,870 (962) Energizer Holdings Inc (107,023) (3,554) (167) Family Dollar Stores Inc (11,692) 2 795 Energizer Holdings Inc 88,444 4,118 1,073 Farmer Bros Co 21,932 6,257 (9,780) Energy Recovery Inc (48,998) (6,193) (325) Farmers Capital Bank Corp (6,893) (282) (254) Energy XXI Bermuda Ltd (6,901) 49 3,716 FARO Technologies Inc 204,789 76,781 1,407 EnerNOC Inc 24,172 6,265 22,256 FBR & Co 629,622 11,536 49,022 Enersis SA ADR 758,861 (103,410) 394 FEI Co 36,063 450 6,782 EnerSys Inc 485,862 19,301 23,176 FelCor Lodging Trust Inc (Reit) 166,867 59,804 3,175 Engility Holdings Inc 100,997 1,503 (457) Female Health Co/The (4,218) (23) 350 Ensign Group Inc/The 15,736 2,330 (17,748) Fibria Celulose SA ADR (214,928) (19,133) (2,142) Enstar Group Ltd (300,094) (8,498) (16,271) Fidelity National Financial Inc 'A' (475,601) (21,966) (11,588) Entegris Inc (127,236) (5,535) 1,725 Fidelity Southern Corp 29,946 3,198 10,362 Entegris Inc 113,775 11,798 (17,387) Fidus Investment Corp (375,907) (59,442) (11,213) Entercom Communications Corp 'A' (117,400) (34,131) 2,878 Fiesta Restaurant Group Inc 141,914 2,460 2,429 Enterprise Financial Services Corp 47,948 9,672 (25,957) Fifth & Pacific Cos Inc (849,832) (59,961) 12,464 Entravision Communications Corp 'A' 83,260 58,913 (1,360) Fifth Street Finance Corp (13,070) 1,694 632 Envestnet Inc 25,286 2,926 10,894 Finisar Corp 226,377 (14,166) 12,504 Envivio Inc 37,137 14,997 495 FireEye Inc 19,097 2,412 125,335 Enzon Pharmaceuticals Inc 200,536 (76,135) (1,078) First American Financial Corp (28,869) (1,477) 2,807 EOG Resources Inc 463,997 (17,067) (1,808) First Bancorp Inc/ME (32,454) (2,892) 725 EPAM Systems Inc 25,868 568 (31,210) First BanCorp/Puerto Rico (200,056) (14,992) (4,729) EPAM Systems Inc (168,731) (56,422) (13,184) First Bancorp/Troy NC (222,414) (31,237) 410 Epiq Systems Inc 6,790 1,070 2,021 First Busey Corp 12,207 1,199 427 ePlus Inc 23,754 897 (12,568) First Cash Financial Services Inc (802,153) (102,701) 9,571 EPR Properties (Reit) 486,398 (8,901) 9,627 First Citizens BancShares (51) Equifax Inc (3,438) 13 Inc/NC 'A' 2,157,988 339,945 (1,602) Equinix Inc (258,114) 10,397 (221) First Connecticut Bancorp 10,858 Equity Lifestyle Properties Inc (Reit) 387,848 (2,924) Inc/Farmington CT (3,739) (475) 87,383 Equity One Inc (Reit) 1,968,739 (70,295) (1,063) First Defiance Financial Corp (28,818) (607) (3,231) Equity Residential (Reit) (167,915) (2,351) (14,295) First Financial Bankshares Inc (957,765) (291,613) (785) Erickson Air Crane Inc (14,899) (481) (2,559) First Financial Corp/IN (94,043) (6,469) (5,234) Erie Indemnity Co 'A' (376,220) (9,683) 406 First Financial Holdings Inc 26,865 2,383 (21,532) ESB Financial Corp (305,539) (40,615) 766 First Financial Northwest Inc 8,265 (88) 1,505 ESCO Technologies Inc 51,320 2,470 (50,936) First Horizon National Corp (574,049) (5,499) 16,602 Essent Group Ltd 364,746 9,826 (8,394) First Industrial Realty Trust Inc (Reit) (147,399) (21,306) (21) Essex Property Trust Inc (Reit) (3,200) 79 1,688 First Interstate Bancsystem Inc 47,196 14,911 755 Estee Lauder Cos Inc/The 'A' 57,033 1,412 3,731 First Majestic Silver Corp 36,452 (2,100) 967 Esterline Technologies Corp 85,870 16,295 35,879 First Merchants Corp 761,711 165,426 (4,319) Ethan Allen Interiors Inc (132,464) 4,139 (2,053) First Niagara Financial Group Inc (23,014) (144) 5,935 Euronet Worldwide Inc 286,008 88,068 (1,795) First of Long Island Corp/The (76,736) (6,464) 65,649 EverBank Financial Corp 1,111,438 97,199 15,566 First Republic Bank/CA 799,003 2,487 (46,588) EverBank Financial Corp (788,735) (80,051) (5,400) First Solar Inc (323,352) (34,321) 3,171 Everest Re Group Ltd 502,350 3,898 488 Firsthand Technology Value Fund Inc 10,321 (279) 5,342 Evolution Petroleum Corp 65,386 1,470 5,611 Five Prime Therapeutics Inc 53,304 (2,173) 3,407 Exa Corp 49,401 15,684 4,992 Flagstar Bancorp Inc 91,468 17,856 (15,787) Exact Sciences Corp (194,180) (23,371) (4,451) Flagstar Bancorp Inc (81,556) (6,312) (11,810) ExamWorks Group Inc (342,018) (70,864) 8,130 FleetCor Technologies Inc 993,486 51,221 (9,568) Exar Corp (116,825) (4,012) 2,682 Flextronics International Ltd 20,249 (161) 15,282 EXCO Resources Inc 79,772 (3,336) (2,265) Flotek Industries Inc (47,474) (105) 53,140 Exelis Inc 947,486 34,703 810 Flowserve Corp 58,352 1,733 (37,241) Exelixis Inc (214,508) (37,159) (15,078) Fluidigm Corp (482,496) (226,476) 12,476 Exide Technologies 2,882 (16,111) (3,337) Fluor Corp (261,254) 3,047 328 ExOne Co/The 17,551 328 (18,211) FMC Corp (1,334,138) 30,634 (1,920) Expeditors International 61,560 FNB Corp/PA 784,274 103,359 of Washington Inc (84,038) (380)

32 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued 6,104 Fomento Economico Mexicano 12,131 Gibraltar Industries Inc 213,627 (1,302) SAB de CV 581,040 8,982 38,948 Gilead Sciences Inc 2,921,100 276,414 8,604 Foot Locker Inc 335,642 16,089 8,427 Glacier Bancorp Inc 251,799 43,068 7,511 Forbes Energy Services Ltd 26,889 3,781 (165,600) Glimcher Realty Trust (Reit) (1,622,880) 209,003 (40,312) Forest City Enterprises Inc 'A' (787,696) 8,869 28,931 Global Brass & Copper Holdings Inc 477,072 (13,844) (4,222) Forest Laboratories Inc (217,813) 296 76,995 Global Cash Access Holdings Inc 743,002 214,074 6,197 Forest Laboratories Inc 319,703 23,692 10,800 Global Eagle Entertainment Inc 161,028 50,353 26,315 Forestar Group Inc 511,037 (53,384) 18,620 Global Geophysical Services Inc 26,999 (22,097) (1,357) FormFactor Inc (7,409) 1,587 (718) Global Indemnity Plc (19,135) (1,677) 44,494 Fortegra Financial Corp 329,256 (7,680) (15,350) Global Payments Inc (970,734) 4,088 5,366 Fortinet Inc 92,242 (12,933) (838) Global Power Equipment Group Inc (16,375) (274) (1,166) Forum Energy Technologies Inc (31,482) (2,693) 3,020 Globe Specialty Metals Inc 54,330 2,968 (12,793) Forward Air Corp (558,031) (83,807) (28,040) Globe Specialty Metals Inc (504,440) (5,453) (2,898) Foster Wheeler AG (88,331) (2,927) (471) Globecomm Systems Inc (6,646) (93) 2,035 Foundation Medicine Inc 51,485 (19,151) 9,837 Globus Medical Inc 'A' 190,543 6,847 (8,839) Fox Chase Bancorp Inc (156,008) (4,102) (416) Globus Medical Inc 'A' (8,058) (705) (12,175) Francesca's Holdings Corp (236,804) (16,234) (12,969) Glu Mobile Inc (48,504) (14,230) 54,477 Frank's International NV 1,306,358 (248,981) 8,368 GNC Holdings Inc 'A' 502,749 10,564 (7,677) Franklin Electric Co Inc (342,164) (99,718) 19,034 Gogo Inc 508,208 283,306 (40,234) Franklin Financial Corp/VA (824,797) (118,764) (106,454) Gol Linhas Aereas Inteligentes SA ADR (473,720) (18,825) 15,023 Franklin Street Properties Corp 196,050 4,158 (7,477) Golar LNG Ltd (272,985) 22,031 36,200 Freescale Semiconductor Ltd 528,520 9,889 81,549 Gold Reserve Inc 277,267 45,032 (24,075) FreightCar America Inc (559,262) (103,099) 2,686 Goldman Sachs Group Inc/The 453,182 30,937 40,794 Fresh Del Monte Produce Inc 1,152,430 27,119 (48,813) Golub Capital BDC Inc (909,386) (81,909) 122 Fresh Market Inc /The 4,906 100 26,580 Goodrich Petroleum Corp 499,172 (75,291) 3,200 FriendFinder Networks Inc 96 (6,996) 14,241 Gordmans Stores Inc 147,252 (37,110) 1,822 FTD Cos Inc 60,035 60,035 (1,286) Gorman-Rupp Co/The (54,977) (18,849) (14,653) FTI Consulting Inc (657,041) (53,803) (49,299) GrafTech International Ltd (570,389) (179,567) 453 Fuel Tech Inc 3,443 1,681 577 Graham Holdings Co 381,016 3,374 (34,335) FuelCell Energy Inc (47,726) 3,100 112,853 Gramercy Property Trust Inc (Reit) 596,992 236,283 (3,279) Furiex Pharmaceuticals Inc (146,899) (8,496) 2,511 Gran Tierra Energy Inc 17,903 3,114 18,897 Fusion-io Inc 184,624 (629) 13,390 Graphic Packaging Holding Co 120,376 6,251 (14,438) Fusion-io Inc (141,059) 19,175 (90,447) Great Lakes Dredge & Dock Corp (809,048) (182,503) 29,909 FutureFuel Corp 495,293 110,614 3,382 Great Northern Iron Ore Properties 247,901 7,319 (24,222) FXCM Inc 'A' (402,812) (48,598) 520 Greatbatch Inc 21,258 2,130 4,648 G & K Services Inc 'A' 280,925 55,134 (36,404) Green Dot Corp 'A' (885,345) (134,655) (150) G-III Apparel Group Ltd (9,045) (693) 4,106 Green Plains Renewable Energy Inc 69,966 2,196 (150,788) Gafisa SA ADR (447,840) (3,772) 2,860 Greenbrier Cos Inc/The 89,804 2,239 299 Gain Capital Holdings Inc 2,733 (444) (144) Greenhill & Co Inc (7,959) (730) 525 GAMCO Investors Inc 'A' 44,063 5,880 (5,736) Griffin Land & Nurseries Inc (188,083) (3,914) 29,797 GameStop Corp 'A' 1,439,493 (168,327) 9,730 Griffon Corp 126,490 22,565 17,637 Gannett Co Inc 480,256 3,493 (2,153) Group 1 Automotive Inc (148,126) (654) (3,880) Garmin Ltd (189,965) (4,755) 35,060 Groupon Inc 316,942 (43,968) (8,641) Gartner Inc (566,072) (5,769) 21,607 Grupo Aeroportuario del Centro 2,759 Gastar Exploration Ltd 16,444 9,372 Norte Sab de CV ADR 588,791 (16,710) 367 Geeknet Inc 6,819 15 5,805 Grupo Aeroportuario del Pacifico (10,476) Genco Shipping & Trading Ltd (27,028) 6,238 SAB de CV ADR 299,248 3,773 5,944 Generac Holdings Inc 316,161 18,308 4,475 Grupo Aeroportuario del Sureste 712 General Communication Inc 'A' 7,070 1,511 SAB de CV ADR 596,696 53,866 (9,068) General Electric Co (242,569) 4,081 (13,834) Grupo Televisa SAB ADR (421,660) (7,867) (68,390) General Growth Properties Inc (Reit) (1,424,564) 6,374 11,780 GSE Holding Inc 24,267 (7,309) (7,230) Genesco Inc (543,479) (18,688) 2,716 GSI Group Inc 29,604 8,864 (9,605) Genesee & Wyoming Inc 'A' (928,996) 10,373 2,275 GSI Technology Inc 15,720 383 (1,897) Genie Energy Ltd 'B' (30,788) (8,880) 1,846 GSV Capital Corp 19,752 4,722 (10,633) GenMark Diagnostics Inc (129,191) (2,800) (7,801) GT Advanced Technologies Inc (76,996) (52,347) (9,397) Genomic Health Inc (329,459) 3,405 (1,483) Guess? Inc (50,496) (282) 45,342 Genpact Ltd 811,622 (6,160) (8,341) Guidance Software Inc (77,321) (4,962) 1,291 Gentex Corp/MI 38,394 (219) 950 Guidewire Software Inc 44,935 291 24,463 Gentherm Inc 588,091 181,065 20,851 Gulfmark Offshore Inc 'A' 1,027,537 (24,334) (1,675) Gentiva Health Services Inc (20,787) (3,598) 762 Gyrodyne Co of America Inc (Reit) 55,001 (1,433) 1,043 Genworth Financial Inc 'A' 15,801 636 (15,709) H&R Block Inc (441,580) 6,127 (1,232) Geospace Technologies Corp (105,940) (7,878) 55,995 Hackett Group Inc/The 345,489 102,490 73,620 Gerdau SA ADR 576,445 (14,760) 8,313 Haemonetics Corp 350,310 20,928 4,027 German American Bancorp Inc 121,172 10,087 9,527 Hain Celestial Group Inc/The 788,836 (13,673) (11,324) Getty Realty Corp (Reit) (210,060) 15,529 40,603 Halcon Resources Corp 161,194 (757) (31,517) Gevo Inc (57,361) 14,402 (15,707) Halcon Resources Corp (62,357) 21,727

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

Unaudited Interim Report and Accounts 33 BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued 6,676 Hallador Energy Co 51,939 3,173 6,534 Hormel Foods Corp 294,879 645 3,842 Halliburton Co 201,052 (14,984) (26,544) Horsehead Holding Corp (400,284) (108,972) 20,483 Hallmark Financial Services Inc 192,335 2,064 (8,287) Hospira Inc (327,254) 1,250 (7,615) Halozyme Therapeutics Inc (114,606) (32,841) 35,052 Host Hotels & Resorts Inc (Reit) 648,111 (18,227) (3,669) Hancock Holding Co (130,176) (8,120) (23,174) Hovnanian Enterprises Inc 'A' (117,956) 170 19,889 Hanmi Financial Corp 408,321 131,348 345 HSN Inc 20,162 292 (9,349) Hannon Armstrong Sustainable 199 Hub Group Inc 'A' 7,566 307 Infrastructure Capital Inc (115,460) (6,699) (39,397) Hudson City Bancorp Inc (369,544) (12,662) 520 Hanover Insurance Group Inc/The 31,538 2,591 (23,359) Hudson Valley Holding Corp (484,699) (64,250) (86,140) Hansen Medical Inc (161,943) 41,405 (3,748) Humana Inc (390,429) (22,113) 37,935 Harbinger Group Inc 455,220 132,928 (16,164) Huntington Ingalls Industries Inc (1,336,278) (43,786) (220) Hardinge Inc (3,386) (24) (1,191) Hurco Cos Inc (31,550) (1,961) (1,152) Harman International Industries Inc (93,807) (368) (540) Hyperion Therapeutics Inc (13,073) (1,029) 799 Harmonic Inc 6,160 312 1,577 Hyster-Yale Materials Handling Inc 129,156 56,299 85,270 Harte-Hanks Inc 677,044 118,513 10,091 IAC/InterActiveCorp 570,545 (11,498) 2,190 Hartford Financial Services Group Inc 78,314 (27) (32,588) ICG Group Inc (558,558) (176,958) 19,991 Harvard Apparatus Regenerative 34,187 ICON Plc 1,307,653 (11,351) Technology Inc 101,354 95,971 3,465 Iconix Brand Group Inc 137,283 27,589 73,603 Harvard Bioscience Inc 333,422 (48,026) 8,241 ICU Medical Inc 544,071 (67,624) 7,396 Harvest Natural Resources Inc 26,774 (6,680) (41,652) Idenix Pharmaceuticals Inc (221,589) (48,686) 3,138 Hasbro Inc 169,107 3,640 14,542 IDT Corp 'B' 323,269 106,667 (1,730) Hasbro Inc (93,230) (2,087) 102,636 II-VI Inc 1,686,309 (28,315) 1,271 Haverty Furniture Cos Inc 36,821 6,023 (12,636) Illumina Inc (1,229,483) (27,945) (346) Haynes International Inc (18,888) (690) (42,700) Imax Corp (1,309,182) (51,545) 69 HCI Group Inc 3,511 301 19,671 Immersion Corp 245,691 (38,951) (3,877) HCP Inc (Reit) (143,682) 6,603 29,906 ImmunoCellular Therapeutics Ltd 102,279 39,907 7,285 HD Supply Holdings Inc 153,568 1,603 (15,051) ImmunoGen Inc (220,949) 20,810 (1,525) Health Care Inc (Reit) (86,086) 6,192 (31,875) Immunomedics Inc (139,294) 33,044 (286) Health Insurance Innovations Inc 'A' (3,432) (207) (780) Impax Laboratories Inc (18,525) (132) (9,088) Health Management Associates Inc 'A' (119,144) 454 10,492 Imperial Holdings Inc 67,044 4,182 30,906 Health Net Inc/CA 944,487 79,694 (465) Imperva Inc (20,772) 508 (23,365) Healthcare Services Group Inc (685,529) (112,596) (116,703) inContact Inc (871,771) (233,520) (1,931) HealthStream Inc (64,766) (220) (16,420) Incyte Corp Ltd (772,068) (43,492) (5,297) Healthways Inc (73,205) 30,809 (3,106) Independence Holding Co (43,857) (2,637) (4,792) Heartland Express Inc (88,796) (5,155) (56,349) Independent Bank Corp/Rockland MA (2,136,754) (289,930) (165,878) Hecla Mining Co (487,681) 28,371 19,237 Independent Bank Group Inc 919,529 272,055 1,113 HEICO Corp 63,920 7,572 5,526 Infinera Corp 50,673 2,383 (5,096) Heidrick & Struggles International Inc (92,798) 1,069 (28,626) Infinera Corp (262,500) (68,236) (7,460) Helen of Troy Ltd (364,496) (12,629) (761) Infinity Pharmaceuticals Inc (11,164) 27 25,971 Helix Energy Solutions Group Inc 575,258 (5,048) 1,989 Infoblox Inc 62,315 (1,742) 17,943 Hercules Offshore Inc 113,579 (312) (1,361) Informatica Corp (52,943) 828 499 Heritage Financial Corp/WA 8,643 479 11,346 ING US Inc 398,472 1,929 49,840 Heritage Financial Group Inc 879,676 76,616 6,799 Ingersoll-Rand Plc 486,740 27,962 40,365 Heritage Oaks Bancorp 321,709 56,358 5,153 Ingles Markets Inc 'A' 136,967 23,201 (652) Heritage-Crystal Clean Inc (11,932) (560) 32,628 Ingram Micro Inc 'A' 761,538 (20,882) (2,929) Herman Miller Inc (94,079) (4,443) (20,596) Ingredion Inc (1,438,631) (14,985) (646) Hershey Co/The (63,211) 459 60,203 Inland Real Estate Corp (Reit) 647,784 146,567 (1,648) Hertz Global Holdings Inc (39,568) (617) (4,569) Innodata Inc (11,605) 2,775 9,419 Hertz Global Holdings Inc 226,150 3,108 10,382 Innophos Holdings Inc 497,402 6,861 101 Hexcel Corp 4,430 29 (3,356) Innospec Inc (161,893) (4,949) 1,858 hhgregg Inc 27,833 14,334 (480) Innovative Solutions & Support Inc (3,686) 26 (3,392) Hibbett Sports Inc (221,158) (26,215) 17,568 Inphi Corp 219,776 61,845 (24,551) Higher One Holdings Inc (243,055) (3,156) (427) Insmed Inc (6,930) (829) (38,317) Hill-Rom Holdings Inc (1,589,772) (58,030) (8,176) Insulet Corp (301,286) (119,042) 459 Hillenbrand Inc 13,022 48 366 Insys Therapeutics Inc 15,870 9,639 8,280 Hillshire Brands Co 276,966 6,376 (19,538) Integra LifeSciences Holdings Corp (910,471) (94,213) (21,029) Hilltop Holdings Inc (500,490) (121,349) (163,555) Integrated Device Technology Inc (1,632,279) (184,105) (26,584) HMS Holdings Corp (612,761) (41,161) (70,407) Intel Corp (1,688,360) 7,810 (10,163) HNI Corp (407,028) (13,668) 42,400 Inteliquent Inc 485,056 369,397 (10,279) Hologic Inc (230,969) (9,365) (413) Intelsat SA (8,983) 773 (3,500) Home Bancorp Inc (65,625) (2,795) (9,168) Inter Parfums Inc (337,932) (52,858) (4,293) Home BancShares Inc/AR (154,763) (5,385) (3,666) Interactive Intelligence Group Inc (238,583) (77,782) 10,397 Home Federal Bancorp Inc/ID 159,074 15,978 (1,466) Intercept Pharmaceuticals Inc (77,024) (2,215) 46,453 HomeStreet Inc 974,584 (33,302) (585) IntercontinentalExchange Group Inc (125,067) 872 (7,928) Honeywell International Inc (705,116) (2,537) (8,683) InterDigital Inc/PA (295,743) 44,627 23,667 Horace Mann Educators Corp 729,654 215,585 13,828 Interface Inc 277,251 4,899

34 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued 24,500 Intermolecular Inc 139,160 (55,104) 13,881 KAR Auction Services Inc 386,169 41,106 18,190 InterMune Inc 252,659 23,470 (1,120) KB Home (19,757) (1,102) (1,513) InterMune Inc (21,016) (7,445) (15,427) KCAP Financial Inc (127,890) 3,940 (7,118) Internap Network Services Corp (54,097) (10,842) (81,917) Kearny Financial Corp (854,394) (24,912) (28,731) International Bancshares Corp (756,200) (207,083) (23,601) Kellogg Co (1,437,773) 39,669 10,905 International Game Technology 189,093 (5,452) (7,494) Kelly Services Inc 'A' (173,636) (56,335) 2,941 International Paper Co 137,286 3,382 (34,929) Kemet Corp (209,574) (32,379) 4,612 International Rectifier Corp 112,625 4,201 (6,153) Kemper Corp (234,183) (23,455) (17,756) Interpublic Group of Cos Inc/The (309,487) (4,015) (3,843) Kennametal Inc (183,772) (1,688) 14,333 Intersections Inc 111,367 (16,371) (35,392) Kennedy-Wilson Holdings Inc (724,828) (183,143) 822 InterXion Holding NV 18,232 97 (5,210) Keryx Biopharmaceuticals Inc (69,710) (31,736) 9,257 Intevac Inc 58,875 7,844 (40,631) Key Energy Services Inc (317,734) 14,502 (14,124) INTL. FCStone Inc (292,649) (23,010) 4,957 Key Tronic Corp 52,247 511 3,204 IntraLinks Holdings Inc 35,180 16,335 23,613 KeyCorp 302,719 (1,620) (40,981) Intrepid Potash Inc (635,206) 50,300 (67,968) KEYW Holding Corp/The (850,280) 130,179 9,600 Intrexon Corp 214,944 13,653 26,271 Kforce Inc 534,615 116,893 8,522 Invacare Corp 190,126 64,491 (76) Kilroy Realty Corp (Reit) (3,847) 5 3,831 InvenSense Inc 66,161 679 5,868 Kimball International Inc 'B' 87,903 20,042 181 Invesco Ltd 6,349 224 (2,535) Kimberly-Clark Corp (276,721) (2,024) (100) Invesco Mortgage Capital Inc (Reit) (1,507) 10 11,599 Kimco Realty Corp (Reit) 239,983 (4,777) 5,563 Invesco Mortgage Capital Inc (Reit) 83,834 (1,005) (2,679) Kinder Morgan Management LLC (204,970) (3,268) 5,086 Investment Technology Group Inc 99,686 37,930 (20,893) Kindred Healthcare Inc (357,270) (17,755) 788 Investors Real Estate Trust (Reit) 6,934 289 (61,698) KiOR Inc 'A' (144,373) 223,932 9,022 ION Geophysical Corp 33,472 (9,765) (4,678) Kirby Corp (442,024) 3,181 (12,566) IPC The Hospitalist Co Inc (782,862) (19,663) 17,146 Kirkland's Inc 440,138 208,062 7,878 iRobot Corp 261,865 (2,214) 3,219 Kite Realty Group Trust (Reit) 20,988 4,014 (1,706) iRobot Corp (56,707) 2,041 (3,289) KLA-Tencor Corp (211,548) (1,900) (16,849) Ironwood Pharmaceuticals Inc (194,437) 39,042 (1,952) KMG Chemicals Inc (35,604) 2,525 (8,962) Isis Pharmaceuticals Inc (353,909) (64,825) 450 Knightsbridge Tankers Ltd 3,596 (147) (5,826) Isle of Capri Casinos Inc (47,715) (3,431) 283 Knoll Inc 5,069 492 (1,121) Isramco Inc (138,107) (22,799) (8,146) Kohl's Corp (456,257) (10,982) (15,753) iStar Financial Inc (Reit) (204,474) (12,951) (78,795) Kopin Corp (315,968) (36,084) 1,633 iStar Financial Inc (Reit) 21,196 2,025 (5,497) Koppers Holdings Inc (260,503) 1,538 20,804 Itau Unibanco Holding SA ADR (Pref) 291,464 (11,854) 21,471 Korn/Ferry International 494,048 49,329 (552) Itron Inc (23,454) 144 (30,389) Kosmos Energy Ltd (318,781) 5,774 21,039 ITT Corp 862,599 6,287 4,488 Kraft Foods Group Inc 239,839 1,750 (671) ITT Educational Services Inc (25,974) (3,882) 2,452 Kraton Performance Polymers Inc 58,186 3,174 14,431 Ixia 186,737 (8,243) (17,510) Kratos Defense & Security Solutions Inc (116,792) (29,229) 39,362 IXYS Corp 490,844 117,115 (1,366) Krispy Kreme Doughnuts Inc (34,915) (188) 86 J&J Snack Foods Corp 7,429 264 15,432 Kroger Co/The 647,681 (6,654) 2,524 j2 Global Inc 122,767 (6,056) (12,894) Kronos Worldwide Inc (216,748) (10,601) 15,100 Jack in the Box Inc 720,119 81,655 46,135 Kulicke & Soffa Industries Inc 578,072 40,822 (4,270) Jamba Inc (50,301) (3,422) (4,820) Kulicke & Soffa Industries Inc (60,395) (195) 1,718 Janus Capital Group Inc 18,709 1,678 (1,730) KVH Industries Inc (24,687) (1,435) (13,795) JC Penney Co Inc (139,743) 61,960 (595) KYTHERA Biopharmaceuticals Inc (23,616) 2,956 17,019 JDS Uniphase Corp 206,611 (4,896) (2,847) L Brands Inc (187,845) (3,758) (19,001) JDS Uniphase Corp (230,672) 4,940 2,822 L&L Energy Inc 4,741 (5,944) (25,471) JetBlue Airways Corp (226,819) (91,058) (3,405) La-Z-Boy Inc (99,971) (15,802) (7,329) Jive Software Inc (80,619) (2,337) (6,374) Laboratory Corp of America Holdings (651,933) 22,122 (9,487) JMP Group Inc (63,563) (8,376) (976) Lancaster Colony Corp (85,429) (637) 5,038 John B Sanfilippo & Son Inc 130,283 35,400 242 Landec Corp 2,833 (376) 47,326 John Bean Technologies Corp 1,402,743 446,711 145 Landstar System Inc 8,143 (58) (12,622) John Wiley & Sons Inc 'A' (636,275) (11,636) 7,615 Lannett Co Inc 234,466 150,949 4,061 Johnson Outdoors Inc 'A' 116,307 21,487 (9,556) LaSalle Hotel Properties (Reit) (298,147) 2,244 84,489 Jones Group Inc/The 1,191,295 44,032 (4,484) Latam Airlines Group SA (3,318) (3,318) 532 Jones Lang LaSalle Inc 51,907 2,006 (34,939) Latam Airlines Group SA ADR (557,277) 16,895 (2,669) Jones Lang LaSalle Inc (260,414) 1,231 9,299 Lawson Products Inc/DE 120,050 (4,634) (9,748) Jos A Bank Clothiers Inc (554,856) (50,366) (6,092) Layne Christensen Co (101,493) 29,275 (19,833) Joy Global Inc (1,122,151) (12,678) (3,366) LCNB Corp (59,948) 8,102 (10,587) JTH Holding Inc 'A' (249,853) (69,065) 6,322 LDR Holding Corp 137,314 (5,680) 3,982 Juniper Networks Inc 81,273 2,270 6,301 Lear Corp 522,983 16,131 932 Kadant Inc 38,548 3,628 13,384 Leggett & Platt Inc 402,725 (804) 33,624 KaloBios Pharmaceuticals Inc 142,902 (67,178) (49,422) Level 3 Communications Inc (1,497,487) (158,830) (6,703) Kandi Technologies Group Inc (47,725) (15,731) (57,082) Lexicon Pharmaceuticals Inc (136,426) (860) (4,018) Kansas City Life Insurance Co (196,681) (21,381) (5,694) Libbey Inc (130,962) (20,071) 17,182 KapStone Paper and Packaging Corp 913,911 168,526 (424) Liberty Global Plc 'A' (35,998) (23)

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

Unaudited Interim Report and Accounts 35 BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued (188) Liberty Ventures 'A' (22,787) (606) 34,163 Matson Inc 864,324 4,753 970 Life Time Fitness Inc 47,443 (253) 538 Matthews International Corp 'A' 22,768 2,319 4,394 LifeLock Inc 75,577 4,311 (3,844) Mattress Firm Holding Corp (142,266) (11,650) (9,002) LifePoint Hospitals Inc (463,153) 1,440 (55,813) Mattson Technology Inc (150,137) (29,378) (1,509) Lifevantage Corp (2,958) 596 125,066 Maxim Integrated Products Inc 3,569,384 (46,008) 642 Ligand Pharmaceuticals Inc 'B' 36,061 12,064 86,652 Maxygen Inc 2,600 (212,586) 154,890 Lihua International Inc 851,895 104,970 (13,673) MB Financial Inc (447,791) (13,714) 83,144 Limelight Networks Inc 168,782 (17,515) (7,643) McClatchy Co/The 'A' (23,999) (2,304) 240 LIN Media LLC 'A' 6,233 318 (2,686) McCormick & Co Inc/MD (187,349) 913 3,380 Lindsay Corp 257,556 (9,178) (46,038) McDermott International Inc (366,462) (4,995) 12,113 Linear Technology Corp 518,436 7,026 (74,017) McEwen Mining Inc (148,774) 105,173 26,549 LinnCo LLC 824,081 30,969 7,541 MCG Capital Corp 36,197 2,664 56,661 Lions Gate Entertainment Corp 1,787,655 (131,075) (28,089) McGrath RentCorp (1,108,392) (287,190) 2,952 Liposcience Inc 13,166 (2,217) (13,789) McGraw-Hill Cos Inc/The (1,031,555) (35,767) (2,629) Liquidity Services Inc (59,231) 30,408 (1,887) MDC Partners Inc 'A' (42,910) (12,465) 6,774 Liquidity Services Inc 152,618 4,359 1,821 Mead Johnson Nutrition Co 154,803 291 5,546 Littelfuse Inc 484,110 44,645 (2,885) MeadWestvaco Corp (101,754) (1,414) 795 Live Nation Entertainment Inc 14,509 659 (10,790) Measurement Specialties Inc (596,795) (158,966) (35,699) LivePerson Inc (435,171) (99,793) 1,318 MedAssets Inc 28,759 2,227 (385) Loews Corp (18,284) 223 1,432 MedCath Corp 1,962 (9,349) (7,925) Loral Space & Communications Inc (625,283) (131,268) 37,478 Medical Action Industries Inc 320,437 86,393 8,441 Lorillard Inc 435,724 (8,694) 4,599 Medicines Co/The 168,323 (1,510) 33,082 Louisiana-Pacific Corp 539,567 (6,128) 3,451 Medifast Inc 95,248 13,530 (11,722) Louisiana-Pacific Corp (191,186) 469 (273) Medivation Inc (17,245) (202) 3,222 Lowe's Cos Inc 153,528 (12,362) (38,223) Medley Capital Corp (545,060) 34,512 (185) LSB Industries Inc (5,914) 215 (1,411) MEDNAX Inc (156,353) (880) (56,791) LSI Corp (460,007) 19,025 (607) MEI Pharma Inc (4,953) (223) 13,023 LSI Industries Inc 113,821 22,970 (2,700) Mellanox Technologies Ltd (104,598) 4,171 2,657 LTX-Credence Corp 19,237 4,329 1,335 Men's Wearhouse Inc/The 68,005 15,387 5,895 Lumber Liquidators Holdings Inc 592,506 (20,767) 2,075 Mentor Graphics Corp 47,102 7,786 4,047 Luminex Corp 79,726 9,932 (4,380) Mentor Graphics Corp (99,426) (3,020) (3,296) Lumos Networks Corp (75,808) (1,791) (26,415) Mercer International Inc (251,735) (73,555) 479 Lydall Inc 8,526 2,236 2,011 Merchants Bancshares Inc 62,924 6,115 19,964 LyondellBasell Industries NV 'A' 1,556,992 (4,084) (6,373) Merck & Co Inc (317,949) (11,599) 4,479 M/A-COM Technology Solutions (3,632) Mercury General Corp (175,062) (2,651) Holdings Inc 71,664 8,577 (9,759) Mercury Systems Inc (105,788) (32,718) (22,019) Macatawa Bank Corp (112,957) (3,455) 2,704 Meredith Corp 144,745 2,132 13,409 Mack-Cali Realty Corp (Reit) 274,884 (3,858) 2,634 Merge Healthcare Inc 6,322 (707) 7,455 Macquarie Infrastructure Co LLC 403,017 (2,794) 10,689 Meridian Bioscience Inc 260,010 3,092 (542) Madison Square Garden Co/The 'A' (30,883) (498) 5,599 Meritage Homes Corp 245,012 10,504 (1,709) Magellan Health Services Inc (104,454) 357 (29,321) Meritor Inc (231,929) (97,906) 33,243 magicJack VocalTec Ltd 386,949 (56,470) (2,110) Merrimack Pharmaceuticals Inc (7,849) (2,634) 13,563 Magnachip Semiconductor Corp 274,379 64,630 (1,672) Mesa Laboratories Inc (132,924) (20,580) (17,881) Magnum Hunter Resources Corp (127,849) (5,352) 9,443 Meta Financial Group Inc 366,388 80,307 14,349 Manhattan Associates Inc 1,737,664 581,945 100,280 Metalico Inc 181,507 (5,028) 3,471 Manitex International Inc 46,373 5,789 3,518 Methode Electronics Inc 101,811 12,055 675 Manning & Napier Inc 12,609 948 (343) Metro Bancorp Inc (7,597) (237) 33,404 MannKind Corp 167,020 4,710 1,634 MetroCorp Bancshares Inc 23,742 6,899 (27,224) MannKind Corp (136,120) (44,192) (2,503) Mettler-Toledo International Inc (622,546) (3,079) 3,147 Manpowergroup Inc 253,271 (4,689) (1,881) MGE Energy Inc (105,881) (7,994) (517) ManTech International Corp/VA 'A' (14,910) (298) (34,664) MGIC Investment Corp (279,738) (49,599) (7,853) Marathon Oil Corp (286,477) 11,443 (177) MGM Resorts International (3,418) 25 401 Marathon Petroleum Corp 33,708 1,196 6,884 Michael Kors Holdings Ltd 559,945 (9,569) 8,464 Marchex Inc 'B' 80,323 46,860 15,689 Micrel Inc 153,909 8,823 17,881 Marcus Corp/The 258,613 355 10,214 MicroFinancial Inc 91,109 5,181 3,540 MarketAxess Holdings Inc 244,756 1,871 (27,209) Micron Technology Inc (574,926) (48,844) 3,317 Marriott Vacations Worldwide Corp 173,612 11,913 17,618 MICROS Systems Inc 944,501 1,142 301 Marrone Bio Innovations Inc 4,539 (103) 12,451 Microsemi Corp 306,046 61 (30,860) Marsh & McLennan Cos Inc (1,470,788) (12,035) (2,336) MicroStrategy Inc 'A' (300,410) (5,337) 15,612 Martha Stewart Living Omnimedia 'A' 57,921 19,527 5,596 Middleby Corp 1,241,305 33,413 9,769 Martin Marietta Materials Inc 946,128 (19,236) 452 MidSouth Bancorp Inc 8,095 1,115 (63,589) Marvell Technology Group Ltd (909,323) (61,910) 3,378 Midstates Petroleum Co Inc 19,356 (4,354) 3,382 Masimo Corp 97,672 7,076 (27,575) Miller Energy Resources Inc (225,012) (82,390) 658 MasterCard Inc 'A' 501,626 7,182 (17,681) Mindspeed Technologies Inc (88,847) (20,086) 511 Materion Corp 14,512 (1,861) (21,162) Mine Safety Appliances Co (1,067,411) 15,394 22,252 Matrix Service Co 485,984 225,629 1,501 Minerals Technologies Inc 89,670 7,119

36 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued (852) Mitcham Industries Inc (14,970) (2,165) (69,796) Neonode Inc (440,413) (53,519) 906 MKS Instruments Inc 26,818 (47) (2,269) NeoPhotonics Corp (13,614) (2,008) (3,205) Mobile Mini Inc (130,796) (10,583) 13,531 Net 1 UEPS Technologies Inc 106,895 37,173 (13,456) Modine Manufacturing Co (179,368) (70,641) (35,790) NETGEAR Inc (1,151,722) (29,685) 4,010 ModusLink Global Solutions Inc 15,198 3,979 (22,499) Netscout Systems Inc (683,520) (28,131) (16,879) Molycorp Inc (78,825) 19,376 (2,232) NetSuite Inc (213,937) 3,412 (42,179) Momenta Pharmaceuticals Inc (760,066) (64,504) (12,930) Neurocrine Biosciences Inc (127,490) 21,669 424 Monarch Casino & Resort Inc 7,708 (917) 5,132 New Jersey Resources Corp 236,329 1,341 (29,000) Mondelez International Inc 'A' (981,360) 7,559 6,424 New Mountain Finance Corp 96,553 2,522 (7,635) Monolithic Power Systems Inc (256,689) (7,540) 6,619 New Residential Investment Corp (Reit) 39,648 (1,786) (29,657) Monro Muffler Brake Inc (1,579,235) (414,447) (136,850) New York Mortgage Trust Inc (Reit) (951,108) 36,475 (1,630) Monsanto Co (185,054) (421) (64,771) New York Times Co/The 'A' (908,737) (138,071) 38,362 Monster Worldwide Inc 216,362 5,806 (9,782) NewLink Genetics Corp (214,813) (22,144) 3,714 Montpelier Re Holdings Ltd 108,226 4,518 213 NewMarket Corp 69,219 (332) (1,306) Moog Inc 'A' (89,200) (3,540) (6,788) Newmont Mining Corp (169,904) 18,735 6,281 Morgan Stanley 197,161 6,038 40,021 Newport Corp 687,161 28,145 (39,523) Morgans Hotel Group Co (315,789) (40,945) 4,369 News Corp 'A' 78,292 699 (131) Morningstar Inc (10,895) 193 (19,240) NewStar Financial Inc (344,204) (45,972) (239) Mosaic Co/The (11,307) 416 (3,657) Nexstar Broadcasting Group Inc 'A' (182,301) (38,634) (87,995) MoSys Inc (432,055) (67,738) (4,292) NIC Inc (105,111) (2,639) 3,589 Motorcar Parts of America Inc 62,305 26,267 289 NIC Inc 7,078 221 (5,098) Motorola Solutions Inc (335,805) (1,529) (33,032) NII Holdings Inc (83,901) 61,073 18,292 Movado Group Inc 824,603 64,990 11,658 NIKE Inc 'B' 924,946 4,470 12,340 Move Inc 189,666 9,425 (3,315) NL Industries Inc (38,288) (1,353) 1,237 MSC Industrial Direct Co Inc 'A' 94,915 (1,324) 4,721 NN Inc 93,098 24,655 7,988 Mueller Water Products Inc 'A' 68,777 592 9,662 Noranda Aluminum Holding Corp 26,570 (6,439) (8,318) Multi-Color Corp (313,838) (119,478) (5,342) Northern Oil and Gas Inc (85,472) (1,928) (2,652) Multi-Fineline Electronix Inc (37,287) 4,051 609 Northrim BanCorp Inc 15,998 433 16,029 Multimedia Games Holding Co Inc 467,406 (3,790) 16,748 Northrop Grumman Corp 1,909,272 64,926 (2,973) Murphy Oil Corp (194,137) (1,707) 13,973 NorthStar Realty Finance Corp (Reit) 137,914 8,373 22,317 Murphy USA Inc 1,023,458 123,909 7,498 Northwest Natural Gas Co 320,689 5,443 (8,144) Murphy USA Inc (373,484) (2,229) 20,318 NorthWestern Corp 893,382 (18,067) 762 MWI Veterinary Supply Inc 138,562 15,671 165 Norwegian Cruise Line Holdings Ltd 5,673 216 212 Myers Industries Inc 4,344 288 28,841 Novagold Resources Inc 66,911 (11,771) 7,047 MYR Group Inc 180,474 23,757 8,941 Novatel Wireless Inc 19,491 307 7,376 Myriad Genetics Inc 223,345 33,974 (1,543) NPS Pharmaceuticals Inc (40,735) (1,188) (12,343) Nabors Industries Ltd (204,400) 14,921 (2,605) NRG Energy Inc (69,033) 274 450 NACCO Industries Inc 'A' 29,065 5,974 1,304 NTELOS Holdings Corp 27,814 10,935 (12,796) NASB Financial Inc (383,752) (69,042) 3,302 Nu Skin Enterprises Inc 422,412 39,606 11,006 NASDAQ OMX Group Inc/The 432,536 24,433 45,776 Nuance Communications Inc 614,085 (94,373) (1,435) Nathan's Famous Inc (76,629) (1,942) (10,029) Numerex Corp 'A' (130,628) (14,208) 15,926 National American University (67,444) Nuverra Environmental Solution (109,934) 156,938 Holdings Inc 57,015 (4,396) (40,779) NVIDIA Corp (639,415) 3,776 66,339 National Bank Holdings Corp 'A' 1,411,031 193,129 13,179 NXP Semiconductor NV 556,154 2,838 (4,318) National Bankshares Inc (163,350) (6,989) 7,098 NxStage Medical Inc 72,116 187 7,876 National Beverage Corp 167,601 49,567 (27,025) NxStage Medical Inc (274,574) 79,348 (267) National Fuel Gas Co (18,127) 969 8,293 Oasis Petroleum Inc 379,073 (37,074) (5,356) National Health Investors Inc (Reit) (319,325) 7,828 12,649 Ocean Rig UDW Inc 263,858 3,586 (1,128) National Healthcare Corp (62,378) (7,243) 3,215 Oceaneering International Inc 247,716 (20,454) (11,839) National Instruments Corp (372,929) 4,144 1,089 Ocwen Financial Corp 61,888 4,650 (31,573) National Interstate Corp (896,673) 135,581 (144,040) Odyssey Marine Exploration Inc (288,800) 165,536 3,257 National Research Corp 'B' 109,533 (1,334) (29,393) Office Depot Inc (160,780) (5,597) 6,023 National Retail Properties Inc (Reit) 192,676 (11,624) (938) OFG Bancorp (16,209) (675) 1,081 National Western Life Insurance Co 'A' 231,345 39,481 33 Oi SA ADR 52 (3) (1,672) Nationstar Mortgage Holdings Inc (66,077) 1,297 342 Oi SA ADR 534 (14) 15,821 Natus Medical Inc 362,301 171,083 6,227 Old Dominion Freight Line Inc 322,994 14,776 (6,753) Navidea Biopharmaceuticals Inc (11,210) 8,672 (41,354) Old National Bancorp/IN (644,295) (157,946) 14,588 Navios Maritime Partners LP 242,744 29,691 3,837 Old Republic International Corp 66,418 1,702 (49,895) Navistar International Corp (2,022,743) (43,112) (45,741) Olin Corp (1,133,005) (1,195) (84,220) NBT Bancorp Inc (2,168,665) (205,503) 1,436 Olympic Steel Inc 39,734 185 (459) NCR Corp (15,886) 1,256 47,758 OM Group Inc 1,595,117 86,204 150 Neenah Paper Inc 6,306 503 (5,469) Omega Healthcare Investors Inc (Reit) (178,563) 981 (67,305) Nektar Therapeutics (846,024) (181,471) 38,595 Omega Protein Corp 534,927 223,222 17,526 Nelnet Inc 'A' 792,175 85,748 (9,913) Omeros Corp (78,214) (25,461) (2,192) Neogen Corp (111,485) (25,928) 152 OmniAmerican Bancorp Inc 3,350 10 845 NeoGenomics Inc 2,966 (229) 16,501 Omnicell Inc 397,509 109,439

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

Unaudited Interim Report and Accounts 37 BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued 2,816 OMNOVA Solutions Inc 23,840 (743) (29,951) Pebblebrook Hotel Trust (902,424) (8,852) 22,899 On Assignment Inc 781,085 8,186 (606) Pegasystems Inc (30,530) (7,394) (14,461) ON Semiconductor Corp (102,456) 217 (31,749) Pendrell Corp (68,260) 1,211 29,464 ON Semiconductor Corp 208,752 2,179 (1,854) Penford Corp (21,970) 3,999 26,097 OncoGenex Pharmaceutical Inc 222,868 17,540 (90,391) Pengrowth Energy Corp (565,848) 11,443 5,919 OncoMed Pharmaceuticals Inc 76,710 (21,957) (63,776) Penn National Gaming Inc (923,476) 15,885 424 Onconova Therapeutics Inc 6,292 (4,971) 76,393 Penn West Petroleum Ltd 656,216 1,289 4,130 One Liberty Properties Inc 85,202 (5,143) (3,445) Penns Woods Bancorp Inc (179,519) (17,500) 2,285 OneBeacon Insurance Group Ltd 'A' 36,446 5,793 556 PennyMac Financial Services Inc 'A' 9,708 (2,204) (17,628) ONEOK Inc (1,030,709) (15,713) (79,425) PennyMac Mortgage Investment (1,846) OpenTable Inc (155,433) (326) Trust (Reit) (1,802,948) 118,394 7,032 Ophthotech Corp 193,239 (26,031) 771 Peoples Bancorp Inc/OH 18,334 1,164 (51,217) Opko Health Inc (536,754) (22,782) (5,256) Pep Boys-Manny Moe & Jack/The (71,545) (11,566) 4,339 Oplink Communications Inc 70,379 29 (15,788) Peregrine Semiconductor Corp (143,355) 15,599 6,740 Oppenheimer Holdings Inc 'A' 155,020 27,273 20,113 Performant Financial Corp 212,997 12,357 (1,626) Oracle Corp (57,398) (946) 19,695 Pericom Semiconductor Corp 185,133 39,640 (54,318) ORBCOMM Inc (334,056) (73,705) (53,198) Pernix Therapeutics Holdings (154,274) 94,259 57,889 Orbitz Worldwide Inc 394,803 (17,464) 3,466 Perrigo Co 540,245 10,143 (17,872) Orexigen Therapeutics Inc (124,568) (27,396) 11,758 Perry Ellis International Inc 182,249 (34,499) 10,547 Organovo Holdiongs Inc 92,286 (2,655) 26,714 PetMed Express Inc 421,280 103,013 (1,302) Organovo Holdiongs Inc (11,393) (3,181) 34,338 Petroleo Brasileiro SA ADR 570,011 56,861 50,512 Orient-Express Hotels Ltd 'A' 742,526 137,052 (1,072) PG&E Corp (43,405) 128 377 Orion Marine Group Inc 4,411 551 30,787 PGT Inc 309,409 16,849 (2,072) Ormat Technologies Inc (52,442) (8,603) 10,206 PH Glatfelter Co 282,094 11,803 (4,142) Orrstown Financial Services Inc (68,053) (995) 770 Pharmacyclics Inc 96,250 939 19,144 Orthofix International NV 411,787 (175,289) 11,757 PHH Corp 283,696 27,621 3,572 OSH 1 Liquidating Corp 793 (6,333) 6,144 PHI Inc 259,584 65,280 675 Oshkosh Corp 33,230 741 2,945 Phillips 66 206,533 8,923 17,795 OSI Systems Inc 1,375,376 84,525 33,420 Phillips 66 Partners LP 1,076,792 3,843 (3,138) Osiris Therapeutics Inc (55,292) (27,927) (3,678) Phoenix Cos Inc/The (207,697) (59,815) 360 Otter Tail Corp 10,746 867 (795) Photronics Inc (6,821) (488) 5,019 OvaScience Inc 47,680 (4,884) 1,573 PICO Holdings Inc 38,460 1,294 (865) Owens & Minor Inc (33,078) (662) 30,489 Pike Corp 322,574 (104,619) 8,451 Owens Corning 330,772 18,170 18,629 Pilgrim's Pride Corp 305,702 18,443 13,207 Owens-Illinois Inc 438,472 (2,773) 2,867 Pinnacle Financial Partners Inc 93,493 36,611 (359) Oxford Industries Inc (27,112) (4,439) 18,175 Pinnacle Foods Inc 510,717 (3,794) 21,854 Pacer International Inc 201,057 114,718 1,154 Pioneer Energy Services Corp 8,366 (195) 11,254 Pacific Biosciences of California Inc 49,067 28,961 (1,106) Piper Jaffray Cos (41,917) (2,191) 10,620 Pacific Continental Corp 152,397 40,615 (67,990) Pitney Bowes Inc (1,587,567) (203,985) (2,540) Pacific Mercantile Bancorp (15,570) (208) 28,884 Plains GP Holdings LP 'A' 674,441 17,909 31,042 Pacific Sunwear of California Inc 91,263 (8,660) (406) Plantronics Inc (18,266) (24) (3,413) Pacira Pharmaceuticals Inc/DE (188,705) (117,839) 7,697 Platinum Underwriters Holdings Ltd 488,759 4,044 15,966 Packaging Corp of America 979,833 8,578 (41,556) Plexus Corp (1,685,511) (78,031) 33,528 Pain Therapeutics Inc 157,917 64,096 168 Plum Creek Timber Co Inc (Reit) 7,395 (7) (48,741) Pall Corp (4,084,008) (113,289) (24,132) Pluristem Therapeutics Inc (79,153) (4,537) (8,182) Palo Alto Networks Inc (404,027) (38,804) (1,043) PLX Technology Inc (7,051) (2,140) 14,868 Pan American Silver Corp 155,371 (44,716) 8,090 Ply Gem Holdings Inc 142,708 1,643 (2,411) Pandora Media Inc (69,003) 7,088 (28,303) PMC - Sierra Inc (171,516) 13,934 (5,859) Panera Bread Co 'A' (1,037,746) (1,495) (7,204) PMFG Inc (55,975) (3,504) (1,884) Panhandle Oil and Gas Inc 'A' (62,078) (8,420) 18 Polaris Industries Inc 2,416 51 27,316 Pantry Inc/The 388,160 37,094 (5,361) Polycom Inc (57,121) 274 (6,799) Paramount Gold and Silver Corp (7,683) 8,027 549 Polycom Inc 5,850 467 (3,529) Park Sterling Corp (24,703) (6,315) (33,942) PolyOne Corp (1,106,849) (18,106) 45,688 Parker Drilling Co 365,504 166,982 5,745 Polypore International Inc 214,920 5,251 (13,361) Parkervision Inc (54,646) (7,130) (4,878) Polypore International Inc (182,486) 18,947 (21,930) Parkway Properties Inc/Md (Reit) (398,030) (4,563) (4,409) Pool Corp (249,990) (9,171) 576 PartnerRe Ltd 59,455 1,665 907 Popular Inc 25,949 172 (198) Patriot Transportation Holding Inc (8,179) (1,590) 2,740 Portola Pharmaceuticals Inc 66,856 550 (37,022) Patterson-UTI Energy Inc (862,242) 56,479 7,166 Post Holdings Inc 365,466 62,055 (6,747) Paychex Inc (296,733) (4,345) (63) Powell Industries Inc (4,368) (1,082) 2,456 PBF Energy Inc 'A' 71,813 (19,605) 5,085 Power Integrations Inc 273,853 (3,785) 2,332 PC Connection inc 51,071 4,293 (100) Power Solutions International Inc (7,500) (3,025) (2,936) PDF Solutions Inc (68,409) (14,755) 6,562 Pozen Inc 51,971 7,187 (40,833) PDL BioPharma Inc (400,572) (35,495) 2,590 PPG Industries Inc 479,746 1,147 22,675 PDL BioPharma Inc 222,442 52,676 (5,700) PPL Corp (175,047) 2,109 28,241 Peabody Energy Corp 514,833 (13,808) 3,797 Precision Castparts Corp 990,068 28,373

38 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued (31,071) Precision Drilling Corp (290,203) 24,551 18,354 RealD Inc 163,534 (112,031) 6,713 Preferred Bank/Los Angeles CA 135,670 7,241 9,016 Realogy Holdings Corp 427,268 16,319 (1,376) Preformed Line Products Co (96,444) 6,240 (347) Realogy Holdings Corp (16,444) (27) 21,710 Premier Exhibitions Inc 25,618 (24,934) (472) RealPage Inc (10,620) 699 32,957 Premiere Global Services Inc 308,148 (26,348) 2,853 Receptos Inc 66,475 2,912 35,870 Prestige Brands Holdings Inc 1,256,885 49,841 16,061 Red Lion Hotels Corp 91,066 (11,080) 11,080 PRGX Global Inc 72,906 (8,618) (18,904) Redwood Trust Inc (Reit) (355,395) 11,097 884 priceline.com Inc 1,056,946 48,557 33,190 Regal Entertainment Group 'A' 646,541 28 (2,488) Pricesmart Inc (312,642) (22,536) (266) Regal-Beloit Corp (19,769) (45) (13,037) PrivateBancorp Inc (360,212) (35,137) 307 Regeneron Pharmaceuticals Inc 90,347 4,444 3,305 ProAssurance Corp 159,466 5,453 (51,041) Regis Corp (821,250) 55,586 (28,844) Procera Networks Inc (439,871) (55,943) 14,191 Regulus Therapeutics Inc 88,836 6,261 (28,834) Progenics Pharmaceuticals Inc (147,630) (8,545) (3,686) Reinsurance Group of America Inc (276,450) (1,655) 23,158 Progress Software Corp 610,445 48,837 (40,761) Reis Inc (709,649) 3,627 (52,840) Progressive Corp/The (1,486,389) (38,573) 14,717 Reliance Steel & Aluminum Co 1,083,171 (19,795) (3,691) Proofpoint Inc (114,089) (1,542) 1,721 Remy International Inc 39,996 8,350 (30,695) Protalix BioTherapeutics Inc (116,334) 18,856 1,010 RenaissanceRe Holdings Ltd 96,162 1,447 1,241 Prothena Corp Plc 34,115 12,643 2,323 Renewable Energy Group Inc 26,413 (7,224) (274) Proto Labs Inc (20,339) 1,387 9,077 Rent-A-Center Inc/TX 309,435 (46,292) 295 Providence Service Corp/The 8,095 3,651 (79,352) Rentech Inc (143,627) 25,700 60,762 Provident Financial Holdings Inc 893,201 (120,578) (4,608) Rentrak Corp (183,951) (80,396) (3,762) Provident Financial Services Inc (73,923) (12,559) 15,889 Repligen Corp 214,978 73,402 21,613 PS Business Parks Inc (Reit) 1,695,756 177,624 (3,911) Repros Therapeutics Inc (66,995) (7,561) 6,870 PTC Inc 224,992 2,611 19,909 Republic Airways Holdings Inc 221,388 36,485 (25,735) PTC Inc (842,821) (49,136) (1,183) Republic Bancorp Inc/KY 'A' (29,528) 2,229 300 PTC Therapeutics Inc 4,674 (313) (836) Resolute Forest Products Inc (13,526) (640) 19,553 PTGi Holding Inc 48,882 (41,712) 3,048 Resolute Forest Products Inc 49,317 9,583 (6,074) Public Service Enterprise Group Inc (200,260) 6,742 (898) Resource America Inc 'A' (8,441) (2,487) (10,585) PulteGroup Inc (199,104) (6,013) 12,460 Resource Capital Corp (Reit) 74,760 (4,831) 8,180 PulteGroup Inc 153,866 12,201 44,383 Resources Connection Inc 625,356 99,885 1,251 Puma Biotechnology Inc 61,399 8,309 10,996 Responsys Inc 185,063 107,981 (51,946) Pure Cycle Corp (367,258) (82,863) (2,754) Restoration Hardware Holdings Inc (207,657) (565) (18,289) PVH Corp (2,443,228) (64,034) 10,061 Retail Opportunity Investments Corp 146,891 1,944 15,695 QAD Inc 'A' 263,519 42,776 4,505 Retail Properties of America 'A' (Reit) 59,826 (2,748) (30,146) QEP Resources Inc (968,290) 10,521 (40,273) Retail Properties of America (34,295) QIAGEN NV (806,275) 33,412 Inc 'A' (Reit) (534,825) 25,007 36,254 Qlik Technologies Inc 893,661 (77,248) 306 RetailMeNot Inc 8,764 (1,636) 21,392 QLogic Corp 260,982 58,847 9,622 Revett Minerals Inc 6,062 (24,333) (81,698) QLogic Corp (996,716) (82,581) (8,802) Revlon Inc 'A' (235,630) (19,125) 233 QTS Realty Trust Inc 'A' (Reit) 4,797 24 (5,000) Revolution Lighting Technologies Inc (14,800) 4,433 550 Quad/Graphics Inc 14,470 556 22,636 REX American Resources Corp 727,747 201,622 10,020 QUALCOMM Inc 738,574 15,531 (2,390) Rex Energy Corp (45,099) (6,054) (44,865) Quality Systems Inc (1,047,149) (18,200) 6,577 Reynolds American Inc 332,138 (13,286) (5,362) Quanex Building Products Corp (95,712) (2,636) 19,715 RF Micro Devices Inc 103,602 4,888 9,460 Quanta Services Inc 279,732 (4,257) (30,560) Richardson Electronics 12,475 Quest Diagnostics Inc 764,468 (2,975) Ltd/United States (345,634) 12,101 (10,157) Questar Corp (229,040) 4,164 407 RigNet Inc 17,302 1,722 (7,973) Questcor Pharmaceuticals Inc (464,029) 37,398 662 RingCentral Inc 'A' 10,632 (1,005) 1,972 Questcor Pharmaceuticals Inc 114,770 (6,093) (25,241) Riverbed Technology Inc (436,164) 13,982 (2,110) Quicksilver Resources Inc (6,119) (1,266) (3,123) RLI Corp (315,985) (22,179) 10,918 Quidel Corp 277,317 3,717 39,541 RLJ Lodging Trust (Reit) 951,752 (16,741) (54,217) Quiksilver Inc (481,447) (124,173) 46,596 Robert Half International Inc 1,804,197 3,878 23,953 QuinStreet Inc 209,589 (12,565) 194 Rock Tenn Co 'A' 18,366 (749) 2,880 Quintiles Transnational Holdings Inc 125,280 (1,382) 3,402 Rocket Fuel Inc 166,018 5,418 (5,106) Rackspace Hosting Inc (190,199) 25,326 (56,115) Rockwell Collins Inc (4,108,740) (157,313) (31,737) Radian Group Inc (455,109) (82,114) 15,079 Rockwood Holdings Inc 1,038,642 33,676 (48,178) RadioShack Corp (138,753) 11,206 (4,142) Rogers Corp (259,372) (9,031) (1,408) Rally Software Development Corp (33,862) 2,308 6,617 Rollins Inc 187,195 3,176 1,183 Ralph Lauren Corp 206,410 (1,680) (521) Roma Financial Corp (10,368) (5,924) (22,772) Rambus Inc (196,295) (54,674) (5,009) Rosetta Resources Inc (253,305) 20,998 (3,170) Range Resources Corp (246,087) (6,122) 7,289 Rosetta Stone Inc 84,042 (27,169) (21,724) Raptor Pharmaceutical Corp (303,919) (110,518) 30,291 Roundy's Inc 262,623 125,048 6,742 Raytheon Co 600,982 26,024 (3,884) Rouse Properties Inc (Reit) (95,546) (18,089) 3,132 RBC Bearings Inc 215,920 4,947 17,093 Rovi Corp 312,118 14,145 (1,178) RBC Bearings Inc (81,211) (2,997) 3,265 Rowan Cos Plc 'A' 113,100 (278) 249 RE/MAX Holdings Inc 'A' 7,624 228 3,752 Royal Caribbean Cruises Ltd 166,964 795

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

Unaudited Interim Report and Accounts 39 BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued (644) Royal Gold Inc (29,135) 1,224 (916) Sherwin-Williams Co/The (168,581) 1,682 5,363 RPC Inc 95,622 (2,875) (1,580) SI Financial Group Inc (18,486) (997) 37,824 RPX Corp 617,288 152,719 5,474 Sigma Designs Inc 31,257 4,831 10,145 RR Donnelley & Sons Co 187,480 13,387 (50,547) Silgan Holdings Inc (2,367,621) (71,509) 88,728 RTI Surgical Inc 266,184 (62,076) (5,402) Silicon Graphics International Corp (69,686) 7,878 (29,773) Rubicon Technology Inc (298,921) (90,119) 2,745 Silicon Image Inc 14,905 (114) (3,270) Ruby Tuesday Inc (22,955) 780 (10,765) Silicon Laboratories Inc (420,696) 29,973 (894) Ruckus Wireless Inc (11,416) 1,556 (1) Silver Bay Realty Trust Corp (Reit) (16) (1) 9,324 Ruckus Wireless Inc 119,067 (2,971) 723 Silver Spring Networks Inc 14,453 955 (16,451) Rudolph Technologies Inc (185,403) 1,733 800 Simmons First National Corp 'A' 27,960 1,047 (16,034) Rush Enterprises Inc 'A' (468,834) (83,989) 2,705 Simon Property Group Inc (Reit) 408,969 (3,206) 4,973 Ruth's Hospitality Group Inc 70,517 4,794 4,036 Simplicity Bancorp Inc 63,769 2,997 11,536 Ryder System Inc 804,751 214,821 (5,749) Simpson Manufacturing Co Inc (209,666) (22,772) 4,028 Ryman Hospitality Properties (Reit) 169,257 23,640 (4,820) Sirius XM Holdings Inc (18,003) (1,694) (4,235) S&T Bancorp Inc (111,169) (36,419) 12,895 Sirona Dental Systems Inc 885,113 (43,050) (5,780) Safeguard Scientifics Inc (108,491) (17,242) 29,314 Six Flags Entertainment Corp 1,101,327 (1,019) 958 Safety Insurance Group Inc 54,261 6,784 (1,629) SJW Corp (44,928) (3,691) (3,293) Saga Communications Inc 'A' (168,602) (17,647) 11,452 Skyworks Solutions Inc 305,883 8,952 3,003 Saia Inc 103,664 38,896 (634) SL Green Realty Corp (Reit) (57,675) 828 27,387 Salem Communications Corp 'A' 248,400 34,145 777 SL Industries Inc 22,727 12,375 30,928 Salesforce.com Inc 1,597,431 (79,568) (3,072) SM Energy Co (270,828) 2,827 (160) Salix Pharmaceuticals Ltd (13,613) 18 6,292 SM Energy Co 554,703 (20,567) 2,901 Sanchez Energy Corp 74,730 (7,908) (2,279) Snyders-Lance Inc (66,729) (1,057) (266) Sanchez Energy Corp (6,852) (487) (23,009) Sociedad Quimica y Minera (2,616) SanDisk Corp (177,940) 5,310 de Chile SA ADR (579,597) 47,011 (34,251) SandRidge Energy Inc (190,778) 19,248 6,506 SodaStream International Ltd 376,242 14,091 10,525 Sanmina Corp 162,190 (7,408) (12,498) Solar Capital Ltd (288,079) (10,535) 62,911 Sapiens International Corp NV 434,086 136,885 (2,971) Solar Senior Capital Ltd (53,805) 125 12,811 Sarepta Therapeutics Inc 233,160 68,141 (1,204) SolarCity Corp (59,755) (4,405) (2,222) Sarepta Therapeutics Inc (40,440) 53,423 4,946 SolarCity Corp 245,470 (9,549) 151 Saul Centers Inc (Reit) 7,372 233 3,711 SolarWinds Inc 123,910 3,911 5,444 ScanSources Inc 227,178 49,904 (22,769) Solazyme Inc (193,309) (12,470) (1,162) Schawk Inc (17,151) 1,686 (27,598) Solera Holdings Inc (1,843,546) (22,802) 13,909 Schlumberger Ltd 1,235,954 (22,817) 26,415 Solta Medical Inc 52,830 118 (17,338) Scholastic Corp (530,543) (13,580) (153,099) Sonus Networks Inc (447,049) (50,716) 16,265 Schweitzer-Mauduit International Inc 838,949 (14,002) (3,785) Sotheby's (196,328) (10,820) 94,310 Sciclone Pharmaceuticals Inc 467,778 39,289 (22,484) South Jersey Industries Inc (1,287,434) 44,198 3,478 Science Applications International 129,451 8,434 (34,596) Southern Co/The (1,412,555) 55,008 (1) Science Applications International (37) (37) 25,870 Southern Copper Corp 653,217 (47,469) (46,326) Scientific Games Corp 'A' (839,427) (6,887) 8,280 Southside Bancshares Inc 234,407 64,903 (8,984) SciQuest Inc (252,001) (57,269) 28,764 Southwest Gas Corp 1,531,683 118,754 1,663 Scotts Miracle-Gro Co/The 'A' 98,084 1,478 (2,252) Southwest Gas Corp (119,919) (782) 127 Scripps Networks Interactive Inc 'A' 9,507 36 (1,110) Southwestern Energy Co (43,090) (2,608) 67 Seaboard Corp 190,194 6,882 27,633 Sovran Self Storage Inc 1,850,029 15,829 2,265 Seachange International Inc 33,930 3,567 25,193 Spansion Inc 'A' 313,653 18,969 51,237 Seacoast Banking Corp of Florida 115,796 1,533 3,646 Spark Networks Inc 21,183 (590) 4,463 Sealed Air Corp 143,619 2,008 (1,455) Spartan Motors Inc (9,850) (1,011) (59) Sears Canada Inc (1,062) (289) 457 Spartan Stores Inc 10,488 (48) (3,600) Sears Holdings Corp (227,268) 1,608 3,412 Spectranetics Corp 79,602 16,484 11,757 Sears Hometown and Outlet Stores Inc 372,814 (66,048) (11,377) Spectrum Brands Holdings Inc (805,150) (68,799) 620 Seattle Genetics Inc 25,476 175 (5,139) Spectrum Pharmaceuticals Inc (49,797) (11,175) 1,195 SeaWorld Entertainment Inc 35,432 (2,211) (124,696) Speed Commerce Inc (486,314) (82,132) 13,169 SEI Investments Co 445,902 1,238 13,553 Speedway Motorsports Inc 275,804 39,399 (6,111) Select Comfort Corp (129,553) 9,575 50,507 Spirit Aerosystems Holdings Inc 'A' 1,647,033 285,147 (14,113) Select Income (Reit) (388,108) (25,376) 1,378 Spirit Airlines Inc 64,077 2,719 (498) Selective Insurance Group Inc (13,984) (2,445) (26,961) Spirit Realty Capital Inc (Reit) (268,801) 8,753 1,401 SemGroup Corp 'A' 86,288 5,718 443 Splunk Inc 32,095 4,036 (2,021) Sempra Energy (179,141) 4,947 6,353 Springleaf Holdings Inc 134,811 7,642 (642) Seneca Foods Corp 'A' (19,498) 30 (173,490) Sprint Corp (1,505,893) (210,219) (53,760) Senior Housing Properties Trust (Reit) (1,225,190) 44,192 (618) SPS Commerce Inc (40,961) 1,989 2,944 Sensata Technologies Holding NV 114,963 4,044 134 SPS Commerce Inc 8,882 727 (2,429) Sensient Technologies Corp (120,600) 1,039 (6,609) SPX Corp (619,065) 6,756 (11,961) Sequenom Inc (31,816) 21,514 2,602 SS&C Technologies Holdings Inc 112,927 8,240 41,497 Service Corp International/US 751,926 10,015 715 Stamps.com Inc 33,083 1,242 (15,138) ServiceNow Inc (817,149) (3,339) (21,120) Standard Parking Corp (513,638) (58,769) (1,616) ServiceSource International Inc (15,691) 3,841 2,535 Stanley Black & Decker Inc 204,955 (4,538)

40 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued (26,519) Star Scientific Inc (34,210) 17,671 (2,626) Synta Pharmaceuticals Corp (13,366) 12,447 3,743 Starbucks Corp 307,525 3,631 15,097 Syntel Inc 1,349,219 45,150 8,351 Starwood Hotels & Resorts (43,880) Synutra International Inc (391,848) (161,290) Worldwide Inc 624,905 3,997 18,983 Sypris Solutions Inc 51,064 (27,365) (27,809) Starwood Property Trust Inc (Reit) (774,759) (36,845) (3,849) Sysco Corp (131,135) (1,712) 788 Starz 'A' 22,222 5,813 2,209 Systemax Inc 25,227 4,551 (52,622) State Auto Financial Corp (1,142,424) (332,126) 20,186 T-Mobile USA Inc 521,001 (25,679) 11,806 State Bank Financial Corp 206,251 3,757 3,209 Tableau Software Inc 'A' 210,189 10,109 8,372 Steel Dynamics Inc 152,370 574 (613) Tableau Software Inc 'A' (40,152) (3,632) 2,990 Steiner Leisure Ltd 179,789 10,328 (2,405) Tahoe Resources Inc (43,117) 2,482 6,329 StellarOne Corp 159,744 62,315 55,669 Take-Two Interactive Software Inc 906,848 (53,489) 168 Stemline Therapeutics Inc 3,410 (1,325) (29,066) TAL International Group Inc (1,594,270) (173,119) (542) Stepan Co (34,395) (3,524) (41,325) Tanger Factory Outlet Centers (Reit) (1,365,378) 53,862 2,544 STERIS Corp 118,016 3,809 (6,385) Tangoe Inc (100,500) (19,473) (60,683) Sterling Bancorp/DE (801,016) (158,878) 5,181 Targa Resources Corp 424,013 15,398 (8,646) Sterling Construction Co Inc (103,666) (20,039) 23,955 Targacept Inc 134,148 11,257 6,734 Sterling Financial Corp/WA 219,326 63,630 4,107 Target Corp 264,984 (9,734) (7,207) Steven Madden Ltd (281,505) (8,667) (4,206) Target Corp (271,371) (239) 254 Stewart Information Services Corp 8,186 338 23,414 Taser International Inc 411,150 230,375 (19,814) Stifel Financial Corp (899,556) (23,601) (8,825) TCF Financial Corp (138,817) (2,137) 1,541 Stillwater Mining Co 17,444 108 16,964 TCP Capital Corp 294,325 40,364 778 Stock Building Supply Holdings Inc 14,611 2,706 2,141 TD Ameritrade Holding Corp 61,789 3,138 2,619 Stone Energy Corp 85,432 38,123 (132) Team Inc (5,391) (493) (7,400) Stone Energy Corp (241,388) 6,010 (18,931) TearLab Corp (175,112) (42,103) 3,961 Stonegate Mortgage Corp 67,297 1,652 28,293 Tech Data Corp 1,465,860 75,325 16,327 Stoneridge Inc 207,516 78,027 2,534 TechTarget Inc 15,432 2,686 64,243 STR Holdings Inc 119,492 (27,509) 25,157 TECO Energy Inc 430,939 (7,296) 5,207 Straight Path Communications Inc 'B' 36,709 36,709 (17,536) Tecumseh Products Co 'A' (156,421) 18,408 1,662 Stratasys Ltd 195,950 7,213 (58,890) Teekay Corp (2,605,294) (77,714) (4,604) Strayer Education Inc (171,315) 59,112 (38,270) Teekay Offshore Partners LP (1,237,269) 41,121 433 Sturm Ruger & Co Inc 33,432 (132) 10,463 Tejon Ranch Co 376,668 32,389 10,636 Sucampo Pharmaceuticals Inc 'A' 82,110 9,354 1,465 Tejon Ranch Co (Warrants) 7,618 7,618 (2,236) Summit Hotel Properties Inc (Reit) (20,370) 2,811 (28) Teledyne Technologies Inc (2,614) (112) (38,299) Sun Bancorp Inc/NJ (137,110) (4,823) (1,054) Teleflex Inc (104,283) (3,955) 4,380 Sun Communities Inc (Reit) 179,974 (19,460) (17,970) Telefonica Brasil SA (345,204) 4,006 (712) Sun Communities Inc (Reit) (29,256) 2,132 63,826 Telenav Inc 451,250 52,786 (1,283) Sun Hydraulics Corp (55,195) (3,940) 47,466 Telephone & Data Systems Inc 1,319,080 (84,374) 7,333 SunCoke Energy Inc 166,679 18,178 6,018 TeleTech Holdings Inc 155,926 22,433 (7,764) Sunedison Inc (100,544) (36,440) 336 TELUS Corp 11,918 94 9,895 SunPower Corp 297,938 1,279 (20,777) Tempur-Pedic International Inc (1,054,225) (110,441) 5,696 SunTrust Banks Inc 208,075 3,838 (1,979) Tennant Co (128,932) (7,191) 274 Superior Industries International Inc 5,283 448 (2,777) Tenneco Inc (160,094) (2,957) (16,957) Supernus Pharmaceuticals Inc (121,243) (9,982) (377) Territorial Bancorp Inc (8,897) (282) 6,068 Supertex Inc 157,647 4,609 (5,263) TESARO Inc (206,783) (614) 13,809 support.com Inc 55,236 (13,007) 1,517 Tesco Corp 27,078 8,501 39,796 SurModics Inc 951,920 (83,058) (1,196) Tesla Motors Inc (154,786) (15,352) (4,594) Susser Holdings Corp (300,677) (70,323) 2,694 Tesoro Corp 158,488 11,584 3,421 SVB Financial Group 348,429 13,582 (14,321) Tessco Technologies Inc (564,247) (93,172) 4,630 Swift Energy Co 60,792 217 88,983 Tessera Technologies Inc 1,801,906 39,085 1,053 Swift Transportation Co 24,472 6,224 (12,870) Tetra Tech Inc (368,468) (28,337) 7,531 SWS Group Inc 49,027 11,323 1,042 TETRA Technologies Inc 12,764 238 (11,394) SY Bancorp Inc (377,483) (90,500) 16,824 Tetraphase Pharmaceuticals Inc 202,224 64,053 72,126 Sycamore Networks Inc 33,539 (151,939) 7,399 Texas Capital Bancshares Inc 415,232 92,292 179 Sykes Enterprises Inc 3,890 225 (8,026) Texas Industries Inc (467,274) 58,516 322 Symetra Financial Corp 6,150 202 (7,720) Textainer Group Holdings Ltd (301,080) (16,120) 50,340 Symmetry Medical Inc 493,835 (45,155) (6,269) TG Therapeutics Inc (28,273) 9,644 42,398 Synacor Inc 118,290 (23,796) (16,800) TherapeuticsMD Inc (79,800) (42,400) 125 Synageva BioPharma Corp 7,500 778 (2,922) Theravance Inc (109,867) (13,674) (3,800) Synageva BioPharma Corp (228,000) (41,205) 2,413 Theravance Inc 90,729 1,263 9,442 Synaptics Inc 475,782 104,416 (7,843) Thermon Group Holdings Inc (224,467) (56,573) (2,728) Synaptics Inc (137,464) (6,965) 58,291 Third Point Reinsurance Ltd 984,535 119,209 8,987 Synchronoss Technologies Inc 281,563 (9,052) (36,125) Thomson Reuters Corp (1,364,080) 20,255 (785) Synchronoss Technologies Inc (24,594) 4,537 4,803 Thor Industries Inc 261,715 6,903 (1,779) Synergy Pharmaceuticals Inc (8,094) (815) 15,846 Thoratec Corp 624,332 55,242 (15,146) Synopsys Inc (555,404) (1,666) 13,870 Threshold Pharmaceuticals Inc 67,547 4,783 26,660 Synovus Financial Corp 93,843 5,169 32,050 TIBCO Software Inc 779,776 13,651

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

Unaudited Interim Report and Accounts 41 BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued (17,146) TICC Capital Corp (185,177) (20,048) 3,652 United Online Inc 57,775 (88,344) 9,345 Tidewater 530,329 (18,403) (1,503) United Rentals Inc (103,226) 109 13,931 Tile Shop Holdings Inc 230,697 (81,849) (45,793) United States Steel Corp (1,227,252) (130,371) (11,435) Tile Shop Holdings Inc (189,364) 94,960 3,785 United Therapeutics Corp 348,220 (5,599) 5,258 Tilly's Inc 'A' 63,201 (7,583) (1,147) Unitil Corp (34,639) (5,154) (21,197) Time Warner Cable Inc (2,936,844) (109,282) (892) Universal American Corp/NY (6,859) (23) 1,434 Time Warner Inc 94,988 (250) (1,757) Universal Corp/VA (91,540) 260 4,223 Timken Co 218,920 (5,508) (8,685) Universal Display Corp (313,442) (7,442) 20,745 TiVo Inc 262,839 (1,198) (3,584) Universal Forest Products Inc (188,375) (43,196) (15,079) Toll Brothers Inc (519,170) (14,610) 26,507 Universal Insurance Holdings Inc 309,072 130,579 (11,327) Tompkins Financial Corp (566,350) (43,682) (10,704) Universal Stainless & (28,788) Tootsie Roll Industries Inc (938,489) (33,891) Alloy Products Inc (382,026) (4,893) (1,787) Tornier NV (32,005) (2,223) (23,456) Universal Technical Institute Inc (344,100) (67,951) 13,612 Tower International Inc 293,747 19,987 2,694 Unum Group 90,869 1,131 (72,704) Towerstream Corp (163,584) 68,678 (202,814) Unwired Planet Inc (316,390) 99,806 466 Town Sports International Holdings Inc 6,445 709 (146,224) Uranium Energy Corp (269,052) 84,933 (73,313) TowneBank/Portsmouth VA (1,118,756) (11,557) 20,915 Urban Outfitters Inc 818,195 (21,961) 18,629 Transcept Pharmaceuticals Inc 66,133 (25,872) (26,569) US Antimony Corp (53,935) 580 8,015 TransDigm Group Inc 1,269,119 90,650 4,492 US Silica Holdings Inc 153,312 26,209 (43,706) Transocean Ltd (2,209,775) (4,626) 14,437 USA Mobility Inc 212,946 29,182 16,314 TravelCenters of America LLC 174,070 81,518 8,873 USANA Health Sciences Inc 658,288 (10,406) 1,164 Travelers Cos Inc/The 106,657 3,445 (5,331) USG Corp (146,443) 1,013 14,433 Travelzoo Inc 305,258 (3,559) (68,645) UTi Worldwide Inc (1,089,396) 14,216 (2,250) Tree.com Inc (67,950) (26,493) 30,930 Vaalco Energy Inc 187,126 (45,547) (6,813) TreeHouse Foods Inc (479,158) 6,213 506 Vail Resorts Inc 38,542 678 10,906 Tremor Video Inc 47,986 (41,889) (2,104) Valassis Communications Inc (62,363) (466) (13,246) Trex Co Inc (962,587) (232,990) 41,705 Vale SA 581,368 (37,675) 14,322 Tri Pointe Homes Inc 287,586 16,742 6,265 Valeant Pharmaceuticals 7,338 Triangle Petroleum Corp 79,177 5,359 International Inc 688,899 24,584 24,346 Trimas Corp 893,742 (3,310) 3,557 Valero Energy Corp 162,946 9,007 (64,110) Trimble Navigation Ltd (2,061,778) 15,496 4,686 Validus Holdings Ltd 188,237 5,087 973 Triple-S Management Corp 'B' 19,849 2,407 (204,588) Valley National Bancorp (2,078,614) (118,010) 33,521 Tronox Ltd 'A' 710,645 (20,818) 6,148 Valmont Industries Inc 892,382 (123) 781 TrueBlue Inc 20,087 420 8,267 Valspar Corp/The 584,973 (5,704) (3,051) Trulia Inc (105,687) 10,685 1,661 ValueClick Inc 35,595 2,675 25,649 Trustmark Corp 720,480 127,370 (148,043) Vantage Drilling Co (273,880) (10,493) 5,564 TRW Automotive Holdings Corp 430,042 2,393 (676) Varian Medical Systems Inc (52,850) (2,379) 2,408 TTM Technologies Inc 22,924 2,297 13,958 Vascular Solutions Inc 292,420 80,715 (1,624) Tuesday Morning Corp (22,963) (1,311) 103,359 VCA Antech Inc 3,105,938 219,579 14,529 tw telecom Inc 414,076 (4,068) 41,324 Vectren Corp 1,433,530 (16,597) (20,251) Twin Disc Inc (585,051) (97,697) (8,825) Veeco Instruments Inc (286,371) 30,233 (18,660) Two Harbors Investment Corp (Reit) (173,538) 2,612 1,547 Veeva Systems Inc 'A' 62,793 3,596 9,110 Tyson Foods Inc 'A' 289,607 26,655 12,834 Ventrus Biosciences Inc 37,860 1,157 14,513 Ubiquiti Networks Inc 574,860 182,654 (5,924) Vera Bradley Inc (144,842) (17,204) 5,608 UBS AG 107,674 4,392 4,494 Verastem Inc 47,187 1,346 (1,066) UDR Inc (Reit) (25,030) 288 3,390 VeriFone Systems Inc 87,225 28,172 1,077 Ulta Salon Cosmetics & Fragrance Inc 137,447 838 (17,278) VeriFone Systems Inc (444,563) (11,139) (182) Ultimate Software Group Inc/The (28,556) (48) 27,810 Verint Systems Inc 1,057,614 64,729 388 Ultimate Software Group Inc/The 60,877 16 (2,806) VeriSign Inc (160,419) (1,459) (3,331) Ultra Petroleum Corp (68,119) (3,797) 10,087 VeriSign Inc 576,674 15,332 (11,311) Ultratech Inc (296,348) (2,724) (9,346) Verisk Analytics Inc 'A' (607,864) (9,433) (13,117) UMB Financial Corp (844,735) (32,827) 29,951 Verizon Communications Inc 1,495,154 (8,623) 51,866 Umpqua Holdings Corp 952,260 302,902 4,080 VF Corp 963,125 44,851 (4,066) Uni-Pixel Inc (52,045) 17,959 5,445 Viacom Inc 'B' 439,357 4,661 18,690 Unifi Inc 517,152 232,405 40,601 Viad Corp 1,088,107 (28,403) (54,035) Unilife Corp (244,238) (65,458) 8,352 ViaSat Inc 505,630 2,793 276 Union First Market Bankshares Corp 7,144 818 1,214 Viasystems Group Inc 18,210 (177) 3,371 Union Pacific Corp 548,226 10,585 24,663 Vicor Corp 267,840 135,983 (876) Unisys Corp (24,230) (2,148) (28,425) ViewPoint Financial Group Inc (721,995) (133,061) 420 Unit Corp 20,223 (774) (3,646) Village Super Market Inc 'A' (139,933) (12,116) (3,879) United Bankshares Inc/WV (126,805) (13,331) 3,234 Violin Memory Inc 11,254 (8,600) 46,975 United Community Banks Inc/GA 861,991 120,268 (4,658) VirnetX Holding Corp (92,228) (2,371) (75,335) United Community Financial Corp/OH (283,260) 12,185 (1,735) Virtusa Corp (61,159) (10,800) (1,849) United Continental Holdings Inc (72,925) (4,922) 19,695 Vishay Intertechnology Inc 252,096 (4,785) 8,948 United Financial Bancorp Inc 175,381 29,815 (7,266) Vista Gold Corp (2,688) 18,904 4,662 United Fire Group Inc 136,363 6,346 (3,332) VistaPrint NV (192,156) (4,515)

42 BlackRock Strategic Funds (BSF) BlackRock Americas Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued 2,934 Visteon Corp 231,933 7,980 11,998 Willbros Group Inc 103,543 (3,358) (69,930) Vitacost.com Inc (406,993) 90,987 (1,545) Williams-Sonoma Inc (91,881) (4,264) (9,605) Vivus Inc (96,626) 5,305 28,500 Willis Lease Finance Corp 518,985 32,685 (13,503) Volcano Corp (308,273) (10,094) 13,756 Wilshire Bancorp Inc 146,639 43,764 25,310 Vonage Holdings Corp 83,776 (8,604) (86,942) Windstram Holdings Inc (707,708) 75,117 (17,465) Vornado Realty Trust (Reit) (1,547,748) 11,860 (3,550) Winnebago Industries Inc (111,115) (36,852) 6,046 VOXX International Corp 106,410 59,882 6,760 Wintrust Financial Corp 307,174 32,118 (29,221) Vringo Inc (94,092) (8,178) 2,123 WisdomTree Investments Inc 32,397 2,774 (4,249) Vulcan Materials Co (239,729) 1,615 (65,850) Wolverine World Wide Inc (2,164,621) (510,937) (604) W&T Offshore Inc (10,510) 863 (1,840) Woodward Inc (79,506) (187) 1,371 WABCO Holdings Inc 121,786 2,550 649 Workday Inc 'A' 53,341 (268) (1,011) Wabtec Corp (69,911) (581) (3,927) Workday Inc 'A' (322,760) (25,642) 8,121 Waddell & Reed Financial Inc 'A' 519,744 (10,881) (2,072) World Acceptance Corp (191,660) (4,434) 4,003 WageWorks Inc 232,855 17,560 26,448 Worthington Industries Inc 1,099,972 41,259 (707) Wal-Mart Stores Inc (57,380) (1,372) 33,579 WP Carey Inc (Reit) 2,119,506 (114,798) (5,112) Walgreen Co (303,653) 4,499 (29,848) WPX Energy Inc (546,815) 2,388 11,484 Walker & Dunlop Inc 186,960 26,582 (453) WR Berkley Corp (20,041) (222) (4,141) Walter Energy Inc (59,341) 13,044 (1,319) WR Grace & Co (126,914) (2,124) 5,017 Walter Investment Management Corp 192,101 9,947 (45,318) Wright Medical Group Inc (1,366,791) (212,108) 139,727 Warren Resources Inc 442,935 50,739 1,884 WSFS Financial Corp 141,677 27,924 (118) Washington Trust Bancorp Inc (4,309) (532) 26 WW Grainger Inc 6,751 84 (2,841) Waste Management Inc (129,797) (1,305) (5,376) Wyndham Worldwide Corp (387,126) (15,383) 643 Waters Corp 64,030 (120) (2,043) Wynn Resorts Ltd (340,139) (6,177) 1,126 Watsco Inc 108,445 (129) (29,996) XenoPort Inc (158,979) 29,650 (76,937) Wausau Paper Corp (928,630) (37,902) 4,911 Xerium Technologies Inc 64,727 29,583 4,514 WD-40 Co 341,484 13,793 2,149 Xilinx Inc 95,630 2,687 6,939 Web.com Group Inc 197,415 6,402 15,893 XL Group Plc 513,026 14,145 (27,197) WebMD Health Corp (1,044,365) (55,468) 2,440 XO Group Inc 36,600 16,598 (3,280) Weight Watchers International Inc (106,239) (679) (23,789) XPO Logistics Inc (542,151) (151,158) (482) Weis Markets Inc (24,862) (1,791) (35,827) Xylem Inc/NY (1,248,571) (18,356) (8,246) WellCare Health Plans Inc (616,801) (37,487) (9,519) Yadkin Financial Corp (171,056) (24,953) 9,083 WellPoint Inc 849,170 30,791 (1,305) Yahoo! Inc (48,468) (1,633) 5,702 Wendy's Co/The 49,237 3,417 (1,736) Yandex NV 'A' (68,867) (661) (156) WESCO International Inc (13,516) (198) (2,070) Yelp Inc (125,587) (51,520) 2,576 West Bancorporation Inc 41,860 7,179 (5,093) YRC Worldwide Inc (45,837) 53,199 5,624 West Corp 131,039 3,904 (34,471) Yum! Brands Inc (2,689,427) (90,008) 2,519 West Pharmaceutical Services Inc 126,454 9,916 2,044 YuMe Inc 18,028 (3,358) (6,503) Westamerica Bancorporation (367,420) (2,171) 60,558 Zagg Inc 258,583 (163,699) (1,082) Western Alliance Bancorp (25,221) (919) 920 ZAIS Financial Corp 15,677 277 (3,902) Western Digital Corp (294,562) (436) 22,461 Zebra Technologies Corp 'A' 1,172,464 27,823 4,115 Western Refining Inc 162,090 12,856 871 Zeltiq Aesthetics Inc 15,112 588 11,728 Western Union Co/The 196,913 726 (4,011) Zillow Inc 'A' (314,342) (24,895) 554 Westlake Chemical Corp 62,968 (673) (24,787) ZIOPHARM Oncology Inc (105,345) 1,576 (6,693) Westmoreland Coal Co (100,395) (25,279) 28,252 Zoetis Inc 882,875 (25,096) 13,614 Westport Innovations Inc 289,570 (85,951) (28,970) Zogenix Inc (94,442) (48,559) 3,354 Westwood Holdings Group Inc 191,178 25,627 (22,924) Zoltek Cos Inc (383,289) (101,842) 61,498 Wet Seal Inc 'A' 208,478 11,318 (11,832) Zumiez Inc (329,403) (26,516) (6,433) WEX Inc (643,750) (7,141) (7,799) Zygo Corp (123,146) (505) (6,205) Weyco Group Inc (180,938) (23,371) (155,092) Zynga Inc 'A' (681,629) (62,923) (512) Weyerhaeuser Co (15,416) (189) (3,300,726) (392,902) 5,117 Whirlpool Corp 784,129 12,281 127 White Mountains Insurance Group Ltd 77,081 771 Total market value 42,253 WhiteWave Foods Co 'A' 902,947 (1,930) (USD underlying exposure – USD 1,058,015,057) 1,171,503 10,036,983 4,349 Whiting Petroleum Corp 261,897 (18,453)

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

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

Unaudited Interim Report and Accounts 43 BlackRock Americas Diversified Equity Absolute Return Fund continued Swaps as at 30 November 2013 Sector Breakdown as at 30 November 2013

Unrealised % of net appreciation/ assets* Nominal (depreciation) Government 48.27 Value Description USD Financial 41.73 Other Net Assets 10.00 USD 5,330 Total Return Swap (Citibank) (Fund receives 3 Month LIBOR and pays MSCI Daily TR Net Emerging 100.00 Markets Chile USD Index) (25/7/2014) 151,036 * Based on the market value of the Portfolio of Investments (USD underlying exposure – USD 2,149,417) 151,036

Note: The total market value of USD 151,036 is included in the Statement of Net Assets (see Note 2(d)). Open Exchange Traded Futures Contracts as at 30 November 2013

Unrealised Open Forward Foreign Exchange Transactions Underlying appreciation/ as at 30 November 2013 Number of Contract/ Expiration exposure (depreciation) Unrealised Contracts Description date USD USD appreciation/ 92 S&P 500 E-Mini Index December 2013 8,298,860 588,920 (depreciation) Total 8,298,860 588,920 Purchases Sales Value date USD

EUR 33,614,114 USD 45,000,436 13/12/2013 712,762 Note: The net unrealised appreciation attributed to these transactions is included USD 1,324,200 EUR 981,591 13/12/2013 (10,705) in the Statement of Net Assets (see Note 2(d)). SEK 105,124,843 USD 15,782,226 13/12/2013 274,430 USD 636,136 SEK 4,219,352 13/12/2013 (8,324) Net unrealised appreciation (USD underlying exposure – USD 63,749,219) 968,163

Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)). State Street Bank and Trust Company is the counterparty to these Open Forward Foreign Exchange Transactions.

44 BlackRock Strategic Funds (BSF) BlackRock Asia Extension Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (USD) % Holding Description (USD) % BONDS United States continued USD 550,000 Credit Suisse AG 0.67% 9/1/2014 553,207 1.44 Canada USD 1,200,000 Mizuho Bank Ltd 0.21% 12/12/2013 1,200,196 3.13 USD 1,000,000 Province of Ontario Canada 1.375% USD 900,000 Norinchukin Bank 0% 4/12/2013 900,028 2.35 27/1/2014 1,001,908 2.62 USD 500,000 Rabobank USA Financial Corp 0.01% 1,001,908 2.62 27/6/2014 499,216 1.30 USD 300,000 Skandinaviska Enskilda Banken AB France 0.01% 7/1/2014 300,728 0.78 USD 500,000 BNP Paribas FRN 10/1/2014 500,457 1.31 USD 500,000 Sumitomo Mitsui Banking Corp 500,457 1.31 0.21% 12/2/2014 500,101 1.31 5,954,698 15.55 United States Total Certificates of Deposit 5,954,698 15.55 USD 1,000,000 Fannie Mae Discount Notes 0.00% 27/1/2014 (Zero Coupon) 999,950 2.61 USD 900,000 Fannie Mae Discount Notes 0.00% COMMERCIAL PAPER 29/1/2014 (Zero Coupon) 899,953 2.35 USD 250,000 Federal Home Loan Banks 0.12% United States 30/1/2014 250,028 0.65 USD 900,000 Antalis US Funding Corp 0.01% USD 136,000 Federal National Mortgage Association 3/2/2014 899,626 2.35 1.35% 21/3/2014 136,548 0.36 EUR 500,000 Atlantic Asset Secritization LLC 0% USD 1,100,000 Freddie Mac Discount Notes 0.00% 18/12/2013 499,965 1.31 7/4/2014 (Zero Coupon) 1,099,722 2.87 USD 500,000 Bank of Nova Scotia 0.01% 25/2/2014 499,795 1.30 USD 500,000 United States Treasury Bill 0.00% USD 500,000 Barton Capital Corp 0.01% 3/2/2014 499,801 1.30 2/1/2014 (Zero Coupon) 499,996 1.31 USD 295,000 BNP Paribas SA 0% 5/3/2014 294,728 0.77 USD 500,000 United States Treasury Bill 0.00% USD 900,000 BPCE SA 0.01% 3/2/2014 899,642 2.35 9/1/2014 (Zero Coupon) 499,996 1.31 USD 500,000 Cooperatieve Centrale 0.01% 12/3/2014 500,000 1.31 USD 1,500,000 United States Treasury Bill 0.00% USD 500,000 Govco LLC 0.01% 11/2/2014 499,797 1.30 13/2/2014 (Zero Coupon) 1,499,857 3.92 USD 1,000,000 ING (US) Funding LLC 0% 9/12/2013 999,955 2.61 USD 1,000,000 United States Treasury Bill 0.00% USD 300,000 Lloyds Bank Plc 0% 27/1/2014 299,894 0.78 24/4/2014 (Zero Coupon) 999,630 2.61 USD 1,000,000 Nieuw Amsterdam Receivables Corp USD 2,000,000 United States Treasury Bill 0.00% 0% 16/1/2014 999,778 2.61 8/5/2014 (Zero Coupon) 1,999,178 5.22 USD 500,000 Nordea Bank AB 0.01% 10/1/2014 499,866 1.31 USD 1,000,000 United States Treasury Bill 0.00% USD 400,000 Nordea Bank AB 0% 18/2/2014 399,782 1.04 22/5/2014 (Zero Coupon) 999,529 2.61 USD 420,000 Oversea-Chinese Banking Corp Ltd 0% USD 1,500,000 United States Treasury Note 0.25% 19/2/2014 419,811 1.10 31/1/2014 1,500,498 3.92 USD 500,000 Regency Markets No.1 LLC 0.01% USD 500,000 United States Treasury Note 1.875% 16/12/2013 499,969 1.31 28/2/2014 502,236 1.31 USD 1,000,000 Societe Generale North America Inc USD 1,300,000 United States Treasury Note 1.75% 0.01% 6/12/2013 999,967 2.61 31/3/2014 1,307,134 3.41 USD 500,000 Sumitomo Mitsui Banking Corp USD 400,000 United States Treasury Note 0.25% 0.01% 10/1/2014 499,869 1.31 30/4/2014 400,242 1.04 10,212,245 26.67 13,594,497 35.50 Total Commercial Paper 10,212,245 26.67 Total Bonds 15,096,862 39.43 Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or CERTIFICATES OF DEPOSIT Dealt in on Another Regulated Market 31,263,805 81.65 United States Securities portfolio at market value 31,263,805 81.65 USD 500,000 Bank of America NA 0.01% 14/1/2014 500,008 1.31 USD 500,000 Bank of Tokyo-Mitsubishi UFJ Ltd/The Other Net Assets 7,024,253 18.35 0.21% 28/2/2014 500,030 1.31 Total Net Assets (USD) 38,288,058 100.00 USD 500,000 Bank of Tokyo-Mitsubishi UFJ Ltd/The 0% 7/3/2014 501,158 1.31 USD 500,000 Credit Industriel et Commercial 0% 2/12/2013 500,026 1.31

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

Unaudited Interim Report and Accounts 45 BlackRock Asia Extension Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Hong Kong Hong Kong continued 124,000 Agricultural Bank of China Ltd 63,658 7,672 10,700 Lifestyle Properties Development Ltd 2,250 2,250 345,000 AIA Group Ltd 1,748,875 294,548 22,000 Luk Fook Holdings International Ltd 81,159 6,732 (286,000) Aluminum Corp of China Ltd (106,982) 14,398 (121,000) Macau Legend Development Ltd (94,581) (12,877) 15,000 Anhui Conch Cement Co Ltd 'H' 58,625 2,793 3,600 Man Wah Holdings Ltd 5,925 (355) (45,400) ASM Pacific Technology Ltd (377,421) 100,696 (34,000) Melco International Development Ltd (119,945) (56,271) 1,691,000 Bank of China Ltd 817,941 66,129 520,000 MMG Ltd 122,744 (83,487) 58,500 BBMG Corp 'H' 51,839 7,078 47,000 New World Development Co Ltd 63,534 (1,442) 168,000 BOC Hong Kong Holdings Ltd 568,834 3,095 159,000 NWS Holdings Ltd 237,904 (4,628) (50,000) Champion (Reit) (22,379) 42 209,000 PanAsialum Holdings Co Ltd 47,177 1,477 84,000 Cheung Kong Holdings Ltd 1,327,280 27,619 288,000 PCCW Ltd 124,447 (5,408) 40,000 China Agri-Industries Holdings Ltd 20,432 2,052 33,000 Ping An Insurance Group Co of 176,000 China CITIC Bank Corp Ltd 102,839 8,092 China Ltd 'H' 307,538 60,588 1,125,000 China Communications 71,000 Poly Property Group Co Ltd 41,669 4,477 Construction Co Ltd 947,573 (71,537) 5,500 Power Assets Holdings Ltd 44,694 (67) 2,089,000 China Construction Bank Corp 1,692,174 86,081 157,600 Sands China Ltd 1,193,277 177,515 (916,500) China COSCO Holdings Co Ltd (471,685) (12,231) (84,000) Semiconductor Manufacturing 56,000 China Everbright Ltd 91,880 12,554 International Corp (6,934) (243) 44,000 China Gas Holdings Ltd 59,592 7,925 (88,000) Shandong Weigao Group Medical (428,000) China High Speed Transmission Polymer CoLtd 'H' (120,319) (29,969) Equipment Group Co Ltd (215,306) (14,493) (188,000) Shanghai Electric Group Co Ltd 'H' (67,899) (783) 600,000 China Machinery Engineering Corp 'H' 461,259 117,764 59,000 Shanghai Industrial Holdings Ltd 200,530 20,302 55,500 China Merchants Bank Co Ltd 'H' 118,550 14,632 76,000 Shenzhen Investment Ltd 29,997 (499) 4,000 China Merchants Holdings 65,500 Shimao Property Holdings Ltd 'H' 164,073 7,434 International Co Ltd 14,885 59 56,000 Sino Land Co Ltd 76,567 (14,756) 188,000 China Oilfield Services Ltd 567,441 137,165 17,000 Sinopec Engineering Group Co Ltd 'H' 26,006 5,116 862,600 China Petroleum & Chemical Corp 741,021 118,654 780,000 Sinopec Shanghai Petrochemical 544,000 China Public Procurement Ltd 30,173 (3,804) Co Ltd 'H' 231,403 34,120 253,000 China Railway Construction Corp Ltd 283,588 41,930 16,000 Sinopharm Group Co Ltd 'H' 47,674 3,871 375,000 China Railway Group Ltd 'H' 215,731 31,560 197,000 SJM Holdings Ltd 632,721 86,915 74,000 China Resources Cement Holdings Ltd 53,071 4,499 (29,000) Sun Art Retail Group Ltd (43,017) 338 (62,000) China Resources Enterprise Ltd (219,524) (16,277) (12,100) Television Broadcasts Ltd (75,696) (2,835) 12,000 China Resources Power Holdings Co Ltd 29,038 549 3,700 Tencent Holdings Ltd 214,000 74,306 118,000 China Shenhua Energy Co Ltd 400,299 (11,695) 180,000 Termbray Petro-King Oilfield (695,000) China Shipping Container Lines Co Ltd (187,361) (9,810) Services Ltd 95,657 4,148 (178,000) China Shipping Development Co Ltd (120,998) (27,435) 214,000 Truly International Holdings 125,595 (11,940) 182,000 China Unicom Hong Kong Ltd 288,751 24,364 (38,000) Tsingtao Brewery Co Ltd (318,354) (72,653) (78,000) China Yurun Food Group Ltd (51,311) 161 (332,000) Uni-President China Holdings Ltd (335,310) (32,745) 87,500 China ZhengTong Auto Services 19,000 Wheelock & Co Ltd 92,516 (2,103) Holdings Ltd 59,592 (442) 352,000 Xinyi Glass Holdings Ltd 372,309 102,426 139,000 Chongqing Rural Commercial Bank 'H' 72,793 4,420 15,000 Yue Yuen Industrial Holdings Ltd 46,532 4,705 150,200 Chow Tai Fook Jewellery Group Ltd 232,874 19,616 17,500 Zhaojin Mining Industry Co Ltd 'H' 11,535 (1,989) (79,000) CITIC Pacific Ltd (114,128) (27,433) 410,000 Zhejiang Expressway Co Ltd 382,357 61,032 277,000 CNOOC Ltd 568,099 60,370 14,603,652 1,597,927 (340,000) Comba Telecom Systems Holdings Ltd (117,095) (4,151) (164,000) Daphne International Holdings Ltd (75,520) 39,576 Indonesia (483,500) Esprit Holdings Ltd (1,006,577) (257,338) 79,000 Bank Mandiri Persero Tbk PT 50,520 (1,283) 65,000 Geely Automobile Holdings Ltd 33,537 (874) 86,500 Bank Rakyat Indonesia Persero Tbk PT 53,871 (2,788) 1,310,000 GOME Electrical Appliances Holding Ltd 228,114 74,101 (897,500) Bumi Resources Tbk PT (21,757) 27,848 13,500 Greentown China Holdings Ltd 23,438 1,010 6,812,000 Energi Mega Persada Tbk PT 37,014 (38,516) (121,000) Hang Lung Group Ltd (640,686) 6,297 1,000 Gudang Garam Tbk PT 3,093 40 (278,000) Hong Kong & China Gas Co Ltd (656,927) 6,264 77,000 Indocement Tunggal Prakarsa Tbk PT 121,333 (60,915) (454,000) Honghua Group Ltd (159,284) (23,570) 31,000 Matahari Department Store Tbk PT 29,931 (1,193) 116,000 Hutchison Whampoa Ltd 1,477,550 295,356 419,500 Perusahaan Gas Negara 2,024,000 Industrial & Commercial Bank Persero Tbk PT 170,079 (76,529) of China Ltd 1,454,162 47,679 2,267,500 Telekomunikasi Indonesia 37,000 Jiangxi Copper Co Ltd 'H' 71,683 1,485 Persero Tbk PT 412,273 (19,101) 5,500 Kerry Logistics Network Ltd 4,682 4,682 856,357 (172,437) 11,000 Kerry Properties Ltd 43,417 (2,435) 56,500 Kingboard Chemical Holdings Ltd 152,679 35,411 Malaysia (54,000) Kingdee International Software 4,300 Axiata Group Bhd 8,965 (484) Group Co Ltd (15,672) 628 13,300 Berjaya Corp Bhd 2,187 (654) (86,000) Kunlun Energy Co Ltd (159,072) 2,922 44,137 Berjaya Sports Toto Bhd 53,545 (2,669) 363,500 KWG Property Holding Ltd 218,493 (1,554) 4,800 British American Tobacco Malaysia Bhd 93,677 1,170 (39,500) L'Occitane International SA (88,143) (1,858) 96,500 DiGi.Com Bhd 145,813 7,349 69,000 Langham Hospitality Investments Ltd 34,265 (206) 160,300 MISC Bhd 273,052 14,168 61,000 Lee & Man Paper Manufacturing Ltd 44,928 4,533 11,900 PPB Group Bhd 54,866 5,913 218,000 Lenovo Group Ltd 258,416 28,735 195,400 Sime Darby Bhd 585,048 5,561 (186,250) Li Ning Co Ltd (164,083) (2,828)

46 BlackRock Strategic Funds (BSF) BlackRock Asia Extension Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Malaysia continued South Korea continued 366,200 Tenaga Nasional Bhd 1,120,302 205,716 4,130 Hyundai Hysco Co Ltd 158,246 (5,700) 76,820 YTL Corp Bhd 38,613 596 (3,238) Hyundai Mipo Dockyard (552,262) (166,376) 2,376,068 236,666 300 Hyundai Mobis 87,026 4,464 905 Hyundai Wia Corp 162,478 25,170 Philippines 690 Industrial Bank of Korea 7,465 (1,029) 188,200 Ayala Land Inc 122,099 27,800 1,968 Infraware Inc 21,664 3,357 31,440 Jollibee Foods Corp 127,196 32,433 5,890 KB Financial Group Inc 220,952 15,179 84,000 Metro Pacific Investments Corp 9,153 (7) (283) KEPCO Engineering & 2,780 Philippine Long Distance Telephone Co 172,103 (9,889) Construction Co Inc (16,285) (1,006) 12,700 SM Prime Holdings Inc 4,758 (77) 13,737 Kia Motors Corp 784,007 72,289 64,500 Universal Robina Corp 177,550 (10,674) 9,940 Korea Aerospace Industries Ltd 262,988 8,109 509 Korea Zinc Co Ltd 138,516 (1,793) 612,859 39,586 11,720 Korean Reinsurance Co 126,248 (4,395) 694 LG Chem Ltd 190,501 (4,781) Singapore 2,370 LG Fashion Corp 76,925 6,242 109,000 Asian Pay Television Trust 67,745 (1,026) (210) Lock & Lock Co Ltd (4,544) (208) (495,000) Biosensors International Group Ltd (372,729) (361) 3,266 LOTTE Himart Co Ltd 267,563 13,592 152,000 CapitaMall Trust (Reit) 235,570 (6,330) (470) Nexen Tire Corp (6,839) (143) 394,000 ComfortDelGro Corp Ltd 616,900 16,811 964 S-1 Corp 65,129 7,085 23,000 DBS Group Holdings Ltd 314,853 26,083 8,139 Samsung C&T Corp 486,048 64,111 (16,000) First Resources Ltd (28,558) (40) 840 Samsung Card Co Ltd 30,241 999 144,000 Fraser and Neave Ltd 656,319 (216,025) 1,374 Samsung Electronics Co Ltd 1,939,673 160,541 (27,000) Genting Singapore Plc (31,626) (2,818) 334 Samsung Electronics Co Ltd (Pref) 316,547 69,474 (4,003) Jardine Matheson Holdings Ltd (202,232) 35,160 (4,455) Samsung Engineering Co Ltd (264,783) 23,148 (14,000) Jardine Strategic Holdings Ltd (448,700) 18,424 780 Samsung Life Insurance Co Ltd 75,177 2,717 31,000 Keppel Corp Ltd 279,370 6,383 (2,269) Sapphire Technology Co Ltd (80,615) 14,825 28,000 Keppel Land Ltd 78,534 (4,915) 3,860 Seah Besteel Corp 98,843 (22,458) 79,000 Mapletree Greater China 2,600 Shinhan Financial Group Co Ltd 109,326 12,383 Commercial Trust (Reit) 55,709 (1,711) 3,146 SK C&C Co Ltd 402,800 83,039 102,000 Mapletree Logistics Trust (Reit) 85,339 (1,367) 6,102 SK Chemicals Co Ltd 306,743 19,646 7,000 Noble Group Ltd 6,163 92 2,398 SK Holdings Co Ltd 423,723 49,021 (61,000) Religare Health Trust (38,641) 1,844 905 SK Innovation Co Ltd 123,141 (5,153) (71,000) Thai Beverage PCL (27,438) (2,114) 11,490 SK Networks Co Ltd 81,102 7,853 97,000 UOL Group Ltd 479,976 (21,354) 5,181 Sung Kwang Bend Co Ltd 135,363 (6,821) (118,000) Vard Holdings Ltd (75,219) 3,930 489 YG Entertainment Inc 22,918 919 83,000 Wilmar International Ltd 232,797 16,478 756,000 Yangzijiang Shipbuilding 7,185,544 572,316 Holdings Ltd 701,785 51,397 Taiwan 2,585,917 (81,459) (443,000) Acer Inc (240,256) 95,923 1,000 Advantech Co Ltd 6,184 128 South Korea 78,000 Asia Cement Corp 103,582 7,862 2,260 BS Financial Group Inc 34,809 8,691 1,000 Asustek Computer Inc 8,802 535 (431) CJ CheilJedang Corp (105,072) (5,967) 2,000 Catcher Technology Co Ltd 12,165 1,222 378 CJ Corp 37,146 (2,235) 70,972 Cathay Financial Holding Co Ltd 111,516 16,924 (899) CJ Korea Express Co Ltd (77,982) (7,701) 409,000 Chunghwa Picture Tubes Ltd 21,283 8,868 8,038 Coway Co Ltd 502,802 138,757 898,000 Compeq Manufacturing Co Ltd 520,399 93,515 607 Daelim Industrial Co Ltd 57,643 (10,329) (3,000) CTCI Corp (4,764) 284 (27,250) Daewoo Engineering & (155,000) Evergreen Marine Corp Taiwan Ltd (91,657) (1,293) Construction Co Ltd (219,638) (24,668) 296,410 Far Eastern Department Stores Ltd 302,480 (1,383) 800 DGB Financial Group Inc 12,851 2,163 14,000 Far Eastern New Century Corp 16,155 304 810 Display Tech Co Ltd 7,072 (97) 73,000 Farglory Land Development Co Ltd 129,749 (3,202) 12,730 Dongyang Mechatronics Corp 145,548 21,916 119,000 Feng Hsin Iron & Steel Co 217,139 1,426 (1,300) DuzonBizon Co Ltd (12,775) (692) (34,000) Formosa Petrochemical Corp (92,715) (870) 310 E-Mart Co Ltd 78,943 12,150 121,000 Formosa Taffeta Co Ltd 153,325 12,701 1,704 Eugene Technology Co Ltd 25,279 (4,701) (45,500) Foxconn Technology Co Ltd (107,931) 141 270 Global Display Co Ltd 5,358 (196) 52,000 Fubon Financial Holding Co Ltd 74,326 11,328 2,221 Green Cross Cell Corp 55,404 (35,814) (113,000) G Tech Optoelectronics Corp (133,642) 77,601 (6,320) GS Engineering & Construction Corp (180,648) (8,561) 7,000 Giga Solar Materials Corp 79,476 9,946 3,608 Hana Financial Group Inc 135,347 4,199 67,000 Gintech Energy Corp 71,655 (228) 1,820 Hankook Tire Worldwide Co Ltd 41,102 (1,648) 8,000 Global Unichip Corp 20,410 (5,179) 3,150 Hansol Paper Co 34,527 7,977 118,000 Highwealth Construction Corp 260,769 21,309 (1,790) Hite Jinro Co Ltd (42,877) (2,345) 65,190 Hon Hai Precision Industry Co Ltd 171,819 10,932 (267) Huons Co Ltd (9,549) (460) (20,000) Hota Industrial Manufacturing Co Ltd (31,729) (304) 1,837 Hyosung Corp 125,151 12,385 (6,000) Hotai Motor Co Ltd (69,744) (13,294) (6,610) Hyundai Development Co-Engineering (1,000) HTC Corp (5,102) 197 & Construction (142,718) 468 (399) ILI Technology Corp (724) (724) 7,127 Hyundai Engineering & 255,000 Inotera Memories Inc 181,810 88,385 Construction Co Ltd 423,593 23,740 621,000 Inventec Corp 522,501 130,756 261 Hyundai Glovis Co Ltd 58,203 984

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

Unaudited Interim Report and Accounts 47 BlackRock Asia Extension Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Taiwan continued Thailand 2,000 Largan Precision Co Ltd 71,298 3,708 72,300 BEC World PCL 119,337 (23,860) 7,000 MediaTek Inc 103,129 3,620 (34,200) Italian-Thai Development PCL (5,432) (19) 14,000 Merida Industry Co Ltd 104,075 7,052 (33,700) Jasmine International PCL (8,239) 383 44,000 Motech Industries Inc 84,003 (4,404) 26,300 Kasikornbank PCL 138,421 (8,355) 35,000 Neo Solar Power Corp 45,178 2,612 48,400 Land and Houses PCL 15,676 (2,098) 6,000 Parade Technologies Ltd 34,973 (9,911) 21,400 PTT Global Chemical PCL 50,817 (1,034) 14,000 PChome Online Inc 100,764 4,476 3,025,100 Quality Houses PCL 260,021 (27,368) 172,000 Pou Chen Corp 223,762 12,102 28,400 Siam Cement PCL/The 355,553 (51,191) 30,000 President Chain Store Corp 212,881 3,436 36,000 Siam Commercial Bank PCL/The 176,020 (35,305) 157,000 Synnex Technology International Corp 235,813 (13,640) 1,102,174 (148,847) 150,000 Taiflex Scientific Co Ltd 310,198 (2,378) 253,000 Taiwan Cement Corp 400,522 58,494 United States (10,000) Taiwan Fertilizer Co Ltd (23,316) (102) 2,500 Changyou.com Ltd ADR 69,025 (18,248) 384,000 Taiwan Semiconductor 17,814 Dr Reddy's Laboratories Ltd ADR 719,864 29,157 Manufacturing Co Ltd 1,362,438 96,283 1,235 E-Commerce China Dangdang 176,000 Teco Electric and Machinery Co Ltd 193,282 55,663 Inc 'A' ADR 11,350 4,455 96,000 Ton Yi Industrial Corp 100,885 959 4,922 E-House China Holdings Ltd ADR 52,911 3,749 23,000 Tong Hsing Electronic Industries Ltd 122,407 1,928 1,864 HDFC Bank Ltd ADR 61,922 (12,422) (107,000) TTY Biopharm Co Ltd (357,221) 2,973 10,395 ICICI Bank Ltd ADR 368,399 (22,697) (47,000) Unimicron Technology Corp (34,860) 3,546 995 Infosys Ltd ADR 53,730 1,345 30,000 Vanguard International (294) KT Corp ADR (4,631) (203) Semiconductor Corp 35,227 3,502 375 Philippine Long Distance Telephone Co 511 (24,389) (11,000) Win Semiconductors Corp (9,255) (225) (32,769) ReneSola Ltd ADR (147,788) 19,031 (769,000) Winbond Electronics Corp (189,950) (8,153) 49,035 Sesa Sterlite Ltd ADR 570,277 (20,279) (854,000) Wintek Corp (263,466) 113,473 21,471 Wipro Ltd ADR 252,070 12,520 249,000 Wistron NeWeb Corp 595,702 11,269 2,007,640 (27,981) (1,226,000) Yang Ming Marine Transport Corp (538,555) (6,529) 1,296,000 Yuanta Financial Holding Co Ltd 702,872 19,717 Total market value (6,000) Yulon Motor Co Ltd (9,874) (95) (USD underlying exposure – USD 60,163,950) 37,190,851 2,944,181 3,000 Yulon Nissan Motor Co Ltd 40,447 5,224 5,860,640 928,410

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

Open Forward Foreign Exchange Transactions Open Exchange Traded Futures Contracts as at 30 November 2013 as at 30 November 2013

Unrealised Unrealised appreciation/ Underlying appreciation/ (depreciation) Number of Contract/ Expiration exposure (depreciation) Purchases Sales Value date USD Contracts Description date USD USD GBP 3,874 USD 6,154 13/12/2013 172 (1) S&P 500 E Mini Index December 2013 90,205 (450) USD 257 GBP 160 13/12/2013 (5) 98 SGX CNX Nifty Index December 2013 1,220,688 19,158 Net unrealised appreciation Total 1,310,893 18,708 (USD underlying exposure – USD 6,588) 167 Note: The net unrealised appreciation attributed to these transactions is included Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)). in the Statement of Net Assets (see Note 2(d)). State Street Bank and Trust Company is the counterparty to these Open Forward Foreign Exchange Transactions.

Sector Breakdown as at 30 November 2013

% of net assets* Financial 43.53 Government 38.12 Other Net Assets 18.35 100.00

* Based on the market value of the Portfolio of Investments

48 BlackRock Strategic Funds (BSF) BlackRock Emerging Markets Absolute Return Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (USD) % Holding Description (USD) % COMMON STOCKS (SHARES) Russia 2,260 Magnit OJSC 624,036 3.54 Austria 28,400 Sberbank of Russia ADR 352,444 2.00 7,493 Raiffeisen Bank International AG 276,865 1.57 162,708 VTB Bank OJSC GDR 454,850 2.58 276,865 1.57 1,431,330 8.12

Brazil South Africa 33,521 Banco Bradesco SA ADR 444,824 2.53 27,652 Foschini Group Ltd/The 275,637 1.56 58,038 Cetip SA - Mercados Organizados 633,323 3.59 275,637 1.56 1,078,147 6.12 South Korea Cayman Islands 3,713 Gamevil Inc 153,495 0.87 2,172 Baidu Inc ADR 358,402 2.03 1,399 Hyundai Mobis Co Ltd 405,833 2.30 358,402 2.03 9,539 Kia Motors Corp 544,416 3.09 1,103,744 6.26 Chile 26,828,784 Corpbanca SA 346,521 1.97 Thailand 346,521 1.97 326,600 Krung Thai Bank PCL 189,186 1.07 189,186 1.07 China 422,000 Dongfeng Motor Group Co Ltd 'H' 670,610 3.81 Trinidad And Tobago 670,610 3.81 1,124,624 Dogan Sirketler Grubu Holding AS 462,510 2.62 462,510 2.62 Cyprus 27,481 Globaltrans Investment Plc GDR 416,887 2.37 Total Common Stocks (Shares) 9,682,520 54.94 416,887 2.37 Total Transferable Securities and Money Market Instruments Admitted to an Hungary Official Stock Exchange Listing or 8,497 MOL Hungarian Oil and Gas Plc 536,974 3.05 Dealt in on Another Regulated Market 9,682,520 54.94 22,020 OTP Bank Plc 442,520 2.51 979,494 5.56 Funds India Ireland 10,000 Axis Bank Ltd 185,310 1.05 1,555,435 Institutional Cash Series Plc - 8,511 Axis Bank Ltd GDR 159,496 0.91 Institutional US Dollar Liquidity Fund 1 1,555,435 8.82 18,476 Reliance Industries Ltd GDR '144A' 503,840 2.86 1,555,435 8.82 13,375 Tata Motors Ltd ADR 436,025 2.47 Total Funds 1,555,435 8.82 1,284,671 7.29 Securities portfolio at market value 11,237,955 63.76 Peru 16,469 Cia de Minas Buenaventura SAA ADR 193,675 1.10 Other Net Assets 6,386,130 36.24 193,675 1.10 Total Net Assets (USD) 17,624,084 100.00

Portugal 29,734 Jeronimo Martins SGPS SA 614,841 3.49 614,841 3.49

1 This fund is managed by BlackRock.

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

Unaudited Interim Report and Accounts 49 BlackRock Emerging Markets Absolute Return Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Hong Kong United States continued (37,933) Tsingtao Brewery Co Ltd H (318,526) (26,057) (531,970) Ayala Land Inc (345,940) 36,595 (318,526) (26,057) (395,500) Bank Central Asia Tbk PT (319,050) 34,838 (23,943) BRF SA (524,254) 44,565 Poland (1,089,326) BTS Group Holdings PCL (317,539) (39,260) (10,286) Bank Pekao SA (626,252) (30,872) (181,984) Chailease Holding Co Ltd (483,750) (78,838) (73,418) PGE SA (442,842) (55,489) (601,350) China Steel Corp (516,920) (4,479) (3,112) Coca-Cola Femsa SAB de CV (371,760) (1,826) (1,069,094) (86,361) (372,700) CP ALL PCL (473,590) 29,437 (29,000) Group BTG Pactual (350,056) 34,182 South Africa (85,602) Grupo Financiero Banorte SAB de CV (587,144) (49,743) (50,489) Barloworld Ltd (469,958) (14,654) (40,582) Hypermarcas SA (326,921) (53,008) (17,073) Imperial Holdings Ltd (354,035) (13,373) (346,200) IHH Healthcare Bhd (434,827) (13,409) (51,341) Woolworths Holdings Ltd/ (378,937) Indofood CBP Sukses Makmur Tbk PT (316,753) 17,067 South Africa (373,165) (36,296) (4,600) Magnit OJSC (302,680) (8,953) (1,197,158) (64,323) (90,993) Odontoprev SA (370,032) (17,625) (35,400) Phosagro OAO GDR (344,442) 14,110 Turkey 59,907 Radiant Opto-Electronics Corp 213,479 1,117 (267,650) Eregli Demir ve Celik Fabrikalari TAS (354,090) (1,610) (7,402,526) (125,622) (354,090) (1,610) Total market value United Kingdom (USD underlying exposure – USD 11,443,184) (10,630,625) (337,017) (11,649) Ultrapar Participacoes SA (289,231) (33,044) (289,231) (33,044)

United States (476,000) Advanced Semiconductor Engineering Inc (472,668) (59,048) (474,512) Astra International Tbk PT (247,933) 3,414 (244,600) Axiata Group Bhd (509,746) (14,758)

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

50 BlackRock Strategic Funds (BSF) BlackRock Emerging Markets Absolute Return Fund continued

Open Forward Foreign Exchange Transactions Sector Breakdown as at 30 November 2013 as at 30 November 2013

Unrealised % of net appreciation/ assets* (depreciation) Financial 19.78 Purchases Sales Value date USD Consumer, Cyclical 13.23 EUR 2,473,109 USD 3,311,797 13/12/2013 51,485 Funds 8.82 USD 49,632 EUR 36,840 13/12/2013 (468) Consumer, Non-cyclical 7.03 GBP 3,272 USD 5,194 13/12/2013 149 Energy 5.91 USD 66 GBP 41 13/12/2013 (2) Diversified 2.62 USD 1,009,037 PLN 3,130,000 28/2/2014 2,108 Industrial 2.37 USD 986,772 ZAR 10,208,000 28/2/2014 (2,664) Communications 2.03 Net unrealised appreciation Basic Materials 1.10 (USD underlying exposure – USD 5,415,157) 50,608 Technology 0.87 Other Net Assets 36.24 Note: The net unrealised appreciation attributed to these transactions is included 100.00 in the Statement of Net Assets (see Note 2(d)). State Street Bank and Trust Company and UBS AG London are the counterparties to * Based on the market value of the Portfolio of Investments these Open Forward Foreign Exchange Transactions.

Open Exchange Traded Futures Contracts as at 30 November 2013

Unrealised Underlying appreciation/ Number of Contract/ Expiration exposure (depreciation) Contracts Description date USD USD (280) FTSE/ATHEX 20 December 2013 750,143 (7,260) Total 750,143 (7,260)

Note: The net unrealised depreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)).

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

Unaudited Interim Report and Accounts 51 BlackRock Emerging Markets Allocation Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (USD) % Holding Description (USD) % BONDS Luxembourg USD 123,000 Gazprom OAO Via Gaz Capital SA Brazil 6.51% 7/3/2022 132,422 0.27 USD 200,000 Banco do Brasil SA 3.875% 10/10/2022 175,621 0.35 132,422 0.27 BRL 231,000 Brazil Notas do Tesouro Nacional Serie F 10.00% 1/1/2023 89,218 0.18 Malaysia BRL 259,000 Brazilian Government International USD 394,000 Malayan Banking Bhd FRN Bond 10.25% 10/1/2028 109,237 0.22 20/9/2022 392,887 0.79 USD 375,000 Brazilian Government International 392,887 0.79 Bond 8.25% 20/1/2034 471,375 0.95 USD 150,000 Caixa Economica Federal 3.50% Mexico 7/11/2022 122,630 0.25 USD 305,000 America Movil SAB de CV 3.125% 16/7/2022 285,083 0.57 968,081 1.95 USD 320,000 America Movil SAB de CV 6.375% Cayman Islands 1/3/2035 348,264 0.70 USD 750,000 Hutchison Whampoa International USD 167,000 BBVA Bancomer SA/Texas 6.75% 11 Ltd 4.625% 13/1/2022 778,001 1.56 30/9/2022 177,354 0.36 USD 290,000 Petrobras International Finance MXN 1,179,300 Mexican Bonos 6.50% 9/6/2022 92,612 0.19 Co 6.75% 27/1/2041 277,410 0.56 MXN 1,066,400 Mexican Bonos 8.00% 7/12/2023 92,244 0.19 MXN 921,300 Mexican Bonos 10.00% 5/12/2024 91,859 0.18 1,055,411 2.12 MXN 1,451,800 Mexican Bonos 7.50% 3/6/2027 119,051 0.24 MXN 1,455,400 Mexican Bonos 8.50% 31/5/2029 125,904 0.25 Chile MXN 1,776,800 Mexican Bonos 7.75% 29/5/2031 141,598 0.28 USD 270,000 Banco de Credito e Inversiones MXN 1,548,300 Mexican Bonos 10.00% 20/11/2036 148,987 0.30 4.00% 11/2/2023 250,593 0.50 MXN 2,057,900 Mexican Bonos 8.50% 18/11/2038 172,392 0.35 USD 300,000 Banco Santander Chile 3.875% MXN 2,693,900 Mexican Bonos 7.75% 13/11/2042 208,733 0.42 20/9/2022 285,363 0.57 USD 100,000 Mexico Government International USD 200,000 Corp Nacional del Cobre de Chile Bond 4.75% 8/3/2044 88,125 0.18 4.25% 17/7/2042 161,695 0.33 USD 104,000 Mexico Government International USD 264,000 Empresa Nacional del Petroleo Bond 5.75% 12/10/2110 94,284 0.19 4.75% 6/12/2021 263,423 0.53 USD 117,000 Petroleos Mexicanos 4.875% 961,074 1.93 24/1/2022 120,086 0.24 USD 196,000 Petroleos Mexicanos 6.50% Colombia 2/6/2041 198,427 0.40 USD 375,000 Colombia Government International 2,505,003 5.04 Bond 2.625% 15/3/2023 330,469 0.67 COP 257,000,000 Colombia Government International Netherlands Bond 4.375% 21/3/2023 119,009 0.24 USD 137,000 Petrobras Global Finance BV COP 424,000,000 Colombia Government International 4.375% 20/5/2023 124,884 0.25 Bond 9.85% 28/6/2027 277,163 0.56 USD 325,000 Republic of Colombia 7.375% 124,884 0.25 18/9/2037 394,810 0.79 Peru 1,121,451 2.26 USD 137,000 Banco de Credito del Peru/Panama FRN 24/4/2027 138,093 0.28 Curacao USD 109,000 BBVA Banco Continental SA 5.00% USD 775,000 Teva Pharmaceutical Finance Co 26/8/2022 107,639 0.22 BV 3.65% 10/11/2021 763,987 1.54 USD 200,000 Corp Financiera de Desarrollo SA 763,987 1.54 4.75% 8/2/2022 199,080 0.40 USD 150,000 Fondo MIVIVIENDA SA 3.50% Germany 31/1/2023 135,702 0.27 USD 225,000 Deutsche Bank AG FRN 24/5/2028 206,300 0.42 PEN 569,000 Peru Government Bond 8.20% 206,300 0.42 12/8/2026 243,686 0.49 PEN 495,000 Peru Government Bond 6.95% India 12/8/2031 181,059 0.36 USD 200,000 Reliance Industries Ltd 5.875% PEN 647,000 Peru Government Bond 6.90% (Perpetual) 169,459 0.34 12/8/2037 233,527 0.47 169,459 0.34 USD 115,000 Peruvian Government International Bond 7.35% 21/7/2025 146,099 0.29 Ireland USD 250,000 Republic of Peru 6.55% 14/3/2037 287,288 0.58 USD 330,000 Vnesheconombank Via VEB 1,672,173 3.36 Finance Plc 6.80% 22/11/2025 346,216 0.70 346,216 0.70

52 BlackRock Strategic Funds (BSF) BlackRock Emerging Markets Allocation Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (USD) % Holding Description (USD) % Poland Turkey PLN 661,000 Poland Government Bond 5.75% TRY 550,000 Turkey Government Bond 25/10/2021 233,689 0.47 9.50% 12/1/2022 277,297 0.56 PLN 272,000 Poland Government Bond 5.75% TRY 670,000 Turkey Government Bond 23/9/2022 96,350 0.19 8.50% 14/9/2022 318,780 0.64 PLN 298,000 Poland Government Bond 4.00% TRY 1,245,000 Turkey Government Bond 25/10/2023 92,514 0.19 7.10% 8/3/2023 537,681 1.08 USD 575,000 Poland Government International 1,133,758 2.28 Bond 5.00% 23/3/2022 618,697 1.25 1,041,250 2.10 United States USD 100,000 Alcoa Inc 5.95% 1/2/2037 94,127 0.19 Russia USD 100,000 Amazon.com Inc 2.50% 29/11/2022 91,612 0.18 RUB 3,026,000 Russian Federal Bond - OFZ 7.60% USD 150,000 American International Group Inc 20/7/2022 91,121 0.18 FRN 15/5/2058 180,750 0.36 RUB 3,153,000 Russian Federal Bond - OFZ 7.00% USD 250,000 Amgen Inc 5.15% 15/11/2041 246,688 0.50 25/1/2023 90,958 0.18 USD 100,000 Amgen Inc 5.375% 15/5/2043 101,987 0.21 RUB 3,325,000 Russian Federal Bond - OFZ 8.15% USD 300,000 Apache Corp 2.625% 15/1/2023 279,421 0.56 3/2/2027 102,332 0.21 USD 100,000 Apache Corp 4.75% 15/4/2043 98,582 0.20 RUB 4,287,000 Russian Federal Bond - OFZ 7.05% USD 400,000 Bank of America Corp 3.30% 19/1/2028 118,932 0.24 11/1/2023 379,075 0.76 USD 88,000 Russian Foreign Bond - Eurobond USD 125,000 Bank of America Corp 5.875% 12.75% 24/6/2028 150,810 0.31 7/2/2042 142,031 0.29 554,153 1.12 USD 100,000 ConocoPhillips 6.50% 1/2/2039 126,206 0.25 USD 100,000 Cummins Inc 3.65% 1/10/2023 100,477 0.20 South Africa USD 100,000 Goldman Sachs Group Inc/The USD 200,000 Eskom Holdings SOC Ltd 6.75% 5.75% 24/1/2022 113,088 0.23 6/8/2023 202,592 0.41 USD 250,000 Goldman Sachs Group Inc/The ZAR 1,350,000 South Africa Government Bond 3.625% 22/1/2023 243,053 0.49 7.75% 28/2/2023 130,497 0.26 USD 300,000 Goldman Sachs Group Inc/The ZAR 1,825,000 South Africa Government Bond 6.125% 15/2/2033 335,740 0.68 10.50% 21/12/2026 210,102 0.42 USD 200,000 Goldman Sachs Group Inc/The ZAR 2,430,000 South Africa Government Bond 6.25% 1/2/2041 230,653 0.46 7.00% 28/2/2031 199,357 0.40 USD 250,000 Halliburton Co 3.50% 1/8/2023 245,752 0.49 ZAR 3,050,000 South Africa Government Bond USD 125,000 JPMorgan Chase & Co 4.50% 6.25% 31/3/2036 218,973 0.44 24/1/2022 132,959 0.27 ZAR 2,975,000 South Africa Government Bond USD 350,000 JPMorgan Chase & Co 3.25% 6.50% 28/2/2041 213,443 0.43 23/9/2022 336,445 0.68 ZAR 2,055,000 South Africa Government Bond USD 500,000 JPMorgan Chase & Co 3.20% 8.75% 28/2/2048 190,951 0.39 25/1/2023 475,484 0.96 USD 370,000 South Africa Government USD 125,000 JPMorgan Chase & Co 6.40% International Bond 4.665% 15/5/2038 149,719 0.30 17/1/2024 357,265 0.72 USD 100,000 McDonald's Corp 2.625% 15/1/2022 96,191 0.19 USD 100,000 South Africa Government USD 100,000 Merck & Co Inc 2.40% 15/9/2022 92,528 0.19 International Bond 6.25% USD 300,000 Merck & Co Inc 2.80% 18/5/2023 283,200 0.57 8/3/2041 103,119 0.21 USD 100,000 Merck & Co Inc 4.15% 18/5/2043 91,712 0.18 USD 200,000 Transnet SOC Ltd 4.00% USD 100,000 Mondelez International Inc 6.50% 26/7/2022 176,000 0.35 9/2/2040 117,500 0.24 USD 375,000 Morgan Stanley 3.75% 25/2/2023 366,378 0.74 2,002,299 4.03 USD 150,000 Morgan Stanley 6.375% 24/7/2042 176,075 0.35 Thailand USD 150,000 National Oilwell Varco Inc 2.60% 1/12/2022 139,985 0.28 USD 359,000 PTT PCL 3.375% 25/10/2022 329,609 0.66 USD 125,000 NIKE Inc 2.25% 1/5/2023 114,068 0.23 THB 19,027,000 Thailand Government Bond USD 100,000 Occidental Petroleum Corp 2.70% 3.65% 17/12/2021 581,923 1.17 15/2/2023 92,923 0.19 THB 12,246,000 Thailand Government Bond USD 225,000 Oracle Corp 2.50% 15/10/2022 207,800 0.42 3.625% 16/6/2023 366,940 0.74 USD 100,000 Starbucks Corp 3.85% 1/10/2023 100,871 0.20 THB 7,073,000 Thailand Government Bond USD 100,000 Teva Pharmaceutical Finance Co 3.85% 12/12/2025 213,769 0.43 LLC 6.15% 1/2/2036 110,433 0.22 THB 8,723,000 Thailand Government Bond USD 150,000 Time Warner Inc 6.25% 29/3/2041 165,101 0.33 3.58% 17/12/2027 253,479 0.51 USD 1,100,000 United States Treasury Bill 0.00% 1,745,720 3.51 13/2/2014 (Zero Coupon) 1,099,895 2.21

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

Unaudited Interim Report and Accounts 53 BlackRock Emerging Markets Allocation Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (USD) % Holding Description (USD) % United States continued United States continued USD 1,000,000 United States Treasury Bill 0.00% USD 650,000 Societe Generale North America 22/5/2014 (Zero Coupon) 999,529 2.01 Inc 0% 31/1/2014 649,776 1.31 USD 150,000 United Technologies Corp 3.10% USD 1,000,000 Victory Receivables Corp 0% 1/6/2022 147,133 0.30 20/12/2013 999,922 2.01 USD 100,000 United Technologies Corp 4.50% 5,617,657 11.30 1/6/2042 97,327 0.20 USD 100,000 Viacom Inc 4.25% 1/9/2023 101,241 0.20 Total Commercial Paper 5,617,657 11.30 USD 100,000 Viacom Inc 5.85% 1/9/2043 104,442 0.21 Total Transferable Securities and Money 8,808,181 17.72 Market Instruments Admitted to an Official Stock Exchange Listing or Total Bonds 25,704,709 51.73 Dealt in on Another Regulated Market 42,120,522 84.76

CERTIFICATES OF DEPOSIT FUNDS France United States USD 650,000 BNP Paribas SA 0.69% 17/4/2014 653,439 1.31 76,645 iShares MSCI Frontier 100 ETF1 2,534,650 5.10 653,439 1.31 2,534,650 5.10 Luxembourg Total Funds 2,534,650 5.10 USD 1,000,000 Nordea Bank Finland Plc 0.16% 11/12/2013 1,000,166 2.02 USD 1,000,000 Norinchukin Bank 0.16% Other Transferable Securities and Money Market Instruments 2/12/2013 1,000,012 2.01 2,000,178 4.03 BONDS

United States Malaysia USD 650,000 Bank of America NA 0% 14/1/2014 650,010 1.31 MYR 522,000 Malaysia Government Bond USD 1,000,000 Bank of Montreal 0.19% 7/4/2014 1,000,198 2.01 3.418% 15/8/2022 153,118 0.31 USD 650,000 Bank of Nova Scotia 0% 22/2/2014 650,003 1.31 MYR 321,000 Malaysia Government Bond USD 650,000 Bank of Tokyo Mitsubishi UFJ Ltd 3.48% 15/3/2023 95,169 0.19 0% 7/3/2014 651,979 1.31 MYR 320,000 Malaysia Government Bond USD 650,000 Bank of Tokyo Mitsubishi UFJ Ltd 3.733% 15/6/2028 93,173 0.19 0.39% 13/5/2014 651,617 1.31 MYR 517,000 Malaysia Government Bond USD 1,000,000 Credit Suisse AG 0.67% 9/1/2014 1,005,832 2.03 3.844% 15/4/2033 149,101 0.30 USD 1,000,000 Mizuho Bank Ltd 0.22% 15/1/2014 1,000,250 2.01 MYR 230,000 Malaysia Government Bond 3.892% 15/3/2027 68,542 0.14 5,609,889 11.29 MYR 320,000 Malaysia Government Bond Total Certificates of Deposit 8,263,506 16.63 4.127% 15/4/2032 95,721 0.19 MYR 603,000 Malaysia Government Bond 4.392% 15/4/2026 188,687 0.38 COMMERCIAL PAPER 843,511 1.70 United States Total Bonds 843,511 1.70 USD 600,000 Barton Capital LLC 0% 3/2/2014 599,762 1.20 Total Other Transferable Securities USD 650,000 Govco LLC 0% 11/2/2014 649,736 1.31 and Money Market Instruments 843,511 1.70 USD 650,000 ING (US) Funding LLC 0% 6/3/2014 649,619 1.31 USD 120,000 Lloyds Bank Plc 0% 6/12/2013 119,997 0.24 Securities portfolio at market value 42,964,033 86.46 USD 650,000 Natexis Banques Populaires 0% 5/2/2014 649,722 1.31 Other Net Assets 6,730,625 13.54 USD 650,000 Oversea - Chinese Banking Corp Total Net Assets (USD) 49,694,658 100.00 0% 18/2/2014 649,755 1.31 USD 650,000 Rabobank USA Financial Corp 0% 8/5/2014 649,368 1.30

1 This fund is managed by BlackRock.

54 BlackRock Strategic Funds (BSF) BlackRock Emerging Markets Allocation Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Brazil Hong Kong continued 18,500 AES Tiete SA 156,291 (8,524) 993,000 China Communications (1,500) ALL - America Latina Logistica SA (4,990) 197 Construction Co Ltd 836,391 32,207 (43,100) Anhanguera Educacional 982,000 China Construction Bank Corp 795,460 38,637 Participacoes SA (284,743) 5,536 (1,680,500) China COSCO Holdings Co Ltd (864,885) (90,339) 23,600 Banco do Brasil SA 258,744 (22,963) (242,000) China Everbright International Ltd (270,321) (38,943) (70,700) BB Seguridade Participacoes (763,602) (14,324) (585,000) China High Speed Transmission 188,400 BM&FBovespa SA 943,820 (51,798) Equipment Group Co Ltd (294,285) (176) (63,600) BR Properties SA (528,021) (10,513) (357,000) China Longyuan Power Group Corp (460,024) (16,828) 51,600 Bradespar SA 554,653 (20,035) 1,272,000 China Lumena New Materials Corp 275,641 10,793 900 Braskem SA 7,959 (236) (3,000) China Mengniu Dairy Co Ltd (13,737) (314) (1,500) BRF SA (32,840) 1,856 6,000 China Mobile Ltd 64,623 1,857 2,300 Centrais Eletricas Brasileiras SA 10,288 (622) (358,000) China Modern Dairy Holdings Ltd (194,869) (10,104) 2,500 Cia Brasileira de Distribuicao Grupo (820,000) China Oil & Gas Group Ltd (153,366) (13,555) Pao de Acucar 117,386 (2,417) 120,000 China Oilfield Services Ltd 362,196 (3,294) 2,000 Cia de Saneamento Basico do Estado 154,000 China Petroleum & Chemical Corp 132,294 3,018 de Sao Paulo 20,932 (1,587) 37,000 China Power International 23,400 Cia Energetica de Sao Paulo 230,534 (14,629) Development Ltd 13,363 (420) 500 Cia Paranaense de Energia 6,566 (782) 107,500 China Railway Construction Corp Ltd 120,497 1,519 (9,000) Cielo SA (259,163) 5,704 (44,000) China Resources Enterprise Ltd (155,791) (3,248) (39,000) CPFL Energia SA (321,610) 8,919 52,500 China Shenhua Energy Co Ltd 178,099 11,832 50,400 EDP - Energias do Brasil SA 261,357 (19,189) (596,000) China Shipping Container Lines Co Ltd (160,672) (10,989) 49,700 Even Construtora e Incorporadora SA 171,107 (11,469) (70,000) China Shipping Development Co Ltd (47,583) (6,375) 102,000 Gafisa SA 147,997 695 (218,000) China Singyes Solar Technologies 600 Gerdau SA 4,685 (280) Holdings Ltd (248,855) (7,145) (2,600) International Meal Co Holdings SA (22,434) 1,379 (370,000) China State Construction International 10,600 Itausa - Investimentos Itau SA 41,818 (2,689) Holdings Ltd (650,019) (34,682) 121,600 JBS SA 438,480 (11,215) 604,000 China Telecom Corp Ltd 326,436 16,772 23,700 Light SA 215,991 (6,726) 28,000 China ZhengTong Auto Services (109,800) Marcopolo SA (274,795) (10,539) Holdings Ltd 19,069 159 43,000 Petroleo Brasileiro SA 355,703 (44,668) 94,000 CNOOC Ltd 192,784 7,317 24,400 Porto Seguro SA 310,879 8,997 (480,000) CSPC Pharmaceutical Group Ltd (312,046) (12,258) 8,700 Tractebel Energia SA 143,973 (7,056) (20,000) ENN Energy Holdings Ltd (141,241) (21,368) 24,700 Vale SA 344,814 (12,748) 38,000 Evergrande Real Estate Group Ltd 15,979 412 2,251,779 (241,726) (1,661,000) GCL-Poly Energy Holdings Ltd (544,190) 6,166 460,000 Geely Automobile Holdings Ltd 237,337 991 Chile (11,000) Golden Eagle Retail Group Ltd (14,756) 1,590 17,175 Empresa Nacional de Electricidad 1,477,000 GOME Electrical Appliances SA/Chile 24,806 (805) Holding Ltd 257,194 (9,860) 119,939 Enersis SA 37,089 (195) 86,500 Greentown China Holdings Ltd 150,179 (4,923) 4,632 ENTEL Chile SA 65,932 (1,150) (40,000) Haier Electronics Group Co Ltd (94,419) 3,051 (89,000) Honghua Group Ltd (31,225) (2,226) 127,827 (2,150) 131,000 Huabao International Holdings Ltd 69,279 12,587 (112,000) Huadian Fuxin Energy Corp Ltd (38,717) 662 Egypt 1,551,000 Industrial & Commercial Bank 95,988 Telecom Egypt Co 188,526 (4,462) of China Ltd 1,114,330 47,181 188,526 (4,462) (7,500) Intime Retail Group Co Ltd (8,571) 20 64,000 Kaisa Group Holdings Ltd 19,235 (768) Greece 55,500 Kingboard Chemical Holdings Ltd 149,977 4,914 (48,300) Piraeus Bank SA (106,411) (1,690) 27,000 KWG Property Holding Ltd 16,229 (145) (106,411) (1,690) 32,000 Lenovo Group Ltd 37,933 792 (693,500) Li Ning Co Ltd (610,962) (16,966) Hong Kong 662,000 Lonking Holdings Ltd 142,601 12,015 901,000 Agricultural Bank of China Ltd 462,546 23,862 (74,000) Maanshan Iron & Steel (20,617) (940) 56,000 Air China Ltd 43,629 5,876 3,100 New China Life Insurance Co Ltd 11,096 177 (68,000) Aluminum Corp of China Ltd (25,436) (602) 16,000 Poly Property Group Co Ltd 9,390 (47) (696,000) AviChina Industry & Technology Co Ltd (421,943) (75,961) 146,000 Shanghai Industrial Holdings Ltd 496,227 19,694 2,069,000 Bank of China Ltd 1,000,780 42,944 145,000 Shenzhen International Holdings Ltd 18,142 726 221,000 Bank of Communications Co Ltd 165,051 8,142 356,000 Shenzhen Investment Ltd 140,514 (50) (58,000) Brilliance China Automotive (156,000) Sinopec Kantons Holdings Ltd (136,629) (3,767) Holdings Ltd (101,596) (1,218) 3,600 Sinopharm Group Co Ltd 10,727 723 521,000 China CITIC Bank Corp Ltd 304,427 17,678 1,900 Tencent Holdings Ltd 109,892 5,854

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

Unaudited Interim Report and Accounts 55 BlackRock Emerging Markets Allocation Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Hong Kong continued Russia 22,000 Tingyi Cayman Islands Holding Corp 65,268 1,884 130,190 Gazprom OAO 561,594 (28,164) (8,000) Tsingtao Brewery Co Ltd (67,022) 241 3,117 Lukoil OAO 191,941 (6,420) (204,000) Uni-President China Holdings Ltd (206,034) 1,690 68,100 Surgutneftegas OAO 56,244 (2,695) 22,000 Yuexiu Property Co Ltd 5,760 (292) 1,033,900 Surgutneftegas OAO 734,993 (23,096) 268,000 Zhejiang Expressway Co Ltd 249,931 6,170 (830) Uralkali OJSC (4,128) 333 (18,000) Zhuzhou CSR Times Electric Co Ltd (69,421) (3,582) 1,540,644 (60,042) 2,261,274 (41,232) South Africa Hungary (2,001) Aveng Ltd (5,799) 203 (108) MOL Hungarian Oil & Gas PLC (6,825) 155 (9,434) Barloworld Ltd (87,813) 1,635 (6,825) 155 2,295 Clicks Group Ltd 14,528 120 (5,020) Discovery Ltd (40,175) (218) Indonesia (7,507) Exxaro Resources Ltd (103,443) 814 284,000 Adaro Energy Tbk PT 26,827 (1,977) 30,825 FirstRand Ltd 102,351 2,309 277,000 Telekomunikasi Indonesia 2,393 Harmony Gold Mining Co Ltd 6,928 (815) Persero Tbk PT 50,364 (1,525) 16,644 Imperial Holdings Ltd 345,139 9,410 (16,500) Unilever Indonesia Tbk PT (36,690) 4,492 (52,846) Massmart Holdings Ltd (745,267) 43,041 68,000 United Tractors Tbk PT 103,741 (7,487) 9,195 Mr Price Group Ltd 139,968 1,608 75,567 Netcare Ltd 183,899 4,856 144,242 (6,497) (38,911) Remgro Ltd (743,446) 4,346 Malaysia 2,602 SABMiller Plc 134,793 1,094 13,352 Sanlam Ltd 67,622 (374) 14,500 British American Tobacco 67,242 Spar Group Ltd/The 858,479 (8,798) Malaysia Bhd 282,982 (3,251) 85,353 Steinhoff International Holdings Ltd 338,814 2,453 (103,100) Bumi Armada Bhd (126,996) (4,839) 65,618 Vodacom Group Ltd 785,032 (48,427) (27,300) Maxis Bhd (59,547) 1,059 38,700 MISC Bhd 65,921 3,170 1,251,610 13,257 (32,400) Petronas Dagangan Bhd (313,646) (9,346) 85,400 Sime Darby Bhd 255,697 1,661 South Korea 108 AMOREPACIFIC Group 44,341 5,380 104,411 (11,546) (164) Cheil Industries Inc (14,117) (607) Mexico (362) CJ CheilJedang Corp (88,251) (3,340) 248 CJ E&M Corp 7,253 511 (30,700) Alfa SAB de CV (90,549) (3,477) (923) CrucialTec Co Ltd (10,030) (504) (89,000) Compartamos SAB de CV (166,925) 6,464 (1,811) CTC BIO Inc (32,941) (3,325) (63,500) Empresas ICA SAB de CV (118,953) (1,280) (82,140) Daewoo Engineering & (24,900) Fibra Uno Administracion SA de CV (77,393) (100) Construction Co Ltd (662,056) (48,570) 11,800 Fomento Economico Mexicano (2,060) Daewoo Shipbuilding & Marine SAB de CV 112,449 2,400 Engineering Co Ltd (71,437) (532) 6,000 Gruma SAB de CV 41,645 (1,108) 420 Daishin Securities Co Ltd 3,457 54 1,600 Grupo Aeroportuario del Pacifico (2,605) Danal Co Ltd (20,529) (80) SAB de CV 8,267 260 (1,240) Doosan Heavy Industries & 23,000 Grupo Aeroportuario del Sureste Construction Co Ltd (44,700) 491 SAB de CV 307,877 12,545 5,782 e-LITECOM Co Ltd 110,909 (1,406) 14,700 Grupo Financiero Inbursa SAB de CV 38,458 939 110 E-Mart Co Ltd 28,012 1,188 95,500 Grupo Mexico SAB de CV 280,074 (16,687) (1,520) GS Engineering & Construction Corp (43,447) 2,121 13,500 Grupo Televisa SAB 82,283 666 11,610 Hanjin Heavy Industries & (17,400) Industrias CH SAB de CV (98,873) (3,750) Construction Co Ltd 131,096 3,282 105,000 Kimberly-Clark de Mexico SAB de CV 310,898 (3,482) 44,870 Hanwha Life Insurance Co Ltd 307,387 14,337 (174,500) Mexichem SAB de CV (746,674) (25,197) 150 Hyosung Corp 10,219 (338) (62,400) Minera Frisco SAB de CV (139,024) 4,351 390 Hyundai Engineering & (256,440) (27,456) Construction Co Ltd 23,180 1,069 (119) Hyundai Heavy Industries Co Ltd (30,529) 29 Philippines (4,233) Hyundai Mipo Dockyard (721,966) 14,035 (190,500) Aboitiz Equity Ventures Inc (234,997) (18,496) 36 Hyundai Mobis 10,443 225 (234,997) (18,496) 978 Hyundai Steel Co 76,333 (3,061) 7,510 Jahwa Electronics Co Ltd 170,311 9,549 Poland 1,800 KCC Corp 794,293 18,049 (11,832) Alior Bank SA (286,965) 4,092 13,626 Kia Motors Corp 777,672 (8,176) (9,620) Cyfrowy Polsat SA (61,915) 1,334 18,090 Korea Aerospace Industries Ltd 478,617 9,832 (1,950) Grupa Azoty SA (45,982) 941 12,160 Korean Reinsurance Co 130,987 (6,276) 3,356 KGHM Polska Miedz SA 127,371 (1,150) 1,050 KT Skylife Co Ltd 27,036 516 34,489 PGE SA 207,807 1,279 7,569 LG Corp 447,002 11,850 3,945 Synthos SA 6,903 229 9,310 LG Fashion Corp 302,181 20,996 111,150 Telekomunikacja Polska SA 372,064 (7,300) 1,333 LG Hausys Ltd 179,488 5,821 319,283 (575) 3,000 LIG Insurance Co Ltd 90,286 15,341

56 BlackRock Strategic Funds (BSF) BlackRock Emerging Markets Allocation Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

South Korea continued Taiwan continued (22,280) Lock & Lock Co Ltd (482,105) (41,304) (638) Sekonix Co Ltd (16,066) (673) 189 Lotte Chemical Corp 39,111 (491) (13,000) Simplo Technology Co Ltd (57,765) (2,620) 12 Lotte Chilsung Beverage Co Ltd 17,417 143 (16,000) Standard Foods Corp (48,550) (1,358) 49 LS Corp 3,658 82 308,000 Taiflex Scientific Co Ltd 636,940 (24,919) 564 Maeil Dairy Industry Co Ltd 25,021 2,201 554,000 Taiwan Cement Corp 877,032 83,534 8,550 Neowiz Games Corp 133,707 7,999 (100,000) Taiwan Glass Industry Corp (103,568) (2,651) (2,095) OCI Co Ltd (347,418) 22,944 55,000 Taiwan Semiconductor (1,729) OPTRON-TEC Inc (18,625) (558) Manufacturing Co Ltd 195,141 1,500 (636) Osstem Implant Co Ltd (14,964) (1,082) 86,000 Taiwan Styrene Monomer 65,094 488 399 POSCO 123,474 895 41,000 Tong Hsing Electronic Industries Ltd 218,203 (3,875) 762 Samsung Electronics Co Ltd 1,075,714 27,467 (2,000) TPK Holding Co Ltd (11,185) (192) (6,416) Samsung Engineering Co Ltd (381,335) 9,719 (207,000) TTY Biopharm Co Ltd (691,073) (5,222) (4,753) Samsung Fine Chemicals Co Ltd (211,085) (13,210) 66,000 Vanguard International (1,674) Sapphire Technology Co Ltd (59,475) (2,177) Semiconductor Corp 77,499 7,137 (494) Seoul Semiconductor Co Ltd (19,512) (420) (880,000) Winbond Electronics Corp (217,368) (7,530) 310 Shinhan Financial Group Co Ltd 13,035 (73) 327,000 Wistron NeWeb Corp 782,307 11,313 668 SK C&C Co Ltd 85,528 8,177 161,000 Yuanta Financial Holding Co Ltd 87,317 2,859 3,430 SK Chemicals Co Ltd 172,424 14,325 2,284,034 125,693 349 SK Holdings Co Ltd 61,668 (506) 68,220 SK Networks Co Ltd 481,530 37,248 Thailand (2,000) SM Entertainment Co (80,979) (4,286) (1,300) Advanced Info Service PCL (9,231) 126 9,868 Woojeon & Handan Co Ltd 81,588 (1,786) (195,000) CH Karnchang PCL (115,992) 14,770 3,108,877 123,768 17,300 CP ALL PCL 21,955 (569) (1,006,500) Jasmine International PCL (246,061) 14,997 Taiwan 242,600 Land and Houses PCL 78,575 (2,971) 99,000 Asustek Computer Inc 871,444 107,307 10,100 PTT Global Chemical PCL 23,984 (1,054) (14,000) Career Technology MFG. Co Ltd (13,080) (1,560) 653,600 Sansiri PCL 41,117 (1,538) (19,000) Chicony Electronics Co Ltd (47,510) (169) 142,700 Thai Airways International PCL 73,772 (6,670) 114,000 Chimei Materials Technology Corp 126,543 4,847 (131,881) 17,091 159,000 China Metal Products 240,429 (2,857) 133,000 China Motor Corp 124,039 2,135 Turkey 23,000 Chunghwa Telecom Co Ltd 72,123 567 9,434 Aksa Akrilik Kimya Sanayii AS 39,452 1,704 1,382,000 Compeq Manufacturing Co Ltd 800,882 35,064 (13,315) Anadolu Efes Biracilik Ve Malt (37,000) CTCI Corp (58,762) 810 Sanayii AS (151,742) (4,124) 272,000 Eva Airways Corp 156,707 7,826 (23,403) Aselsan Elektronik Sanayi 42,000 Everlight Electronics Co Ltd 78,482 2,983 Ve Ticaret AS (103,436) 807 33,000 Far Eastern Department Stores Ltd 33,676 1,287 1,417 BIM Birlesik Magazalar AS 31,806 301 (8,000) Faraday Technology Corp (9,259) 99 (5,250) Coca-Cola Icecek AS (150,877) (15,356) (30,000) FLEXium Interconnect Inc (96,912) (3,875) 120,276 EIS Eczacibasi Ilac ve Sinai ve Finansal (105,000) Formosa Petrochemical Corp (286,325) (10,141) Yatirimlar Sanayi ve Ticaret AS 143,030 3,850 215,000 Formosa Taffeta Co Ltd 272,437 8,779 169,198 Enka Insaat ve Sanayi AS 563,378 17,143 (58,000) Foxconn Technology Co Ltd (137,582) (5,959) 19,763 Eregli Demir ve Celik Fabrikalari TAS 26,048 (672) (322,000) G Tech Optoelectronics Corp (380,820) 34,480 16,508 Haci Omer Sabanci Holding AS 75,416 (1,279) (41,000) Genius Electronic Optical Co Ltd (121,917) (986) 311 Koza Altin Isletmeleri AS 4,962 (120) (36,000) Giant Manufacturing Co Ltd (253,633) (10,863) (1,053) Otokar Otomotiv Ve Savunma Sanayi AS (33,914) (1,577) 57,000 Gintech Energy Corp 60,960 (1,447) 32,405 Tofas Turk Otomobil Fabrikasi AS 208,733 1,856 29,000 Grape King Bio Ltd 147,969 13,016 (51,088) Turkcell Iletisim Hizmetleri AS (307,561) (73) (16,000) Hiwin Technologies Corp (132,730) (8,648) 345,295 2,460 (39,000) Hotai Motor Co Ltd (453,335) (24,173) (84,000) HTC Corp (428,600) 1,793 United Kingdom 531,000 Inotera Memories Inc 378,594 (4,251) 33,405 Gazprom OAO 287,450 (15,499) 9,000 Inventec Corp 7,572 1,115 4,294 Lukoil OAO 265,369 (6,750) (198,000) Lextar Electronics Corp (161,577) (9,664) (6,684) MMC Norilsk Nickel OJSC (100,661) (1,417) (78,000) Lotus Pharmaceutical Co Ltd (188,450) (18,721) (1,789) NovaTek OAO (235,611) 2,143 3,000 MediaTek Inc 44,198 1,199 (4,819) Uralkali OJSC (120,812) 9,822 146,000 Motech Industries Inc 278,739 (11,885) (5,000) MStar Semiconductor Inc (56,008) (1,487) 95,735 (11,701) (285,000) Newmax Technology Co Ltd (637,528) (57,059) (109,000) Orise Technology Co Ltd (164,638) 14,709 United States 9,000 PChome Online Inc 64,777 1,992 54,741 AES Corp/VA 790,460 (40,153) 56,000 Pou Chen Corp 72,853 4,942 (235) America Movil SAB de CV (5,461) (65) 20,000 Quanta Computer Inc 44,536 527 (13,060) BRF SA (286,406) 14,481 (165,000) Radium Life Tech Co Ltd (155,555) (270) 234 Check Point Software Technologies Ltd 14,391 12 164,000 Realtek Semiconductor Corp 397,337 (3,560) 860 China Petroleum & Chemical Corp 74,046 (1,272)

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

Unaudited Interim Report and Accounts 57 BlackRock Emerging Markets Allocation Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

United States continued United States continued 2,816 Chunghwa Telecom Co Ltd 87,916 1,153 4,458 Southern Copper Corp 112,565 (3,434) 1,744 Cia Brasileira de Distribuicao (15,423) Telefonica Brasil SA (296,276) 10,957 Grupo Pao de Acucar 82,456 (496) 989 Telekomunikasi Indonesia 3,132 Cia de Minas Buenaventura SAA 36,832 (2,864) Persero Tbk PT 36,108 (541) 2,194 Copa Holdings SA 332,347 4,780 (18,876) Turkcell Iletisim Hizmetleri AS (286,349) (2,699) (17,535) CPFL Energia SA (288,626) 7,801 1,675 Vale SA 23,350 (433) (5,531) Embraer SA (172,291) (660) 406,876 (8,762) 609 Fomento Economico Mexicano SAB de CV 57,971 2,230 Total market value 32,936 Gafisa SA 97,820 2,473 (USD underlying exposure – USD 62,694,753) 13,693,859 (153,911) (36) MercadoLibre Inc (3,977) (32)

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

Open Exchange Traded Futures Contracts as at 30 November 2013

Unrealised Underlying appreciation/ Number of Contract/ Expiration exposure (depreciation) Contracts Description date USD USD 94 SGX CNX Nifty Index December 2013 1,170,864 26,508 Total 1,170,864 26,508

Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)).

Sector Breakdown as at 30 November 2013

% of net assets* Financial 38.18 Government 27.54 Energy 5.22 Funds 5.10 Consumer, Non-cyclical 3.65 Communications 2.19 Diversified 1.56 Industrial 1.05 Consumer, Cyclical 0.62 Basic Materials 0.52 Technology 0.42 Utilities 0.41 Other Net Assets 13.54 100.00

* Based on the market value of the Portfolio of Investments

58 BlackRock Strategic Funds (BSF) BlackRock Emerging Markets Flexi Dynamic Bond Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (USD) % Holding Description (USD) % BONDS Romania RON 10,000,000 Romania Government Bond 5.80% Argentina 26/10/2015 3,180,516 3.97 USD 900,000 Provincia de Buenos Aires 10.875% 26/1/2021 827,865 1.03 3,180,516 3.97 827,865 1.03 Russia RUB 230,000,000 Russian Federal Bond - OFZ 7.60% Brazil 14/4/2021 6,982,210 8.72 BRL 960,000 Brazil Notas do Tesouro Nacional RUB 70,000,000 Russian Federal Bond - OFZ 7.00% Serie F 10.00% 1/1/2015 4,258,855 5.32 25/1/2023 2,019,368 2.52 BRL 7,500,000 Brazilian Government International Bond 12.50% 5/1/2016 3,416,613 4.26 9,001,578 11.24 BRL 3,142,000 Brazilian Government International Bond 12.50% 5/1/2016 1,431,333 1.79 South Africa ZAR 37,000,000 South Africa Government Bond 9,106,801 11.37 13.50% 15/9/2015 4,075,469 5.09 USD 400,000 South Africa Government Dominican Republic International Bond 4.665% USD 650,000 Dominican Republic International 17/1/2024 386,232 0.48 Bond 6.60% 28/1/2024 656,500 0.82 USD 1,350,000 South Africa Government USD 450,000 Dominican Republic International International Bond Bond 5.875% 18/4/2024 427,439 0.53 5.875% 16/9/2025 1,410,750 1.76 1,083,939 1.35 5,872,451 7.33

Hungary Uruguay USD 400,000 Hungary Government International UYU 86,394,386 Uruguay Government Bond 5.375% 21/2/2023 391,820 0.49 International Bond 391,820 0.49 5.00% 14/9/2018 4,444,554 5.55 4,444,554 5.55 Iraq USD 1,800,000 Republic of Iraq 5.80% 15/1/2028 1,517,652 1.89 Venezuela 1,517,652 1.89 USD 6,000,000 Petroleos de Venezuela SA 9.75% 17/5/2035 4,191,360 5.23 Mexico USD 2,600,000 Venezuela Government MXN 26,000,000 Mexican Bonos 6.50% 9/6/2022 2,041,805 2.55 International Bond MXN 100,000,000 Mexican Bonos 7.75% 13/11/2042 7,748,375 9.67 11.75% 21/10/2026 2,141,750 2.68 9,790,180 12.22 6,333,110 7.91

Nigeria Total Bonds 62,455,703 77.97 NGN 800,000,000 Nigeria Government Bond 4.00% Total Transferable Securities and Money 23/4/2015 4,487,025 5.60 Market Instruments Admitted to an USD 800,000 Nigeria Government International Official Stock Exchange Listing or Bond 6.375% 12/7/2023 830,088 1.04 Dealt in on Another Regulated Market 62,455,703 77.97 5,317,113 6.64 Securities portfolio at market value 62,455,703 77.97

Poland Other Net Assets 17,651,209 22.03 PLN 18,000,000 Poland Government Bond 4.00% Total Net Assets (USD) 80,106,912 100.00 25/10/2023 5,588,124 6.98 5,588,124 6.98

Sector Breakdown as at 30 November 2013

% of net assets * Government 72.74 Energy 5.23 Other Net Assets 22.03 100.00

* Based on the market value of the Portfolio of Investments

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

Unaudited Interim Report and Accounts 59 BlackRock Emerging Markets Flexi Dynamic Bond Fund continued

Swaps as at 30 November 2013 Open Forward Foreign Exchange Transactions as at 30 November 2013 Unrealised appreciation/ Unrealised Nominal (depreciation) appreciation/ Value Description USD (depreciation) Purchases Sales Value date USD USD 8,000,000 Credit Default Swaps (Citibank) (Fund receives GBP 3,798,590 USD 6,081,935 18/12/2013 120,125 Fixed 5.000% and provides default protection GBP 3,709,460 USD 5,964,033 18/12/2013 92,502 on CDX EM 20 Version 1) (20/12/2018) (71,056) HUF 270,420,060 USD 1,230,317 18/12/2013 (10,628) USD 5,600,000 Credit Default Swaps (Citibank) (Fund receives HUF 1,149,986,930 USD 5,192,389 18/12/2013 (5,544) Fixed 5.000% and provides default protection INR 154,125,980 USD 2,456,191 18/12/2013 2,604 on CDX EM 20 Version 1) (20/12/2018) 17,461 KRW 3,187,053,880 USD 2,993,101 18/12/2013 15,838 USD 11,200,000 Credit Default Swaps (Citibank) (Fund receives KRW 1,078,457,020 USD 1,019,528 18/12/2013 (1,343) Fixed 5.000% and provides default protection MXN 15,664,140 USD 1,213,119 18/12/2013 (19,643) on CDX EM 20 Version 1) (20/12/2018) 1,323 MXN 80,398,100 USD 6,194,995 18/12/2013 (69,336) USD 5,600,000 Credit Default Swaps (Citibank) (Fund receives MXN 52,429,190 USD 4,004,529 18/12/2013 (9,865) Fixed 5.000% and provides default protection MYR 12,822,670 USD 4,005,323 18/12/2013 (29,818) on CDX EM 20 Version 1) (20/12/2018) 662 PEN 3,414,790 USD 1,216,613 18/12/2013 (1,288) USD 3,000,000 Credit Default Swaps (Deutsche Bank) (Fund PEN 3,434,510 USD 1,222,246 18/12/2013 98 receives Fixed 5.000% and provides default PHP 44,306,500 USD 1,019,712 18/12/2013 (5,658) protection on Argentine Republic Government PHP 130,052,610 USD 2,984,569 18/12/2013 (8,021) International Bond 8.280% 31/12/2033) PLN 3,716,770 USD 1,183,979 18/12/2013 16,992 (20/12/2023) 148,290 PLN 6,987,860 USD 2,260,582 18/12/2013 (2,649) (USD underlying exposure – USD 35,417,524) 96,680 PLN 9,309,470 USD 2,984,257 18/12/2013 23,839 RON 4,035,730 USD 1,226,293 18/12/2013 9,394 Note: The total market value of USD 1,670,746 is included in the Statement of Net Assets RON 3,972,860 USD 1,196,403 18/12/2013 20,034 (see note 2(d)). RUB 2,696,610 USD 81,052 18/12/2013 (23) USD 7,980,857 AUD 8,767,590 18/12/2013 (878) USD 22,648,025 BRL 53,050,780 18/12/2013 (44,365) Open Exchange Traded Futures Contracts USD 6,471,375 BRL 14,774,150 18/12/2013 151,756 as at 30 November 2013 USD 2,413,321 CLP 1,263,855,950 18/12/2013 33,799 USD 2,439,375 COP 4,721,410,230 18/12/2013 (1,462) Unrealised USD 2,307,722 CZK 46,534,760 18/12/2013 (4,978) Underlying appreciation/ USD 3,980,989 CZK 80,730,470 18/12/2013 (31,182) Number of Contract/ Expiration exposure (depreciation) USD 5,856,493 EUR 4,375,330 18/12/2013 (93,675) Contracts Description date USD USD USD 6,045,826 GBP 3,798,590 18/12/2013 (156,234) USD 2,413,630 HUF 536,549,970 18/12/2013 (6,399) 50 Euro-Bund December 2013 6,954,260 5,657 USD 2,391,479 IDR 27,710,062,870 18/12/2013 69,668 Total 6,954,260 5,657 USD 812,130 IDR 9,664,342,380 18/12/2013 2,360 USD 788,289 IDR 9,037,736,490 18/12/2013 31,022 Note: The net unrealised appreciation attributed to these transactions is included USD 6,420,055 INR 405,307,430 18/12/2013 (45,875) in the Statement of Net Assets (see Note 2(d)). USD 10,225,600 JPY 1,017,150,560 18/12/2013 281,968 USD 3,014,845 JPY 300,387,090 18/12/2013 78,270 USD 2,887,178 JPY 289,750,560 18/12/2013 54,586 Open Forward Foreign Exchange Transactions USD 12,533,078 MXN 165,803,440 18/12/2013 (99,752) as at 30 November 2013 USD 4,771,148 MXN 62,466,130 18/12/2013 11,754 USD 2,436,606 PEN 6,849,300 18/12/2013 (1,063) Unrealised USD 6,752,167 PLN 21,093,860 18/12/2013 (63,727) appreciation/ USD 2,856,505 PLN 8,950,000 18/12/2013 (35,439) (depreciation) USD 1,259,932 PLN 3,899,400 18/12/2013 (51) Purchases Sales Value date USD USD 5,673,301 RON 18,868,590 18/12/2013 (104,009) USD 7,407,951 RUB 243,110,440 18/12/2013 102,862 EUR 8,097 USD 10,842 13/12/2013 170 USD 1,968,550 RUB 64,692,460 18/12/2013 24,642 USD 407 EUR 303 13/12/2013 (5) USD 2,434,203 TRY 4,987,950 18/12/2013 (30,097) BRL 2,848,880 USD 1,237,836 18/12/2013 (19,232) USD 769,224 TRY 1,563,040 18/12/2013 (2,997) BRL 2,785,340 USD 1,184,243 18/12/2013 7,182 USD 758,571 TRY 1,532,950 18/12/2013 1,216 BRL 2,818,830 USD 1,232,707 18/12/2013 (26,956) USD 3,198,363 ZAR 33,290,000 18/12/2013 (63,329) BRL 28,325,720 USD 12,281,574 18/12/2013 (165,291) USD 4,931,726 ZAR 50,109,473 18/12/2013 22,094 CLP 628,562,980 USD 1,197,719 18/12/2013 (14,294) ARS 18,223,480 USD 2,681,896 4/2/2014 (12,603) CLP 635,292,970 USD 1,224,307 18/12/2013 (28,211) COP 2,340,190,070 USD 1,220,438 18/12/2013 (10,625) Net unrealised appreciation COP 2,381,220,410 USD 1,230,732 18/12/2013 292 (USD underlying exposure – USD 244,235,434) 47,144 CZK 24,411,470 USD 1,218,210 18/12/2013 (5,001) CZK 42,651,650 USD 2,124,355 18/12/2013 (4,638) Note: The net unrealised appreciation attributed to these transactions is included in the Statements of Net Assets (see Note 2(d)). CZK 60,202,110 USD 2,982,972 18/12/2013 8,973 Bank of America N.A., Barclays Bank Plc, BNP Paribas S.A., Citibank N.A., Deutsche Bank EUR 4,375,330 USD 5,876,582 18/12/2013 73,586 AG London, Goldman Sachs International, HSBC Bank Plc, JPMorgan Chase Bank N.A., EUR 2,950,520 USD 4,015,315 18/12/2013 (2,798) State Street Bank and Trust Company and UBS AG London are the counterparties to GBP 1,272,680 USD 2,049,439 18/12/2013 28,500 these Open Forward Foreign Exchange Transactions.

60 BlackRock Strategic Funds (BSF) BlackRock Euro Dynamic Diversified Growth Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Funds Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % BONDS Ireland 2,340,019 BlackRock Developed World Index Italy Sub-Fund 1 34,473,160 9.58 EUR 2,515,000 Italy Buoni Poliennali Del Tesoro 64,181,023 Institutional Cash Series Plc - 5.50% 1/11/2022 2,839,246 0.79 Institutional Euro Liquidity EUR 3,233,000 Italy Buoni Poliennali Del Tesoro Fund 1 64,181,023 17.83 4.50% 1/5/2023 3,397,883 0.94 279,564 Institutional Cash Series Plc - EUR 7,500,000 Italy Buoni Poliennali Del Tesoro Institutional Ultra Bond Fund 1 31,008,890 8.62 4.50% 1/3/2024 7,802,438 2.17 129,663,073 36.03 14,039,567 3.90 Total Bonds 14,039,567 3.90 Luxembourg 573,733 BlackRock Global Funds - ASEAN Leaders X2 RF 1 4,904,889 1.36 FUNDS 72,720 BlackRock Global Funds - Asian Dragon Fund X2 (USD) 1 1,749,699 0.49 Guernsey 1,450,232 BlackRock Global Funds - 1,145,797 Alcentra European Floating Rate Emerging Markets Equity Income Fund Ltd 1,495,653 0.42 Income Fund X2 (USD) 1 11,950,793 3.32 1,115,810 Better Capital PCC Ltd 1,471,612 0.41 1,144,160 BlackRock Global Funds - 139,499 BH Macro Ltd 2,777,425 0.77 Euro Corporate Bond 2,473,500 Bluecrest Allblue Fund Ltd 4,124,561 1.15 Fund X2 (EUR) 1 17,219,608 4.78 34,622 HarbourVest Global Private Equity Ltd 257,462 0.07 821,731 BlackRock Global Funds - 902,081 NB Distressed Debt Investment Euro Short Duration Bond Fund Ltd 857,989 0.24 Fund X2 (EUR) 1 13,032,654 3.62 826,100 NB Global Floating Rate Income 4,640,802 BlackRock Global Funds - Global Fund Ltd 1,049,519 0.29 Corporate Bond Fund 3,356,000 NB Global Floating Rate Income X2 (EUR) Hedged 1 56,292,928 15.64 Fund Ltd 4,133,419 1.15 3,303,796 BlackRock Global Funds - Global 384,640 NB Global Floating Rate Income Equity Income X2 (USD) 1 35,111,399 9.76 Fund Ltd 298,745 0.08 166,612 BlackRock Global Funds - US Dollar 702,149 Starwood European Real Estate High Yield Bond Fund X2 (USD) 1 3,603,765 1.00 Finance Ltd 836,292 0.23 143,865,735 39.97 17,302,677 4.81 United Kingdom Ireland 1,327,336 BlackRock Frontiers Investment 1,728,854 Carador Income Fund Plc 1,218,978 0.34 Trust Plc 1 1,788,514 0.50 99,356 iShares JP Morgan $ Emerging Markets Bond UCITS ETF1 7,841,647 2.18 1,788,514 0.50 61,190 Stone Harbor Investment Funds Total Funds 275,317,322 76.50 Plc - Emerging Market Debt Fund 6,712,002 1.86 15,772,627 4.38 Other Transferable Securities and Money Market Instruments Jersey 1,631,000 CVC Credit Partners European BONDS Opportunities Ltd 1,661,581 0.46 1,347,000 Foresight Solar Fund Ltd 1,596,237 0.44 Luxembourg 3,257,818 0.90 USD 4,200,000 Societe Generale SA 0.00% 28/3/2016 (Zero Coupon) 2,991,252 0.83 Luxembourg 2,991,252 0.83 110,392 Goldman Sachs Global High Yield Total Bonds 2,991,252 0.83 Portfolio 1,711,076 0.48 Total Other Transferable Securities 1,711,076 0.48 and Money Market Instruments 2,991,252 0.83 United Kingdom Securities portfolio at market value 337,608,088 93.80 593,836 Scottish Mortgage Investment Trust Plc 7,215,749 2.00 Other Net Assets 22,297,031 6.20 7,215,749 2.00 Total Net Assets (EUR) 359,905,119 100.00 Total Funds 45,259,947 12.57 Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 59,299,514 16.47

1 This fund is managed by BlackRock.

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

Unaudited Interim Report and Accounts 61 BlackRock Euro Dynamic Diversified Growth Fund continued

Swaps as at 30 November 2013 Open Forward Foreign Exchange Transactions as at 30 November 2013 Unrealised appreciation/ Unrealised Nominal (depreciation) appreciation/ Value Description EUR (depreciation) Purchases Sales Value Date EUR USD 1,000,000 Credit Default Swaps (Bank of America) (Fund EUR 752,800 SEK 6,723,371 13/12/2013 (2,557) receives Fixed 5.000% and provides default SEK 324,989,095 EUR 36,417,430 13/12/2013 94,450 protection on CDX NA HY 21 Version 1) USD 2,053,858 KRW 2,208,000,000 29/1/2014 (18,281) (20/12/2018) 14,509 USD 2,755,264 KRW 2,944,000,000 29/1/2014 (12,045) USD 1,363,000 Credit Default Swaps (Citibank) (Fund receives USD 2,055,483 KRW 2,208,000,000 29/1/2014 (17,087) Fixed 5.000% and provides default protection USD 2,048,226 MYR 6,600,000 29/1/2014 5,631 on CDX NA HY 21 Version 1) (20/12/2018) 20,297 USD 2,392,047 MYR 7,700,000 29/1/2014 8,369 USD 3,933,000 Total Return Swap (Citibank) (Fund receives Citi USD 2,395,023 MYR 7,700,000 29/1/2014 10,555 Dynavo2x Index and pays Fixed 0.000%) USD 2,385,364 THB 75,950,000 29/1/2014 19,426 (20/6/2014) 117,746 USD 4,093,696 THB 130,200,000 29/1/2014 36,606 USD 9,816,231 Total Return Swap (Citibank) (Fund receives USD 2,387,239 THB 75,950,000 29/1/2014 20,802 Emerging Lifestyle Trends Index and pays EUR 1,919,724 CAD 2,705,000 31/1/2014 46,021 6 Month USD LIBOR BBA) (5/9/2014) 864,306 EUR 6,090,000 CHF 7,497,308 31/1/2014 (6,622) USD 2,187,000 Total Return Swap (JP Morgan Chase Bank) (Fund EUR 11,534,122 GBP 9,763,000 31/1/2014 (205,956) receives Global Volatility Carry Strategy Index EUR 8,493,486 JPY 1,130,500,000 31/1/2014 379,172 and pays Fixed 0.000%) (3/7/2014) 48,540 EUR 6,780,320 USD 9,140,000 31/1/2014 67,641 EUR 5,940,141 Total Return Swap (JP Morgan Chase Bank) (Fund EUR 50,912,419 USD 68,733,000 31/1/2014 432,923 receives JP European Basket Index and pays EUR 10,610,333 USD 14,260,000 31/1/2014 137,378 3 Month EURIBOR) (19/8/2014) 455,838 USD 13,217,470 AUD 14,000,000 31/1/2014 346,325 EUR 1,692,836 Total Return Swap (JP Morgan Chase Bank) (Fund USD 9,010,000 CAD 9,444,796 31/1/2014 74,972 receives JP European Basket Index and pays USD 1,786,000 EUR 1,322,393 31/1/2014 (10,703) 3 Month EURIBOR) (13/11/2014) (4,337) USD 4,000,000 GBP 2,506,925 31/1/2014 (76,881) (EUR underlying exposure – EUR 22,697,319) 1,516,899 USD 4,000,000 GBP 2,507,373 31/1/2014 (77,419) USD 13,860,000 JPY 1,366,244,649 31/1/2014 372,781 Note: The total market value of EUR 1,605,272 is included in the Statement of Net Assets USD 6,034,399 ZAR 62,100,000 31/1/2014 (14,050) (see Note 2(d)). Net unrealised appreciation (EUR underlying exposure – EUR 240,157,621) 1,611,451

Open Exchange Traded Futures Contracts Note: the net unrealised appreciation attributed to these transactions is included as at 30 November 2013 in the Statements of Net Assets (see Note 2(d)). Citibank N.A., Deutsche Bank AG London, Goldman Sachs International, HSBC Bank Plc, Unrealised State Street Bank and Trust Company, State Street Bank London and UBS AG London are Underlying appreciation/ the counterparties to these Open Forward Foreign Exchange Transactions. Number of Contract/ Expiration exposure (depreciation) Contracts Description date EUR EUR 177 EURO STOXX 50 Index December 2013 5,460,450 271,150 Sector Breakdown (41) FTSE 100 Index December 2013 3,280,683 (107,525) as at 30 November 2013 1,320 FTSE 100 Index December 2014 3,831,993 67,299 % of net (67) H-Shares Index December 2013 3,638,606 (52,740) assets * 927 Nikkei 225 Mini December 2013 10,468,859 863,160 275 STOXX 600 Oil Index December 2013 4,567,750 99,000 Funds 80.52 (80) US Treasury 10 Year Note March 2014 6,476,266 459 Financial 9.38 Total 37,724,607 1,140,803 Government 3.90 Other Net Assets 6.20 Note: The net unrealised appreciation of EUR 1,140,803 attributed to these transactions 100.00 is included in the Statement of Net Assets (see Note 2(d)).

* Based on the market value of the Portfolio of Investments

62 BlackRock Strategic Funds (BSF) BlackRock Euro Dynamic Diversified Growth Fund continued

Written Call Options as at 30 November 2013 Written Put Options as at 30 November 2013

Number of Unrealised Number of Unrealised contracts Underlying appreciation/ Market contracts Underlying appreciation/ Market subject exposure (depreciation) Value subject exposure (depreciation) Value to Call Issuer EUR EUR EUR to Put Issuer EUR EUR EUR (428) EURO STOXX 50 Index Call Option (356) DAX Index Put Option strike price EUR 3,500.00 strike price EUR 7,450.00 expiring on 19/12/2014 2,574,957 (26,264) (221,276) expiring on 20/12/2013 83,258 186,544 (3,026) (57) Nikkei 225 Index Call Option (428) EURO STOXX 50 Index Put Option strike price JPY 14,750.00 strike price EUR 2,600.00 expiring on 13/12/2013 5,339,211 (354,665) (413,058) expiring on 19/12/2014 2,835,228 92,448 (399,752) Total Written Call Options 7,914,168 (380,929) (634,334) (187) EURO STOXX Banks Index Put Option

Note: Written Call Options are included in the Statement of Net Assets (see Note 2(d)). strike price EUR 115.00 Merrill Lynch International is the counterparty to these Written Call Options. expiring on 20/12/2013 25,257 24,123 (935) (960) EURO STOXX Banks Index Put Option strike price EUR 115.00 Purchased Call Options as at 30 November 2013 expiring on 21/3/2014 574,554 52,800 (43,200) (57) Nikkei 225 Index Put Option Number of Unrealised strike price JPY 13,250.00 contracts Underlying appreciation/ Market expiring on 13/12/2013 37,160 25,039 (818) subject exposure (depreciation) Value (127) S&P 500 Index Put Option to Call Issuer EUR EUR EUR strike price USD 1,625.00 428 EURO STOXX 50 Index expiring on 21/12/2013 538,518 35,851 (10,260) Call Option Total Written Put Options 4,093,975 416,805 (457,991) strike price EUR 3,100.00 expiring on 19/12/2014 5,987,931 103,576 754,136 Note: Written Put Options are included in the Statement of Net Assets (see Note 2(d)). 960 EURO STOXX Banks Index Merrill Lynch International is the counterparty to these Written Put Options. Call Option strike price EUR 150.00 expiring on 21/3/2014 2,046,932 2,496 144,000 2,793 Ishares MSCI EAFE ETF Call Option strike price USD 67.00 expiring on 21/12/2013 4,343,721 3,322 73,848 18 KOSPI 200 Index Call Option strike price KRW 270.00 expiring on 12/12/2013 836,130 (46,500) 17,301 818 SPDR Gold Shares Call Option strike price USD 132.00 expiring on 21/12/2013 192,766 (171,482) 4,206 Total Purchased Call Options 13,407,480 (108,588) 993,491

Note: Purchased Call Options are included in the Statement of Net Assets (see Note 2(d)). Citibank N.A. and Merrill Lynch International are the counterparties to these Purchased Call Options.

Purchased Put Options as at 30 November 2013

Number of Unrealised contracts Underlying appreciation/ Market subject exposure (depreciation) Value to Put Issuer EUR EUR EUR 178 DAX Index Put Option strike price EUR 7,900.00 expiring on 20/12/2013 99,275 (171,485) 2,581 117 S&P 500 Index Put Option strike price USD 1,550.00 expiring on 21/12/2013 251,025 (158,044) 6,874 127 S&P 500 Index Put Option strike price USD 1,725.00 expiring on 21/12/2013 1,883,762 (141,178) 34,046 Total Purchased Put Options 2,234,062 (470,707) 43,501

Note: Purchased Put Options are included in the Statement of Net Assets (see Note 2(d)). Merrill Lynch International is the counterparty to these Purchased Put Options.

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

Unaudited Interim Report and Accounts 63 BlackRock European Absolute Return Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % COMMON STOCKS (SHARES) Spain 449,369 Grifols SA 15,159,463 1.01 Denmark 517,210 Pandora A/S 19,679,017 1.31 15,159,463 1.01 19,679,017 1.31 Sweden 1,724,364 Nordea Bank AB 16,300,613 1.08 France 360,095 Eiffage SA 14,952,945 1.00 16,300,613 1.08 129,333 L'Oreal SA 16,004,958 1.06 436,298 Legrand SA 17,796,595 1.18 United Kingdom 216,611 Remy Cointreau SA 13,484,035 0.90 2,609,981 Merlin Entertainments Plc'144A' 11,110,962 0.74 1,074,526 Rexel SA 20,125,872 1.34 11,110,962 0.74 240,894 Sanofi 18,837,911 1.25 Total Common Stocks (Shares) 422,929,653 28.12 101,202,316 6.73 Total Transferable Securities and Money Market Instruments Admitted to an Germany Official Stock Exchange Listing or 228,228 Bayer AG 22,352,650 1.49 Dealt in on Another Regulated Market 422,929,653 28.12 287,170 Bayerische Motoren Werke AG 24,369,246 1.62 1,535,265 Commerzbank AG 16,903,268 1.12 116,936 Continental AG 17,920,442 1.19 Funds 660,618 Deutsche Post AG 17,156,250 1.14 270,893 Drillisch AG 5,849,934 0.39 298,784 NORMA Group AG 11,028,117 0.73 Ireland 468,262 ProSiebenSat.1 Media AG 15,471,377 1.03 114,535,204 Institutional Cash Series Plc - Institutional Euro Assets 131,051,284 8.71 Liquidity Fund 1 114,535,204 7.61 Greece 34,716,237 Institutional Cash Series Plc - 576,838 OPAP SA 5,641,475 0.38 Institutional Euro Liquidity Fund 1 34,716,237 2.31 5,641,475 0.38 149,251,441 9.92 Ireland Total Funds 149,251,441 9.92 36,826 Paddy Power Plc 2,085,088 0.14 Securities portfolio at market value 572,181,094 38.04 2,272,267 Ryanair Holdings Plc 13,997,165 0.93 16,082,253 1.07 Other Net Assets 932,117,347 61.96 Total Net Assets (EUR) 1,504,298,441 100.00 Italy 748,631 Atlantia SpA 12,434,761 0.83 630,115 Azimut Holding SpA 11,915,475 0.79 22,361,061 Telecom Italia SpA 15,999,339 1.06 40,349,575 2.68

Netherlands 233,684 ASML Holding NV 16,138,217 1.07 452,660 Koninklijke Boskalis Westminster NV 16,700,891 1.11 1,392,811 Reed Elsevier NV 21,964,629 1.46 366,750 Ziggo NV 11,548,958 0.77 66,352,695 4.41

1 This fund is managed by BlackRock.

64 BlackRock Strategic Funds (BSF) BlackRock European Absolute Return Fund continued

Time Deposit as at 30 November 2013

Market Value Description EUR %

TIME DEPOSITS Barclays Bank Plc 227,980,000 15.15 BNP Paribas SA 227,980,000 15.15 HSBC Bank Plc 118,350,000 7.87 Societe Generale SA 227,980,000 15.16 Total Time Deposits 802,290,000 53.33

Open Exchange Traded Futures Contracts Open Forward Foreign Exchange Transactions as at 30 November 2013 as at 30 November 2013

Unrealised Unrealised Underlying appreciation/ appreciation/ Number of Contract/ Expiration exposure (depreciation) (depreciation) Contracts Description date EUR EUR Purchases Sales Value Date EUR (17,992) STOXX EUROPE CHF 16,573,880 EUR 13,451,056 13/12/2013 27,988 600 Index December 2013 292,459,960 (10,023,634) EUR 77,668 CHF 95,713 13/12/2013 (172) Total 292,459,960 (10,023,634) EUR 200,779 GBP 167,869 13/12/2013 (770) GBP 13,756,749 EUR 16,313,251 13/12/2013 203,509 Note: The net unrealised depreciation attributed to these transactions is included EUR 5,590 SEK 49,938 13/12/2013 (18) in the Statement of Net Assets (see note 2(d)). SEK 2,131,724 EUR 238,893 13/12/2013 527 Net unrealised appreciation (EUR underlying exposure – EUR 30,520,222) 231,064 Sector Breakdown as at 30 November 2013 Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see note 2(d)). % of net State Street Bank and Trust Company is the counterparty to these Open Forward Foreign Exchange Transactions. assets* Funds 9.92 Consumer, Cyclical 7.04 Consumer, Non-cyclical 6.54 Industrial 5.77 Communications 4.71 Financial 2.99 Technology 1.07 Other Net Assets 61.96 100.00

* Based on the market value of the Portfolio of Investments

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

Unaudited Interim Report and Accounts 65 BlackRock European Absolute Return Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

Belgium Norway (365,669) Belgacom SA (7,988,039) (1,057,284) (237,035) Norwegian Air Shuttle AS (6,554,303) (441,467) (7,988,039) (1,057,284) (1,114,212) Petroleum Geo-Services ASA (9,851,734) 220,150 1,352,222 Statoil ASA 22,593,864 (209,639) Denmark 6,187,827 (430,956) 1,284,228 GN Store Nord A/S 22,640,811 3,902,340 187,791 Novo Nordisk A/S 'B' 24,635,404 443,857 South Korea 47,276,215 4,346,197 (445,112) SABMiller Plc (16,921,986) (526,335) (16,921,986) (526,335) Finland (857,965) Outotec OYJ (6,443,317) 2,578,974 Switzerland (6,443,317) 2,578,974 270,227 Actelion Ltd 16,744,499 424,816 215,964 Cie Financiere Richemont SA 16,209,571 1,575,725 France (231,450) Holcim Ltd (12,421,944) 459,959 (161,729) Air Liquide SA (16,609,569) (669,333) 23,453 Kuoni Reisen Holding AG 7,590,492 1,525,431 (190,669) Casino Guichard Perrachon SA (15,671,085) (1,266,975) 435,843 Novartis AG 25,341,048 1,178,618 (696,367) CGG SA (10,630,042) 791,908 22,755 Partners Group Holding AG 4,187,452 (129,528) (287,102) Danone (15,368,570) 223,940 104,521 Roche Holding AG 21,444,171 1,024,629 (724,826) Eutelsat Communications SA (15,583,759) 271,886 1,544,384 UBS AG 21,801,856 (128,797) 305,729 Salvatore Ferragamo SpA 8,939,516 2,510,035 100,897,145 5,930,853 (110,614) Sodexo (8,163,313) (214,930) (207,202) Technip SA (15,258,355) 1,711,859 United Kingdom (339,291) Vallourec SA (14,221,382) 593,816 (2,795,072) Aberdeen Asset Management Plc (16,531,956) (4,085,356) (1,264,290) Veolia Environnement SA (15,120,909) 838,929 (1,048,708) Admiral Group Plc (15,714,696) 144,794 (117,687,468) 4,791,135 (1,750,773) Ashmore Group Plc (8,316,162) (487,700) 7,155,682 Barclays Plc 23,447,222 388,318 Germany 3,136,573 Barratt Developments Plc 12,473,334 1,203,880 325,481 Cap Gemini SA 15,667,028 341,873 (581,027) British American Tobacco Plc (22,750,133) 1,093,499 (662,548) Deutsche Bank AG (23,613,211) (470,799) (669,681) Burberry Group Plc (12,350,826) (297,037) (1,001,445) Deutsche Lufthansa AG (16,063,178) (2,654,510) (1,919,858) Bwin.Party Digital Entertainment Plc (2,929,891) (124,704) (176,635) MTU Aero Engines AG (12,217,843) 53,589 (260,585) Carnival Plc (7,028,986) 605,119 270,029 Publicis Groupe SA 17,605,891 1,547,656 2,916,278 Elementis Plc 9,097,140 162,628 (279,514) RWE AG (7,897,668) (1,229,760) 803,592 Grafton Group Plc 6,001,542 1,277,480 380,564 Societe Generale SA 16,206,318 2,838,410 (1) Home Retail Group Plc (2) – (733,069) SOITEC (1,084,942) 779,149 1,131,850 Hunting Plc 10,858,566 (1,006,331) 1,225,797 IG Group Holdings Plc 8,610,160 160,218 (11,397,605) 1,205,608 (2,041,961) J Sainsbury Plc (9,997,442) (293,679) Italy (2,074,249) Kazakhmys Plc (5,877,731) 1,082,088 (1,219,342) Lonmin Plc (4,605,970) (707,198) (3,569,072) Fiat SpA (20,950,453) (258,779) (1,703,619) Marks & Spencer Group Plc (10,010,903) (523,238) (20,950,453) (258,779) 743,251 Playtech Plc 6,224,673 513,475 876,272 Royal Dutch Shell Plc 'B' 22,610,605 (591,764) Luxembourg 325,529 Spirax-Sarco Engineering Plc 11,507,058 558,060 (1,043,275) SES SA (22,639,067) (460,056) 1,937,986 Sports Direct International Plc 17,252,256 3,287,935 (22,639,067) (460,056) 9,825,553 Taylor Wimpey Plc 12,611,639 1,823,957 3,631,334 Thomas Cook Group Plc 7,695,693 772,007 Netherlands 3,275,246 William Hill Plc 15,089,420 (1,468,896) (1,220,745) ArcelorMittal (15,595,017) (1,795,366) (1,919,894) WM Morrison Supermarkets Plc (6,115,773) 426,958 (355,565) Fugro NV (15,954,202) 219,487 41,248,837 3,914,513 (446,255) Koninklijke Vopak NV (19,586,132) 199,570 (2,188,727) SNS REAAL NV* – 22 Total market value (EUR underlying exposure – EUR 868,313,874) (59,553,262) 18,657,583 (51,135,351) (1,376,287)

* Investments which are less than 0,5 USD have been rounded down to zero. Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)). Deutsche Bank and JP Morgan are the counterparties to these Contracts for Difference.

66 BlackRock Strategic Funds (BSF) BlackRock European Constrained Credit Strategies Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % COMMON STOCKS (SHARES) France continued USD 400,000 Societe Generale SA FRN Ireland (Perpetual) 308,723 0.19 23,500 Smurfit Kappa Group Plc 412,895 0.25 3,378,552 2.05 412,895 0.25 Germany Spain EUR 2,100,000 Allianz SE FRN (Perpetual) 2,162,517 1.31 14,677 Pescanova SA* – 0.00 EUR 300,000 Allianz SE FRN (Perpetual) 308,931 0.19 – 0.00 EUR 1,700,000 Bayerische Landesbank FRN 7/2/2019 1,572,500 0.95 Sweden EUR 3,100,000 Commerzbank AG 7.75% 16/3/2021 3,545,594 2.15 47,700 SAS AB 99,667 0.06 USD 768,000 Commerzbank AG '144A' 8.125% 99,667 0.06 19/9/2023 620,493 0.38 EUR 261,000 Deutsche Raststaetten Gruppe IV Switzerland GmbH 6.75% 30/12/2020 270,145 0.16 7,252 Cembra Money Bank AG 333,487 0.20 EUR 200,000 Muenchener Rueckversicherungs 333,487 0.20 AG FRN 26/5/2041 235,135 0.14 EUR 2,037,200 TUI AG 2.75% 24/3/2016 1,361,614 0.83 United Kingdom 10,076,929 6.11 38,426 Royal Bank of Scotland Group Plc (Pref M) 613,426 0.37 Ireland 2,086 Royal Bank of Scotland Group Plc EUR 455,000 AIB Mortgage Bank 2.625% 29/7/2016 467,683 0.28 (Pref R) 32,165 0.02 EUR 755,000 AIB Mortgage Bank 4.875% 29/6/2017 829,707 0.50 48,858 Royal Bank of Scotland Group Plc EUR 2,875,000 Bank of Ireland Mortgage Bank (Pref S) 801,157 0.49 2.75% 22/3/2018 2,952,625 1.79 1,446,748 0.88 EUR 525,000 Bank of Ireland Mortgage Bank 3.625% 2/10/2020 550,043 0.34 United States EUR 450,000 Cloverie Plc for Zurich Insurance 26,703 RBS Capital Funding Trust V (Pref E) 415,875 0.25 Co Ltd FRN 24/7/2039 546,248 0.33 26,703 RBS Capital Funding Trust VII (Pref G) 425,300 0.26 5,346,306 3.24 841,175 0.51 Italy Total Common Stocks (Shares) 3,133,972 1.90 EUR 1,030,000 A2A SpA 4.375% 10/1/2021 1,101,652 0.67 EUR 565,000 Astaldi SpA 7.125% 1/12/2020 588,171 0.36 EUR 814,000 Banca Monte dei Paschi di Siena SpA BONDS 4.875% 15/9/2016 859,140 0.52 Austria USD 690,000 Enel SpA '144A' FRN 24/9/2073 552,175 0.33 EUR 600,000 Vienna Insurance Group AG Wiener EUR 1,120,000 Gamenet SpA 7.25% 1/8/2018 1,140,815 0.69 Versicherung Gruppe FRN EUR 2,040,000 Intesa Sanpaolo SpA 3.00% 9/10/2043 637,500 0.39 28/1/2019 2,069,610 1.26 EUR 3,235,000 Italy Buoni Poliennali Del Tesoro 637,500 0.39 5.50% 1/11/2022 3,655,550 2.22 Cayman Islands EUR 975,000 IVS F. SpA 7.125% 1/4/2020 1,005,469 0.61 GBP 1,090,000 Brakes Capital 7.125% 15/12/2018 1,306,827 0.79 EUR 710,000 UniCredit SpA 6.95% 31/10/2022 774,919 0.47 GBP 402,739 Punch Taverns Finance B Ltd 7.369% EUR 2,265,000 UniCredit SpA FRN 28/10/2025 2,316,642 1.40 30/6/2022 500,496 0.30 14,064,143 8.53 GBP 980,000 Punch Taverns Finance B Ltd 5.943% 30/12/2024 1,152,411 0.70 Jersey GBP 946,394 Punch Taverns Finance B Ltd 4.767% GBP 860,000 AA Bond Co Ltd 6.269% 31/7/2025 1,138,114 0.69 30/6/2033 1,071,002 0.65 GBP 190,000 Galaxy Bidco Ltd 6.375% 15/11/2020 228,705 0.14 4,030,736 2.44 1,366,819 0.83

Czech Republic Luxembourg EUR 1,520,000 RPG Byty Sro 6.75% 1/5/2020 1,541,812 0.93 USD 2,100,000 APERAM '144A' 7.75% 1/4/2018 1,588,029 0.96 USD 800,000 APERAM 2.625% 30/9/2020 661,671 0.40 1,541,812 0.93 EUR 785,000 GELF Bond Issuer I SA 3.125% France 3/4/2018 813,393 0.49 EUR 590,000 Fonciere Des Regions 0.875% EUR 1,880,000 Intralot Finance Luxembourg SA 1/4/2019 495,217 0.30 9.75% 15/8/2018 2,048,269 1.24 EUR 400,000 France Government Bond OAT 2.25% EUR 810,000 Magnolia BC SA 9.00% 1/8/2020 847,292 0.51 25/10/2022‡ 407,276 0.25 EUR 100,000 S&B Minerals Finance SCA / S&B EUR 1,840,000 France Government Bond OAT 4.25% Industrial Minerals North America 25/10/2023‡ 2,167,336 1.31 Inc 9.25% 15/8/2020 108,864 0.07

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

Unaudited Interim Report and Accounts 67 BlackRock European Constrained Credit Strategies Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % Luxembourg continued Spain continued EUR 1,672,000 Servus Luxembourg Holding SCA EUR 300,000 Ayt Cedulas Cajas Global 4.25% 7.75% 15/6/2018 1,756,603 1.07 14/6/2018 313,958 0.19 EUR 940,000 Snai SpA 7.625% 15/6/2018 956,098 0.58 EUR 800,000 Ayt Cedulas Cajas Global 3.75% USD 443,000 Telecom Italia Capital SA 6.375% 14/12/2022 761,960 0.46 15/11/2033 284,635 0.17 EUR 300,000 Ayt Cedulas Cajas Global 4.25% USD 372,000 Telecom Italia Capital SA 6.00% 25/10/2023 293,565 0.18 30/9/2034 229,824 0.14 EUR 300,000 AyT Cedulas Cajas X Fondo de USD 400,000 Telecom Italia Capital SA 7.721% Titulizacion 3.75% 30/6/2025 262,950 0.16 4/6/2038 283,018 0.17 EUR 1,600,000 AyT Cedulas Cajas XXIII Fondo de EUR 3,600,000 Telecom Italia Finance SA 6.125% Titulizacion de Activos 4.75% 15/11/2016 3,767,040 2.29 15/6/2016 1,701,352 1.03 EUR 3,600,000 Telecom Italia Finance SA 6.125% USD 800,000 Banco Bilbao Vizcaya Argentaria SA 15/11/2016 3,600,000 2.18 FRN (Perpetual) 622,449 0.38 EUR 3,012,000 Telecom Italia Finance SA 7.75% EUR 200,000 BBVA Senior Finance SAU 3.75% 24/1/2033 3,280,038 1.99 17/1/2018 213,085 0.13 EUR 2,520,000 Wind Acquisition Finance SA 7.375% EUR 1,500,000 BPE Financiaciones SA 2.875% 15/2/2018 2,666,261 1.62 19/5/2016 1,501,327 0.91 22,891,035 13.88 EUR 1,100,000 CaixaBank SA 3.125% 14/5/2018 1,136,261 0.69 EUR 1,100,000 Caja Rural de Navarra 2.875% Mexico 11/6/2018 1,131,449 0.69 USD 1,640,000 Cemex SAB de CV '144A' 7.25% EUR 300,000 Cedulas TDA 4.125% 29/11/2019 309,938 0.19 15/1/2021 1,229,092 0.75 EUR 400,000 Cedulas TDA 4.25% 28/3/2027 352,330 0.21 EUR 400,000 Cedulas TDA 1 Fondo de Titulizacion 1,229,092 0.75 de Activos FRN 8/4/2016 382,288 0.23 Netherlands EUR 1,100,000 Cedulas TDA 6 Fondo de Titulizacion de Activos 3.875% 23/5/2025 966,625 0.59 EUR 570,000 Achmea BV FRN 4/4/2043 614,175 0.37 EUR 1,000,000 Cedulas TDA 6 Fondo de Titulizacion EUR 845,000 Achmea BV FRN 4/4/2043 910,487 0.55 de Activos 4.25% 10/4/2031 834,600 0.51 EUR 360,000 Adria Bidco BV 7.875% 15/11/2020 361,033 0.22 EUR 100,000 Cedulas TDA 7 Fondo de Titulizacion EUR 700,000 Allianz Finance II BV FRN 8/7/2041 800,754 0.49 de Activos 3.50% 20/6/2017 101,735 0.06 EUR 401,000 Enel Finance International NV EUR 500,000 Kutxabank SA 3.00% 1/2/2017 520,757 0.31 4.875% 17/4/2023 446,528 0.27 EUR 1,500,000 Santander Issuances SAU FRN USD 3,300,000 ING Bank NV '144A' 5.80% 30/9/2019 1,418,910 0.86 25/9/2023 2,532,636 1.54 EUR 3,600,000 Spain Government Bond '144A' USD 5,248,001 ING Bank NV FRN 21/11/2023 3,851,576 2.34 5.40% 31/1/2023 3,973,950 2.41 EUR 1,845,000 Portugal Telecom International Finance BV 4.625% 8/5/2020 1,882,472 1.14 22,063,721 13.38 AUD 550,000 Royal Bank of Scotland NV FRN 17/5/2018 330,763 0.20 Switzerland EUR 977,000 Ziggo BV 3.625% 27/3/2020 977,000 0.59 EUR 1,875,000 Credit Suisse AG FRN 18/9/2025 1,981,256 1.20 12,707,424 7.71 1,981,256 1.20

Portugal United Kingdom EUR 900,000 Caixa Geral de Depositos SA 5.625% GBP 836,361 Annington Finance No 4 Plc FRN 4/12/2015 951,534 0.58 10/1/2023 996,190 0.60 USD 5,190,000 Portugal Government International EUR 840,000 Aviva Plc FRN 5/7/2043 937,650 0.57 Bond 3.50% 25/3/2015 3,822,994 2.32 GBP 462,000 Bakkavor Finance 2 Plc 8.75% 15/6/2020 607,420 0.37 4,774,528 2.90 EUR 650,000 Barclays Bank Plc 6.00% 14/1/2021 743,282 0.45 EUR 190,000 Barclays Bank Plc 6.625% 30/3/2022 225,269 0.14 Spain USD 226,000 Barclays Bank Plc 7.625% CHF 1,100,000 Autonomous Community of Catalonia 21/11/2022 174,962 0.11 2.125% 1/10/2014 893,652 0.54 EUR 780,000 Barclays Bank Plc FRN (Perpetual) 674,099 0.41 EUR 112,000 Autonomous Community of Valencia EUR 280,000 Barclays Bank Plc FRN (Perpetual) 252,714 0.15 Spain 4.75% 20/3/2014 112,840 0.07 USD 2,400,000 Barclays Bank Plc FRN (Perpetual) 1,823,661 1.11 EUR 740,000 Autonomous Community of Valencia GBP 320,000 BUPA Finance Plc 5.00% 25/4/2023 387,855 0.24 Spain 3.25% 6/7/2015 744,366 0.45 GBP 490,000 Co-operative Group Holdings 2011 EUR 2,288,000 Autonomous Community of Valencia (Step Coupon) 6.875% 8/7/2020 601,210 0.36 Spain 4.375% 16/7/2015 2,339,629 1.42 GBP 450,000 Co-operative Group Holdings 2011 EUR 750,000 Autonomous Community of Valencia (Step Coupon) 7.50% 8/7/2026 552,475 0.34 Spain 4.00% 2/11/2016 756,195 0.46 EUR 220,000 Imperial Tobacco Finance Plc 4.50% EUR 400,000 Ayt Cedulas Cajas Global 4.00% 5/7/2018 246,989 0.15 21/3/2017 417,550 0.25

68 BlackRock Strategic Funds (BSF) BlackRock European Constrained Credit Strategies Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Funds Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % United Kingdom continued Ireland GBP 200,000 Jaguar Land Rover Automotive Plc 15,822,036 Institutional Cash Series Plc - 8.25% 15/3/2020 271,537 0.16 Institutional Euro Assets EUR 1,545,000 Lloyds Bank Plc 6.50% 24/3/2020 1,796,804 1.09 Liquidity Fund 1 15,822,036 9.59 EUR 1,436,000 Lloyds Bank Plc FRN 16/12/2021 1,785,802 1.08 15,822,036 9.59 GBP 824,000 Marks & Spencer Plc 4.75% 12/6/2025 993,904 0.60 Total Funds 15,822,036 9.59 EUR 1,183,000 Nationwide Building Society FRN 20/3/2023 1,219,271 0.74 GBP 1,105,000 Next Plc 4.375% 2/10/2026 1,338,443 0.81 Other Transferable Securities and Money Market Instruments USD 1,180,000 Royal Bank of Scotland Group Plc '144A' FRN (Perpetual) 928,416 0.56 BONDS USD 300,000 Santander UK Plc '144A' 5.00% 7/11/2023 220,704 0.13 Jersey GBP 1,170,000 Unique Pub Finance Co Plc/The GBP 1,000,000 Enterprise Funding Ltd 3.50% 7.395% 28/3/2024 1,369,706 0.83 10/9/2020 1,250,422 0.76 GBP 2,209,062 Unique Pub Finance Co Plc/The 1,250,422 0.76 5.659% 30/6/2027 2,596,892 1.58 Total Bonds 1,250,422 0.76 GBP 400,000 Unique Pub Finance Co Plc/The 'A3' 6.542% 30/3/2021 502,664 0.30 Total Other Transferable Securities GBP 253,000 Vougeot Bidco Plc Reg 7.875% and Money Market Instruments 1,250,422 0.76 15/7/2020 322,352 0.20 Securities portfolio at market value 153,349,185 92.99 21,570,271 13.08 Other Net Assets 11,554,856 7.01 United States Total Net Assets (EUR) 164,904,041 100.00 USD 742,000 Continental Rubber of America Corp '144A' 4.50% 15/9/2019 579,982 0.35 USD 3,780,000 Meccanica Holdings USA Inc '144A' 6.25% 15/7/2019 2,878,111 1.75 USD 530,000 Meccanica Holdings USA Inc '144A' 7.375% 15/7/2039 370,492 0.22 USD 2,305,000 Meccanica Holdings USA Inc '144A' 6.25% 15/1/2040 1,454,442 0.88 EUR 220,000 RBS Capital Trust A FRN (Perpetual) 199,604 0.12 5,482,631 3.32 Total Bonds 133,142,755 80.74 Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 136,276,727 82.64

* Investments which are less than EUR 0.5 have been rounded down to zero. 1 This fund is managed by BlackRock. ‡ Securities given as guarantee, see Note 13, for further details.

Time Deposit as at 30 November 2013

Market Value Description EUR %

TIME DEPOSITS Societe Generale SA 12,000,107 7.28 Total Time Deposits 12,000,107 7.28

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

Unaudited Interim Report and Accounts 69 BlackRock European Constrained Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

USD 300,000 Credit Default Swaps (Bank of America Securities EUR 10,000 Credit Default Swaps (Barclays Bank) (Fund LLC) (Fund receives default protection on Ireland receives default protection on Peugeot SA 8.375% Government Bond 4.500% 18/4/2020 and pays 15/7/2014 and pays Fixed 5.000%) (20/3/2018) (1,684) Fixed 1.000%) (20/3/2018) (8,079) EUR 733,500 Credit Default Swaps (Barclays Bank) (Fund EUR 590,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Peugeot SA 8.375% receives default protection on Portugal Telecom 15/7/2014 and pays Fixed 5.000%) (20/9/2018) (67,942) International Finance BV 4.375% 24/3/2017 and USD 800,000 Credit Default Swaps (Barclays Bank) (Fund receives pays Fixed 5.000%) (20/6/2018) (60,652) default protection on Portugal Obrigacoes do EUR 1,610,000 Credit Default Swaps (Bank of America) (Fund Tesouro OT 5.450% 23/9/2013 and pays Fixed receives default protection on Stora Enso OYJ 1.000%) (20/6/2017) (178,376) 5.125% 23/6/2014 and pays Fixed 5.000%) USD 450,000 Credit Default Swaps (Barclays Bank) (Fund receives (20/9/2018) (79,879) default protection on Portugal Obrigacoes do EUR 1,062,874 Credit Default Swaps (Bank of America) (Fund Tesouro OT 5.450% 23/9/2013 and pays Fixed receives Fixed 5.000% and provides default 1.000%) (20/12/2015) (24,641) protection on Virgin Media Finance Plc 5.125% USD 600,000 Credit Default Swaps (Barclays Bank) (Fund receives 15/2/2022) (20/9/2018) 25,354 default protection on Portugal Obrigacoes do EUR 1,340,000 Credit Default Swaps (Barclays Bank) (Fund receives Tesouro OT 5.450% 23/9/2013 and pays Fixed default protection on AXA SA 4.500% 23/1/2015 1.000%) (20/12/2017) (43,032) and pays Fixed 1.000%) (20/6/2018) (41,167) EUR 750,000 Credit Default Swaps (Barclays Bank) (Fund receives EUR 320,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Stena AB 6.125% 1/2/2017 default protection on Clariant Finance Luxembourg and pays Fixed 5.000%) (20/12/2017) (68,774) SA 4.375% 5/4/2013 and pays Fixed 1.000%) EUR 540,000 Credit Default Swaps (Barclays Bank) (Fund receives (20/6/2018) (10,999) default protection on Stora Enso OYJ 5.125% EUR 1,100,000 Credit Default Swaps (Barclays Bank) (Fund receives 23/6/2014 and pays Fixed 5.000%) (20/9/2018) (27,757) default protection on Deutsche Bank AG 5.125% EUR 531,438 Credit Default Swaps (Barclays Bank) (Fund receives 31/8/2017 and pays Fixed 1.000%) (20/3/2018) (14,146) default protection on Unitymedia KabelBW GmbH EUR 150,000 Credit Default Swaps (Barclays Bank) (Fund receives 9.625% 1/12/2019 and pays Fixed 5.000%) default protection on Dixons Retail Plc 8.750% (20/9/2018) (10,314) 3/8/2015 and pays Fixed 5.000%) (20/12/2017) (22,870) EUR 330,000 Credit Default Swaps (Barclays Bank) (Fund receives EUR 40,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Wind Acquisition Finance default protection on Dixons Retail Plc 8.750% SA 11.750% 15/7/2017 and pays Fixed 5.000%) 3/8/2015 and pays Fixed 5.000%) (20/12/2017) (6,099) (20/9/2015) (416) EUR 450,000 Credit Default Swaps (Barclays Bank) (Fund receives USD 1,000,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Finmeccanica Finance SA/ Fixed 0.250% and provides default protection on Old 5.750% 12/12/2018 and pays Fixed 5.000%) France Government Bond OAT 4.250% 25/4/2019) (20/12/2018) (1,515) (20/6/2023) 16,591 EUR 415,000 Credit Default Swaps (Barclays Bank) (Fund receives EUR 1,340,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Finmeccanica Finance SA/ Fixed 1.000% and provides default protection on Old 5.750% 12/12/2018 and pays Fixed 5.000%) Aviva Plc 9.500% 20/6/2016) (20/6/2018) 37,950 (20/3/2016) (4,506) EUR 650,000 Credit Default Swaps (Barclays Bank) (Fund receives EUR 650,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000% and provides default protection on default protection on Finmeccanica Finance SA/ Deutsche Bank AG 5.125% 31/8/2017) (20/6/2018) 9,394 Old 5.750% 12/12/2018 and pays Fixed 5.000%) EUR 50,000 Credit Default Swaps (Barclays Bank) (Fund receives (20/6/2018) (29,211) Fixed 1.000% and provides default protection on USD 1,635,000 Credit Default Swaps (Barclays Bank) (Fund receives Imperial Tobacco Finance Plc 6.250% 4/12/2018) default protection on France Government Bond (20/12/2017) 946 OAT 4.250% 25/4/2019 and pays Fixed 0.250%) EUR 1,600,000 Credit Default Swaps (Barclays Bank) (Fund receives (20/6/2018) (12,128) Fixed 1.000% and provides default protection USD 2,150,000 Credit Default Swaps (Barclays Bank) (Fund on Italy Government International Bond 6.875% receives default protection on Italy Government 27/9/2023) (20/3/2018) 52,845 International Bond 6.875% 27/9/2023 and pays USD 33,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000%) (20/3/2018) (62,410) Fixed 1.000% and provides default protection EUR 210,000 Credit Default Swaps (Barclays Bank) (Fund receives on Italy Government International Bond 6.875% default protection on iTraxx Europe Senior 27/9/2023) (20/3/2018) 1,441 Financials Series 19 Version 1 and pays Fixed EUR 1,720,000 Credit Default Swaps (Barclays Bank) (Fund receives 1.000%) (20/6/2018) (6,063) Fixed 1.000% and provides default protection on EUR 644,444 Credit Default Swaps (Barclays Bank) (Fund receives iTraxx Europe Senior Financials Series 19 Version default protection on iTraxx Europe Senior 1) (20/6/2018) 40,881 Financials Series 19 Version 1 and pays Fixed EUR 9,500,000 Credit Default Swaps (Barclays Bank) (Fund receives 1.000%) (20/6/2018) (17,608) Fixed 1.000% and provides default protection on EUR 7,350,000 Credit Default Swaps (Barclays Bank) (Fund receives iTraxx Europe Series 20 Version 1) (20/12/2018) 13,244 default protection on iTraxx Europe Series 20 EUR 1,100,000 Credit Default Swaps (Barclays Bank) (Fund receives Version 1 and pays Fixed 1.000%) (20/12/2018) (22,912) Fixed 1.000% and provides default protection on EUR 7,800,000 Credit Default Swaps (Barclays Bank) (Fund receives Swiss Reinsurance Co Ltd 4.000% 29/6/2015) default protection on iTraxx Europe Series 20 (20/3/2018) 23,105 Version 1 and pays Fixed 1.000%) (20/12/2018) (24,394)

70 BlackRock Strategic Funds (BSF) BlackRock European Constrained Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 280,000 Credit Default Swaps (Barclays Bank) (Fund receives EUR 473,500 Credit Default Swaps (BNP Paribas) (Fund receives Fixed 1.000% and provides default protection on default protection on Peugeot SA 8.375% ThyssenKrupp AG 4.375% 18/3/2015) (20/3/2018) 12,103 15/7/2014 and pays Fixed 5.000%) (20/9/2017) (89,225) EUR 350,000 Credit Default Swaps (Barclays Bank) (Fund receives EUR 745,000 Credit Default Swaps (BNP Paribas) (Fund receives Fixed 5.000% and provides default protection on default protection on St-Gobain Nederland BV Finmeccanica Finance SA/Old 5.750% 12/12/2018) 5.000% 25/4/2014 and pays Fixed 1.000%) (20/3/2018) 14,148 (20/9/2018) (19,748) EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund receives EUR 520,000 Credit Default Swaps (BNP Paribas) (Fund receives Fixed 5.000% and provides default protection on default protection on Stena AB 6.125% 1/2/2017 Portugal Telecom International Finance BV 4.375% and pays Fixed 5.000%) (20/3/2018) (10,423) 24/3/2017) (20/9/2017) 38,925 EUR 531,437 Credit Default Swaps (BNP Paribas) (Fund receives EUR 750,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Unitymedia KabelBW GmbH Fixed 5.000% and provides default protection on 9.625% 1/12/2019 and pays Fixed 5.000%) Sunrise Communications Holdings SA 8.500% (20/9/2018) (12,939) 31/12/2018) (20/12/2017) 47,361 EUR 540,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 540,000 Credit Default Swaps (BNP Paribas) (Fund receives Fixed 1.000% and provides default protection on default protection on AXA SA 6.000% 18/6/2013 Aviva Plc 9.500% 20/6/2016) (20/6/2018) 28,492 and pays Fixed 1.000%) (20/6/2018) (29,275) EUR 65,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 425,000 Credit Default Swaps (BNP Paribas) (Fund receives Fixed 1.000% and provides default protection default protection on Banco Comercial Portugues on St-Gobain Nederland BV 5.000% 25/4/2014) SA FRN 17/6/2013 and pays Fixed 5.000%) (20/6/2018) 1,725 (20/3/2016) (138,579) EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 185,000 Credit Default Swaps (BNP Paribas) (Fund receives Fixed 5.000% and provides default protection default protection on Banco de Sabadell SA on Jaguar Land Rover Automotive PLC 8.125% 0.365% 4/10/2016 and pays Fixed 5.000%) 15/5/2018) (20/3/2018) 4,152 (20/6/2017) (27,687) EUR 531,437 Credit Default Swaps (BNP Paribas) (Fund receives EUR 570,000 Credit Default Swaps (BNP Paribas) (Fund receives Fixed 5.000% and provides default protection default protection on Banco de Sabadell SA on Virgin Media Finance Plc 5.125% 15/2/2022) 0.365% 4/10/2016 and pays Fixed 5.000%) (20/9/2018) 14,392 (20/3/2018) (46,991) EUR 410,000 Credit Default Swaps (Citibank) (Fund receives EUR 580,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on BBVA Senior Finance SAU default protection on Banco Espirito Santo SA 4.875% 23/1/2014 and pays Fixed 3.000%) 0.454% 19/1/2015 and pays Fixed 5.000%) (20/9/2017) (48,375) (20/6/2018) (35,882) EUR 530,000 Credit Default Swaps (Citibank) (Fund receives EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on British Airways Plc 8.750% default protection on Banco Santander SA FRN 23/8/2016 and pays Fixed 5.000%) (20/12/2018) (26,599) 9/8/2013 and pays Fixed 3.000%) (20/9/2017) (11,322) EUR 1,610,000 Credit Default Swaps (Citibank) (Fund receives EUR 50,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on Clariant AG 3.125% 9/6/2017 default protection on BBVA Senior Finance SAU and pays Fixed 1.000%) (20/9/2018) (37,077) 4.875% 23/1/2014 and pays Fixed 3.000%) EUR 500,000 Credit Default Swaps (Citibank) (Fund receives (20/12/2017) (5,638) default protection on Deutsche Bank AG 5.125% EUR 800,000 Credit Default Swaps (BNP Paribas) (Fund receives 31/8/2017 and pays Fixed 1.000%) (20/3/2018) (6,186) default protection on BBVA Senior Finance SAU EUR 420,000 Credit Default Swaps (Citibank) (Fund receives 4.875% 23/1/2014 and pays Fixed 3.000%) default protection on Dixons Retail Plc 8.750% (20/3/2018) (60,857) 3/8/2015 and pays Fixed 5.000%) (20/6/2017) (94,749) EUR 400,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 130,000 Credit Default Swaps (Citibank) (Fund receives default protection on BPE Financiaciones SA default protection on Dixons Retail Plc 8.750% 1.211% 30/12/2014 and pays Fixed 5.000%) 3/8/2015 and pays Fixed 5.000%) (20/6/2018) (13,152) (20/12/2017) (63,199) USD 1,775,000 Credit Default Swaps (Citibank) (Fund receives EUR 140,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on France Government Bond default protection on Caja de Ahorros y Pensiones OAT 4.250% 25/4/2019 and pays Fixed 0.250%) de Barcelona 3.940% 28/2/2019 and pays Fixed (20/6/2018) (16,472) 3.000%) (20/6/2017) (8,701) USD 500,000 Credit Default Swaps (Citibank) (Fund receives EUR 185,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on Ireland Government Bond default protection on Caja de Ahorros y Pensiones 5.400% 13/3/2025 and pays Fixed 1.000%) de Barcelona 3.940% 28/2/2019 and pays Fixed (20/12/2016) (90,047) 3.000%) (20/6/2017) (11,076) USD 460,000 Credit Default Swaps (Citibank) (Fund receives EUR 7,800,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on Ireland Government Bond default protection on iTraxx Europe Series 20 5.400% 13/3/2025 and pays Fixed 1.000%) Version 1 and pays Fixed 1.000%) (20/12/2018) (25,356) (20/12/2016) (81,246) EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund receives USD 750,000 Credit Default Swaps (Citibank) (Fund receives default protection on Jaguar Land Rover default protection on Ireland Government Bond Automotive PLC 8.125% 15/5/2018 and pays Fixed 5.400% 13/3/2025 and pays Fixed 1.000%) 5.000%) (20/3/2016) 202 (20/3/2017) (112,757) EUR 504,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on Marks & Spencer Plc 6.125% 2/12/2019 and pays Fixed 1.000%) (20/12/2018) (7,393)

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

Unaudited Interim Report and Accounts 71 BlackRock European Constrained Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 1,000,000 Credit Default Swaps (Citibank) (Fund receives USD 460,000 Credit Default Swaps (Citibank) (Fund receives default protection on iTraxx Europe Crossover Fixed 1.000% and provides default protection Series 20 Version 1 and pays Fixed 5.000%) on Italy Government International Bond 6.875% (20/12/2018) (3,087) 27/9/2023) (20/12/2016) 50,940 EUR 3,840,000 Credit Default Swaps (Citibank) (Fund receives EUR 9,500,000 Credit Default Swaps (Citibank) (Fund receives Fixed default protection on iTraxx Europe Senior 1.000% and provides default protection on iTraxx Financials Series 20 Version 1 and pays Fixed Europe Series 20 Version 1) (20/12/2018) 13,244 1.000%) (20/12/2018) (46,721) EUR 500,000 Credit Default Swaps (Citibank) (Fund receives Fixed EUR 820,000 Credit Default Swaps (Citibank) (Fund receives 1.000% and provides default protection on Swiss default protection on iTraxx Europe Senior Reinsurance Co Ltd 4.000% 29/6/2015) Financials Series 20 Version 1 and pays Fixed (20/3/2018) 10,624 1.000%) (20/12/2018) (9,183) EUR 310,000 Credit Default Swaps (Citibank) (Fund receives EUR 3,670,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection on default protection on iTraxx Europe Series 20 ThyssenKrupp AG 4.375% 18/3/2015) (20/9/2018) 14,353 Version 1 and pays Fixed 1.000%) (20/12/2018) (10,080) EUR 1,630,000 Credit Default Swaps (Citibank) (Fund receives Fixed EUR 6,390,000 Credit Default Swaps (Citibank) (Fund receives 5.000% and provides default protection on Grohe default protection on iTraxx Europe Series 20 Holding GmbH 8.750% 15/12/2017) (20/12/2018) 73,848 Version 1 and pays Fixed 1.000%) (20/12/2018) (18,727) EUR 545,000 Credit Default Swaps (Citibank) (Fund receives Fixed EUR 2,460,000 Credit Default Swaps (Citibank) (Fund receives 5.000% and provides default protection on Jaguar default protection on iTraxx Europe Series 9 Land Rover Automotive PLC 8.125% 15/5/2018) Version 1 and pays Fixed 5.000%) (20/6/2018) (300,567) (20/12/2018) 19,357 EUR 260,000 Credit Default Swaps (Citibank) (Fund receives EUR 700,000 Credit Default Swaps (Citibank) (Fund receives Fixed default protection on Peugeot SA 8.375% 5.000% and provides default protection on Sunrise 15/7/2014 and pays Fixed 5.000%) (20/9/2017) (47,693) Communications Holdings SA 8.500% 31/12/2018) EUR 330,000 Credit Default Swaps (Citibank) (Fund receives (20/12/2017) 28,899 default protection on Peugeot SA 8.375% EUR 380,000 Credit Default Swaps (Citibank) (Fund receives Fixed 15/7/2014 and pays Fixed 5.000%) (20/6/2018) (51,292) 5.000% and provides default protection on Sunrise USD 1,350,000 Credit Default Swaps (Citibank) (Fund receives Communications Holdings SA 8.500% 31/12/2018) default protection on Portugal Obrigacoes do (20/3/2018) 13,371 Tesouro OT 4.950% 25/10/2023 and pays Fixed EUR 75,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000%) (20/6/2015) (4,406) 5.000% and provides default protection on Sunrise USD 650,000 Credit Default Swaps (Citibank) (Fund receives Communications Holdings SA 8.500% 31/12/2018) default protection on Portugal Obrigacoes do (20/12/2017) 3,846 Tesouro OT 5.450% 23/9/2013 and pays Fixed EUR 70,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000%) (20/6/2017) (142,468) 5.000% and provides default protection on Sunrise USD 75,000 Credit Default Swaps (Citibank) (Fund receives Communications Holdings SA 8.500% 31/12/2018) default protection on Portugal Obrigacoes do (20/12/2017) 3,765 Tesouro OT 5.450% 23/9/2013 and pays Fixed EUR 190,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000%) (20/3/2018) (2,560) 5.000% and provides default protection on Techem USD 295,000 Credit Default Swaps (Citibank) (Fund receives GmbH 6.125% 1/10/2019) (20/6/2018) 12,349 default protection on Portugal Obrigacoes do EUR 200,000 Credit Default Swaps (Citibank) (Fund receives Fixed Tesouro OT 5.450% 23/9/2013 and pays Fixed 5.000% and provides default protection on Techem 1.000%) (20/9/2017) (49,221) GmbH 6.125% 1/10/2019) (20/6/2018) 13,264 USD 1,710,000 Credit Default Swaps (Citibank) (Fund receives EUR 531,438 Credit Default Swaps (Citibank) (Fund receives Fixed default protection on Republic of Ireland 4.500% 5.000% and provides default protection on Virgin 4/18/2020 and pays Fixed 1.000%) (20/6/2018) (50,824) Media Finance Plc 5.125% 15/2/2022) EUR 250,000 Credit Default Swaps (Citibank) (Fund receives (20/9/2018) 10,388 default protection on Societe Generale SA 5.250% EUR 580,000 Credit Default Swaps (Credit Suisse) (Fund receives 28/3/2013 and pays Fixed 3.000%) (20/12/2017) (12,428) default protection on AXA SA 6.000% 18/6/2013 EUR 540,000 Credit Default Swaps (Citibank) (Fund receives and pays Fixed 1.000%) (20/6/2018) (31,977) default protection on Wind Acquisition Finance EUR 270,000 Credit Default Swaps (Credit Suisse) (Fund receives SA 11.750% 15/7/2017 and pays Fixed 5.000%) default protection on Clariant Finance Luxembourg (20/9/2015) (1,234) SA 4.375% 5/4/2013 and pays Fixed 1.000%) USD 1,085,000 Credit Default Swaps (Citibank) (Fund receives (20/12/2017) (21,410) Fixed 0.250% and provides default protection on EUR 672,000 Credit Default Swaps (Credit Suisse) (Fund receives France Government Bond OAT 4.250% 25/4/2019) default protection on Deutsche Bank AG 5.125% (20/6/2023) 21,617 31/8/2017 and pays Fixed 1.000%) (20/6/2018) (9,460) EUR 1,000,000 Credit Default Swaps (Citibank) (Fund receives EUR 540,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default protection on default protection on Dixons Retail Plc 8.750% Imperial Tobacco Finance Plc 6.250% 4/12/2018) 3/8/2015 and pays Fixed 5.000%) (20/12/2016) (158,490) (20/12/2017) 19,415 EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund receives USD 500,000 Credit Default Swaps (Citibank) (Fund receives default protection on Finmeccanica Finance SA/ Fixed 1.000% and provides default protection Old 5.750% 12/12/2018 and pays Fixed 5.000%) on Italy Government International Bond 6.875% (20/6/2018) (3,725) 27/9/2023) (20/12/2016) 56,617

72 BlackRock Strategic Funds (BSF) BlackRock European Constrained Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 250,000 Credit Default Swaps (Credit Suisse) (Fund receives EUR 910,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Finmeccanica Finance SA/ Fixed 5.000% and provides default protection on Old 5.750% 12/12/2018 and pays Fixed 5.000%) Techem GmbH 6.125% 1/10/2019) (20/6/2018) 23,190 (20/6/2018) (9,587) EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund receives EUR 1,000,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 5.000% and provides default protection on default protection on Henkel AG & Co KGaA Techem GmbH 6.125% 1/10/2019) (20/9/2018) 4,341 4.250% 10/6/2013 and pays Fixed 1.000%) EUR 110,000 Credit Default Swaps (Credit Suisse) (Fund receives (20/12/2017) (10,458) Fixed 5.000% and provides default protection on EUR 425,000 Credit Default Swaps (Credit Suisse) (Fund receives Techem GmbH 6.125% 1/10/2019) (20/9/2018) 1,291 default protection on Koninklijke DSM NV 4.000% EUR 102,516 Credit Default Swaps (Credit Suisse) (Fund receives 10/11/2015 and pays Fixed 1.000%) (20/6/2018) (3,280) Fixed 5.000% and provides default protection on EUR 460,000 Credit Default Swaps (Credit Suisse) (Fund receives Techem GmbH 6.125% 1/10/2019) (20/12/2018) 1,385 default protection on Marks & Spencer Plc 5.625% EUR 550,000 Credit Default Swaps (Credit Suisse) (Fund receives 24/3/2014 and pays Fixed 1.000%) (20/3/2018) (17,977) Fixed 5.000% and provides default protection on EUR 855,000 Credit Default Swaps (Credit Suisse) (Fund receives Techem GmbH 6.125% 1/10/2019) (20/6/2018) 9,099 default protection on St-Gobain Nederland BV EUR 1,130,000 Credit Default Swaps (Credit Suisse) (Fund receives 5.000% 25/4/2014 and pays Fixed 1.000%) Fixed 5.000% and provides default protection (20/9/2018) (20,689) on Unilabs Subholding AB 8.500% 15/7/2018) EUR 125,000 Credit Default Swaps (Credit Suisse) (Fund receives (20/12/2017) (34,204) default protection on Stena AB 6.125% 1/2/2017 EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund receives and pays Fixed 5.000%) (20/12/2017) (11,317) Fixed 5.000% and provides default protection on EUR 531,437 Credit Default Swaps (Credit Suisse) (Fund receives Unitymedia KabelBW GmbH 9.625% 1/12/2019) default protection on Unitymedia KabelBW GmbH (20/12/2017) 1,698 9.625% 1/12/2019 and pays Fixed 5.000%) EUR 265,000 Credit Default Swaps (Deutsche Asset Management (20/9/2018) (12,142) Life) (Fund receives default protection on BBVA EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund receives Senior Finance SAU 4.875% 23/1/2014 and pays default protection on Wolters Kluwer NV 5.125% Fixed 3.000%) (20/12/2018) (5,446) 27/1/2014 and pays Fixed 1.000%) (20/12/2017) (745) EUR 870,000 Credit Default Swaps (Deutsche Asset Management EUR 580,000 Credit Default Swaps (Credit Suisse) (Fund receives Life) (Fund receives default protection on Diageo Fixed 1.000% and provides default protection on Capital Plc 5.500% 30/9/2016 and pays Fixed Aviva Plc 9.500% 20/6/2016) (20/6/2018) 30,469 1.000%) (20/12/2017) (9,885) EUR 520,000 Credit Default Swaps (Credit Suisse) (Fund receives EUR 90,000 Credit Default Swaps (Deutsche Asset Management Fixed 1.000% and provides default protection on Life) (Fund receives default protection on Diageo Solvay SA 4.625% 27/6/2018) (20/6/2018) 7,684 Capital Plc 5.500% 30/9/2016 and pays Fixed EUR 682,000 Credit Default Swaps (Credit Suisse) (Fund receives 1.000%) (20/12/2017) (1,004) Fixed 1.000% and provides default protection on EUR 11,700,000 Credit Default Swaps (Deutsche Asset Management Swiss Reinsurance Co Ltd 4.000% 29/6/2015) Life) (Fund receives default protection on iTraxx (20/6/2018) 16,609 Europe Senior Financials Series 19 Version 1 and EUR 450,000 Credit Default Swaps (Credit Suisse) (Fund receives pays Fixed 1.000%) (20/6/2018) (261,099) Fixed 1.000% and provides default protection on EUR 7,350,000 Credit Default Swaps (Deutsche Asset Management ThyssenKrupp AG 4.375% 18/3/2015) (20/3/2018) 14,945 Life) (Fund receives default protection on iTraxx EUR 500,000 Credit Default Swaps (Credit Suisse) (Fund receives Europe Series 20 Version 1 and pays Fixed 1.000%) Fixed 1.000% and provides default protection on (20/12/2018) (23,276) ThyssenKrupp AG 4.375% 18/3/2015) EUR 3,980,000 Credit Default Swaps (Deutsche Asset Management (20/12/2017) 28,285 Life) (Fund receives default protection on iTraxx EUR 450,000 Credit Default Swaps (Credit Suisse) (Fund receives Europe Series 20 Version 1 and pays Fixed 1.000%) Fixed 1.000% and provides default protection on (20/12/2018) (10,882) ThyssenKrupp AG 4.375% 18/3/2015) (20/3/2018) 13,321 EUR 290,000 Credit Default Swaps (Deutsche Asset Management EUR 1,280,000 Credit Default Swaps (Credit Suisse) (Fund receives Life) (Fund receives default protection on Fixed 5.000% and provides default protection on Koninklijke DSM NV 4.000% 10/11/2015 and pays CIR-Compagnie Industriali Riunite SpA 5.750% Fixed 1.000%) (20/12/2017) (2,360) 16/12/2024) (20/12/2018) (5,323) EUR 2,870,000 Credit Default Swaps (Deutsche Asset Management EUR 1,100,000 Credit Default Swaps (Credit Suisse) (Fund receives Life) (Fund receives default protection on Fixed 5.000% and provides default protection Koninklijke DSM NV 4.000% 10/11/2015 and pays on Grohe Holding GmbH 8.750% 15/12/2017) Fixed 1.000%) (20/12/2017) (23,832) (20/12/2018) 49,418 EUR 1,310,000 Credit Default Swaps (Deutsche Asset Management EUR 1,020,000 Credit Default Swaps (Credit Suisse) (Fund receives Life) (Fund receives default protection on Next Fixed 5.000% and provides default protection Plc 5.375% 26/10/2021 and pays Fixed 1.000%) on Jaguar Land Rover Automotive Plc 8.125% (20/12/2018) (14,727) 15/5/2018) (20/12/2018) 4,484 EUR 500,000 Credit Default Swaps (Deutsche Asset Management EUR 210,000 Credit Default Swaps (Credit Suisse) (Fund receives Life) (Fund receives default protection on Stena Fixed 5.000% and provides default protection on AB 6.125% 1/2/2017 and pays Fixed 5.000%) Sunrise Communications Holdings SA 8.500% (20/12/2017) (46,520) 31/12/2018) (20/12/2017) 8,108

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

Unaudited Interim Report and Accounts 73 BlackRock European Constrained Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 250,000 Credit Default Swaps (Deutsche Asset Management EUR 500,000 Credit Default Swaps (Deutsche Bank) (Fund receives Life) (Fund receives default protection on Veolia Fixed 1.000% and provides default protection on Environnement SA 5.375% 28/5/2018 and pays Imperial Tobacco Finance Plc 6.250% 4/12/2018) Fixed 1.000%) (20/12/2017) (11,213) (20/12/2017) 6,684 EUR 560,000 Credit Default Swaps (Deutsche Asset Management EUR 20,000 Credit Default Swaps (Deutsche Bank) (Fund receives Life) (Fund receives default protection on Wind Fixed 5.000% and provides default protection on Acquisition Finance SA 11.750% 15/7/2017 and Portugal Telecom International Finance BV 4.375% pays Fixed 5.000%) (20/9/2015) (2,959) 24/3/2017) (20/9/2017) 3,843 EUR 1,000,000 Credit Default Swaps (Deutsche Asset Management EUR 510,000 Credit Default Swaps (Deutsche Bank) (Fund receives Life) (Fund receives default protection on Wolters Fixed 5.000% and provides default protection on Kluwer NV 5.125% 27/1/2014 and pays Fixed Techem GmbH 6.125% 1/10/2019) (20/6/2018) 30,392 1.000%) (20/12/2017) (3,591) EUR 260,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 1,370,000 Credit Default Swaps (Deutsche Asset Management receives default protection on BBVA Senior Life) (Fund receives default protection on WPP Finance SAU 4.875% 23/1/2014 and pays Fixed PLC 6.000% 4/4/2017 and pays Fixed 1.000%) 3.000%) (20/6/2018) (18,137) (20/12/2017) (28,727) EUR 540,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 130,000 Credit Default Swaps (Deutsche Asset Management receives default protection on Finmeccanica Life) (Fund receives Fixed 1.000% and provides Finance SA/Old 5.750% 12/12/2018 and pays default protection on E.ON International Finance Fixed 5.000%) (20/12/2018) (6,825) BV 6.375% 29/5/2017) (20/12/2017) 1,743 USD 650,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 265,000 Credit Default Swaps (Deutsche Asset Management receives default protection on Ireland Government Life) (Fund receives Fixed 3.000% and provides Bond 4.500% 18/4/2020 and pays Fixed 1.000%) default protection on UniCredit SpA 4.375% (20/12/2016) (119,236) 29/1/2020) (20/12/2018) 7,786 EUR 2,300,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 8,400,000 Credit Default Swaps (Deutsche Asset Management receives default protection on Marks & Spencer Life) (Fund receives Fixed 5.000% and provides Plc 5.625% 24/3/2014 and pays Fixed 1.000%) default protection on iTraxx Europe Sub Financials (20/6/2018) (103,111) Series 19 Version 1) (20/6/2018) 262,479 EUR 250,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 120,000 Credit Default Swaps (Deutsche Asset Management receives default protection on St-Gobain Life) (Fund receives Fixed 5.000% and provides Nederland BV 5.000% 25/4/2014 and pays default protection on Portugal Telecom Fixed 1.000%) (20/12/2017) (10,415) International Finance BV 4.375% 24/3/2017) USD 650,000 Credit Default Swaps (Goldman Sachs) (Fund (20/12/2017) 10,327 receives Fixed 1.000% and provides default EUR 210,000 Credit Default Swaps (Deutsche Bank) (Fund protection on Italy Government International receives default protection on iTraxx Europe Senior Bond 6.875% 27/9/2023) (20/12/2016) 75,322 Financials Series 19 Version 1 and pays Fixed EUR 340,000 Credit Default Swaps (Goldman Sachs) (Fund 1.000%) (20/6/2018) (5,970) receives Fixed 1.000% and provides default EUR 3,795,000 Credit Default Swaps (Deutsche Bank) (Fund protection on ThyssenKrupp AG 4.375% receives default protection on iTraxx Europe Senior 18/3/2015) (20/9/2018) 10,502 Financials Series 20 Version 1 and pays Fixed EUR 250,000 Credit Default Swaps (Goldman Sachs) (Fund 1.000%) (20/12/2018) (46,287) receives Fixed 1.000% and provides default USD 150,000 Credit Default Swaps (Deutsche Bank) (Fund receives protection on ThyssenKrupp AG 4.375% default protection on Portugal Obrigacoes do 18/3/2015) (20/12/2017) 14,593 Tesouro OT 5.450% 23/9/2013 and pays Fixed EUR 180,000 Credit Default Swaps (Goldman Sachs) (Fund 1.000%) (20/12/2017) (11,414) receives Fixed 1.000% and provides default USD 450,000 Credit Default Swaps (Deutsche Bank) (Fund receives protection on ThyssenKrupp AG 4.375% default protection on Portugal Obrigacoes do 18/3/2015) (20/3/2018) 4,715 Tesouro OT 5.450% 23/9/2013 and pays Fixed EUR 240,000 Credit Default Swaps (Goldman Sachs) (Fund 1.000%) (20/12/2015) (24,641) receives Fixed 5.000% and provides default USD 350,000 Credit Default Swaps (Deutsche Bank) (Fund receives protection on Sunrise Communications Holdings default protection on Republic of Ireland 4.500% SA 8.500% 31/12/2018) (20/12/2017) 11,108 4/18/2020 and pays Fixed 1.000%) (20/3/2018) (9,425) EUR 400,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 250,000 Credit Default Swaps (Deutsche Bank) (Fund receives receives Fixed 5.000% and provides default default protection on Societe Generale SA 5.250% protection on Sunrise Communications Holdings 28/3/2013 and pays Fixed 3.000%) (20/12/2017) (12,306) SA 8.500% 31/12/2018) (20/3/2018) 12,328 EUR 531,437 Credit Default Swaps (Deutsche Bank) (Fund receives EUR 500,000 Credit Default Swaps (Goldman Sachs) (Fund default protection on Unitymedia KabelBW GmbH receives Fixed 5.000% and provides default 9.625% 1/12/2019 and pays Fixed 5.000%) protection on Unitymedia KabelBW GmbH 9.625% (20/9/2018) (11,900) 1/12/2019) (20/12/2017) 32,858 EUR 540,000 Credit Default Swaps (Deutsche Bank) (Fund receives EUR 300,000 Credit Default Swaps (JP Morgan Chase Bank default protection on Wind Acquisition Finance (Depository Cle) (Fund receives default protection SA 11.750% 15/7/2017 and pays Fixed 5.000%) on Banco de Sabadell SA 0.365% 4/10/2016 and (20/9/2015) (2,441) pays Fixed 5.000%) (20/9/2017) (46,853) EUR 540,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Wind Acquisition Finance SA 11.750% 15/7/2017 and pays Fixed 5.000%) (20/9/2015) (2,441)

74 BlackRock Strategic Funds (BSF) BlackRock European Constrained Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 500,000 Credit Default Swaps (JP Morgan Chase Bank EUR 140,000 Credit Default Swaps (JP Morgan Chase Bank (Depository Cle) (Fund receives default protection (Depository Cle)) (Fund receives default protection on Caja de Ahorros y Pensiones de Barcelona on WPP PLC 6.000% 4/4/2017 and pays Fixed 3.940% 28/2/2019 and pays Fixed 3.000%) 1.000%) (20/12/2017) (3,549) (20/12/2015) (23,847) EUR 223,333 Credit Default Swaps (JP Morgan Chase Bank EUR 930,000 Credit Default Swaps (JP Morgan Chase Bank (Depository Cle)) (Fund receives Fixed 1.000% and (Depository Cle) (Fund receives default protection provides default protection on ThyssenKrupp AG on Clariant Finance Luxembourg SA 4.375% 4.375% 18/3/2015) (20/9/2018) 10,431 5/4/2013 and pays Fixed 1.000%) (20/12/2017) (72,103) EUR 230,000 Credit Default Swaps (JP Morgan Chase Bank EUR 420,000 Credit Default Swaps (JP Morgan Chase Bank (Depository Cle)) (Fund receives Fixed 1.000% and (Depository Cle) (Fund receives default protection provides default protection on ThyssenKrupp AG on Finmeccanica Finance SA/Old 5.750% 4.375% 18/3/2015) (20/12/2017) 13,426 12/12/2018 and pays Fixed 5.000%) (20/12/2017) (22,119) USD 2,900,000 Credit Default Swaps (JP Morgan Securities Inc) EUR 450,000 Credit Default Swaps (JP Morgan Chase Bank (Fund receives default protection on Portugal (Depository Cle) (Fund receives default protection Obrigacoes do Tesouro OT 5.450% 23/9/2013 and on Finmeccanica Finance SA/Old 5.750% pays Fixed 1.000%) (20/6/2015) (144,774) 12/12/2018 and pays Fixed 5.000%) (20/12/2017) (21,680) EUR 590,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 2,300,000 Credit Default Swaps (JP Morgan Chase Bank default protection on Banco Espirito Santo SA (Depository Cle) (Fund receives default protection 0.454% 19/1/2015 and pays Fixed 5.000%) on Finmeccanica Finance SA/Old 5.750% (20/6/2018) (37,268) 12/12/2018 and pays Fixed 5.000%) (20/3/2016) (899) EUR 560,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 490,000 Credit Default Swaps (JP Morgan Chase Bank default protection on Credit Agricole SA 5.065% (Depository Cle) (Fund receives default protection 8/10/2022 and pays Fixed 3.000%) (20/6/2018) (29,589) on Jaguar Land Rover Automotive Plc 8.125% EUR 100,000 Credit Default Swaps (JP Morgan) (Fund receives 15/5/2018 and pays Fixed 5.000%) (20/3/2016) (4,626) default protection on Finmeccanica Finance SA/ EUR 265,000 Credit Default Swaps (JP Morgan Chase Bank Old 5.750% 12/12/2018 and pays Fixed 5.000%) (Depository Cle) (Fund receives default protection (20/6/2018) (353) on St-Gobain Nederland BV 5.000% 25/4/2014 USD 1,770,000 Credit Default Swaps (JP Morgan) (Fund receives and pays Fixed 1.000%) (20/12/2017) (12,675) default protection on France Government Bond EUR 1,250,000 Credit Default Swaps (JP Morgan Chase Bank OAT 4.250% 25/4/2019 and pays Fixed 0.250%) (Depository Cle) (Fund receives Fixed 1.000% and (20/6/2018) (9,596) provides default protection on E.ON International USD 2,080,000 Credit Default Swaps (JP Morgan) (Fund receives Finance BV 6.375% 29/5/2017) (20/12/2017) 11,533 default protection on Ireland Government Bond EUR 520,000 Credit Default Swaps (JP Morgan Chase Bank 4.500% 18/4/2020 and pays Fixed 1.000%) (Depository Cle) (Fund receives Fixed 1.000% and (20/3/2018) (48,453) provides default protection on Vinci SA 4.125% USD 290,000 Credit Default Swaps (JP Morgan) (Fund receives 20/2/2017) (20/6/2018) 6,122 default protection on Portugal Obrigacoes do EUR 1,960,000 Credit Default Swaps (JP Morgan Chase Bank Tesouro OT 5.450% 23/9/2013 and pays Fixed (Depository Cle) (Fund receives Fixed 5.000% 1.000%) (20/6/2015) (11,307) and provides default protection on Finmeccanica USD 600,000 Credit Default Swaps (JP Morgan) (Fund receives Finance SA/Old 5.750% 12/12/2018) (20/3/2018) 60,045 default protection on Portugal Obrigacoes do EUR 490,000 Credit Default Swaps (JP Morgan Chase Bank Tesouro OT 5.450% 23/9/2013 and pays Fixed (Depository Cle) (Fund receives Fixed 5.000% and 1.000%) (20/12/2017) (69,543) provides default protection on Jaguar Land Rover USD 225,000 Credit Default Swaps (JP Morgan) (Fund receives Plc 8.125% 5/15/2018) (20/3/2018) 40,120 default protection on Portugal Obrigacoes do EUR 450,000 Credit Default Swaps (JP Morgan Chase Bank Tesouro OT 5.450% 23/9/2013 and pays Fixed (Depository Cle) (Fund receives Fixed 5.000% and 1.000%) (20/12/2015) (4,484) provides default protection on Portugal Telecom USD 650,000 Credit Default Swaps (JP Morgan) (Fund receives International Finance BV 4.375% 24/3/2017) default protection on Portugal Obrigacoes do (20/12/2017) 45,721 Tesouro OT 5.450% 23/9/2013 and pays Fixed EUR 318,000 Credit Default Swaps (JP Morgan Chase Bank 1.000%) (20/6/2015) (6,436) (Depository Cle)) (Fund receives default protection EUR 560,000 Credit Default Swaps (JP Morgan) (Fund receives on British Airways Plc 8.750% 23/8/2016 and pays default protection on Societe Generale SA 2.375% Fixed 5.000%) (20/12/2018) (16,852) 28/2/2018 and pays Fixed 3.000%) (20/6/2018) (30,949) EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank USD 1,080,000 Credit Default Swaps (JP Morgan) (Fund receives (Depository Cle)) (Fund receives default protection Fixed 0.250% and provides default protection on on Henkel AG & Co KGaA 4.625% 19/3/2014 and France Government Bond OAT 4.250% 25/4/2019) pays Fixed 1.000%) (20/12/2017) (1,078) (20/6/2023) 16,100 EUR 60,000 Credit Default Swaps (JP Morgan Chase Bank EUR 1,230,000 Credit Default Swaps (JP Morgan) (Fund receives (Depository Cle)) (Fund receives default protection Fixed 1.000% and provides default protection on on St-Gobain Nederland BV 5.000% 25/4/2014 Allianz Finance II BV 4.000% 23/11/2016) and pays Fixed 1.000%) (20/12/2017) (2,870) (20/6/2018) 34,770 EUR 30,000 Credit Default Swaps (JP Morgan Chase Bank EUR 6,006,667 Credit Default Swaps (JP Morgan) (Fund receives (Depository Cle)) (Fund receives default protection Fixed 1.000% and provides default protection on on Veolia Environnement SA 5.375% 28/5/2018 iTraxx Europe Series 20 Version 1) (20/12/2018) 59,998 and pays Fixed 1.000%) (20/12/2017) (1,882)

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

Unaudited Interim Report and Accounts 75 BlackRock European Constrained Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 1,230,000 Credit Default Swaps (JP Morgan) (Fund receives GBP 200,000 Total Return Swap (Credit Suisse) (Fund receives Fixed 1.000% and provides default protection 1 Month LIBOR and pays Priory Group No 3 Plc on Muenchener Rueckversicherungs AG 7.625% 8.875% 15/2/2019) (31/10/2014) (1,341) 21/6/2028) (20/6/2018) 23,402 GBP 389,550 Total Return Swap (Credit Suisse) (Fund receives EUR 510,000 Credit Default Swaps (JP Morgan) (Fund receives 1 Month LIBOR and pays Punch Taverns Finance Fixed 1.000% and provides default protection Plc 6.820% 15/7/2020) (26/9/2014) (17,817) on St-Gobain Nederland BV 5.000% 25/4/2014) GBP 735,000 Total Return Swap (Credit Suisse) (Fund receives (20/6/2018) 12,549 1 Month LIBOR and pays Punch Taverns Finance EUR 500,000 Credit Default Swaps (JP Morgan) (Fund receives Plc 6.820% 15/7/2020) (26/9/2014) (32,205) Fixed 5.000% and provides default protection on GBP 404,250 Total Return Swap (Credit Suisse) (Fund receives Portugal Telecom International Finance BV 4.375% 1 Month LIBOR and pays Punch Taverns Finance 24/3/2017) (20/12/2017) 85,802 Plc 6.820% 15/7/2020) (26/9/2014) (17,276) EUR 150,000 Credit Default Swaps (Morgan Stanley) (Fund EUR 1,400,000 Total Return Swap (Credit Suisse) (Fund receives receives default protection on Dixons Retail 1 Month LIBOR and pays Spain Government Plc 8.750% 3/8/2015 and pays Fixed 5.000%) Bond 3.750% 31/10/2018) (29/8/2014) (41,131) (20/12/2016) (41,025) EUR 6,310,000 Total Return Swap (Credit Suisse) (Fund receives EUR 1,213 Total Return Swap (Barclays Bank) (Fund receives 1 Month LIBOR and pays Spain Government 3 Month EURIBOR and pays Fonciere Des Regions) Bond 4.100% 30/7/2018) (31/10/2014) 19,337 (14/11/2014) 1,608 EUR 690,000 Total Return Swap (Credit Suisse) (Fund receives EUR 590 Total Return Swap (Barclays Bank) (Fund receives 1 Month LIBOR and pays Spain Government 3 Month EURIBOR and pays Fonciere Des Regions) Bond 4.100% 30/7/2018) (29/8/2014) (29,212) (13/11/2014) 534 EUR 1,120,000 Total Return Swap (Credit Suisse) (Fund receives EUR 85 Total Return Swap (Barclays Bank) (Fund receives 1 Month LIBOR and pays Spain Government 3 Month EURIBOR and pays Fonciere Des Regions) Bond 4.100% 30/7/2018) (30/4/2014) (45,423) (15/11/2014) 133 EUR 450,000 Total Return Swap (Credit Suisse) (Fund receives EUR 14,869 Total Return Swap (BNP Paribas) (Fund receives 1 Month LIBOR and pays Spain Government 3 Month EURIBOR and pays TUI AG) (22/11/2014) (4,015) Bond 4.500% 31/1/2018) (28/2/2014) (32,133) EUR 5,503 Total Return Swap (BNP Paribas) (Fund receives EUR 970,000 Total Return Swap (Credit Suisse) (Fund receives 3 Month EURIBOR and pays TUI AG) (25/11/2014) (1,089) 1 Month LIBOR and pays Spain Government GBP 226,342 Total Return Swap (Credit Suisse) (Fund receives Bond 5.500% 30/4/2021) (28/2/2014) (69,950) 1 Month LIBOR and pays Enterprise Inns Plc) EUR 95,000 Total Return Swap (Credit Suisse) (Fund receives (5/9/2014) 7,066 1 Month LIBOR and pays Spain Government GBP 350,000 Total Return Swap (Credit Suisse) (Fund receives Bond 5.500% 30/7/2017) (28/2/2014) (1,012) 1 Month LIBOR and pays Equiniti Newco 2 plc EUR 910,000 Total Return Swap (Credit Suisse) (Fund receives 7.125% 15/12/2018) (30/9/2014) (7,959) 1 Month LIBOR and pays Spain Government EUR 940,000 Total Return Swap (Credit Suisse) (Fund receives Bond 5.900% 30/7/2026) (30/4/2014) (75,310) 1 Month LIBOR and pays Italy Buoni Poliennali EUR 200,000 Total Return Swap (Credit Suisse) (Fund receives Del Tesoro 3.750% 1/8/2021) (29/8/2014) (30,281) 1 Month LIBOR and pays Telecom Italia SpA EUR 1,892,000 Total Return Swap (Credit Suisse) (Fund receives 7.750% 20/3/2073) (29/8/2014) (7,775) 1 Month LIBOR and pays Italy Buoni Poliennali EUR 500,000 Total Return Swap (Credit Suisse) (Fund receives Del Tesoro 3.750% 1/8/2021) (29/8/2014) (60,490) 1 Month LIBOR and pays Telecom Italia SpA EUR 540,000 Total Return Swap (Credit Suisse) (Fund receives 7.750% 20/3/2073) (29/8/2014) (14,944) 1 Month LIBOR and pays Italy Buoni Poliennali EUR 1,311,404 Total Return Swap (JP Morgan) (Fund receives Del Tesoro 4.500% 1/5/2023) (29/8/2014) (16,618) 3 Month EURIBOR and pays Telecom Italia SpA) EUR 100,000 Total Return Swap (Credit Suisse) (Fund receives (8/11/2014) (49,833) 1 Month LIBOR and pays Manutencoop Facility EUR 1,430,000 Total Return Swap (JP Morgan) (Fund receives Fixed 8.500% 1/8/2020) (30/9/2014) (8,072) 0.050% and pays Italy Buoni Poliennali Del Tesoro EUR 100,000 Total Return Swap (Credit Suisse) (Fund receives 3.750% 1/3/2021) (13/10/2014) (62,468) 1 Month LIBOR and pays Manutencoop Facility EUR 3,680,000 Total Return Swap (JP Morgan) (Fund receives Fixed 8.500% 1/8/2020) (30/9/2014) (8,072) 0.070% and pays France Government Bond OAT EUR 100,000 Total Return Swap (Credit Suisse) (Fund receives 4.000% 25/4/2018) (23/6/2014) 3,381 1 Month LIBOR and pays Manutencoop Facility EUR 710,000 Total Return Swap (JP Morgan) (Fund receives Fixed 8.500% 1/8/2020) (30/10/2014) (7,572) 0.080% and pays Italy Buoni Poliennali Del Tesoro EUR 200,000 Total Return Swap (Credit Suisse) (Fund receives 3.750% 1/3/2021) (2/10/2014) (26,028) 1 Month LIBOR and pays Manutencoop Facility EUR 370,000 Total Return Swap (JP Morgan) (Fund receives Fixed 8.500% 1/8/2020) (30/10/2014) (14,143) 0.100% and pays France Government Bond OAT EUR 570,000 Total Return Swap (Credit Suisse) (Fund receives 4.000% 25/4/2018) (23/6/2014) 340 1 Month LIBOR and pays Peugeot SA 7.375% EUR 220,000 Total Return Swap (JP Morgan) (Fund receives Fixed 6/3/2018) (30/5/2014) (65,721) 0.100% and pays Wind Acquisition Holdings EUR 570,000 Total Return Swap (Credit Suisse) (Fund receives Finance SA 12.250% 15/7/2017) (15/10/2014) (13,034) 1 Month LIBOR and pays Peugeot SA 7.375% EUR 110,000 Total Return Swap (JP Morgan) (Fund receives Fixed 6/3/2018) (30/5/2014) (65,721) 0.100% and pays Wind Acquisition Holdings EUR 1,050,000 Total Return Swap (Credit Suisse) (Fund receives Finance SA 12.250% 15/7/2017) (15/10/2014) (6,517) 1 Month LIBOR and pays Portugal Obrigacoes do Tesouro OT 4.350% 16/10/2017) (30/4/2014) 21,528

76 BlackRock Strategic Funds (BSF) BlackRock European Constrained Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 390,000 Total Return Swap (JP Morgan) (Fund receives Fixed EUR 390,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.150% and pays Italy Buoni Poliennali Del Tesoro 0.250% and pays Italy Buoni Poliennali Del Tesoro 3.750% 1/8/2021) (27/6/2014) (1,256) 3.750% 1/8/2021) (28/6/2014) (2,971) EUR 680,000 Total Return Swap (JP Morgan) (Fund receives Fixed EUR 795,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.150% and pays Spain Government Bond 4.100% 0.350% and pays Portugal Obrigacoes do Tesouro 30/7/2018) (1/10/2014) (27,453) OT 4.750% 14/6/2019) (2/10/2014) (55,723) EUR 280,000 Total Return Swap (JP Morgan) (Fund receives Fixed EUR 160,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.150% and pays Spain Government Bond 4.100% 0.400% and pays Portugal Obrigacoes do Tesouro 30/7/2018) (8/10/2014) (11,028) OT 4.750% 14/6/2019) (3/11/2014) (8,441) EUR 1,100,000 Total Return Swap (JP Morgan) (Fund receives Fixed EUR 455,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.180% and pays Italy Buoni Poliennali Del Tesoro 0.500% and pays Italy Buoni Poliennali Del Tesoro 4.500% 3/1/2026) (6/3/2014) (42,072) 3.750% 1/8/2021) (21/3/2014) (20,362) EUR 720,000 Total Return Swap (JP Morgan) (Fund receives EUR 400,000 Total Return Swap (JP Morgan) (Fund receives Fixed Fixed 0.200% and pays Ireland Government Bond 0.500% and pays Telecom Italia SpA 7.750% 5.500% 18/10/2017) (17/9/2014) 11,451 20/3/2073) (15/10/2014) (15,625) EUR 150,000 Total Return Swap (JP Morgan) (Fund receives Fixed EUR 400,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.200% and pays Spain Government Bond 4.300% 0.500% and pays Telecom Italia SpA 7.750% 31/10/2019) (24/3/2014) (8,536) 20/3/2073) (18/10/2014) (10,540) EUR 270,000 Total Return Swap (JP Morgan) (Fund receives (EUR underlying exposure – EUR 257,580,433) (3,696,160) Fixed 0.220% and pays Republic of Italy 4.500% 1/3/2026) (10/4/2014) (17,863)

Note: The total market value of EUR (489,345) is included in the Statement of Net Assets (see Notes 2(d)).

Open Exchange Traded Futures Contracts Open Forward Foreign Exchange Transactions as at 30 November 2013 as at 30 November 2013

Unrealised Unrealised Underlying appreciation/ appreciation/ Number of Contract/ Expiration exposure (depreciation) (depreciation) Contracts Description date EUR EUR Purchases Sales Value Date EUR (67) German Euro BOBL December 2013 7,825,265 (17,280) EUR 339,719 AUD 490,000 12/12/2013 11,577 (145) German Euro Bund December 2013 14,829,585 (152,530) EUR 952,670 CHF 1,180,000 12/12/2013 (6,979) (19) German Euro Schatz December 2013 1,905,035 (1,495) EUR 23,243,627 GBP 19,540,000 12/12/2013 (216,824) (71) UK Long Gilt Bond March 2014 10,239,396 19,608 EUR 37,983 SEK 330,000 12/12/2013 919 (5) Ultra US Long Treasury Bond March 2014 417,170 402 EUR 35,447,527 USD 47,520,000 12/12/2013 504,849 (9) US Long Bond March 2014 888,657 310 GBP 6,810,000 EUR 8,077,988 12/12/2013 98,352 (94) US Treasury 10 Year Note March 2014 7,618,564 (12,601) USD 13,650,000 EUR 10,018,099 12/12/2013 19,097 (61) US Treasury 5 Year Note March 2014 4,449,216 (652) Net unrealised appreciation Total 48,172,888 (164,238) (EUR underlying exposure – EUR 77,941,519) 410,991

Note: The net unrealised depreciation attributed to these transactions is included Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Notes 2(d)). in the Statement of Net Assets (see Notes 2(d)). Barclays Bank Plc, BNP Paribas SA, Citibank, Credit Suisse, Deutsche Bank AG London, HSBC Bank Plc, Royal Bank of Scotland Plc, State Street Bank London and UBS AG London are the counterparties to these Open Forward Foreign Exchange Transactions. Sector Breakdown as at 30 November 2013

% of net assets* Financial 39.54 Consumer, Cyclical 13.01 Government 11.45 Communications 10.51 Funds 9.59 Industrial 4.12 Consumer, Non-cyclical 1.82 Basic Materials 1.68 Utilities 1.27 Other Net Assets 7.01 100.00

* Based on the market value of the Portfolio of Investments

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

Unaudited Interim Report and Accounts 77 BlackRock European Constrained Credit Strategies Fund continued

Swaptions as at 30 November 2013

Unrealised appreciation/ Market Nominal (depreciation) Value Value Description EUR EUR 14,945,000 Fund purchases a put option (expiring 15/1/2014) to enter into a Credit Default Swap (Citibank NA). If exercised Fund receives Floating iTraxx XO 20 Version 1 quarterly from 20/12/2013; and pays 5% Fixed quarterly from 15/1/2014 (78,870) 58,624 5,550,000 Fund purchases a put option (expiring 15/1/2014) to enter into a Credit Default Swap (JP Morgan Chase Bank). If exercised Fund receives Floating iTraxx XO 20 Version 1 quarterly from 20/12/2013; and pays 5% Fixed quarterly from 15/1/2014 (25,405) 21,770 (14,945,000) Fund writes a put option (expiring 15/1/2014) to enter into a Credit Default Swap (Citibank NA). If exercised Fund receives 5% Fixed quarterly from 15/1/2014; and pays Floating iTraxx XO 20 Version 1 quarterly from 20/12/2013 6,278 (7,172) (5,550,000) Fund writes a put option (expiring 15/1/2014) to enter into a Credit Default Swap (JP Morgan Chase Bank). If exercised Fund receives 5% Fixed quarterly from 15/1/2014; and pays Floating iTraxx XO 20 Version 1 quarterly from 20/12/2013 2,831 (2,664) (EUR underlying exposure – EUR 7,575,990) (95,166) 70,558

Note: Swaptions are included in the Statement of Net Assets (see Notes 2(d)).

78 BlackRock Strategic Funds (BSF) BlackRock European Credit Strategies Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % COMMON STOCKS (SHARES) Germany EUR 14,500,000 Allianz SE FRN (Perpetual) 14,931,665 1.35 Ireland EUR 11,500,000 Bayerische Landesbank FRN 148,000 Smurfit Kappa Group Plc 2,600,360 0.24 7/2/2019 10,637,500 0.96 2,600,360 0.24 EUR 21,600,000 Commerzbank AG 7.75% 16/3/2021 24,704,784 2.24 USD 4,997,000 Commerzbank AG '144A' Spain 8.125% 19/9/2023 4,037,246 0.37 86,667 Pescanova SA 1 0.00 USD 223,000 Commerzbank AG 8.125% 1 0.00 19/9/2023 180,169 0.02 EUR 1,026,000 Deutsche Raststaetten Gruppe IV Sweden GmbH 6.75% 30/12/2020 1,061,951 0.10 317,700 SAS AB 663,821 0.06 EUR 18,513,000 HSH Nordbank AG FRN 14/2/2017 13,308,163 1.20 EUR 14,254,000 HSH Nordbank AG Reg FRN 663,821 0.06 14/2/2017 10,220,118 0.92 Switzerland EUR 16,647,000 HSH Nordbank AG (Flat trading) 46,750 Cembra Money Bank AG 2,149,823 0.19 7.408% (Perpetual) 4,848,522 0.44 EUR 1,000,000 Muenchener Rueckversicherungs 2,149,823 0.19 AG FRN 26/5/2041 1,175,675 0.11 EUR 12,998,600 TUI AG 2.75% 24/3/2016 8,687,939 0.79 United Kingdom 12,215 Royal Bank of Scotland Group 93,793,732 8.50 Plc (Pref) 188,351 0.01 261,748 Royal Bank of Scotland Group Ireland Plc (Pref) 4,178,498 0.38 EUR 3,455,000 AIB Mortgage Bank 2.625% 322,823 Royal Bank of Scotland Group 29/7/2016 3,551,308 0.32 Plc (Pref) 5,293,541 0.48 EUR 4,875,000 AIB Mortgage Bank 4.875% 29/6/2017 5,357,381 0.49 9,660,390 0.87 EUR 9,060,000 Bank of Ireland Mortgage Bank 2.75% 22/3/2018 9,304,620 0.84 United States EUR 3,655,000 Bank of Ireland Mortgage Bank 121,005 RBS Capital Funding Trust V (Pref) 1,884,544 0.17 3.625% 2/10/2020 3,829,344 0.35 121,006 RBS Capital Funding Trust VII (Pref) 1,927,269 0.18 EUR 3,100,000 Cloverie Plc for Zurich Insurance 3,811,813 0.35 Co Ltd FRN 24/7/2039 3,763,044 0.34 Total Common Stocks (Shares) 18,886,208 1.71 EUR 28,030,000 DEPFA Bank Plc FRN 15/12/2015 24,771,512 2.24 50,577,209 4.58

BONDS Italy EUR 6,705,000 A2A SpA 4.375% 10/1/2021 7,171,433 0.65 Austria EUR 3,335,000 Astaldi SpA 7.125% 1/12/2020 3,471,769 0.31 EUR 4,300,000 Vienna Insurance Group AG Wiener EUR 5,388,000 Banca Monte dei Paschi di Siena Versicherung Gruppe FRN SpA 4.875% 15/9/2016 5,686,792 0.52 9/10/2043 4,568,750 0.41 EUR 14,600,000 Buzzi Unicem SpA 1.375% 4,568,750 0.41 17/7/2019 15,804,500 1.43 USD 4,640,000 Enel SpA '144A' FRN 24/9/2073 3,713,176 0.34 Cayman Islands EUR 7,460,000 Gamenet SpA 7.25% 1/8/2018 7,598,644 0.69 GBP 6,205,000 Brakes Capital 7.125% 15/12/2018 7,439,319 0.67 EUR 12,230,000 Intesa Sanpaolo SpA 3.00% GBP 2,822,414 Punch Taverns Finance B Ltd 28/1/2019 12,407,519 1.12 7.369% 30/6/2022 3,507,502 0.32 EUR 18,220,000 Italy Buoni Poliennali Del Tesoro GBP 6,321,000 Punch Taverns Finance B Ltd 5.50% 1/11/2022 20,588,600 1.87 5.943% 30/12/2024 7,433,052 0.67 EUR 7,201,000 IVS F. SpA 7.125% 1/4/2020 7,426,031 0.67 GBP 8,647,771 Punch Taverns Finance B Ltd EUR 4,490,000 UniCredit SpA 6.95% 31/10/2022 4,900,543 0.44 4.767% 30/6/2033 9,786,387 0.89 EUR 15,220,000 UniCredit SpA FRN 28/10/2025 15,567,016 1.41 28,166,260 2.55 104,336,023 9.45

Czech Republic Jersey EUR 9,878,000 RPG Byty Sro 6.75% 1/5/2020 10,019,749 0.91 GBP 5,350,000 AA Bond Co Ltd 6.269% 31/7/2025 7,080,129 0.64 10,019,749 0.91 GBP 1,210,000 Galaxy Bidco Ltd 6.375% 15/11/2020 1,456,487 0.13 France GBP 1,275,000 Galaxy Finco Ltd 7.875% EUR 3,583,800 Fonciere Des Regions 0.875% 15/11/2021 1,533,694 0.14 1/4/2019 3,008,062 0.27 EUR 8,255,000 RESPARCS Funding II LP EUR 2,600,000 France Government Bond OAT (Flat trading) 7.50% (Perpetual) 2,414,794 0.22 2.25% 25/10/2022‡ 2,647,294 0.24 12,485,104 1.13 EUR 11,510,000 France Government Bond OAT 4.25% 25/10/2023‡ 13,557,629 1.23 USD 2,440,000 Societe Generale SA FRN (Perpetual) 1,883,211 0.17 21,096,196 1.91

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

Unaudited Interim Report and Accounts 79 BlackRock European Credit Strategies Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % Luxembourg Portugal continued USD 13,700,000 APERAM '144A' 7.75% 1/4/2018 10,359,996 0.94 USD 26,150,000 Portugal Government International USD 4,400,000 APERAM 2.625% 30/9/2020 3,639,192 0.33 Bond 3.50% 25/3/2015 19,262,294 1.75 EUR 5,355,000 GELF Bond Issuer I SA 3.125% 29,902,112 2.71 3/4/2018 5,548,690 0.50 EUR 12,770,000 Intralot Finance Luxembourg SA Spain 9.75% 15/8/2018 13,912,979 1.26 CHF 7,300,000 Autonomous Community of EUR 5,141,000 Magnolia BC SA 9.00% 1/8/2020 5,377,692 0.49 Catalonia 2.125% 1/10/2014 5,930,599 0.54 EUR 290,000 S&B Minerals Finance SCA / S&B EUR 707,000 Autonomous Community of Valencia Industrial Minerals North America Spain 4.75% 20/3/2014 712,303 0.06 Inc 9.25% 15/8/2020 315,704 0.03 EUR 3,150,000 Autonomous Community of Valencia EUR 9,430,000 Servus Luxembourg Holding SCA Spain 3.25% 6/7/2015 3,168,585 0.29 7.75% 15/6/2018 9,907,158 0.90 EUR 18,287,000 Autonomous Community of Valencia EUR 5,500,000 Snai SpA 7.625% 15/6/2018 5,594,188 0.51 Spain 4.375% 16/7/2015 18,699,646 1.69 USD 2,976,000 Telecom Italia Capital SA 6.375% EUR 5,850,000 Autonomous Community of Valencia 15/11/2033 1,912,128 0.17 Spain 4.00% 2/11/2016 5,898,321 0.53 USD 2,499,000 Telecom Italia Capital SA 6.00% EUR 3,900,000 Ayt Cedulas Cajas Global 4.00% 30/9/2034 1,543,900 0.14 21/3/2017 4,071,113 0.37 USD 2,475,000 Telecom Italia Capital SA 7.721% EUR 2,200,000 Ayt Cedulas Cajas Global 4.25% 4/6/2038 1,751,172 0.16 14/6/2018 2,302,355 0.21 EUR 21,500,000 Telecom Italia Finance SA 6.125% EUR 3,300,000 Ayt Cedulas Cajas Global 3.75% 15/11/2016 22,497,600 2.04 14/12/2022 3,143,085 0.28 EUR 21,500,000 Telecom Italia Finance SA Reg EUR 2,100,000 Ayt Cedulas Cajas Global 4.25% 6.125% 15/11/2016 21,500,000 1.95 25/10/2023 2,054,955 0.19 EUR 19,522,000 Telecom Italia Finance SA 7.75% EUR 3,300,000 AyT Cedulas Cajas X Fondo de 24/1/2033 21,259,263 1.92 Titulizacion 3.75% 30/6/2025 2,892,450 0.26 EUR 17,170,000 Wind Acquisition Finance SA EUR 9,600,000 AyT Cedulas Cajas XXIII Fondo de 7.375% 15/2/2018 18,166,547 1.64 Titulizacion de Activos 4.75% 143,286,209 12.98 15/6/2016 10,208,112 0.92 USD 7,800,000 Banco Bilbao Vizcaya Argentaria SA Mexico FRN (Perpetual) 6,068,880 0.55 USD 11,230,000 Cemex SAB de CV '144A' 7.25% EUR 10,000,000 Banco Popular Espanol SA FRN 15/1/2021 8,416,284 0.76 (Perpetual) 10,785,050 0.98 8,416,284 0.76 EUR 1,500,000 BBVA Senior Finance SAU 3.75% 17/1/2018 1,598,138 0.14 Netherlands EUR 8,900,000 BPE Financiaciones SA 2.875% EUR 9,409,000 Achmea BV FRN 4/4/2043 10,138,198 0.92 19/5/2016 8,907,876 0.81 EUR 2,115,000 Adria Bidco BV 7.875% 15/11/2020 2,121,070 0.19 EUR 7,700,000 CaixaBank SA 4.50% 22/11/2016 8,151,951 0.74 EUR 4,600,000 Allianz Finance II BV FRN 8/7/2041 5,262,101 0.48 EUR 6,800,000 CaixaBank SA 3.125% 14/5/2018 7,024,162 0.64 EUR 2,131,000 Enel Finance International NV EUR 7,300,000 Caja Rural de Navarra 2.875% 4.875% 17/4/2023 2,372,943 0.21 11/6/2018 7,508,707 0.68 USD 22,360,000 ING Bank NV '144A' 5.80% EUR 2,000,000 Cedulas TDA 4.125% 29/11/2019 2,066,250 0.19 25/9/2023 17,160,530 1.55 EUR 800,000 Cedulas TDA A-5 4.25% 28/3/2027 704,660 0.06 USD 25,122,010 ING Bank NV FRN 21/11/2023 18,437,366 1.67 EUR 8,500,000 Cedulas TDA 6 Fondo de Titulizacion EUR 10,400,000 IVG Finance BV 1.75% 29/3/2017 8,346,000 0.76 de Activos 3.875% 23/5/2025 7,469,375 0.68 EUR 11,800,000 Portugal Telecom International EUR 8,100,000 Cedulas TDA 6 Fondo de Titulizacion Finance BV 4.625% 8/5/2020 12,039,658 1.09 de Activos 4.25% 10/4/2031 6,760,260 0.61 AUD 3,750,000 Royal Bank of Scotland NV FRN EUR 400,000 Cedulas TDA 7 Fondo de Titulizacion 17/5/2018 2,255,199 0.20 de Activos 3.50% 20/6/2017 406,940 0.04 EUR 2,520,000 TMF Group Holding BV Reg EUR 10,000,000 Indra Sistemas SA 1.75% 9.875% 1/12/2019 2,734,969 0.25 17/10/2018 10,215,050 0.92 EUR 5,270,000 Univeg Holding BV 7.875% EUR 4,000,000 Kutxabank SA 3.00% 1/2/2017 4,166,060 0.38 15/11/2020 5,270,000 0.48 EUR 11,200,000 Santander Issuances SAU FRN EUR 7,039,000 Ziggo BV 3.625% 27/3/2020 7,039,000 0.64 30/9/2019 10,594,528 0.96 EUR 21,100,000 Spain Government Bond '144A' 93,177,034 8.44 5.40% 31/1/2023 23,291,762 2.11 Norway 174,801,173 15.83 USD 16,440,000 Norske Skogindustrier ASA '144A' 7.125% 15/10/2033 5,621,235 0.51 Sweden SEK 140,000,000 SAS AB 7.50% 1/4/2015 15,957,119 1.45 5,621,235 0.51 15,957,119 1.45 Portugal EUR 4,300,000 Caixa Geral de Depositos SA 5.625% Switzerland 4/12/2015 4,546,218 0.41 EUR 11,125,000 Credit Suisse AG FRN 18/9/2025 11,755,454 1.06 EUR 6,000,000 Galp Energia SGPS SA 4.125% 11,755,454 1.06 25/1/2019 6,093,600 0.55

80 BlackRock Strategic Funds (BSF) BlackRock European Credit Strategies Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % United Kingdom United States continued GBP 5,309,436 Annington Finance No 4 Plc FRN USD 15,695,000 Meccanica Holdings USA Inc 10/1/2023 6,324,073 0.57 '144A' 6.25% 15/1/2040 9,903,457 0.90 GBP 4,528,181 Annington Finance No 5 Plc EUR 1,490,000 RBS Capital Trust A FRN (Pay-in-kind) 13.00% 15/1/2023 6,347,716 0.57 (Perpetual) 1,351,862 0.12 EUR 5,495,000 Aviva Plc FRN 5/7/2043 6,133,794 0.56 35,020,511 3.17 GBP 3,059,000 Bakkavor Finance 2 Plc 8.75% Total Bonds 1,011,836,326 91.64 15/6/2020 4,021,855 0.36 EUR 6,990,000 Barclays Bank Plc 6.00% 14/1/2021 7,993,135 0.72 Total Transferable Securities and Money EUR 1,000,000 Barclays Bank Plc 6.625% 30/3/2022 1,185,625 0.11 Market Instruments Admitted to an USD 2,045,000 Barclays Bank Plc 7.625% 21/11/2022 1,583,174 0.14 Official Stock Exchange Listing or EUR 4,770,000 Barclays Bank Plc FRN (Perpetual) 4,122,377 0.37 Dealt in on Another Regulated Market 1,030,722,534 93.35 EUR 1,690,000 Barclays Bank Plc FRN (Perpetual) 1,525,309 0.14 USD 14,475,000 Barclays Bank Plc FRN (Perpetual) 10,998,954 1.00 GBP 2,270,000 BUPA Finance Plc 5.00% 25/4/2023 2,751,347 0.25 Funds GBP 2,540,000 Co-operative Group Holdings 2011 Ireland (Step-up Coupon) 6.875% 75,581,679 Institutional Cash Series Plc - 8/7/2020 3,116,478 0.28 Institutional Euro Assets GBP 3,561,000 Co-operative Group Holdings 2011 Liquidity Fund 1 75,581,679 6.85 (Step-up Coupon) 7.50% 8/7/2026 4,371,919 0.40 75,581,679 6.85 GBP 3,145,000 House of Fraser Funding Plc 8.875% Total Funds 75,581,679 6.85 15/8/2018 4,087,816 0.37 EUR 1,505,000 Imperial Tobacco Finance Plc 4.50% 5/7/2018 1,689,626 0.15 Other Transferable Securities and Money Market Instruments GBP 1,500,000 Jaguar Land Rover Automotive Plc 8.25% 15/3/2020 2,036,530 0.18 EUR 10,159,000 Lloyds Bank Plc 6.50% 24/3/2020 11,814,714 1.07 BONDS EUR 6,020,000 Lloyds Bank Plc FRN 16/12/2021 7,486,442 0.68 Italy GBP 5,324,000 Marks & Spencer Plc 4.75% EUR 8,000,000 Snai SpA 12.00% 15/12/2018 8,412,920 0.76 12/6/2025 6,421,775 0.58 8,412,920 0.76 EUR 10,062,000 Nationwide Building Society FRN 20/3/2023 10,370,501 0.94 Jersey GBP 7,600,000 Next Plc 4.375% 2/10/2026 9,205,580 0.83 GBP 6,700,000 Balfour Beatty Finance No.2 GBP 8,740,000 Phosphorus Holdco Plc (Pay-in-kind) Ltd 1.875% 3/12/2018 8,115,124 0.74 10.00% 1/4/2019 10,021,936 0.91 GBP 7,900,000 Enterprise Funding Ltd 3.50% USD 7,040,000 Royal Bank of Scotland Group Plc 10/9/2020 9,878,331 0.89 '144A' FRN (Perpetual) 5,539,026 0.50 USD 1,775,000 Santander UK Plc '144A' 5.00% 17,993,455 1.63 7/11/2023 1,305,834 0.12 GBP 3,300,000 Unique Pub Finance Co Plc 6.542% Sweden SEK 25,000,000 Scandinavian Airlines System 30/3/2021 4,146,976 0.38 Denmark-Norway-Sweden GBP 7,309,000 Unique Pub Finance Co Plc 7.395% 10.50% 16/6/2014 2,929,174 0.27 28/3/2024 8,556,564 0.78 GBP 14,816,322 Unique Pub Finance Co Plc 5.659% 2,929,174 0.27 30/6/2027 17,417,529 1.58 Total Bonds 29,335,549 2.66 GBP 1,596,000 Vougeot Bidco Plc Reg 7.875% Total Other Transferable Securities 15/7/2020 2,033,492 0.18 and Money Market Instruments 29,335,549 2.66 GBP 4,800,000 Voyage Care Bondco Plc 11.00% 1/2/2019 6,246,075 0.57 Securities portfolio at market value 1,135,639,762 102.86 168,856,172 15.29 Other Net Liabilities (31,535,901) (2.86) United States Total Net Assets (EUR) 1,104,103,861 100.00 USD 4,776,000 Continental Rubber of America Corp '144A' 4.50% 15/9/2019 3,733,142 0.34 USD 22,995,000 Meccanica Holdings USA Inc '144A' 6.25% 15/7/2019 17,508,509 1.58 USD 3,610,000 Meccanica Holdings USA Inc '144A' 7.375% 15/7/2039 2,523,541 0.23

1 This fund is managed by BlackRock. ‡ Securities given as guarantee, see Note 13, for further details.

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

Unaudited Interim Report and Accounts 81 BlackRock European Credit Strategies Fund continued

Open Forward Foreign Exchange Transactions Open Exchange Traded Futures Contracts as at 30 November 2013 as at 30 November 2013

Unrealised Unrealised appreciation/ Underlying appreciation/ (depreciation) Number of Contract/ Expiration exposure (depreciation) Purchases Sales Value date EUR Contracts Description date EUR EUR CHF 160,000 EUR 129,641 12/12/2013 481 (56) FTSE MIB Index December 2013 5,330,360 (341,600) EUR 909,017 AUD 1,310,000 12/12/2013 31,741 (546) German Euro BOBL December 2013 63,770,073 (271,340) EUR 1,371,917 AUD 1,980,000 12/12/2013 45,958 (974) German Euro Bund December 2013 99,613,905 (1,391,060) EUR 6,369,972 CHF 7,890,000 12/12/2013 (46,662) (115) German Euro Schatz December 2013 11,530,475 (10,095) EUR 15,895,888 GBP 13,270,000 12/12/2013 (36,568) (456) UK Long Gilt Bond March 2014 65,762,881 125,930 EUR 53,058 GBP 45,000 12/12/2013 (971) (31) Ultra US Long Treasury Bond March 2014 2,586,452 2,493 EUR 53,064 GBP 45,000 12/12/2013 (965) (52) US Long Bond March 2014 5,134,461 1,792 EUR 93,496,603 GBP 78,725,000 12/12/2013 (1,023,562) (616) US Treasury 10 Year Note March 2014 49,925,911 38,358 EUR 53,065 GBP 45,000 12/12/2013 (964) (331) US Treasury 5 Year Note March 2014 24,142,465 9,507 EUR 79,222,300 GBP 66,670,000 12/12/2013 (824,184) Total 327,796,983 (1,836,015) EUR 1,066,540 SEK 9,530,000 12/12/2013 (3,825) EUR 103,027 SEK 910,000 12/12/2013 820 Note: The net unrealised depreciation attributed to these transactions is included EUR 6,423,590 SEK 55,855,000 12/12/2013 150,219 in the Statement of Net Assets (see Note 2(d)). EUR 8,753,327 SEK 77,185,000 12/12/2013 84,270 EUR 2,290,626 SEK 19,990,000 12/12/2013 45,443 EUR 4,733,155 USD 6,410,000 12/12/2013 19,718 EUR 1,250,525 USD 1,680,000 12/12/2013 15,178 Swaptions as at 30 November 2013 EUR 163,867,549 USD 218,800,000 12/12/2013 2,978,284 EUR 14,631,791 USD 19,730,000 12/12/2013 123,815 Unrealised EUR 23,232,556 USD 31,350,000 12/12/2013 180,095 appreciation/ Market GBP 4,940,000 EUR 5,842,081 12/12/2013 89,067 Nominal (depreciation) Value GBP 27,620,000 EUR 32,598,439 12/12/2013 563,161 Value Description EUR EUR GBP 12,020,000 EUR 14,356,187 12/12/2013 75,472 132,520,000 Fund purchases a put option GBP 2,230,000 EUR 2,660,015 12/12/2013 17,406 (expiring 15/1/2014) to enter into USD 1,945,000 EUR 1,434,752 12/12/2013 (4,543) a Credit Default Swap (Citibank USD 1,950,000 EUR 1,438,514 12/12/2013 (4,628) NA). If exercised Fund receives USD 57,500,000 EUR 42,314,656 12/12/2013 (33,427) Floating iTraxx XO 20 Version 1 USD 1,945,000 EUR 1,434,837 12/12/2013 (4,628) quarterly from 20/12/2013; and USD 10,780,000 EUR 7,906,801 12/12/2013 20,008 pays 5% Fixed quarterly from CHF 4,641,027 EUR 3,766,537 13/12/2013 7,873 15/1/2014 (699,358) 519,826 EUR 28,579 CHF 35,240 13/12/2013 (81) 38,300,000 Fund purchases a put option EUR 37,213 GBP 31,222 13/12/2013 (274) (expiring 15/1/2014) to enter EUR 20,146 USD 27,004 13/12/2013 289 into a Credit Default Swap (JP GBP 184,527,728 EUR 218,867,351 13/12/2013 2,682,089 Morgan Chase Bank). If exercised USD 144,346,275 EUR 107,779,399 13/12/2013 (1,637,796) Fund receives Floating iTraxx Net unrealised appreciation XO 20 Version 1 quarterly from (EUR underlying exposure – EUR 864,425,475) 3,508,309 20/12/2013; and pays 5% Fixed quarterly from 15/1/2014 (175,314) 150,236 Note: The net unrealised appreciation attributed to these transactions is included (132,520,000) Fund writes a put option (expiring in the Statements of Net Assets (see Note 2(d)). 15/1/2014) to enter into a Credit Barclays Bank Plc, BNP Paribas S.A., Citibank N.A., Credit Suisse International, Deutsche Default Swap (Citibank NA). If Bank AG London, HSBC Bank Plc, Royal Bank of Scotland Plc, State Street Bank and Trust exercised Fund receives 5% Company and UBS AG London are the counterparties to these Open Forward Foreign Exchange Transactions. Fixed quarterly from 15/1/2014; and pays Floating iTraxx XO 20 Version 1 quarterly from 20/12/2013 55,670 (63,598) Sector Breakdown (38,300,000) Fund writes a put option (expiring as at 30 November 2013 15/1/2014) to enter into a Credit Default Swap (JP Morgan % of net Chase Bank). If exercised Fund assets* receives 5% Fixed quarterly from Financial 45.13 15/1/2014; and pays Floating Consumer, Cyclical 16.74 iTraxx XO 20 Version 1 quarterly Government 10.31 from 20/12/2013 19,537 (18,380) Communications 9.94 (EUR underlying exposure – EUR 62,823,879) (799,465) 588,084 Funds 6.85 Industrial 6.05 Note: Swaptions are included in the Statement of Net Assets (see Note 2(d)). Consumer, Non-cyclical 3.12 Basic Materials 2.05 Utilities 1.20 Technology 0.92 Energy 0.55 Other Net Liabilities (2.86) 100.00

* Based on the market value of the Portfolio of Investments

82 BlackRock Strategic Funds (BSF) BlackRock European Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 1,310,000 Credit Default Swaps (Bank of America EUR 49,700,000 Credit Default Swaps (Barclays Bank) (Fund International Ltd) (Fund receives Fixed receives default protection on iTraxx Europe 5.000% and provides default protection on Series 20 Version 1 and pays Fixed 1.000%) Scandinavian Airlines 9.650% 16/6/2014) (20/12/2018) (154,930) (20/3/2018) 119,153 EUR 53,910,000 Credit Default Swaps (Barclays Bank) (Fund USD 2,100,000 Credit Default Swaps (Bank of America Securities receives default protection on iTraxx Europe LLC) (Fund receives default protection on Series 20 Version 1 and pays Fixed 1.000%) Ireland Government Bond 4.500% 18/4/2020 (20/12/2018) (168,598) and pays Fixed 1.000%) (20/3/2018) (56,552) EUR 3,100,000 Credit Default Swaps (Barclays Bank) (Fund EUR 3,510,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Norske receives default protection on Portugal Telecom Skogindustrier ASA 7.000% 26/6/2017 and pays International Finance BV 4.375% 24/3/2017 Fixed 5.000%) (20/9/2017) 289,042 and pays Fixed 5.000%) (20/6/2018) (360,827) EUR 460,000 Credit Default Swaps (Barclays Bank) (Fund EUR 11,130,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Peugeot SA receives default protection on Stora Enso OYJ 8.375% 15/7/2014 and pays Fixed 5.000%) 5.125% 23/6/2014 and pays Fixed 5.000%) (20/3/2018) (77,455) (20/9/2018) (552,209) EUR 5,091,500 Credit Default Swaps (Barclays Bank) (Fund EUR 1,579,999 Credit Default Swaps (Bank of America) (Fund receives default protection on Peugeot SA receives Fixed 1.000% and provides default 8.375% 15/7/2014 and pays Fixed 5.000%) protection on ThyssenKrupp AG 4.375% (20/9/2018) (471,611) 18/3/2015) (20/9/2018) 63,470 USD 4,200,000 Credit Default Swaps (Barclays Bank) (Fund EUR 7,395,210 Credit Default Swaps (Bank of America) (Fund receives default protection on Portugal receives Fixed 5.000% and provides default Obrigacoes do Tesouro OT 5.450% 23/9/2013 protection on Virgin Media Finance Plc 5.125% and pays Fixed 1.000%) (20/12/2017) (301,227) 15/2/2022) (20/9/2018) 176,408 USD 2,400,000 Credit Default Swaps (Barclays Bank) (Fund EUR 8,070,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Portugal receives default protection on AXA SA 4.500% Obrigacoes do Tesouro OT 5.450% 23/9/2013 23/1/2015 and pays Fixed 1.000%) (20/6/2018) (247,924) and pays Fixed 1.000%) (20/12/2015) (131,419) EUR 1,500,000 Credit Default Swaps (Barclays Bank) (Fund USD 5,000,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Clariant Finance receives default protection on Portugal Luxembourg SA 4.375% 5/4/2013 and pays Obrigacoes do Tesouro OT 5.450% 23/9/2013 Fixed 1.000%) (20/3/2018) (110,458) and pays Fixed 1.000%) (20/6/2017) (1,114,850) EUR 9,200,000 Credit Default Swaps (Barclays Bank) (Fund EUR 1,260,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Deutsche Bank receives default protection on Societe Air AG 5.125% 31/8/2017 and pays Fixed 1.000%) France SA 2.750% 1/4/2020 and pays Fixed (20/3/2018) (118,311) 5.000%) (20/12/2017) (164,165) EUR 350,000 Credit Default Swaps (Barclays Bank) (Fund EUR 1,750,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Dixons Retail receives default protection on Societe Air Plc 8.750% 3/8/2015 and pays Fixed 5.000%) France SA 2.750% 1/4/2020 and pays Fixed (20/12/2016) (1,459) 5.000%) (20/12/2017) (245,507) EUR 150,000 Credit Default Swaps (Barclays Bank) (Fund EUR 5,150,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Dixons Retail receives default protection on Stena AB 6.125% Plc 8.750% 3/8/2015 and pays Fixed 5.000%) 1/2/2017 and pays Fixed 5.000%) (20/12/2017) (472,249) (20/12/2017) (2,997) EUR 3,670,000 Credit Default Swaps (Barclays Bank) (Fund EUR 3,330,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Stora Enso OYJ receives default protection on Finmeccanica 5.125% 23/6/2014 and pays Fixed 5.000%) Finance SA/Old 5.750% 12/12/2018 and pays (20/9/2018) (188,648) Fixed 5.000%) (20/12/2018) (11,210) EUR 3,697,604 Credit Default Swaps (Barclays Bank) (Fund EUR 2,600,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Unitymedia receives default protection on Finmeccanica KabelBW GmbH 9.625% 1/12/2019 and pays Finance SA/Old 5.750% 12/12/2018 and pays Fixed 5.000%) (20/9/2018) (71,760) Fixed 5.000%) (20/6/2018) (116,844) EUR 2,160,000 Credit Default Swaps (Barclays Bank) (Fund USD 10,260,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Wind Acquisition receives default protection on France Finance SA 11.750% 15/7/2017 and pays Fixed Government Bond OAT 4.250% 25/4/2019 and 5.000%) (20/9/2015) (2,726) pays Fixed 0.250%) (20/6/2018) (76,108) USD 6,270,000 Credit Default Swaps (Barclays Bank) (Fund USD 16,890,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 0.250% and provides default receives default protection on Italy Government protection on France Government Bond OAT International Bond 6.875% 27/9/2023 and pays 4.250% 25/4/2019) (20/6/2023) 104,027 Fixed 1.000%) (20/3/2018) (490,280) EUR 8,070,000 Credit Default Swaps (Barclays Bank) (Fund EUR 1,490,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000% and provides default receives default protection on iTraxx Europe protection on Aviva Plc 9.500% 20/6/2016) Senior Financials Series 19 Version 1 and pays (20/6/2018) 228,548 Fixed 1.000%) (20/6/2018) (43,018) EUR 3,630,000 Credit Default Swaps (Barclays Bank) (Fund EUR 4,450,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000% and provides default receives default protection on iTraxx Europe protection on Deutsche Bank AG 5.125% Senior Financials Series 19 Version 1 and pays 31/8/2017) (20/6/2018) 52,461 Fixed 1.000%) (20/6/2018) (121,584)

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

Unaudited Interim Report and Accounts 83 BlackRock European Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 12,620,000 Credit Default Swaps (Barclays Bank) (Fund EUR 400,000 Credit Default Swaps (BNP Paribas) (Fund receives receives Fixed 1.000% and provides default default protection on Banco Santander SA FRN protection on Italy Government International 9/8/2013 and pays Fixed 3.000%) (20/9/2017) (45,288) Bond 6.875% 27/9/2023) (20/3/2018) 416,817 EUR 3,150,000 Credit Default Swaps (BNP Paribas) (Fund receives USD 200,000 Credit Default Swaps (Barclays Bank) (Fund default protection on BBVA Senior Finance SAU receives Fixed 1.000% and provides default 4.875% 23/1/2014 and pays Fixed 3.000%) protection on Italy Government International (20/3/2018) (239,626) Bond 6.875% 27/9/2023) (20/3/2018) 8,731 EUR 1,275,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 160,000 Credit Default Swaps (Barclays Bank) (Fund default protection on BBVA Senior Finance SAU receives Fixed 1.000% and provides default 4.875% 23/1/2014 and pays Fixed 3.000%) protection on iTraxx Europe Senior Financials (20/12/2017) (143,769) Series 19 Version 1) (20/6/2018) 3,641 EUR 2,900,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 11,410,000 Credit Default Swaps (Barclays Bank) (Fund default protection on BPE Financiaciones SA receives Fixed 1.000% and provides default 1.211% 30/12/2014 and pays Fixed 5.000%) protection on iTraxx Europe Senior Financials (20/12/2017) (458,196) Series 19 Version 1) (20/6/2018) 271,195 EUR 1,020,000 Credit Default Swaps (BNP Paribas) (Fund EUR 64,200,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Caja de Ahorros y receives Fixed 1.000% and provides default Pensiones de Barcelona 3.940% 28/2/2019 and protection on iTraxx Europe Series 20 Version 1) pays Fixed 3.000%) (20/6/2017) (63,390) (20/12/2018) 89,502 EUR 1,350,000 Credit Default Swaps (BNP Paribas) (Fund EUR 9,200,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Caja de Ahorros y receives Fixed 1.000% and provides default Pensiones de Barcelona 3.940% 28/2/2019 and protection on Swiss Reinsurance Co Ltd 4.000% pays Fixed 3.000%) (20/6/2017) (80,827) 29/6/2015) (20/3/2018) 193,241 EUR 53,910,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 1,990,000 Credit Default Swaps (Barclays Bank) (Fund default protection on iTraxx Europe Series 20 receives Fixed 1.000% and provides default Version 1 and pays Fixed 1.000%) (20/12/2018) (175,251) protection on ThyssenKrupp AG 4.375% EUR 8,240,000 Credit Default Swaps (BNP Paribas) (Fund receives 18/3/2015) (20/3/2018) 86,018 default protection on Lafarge SA 6.625% EUR 1,350,000 Credit Default Swaps (Barclays Bank) (Fund 29/11/2018 and pays Fixed 1.000%) receives Fixed 5.000% and provides default (20/12/2018) (108,694) protection on Portugal Telecom International EUR 3,774,000 Credit Default Swaps (BNP Paribas) (Fund receives Finance BV 4.375% 24/3/2017) (20/9/2017) 262,745 default protection on Marks & Spencer Plc EUR 1,430,000 Credit Default Swaps (Barclays Bank) (Fund 6.125% 2/12/2019 and pays Fixed 1.000%) receives Fixed 5.000% and provides default (20/12/2018) (55,363) protection on Scandinavian Airlines 9.650% EUR 3,100,000 Credit Default Swaps (BNP Paribas) (Fund receives 16/6/2014) (20/12/2017) 214,617 default protection on Norske Skogindustrier EUR 5,150,000 Credit Default Swaps (Barclays Bank) (Fund ASA 7.000% 26/6/2017 and pays Fixed 5.000%) receives Fixed 5.000% and provides default (20/9/2017) 335,542 protection on Sunrise Communications EUR 5,091,500 Credit Default Swaps (BNP Paribas) (Fund receives Holdings SA 8.500% 31/12/2018) (20/12/2017) 325,212 default protection on Peugeot SA 8.375% EUR 2,040,000 Credit Default Swaps (Barclays Bank) (Fund 15/7/2014 and pays Fixed 5.000%) (20/9/2017) (959,423) receives Fixed 5.000% and provides default EUR 5,185,000 Credit Default Swaps (BNP Paribas) (Fund receives protection on UPC Holding BV 8.000% default protection on St-Gobain Nederland BV 1/11/2016) (20/6/2017) 247,650 5.000% 25/4/2014 and pays Fixed 1.000%) EUR 3,650,000 Credit Default Swaps (BNP Paribas) (Fund receives (20/9/2018) (137,443) default protection on AXA SA 6.000% 18/6/2013 EUR 1,430,000 Credit Default Swaps (BNP Paribas) (Fund and pays Fixed 1.000%) (20/6/2018) (197,878) receives default protection on Stena AB 6.125% EUR 2,150,000 Credit Default Swaps (BNP Paribas) (Fund receives 1/2/2017 and pays Fixed 5.000%) (20/3/2018) (28,665) default protection on Banca Monte dei Paschi EUR 3,697,605 Credit Default Swaps (BNP Paribas) (Fund receives di Siena SpA 5.600% 9/9/2020 and pays Fixed default protection on Unitymedia KabelBW 5.000%) (20/6/2016) (322,102) GmbH 9.625% 1/12/2019 and pays Fixed EUR 3,250,000 Credit Default Swaps (BNP Paribas) (Fund 5.000%) (20/9/2018) (90,024) receives default protection on Banco Comercial EUR 3,650,000 Credit Default Swaps (BNP Paribas) (Fund receives Portugues SA FRN 17/6/2013 and pays Fixed Fixed 1.000% and provides default protection 5.000%) (20/3/2016) (1,059,723) on Aviva Plc 9.500% 20/6/2016) (20/6/2018) 192,587 EUR 1,350,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 450,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on Banco de Sabadell SA Fixed 1.000% and provides default protection 0.365% 4/10/2016 and pays Fixed 5.000%) on St-Gobain Nederland BV 5.000% 25/4/2014) (20/6/2017) (202,040) (20/6/2018) 11,942 EUR 2,290,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 1,500,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on Banco de Sabadell SA Fixed 3.000% and provides default protection 0.365% 4/10/2016 and pays Fixed 5.000%) on Banca Monte dei Paschi di Siena SpA (20/3/2018) (188,787) 5.600% 9/9/2020) (20/9/2016) 90,960 EUR 3,450,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 3,697,605 Credit Default Swaps (BNP Paribas) (Fund receives default protection on Banco Espirito Santo SA Fixed 5.000% and provides default protection 0.454% 19/1/2015 and pays Fixed 5.000%) on Virgin Media Finance Plc 5.125% 15/2/2022) (20/6/2018) (213,437) (20/9/2018) 100,138

84 BlackRock Strategic Funds (BSF) BlackRock European Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 1,500,000 Credit Default Swaps (Citibank) (Fund receives EUR 2,000,000 Credit Default Swaps (Citibank) (Fund receives default protection on Banca Monte dei Paschi default protection on Norske Skogindustrier di Siena SpA 4.500% 24/9/2015 and pays Fixed ASA 7.000% 26/6/2017 and pays Fixed 5.000%) 5.000%) (20/9/2016) (37,436) (20/9/2017) 91,479 EUR 690,000 Credit Default Swaps (Citibank) (Fund receives EUR 1,950,000 Credit Default Swaps (Citibank) (Fund receives default protection on BBVA Senior Finance SAU default protection on Peugeot SA 8.375% 4.875% 23/1/2014 and pays Fixed 3.000%) 15/7/2014 and pays Fixed 5.000%) (20/6/2018) (303,089) (20/9/2017) (81,411) USD 1,350,000 Credit Default Swaps (Citibank) (Fund receives EUR 3,700,000 Credit Default Swaps (Citibank) (Fund receives default protection on Portugal Obrigacoes do default protection on British Airways Plc Tesouro OT 4.950% 25/10/2023 and pays Fixed 8.750% 23/8/2016 and pays Fixed 5.000%) 1.000%) (20/6/2015) (4,406) (20/12/2018) (185,693) USD 580,000 Credit Default Swaps (Citibank) (Fund receives EUR 11,130,000 Credit Default Swaps (Citibank) (Fund receives default protection on Portugal Obrigacoes do default protection on Clariant AG 3.125% Tesouro OT 5.450% 23/9/2013 and pays Fixed 9/6/2017 and pays Fixed 1.000%) (20/9/2018) (256,316) 1.000%) (20/3/2018) (19,797) EUR 3,600,000 Credit Default Swaps (Citibank) (Fund receives USD 2,250,000 Credit Default Swaps (Citibank) (Fund receives default protection on Deutsche Bank AG 5.125% default protection on Portugal Obrigacoes do 31/8/2017 and pays Fixed 1.000%) (20/3/2018) (44,539) Tesouro OT 5.450% 23/9/2013 and pays Fixed EUR 2,750,000 Credit Default Swaps (Citibank) (Fund receives 1.000%) (20/9/2017) (375,414) default protection on Dixons Retail Plc 8.750% USD 6,500,000 Credit Default Swaps (Citibank) (Fund receives 3/8/2015 and pays Fixed 5.000%) (20/9/2016) (805,478) default protection on Portugal Obrigacoes do EUR 3,330,000 Credit Default Swaps (Citibank) (Fund receives Tesouro OT 5.450% 23/9/2013 and pays Fixed default protection on Dixons Retail Plc 8.750% 1.000%) (20/6/2017) (1,424,680) 3/8/2015 and pays Fixed 5.000%) (20/6/2017) (751,225) USD 5,380,000 Credit Default Swaps (Citibank) (Fund receives USD 11,090,000 Credit Default Swaps (Citibank) (Fund receives default protection on Republic of Ireland default protection on France Government Bond 4.500% 4/18/2020 and pays Fixed 1.000%) OAT 4.250% 25/4/2019 and pays Fixed 0.250%) (20/6/2018) (159,904) (20/6/2018) (102,912) EUR 3,625,000 Credit Default Swaps (Citibank) (Fund receives USD 3,500,000 Credit Default Swaps (Citibank) (Fund receives default protection on Scandinavian Airlines default protection on Ireland Government Bond 9.650% 16/6/2014 and pays Fixed 5.000%) 5.400% 13/3/2025 and pays Fixed 1.000%) (20/6/2018) (188,193) (20/3/2017) (526,198) EUR 3,200,000 Credit Default Swaps (Citibank) (Fund receives USD 2,000,000 Credit Default Swaps (Citibank) (Fund receives default protection on Societe Air France SA default protection on Ireland Government Bond 2.750% 1/4/2020 and pays Fixed 5.000%) 5.400% 13/3/2025 and pays Fixed 1.000%) (20/12/2017) (608,928) (20/12/2016) (360,188) EUR 4,140,000 Credit Default Swaps (Citibank) (Fund receives USD 2,500,000 Credit Default Swaps (Citibank) (Fund receives default protection on Societe Air France SA default protection on Ireland Government Bond 2.750% 1/4/2020 and pays Fixed 5.000%) 5.400% 13/3/2025 and pays Fixed 1.000%) (20/9/2018) (393,896) (20/12/2016) (441,555) EUR 1,700,000 Credit Default Swaps (Citibank) (Fund receives EUR 5,700,000 Credit Default Swaps (Citibank) (Fund receives default protection on Societe Generale SA default protection on iTraxx Europe Crossover 5.250% 28/3/2013 and pays Fixed 3.000%) Series 20 Version 1 and pays Fixed 5.000%) (20/12/2017) (84,512) (20/12/2018) (17,596) EUR 3,840,000 Credit Default Swaps (Citibank) (Fund receives EUR 25,780,000 Credit Default Swaps (Citibank) (Fund receives default protection on Wind Acquisition Finance default protection on iTraxx Europe Senior SA 11.750% 15/7/2017 and pays Fixed 5.000%) Financials Series 20 Version 1 and pays Fixed (20/9/2015) (8,772) 1.000%) (20/12/2018) (313,661) USD 6,760,000 Credit Default Swaps (Citibank) (Fund receives EUR 5,155,000 Credit Default Swaps (Citibank) (Fund receives Fixed 0.250% and provides default protection default protection on iTraxx Europe Senior on France Government Bond OAT 4.250% Financials Series 20 Version 1 and pays Fixed 25/4/2019) (20/6/2023) 134,683 1.000%) (20/12/2018) (57,731) EUR 3,000,000 Credit Default Swaps (Citibank) (Fund receives EUR 1,620,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection default protection on iTraxx Europe Series 20 on Imperial Tobacco Finance Plc 6.250% Version 1 and pays Fixed 1.000%) (20/12/2018) (4,147) 4/12/2018) (20/12/2017) 58,245 EUR 24,850,000 Credit Default Swaps (Citibank) (Fund receives USD 2,000,000 Credit Default Swaps (Citibank) (Fund receives default protection on iTraxx Europe Series 20 Fixed 1.000% and provides default protection Version 1 and pays Fixed 1.000%) (20/12/2018) (68,250) on Italy Government International Bond 6.875% EUR 15,400,000 Credit Default Swaps (Citibank) (Fund receives 27/9/2023) (20/12/2016) 226,470 default protection on iTraxx Europe Series 9 USD 2,500,000 Credit Default Swaps (Citibank) (Fund receives Version 1 and pays Fixed 5.000%) (20/6/2018) (1,881,595) Fixed 1.000% and provides default protection EUR 900,000 Credit Default Swaps (Citibank) (Fund receives on Italy Government International Bond 6.875% default protection on iTraxx Europe Series 9 27/9/2023) (20/12/2016) 276,845 Version 1 and pays Fixed 5.000%) (20/6/2018) (134,713) EUR 64,230,000 Credit Default Swaps (Citibank) (Fund receives EUR 1,875,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection default protection on Norske Skogindustrier on iTraxx Europe Series 20 Version 1) (20/12/2018) 89,544 ASA 7.000% 26/6/2017 and pays Fixed 5.000%) (20/9/2017) 225,839

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

Unaudited Interim Report and Accounts 85 BlackRock European Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 3,600,000 Credit Default Swaps (Citibank) (Fund receives EUR 3,697,604 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection Fixed 5.000% and provides default protection on Swiss Reinsurance Co Ltd 4.000% on Virgin Media Finance Plc 5.125% 15/2/2022) 29/6/2015) (20/3/2018) 76,491 (20/9/2018) 72,277 EUR 2,120,000 Credit Default Swaps (Citibank) (Fund receives EUR 3,940,000 Credit Default Swaps (Credit Suisse) (Fund Fixed 1.000% and provides default protection receives default protection on AXA SA 6.000% on ThyssenKrupp AG 4.375% 18/3/2015) 18/6/2013 and pays Fixed 1.000%) (20/6/2018) (217,222) (20/9/2018) 98,156 EUR 650,000 Credit Default Swaps (Credit Suisse) (Fund EUR 13,500,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on Dixons Retail Fixed 5.000% and provides default protection Plc 8.750% 3/8/2015 and pays Fixed 5.000%) on Ardagh Packaging Finance Plc 9.250% (20/12/2016) (190,775) 15/10/2020) (20/12/2018) 750,585 EUR 2,000,000 Credit Default Swaps (Credit Suisse) (Fund EUR 4,500,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on Dixons Retail Fixed 5.000% and provides default protection Plc 8.750% 3/8/2015 and pays Fixed 5.000%) on Ardagh Packaging Finance Plc 9.250% (20/12/2016) (517,000) 15/10/2020) (20/12/2018) 244,688 EUR 2,125,000 Credit Default Swaps (Credit Suisse) (Fund EUR 11,300,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on Finmeccanica Fixed 5.000% and provides default protection Finance SA/Old 5.750% 12/12/2018 and pays on Grohe Holding GmbH 8.750% 15/12/2017) Fixed 5.000%) (20/6/2018) (79,160) (20/12/2018) 511,951 EUR 1,230,000 Credit Default Swaps (Credit Suisse) (Fund EUR 3,765,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on Finmeccanica Fixed 5.000% and provides default protection Finance SA/Old 5.750% 12/12/2018 and pays on Jaguar Land Rover Automotive PLC 8.125% Fixed 5.000%) (20/6/2018) (47,167) 15/5/2018) (20/12/2018) 133,722 EUR 6,000,000 Credit Default Swaps (Credit Suisse) (Fund EUR 3,330,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on Henkel AG & Fixed 5.000% and provides default protection Co KGaA 4.250% 10/6/2013 and pays Fixed on Kabel BW Musketeer GmbH 9.500% 1.000%) (20/12/2017) (62,748) 15/3/2021) (20/6/2017) 549,449 EUR 3,600,000 Credit Default Swaps (Credit Suisse) (Fund EUR 3,330,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on Marks & Spencer Fixed 5.000% and provides default protection Plc 5.625% 24/3/2014 and pays Fixed 1.000%) on Kabel BW Musketeer GmbH 9.500% (20/3/2018) (140,692) 15/3/2021) (20/6/2017) 416,249 EUR 5,925,000 Credit Default Swaps (Credit Suisse) (Fund EUR 1,330,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on St-Gobain Fixed 5.000% and provides default protection Nederland BV 5.000% 25/4/2014 and pays on Kabel BW Musketeer GmbH 9.500% Fixed 1.000%) (20/9/2018) (143,373) 15/3/2021) (20/6/2017) 162,924 EUR 1,100,000 Credit Default Swaps (Credit Suisse) (Fund EUR 1,600,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on Stena AB 6.125% Fixed 5.000% and provides default protection 1/2/2017 and pays Fixed 5.000%) (20/12/2017) (63,843) on Norske Skogindustrier ASA 7.000% EUR 3,697,605 Credit Default Swaps (Credit Suisse) (Fund 26/6/2017) (20/3/2015) 92,023 receives default protection on Unitymedia EUR 1,500,000 Credit Default Swaps (Citibank) (Fund receives KabelBW GmbH 9.625% 1/12/2019 and pays Fixed 5.000% and provides default protection Fixed 5.000%) (20/9/2018) (84,479) on Scandinavian Airlines 9.650% 16/6/2014) EUR 3,940,000 Credit Default Swaps (Credit Suisse) (Fund (20/12/2017) 217,622 receives Fixed 1.000% and provides default EUR 670,000 Credit Default Swaps (Citibank) (Fund receives protection on Aviva Plc 9.500% 20/6/2016) Fixed 5.000% and provides default protection (20/6/2018) 206,981 on Scandinavian Airlines 9.650% 16/6/2014) EUR 3,370,000 Credit Default Swaps (Credit Suisse) (Fund (20/12/2017) 100,555 receives Fixed 1.000% and provides default EUR 3,200,000 Credit Default Swaps (Citibank) (Fund receives protection on Solvay SA 4.625% 27/6/2018) Fixed 5.000% and provides default protection (20/6/2018) 49,799 on Scandinavian Airlines 9.650% 16/6/2014) EUR 3,300,000 Credit Default Swaps (Credit Suisse) (Fund (20/12/2017) 520,262 receives Fixed 1.000% and provides default EUR 5,050,000 Credit Default Swaps (Citibank) (Fund receives protection on ThyssenKrupp AG 4.375% Fixed 5.000% and provides default protection 18/3/2015) (20/3/2018) 109,598 on Sunrise Communications Holdings SA EUR 3,600,000 Credit Default Swaps (Credit Suisse) (Fund 8.500% 31/12/2018) (20/12/2017) 208,485 receives Fixed 1.000% and provides default EUR 1,670,000 Credit Default Swaps (Citibank) (Fund receives protection on ThyssenKrupp AG 4.375% Fixed 5.000% and provides default protection 18/3/2015) (20/3/2018) 106,572 on Sunrise Communications Holdings SA EUR 3,400,000 Credit Default Swaps (Credit Suisse) (Fund 8.500% 31/12/2018) (20/3/2018) 58,760 receives Fixed 1.000% and provides default EUR 1,230,000 Credit Default Swaps (Citibank) (Fund receives protection on ThyssenKrupp AG 4.375% Fixed 5.000% and provides default protection 18/3/2015) (20/12/2017) 192,338 on Techem GmbH 6.125% 1/10/2019) (20/6/2018) 79,944 EUR 2,500,000 Credit Default Swaps (Credit Suisse) (Fund EUR 1,370,000 Credit Default Swaps (Citibank) (Fund receives receives Fixed 3.000% and provides default Fixed 5.000% and provides default protection protection on Banca Monte dei Paschi di Siena on Techem GmbH 6.125% 1/10/2019) (20/6/2018) 90,859 SpA 5.600% 9/9/2020) (20/6/2016) (72,992)

86 BlackRock Strategic Funds (BSF) BlackRock European Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 10,610,000 Credit Default Swaps (Credit Suisse) (Fund EUR 6,000,000 Credit Default Swaps (Deutsche Asset receives Fixed 5.000% and provides default Management Life) (Fund receives default protection on Ardagh Packaging Finance Plc protection on Diageo Capital Plc 5.500% 9.250% 15/10/2020) (20/12/2018) 259,091 30/9/2016 and pays Fixed 1.000%) (20/12/2017) (68,174) EUR 7,380,000 Credit Default Swaps (Credit Suisse) (Fund EUR 79,400,000 Credit Default Swaps (Deutsche Asset receives Fixed 5.000% and provides default Management Life) (Fund receives default protection on CIR-Compagnie Industriali Riunite protection on iTraxx Europe Senior Financials SpA 5.750% 16/12/2024) (20/12/2018) (30,691) Series 19 Version 1 and pays Fixed 1.000%) EUR 7,500,000 Credit Default Swaps (Credit Suisse) (Fund (20/6/2018) (1,771,902) receives Fixed 5.000% and provides default EUR 48,000,000 Credit Default Swaps (Deutsche Asset protection on Grohe Holding GmbH 8.750% Management Life) (Fund receives default 15/12/2017) (20/12/2018) 336,938 protection on iTraxx Europe Series 20 Version 1 EUR 7,080,000 Credit Default Swaps (Credit Suisse) (Fund and pays Fixed 1.000%) (20/12/2018) (134,384) receives Fixed 5.000% and provides default EUR 49,700,000 Credit Default Swaps (Deutsche Asset protection on Jaguar Land Rover Automotive Plc Management Life) (Fund receives default 8.125% 15/5/2018) (20/12/2018) 31,124 protection on iTraxx Europe Series 20 Version 1 EUR 3,600,000 Credit Default Swaps (Credit Suisse) (Fund and pays Fixed 1.000%) (20/12/2018) (157,387) receives Fixed 5.000% and provides default EUR 24,890,000 Credit Default Swaps (Deutsche Asset protection on Norske Skogindustrier ASA Management Life) (Fund receives default 7.000% 26/6/2017) (20/3/2015) 40,732 protection on iTraxx Europe Series 20 Version 1 EUR 3,015,000 Credit Default Swaps (Credit Suisse) (Fund and pays Fixed 1.000%) (20/12/2018) (68,052) receives Fixed 5.000% and provides default EUR 20,020,000 Credit Default Swaps (Deutsche Asset protection on Norske Skogindustrier ASA Management Life) (Fund receives default 7.000% 26/6/2017) (20/12/2018) (199,691) protection on Koninklijke DSM NV 4.000% EUR 6,545,000 Credit Default Swaps (Credit Suisse) (Fund 10/11/2015 and pays Fixed 1.000%) (20/12/2017) (166,245) receives Fixed 5.000% and provides default EUR 9,030,000 Credit Default Swaps (Deutsche Asset protection on Norske Skogindustrier ASA Management Life) (Fund receives default 7.000% 26/6/2017) (20/3/2015) 278,584 protection on Next Plc 5.375% 26/10/2021 and EUR 1,390,000 Credit Default Swaps (Credit Suisse) (Fund pays Fixed 1.000%) (20/12/2018) (101,515) receives Fixed 5.000% and provides default EUR 3,500,000 Credit Default Swaps (Deutsche Asset protection on Scandinavian Airlines 9.650% Management Life) (Fund receives default 16/6/2014) (20/12/2017) 208,614 protection on Stena AB 6.125% 1/2/2017 and EUR 2,100,000 Credit Default Swaps (Credit Suisse) (Fund pays Fixed 5.000%) (20/12/2017) (325,637) receives Fixed 5.000% and provides default EUR 2,000,000 Credit Default Swaps (Deutsche Asset protection on Sunrise Communications Management Life) (Fund receives default Holdings SA 8.500% 31/12/2018) (20/12/2017) 81,085 protection on Veolia Environnement SA 5.375% EUR 2,450,000 Credit Default Swaps (Credit Suisse) (Fund 28/5/2018 and pays Fixed 1.000%) (20/12/2017) (89,707) receives Fixed 5.000% and provides default EUR 3,700,000 Credit Default Swaps (Deutsche Asset protection on Techem GmbH 6.125% 1/10/2019) Management Life) (Fund receives default (20/9/2018) 35,455 protection on Wind Acquisition Finance SA EUR 822,000 Credit Default Swaps (Credit Suisse) (Fund 11.750% 15/7/2017 and pays Fixed 5.000%) receives Fixed 5.000% and provides default (20/9/2015) (19,548) protection on Techem GmbH 6.125% 1/10/2019) EUR 6,000,000 Credit Default Swaps (Deutsche Asset (20/9/2018) 9,644 Management Life) (Fund receives default EUR 818,267 Credit Default Swaps (Credit Suisse) (Fund protection on Wolters Kluwer NV 5.125% receives Fixed 5.000% and provides default 27/1/2014 and pays Fixed 1.000%) (20/12/2017) (21,548) protection on Techem GmbH 6.125% 1/10/2019) EUR 6,130,000 Credit Default Swaps (Deutsche Asset (20/12/2018) 11,055 Management Life) (Fund receives default EUR 3,500,000 Credit Default Swaps (Credit Suisse) (Fund protection on WPP PLC 6.000% 4/4/2017 and receives Fixed 5.000% and provides default pays Fixed 1.000%) (20/12/2017) (128,540) protection on Techem GmbH 6.125% 1/10/2019) EUR 1,565,000 Credit Default Swaps (Deutsche Asset (20/6/2018) 57,905 Management Life) (Fund receives Fixed 3.000% EUR 5,630,000 Credit Default Swaps (Credit Suisse) (Fund and provides default protection on UniCredit receives Fixed 5.000% and provides default SpA 4.375% 29/1/2020) (20/12/2018) 45,979 protection on Techem GmbH 6.125% 1/10/2019) EUR 56,700,000 Credit Default Swaps (Deutsche Asset (20/6/2018) 143,471 Management Life) (Fund receives Fixed 5.000% EUR 7,440,000 Credit Default Swaps (Credit Suisse) (Fund and provides default protection on iTraxx receives Fixed 5.000% and provides default Europe Sub Financials Series 19 Version 1) protection on Unilabs Subholding AB 8.500% (20/6/2018) 1,771,733 15/7/2018) (20/12/2017) (225,204) EUR 1,750,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 400,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Banca Monte dei receives Fixed 5.000% and provides default Paschi di Siena SpA 5.600% 9/9/2020 and pays protection on Unitymedia KabelBW GmbH Fixed 5.000%) (20/12/2016) (263,436) 9.625% 1/12/2019) (20/12/2017) 10,248 USD 3,000,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 1,565,000 Credit Default Swaps (Deutsche Asset receives default protection on Ireland Management Life) (Fund receives default Government Bond 4.500% 18/4/2020 and pays protection on BBVA Senior Finance SAU 4.875% Fixed 1.000%) (20/9/2016) (551,003) 23/1/2014 and pays Fixed 3.000%) (20/12/2018) (32,160)

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

Unaudited Interim Report and Accounts 87 BlackRock European Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 1,490,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 1,725,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on iTraxx Europe receives Fixed 1.000% and provides default Senior Financials Series 19 Version 1 and pays protection on ThyssenKrupp AG 4.375% Fixed 1.000%) (20/6/2018) (42,359) 18/3/2015) (20/12/2017) 100,694 EUR 25,490,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 1,066,668 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on iTraxx Europe receives Fixed 1.000% and provides default Senior Financials Series 20 Version 1 and pays protection on ThyssenKrupp AG 4.375% Fixed 1.000%) (20/12/2018) (310,899) 18/3/2015) (20/9/2018) 32,946 USD 3,250,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 1,940,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Portugal receives Fixed 5.000% and provides default Obrigacoes do Tesouro OT 5.450% 23/9/2013 protection on Sunrise Communications and pays Fixed 1.000%) (20/12/2015) (177,963) Holdings SA 8.500% 31/12/2018) (20/12/2017) 89,791 USD 2,550,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 1,790,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Republic of receives Fixed 5.000% and provides default Ireland 4.500% 4/18/2020 and pays Fixed protection on Sunrise Communications 1.000%) (20/3/2018) (68,670) Holdings SA 8.500% 31/12/2018) (20/3/2018) 55,170 EUR 1,700,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 3,500,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Societe Generale receives Fixed 5.000% and provides default SA 5.250% 28/3/2013 and pays Fixed 3.000%) protection on Unitymedia KabelBW GmbH (20/12/2017) (83,682) 9.625% 1/12/2019) (20/12/2017) 230,008 EUR 3,697,605 Credit Default Swaps (Deutsche Bank) (Fund EUR 2,350,000 Credit Default Swaps (JP Morgan Chase Bank receives default protection on Unitymedia (Depository Cle) (Fund receives default KabelBW GmbH 9.625% 1/12/2019 and pays protection on Banco de Sabadell SA 0.365% Fixed 5.000%) (20/9/2018) (82,799) 4/10/2016 and pays Fixed 5.000%) (20/9/2017) (367,019) EUR 3,750,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 3,400,000 Credit Default Swaps (JP Morgan Chase Bank receives default protection on Wind Acquisition (Depository Cle) (Fund receives default Finance SA 11.750% 15/7/2017 and pays Fixed protection on Caja de Ahorros y Pensiones de 5.000%) (20/9/2015) (16,954) Barcelona 3.940% 28/2/2019 and pays Fixed EUR 3,750,000 Credit Default Swaps (Deutsche Bank) (Fund 3.000%) (20/12/2015) (162,160) receives default protection on Wind Acquisition EUR 7,060,000 Credit Default Swaps (JP Morgan Chase Bank Finance SA 11.750% 15/7/2017 and pays Fixed (Depository Cle) (Fund receives default 5.000%) (20/9/2015) (16,954) protection on Clariant Finance Luxembourg EUR 3,500,000 Credit Default Swaps (Deutsche Bank) (Fund SA 4.375% 5/4/2013 and pays Fixed 1.000%) receives Fixed 1.000% and provides default (20/12/2017) (547,366) protection on Imperial Tobacco Finance Plc EUR 15,250,000 Credit Default Swaps (JP Morgan Chase Bank 6.250% 4/12/2018) (20/12/2017) 46,789 (Depository Cle) (Fund receives default EUR 4,550,000 Credit Default Swaps (Deutsche Bank) (Fund protection on Finmeccanica Finance SA/Old receives Fixed 1.000% and provides default 5.750% 12/12/2018 and pays Fixed 5.000%) protection on ThyssenKrupp AG 4.375% (20/3/2016) (5,964) 18/3/2015) (20/9/2018) 149,001 EUR 2,420,000 Credit Default Swaps (JP Morgan Chase Bank EUR 340,000 Credit Default Swaps (Deutsche Bank) (Fund (Depository Cle) (Fund receives default receives Fixed 5.000% and provides default protection on Finmeccanica Finance SA/Old protection on Portugal Telecom International 5.750% 12/12/2018 and pays Fixed 5.000%) Finance BV 4.375% 24/3/2017) (20/9/2017) 65,323 (20/12/2017) (127,447) EUR 3,470,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 3,200,000 Credit Default Swaps (JP Morgan Chase Bank receives Fixed 5.000% and provides default (Depository Cle) (Fund receives default protection on Techem GmbH 6.125% 1/10/2019) protection on Finmeccanica Finance SA/Old (20/6/2018) 206,788 5.750% 12/12/2018 and pays Fixed 5.000%) EUR 1,540,000 Credit Default Swaps (Goldman Sachs) (Fund (20/12/2017) (154,169) receives default protection on BBVA Senior EUR 3,240,000 Credit Default Swaps (JP Morgan Chase Bank Finance SAU 4.875% 23/1/2014 and pays Fixed (Depository Cle) (Fund receives default 3.000%) (20/6/2018) (107,424) protection on Jaguar Land Rover Automotive EUR 3,730,000 Credit Default Swaps (Goldman Sachs) (Fund Plc 8.125% 15/5/2018 and pays Fixed 5.000%) receives default protection on Finmeccanica (20/3/2016) (30,587) Finance SA/Old 5.750% 12/12/2018 and pays EUR 2,785,000 Credit Default Swaps (JP Morgan Chase Bank Fixed 5.000%) (20/12/2018) (47,141) (Depository Cle) (Fund receives default USD 4,000,000 Credit Default Swaps (Goldman Sachs) (Fund protection on Marks & Spencer Plc 5.625% receives default protection on Ireland 24/3/2014 and pays Fixed 1.000%) (20/12/2017) (120,417) Government Bond 4.500% 18/4/2020 and pays EUR 2,050,000 Credit Default Swaps (JP Morgan Chase Bank Fixed 1.000%) (20/12/2016) (733,762) (Depository Cle) (Fund receives default EUR 1,750,000 Credit Default Swaps (Goldman Sachs) (Fund protection on Societe Air France SA 2.750% receives default protection on St-Gobain 1/4/2020 and pays Fixed 5.000%) (20/12/2017) (292,719) Nederland BV 5.000% 25/4/2014 and pays EUR 1,840,000 Credit Default Swaps (JP Morgan Chase Bank Fixed 1.000%) (20/12/2017) (72,907) (Depository Cle) (Fund receives default USD 4,000,000 Credit Default Swaps (Goldman Sachs) (Fund protection on St-Gobain Nederland BV 5.000% receives Fixed 1.000% and provides default 25/4/2014 and pays Fixed 1.000%) (20/12/2017) (88,011) protection on Italy Government International Bond 6.875% 27/9/2023) (20/12/2016) 463,520

88 BlackRock Strategic Funds (BSF) BlackRock European Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 7,500,000 Credit Default Swaps (JP Morgan Chase Bank EUR 3,790,000 Credit Default Swaps (JP Morgan) (Fund receives (Depository Cle) (Fund receives Fixed 1.000% default protection on Societe Generale SA and provides default protection on E.ON 2.375% 28/2/2018 and pays Fixed 3.000%) International Finance BV 6.375% 29/5/2017) (20/6/2018) (209,455) (20/12/2017) 69,195 EUR 3,175,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 1,705,000 Credit Default Swaps (JP Morgan Chase default protection on Unitymedia KabelBW Bank (Depository Cle) (Fund receives Fixed GmbH 9.625% 1/12/2019 and pays Fixed 1.000% and provides default protection on 5.000%) (20/12/2016) (538,968) ThyssenKrupp AG 4.375% 18/3/2015) USD 6,770,000 Credit Default Swaps (JP Morgan) (Fund receives (20/12/2017) 99,527 Fixed 0.250% and provides default protection EUR 3,370,000 Credit Default Swaps (JP Morgan Chase Bank on France Government Bond OAT 4.250% (Depository Cle) (Fund receives Fixed 1.000% 25/4/2019) (20/6/2023) 100,921 and provides default protection on Vinci SA EUR 8,350,000 Credit Default Swaps (JP Morgan) (Fund receives 4.125% 20/2/2017) (20/6/2018) 39,677 Fixed 1.000% and provides default protection EUR 12,980,000 Credit Default Swaps (JP Morgan Chase on Allianz Finance II BV 4.000% 23/11/2016) Bank (Depository Cle) (Fund receives Fixed (20/6/2018) 236,037 5.000% and provides default protection EUR 40,733,333 Credit Default Swaps (JP Morgan) (Fund receives on Finmeccanica Finance SA/Old 5.750% Fixed 1.000% and provides default protection 12/12/2018) (20/3/2018) 397,644 on iTraxx Europe Series 20 Version 1) (20/12/2018) 406,867 EUR 3,240,000 Credit Default Swaps (JP Morgan Chase Bank EUR 8,350,000 Credit Default Swaps (JP Morgan) (Fund receives (Depository Cle) (Fund receives Fixed 5.000% Fixed 1.000% and provides default protection and provides default protection on Jaguar Land on Muenchener Rueckversicherungs AG 7.625% Rover Plc 8.125% 5/15/2018) (20/3/2018) 265,280 21/6/2028) (20/6/2018) 158,864 EUR 3,250,000 Credit Default Swaps (JP Morgan Chase Bank EUR 3,140,000 Credit Default Swaps (JP Morgan) (Fund receives (Depository Cle) (Fund receives Fixed 5.000% Fixed 1.000% and provides default protection and provides default protection on Portugal on St-Gobain Nederland BV 5.000% 25/4/2014) Telecom International Finance BV 4.375% (20/6/2018) 77,262 24/3/2017) (20/12/2017) 330,211 EUR 2,000,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 2,220,000 Credit Default Swaps (JP Morgan Chase Bank Fixed 3.000% and provides default protection (Depository Cle)) (Fund receives default on Banca Monte dei Paschi di Sien FRN protection on British Airways Plc 8.750% 30/6/2015) (20/9/2016) 7,376 23/8/2016 and pays Fixed 5.000%) (20/12/2018) (117,643) EUR 3,175,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 1,680,001 Credit Default Swaps (JP Morgan Chase Bank Fixed 5.000% and provides default protection (Depository Cle)) (Fund receives Fixed on Kabel BW Musketeer GmbH 9.500% 1.000% and provides default protection on 15/3/2021) (20/12/2016) 844,995 ThyssenKrupp AG 4.375% 18/3/2015) (20/9/2018) 78,465 EUR 3,400,000 Credit Default Swaps (JP Morgan) (Fund receives USD 20,750,000 Credit Default Swaps (JP Morgan Securities Inc) Fixed 5.000% and provides default protection (Fund receives default protection on Portugal on Portugal Telecom International Finance BV Obrigacoes do Tesouro OT 5.450% 23/9/2013 4.375% 24/3/2017) (20/12/2017) 583,451 and pays Fixed 1.000%) (20/6/2015) (1,035,886) EUR 900,000 Credit Default Swaps (Morgan Stanley) (Fund EUR 3,440,000 Credit Default Swaps (JP Morgan) (Fund receives receives default protection on Dixons Retail default protection on Banco Espirito Santo SA Plc 8.750% 3/8/2015 and pays Fixed 5.000%) 0.454% 19/1/2015 and pays Fixed 5.000%) (20/12/2016) (246,149) (20/6/2018) (217,292) EUR 3,175,000 Credit Default Swaps (Morgan Stanley) (Fund EUR 3,790,000 Credit Default Swaps (JP Morgan) (Fund receives receives default protection on Kabel BW default protection on Credit Agricole SA 5.065% Musketeer GmbH 9.500% 15/3/2021 and pays 8/10/2022 and pays Fixed 3.000%) (20/6/2018) (200,256) Fixed 5.000%) (20/12/2016) (448,120) USD 11,100,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 3,175,000 Credit Default Swaps (Morgan Stanley) (Fund default protection on France Government Bond receives Fixed 5.000% and provides default OAT 4.250% 25/4/2019 and pays Fixed 0.250%) protection on Unitymedia KabelBW GmbH (20/6/2018) (60,177) 9.625% 1/12/2019) (20/12/2016) 352,436 USD 6,570,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 1,500,000 Credit Default Swaps (UBS) (Fund receives Fixed default protection on Ireland Government Bond 5.000% and provides default protection on 4.500% 18/4/2020 and pays Fixed 1.000%) Scandinavian Airlines 9.650% 16/6/2014) (20/3/2018) (153,046) (20/9/2017) 378,642 EUR 2,785,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 7,369 Total Return Swap (Barclays Bank) (Fund receives default protection on Marks & Spencer Plc 3 Month EURIBOR and pays Fonciere Des 5.625% 24/3/2014 and pays Fixed 1.000%) Regions) (14/11/2014) 9,771 (20/12/2017) (146,718) EUR 3,584 Total Return Swap (Barclays Bank) (Fund receives USD 4,100,000 Credit Default Swaps (JP Morgan) (Fund receives 3 Month EURIBOR and pays Fonciere Des default protection on Portugal Obrigacoes do Regions) (13/11/2014) 3,242 Tesouro OT 5.450% 23/9/2013 and pays Fixed EUR 515 Total Return Swap (Barclays Bank) (Fund receives 1.000%) (20/12/2017) (475,214) 3 Month EURIBOR and pays Fonciere Des USD 4,050,000 Credit Default Swaps (JP Morgan) (Fund receives Regions) (15/11/2014) 805 default protection on Portugal Obrigacoes do EUR 94,873 Total Return Swap (BNP Paribas) (Fund receives Tesouro OT 5.450% 23/9/2013 and pays Fixed 3 Month EURIBOR and pays TUI AG) (22/11/2014) (25,616) 1.000%) (20/6/2015) (40,102)

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

Unaudited Interim Report and Accounts 89 BlackRock European Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 35,113 Total Return Swap (BNP Paribas) (Fund receives GBP 5,071,500 Total Return Swap (Credit Suisse) (Fund receives 3 Month EURIBOR and pays TUI AG) (25/11/2014) (6,946) 1 Month LIBOR and pays Punch Taverns GBP 323,913 Total Return Swap (BNP Paribas) (Fund receives Finance Plc 6.820% 15/7/2020) (26/9/2014) (222,214) 3 Month LIBOR and pays Balfour Beatty Plc) GBP 2,410,800 Total Return Swap (Credit Suisse) (Fund receives (14/11/2014) (233) 1 Month LIBOR and pays Punch Taverns GBP 406,105 Total Return Swap (BNP Paribas) (Fund receives Finance Plc 6.820% 15/7/2020) (26/9/2014) (103,027) 3 Month LIBOR and pays Balfour Beatty Plc) EUR 1,700,000 Total Return Swap (Credit Suisse) (Fund receives (13/11/2014) (18,746) 1 Month LIBOR and pays Societe Generale SA GBP 128,207 Total Return Swap (BNP Paribas) (Fund receives 4.000% 20/4/2016) (28/9/2014) (166,381) 3 Month LIBOR and pays Balfour Beatty Plc) EUR 10,440,000 Total Return Swap (Credit Suisse) (Fund receives (17/11/2014) (3,066) 1 Month LIBOR and pays Spain Government EUR 371,979 Total Return Swap (Citibank) (Fund receives Bond 3.750% 31/10/2018) (29/8/2014) (306,716) 3 Month EURIBOR and pays Indra Sistemas SA) EUR 37,020,000 Total Return Swap (Credit Suisse) (Fund receives (9/10/2014) (119,740) 1 Month LIBOR and pays Spain Government EUR 325,394 Total Return Swap (Citibank) (Fund receives Bond 4.100% 30/7/2018) (31/10/2014) 113,447 3 Month EURIBOR and pays Repsol SA) EUR 4,770,000 Total Return Swap (Credit Suisse) (Fund receives (12/11/2014) (346,545) 1 Month LIBOR and pays Spain Government GBP 1,815,656 Total Return Swap (Credit Suisse) (Fund receives Bond 4.100% 30/7/2018) (29/8/2014) (201,940) 1 Month LIBOR and pays Enterprise Inns Plc) EUR 6,720,000 Total Return Swap (Credit Suisse) (Fund receives (5/9/2014) 56,682 1 Month LIBOR and pays Spain Government GBP 2,150,000 Total Return Swap (Credit Suisse) (Fund receives Bond 4.100% 30/7/2018) (30/4/2014) (272,537) 1 Month LIBOR and pays Equiniti Newco 2 plc EUR 2,610,000 Total Return Swap (Credit Suisse) (Fund receives 7.125% 15/12/2018) (30/9/2014) (48,889) 1 Month LIBOR and pays Spain Government EUR 2,500,000 Total Return Swap (Credit Suisse) (Fund receives Bond 4.500% 31/1/2018) (28/2/2014) (186,370) 1 Month LIBOR and pays Generali Finance BV EUR 6,800,000 Total Return Swap (Credit Suisse) (Fund receives 3.875% 6/5/2015) (28/2/2014) (101,546) 1 Month LIBOR and pays Spain Government EUR 6,520,000 Total Return Swap (Credit Suisse) (Fund receives Bond 5.500% 30/4/2021) (28/2/2014) (490,368) 1 Month LIBOR and pays Italy Buoni Poliennali EUR 615,000 Total Return Swap (Credit Suisse) (Fund receives Del Tesoro 3.750% 1/8/2021) (29/8/2014) (210,034) 1 Month LIBOR and pays Spain Government EUR 10,680,000 Total Return Swap (Credit Suisse) (Fund receives Bond 5.500% 30/7/2017) (28/2/2014) (6,549) 1 Month LIBOR and pays Italy Buoni Poliennali EUR 250,000 Total Return Swap (Credit Suisse) (Fund receives Del Tesoro 3.750% 1/8/2021) (29/8/2014) (341,455) 1 Month LIBOR and pays Spain Government EUR 4,100,000 Total Return Swap (Credit Suisse) (Fund receives Bond 5.850% 31/1/2022) (30/6/2014) (16,943) 1 Month LIBOR and pays Italy Buoni Poliennali EUR 6,390,000 Total Return Swap (Credit Suisse) (Fund receives Del Tesoro 4.500% 1/5/2023) (29/8/2014) (126,170) 1 Month LIBOR and pays Spain Government EUR 700,000 Total Return Swap (Credit Suisse) (Fund receives Bond 5.900% 30/7/2026) (30/4/2014) (528,829) 1 Month LIBOR and pays Manutencoop Facility EUR 1,500,000 Total Return Swap (Credit Suisse) (Fund receives 8.500% 1/8/2020) (30/9/2014) (56,501) 1 Month LIBOR and pays Telecom Italia SpA EUR 700,000 Total Return Swap (Credit Suisse) (Fund receives 7.750% 20/3/2073) (29/8/2014) (58,311) 1 Month LIBOR and pays Manutencoop Facility EUR 2,900,000 Total Return Swap (Credit Suisse) (Fund receives 8.500% 1/8/2020) (30/9/2014) (56,501) 1 Month LIBOR and pays Telecom Italia SpA EUR 700,000 Total Return Swap (Credit Suisse) (Fund receives 7.750% 20/3/2073) (29/8/2014) (86,675) 1 Month LIBOR and pays Manutencoop Facility EUR 14,037 Total Return Swap (Deutsche Bank) (Fund receives 8.500% 1/8/2020) (30/10/2014) (53,001) 3 Month EURIBOR and pays Indra Sistemas SA) EUR 1,400,000 Total Return Swap (Credit Suisse) (Fund receives (22/10/2014) 12,566 1 Month LIBOR and pays Manutencoop Facility EUR 7,902,047 Total Return Swap (JP Morgan) (Fund receives 8.500% 1/8/2020) (30/10/2014) (99,002) 3 Month EURIBOR and pays Telecom Italia SpA) EUR 2,500,000 Total Return Swap (Credit Suisse) (Fund receives (8/11/2014) (300,278) 1 Month LIBOR and pays Ono Finance II Plc EUR 10,660,000 Total Return Swap (JP Morgan) (Fund receives 11.125% 15/7/2019) (30/9/2014) (45,486) Fixed 0.050% and pays Italy Buoni Poliennali EUR 3,510,000 Total Return Swap (Credit Suisse) (Fund receives Del Tesoro 3.750% 1/3/2021) (13/10/2014) (465,673) 1 Month LIBOR and pays Peugeot SA 7.375% EUR 23,020,000 Total Return Swap (JP Morgan) (Fund receives 6/3/2018) (30/5/2014) (404,701) Fixed 0.070% and pays France Government EUR 3,510,000 Total Return Swap (Credit Suisse) (Fund receives Bond OAT 4.000% 25/4/2018) (23/6/2014) 21,152 1 Month LIBOR and pays Peugeot SA 7.375% EUR 4,930,000 Total Return Swap (JP Morgan) (Fund receives 6/3/2018) (30/5/2014) (404,701) Fixed 0.080% and pays Italy Buoni Poliennali EUR 6,950,000 Total Return Swap (Credit Suisse) (Fund receives Del Tesoro 3.750% 1/3/2021) (2/10/2014) (180,730) 1 Month LIBOR and pays Portugal Obrigacoes EUR 2,300,000 Total Return Swap (JP Morgan) (Fund receives do Tesouro OT 4.350% 16/10/2017) (30/4/2014) 142,497 Fixed 0.100% and pays France Government GBP 1,100,000 Total Return Swap (Credit Suisse) (Fund receives Bond OAT 4.000% 25/4/2018) (23/6/2014) 2,113 1 Month LIBOR and pays Priory Group No 3 Plc EUR 1,490,000 Total Return Swap (JP Morgan) (Fund receives 8.875% 15/2/2019) (31/10/2014) (7,374) Fixed 0.100% and pays Wind Acquisition GBP 2,454,900 Total Return Swap (Credit Suisse) (Fund receives Holdings Finance SA 12.250% 15/7/2017) 1 Month LIBOR and pays Punch Taverns (15/10/2014) (88,278) Finance Plc 6.820% 15/7/2020) (26/9/2014) (112,280)

90 BlackRock Strategic Funds (BSF) BlackRock European Credit Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 750,000 Total Return Swap (JP Morgan) (Fund receives EUR 2,490,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.100% and pays Wind Acquisition Fixed 0.250% and pays Italy Buoni Poliennali Holdings Finance SA 12.250% 15/7/2017) Del Tesoro 3.750% 1/8/2021) (28/6/2014) (18,968) (15/10/2014) (44,435) EUR 4,850,000 Total Return Swap (JP Morgan) (Fund receives EUR 2,460,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.350% and pays Portugal Obrigacoes do Fixed 0.150% and pays Italy Buoni Poliennali Tesouro OT 4.750% 14/6/2019) (2/10/2014) (339,947) Del Tesoro 3.750% 1/8/2021) (27/6/2014) (7,925) EUR 1,045,000 Total Return Swap (JP Morgan) (Fund receives EUR 4,740,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.400% and pays Portugal Obrigacoes do Fixed 0.150% and pays Spain Government Bond Tesouro OT 4.750% 14/6/2019) (3/11/2014) (55,133) 4.100% 30/7/2018) (1/10/2014) (191,366) EUR 3,195,000 Total Return Swap (JP Morgan) (Fund receives EUR 2,450,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.500% and pays Italy Buoni Poliennali Fixed 0.150% and pays Spain Government Bond Del Tesoro 3.750% 1/8/2021) (21/3/2014) (142,982) 4.100% 30/7/2018) (8/10/2014) (96,496) EUR 2,300,000 Total Return Swap (JP Morgan) (Fund receives EUR 7,700,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.500% and pays Telecom Italia SpA Fixed 0.180% and pays Italy Buoni Poliennali 7.750% 20/3/2073) (15/10/2014) (89,844) Del Tesoro 4.500% 3/1/2026) (6/3/2014) (294,507) EUR 2,200,000 Total Return Swap (JP Morgan) (Fund receives EUR 4,640,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.500% and pays Telecom Italia SpA Fixed 0.200% and pays Ireland Government 7.750% 20/3/2073) (18/10/2014) (57,970) Bond 5.500% 18/10/2017) (17/9/2014) 73,794 (EUR underlying exposure – EUR 1,805,864,594) (21,815,786) EUR 1,050,000 Total Return Swap (JP Morgan) (Fund receives Fixed 0.200% and pays Spain Government Bond 4.300% 31/10/2019) (24/3/2014) (59,749)

Note: The total market value of EUR 24,785 is included in the Statement of Net Assets (see Note 2(d)).

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

Unaudited Interim Report and Accounts 91 BlackRock European Diversified Equity Absolute Return Fund Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % BONDS Germany EUR 4,000,000 BMW Malta Finance Ltd 0% Australia 23/1/2014 3,999,160 2.57 EUR 3,200,000 National Australia Bank Ltd FRN EUR 10,000,000 FMS Wertmanagement 0 % 7/4/2014 3,206,208 2.06 8/1/2014 10,000,000 6.42 3,206,208 2.06 EUR 4,000,000 Metlife Short Term Funding LLC 0% 7/2/2014 3,998,468 2.57 Finland EUR 4,000,000 Sumitomo Mitsui Banking Corp EUR 2,500,000 Pohjola Bank Plc FRN 9/8/2014 2,499,738 1.61 0% 6/2/2014 3,998,678 2.57 2,499,738 1.61 21,996,306 14.13

France Luxembourg EUR 1,000,000 BNP Paribas SA FRN 20/12/2013 1,000,150 0.64 EUR 2,000,000 Barclays Bank Plc 0% 6/1/2014 1,999,671 1.28 EUR 10,000,000 BNP Paribas SA 0.00% 3/2/2014 EUR 4,000,000 Cancara Asset Securitisation Ltd (Zero Coupon) 9,996,640 6.42 0% 16/12/2013 3,999,822 2.57 EUR 2,500,000 HSBC France SA FRN 6/12/2013 2,500,025 1.61 USD 1,500,000 Mont Blanc Capital Corp 0% 13,496,815 8.67 14/2/2014 1,499,367 0.96 EUR 4,000,000 Mont Blanc Capital Corp 0% Germany 13/12/2013 3,999,798 2.57 EUR 4,000,000 Deutsche Bank AG FRN 17/1/2014 4,001,600 2.57 EUR 5,000,000 Scaldis Capital 0% 27/12/2013 4,999,526 3.21 EUR 1,000,000 NRW Bank FRN 17/2/2014 999,790 0.64 EUR 3,000,000 Sheffield Receivables Corp 0% 5,001,390 3.21 10/2/2014 2,998,861 1.93 EUR 5,000,000 Svenska Handelsbanken AB 0% Netherlands 22/5/2014 4,994,720 3.21 EUR 3,700,000 Bank Nederlandse Gemeenten FRN 24,491,765 15.73 23/5/2014 3,702,534 2.38 Total Commercial Paper 63,184,819 40.58 EUR 8,000,000 Cooperatieve Centrale Raiffeisen- Boerenleenbank BA FRN Total Transferable Securities and Money 13/3/2014 8,001,280 5.14 Market Instruments Admitted to an EUR 5,000,000 Cooperatieve Centrale Raiffeisen- Official Stock Exchange Listing or Boerenleenbank BA FRN Dealt in on Another Regulated Market 125,899,468 80.86 14/11/2014 5,000,150 3.21 EUR 5,000,000 Dutch Treasury Certificate 0.00% 31/1/2014 (Zero Coupon) 4,999,820 3.21 Funds 21,703,784 13.94 Ireland Sweden 10,813,861 Institutional Cash Series Plc - EUR 700,000 Nordea Bank AB 1.177% 10/1/2014 700,774 0.45 Institutional Euro Assets 700,774 0.45 Liquidity Fund 1 10,813,861 6.95 10,813,861 6.95 United Kingdom Total Funds 10,813,861 6.95 EUR 5,000,000 Bank of Tokyo Mitsubishi 0.00% 13/12/2013 (Zero Coupon) 4,999,805 3.21 Securities portfolio at market value 136,713,329 87.81 EUR 2,500,000 Barclays Bank Plc FRN 17/1/2014 2,504,912 1.61 EUR 2,000,000 HSBC Bank Plc FRN 14/3/2014 2,003,480 1.28 Other Net Assets 18,984,727 12.19 EUR 6,600,000 Mizuho Bank Ltd 0.165% 7/2/2014 6,597,743 4.24 Total Net Assets (EUR) 155,698,056 100.00 16,105,940 10.34 Total Bonds 62,714,649 40.28

COMMERCIAL PAPER France EUR 3,700,000 Antalis SA 0% 27/12/2013 3,699,417 2.38 EUR 6,000,000 BPCE SA 0% 3/2/2014 5,997,564 3.85 EUR 7,000,000 LMA SA 0% 12/12/2013 6,999,767 4.49 16,696,748 10.72

1 This fund is managed by BlackRock.

92 BlackRock Strategic Funds (BSF) BlackRock European Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

Austria Denmark (50,424) Andritz AG (2,364,886) 49,920 (1,001) ALK-Abello A/S (82,131) (1,205) 63,236 Atrium European Real Estate Ltd 275,709 994 372 AP Moeller - Maersk A/S 'B' 2,765,468 73,602 (153) CA Immobilien Anlagen AG (1,873) (39) 8,265 Auriga Industries 'B' 207,763 (217) 25,007 Erste Group Bank AG 647,431 22,867 12,797 Carlsberg A/S 'B' 1,032,830 49,782 (1,150) Erste Group Bank AG (29,774) (529) (31,051) Carlsberg A/S 'B' (2,506,087) (84,439) (20,570) EVN AG (237,995) 617 (52,345) Chr Hansen Holding (1,407,765) 12,207 9,576 Flughafen Wien AG 557,610 65,434 97 Coloplast A/S 'B' 4,701 178 (72,662) IMMOFINANZ AG (253,082) (4,152) (4,203) Coloplast A/S 'B' (203,700) (164) (6,654) Kapsch TrafficCom AG (269,221) (13,620) 65,068 D/S Norden A/S 2,164,304 137,359 (30) Lenzing AG (1,421) 47 (7,499) Danske Bank A/S (125,471) 245 14,678 Oesterreichische Post AG 515,565 19,819 (29,059) DSV A/S (654,896) (29,602) 9,487 OMV AG 341,722 11,105 10,674 FLSmidth & Co A/S 411,137 13,181 (22,844) Raiffeisen Bank International AG (620,671) (26,002) (43,714) FLSmidth & Co A/S (1,683,760) (24,418) (3,091) RHI AG (81,432) (2,519) (4) Genmab A/S (122) (6) (1,291) Schoeller-Bleckmann Oilfield 7,676 GN Store Nord A/S 135,224 3,883 Equipment AG (99,575) 6,132 129,414 H Lundbeck A/S 2,083,763 5,965 (81) Strabag SE (1,742) (86) (64,767) H Lundbeck A/S (1,042,848) 22,697 (252,719) Telekom Austria AG (1,578,230) (43,444) 1,809 Jyske Bank A/S 71,861 253 6,113 Verbund AG 99,275 (226) 3,610 Matas A/S 67,032 (43) 9,276 Vienna Insurance Group AG Wiener 60,182 NKT Holding A/S 2,067,947 (109,548) Versicherung Gruppe 358,796 11,753 16,183 Novo Nordisk A/S 'B' 2,121,886 92,442 (2) Vienna Insurance Group AG Wiener 22,133 Novozymes A/S 'B' 632,039 (5,184) Versicherung Gruppe (77) (1) (37,788) Novozymes A/S 'B' (1,079,090) 5,515 19,577 Voestalpine AG 716,518 24,569 (58,961) Pandora A/S (2,243,372) (361,238) (28,730) Voestalpine AG (1,051,518) (20,587) (26) Rockwool International A/S 'B' (3,322) (190) (141,778) Wienerberger AG (1,741,034) 59,159 (1,491) Royal UNIBREW (152,120) (38,559) 14,363 Wienerberger AG 176,378 (2,282) 34,448 Schouw & Co 946,765 18,603 96,826 Zumtobel AG 1,130,928 13,895 (993) Sydbank A/S (20,502) 1,291 (3,512,599) 172,824 1,461 TDC A/S 9,658 290 (24,523) TDC A/S (162,119) (5,948) Belgium (90,445) Topdanmark A/S (1,766,722) (16,847) 67,948 Ageas 2,114,202 41,805 38,864 Topdanmark A/S 759,156 3,135 24,784 AGFA-Gevaert NV 39,902 (1,663) 1,211 Tryg A/S 80,577 127 (2,652) Anheuser-Busch InBev NV (199,749) 2,353 (59) Vestas Wind Systems A/S (1,243) (9) 35,241 Anheuser-Busch InBev NV 2,654,352 32,253 4,396 Vestas Wind Systems A/S 92,648 3,199 35,460 Arseus NV 841,466 20,731 4,268 William Demant Holding A/S 294,111 2,453 36,533 Barco NV 2,045,848 (9,536) (14,370) William Demant Holding A/S (990,248) (8,228) (71,382) Belgacom SA (1,558,269) (260,532) 1,823,352 (239,438) 49,029 bpost SA 761,420 6,540 (21,436) bpost SA (332,901) (15,431) Finland (3,756) Cie d'Entreprises CFE (247,858) (20,620) (54,272) Cargotec OYJ 'B' (1,527,757) (75,907) (8,560) Cofinimmo (Reit) (777,676) 2,045 6,030 Caverion Corp 52,160 8,782 3,278 Colruyt SA 136,430 6,338 19,309 Cramo OYJ 321,109 27,531 53,437 D'ieteren SA/NV 1,847,317 3,679 (154,355) Elisa OYJ (2,860,198) (122,995) 31,100 Delhaize Group SA 1,336,989 (13,563) (19,549) Fortum OYJ (330,965) (3,323) (23,190) Elia System Operator SA/NV (767,473) 5,934 (1,858) Kemira OYJ (21,962) 186 13,769 EVS Broadcast Equipment SA 567,971 (44,842) 81,906 Kesko OYJ 'B' 2,220,472 251,792 13,988 Exmar NV 162,541 28,443 (5,634) Kesko OYJ 'B' (152,738) (11,455) (35) Galapagos NV (516) 115 (27,498) Kone OYJ 'B' (1,857,490) 34,979 12,551 KBC Groep NV 528,460 22,280 (13,054) Konecranes OYJ (335,749) (3,036) (5,927) KBC Groep NV (249,556) (13,507) 78,851 Konecranes OYJ 2,028,048 44,057 13 Kinepolis Group NV 1,442 25 (126,585) Metso OYJ (3,803,879) (86,162) 12,026 Melexis NV 280,687 (1,374) 191,815 Neste Oil OYJ 2,698,837 (276,807) 148 Mobistar SA 2,004 304 (92,827) Nokia OYJ (555,570) (104,616) (15,627) Mobistar SA (211,590) (973) (59,521) Nokian Renkaat OYJ (2,170,731) (1,305) 28,778 NV Bekaert SA 771,250 9,063 34,338 Orion OYJ 'B' 665,471 (1,260) (366,745) Nyrstar NV (817,841) 82,423 (3,841,261) Outokumpu OYJ (1,476,965) 454,436 712 Solvay SA 79,780 781 135,596 Outotec OYJ 1,018,326 (79,421) (3,799) Solvay SA (425,678) 15,086 90,510 Pohjola Bank Plc 'A' 1,261,709 14,144 (22,365) Tessenderlo Chemie NV (394,966) (12,524) (17,294) Pohjola Bank Plc 'A' (241,078) (1,266) 50,958 ThromboGenics NV 906,288 (61,750) 62,107 Ramirent OYJ 588,774 31,451 (30,841) UCB SA (1,532,798) (114,356) 35,630 Sampo 'A' 1,227,097 29,304 94,233 Umicore SA 3,109,689 (177,557) (132,049) Sanoma OYJ (937,548) (116,571) 10,671,167 (468,030) (182,990) Stora Enso OYJ 'R' (1,338,572) (171,237)

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

Unaudited Interim Report and Accounts 93 BlackRock European Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

Finland continued France continued 50,290 UPM-Kymmene OYJ 618,567 23,543 (13,371) European Aeronautic Defence (88,076) UPM-Kymmene OYJ (1,083,335) (47,506) and Space Co NV (702,780) 9,794 (85,279) Uponor OYJ (1,288,566) (9,381) (17,182) Eutelsat Communications SA (369,413) 41,530 100 Wartsila OYJ 3,611 351 5,841 Faiveley Transport SA 308,405 (26,789) 226,380 YIT OYJ 2,133,632 (119,197) 3,629 Faurecia 89,781 (725) (217,457) YIT OYJ (2,049,532) 60,058 (84,826) Faurecia (2,098,595) (277,585) (7,194,822) (250,831) 3,399 Fonciere Des Regions (Reit) 212,811 1,786 (905) GameLoft SE (7,032) 1 France 20,190 GDF Suez 344,542 (3,260) (16,409) AB Science SA (237,930) (2,491) (8,880) Gecina SA (Reit) (862,248) 877 (2,419) Accor SA (78,243) 1,587 (387) Groupe Eurotunnel SA (2,801) 43 (29,720) Aeroports de Paris (2,404,942) (77,424) 12,575 Groupe Steria SCA 186,362 (2,422) 422 Air France-KLM 3,240 210 (23,359) Havas SA (140,201) 470 (21,737) Air France-KLM (166,875) (2,894) 2,690 Hermes International 685,950 17,163 (10,918) Air Liquide SA (1,121,279) (11,195) 7,918 ICADE (Reit) 534,465 (2,900) 65,580 ALBIOMA 1,180,440 120,758 (5,212) Iliad SA (908,973) (13,659) (44,378) Alcatel Lucent (Right) (8,742) (8,742) 27,318 Imerys SA 1,631,704 180,212 74,252 Alstom SA 2,019,654 35,557 (11,478) Imerys SA (685,581) (15,815) (84,972) Altran Technologies SA (553,168) 738 44,847 Ingenico 2,460,306 61,767 (55,467) Areva SA (1,062,748) (87,596) 3,432 Interparfums SA 107,765 2,610 (1,279) Arkema SA (107,692) (3,700) (56,317) Ipsos (1,721,611) (34,076) 43,403 AtoS 2,698,799 96,575 25,980 JCDecaux SA 754,849 2,717 (7) AtoS (435) 17 (26) Kering (4,264) 51 (52,569) AXA SA (1,019,576) (13,141) 2,552 Klepierre (Reit) 87,125 1,753 2,413 Beneteau SA 31,852 (355) (15,042) Klepierre (Reit) (513,534) (1,385) (205) BioMerieux (15,338) (133) 8,116 L'Oreal SA 1,004,355 (2,940) 50 BNP Paribas SA 2,784 70 57,978 Lagardere SCA 1,450,320 (50,871) 2,525 Boiron SA 120,367 (3,755) (51,922) Legrand SA (2,117,898) (11,462) (51,036) Bourbon SA (980,146) 22,125 1,055 LISI 118,149 4,525 25,654 Bouygues SA 713,566 386 (22,371) LVMH Moet Hennessy (139,755) Bureau Veritas SA (3,040,370) 177,327 Louis Vuitton SA (3,109,569) 128,412 57,125 Cap Gemini SA 2,749,712 222,973 31,246 Medica SA 633,669 24,167 (2,065) Cap Gemini SA (99,399) (174) 107 Mercialys SA (Reit) 1,670 86 (155,820) Carrefour SA (4,532,804) (407,021) 48,700 Mersen 1,276,914 83,078 2,186 Casino Guichard Perrachon SA 179,667 783 2,960 Metropole Television SA 47,626 (2,901) (964) Casino Guichard Perrachon SA (79,231) 45 17,059 Montupet 599,112 61,316 20,341 CGG SA 310,099 3,433 (3,865) Natixis (15,823) (5) (120,416) CGG SA (1,835,742) 207,051 12,872 Natixis 52,698 838 3,373 Christian Dior SA 483,014 93 (7,201) Naturex (428,459) (8,457) (15,079) Christian Dior SA (2,159,313) (3,953) 2,876 Nexans SA 95,339 (356) (12,352) Cie de St-Gobain (487,842) (9,207) (40,057) Nexans SA (1,327,890) (19,253) 31,992 Cie Generale des Etablissements (71,413) Nexity SA (1,913,868) 3,150 Michelin 2,555,201 (34,649) (58,131) Orange SA (559,802) 4,094 (12,614) Cie Generale des Etablissements (8,355) Orpea (357,678) (11,012) Michelin (1,007,480) 7,531 (29) Parrot SA (555) (28) 26,229 Ciments Francais SA 1,439,185 90,930 17,454 Pernod-Ricard SA 1,457,758 (30,588) 1,480 CNP Assurances 20,816 198 (30,825) Pernod-Ricard SA (2,574,504) 242,708 (6,252) CNP Assurances (87,934) (463) 18,040 Peugeot SA 212,692 26,202 128,763 Credit Agricole SA 1,196,723 62,797 12,543 Plastic Omnium SA 283,535 44,789 (49,049) Danone (2,625,593) 96,568 (32,543) Rallye SA (1,010,786) (132,125) 8,937 Danone 478,398 (3,252) (18,534) Remy Cointreau SA (1,153,741) 199,854 897 Dassault Systemes SA 75,680 (2,003) (6,246) Renault SA (407,052) (20,469) 505,484 Derichebourg SA 1,200,525 (93,520) (11,082) Rexel SA (207,566) 183 (9,040) Edenred (239,605) (5,785) 39,099 Rexel SA 732,324 2,007 22,560 Eiffage SA 936,804 (8,172) (11,079) Rubis SCA (517,279) (10,588) (24,905) Eiffage SA (1,034,180) (5,009) 14,617 Rubis SCA 682,468 22,242 (15,590) Electricite de France SA (429,193) (5,313) 44,153 Safran SA 2,146,719 110,239 (12,414) Eramet (850,235) 30,025 (123) Safran SA (5,980) 3 8,589 Essilor International SA 667,451 10,874 3,235 Saft Groupe SA 77,381 4,270 (45) Essilor International SA (3,497) (3) (34,209) Sanofi (2,675,144) (107,554) 102,990 Etablissements Maurel et Prom 1,163,787 (24,258) (17,320) Sartorius Stedim Biotech (1,988,336) 37,957 (3,214) Eurofins Scientific SE (604,875) 2,089 6,512 Schneider Electric SA 404,981 3,991 1,473 Eurofins Scientific SE 277,219 89 (22,220) SCOR SE (573,054) 4,506 22,609 European Aeronautic Defence (13,209) SEB SA (909,572) (16,448) and Space Co NV 1,188,329 118,771 (233) Sequana SA (1,375) 33

94 BlackRock Strategic Funds (BSF) BlackRock European Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

France continued Germany continued (27,382) SES SA (594,189) (3,395) 4,934 Deutsche Post AG 128,136 4,372 17,721 Societe BIC SA 1,597,371 19,257 (89,081) Deutsche Post AG (2,313,434) (84,151) (2,176) Societe BIC SA (196,145) 5,026 19,034 Deutsche Telekom AG 222,222 1,886 (16,046) Societe Generale SA (683,399) (11,945) (37,047) Deutsche Telekom AG (432,524) (2,419) 60,709 Societe Television Francaise 1 830,196 425 32,758 Deutsche Wohnen AG 487,111 43,041 (27,203) Sodexo (2,007,037) (57,172) 320,814 Deutz AG 2,061,551 217,493 (204,183) STMicroelectronics NV (1,193,450) (13,313) 80,241 Dialog Semiconductor Plc 1,139,823 24,386 (20,390) Suez Environnement Co (258,749) (3,037) (198) DIC Asset AG (1,321) 45 207,631 Technicolor SA 780,693 (11,421) (198) DIC Asset AG (Right) (46) 14 32,653 Technip SA 2,405,220 (89,322) (27,830) DMG Mori Seiki AG (637,029) (13,241) 20,238 Teleperformance 849,085 113,683 37,681 DMG Mori Seiki AG 862,518 100,171 (23,433) Teleperformance (983,132) (50,140) 5,083 Draegerwerk AG & Co KGaA (Pref) 461,435 16,667 58,429 Thales SA 2,631,058 256,795 (9,014) Draegerwerk AG & Co KGaA (Pref) (818,291) 53,751 (15,980) Total SA (710,710) 4,019 (47,002) Drillisch AG (1,015,008) (17,156) (1,603) UBISOFT Entertainment (15,581) 382 17,949 Duerr AG 1,144,608 153,074 (908) Unibail-Rodamco SE (Reit) (174,835) (627) (13,048) Duerr AG (832,071) 11,385 290 Unibail-Rodamco SE (Reit) 55,840 318 (131,324) E.ON SE (1,856,265) (65,658) 17,197 Valeo SA 1,344,118 232,177 17,798 ElringKlinger AG 545,687 (2,250) (19,871) Valeo SA (1,553,117) (75,768) (41,984) ElringKlinger AG (1,287,229) 103,562 29,520 Vallourec SA 1,236,445 11,204 25,846 Evonik Industries AG 755,479 63,585 (14,789) Vallourec SA (619,437) 34,661 (341,850) Evotec AG (1,381,074) 33,253 (4,559) Valneva SE (18,783) 52 (22,522) Fielmann AG (1,892,749) (78,137) (66,523) Veolia Environnement SA (795,615) 51,707 (69,956) Fraport AG Frankfurt Airport 51,188 Veolia Environnement SA 612,208 3,337 Services Worldwide (3,790,916) (107,290) (8,352) Vicat (457,105) (140) 68,611 Freenet AG 1,433,970 187,759 (14,932) Vilmorin & Cie SA (1,402,264) 2,841 (5,258) Fresenius Medical Care AG & Co KGaA (268,526) 1,583 (10,553) Vinci SA (501,373) (3,886) 20,813 Fresenius Medical Care AG & Co KGaA 1,062,920 59,633 54,737 Vinci SA 2,600,555 248,506 11,123 Fresenius SE & Co KGaA 1,161,241 60,646 (1,312) Virbac SA (189,584) 7,282 (2,474) Fresenius SE & Co KGaA (258,286) (3,689) 26,208 Vivendi SA 490,876 11,275 (15,088) Fuchs Petrolub SE (Pref) (1,043,939) (86,562) (63,301) Vivendi SA (1,185,628) (106,502) 52,511 GAGFAH SA 559,767 49,468 (14,478,752) 1,597,422 (14,772) GEA Group AG (506,827) 1,128 8,239 Gerresheimer AG 410,385 14,811 Germany 2,876 Gerry Weber International AG 88,825 1,292 52,655 Aareal Bank AG 1,424,318 127,189 717 Gesco AG 50,190 (2,015) 33,239 Adidas AG 2,980,541 115,828 (7,905) GFK SE (332,010) 7,093 400,528 ADVA Optical Networking SE 1,556,452 (72,852) 53,873 Grammer AG 2,022,931 151,010 86,110 Aixtron SE 882,628 (79,121) 1,258 GSW Immobilien AG 38,262 (9,930) (24,167) Aixtron SE (247,712) 44,217 1,321 Hamborner REIT AG (Reit) 9,724 173 53,616 Aurubis AG 2,326,934 (206) (20,248) Hamburger Hafen und Logistik AG (373,981) (5,872) (14,552) Axel Springer AG (646,109) 330 18,163 Hannover Rueck SE 1,113,392 6,105 13,053 BASF SE 1,027,271 41,174 (3,505) HeidelbergCement AG (202,379) (2,443) 342 Bayer AG 33,496 720 26,272 HeidelbergCement AG 1,516,945 24,417 1,630 Bayerische Motoren Werke AG 138,322 57 155,748 Heidelberger Druckmaschinen AG 427,217 62,624 (3,938) BayWa AG (149,959) (9,662) 27,764 Henkel AG & Co KGaA (Pref) 2,322,459 179,582 257 Bechtle AG 12,264 (408) (21,681) Hochtief AG (1,410,349) 31,453 36,567 Beiersdorf AG 2,728,264 83,420 (17,787) Hugo Boss AG (1,743,660) (33,889) (6,481) Bertrandt AG (652,313) (49,191) (1,497) Indus Holding AG (41,909) 150 (10,446) Bilfinger SE (878,926) (17,947) (464,573) Infineon Technologies AG (3,475,006) (169,232) 67,227 Borussia Dortmund GmbH & Co KGaA 253,446 11,649 2,376 Jenoptik AG 28,963 (1,169) (3,978) Brenntag AG (520,123) (698) 37,467 Jungheinrich AG (Pref) 1,713,928 139,127 (10,170) CANCOM SE (278,709) 11,017 129 K+S AG 2,681 200 (804) CANCOM SE (Right) (686) (686) 644 KION Group AG 18,386 262 21,635 Cewe Stiftung & Co KGAA 872,972 31,273 18,464 Kloeckner & Co SE 189,625 3,645 (153,017) Commerzbank AG (1,684,717) (135,521) (3,901) Kontron AG (21,998) (956) 14,924 Continental AG 2,287,103 299,800 22,897 Krones AG 1,440,450 4,608 28,992 CTS Eventim AG 1,104,595 117,266 1,898 KUKA AG 65,623 308 (12,085) Daimler AG (737,789) (6,289) (7,272) KWS Saat AG (1,817,636) 170,968 14,976 Delticom AG 520,266 (58,872) 32,219 LANXESS AG 1,576,154 41,747 5,662 Deutsche Annington Immobilien SE 109,192 762 9,526 LEG Immobilien AG 401,854 1,966 9,069 Deutsche Bank AG 323,401 15,225 (43,307) Leoni AG (2,379,720) (222,942) (29,184) Deutsche Bank AG (1,040,701) (13,788) (19,178) Linde AG (2,879,577) (74,502) (1,794) Deutsche Boerse (102,491) (4,037) 110,327 LPKF Laser & Electronics AG 2,045,463 529,892 63 Deutsche Euroshop AG 2,066 59 (12,940) MAN SE (1,155,542) (14,655) (21,162) Deutsche Euroshop AG (694,114) (7,098) 11,582 Merck KGaA 1,476,705 78,969 (21,439) Deutsche Lufthansa AG (343,882) (14,799) (8,821) Merck KGaA (1,124,677) (8,223)

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

Unaudited Interim Report and Accounts 95 BlackRock European Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

Germany continued Italy continued (3,631) Metro AG (134,311) (8,688) (296) Aeroporto di Venezia Marco Polo 10,154 Morphosys AG 571,163 4,026 SpA - SAVE (4,496) (364) (19,672) Morphosys AG (1,106,550) 20,711 (41,319) Amplifon SpA (163,623) (5,704) (7,763) MTU Aero Engines AG (537,044) 5,761 183,042 Ansaldo STS SpA 1,461,590 49,089 305 Muenchener Rueckversicherungs AG 49,151 2,216 (148,216) Assicurazioni Generali SpA (2,516,708) (70,950) (5,531) Muenchener Rueckversicherungs AG (891,321) (37,450) (119,665) Astaldi SpA (940,567) (172,470) (4) Nemetschek AG (200) 6 (220) ASTM SpA (2,519) (11) 23,528 Nordex SE 250,809 2,092 (54,134) Atlantia SpA (899,166) (78,496) (4,991) Pfeiffer Vacuum Technology AG (457,525) (5,304) (82,776) Azimut Holding SpA (1,565,294) (138,106) (21,242) PNE Wind AG (59,966) 3,664 (430,565) Banca Carige SpA (210,546) (710) (8,816) Porsche Automobil Holding SE (Pref) (660,759) (34,933) 30,907 Banca Generali SpA 646,574 61,632 87,115 ProSiebenSat.1 Media AG 2,878,280 (43,565) 1,542 Banca Piccolo Credito (7,984) Puma SE (1,865,062) (88,064) Valtellinese Scarl 2,247 241 (59,941) QIAGEN NV (1,034,582) 21,453 32,470 Banca Popolare dell'Emilia 77,359 QSC AG 309,591 134,602 Romagna SC 231,836 35,994 60,085 Rheinmetall AG 2,728,460 131,103 704,933 Banca Popolare di Milano Scarl 310,875 12,539 (6,188) Rheinmetall AG (280,997) (10,791) 249,393 Banco Popolare SC 350,397 70,074 (72,341) RWE AG (2,043,995) (45,326) (164,394) Beni Stabili SpA (Reit) (82,033) 1,573 (1,532) Salzgitter AG (49,361) 459 57,974 Brembo SpA 1,117,739 3,840 38 SAP AG 2,318 43 (54,779) Brunello Cucinelli SpA (1,416,585) (486,774) (395) Sartorius AG (Pref) (32,350) 261 (54,093) Buzzi Unicem SpA (688,604) (18,813) 1 SGL Carbon SE 30 3 1,566 Cairo Communication 7,963 153 (19,274) Siemens AG (1,877,866) (161,323) 148,644 CNH Industrial NV 1,258,272 (34,456) 54,434 Sixt SE 1,261,236 155,654 (152) Credito Emiliano SpA (863) (390) 89,291 Sky Deutschland AG 672,986 12,357 (49,744) Danieli & C Officine Meccaniche SpA (1,160,527) (80,556) (394) SMA Solar Technology AG (11,629) (105) (49,416) De'Longhi SpA (637,466) (37,778) 5,793 Software AG 163,536 11,670 (380) Ei Towers SpA (12,802) (243) (25,919) Software AG (731,693) (49,635) (304,761) Enel Green Power SpA (553,446) (18,479) 2,233 Stada Arzneimittel AG 85,401 2,161 (2,168) Engineering SpA (86,720) (21,443) (22,068) Stada Arzneimittel AG (843,991) 16,762 (42,321) Eni SpA (755,007) (4,145) (41,080) STRATEC Biomedical AG (1,318,668) (52,456) (52,909) ERG SpA (517,715) (36,478) 2,182 Stroeer Media AG 30,253 4,439 284,236 Fiat SpA 1,668,465 (5,101) 29,750 Suedzucker AG 549,929 (95,680) 590 Finmeccanica SpA 3,186 577 (29,462) Suss Microtec AG (198,868) (12,554) (425,694) Geox SpA (1,080,411) (225,843) 76,923 Symrise AG 2,507,690 52,219 93,802 Gtech SpA 2,131,181 127,387 37,127 TAG Immobilien AG 316,916 (4,854) (6) Hera SpA (10) (2) 30,843 Takkt AG 437,816 (18,992) 22,719 Industria Macchine Automatiche SpA 605,234 65,611 16,341 Talanx AG 401,989 (2,862) (197) Interpump Group SpA (1,652) (470) 356,476 Telefonica Deutschland Holding AG 2,140,638 62,895 538,783 Iren SpA 606,131 112,877 (2,263) ThyssenKrupp AG (43,766) (79) (7,929) Italcementi SpA (50,468) (1,812) 21,032 Tipp24 SE 1,072,422 62,574 (6,023) Luxottica Group SpA (234,897) 4,707 (31,450) Tom Tailor Holding AG (570,817) (17,769) (17,121) Maire Tecnimont SpA (28,352) (2,706) 87,881 TUI AG 942,084 91,010 (23,192) MARR SpA (273,434) (6,470) 51,523 United Internet AG 1,526,369 67,141 (6) Mediaset SpA (20) – (828) Volkswagen AG (Pref) (161,212) (16,633) 16,602 Mediobanca SpA 105,257 19,673 2,218 Volkswagen AG (Pref) 431,845 (1,168) 1,607 Milano Assicurazioni SPA 1,053 167 (7,348) Vossloh AG (517,667) 15,995 (56,244) Molecular Medicine SPA (43,702) (366) (14,240) Wacker Chemie (1,116,986) (58,812) 174,365 Parmalat SpA 429,635 (2,257) 24,058 Wincor Nixdorf AG 1,212,764 28,136 (15,362) Piaggio & C SpA (36,807) (2,888) 25,545 Wirecard AG 702,615 11,218 58,461 Prysmian SpA 1,125,959 62,869 8,997,056 2,213,322 141,408 Recordati SpA 1,467,815 144,702 (50,925) Safilo Group SpA (922,761) (90,116) Ireland 42,686 Salvatore Ferragamo SpA 1,248,139 162,892 (519,485) Bank of Ireland (150,027) (11,580) (314,041) Saras SpA (282,637) (4,273) (138,735) C&C Group Plc (614,735) 15,271 (502,613) Snam SpA (1,991,353) (110,794) (45,930) Glanbia Plc (493,518) (52,414) 8,532 Societa Cattolica di Assicurazioni SCRL 166,033 20,912 1,429 Glanbia Plc 15,355 252 (122,053) Societa Iniziative Autostradali (51,039) Irish Continental Group Plc (1,247,904) (138,187) e Servizi SpA (901,361) (34,119) (21,798) Kerry Group Plc 'A' (1,027,231) (7,338) 32,259 Sorin SpA 67,292 4,032 (10,276) Paddy Power Plc (581,827) 45,837 (410,884) Telecom Italia SpA (293,987) (33,028) 92,597 Ryanair Holdings Plc 570,397 (8,852) (165,408) Tenaris SA (2,749,081) 78,977 58,239 Smurfit Kappa Group Plc 1,020,930 (726) (8,179) Tod's SpA (1,027,282) (69,522) 16,499 Trevi Finanziaria Industriale SpA 106,666 3,812 (2,508,560) (157,737) 194,888 UniCredit SpA 1,057,267 138,955 (47,241) World Duty Free SpA (407,217) 4,622 Italy 50,994 World Duty Free SpA 439,568 (978) 3,931 A2A SpA 3,318 480 14,391 ACEA SpA 116,063 11,862 (5,804,364) (596,862)

96 BlackRock Strategic Funds (BSF) BlackRock European Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

Netherlands Norway continued 95 Aalberts Industries NV 2,158 287 843,010 Dolphin Group AS 554,088 120 (24,787) Aalberts Industries NV (563,161) (35,192) (539,722) Electromagnetic GeoServices (505,154) (22,762) (381,655) Aegon NV (2,511,672) (185,048) 122,231 Fred Olsen Energy ASA 3,566,704 (258,987) 429,160 Aegon NV 2,824,302 380,410 11,401 Gjensidige Forsikring ASA 152,342 (1,090) 10,241 Akzo Nobel NV 567,454 26,790 (15,817) Gjensidige Forsikring ASA (211,349) (16,466) 3 AMG Advanced Metallurgical Group NV 23 2 1,261,646 Kongsberg Automotive Holding ASA 774,570 30,638 (79,165) APERAM (1,080,602) (48,848) (803,494) Kvaerner ASA (1,083,313) (89,582) (6,067) Arcadis NV (152,312) (900) 834 Leroy Seafood Group ASA 18,373 866 (38,971) ArcelorMittal (497,465) (8,916) 445,909 Marine Harvest ASA 381,653 16,466 129,216 ArcelorMittal 1,649,442 325,856 (3,139,583) Marine Harvest ASA (2,687,167) (60,384) 40,157 ASM International NV 1,004,728 28,263 (829,055) Norsk Hydro ASA (2,622,780) (35,785) 7,128 ASML Holding NV 492,260 (7,715) 2,531 Norwegian Air Shuttle AS 70,077 3,765 1,177 BE Semiconductor Industries NV 9,545 81 24,353 Odfjell Drilling Ltd 121,075 (2,335) (198) BinckBank NV (1,499) 7 (88,223) Opera Software ASA (801,829) (45,136) (10,670) Brunel International NV (480,150) (8,131) 145,846 Orkla ASA 835,357 30,139 (154,723) Coribon NV (2,455,454) 112,220 (37,118) Orkla ASA (212,599) 1,527 24,825 Coribon NV 393,973 (13,847) 379,506 Petroleum Geo-Services ASA 3,357,833 (5,571) (4,648) Corio NV (Reit) (148,899) 641 2,265 Polarcus Ltd 1,219 63 (118,916) Delta Lloyd NV (2,127,407) (119,850) 208,215 ProSafe SE 1,152,482 (53,808) 4,081 Eurocommercial Properties NV (Reit) 121,757 (4,393) (35,053) Royal Caribbean Cruises Ltd (1,146,906) (97,120) (67,086) Fugro NV (3,010,820) 50,381 14,546 Salmar ASA 132,204 9,973 10,270 Gemalto NV 855,902 23,476 (30,292) Schibsted ASA (1,442,571) (12,237) (13,627) Gemalto NV (1,135,674) 954 (65,445) Seadrill Ltd (2,064,101) 61,752 (194,936) Heijmans NV (2,102,385) (182,283) 33,053 Seadrill Ltd 1,042,474 (1,516) (65,012) Heineken NV (3,246,374) 44,550 (561,740) Songa Offshore (215,038) 146,740 96,429 ING Groep NV 925,622 62,016 59,732 SpareBank 1 SMN 390,085 38,189 341,437 Koninklijke Ahold NV 4,573,549 133,515 73,237 SpareBank 1 SR Bank ASA 493,710 51,779 82,897 Koninklijke BAM Groep NV 291,300 (15,459) 189,015 Statoil ASA 3,158,194 28,007 (93,773) Koninklijke BAM Groep NV (329,518) 40,588 55,404 Storebrand ASA 252,108 11,269 (24,228) Koninklijke Boskalis Westminster NV (893,892) (7,941) (243,344) Storebrand ASA (1,107,301) 17,133 4,006 Koninklijke DSM NV 231,467 (781) 144,858 Subsea 7 SA 2,075,117 (100,472) (26,820) Koninklijke DSM NV (1,549,660) (25,109) 149,279 Telenor ASA 2,664,974 68,693 87,198 Koninklijke Ten Cate NV 2,058,309 142,590 61,793 TGS Nopec Geophysical Co ASA 1,199,849 88,695 (58,843) Koninklijke Vopak NV (2,585,561) (37,389) 80,015 Yara International ASA 2,574,681 80,513 (17,367) Koninklijke Wessanen NV (48,975) (411) (37,733) Yara International ASA (1,214,153) (9,966) (131,766) Nieuwe Steen Investments NV (Reit) (611,262) 44,817 6,730,898 (388,548) 30,903 Nutreco NV 1,089,331 (11,324) (90) Nutreco NV (3,173) 77 Portugal (315,527) PostNL NV (1,362,761) (241,155) 112,318 Altri SGPS SA 282,704 31,279 37,791 Randstad Holding NV 1,740,087 (4,651) (495,783) Banco BPI SA (589,486) (63,085) (86,440) Reed Elsevier NV (1,363,159) (54,070) (1,902,135) Banco Comercial Portugues SA 'R' (243,473) (3,405) 75,642 Royal Imtech NV 151,965 (3,947) 420,875 Banco Espirito Santo SA 432,239 14,419 133,329 SBM Offshore NV 1,969,269 (45,351) 25,149 EDP - Energias de Portugal SA 70,040 819 (12,414) TKH Group NV (312,833) (32,871) 221,773 EDP Renovaveis SA 878,221 (5,981) 346,845 TNT Express NV 2,327,677 (10,305) (2,517) EDP Renovaveis SA (9,967) 184 2,712 TomTom NV 15,195 138 (133,210) Galp Energia SGPS SA (1,631,823) (28,901) (15,436) TomTom NV (86,488) 834 (24,013) Jeronimo Martins SGPS SA (365,118) (9,118) (204,782) USG People NV (2,015,055) (118,713) 72,322 Portucel SA 208,287 559 (3,851) Wereldhave NV (Reit) (216,426) (9,831) 951,860 Sonae 1,048,950 18,085 (53,347) Wolters Kluwer NV (1,110,685) (61,188) 788,956 Sonaecom - SGPS SA 1,992,114 220,570 63,359 Ziggo NV 1,995,175 28,229 (1,817) ZON Optimus SGPS SA (9,657) (55) (6,712,832) 151,103 2,063,031 175,370

Norway Spain (223,030) Aker Solutions ASA (2,931,831) (420,558) 872,357 Abengoa SA 'B' 1,701,969 145,315 735 Algeta ASA 31,118 10,241 59,986 Abertis Infraestructuras SA 937,281 1,325 (48,974) Archer Ltd (28,004) (4,267) (12,063) Abertis Infraestructuras SA (188,484) (4,788) 223,814 Atea ASA 1,603,088 (69,529) 2,274 Acciona SA 103,285 (257) 5,098 Awilco Drilling Plc 81,621 (114) (6,659) Acciona SA (302,452) 9,785 553,779 Borregaard ASA 1,779,921 31,360 63,274 ACS Actividades de Construccion 586,768 BW Offshore Ltd 559,429 26,617 y Servicios SA 1,510,983 11,027 (132,822) Cermaq ASA (1,614,896) 89,043 (136,475) Almirall SA (1,562,639) (152,587) (53,058) Det Norske Oljeselskap ASA (545,778) 1,514 131,131 Amadeus IT Holding SA 'A' 3,642,819 191,433 (32,284) DNB ASA (424,777) (5,734) (96,436) Atresmedia Corp (1,089,727) (675,814) 473,754 DNO International ASA 1,291,167 342,165 (22,721) Banco Bilbao Vizcaya Argentaria SA (202,399) (10,951) (999,880) DNO International ASA (2,725,068) (262,396) 65,725 Banco de Sabadell SA 125,863 9,938

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

Unaudited Interim Report and Accounts 97 BlackRock European Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

Spain continued Sweden continued (137,461) Banco de Sabadell SA (263,238) (12,784) (52,105) Clas Ohlson AB 'B' (604,352) (30,629) 13,811 Banco Popular Espanol SA 60,299 5,483 27,090 Concentric AB 208,459 (3,327) (216,943) Banco Popular Espanol SA (947,173) (52,189) 58,220 Electrolux AB 'B' 1,047,745 (2,205) (132,598) Banco Santander SA (873,821) (27,112) 207,351 Elekta AB 'B' 2,294,951 16,273 (3,317) Bankinter SA (15,557) (743) (95,190) Elekta AB 'B' (1,053,558) 52,130 99,816 Bankinter SA 468,137 42,740 2,626 Fabege AB 22,228 517 13,350 CaixaBank SA (Right) 721 721 (746) Getinge AB 'B' (17,180) 42 246,792 Distribuidora Internacional 40,364 Haldex AB 267,527 12,434 de Alimentacion SA 1,674,484 58,194 27,873 Hennes & Mauritz AB 'B' 873,279 17,777 (257,623) Duro Felguera SA (1,221,133) (9,066) (48,474) Hennes & Mauritz AB 'B' (1,518,722) (22,189) 453 Ebro Foods SA 7,749 340 (97,480) Hexagon AB 'B' (2,222,964) (42,315) 538,267 Ence Energia y Celulosa SA 1,612,110 213,099 (32,127) Holmen AB 'B' (827,552) (31,946) (18,048) Faes Farma (50,354) (1,191) 68,793 Hufvudstaden AB 'A' 659,968 26,034 47,354 Ferrovial SA 661,772 9,714 (306,812) Husqvarna AB 'B' (1,359,002) 12,569 4,798 Fomento de Construcciones (60,581) ICA Gruppen AB (1,353,605) (8,491) y Contratas SA 75,017 (5,588) 15,310 ICA Gruppen AB 342,082 1,804 165,701 Gamesa Corp Tecnologica SA 1,204,646 40,506 732 Indutrade AB 21,668 1,280 (49,540) Gas Natural SDG SA (909,554) (39,390) 102,554 Intrum Justitia AB 1,964,255 (5,117) 2,484 Grifols SA 83,798 5,886 5,059 JM AB 105,706 1,259 (76) Grifols SA (2,564) (90) 330,013 Kungsleden AB 1,686,799 39,357 51,367 Grupo Catalana Occidente SA 1,309,345 114,198 (83,179) Lindab International AB (555,970) 4,210 95,641 Iberdrola SA 450,947 40,169 44,694 Loomis AB 'B' 783,240 26,118 (420,277) Iberdrola SA (1,981,606) (55,361) (52,420) Lundin Petroleum AB (806,749) 859 11,148 Inditex SA 1,311,562 38,837 21,364 Meda AB 'A' 194,516 9,175 (128,594) Indra Sistemas SA (1,447,325) 32,871 (393) Medivir 'B' (4,382) (569) 232,468 Jazztel Plc 1,805,114 (26,090) (88,188) Mekonomen AB (2,040,786) 40,445 64,646 Let's GOWEX SA 801,611 230,002 10,830 Millicom International (219,373) Mapfre SA (648,686) (29,097) Cellular SA SDR 717,796 (4,086) 61,022 Mediaset Espana Comunicacion SA 527,657 (924) (39,188) Millicom International (471) Mediaset Espana Comunicacion SA (4,073) (4) Cellular SA SDR (2,597,323) (51,291) (69) Melia Hotels International SA (607) (257) (7,626) Modern Times Group AB 'B' (286,644) (1,791) (116,885) NH Hoteles SA (474,553) (14,611) 28,469 Modern Times Group AB 'B' 1,070,087 759 256,214 Nyesa Valores Corp 43,556 (19,197) (107,712) NCC AB 'B' (2,482,918) (161,079) 31,362 Obrascon Huarte Lain SA 920,161 25,000 117,040 Net Entertainment NE AB 'B' 1,702,648 111,274 (22,657) Obrascon Huarte Lain SA (664,756) (4,984) (19,197) Nibe Industrier AB 'B' (323,479) (30,838) (234,756) Prosegur Cia de Seguridad SA (1,101,006) (67,503) 1,696 Nobia AB 10,860 (457) (3,531) Realia Business SA (3,072) (71) 46,967 Nolato AB 'B' 738,655 30,985 189 Repsol SA 3,652 154 118,631 Nordea Bank AB 1,121,433 40,591 5,919 Sacyr SA 23,309 1,649 (10,138) Nordea Bank AB (95,836) 394 (120,399) Sacyr SA (474,131) (25,963) (8,868) Opus Group AB (12,154) (414) (55,348) Tecnicas Reunidas SA (2,208,939) (25,393) (8,868) Opus Group AB (12,154) (12,154) 652 Tecnicas Reunidas SA 26,021 412 (161) Oriflame Cosmetics SA (3,717) 1 1,972 Telefonica SA 23,999 (1,776) (144,674) Peab AB (643,748) (8,289) (107,829) Telefonica SA (1,312,279) 42,905 9,466 Saab AB 'B' 143,662 5,850 (2,701) Viscofan SA (108,513) (2,155) 2,734 Sandvik AB 28,164 117 (82,052) Zardoya Otis SA (1,040,419) (179,483) 21 SAS AB 44 3 (9,598) Zeltia SA (23,563) (96) (79,084) Scania AB 'B' (1,162,918) 52,103 1,995,244 (173,812) 141,990 Scania AB 'B' 2,087,941 17,943 (61,276) Seamless Distribution AB (302,875) (10,051) Sweden 40,642 Securitas AB 'B' 309,775 (3,638) 42,463 AarhusKarlshamn AB 1,919,983 30,274 323,094 Skandinaviska Enskilda (22,438) Active Biotech AB (186,525) (10,962) Banken AB 'A' 2,910,879 87,726 (99,385) Alfa Laval AB (1,740,555) (22,317) (73,932) Skanska AB 'B' (1,043,971) (5,304) (77,845) Alliance Oil Co Ltd SDR (518,131) 1,312 140,868 Skanska AB 'B' 1,989,154 27,692 (113) Arcam AB (10,879) (889) (72,281) SKF AB 'B' (1,455,067) (47,572) (4,263) Assa Abloy AB 'B' (158,944) (16,901) (314,879) SSAB AB 'A' (1,670,992) (72,291) 15,214 Assa Abloy AB 'B' 567,246 (1,354) (19,222) Svenska Cellulosa AB SCA 'B' (414,376) (8,809) (138,803) Atlas Copco AB 'A' (2,845,657) (26,354) 31,599 Svenska Cellulosa AB SCA 'B' 681,191 16,997 (53,683) Avanza Bank Holding AB (1,317,677) (21,091) (13,398) Svenska Handelsbanken AB 'A' (459,954) (3,964) 20,834 Betsson AB 466,913 (17,553) 106,960 Swedbank AB 'A' 2,022,210 2,699 117,535 Bilia AB 'A' 2,086,148 89,743 52,345 Swedish Match AB 1,206,628 (46,168) 10,039 BillerudKorsnas AB 89,148 1,571 309,799 Telefonaktiebolaget LM Ericsson 'B' 2,852,002 62,749 (107,521) BillerudKorsnas AB (954,808) (36,182) (16,863) TeliaSonera AB (100,305) 1,776 (70,200) Boliden AB (756,269) (17,635) 23,051 Trelleborg AB 'B' 332,747 13,525 230,215 Castellum AB 2,565,465 64,222 (22,176) Unibet Group Plc (783,474) (20,270) (151,759) CDON Group AB (501,213) 137,072 (302,806) Volvo AB 'B' (2,950,902) 184,444

98 BlackRock Strategic Funds (BSF) BlackRock European Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

Sweden continued Switzerland continued 79,608 Wallenstam AB 'B' 827,664 26,322 (9,766) Panalpina Welttransport Holding AG (1,192,026) (133,418) 90,009 Wihlborgs Fastigheter AB 1,155,215 53,191 474 Partners Group Holding AG 87,227 1,360 1,917,794 517,126 7 PSP Swiss Property AG 440 (12) (11,775) Rieter Holding AG (2,012,714) (230,763) Switzerland 14,681 Roche Holding AG 3,010,850 555 (48) ABB Ltd (905) (1) 5,402 Schindler Holding AG 550,859 (243) 40,299 Actelion Ltd 2,497,110 278,622 (531) Schindler Holding AG (54,148) (536) 63 Adecco SA 3,596 61 74,294 Schmolz + Bickenbach AG 71,289 (30,954) 2,982 Allreal Holding AG 301,659 (3,573) (1,654) SGS SA (2,749,191) 144,508 (57) ams AG (4,473) 57 8,583 Siegfried Holding AG 1,105,561 60,331 256 ams AG 20,089 (87) 112 Sika AG 272,228 32,150 22,149 Ascom Holding AG 262,963 14,393 (435) Sika AG (1,057,313) (20,870) 16,929 Autoneum Holding AG 1,906,644 257,609 (15,644) Sonova Holding AG (1,610,534) (154,984) 5,175 Baloise Holding AG 451,542 18,616 (99) St Galler Kantonalbank AG (28,177) 663 2,210 Banque Cantonale Vaudoise 870,712 6,201 56 Straumann Holding AG 7,696 68 (2,488) Banque Cantonale Vaudoise (980,240) 13,122 (283) Straumann Holding AG (38,892) (345) 234 Barry Callebaut AG 196,374 4,302 (11,493) Sulzer (1,324,316) (36,788) (1,618) Barry Callebaut AG (1,357,834) (59,717) (3,852) Swatch Group AG/The (1,866,900) (26,167) (1,626) Basilea Pharmaceutica (140,025) (30,722) (2,564) Swiss Life Holding AG (391,563) 6,430 (3,084) Burckhardt Compression Holding AG (943,581) (29,463) 7,943 Swiss Life Holding AG 1,213,022 56,288 (3,253) Cembra Money Bank (149,591) (2,170) 32,390 Swiss Re AG 2,124,241 3,926 18,304 Cie Financiere Richemont SA 1,374,584 6,051 5,062 Swisscom AG 1,903,805 (14,641) 38,026 Clariant AG 492,280 3,791 (338) Swissquote Group Holding SA (10,623) (536) (5,668) Cosmo Pharmaceuticals SpA (347,989) 5,240 2,482 Syngenta AG 718,926 3,222 54,700 Credit Suisse Group AG 1,203,659 15,143 (26,575) Tecan Group AG (2,134,022) (70,618) (73,105) Credit Suisse Group AG (1,608,657) 55,059 14,359 Temenos Group AG 280,820 5,501 (1,675) Daetwyler Holding (162,905) 2,839 (3,865) Temenos Group AG (75,588) (1,082) 4,420 DKSH Holding AG 260,585 (5,838) 68,828 Transocean Ltd 2,556,140 114,196 (21,270) Dufry AG (2,654,999) (263,774) (47,424) Transocean Ltd (1,761,236) 124,882 (2,035) EFG International AG (19,444) 264 28,883 U-Blox AG 2,057,476 154,510 (1,272) Flughafen Zuerich AG (537,872) (2,418) (32,031) UBS AG (452,177) (14,741) 2,104 Flughafen Zuerich AG 889,688 54,738 5,029 Valiant Holding 331,454 (16,630) (606) Galenica AG (442,278) (59,115) (3,936) Valora Holding AG (713,434) (56,652) 21,152 GAM Holding AG 286,388 151 15,976 Vontobel Holding AG 435,212 (13,602) (33,998) Gategroup Holding AG (680,107) (40,088) (13,784) Zehnder Group AG (483,665) (31,945) 73 Geberit AG 15,826 (109) 1,358 Zurich Insurance Group AG 279,389 171 (381) Geberit AG (82,599) 953 9,436,654 555,844 5,288 Georg Fischer AG 2,698,321 72,130 (1,958) Georg Fischer AG (999,114) (65,065) United Kingdom 1 Helvetia Holding AG 345 19 (44,019) A.G.BARR Plc (291,759) (11,105) (1,168) Helvetia Holding AG (402,952) (21,991) (52,864) Abcam Plc (299,122) 7,413 (34,871) Holcim Ltd (1,871,530) 32,479 62,761 Aberdeen Asset Management Plc 371,211 24,370 1,441 Holcim Ltd 77,339 1,088 (118,635) Aberdeen Asset Management Plc (701,688) (126,491) 36,866 Implenia AG 1,855,689 (33,133) (78,340) Advanced Computer Software 1,967 Inficon Holding AG 514,249 48,061 Group Plc (88,655) (2,745) (2,618) Julius Baer Group Ltd (90,479) (1,780) (626,075) Afren Plc (1,227,579) (51,153) 6 Julius Baer Group Ltd 207 1 (73,398) Aggreko Plc (1,410,953) (18,042) 58,497 Kardex AG 1,921,779 (7,063) (4,399) Al Noor Hospitals Group Plc (46,586) (1,802) 13,419 Komax Holding AG 1,496,050 182,137 (215,386) Alent Plc (875,620) 39,511 114,684 Kudelski SA 1,282,313 50,645 98,286 AMEC Plc 1,339,443 54,986 1,349 Kuehne + Nagel International AG 129,225 5,959 (179,328) AMEC Plc (2,443,885) (98,939) (29,683) Kuehne + Nagel International AG (2,843,423) (59,428) (932,572) Amerisur Resources Plc (549,101) (22,118) 6,423 Kuoni Reisen Holding AG 'B' 2,078,784 103,157 (220,586) Amlin Plc (1,193,455) (16,796) (89) Lindt & Spruengli AG (284,065) (1,095) (38,820) Anglo American Plc (633,682) 59,387 46,418 Logitech International SA 390,675 42,868 32,216 Anite Plc 34,113 (1,234) (53,716) Logitech International SA (452,098) (29,761) (2,857) Antofagasta Plc (27,375) (793) 2,282 Lonza Group AG 156,713 (1,980) (5,185) APR Energy Plc (63,253) 2,293 (1,476) Lonza Group AG (101,362) 2,387 (221,223) Aquarius Platinum Ltd (119,531) (8,368) (966) Luzerner Kantonalbank AG (280,436) 1,444 (75,437) ARM Holdings Plc (924,345) (33,115) 36,855 Meyer Burger Technology AG 314,684 (2,603) 239,115 Ashtead Group Plc 2,005,442 129,379 439 Mobimo Holding AG 67,899 (138) (115,258) Ashtead Group Plc (966,661) (112,244) 4,628 Nestle SA 248,009 1,235 25,025 ASOS Plc 1,742,014 76,467 66,080 Nobel Biocare Holding AG 711,991 (38,612) (75,340) Associated British Foods Plc (2,080,608) (377,122) 2,198 Novartis AG 127,797 731 (31,279) AstraZeneca Plc (1,312,050) (21,361) 254,338 OC Oerlikon Corp AG 2,719,728 180,781 (2,182) Avanti Communications Group Plc (6,026) (262)

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

Unaudited Interim Report and Accounts 99 BlackRock European Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

United Kingdom continued United Kingdom continued (19,834) Aveva Group Plc (535,443) 4,464 (155,389) De La Rue Plc (1,682,921) 72,949 32,482 Aveva Group Plc 876,891 (125,736) 79,874 Debenhams Plc 93,556 812 32,707 Aviva Plc 169,889 413 61,667 Derwent London Plc (Reit) 1,798,528 (21,283) (1,211) AZ Electronic Materials SA (3,997) (75) (2,151) Devro Plc (7,593) 193 202,313 Babcock International Group Plc 3,162,799 176,818 15 Diageo Plc 352 (10) (11,153) BAE Systems Plc (57,985) 2,912 (19,163) Diageo Plc (449,599) 9,088 224,639 BAE Systems Plc 1,167,911 (870) (183,701) Dialight Plc (2,070,610) 337,890 (88,267) Balfour Beatty Plc (285,518) 7,497 (317) Diploma Plc (2,674) (5) 9,198 Barclays Plc 30,128 2,537 (225,455) Direct Line Insurance Group Plc (633,721) (3,383) 14,019 Barratt Developments Plc 55,750 3,044 33,953 Direct Line Insurance Group Plc 95,437 4,283 (50,946) BBA Aviation Plc (199,724) 4,705 118,938 Dixons Retail Plc 73,894 6,776 11,992 Beazley Plc 35,695 5,481 (137,059) Domino Printing Sciences Plc (1,150,328) (72,294) 139,763 Bellway Plc 2,409,814 174,353 (407) Domino's Pizza Group Plc (2,661) 142 132,062 Berendsen Plc 1,458,823 558,181 164,478 Domino's Pizza Group Plc 1,075,332 (56,773) 27,473 Berkeley Group Holdings Plc 776,844 66,828 56,852 Dragon Oil Plc 389,097 (2,749) 78,712 Betfair Group Plc 974,398 15,681 108,852 Drax Group Plc 907,707 23,643 (38,500) BG Group Plc (578,533) (23,016) (117,644) Drax Group Plc (981,022) (6,463) (240) BHP Billiton Plc (5,392) 172 24,438 DS Smith Plc 90,259 2,292 22,816 Big Yellow Group Plc (Reit) 131,456 2,600 (2,959) Dunelm Group Plc (31,976) (760) 39,705 Blinkx Plc 96,540 958 (95,496) easyJet Plc (1,633,943) (62,454) (723) Blinkx Plc (1,758) 219 36,190 easyJet Plc 619,213 66,389 172,817 Bodycote Plc 1,255,390 (54,626) (494,087) Electrocomponents Plc (1,744,165) (92,728) (165,696) Booker Group Plc (329,266) (27,790) 13,706 Electrocomponents Plc 48,383 258 (57) Bovis Homes Group Plc (532) (19) 9,327 Elementis Plc 29,117 1,007 (205,500) BowLeven Plc (98,698) (1,234) (11,166) Elementis Plc (34,858) (154) (342,095) BP Plc (1,983,128) 9,274 (250,146) Enterprise Inns Plc (417,189) 4,279 (352,711) Brammer Plc (1,904,702) (40,549) (720,941) Entertainment One Ltd (2,095,711) (174,422) 39,638 Brewin Dolphin Holdings Plc 130,406 17,370 (255,165) Essar Energy Plc (250,924) 111,918 77,043 British Land Co Plc (Reit) 567,455 1,855 11,454 Essentra Plc 112,842 9,369 275,844 British Sky Broadcasting Group Plc 2,722,527 (121,073) (84,958) Essentra Plc (836,989) (22,961) 228,845 Britvic Plc 1,865,727 242,868 785,759 Evraz Plc 1,008,565 (131,234) (84,809) BTG Plc (567,716) (115,999) 67,917 Experian Plc 926,390 (15,437) (12,013) Bunzl Plc (202,226) (1,742) (122,878) F&C Asset Management Plc (138,387) 1,811 163,277 Burberry Group Plc 3,010,803 (62,868) (132,129) Fenner Plc (706,936) 6,503 (666,158) Bwin.Party Digital Entertainment Plc (1,018,222) (37,744) 178,788 Fenner Plc 956,578 25,055 (2,681,666) Cable & Wireless Communications Plc (1,533,957) (52,988) 473,096 Ferrexpo Plc 1,029,306 17,492 (58,625) Cairn Energy Plc (194,421) (6,267) 1,050 Fidessa Group Plc 26,816 1,752 3,543 Cape Plc 11,805 425 534,399 Firstgroup Plc 734,697 (17,716) (148,805) Capita Plc (1,783,138) (30,229) 41,526 Foxtons Group Plc 141,604 (6,179) 576 Capital & Counties Properties Plc 2,291 (19) (71,849) Foxtons Group Plc (245,006) 24,436 (1,958) Capital & Counties Properties Plc (7,788) (8) 44,793 Fresnillo Plc 451,485 (38,180) (213,602) Carillion Plc (773,524) 26,492 (34,463) Fresnillo Plc (347,365) 45,986 (36,986) Carnival Plc (997,434) (80,509) (923,481) G4S Plc (2,897,372) (66,453) 44,279 Catlin Group Ltd 291,882 14,692 (94,293) Galliford Try Plc (1,235,211) (5,432) (91,700) Catlin Group Ltd (604,475) (26,581) (26,863) Genel Energy Plc (343,834) (8,737) 490,979 Centamin Plc 250,665 (59,570) (168) Genus Plc (2,503) 5 861,880 Centrica Plc 3,506,122 (212,561) 122,172 GKN Plc 554,205 20,351 1,235 Clinigen Healthcare Ltd 8,141 63 (463,328) GKN Plc (2,101,781) (198,259) 72,752 Close Brothers Group Plc 1,181,023 66,931 59,238 GlaxoSmithKline Plc 1,150,642 (9,539) (51,224) Close Brothers Group Plc (831,547) (18,041) 86,629 Go-Ahead Group Plc 1,695,461 (1,969) 65,494 Cobham Plc 208,629 (7,392) (37,184) Grafton Group Plc (277,705) 11,608 (661) Cobham Plc (2,106) 168 39,748 Grainger Plc 95,260 (1,310) (90,571) Coca-Cola HBC AG (1,875,923) 52,520 144,924 Great Portland Estates Plc (Reit) 1,018,836 30,613 680,118 Colt Group SA 1,043,643 69,206 7,791 Greencore Group Plc 17,952 403 (265,075) Compass Group Plc (2,948,839) (219,340) 45,189 Greene King Plc 472,593 32,299 12,198 Computacenter Plc 94,834 12,748 46,436 Greggs Plc 247,519 10,645 (94,757) CRH Plc (1,777,171) (17,117) 98,556 Halfords Group Plc 581,469 18,895 15,714 Croda International Plc 441,132 7,456 (425) Halfords Group Plc (2,507) (45) (44,556) Croda International Plc (1,250,799) 11,331 193,650 Halma Plc 1,376,500 85,649 4,332 CSR Plc 26,059 393 (14,832) Halma Plc (105,429) (330) 68,564 Daily Mail & General Trust Plc 'A' 753,688 60,066 602,410 Hammerson Plc (Reit) 3,719,661 38,818 (82,547) Dairy Crest Group Plc (512,919) (23,150) (63,710) Hargreaves Lansdown Plc (933,264) (149,984) (5,012) Dart Group Plc (13,781) (682) (60,656) Hays Plc (89,872) 698 (1,340,792) Darty Plc (1,403,541) (140,393) (678,444) Henderson Group Plc (1,744,899) (11,520) 33,322 DCC Plc 1,162,689 14,834 (50,222) Heritage Oil Plc (98,141) 7,501

100 BlackRock Strategic Funds (BSF) BlackRock European Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

United Kingdom continued United Kingdom continued 355,014 Highland Gold Mining Ltd 250,432 (186,375) (16) Mitchells & Butlers Plc (79) (4) (105,596) Hikma Pharmaceuticals Plc (1,527,817) 2,820 (129,636) Mitie Group Plc (483,308) (731) (62,502) Hiscox Ltd (510,317) (2,982) 72,010 Mondi Plc 875,869 (51,667) 53,259 Hiscox Ltd 434,849 9,635 253,239 Moneysupermarket.com Group Plc 554,312 19,831 361,545 Home Retail Group Plc 832,622 44,905 (919,772) Monitise Plc (598,406) (34,606) (284,927) Home Retail Group Plc (656,174) (33,687) 288,755 Monitise Plc 187,865 504 (154,259) Homeserve Plc (476,941) (1,681) 116,277 Morgan Sindall Group Plc 1,064,561 (51,240) 863,584 Howden Joinery Group Plc 3,343,001 111,966 (282,727) Mothercare Plc (1,304,418) (54,394) (331,644) HSBC Holdings Plc (2,738,470) (85,705) (158,246) Nanoco Group Plc (277,410) 8,156 139,342 HSBC Holdings Plc 1,150,583 2,472 118,512 National Express Group Plc 373,959 8,317 17,707 Hunting Plc 169,875 (4,329) 96,033 National Grid Plc 896,515 4,008 (217,726) Hunting Plc (2,088,786) 20,526 (292,091) National Grid Plc (2,726,813) (164,782) 33,036 ICAP Plc 164,775 14,913 (140) Next Plc (9,279) (1) (13,242) ICAP Plc (66,048) (7,467) 356,197 Northgate Plc 1,773,836 (35,267) 73,951 IG Group Holdings Plc 518,998 3,216 (137,743) Ocado Group Plc (676,441) (7,134) (220) IGAS Energy Plc (288) 4 781,797 Old Mutual Plc 1,882,111 22,047 66,949 Imagination Technologies Group Plc 198,152 (1,209) (133,431) Ophir Energy Plc (541,515) 33,903 (22,846) Imagination Technologies Group Plc (67,618) 1,930 264,329 Optimal Payments Plc 1,048,946 131,913 (4,432) Imperial Tobacco Group Plc (123,566) 4,693 (19,890) Oxford Instruments Plc (360,380) (15,623) 261,342 Inchcape Plc 1,871,787 (28,116) (304,028) Pace Plc (1,157,057) (119,695) 15,338 Informa Plc 102,856 781 287,441 Pace Plc 1,093,931 138,836 (277,530) Inmarsat Plc (2,332,944) (12,271) 106,670 Paragon Group of Cos Plc 442,898 21,987 (29,671) InterContinental Hotels Group Plc (679,391) (14,535) (241,383) Pearson Plc (3,924,300) (225,060) (105) Intermediate Capital Group Plc (539) 24 942,037 Pendragon Plc 404,372 (25,778) (181,195) International Consolidated 194 Pennon Group Plc 1,513 16 Airlines Group SA (799,323) (63,577) (190,464) Pennon Group Plc (1,485,350) 52,953 232,917 International Consolidated (1,439) Perform Group Plc (7,563) 1,405 Airlines Group SA 1,027,489 4,246 20,657 Persimmon Plc 287,715 (9,245) (91,434) International Personal Finance Plc (655,968) 14,726 (280,369) Petroceltic International Plc (498,229) 13,122 37,241 International Personal Finance Plc 267,175 12,617 39,940 Petrofac Ltd 606,646 43,223 (272,780) Interserve Plc (2,146,951) (191,343) 26,254 Playtech Plc 219,875 749 (104,778) Intertek Group Plc (3,837,133) 238,108 (451) Polymetal International Plc (2,919) 623 (230,909) Intu Properties Plc (Reit) (895,530) (4,385) 52,970 Polymetal International Plc 342,812 (30,060) 16,558 Investec Plc 86,325 2,386 31 Polyus Gold International Ltd 71 (6) (5,301,122) IQE Plc (1,628,636) (123,566) (529,410) Premier Farnell Plc (1,415,628) 13,632 418,009 ITE Group Plc 1,546,122 108,597 (351,281) Premier Foods Plc (513,524) 61,583 (329,285) ITV Plc (753,885) (17,118) 227,066 Premier Oil Plc 846,546 (15,092) 37,930 John Wood Group Plc 360,244 (5,730) (56,096) Primary Health Properties Plc (Reit) (224,965) 1,852 (20,560) Johnson Matthey Plc (787,747) 14,779 (156) Providence Resources Plc (476) 86 (110,935) Jupiter Fund Management Plc (519,881) 8,816 (1,273) Provident Financial Plc (24,487) (98) 60,680 Jupiter Fund Management Plc 284,368 (4,203) 5,761 PZ Cussons Plc 27,337 1,090 (297,472) Kazakhmys Plc (842,222) 2,297 443,315 QinetiQ Group Plc 1,160,395 124,024 (203,228) Kcom Group Plc (241,516) (19,460) (2,973,677) Quindell Portfolio Plc (602,524) (10,313) 113,452 Keller Group Plc 1,437,148 21,796 1,385,567 Quintain Estates & Development Plc 1,559,681 164,646 (203,778) Kenmare Resources Plc (48,999) 12,118 4,934 Randgold Resources Ltd 256,818 (17,576) 54,137 Kentz Corp Ltd 385,791 33,427 (194) Reckitt Benckiser Group Plc (11,461) (86) (34,271) Kentz Corp Ltd (244,222) (10,198) 57,436 Redrow Plc 194,961 14,445 (36,799) Kier Group Plc (785,606) (66,947) 115,956 Regus Plc 276,787 23,390 (5,134) Kingfisher Plc (23,080) 1,240 (19,733) Renishaw Plc (439,278) (11,881) (7,546) Lancashire Holdings Ltd (71,170) 1,218 (1,057,499) Rentokil Initial Plc (1,347,658) 10,023 1,336 Land Securities Group Plc (Reit) 15,328 15,328 3,152 Resolution Ltd 13,008 980 (11,718) Lavendon Group Plc (25,255) (105) (188,877) Resolution Ltd (779,463) 11,583 (906,106) London Mining Plc (1,245,723) (91,582) 158,560 Restaurant Group Plc/The 1,101,372 73,862 (41,332) Majestic Wine Plc (286,848) (12,868) 23,575 Rexam Plc 143,020 4,597 142,866 Man Group Plc 153,031 9,214 77,499 Rightmove Plc 2,381,156 168,170 (74,293) Man Group Plc (79,579) (1,020) (10,307) Rio Tinto Plc (407,036) (6,709) 41,016 Marks & Spencer Group Plc 241,021 (7,432) 30,197 Rio Tinto Plc 1,192,517 26,963 (283,215) Marston's Plc (507,707) 3,832 5,147,014 Rolls Royce Holdings -Rights- 6,180 6,180 (170) McBride Plc – – 27,330 Rolls-Royce Holdings Plc 408,222 27,811 (180,823) Mears Group Plc (970,506) (59,179) (45,306) Rolls-Royce Holdings Plc (676,726) (15,066) (358,387) Meggitt Plc (2,151,158) 210,402 (26,695) Rotork Plc (909,660) 10,575 (249,633) Melrose Industries Plc (883,322) 13,206 80,561 Rotork Plc 2,745,201 66,457 409,395 Melrose Industries Plc 1,448,637 (29,221) (225,679) Royal Bank of Scotland Group Plc (885,544) 4,657 (205,956) Michael Page International Plc (1,173,157) 9,876 (6,020) Royal Dutch Shell Plc 'B' (155,371) (999) 43,904 Micro Focus International Plc 428,580 (9,534) (35,880) RPS Group Plc (133,638) (18,180) (18,473) Millennium & Copthorne Hotels Plc (130,533) (7,431) (2,575) RSA Insurance Group Plc (3,299) (3,299)

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

Unaudited Interim Report and Accounts 101 BlackRock European Diversified Equity Absolute Return Fund continued Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

United Kingdom continued United Kingdom continued 31,274 SABMiller Plc 1,189,237 (16,544) 215,333 Telecity Group Plc 1,817,619 (132,480) (50,951) SABMiller Plc (1,937,482) 30,673 (764,137) Tesco Plc (3,198,420) 102,019 (6,944) Sage Group Plc /The (29,132) (30) 399,544 Thomas Cook Group Plc 846,732 155,595 2,010 Salamander Energy Plc 2,496 23 (1,270) Thomas Cook Group Plc (2,691) (549) 27,060 Schroders Plc 808,704 (28,227) (4,305) Travis Perkins Plc (93,094) 1,244 (116,071) SDL Plc (380,821) 54,353 294,489 Trinity Mirror Plc 639,123 139,596 (504,557) Segro Plc (Reit) (2,034,966) (102,459) (230,036) TT electronics Plc (546,528) (49,809) 463,550 Serco Group Plc 2,541,379 148,754 800,014 TUI Travel Plc 3,549,351 2,289 4,556 Shaftesbury Plc (Reit) 33,844 1,111 (6,612) Tullett Prebon Plc (26,469) (1,795) 115,887 Shire Plc 3,858,526 239,823 5 Tullett Prebon Plc 20 (1) (90,047) SIG Plc (231,917) (3,448) 179,324 Tullow Oil Plc 1,877,551 (145,401) (830,992) Sirius Minerals Plc (70,343) 26,126 (42,189) Tullow Oil Plc (441,726) 51,779 (25,357) Smith & Nephew Plc (248,290) (7,052) (68,743) Tyman Plc (192,723) (8,188) 235,183 Smith & Nephew Plc 2,302,856 123,533 54,391 UBM Plc 445,725 (12,259) (3,888) Smiths Group Plc (64,377) 2,391 (41,067) Ultra Electronics Holdings Plc (910,252) 10,305 476,213 Smiths News Plc 1,252,225 128,520 5,858 Unite Group 27,882 (256) (49,176) Spectris Plc (1,447,216) (67,661) 188,432 United Utilities Group Plc 1,495,523 (30,439) 1,234,159 Speedy Hire Plc 784,602 (62,557) 86,872 Vedanta Resources Plc 928,339 (187,601) (3,947) Spirax-Sarco Engineering Plc (139,522) (710) (367,823) Vesuvius Plc (2,167,606) (156,804) 77,720 Spirax-Sarco Engineering Plc 2,747,309 (28,520) 43,818 Victrex Plc 854,428 24,615 (520,420) Spirent Communications Plc (679,236) 7,346 (10,352) Vodafone Group Plc (28,464) 446 (2,453) Spirit Pub Co Plc (2,121) 164 5,273 Weir Group Plc/The 136,377 (89) (184,044) Sports Direct International Plc (1,638,588) (68,061) (18,690) Weir Group Plc/The (483,384) 34,711 31,037 SSE Plc 496,760 (36,816) (13,273) Whitbread Plc (570,066) (29,744) (180) St James's Place Plc (1,380) (51) 287,820 William Hill Plc 1,326,364 (160) 284,975 St James's Place Plc 2,184,764 21,473 (846,229) WM Morrison Supermarkets Plc (2,696,657) 139,951 (583) Stagecoach Group Plc (2,573) (145) 669,383 WM Morrison Supermarkets Plc 2,133,106 (64,553) 638,141 Stagecoach Group Plc 2,815,859 290,590 28,434 Wolseley Plc 1,133,136 19,018 15,863 Standard Chartered Plc 279,131 2,703 (19,841) Wolseley Plc (790,693) (28,647) (154,565) Standard Chartered Plc (2,719,780) 25,426 717 WS Atkins Plc 11,571 113 297,612 Standard Life Plc 1,259,997 29,777 153,332 Xaar Plc 1,859,478 286,758 (13,435) SuperGroup (195,178) (12,455) 1,080,052 Xchanging Plc 1,974,417 248,322 (259,265) Synthomer Plc (729,067) 12,141 (1,686,969) 788,903 58,441 TalkTalk Telecom Group Plc 190,443 (2,648) 187,362 Tate & Lyle Plc 1,761,490 10,757 Total market value 2,413 Taylor Wimpey Plc 3,091 87 (EUR underlying exposure – EUR 1,012,023,499) 1,736,298 3,896,656 (5,265) Ted Baker Plc (127,193) (14,463)

* Investments which are less than EUR 0.5 have been rounded down to zero. Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)). Barclays Bank, Goldman Sachs and Morgan Stanley are the counterparties to these Contracts for Difference.

Open Forward Foreign Exchange Transactions Sector Breakdown as at 30 November 2013 as at 30 November 2013

Unrealised % of net appreciation/ assets * (depreciation) Financial 77.65 Purchases Sales Value Date EUR Funds 6.95 CHF 177,431 EUR 143,999 13/12/2013 301 Government 3.21 EUR 484 CHF 596 13/12/2013 (1) Other Net Assets 12.19 EUR 437,886 GBP 368,026 13/12/2013 (3,977) 100.00 EUR 967,637 SEK 8,642,641 13/12/2013 (3,045)

GBP 8,114,911 EUR 9,633,751 13/12/2013 109,251 * Based on the market value of the Portfolio of Investments SEK 347,636,942 EUR 38,957,593 13/12/2013 86,535 USD 2,596,891 EUR 1,939,720 13/12/2013 (30,157) Net unrealised appreciation (EUR underlying exposure – EUR 52,254,020) 158,907

Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)). State Street Bank and Trust Company is the counterparty to these Open Forward Foreign Exchange Transactions.

102 BlackRock Strategic Funds (BSF) BlackRock European Opportunities Extension Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % COMMON / PREFERRED STOCKS (SHARES) Norway 16,662 Algeta ASA 705,428 1.25 Belgium 14,558 Anheuser-Busch InBev NV 1,096,508 1.94 705,428 1.25 39,911 KBC Groep NV 1,680,453 2.98 7,502 Kinepolis Group NV 831,972 1.47 Sweden 37,362 Melexis NV 872,029 1.54 29,455 Assa Abloy AB 'B' 1,098,214 1.94 51,854 Hexagon AB 'B' 1,182,495 2.09 4,480,962 7.93 154,028 Nordea Bank AB 1,456,045 2.58 Denmark 3,736,754 6.61 111,504 GN Store Nord A/S 1,964,309 3.48 45,436 Matas A/S 843,673 1.49 Switzerland 10,140 Novo Nordisk A/S 'B' 1,329,538 2.35 30,399 Actelion Ltd 1,883,661 3.33 16,063 Novozymes A/S 'B' 458,702 0.81 11,413 Adecco SA 651,517 1.15 18,919 Pandora A/S 719,838 1.27 3,897 Bossard Holding 'BR' 621,436 1.10 5,905 Royal UNIBREW 602,461 1.07 1,724 Burckhardt Compression Holding AG 527,475 0.93 22,575 Cembra Money Bank AG 1,038,123 1.84 5,918,521 10.47 33,868 Novartis AG 1,969,174 3.49 8,525 Roche Holding AG 1,748,348 3.09 France 18,202 U-Blox AG 1,296,617 2.30 16,607 Alten SA 546,370 0.97 106,176 UBS AG 1,498,872 2.65 11,786 Legrand SA 480,751 0.85 3,703 Unibail-Rodamco SE (traded in France) 11,235,223 19.88 (Reit) 713,013 1.26 597 Unibail-Rodamco SE (traded in United Kingdom Netherlands) (Reit) 114,952 0.20 52,010 Merlin Entertainments Plc'144A' 221,412 0.39 128,555 Restaurant Group Plc 892,954 1.58 1,855,086 3.28 1,114,366 1.97 Germany Total Common / Preferred Stocks (Shares) 47,760,402 84.52 6,857 Bayer AG 671,574 1.19 Total Transferable Securities and Money 8,871 Continental AG 1,359,481 2.41 Market Instruments Admitted to an 7,463 Sartorius AG -Pref- 611,220 1.08 Official Stock Exchange Listing or 31,331 SHW AG 1,322,168 2.34 Dealt in on Another Regulated Market 47,760,402 84,52 4,857 Volkswagen AG 922,587 1.63 4,887,030 8.65 FUNDS Ireland 39,151 Irish Continental Group Plc 957,242 1.70 51,087 Kingspan Group Plc 656,468 1.16 Ireland 5,092,202 Institutional Cash Series Plc - 1,613,710 2.86 Institutional Euro Assets Liquidity Fund 1 5,092,202 9.01 Italy 30,213 Atlantia SpA 501,838 0.89 5,092,202 9.01 68,402 Azimut Holding SpA 1,293,482 2.29 Total Funds 5,092,202 9.01 56,018 Banca Generali SpA 1,171,896 2.07 Securities portfolio at market value 52,852,604 93.53 52,403 Ei Towers SpA 1,765,457 3.13 846,314 Telecom Italia SpA 605,538 1.07 Other Net Assets 3,656,378 6.47 5,338,211 9.45 Total Net Assets (EUR) 56,508,982 100.00 Jersey 14,999 WANdisco Plc 265,098 0.47 265,098 0.47

Netherlands 17,094 ASML Holding NV 1,180,512 2.09 23,014 Beter Bed Holding NV 379,501 0.67 164,553 ING Groep NV - CVA 1,579,544 2.80 41,429 Koninklijke Boskalis Westminster NV 1,528,523 2.70 68,350 Reed Elsevier NV 1,077,879 1.91 27,439 Ziggo NV 864,054 1.53 6,610,013 11.70

1 This fund is managed by BlackRock.

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

Unaudited Interim Report and Accounts 103 BlackRock European Opportunities Extension Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

Belgium Ireland (5,775) Barco NV (323,400) (2,599) 337,368 Ryanair Holdings Plc 2,074,813 115,796 (11,261) Umicore SA (371,500) 2,972 2,074,813 115,796 (694,900) 373 Italy Denmark (890,323) Banca Monte dei Paschi di Siena SpA (166,223) 26,935 (31,609) Bang & Olufsen A/S (202,988) 16,597 (75,755) Fiat SpA (444,682) (14,739) (7,216) FLSmidth & Co A/S 'C' (278,137) (4,256) (115,546) Geox SpA (293,256) (52,421) (12,403) H Lundbeck A/S 'C' (199,541) (3,368) (3,144) Tod's SpA (394,886) (29,255) (13,747) SimCorp A/SSimCorp A/SSimCorp A/S (344,646) (16,904) (1,299,047) (69,480) (1,025,312) (7,931) Netherlands Finland (27,808) BinckBank NV (210,507) (15,830) (25,934) Neste Oil OYJ (365,151) 13,509 (5,050) Fugro NV (226,594) 12,572 (511,713) Outokumpu OYJ (197,009) (1,324) (10,214) Koninklijke Vopak NV (448,292) 4,018 (23,845) Outotec OYJ (179,076) 23,660 (13,642) SNS REAAL NV – 12,414 (23,881) Stockmann OYJ Abp 'B' (270,094) 4,933 (885,393) 13,174 (1,011,330) 40,778 Norway France (14,118) Norwegian Air Shuttle AS (390,380) (6,611) (32,153) Air France KLM 'C' (246,839) (12,155) (9,604) Yara International ASA (308,685) (4,609) (2,708) Air Liquide SA (278,112) (4,447) (699,065) (11,220) 27,839 Cap Gemini SA 1,340,030 61,087 (2,857) Dassault Systemes SA (241,045) 13,802 Spain (8,463) Delticom AG (294,005) 15,684 (51,461) Prosegur Cia de Seguridad SA (241,352) (17,988) (6,555) Nexans SA (217,298) (7,201) (241,352) (17,988) (9,804) Nutreco NV (345,591) 10,947 (89,514) Nyrstar NV (199,616) 20,201 Sweden (4,568) Sodexo (337,118) (9,781) (33,072) Elekta AB (366,039) (1,219) (13,655) Suedzucker AG (252,481) 35,296 (8,512) Vallourec SA (356,780) 2,692 (366,039) (1,219) (26,311) Veolia Environnement SA (314,680) 4,180 39,271 Vinci SA 1,864,784 69,193 Switzerland (511) Kaba Holding AG (168,396) (3,073) 121,249 199,498 (2,561) Sulzer AG (294,683) (2,893) (1,227) Syngenta AG (355,408) 4,037 Germany (20,728) Bauer AG (389,065) (8,643) (818,487) (1,929) (12,429) Carl Zeiss Meditec AG (294,505) 4,143 (11,471) Deutsche Bank AG (408,826) (12,084) United Kingdom (33,644) Distribuidora Internacional de (60,815) Ashmore Group Plc (288,871) (9,859) Alimentacion SA (228,241) (14,106) (51,483) BAE Systems Plc (267,972) 4,123 (10,328) Gerry Weber International AG (318,980) (4,805) 165,826 Barratt Developments Plc 659,447 79,808 65,374 Grifols SA 1,643,502 134,935 205,589 BTG Plc 1,377,434 292,070 (4,770) HeidelbergCement AG (275,229) (5,620) (78,541) Cape Plc (261,696) (8,723) (3,768) Hochtief AG (245,108) (9,706) (67,918) Cobham Plc (216,351) 14,697 1,976 Inditex SA 232,476 17,214 31,590 Compass Group Plc 351,235 26,051 52,437 Jeronimo Martins SGPS SA 797,305 10,391 104,407 Daily Mail & General Trust Plc 1,147,991 143,096 55,522 JUMBO SA 626,843 89,836 (71,761) Dart Group Plc (196,885) (5,579) 4,168 L'Oreal SA 515,790 (3,905) 30,786 Dechra Pharmaceuticals Plc 253,949 13,523 (3,262) MTU Aero Engines AG (225,633) 7,496 121,633 Diploma Plc 1,025,970 82,253 96,099 OPAP SA 939,848 70,109 (23,613) easyJet Plc (404,020) (53,728) 28,014 Rexel SA 524,702 15,396 68,022 Experian Plc 928,230 (47,635) (7,081) Software AG (199,932) (12,197) 70,898 Imperial Tobacco Group Plc 1,977,516 (26,898) (220,305) SOITEC (326,051) 34,523 449,397 ITV Plc 1,028,304 58,867 (11,497) ThromboGenics NV (204,474) 30,189 (103,954) J Sainsbury Plc (508,959) (3,600) (17,261) ThyssenKrupp AG (334,346) (3,275) 21,561 Johnson Matthey Plc 826,100 76,353 (28,175) TNT Express NV (189,195) 1,246 (123,541) Ladbrokes Plc (261,072) 12,271 (129,280) Mcbride Plc (169,198) 6,100 1,640,881 341,137 (1,961,487) McBride Plc (2,355) (2,355)

104 BlackRock Strategic Funds (BSF) BlackRock European Opportunities Extension Fund continued

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description EUR EUR Holding Description EUR EUR

United Kingdom continued United States 352,020 National Express Group Plc 1,110,784 22,717 (78,742) Turkiye Garanti Bankasi AS (219,183) 13 (254,783) New World Resources Plc 'A' (233,264) 9,751 (219,183) 13 (76,052) Partnership Assurance Group Plc (281,984) 55,158 175,998 SIG Plc 453,286 36,833 Total market value 30,181 Spirax-Sarco Engineering Plc 1,066,862 5,386 (EUR underlying exposure – EUR 43,090,615) 8,029,632 1,614,209 210,346 Sports Direct International Plc 1,872,533 170,696 348,705 Vodafone Group Plc 956,670 51,914 (76,450) WM Morrison Supermarkets Plc (243,529) 12,720 (139,725) Wolfson Microelectronics Plc 'C' (247,358) (2,803) 11,452,797 1,013,207

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

Open Forward Foreign Exchange Transactions as at 30 November 2013

Unrealised appreciation/ (depreciation) Purchases Sales Value Date EUR EUR 3,786,410 CHF 4,666,807 13/12/2013 (8,966) EUR 4,179,744 DKK 31,171,152 13/12/2013 112 EUR 253,905 SEK 2,280,567 13/12/2013 (2,232) GBP 12,989,767 EUR 15,479,690 13/12/2013 116,208 NOK 1,146,304 EUR 137,362 13/12/2013 580 Net unrealised appreciation (EUR underlying exposure – EUR 23,964,984) 105,702

Note: The net unrealised appreciation attributed to these transactions is included in the Statements of Net Assets (see note 2(d)). State Street Bank London is the counterparty to these Open Forward Foreign Exchange Transactions.

Sector Breakdown as at 30 November 2013

% of net assets* Consumer, Non-cyclical 19.75 Financial 18.67 Industrial 13.55 Communications 13.42 Consumer, Cyclical 13.25 Funds 9.01 Technology 5.07 Basic Materials 0.81 Other Net Assets 6.47 100.00

* Based on the market value of the Portfolio of Investments

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

Unaudited Interim Report and Accounts 105 BlackRock Fixed Income Strategies Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % BONDS France continued EUR 400,000 Imerys SA 2.50% 26/11/2020 400,764 0.22 Australia EUR 450,000 Kering 8.625% 3/4/2014 462,019 0.26 AUD 3,105,000 Australia Government Bond 4.50% EUR 270,000 Kering 3.75% 8/4/2015 281,129 0.16 21/4/2033 1,991,128 1.11 EUR 900,000 Master Credit Cards Pass USD 597,000 CNOOC Curtis Funding No 1 Ltd Compartment France 2013-1 4.50% 3/10/2023 443,468 0.24 'A' FRN 25/10/2025 900,810 0.50 AUD 800,000 Holcim Finance Australia Pty Ltd EUR 1,500,000 Societe Generale SFH 1.625% 7.00% 27/3/2015 555,545 0.31 5/1/2021 1,496,910 0.83 2,990,141 1.66 6,644,369 3.70

Austria Germany EUR 400,000 BAWAG PSK Bank fuer Arbeit und EUR 700,000 Allianz SE FRN (Perpetual) 720,839 0.40 Wirtschaft und Oesterreichische EUR 2,195,000 Bundesrepublik Deutschland Postsparkasse AG 8.125% 4.75% 4/7/2034 2,962,207 1.65 30/10/2023 417,300 0.23 EUR 1,760,000 Bundesrepublik Deutschland EUR 300,000 Kommunalkredit Austria AG 1.625% 2.50% 4/7/2044 1,714,346 0.95 25/9/2018 305,826 0.17 EUR 2,782,982 Bundesrepublik Deutschland EUR 400,000 UNIQA Insurance Group AG FRN Bundesobligation Inflation 31/7/2043 431,106 0.24 Linked Bond 0.75% 15/4/2018 2,920,948 1.63 1,154,232 0.64 EUR 196,000 Daimler AG 1.75% 21/5/2015 199,480 0.11 EUR 10,000,000 German Treasury Bill 0.00% Belgium 26/3/2014 (Zero Coupon) 9,998,500 5.56 EUR 4,150,000 Belgium Government Bond 2.25% EUR 300,000 Red & Black Auto Germany 2 'A' 22/6/2023 4,114,767 2.29 FRN 15/9/2022 300,200 0.17 EUR 937,000 UCB SA 4.125% 4/1/2021 972,620 0.54 EUR 400,000 RWE AG FRN (Perpetual) 406,360 0.23 5,087,387 2.83 EUR 400,000 SAP AG 1.00% 13/11/2015 402,626 0.22 EUR 791,216 SC Germany auto 2013-2 UG A' British Virgin Islands FRN 12/3/2023 792,513 0.44 USD 405,000 CNPC General Capital Ltd 3.40% EUR 100,000 Trionista Holdco GmbH 5.00% 16/4/2023 278,680 0.16 30/4/2020 101,780 0.06 278,680 0.16 20,519,799 11.42

Cayman Islands Hungary USD 200,000 China Resources Land Ltd 4.625% USD 454,000 Hungary Government International 19/5/2016 153,361 0.09 Bond 5.75% 22/11/2023 331,083 0.18 EUR 880,000 IPIC GMTN Ltd 2.375% 30/5/2018 901,938 0.50 331,083 0.18 GBP 210,689 Punch Taverns Finance B Ltd 7.369% 30/6/2022 261,829 0.15 Ireland GBP 446,964 Punch Taverns Finance B Ltd FRN EUR 100,000 Ardagh Packaging Finance Plc 30/6/2033 512,523 0.28 7.375% 15/10/2017 107,203 0.06 EUR 535,000 Bank of Ireland 2.75% 5/6/2016 537,737 0.30 1,829,651 1.02 EUR 1,010,000 Bank of Ireland Mortgage Bank Croatia 1.875% 13/5/2017 1,015,626 0.57 USD 500,000 Croatia Government International EUR 900,000 Caterpillar International Finance Bond 6.00% 26/1/2024 360,081 0.20 Ltd 1.375% 18/5/2015 910,651 0.51 EUR 190,761 Cornerstone Titan 2007-1 Plc 'A1' 360,081 0.20 FRN 23/1/2017 187,975 0.10 EUR 500,000 Epic Value Retail Ltd 'C' FRN Denmark 26/7/2019 493,575 0.27 DKK 14,155 Nordea Kredit Realkredit 3.00% EUR 1,135,000 ESB Finance Ltd 3.494% 12/1/2024 1,148,342 0.64 1/10/2044 1,823 0.00 EUR 180,000 German Residential Funding 1,823 0.00 2013-2 Ltd 'A' FRN 27/11/2024 180,427 0.10 EUR 244,000 German Residential Funding France 2013-2 Ltd 'B' FRN 27/11/2024 244,616 0.14 EUR 600,000 BPCE SA 1.75% 14/3/2016 610,788 0.34 EUR 318,000 German Residential Funding EUR 500,000 Caisse Francaise de Financement 2013-2 Ltd 'E' FRN 27/11/2024 319,112 0.18 Local 3.00% 2/10/2028 508,875 0.28 EUR 229,434 German Residential Funding EUR 1,000,000 Dexia Credit Local SA 1.625% Plc 'A' FRN 27/8/2024 231,602 0.13 29/10/2018 1,015,225 0.57 EUR 114,470 German Residential Funding EUR 263,611 FCT Copernic 2012-1 'A1' FRN Plc 'B' FRN 27/8/2024 115,436 0.06 25/9/2029 264,818 0.15 EUR 144,643 German Residential Funding EUR 690,000 GDF Suez 1.50% 1/2/2016 703,031 0.39 Plc 'D' FRN 27/8/2024 148,220 0.08

106 BlackRock Strategic Funds (BSF) BlackRock Fixed Income Strategies Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % Ireland continued Jersey EUR 144,643 German Residential Funding Plc 'E' GBP 575,000 AA Bond Co Ltd 9.50% 31/7/2019 756,930 0.42 FRN 27/8/2024 148,052 0.08 756,930 0.42 EUR 400,000 Ireland Government Bond 4.50% 18/4/2020 435,450 0.24 Luxembourg EUR 895,000 Ireland Government Bond 3.90% USD 242,000 ArcelorMittal 6.125% 1/6/2018 193,995 0.11 20/3/2023 923,515 0.51 EUR 178,779 Bumper 2 SA 'A' FRN 23/2/2023 179,872 0.10 EUR 325,000 Ireland Government Bond 5.40% EUR 443,630 E-CARAT SA 'A' FRN 18/7/2020 446,112 0.25 13/3/2025 367,981 0.20 EUR 541,477 ECAR 2013-1 'A' 0.852% 18/11/2020 541,452 0.30 EUR 1,093,111 Opera Germany No 2 Plc 'A' FRN EUR 415,000 ECAR 2013-1 'B' 1.478% 18/11/2020 413,568 0.23 20/10/2014 1,075,085 0.60 EUR 100,000 Ontex IV SA 7.50% 15/4/2018 105,663 0.06 EUR 567,012 SCF Rahoituspalvelut Ltd EUR 600,000 Red & Black Auto Lease Germany 1 2013-1 'A' 0.802% 25/5/2021 567,380 0.32 SA 'A' 0.911% 15/4/2024 600,120 0.33 USD 1,100,000 Sibur Securities Ltd 3.914% EUR 100,000 Servus Luxembourg Holding SCA 31/1/2018 788,632 0.44 7.75% 15/6/2018 105,060 0.06 EUR 932,755 Talisman-6 Finance Plc 'A' FRN EUR 188,610 Volkswagen Car Lease '15B' FRN 22/10/2016 876,790 0.49 21/1/2018 189,253 0.10 GBP 1,134,617 Titan Europe 2007-1 Nhp Ltd 'A' EUR 592,134 Volkswagen Car Lease '16A' FRN FRN 20/1/2017 1,249,949 0.70 21/7/2018 592,186 0.33 EUR 294,615 Titan Europe 2007-2 Ltd 'A1' FRN 3,367,281 1.87 23/4/2017 292,515 0.16 12,365,871 6.88 Mexico EUR 390,000 America Movil SAB de CV FRN Italy 6/9/2073 410,418 0.23 EUR 386,539 AUTO ABS 2012-2 Srl 'A' 2.80% 410,418 0.23 27/4/2025 390,848 0.22 EUR 275,000 Banca Carige SpA 3.875% Netherlands 24/10/2018 275,697 0.15 EUR 200,000 ABN Amro Bank NV FRN 1/8/2014 200,738 0.11 EUR 300,000 Banca Monte dei Paschi di Siena EUR 670,000 Alliander NV FRN (Perpetual) 678,375 0.38 SpA 3.125% 30/6/2015 304,762 0.17 EUR 250,000 BASF Finance Europe NV 5.00% EUR 1,500,000 Banca Monte dei Paschi di Siena 26/9/2014 259,423 0.14 SpA 4.875% 15/9/2016 1,583,182 0.88 EUR 130,535 Bumper 4 NL Finance BV 2011-4 'A' EUR 1,300,000 Banca Popolare dell'Emilia Romagna FRN 20/5/2026 130,886 0.07 SC 3.375% 22/10/2018 1,321,593 0.74 EUR 192,670 E-MAC DE 2009-I BV 'A1' FRN EUR 768,310 Berica PMI Srl 1 'A1X' 2.63% 25/11/2053 197,626 0.11 31/5/2057 781,029 0.43 EUR 120,548 Highway BV 2012-1 'A' FRN EUR 100,000 Eni SpA 5.875% 20/1/2014 100,711 0.06 26/3/2024 121,069 0.07 EUR 1,500,000 Intesa Sanpaolo SpA 2.25% EUR 778,000 ING Bank NV 3.50% 21/11/2023 777,759 0.43 24/9/2018 1,532,257 0.85 EUR 705,000 Louis Dreyfus Commodities BV EUR 1,550,000 Intesa Sanpaolo SpA 3.00% 3.875% 30/7/2018 726,975 0.40 28/1/2019 1,572,498 0.87 EUR 175,000 Nederlandse Gasunie NV 0.875% EUR 1,803,499 Italy Buoni Poliennali Del Tesoro 30/10/2015 176,089 0.10 2.15% 15/9/2014 1,828,928 1.02 EUR 300,000 Repsol International Finance BV EUR 7,112,817 Italy Buoni Poliennali Del Tesoro 3.625% 7/10/2021 314,509 0.18 EUR 500,000 Roche Finance Europe BV 2.00% 2.55% 22/10/2016 7,287,615 4.05 25/6/2018 521,307 0.29 EUR 3,551,919 Italy Buoni Poliennali Del Tesoro EUR 100,000 Schaeffler Finance BV 4.25% 2.25% 22/4/2017 3,595,963 2.00 15/5/2018 103,968 0.06 EUR 3,850,000 Italy Buoni Poliennali Del Tesoro EUR 26,960 Storm 2010-1 BV 'A1' FRN 4.75% 1/5/2017 4,190,532 2.33 22/3/2052 27,051 0.02 EUR 3,683,000 Italy Buoni Poliennali Del Tesoro EUR 200,000 Storm BV 2013-4 'A1' FRN 2.15% 12/11/2017 3,707,860 2.06 22/10/2053 199,991 0.11 EUR 360,000 Italy Buoni Poliennali Del Tesoro 5.50% 1/11/2022 406,800 0.23 4,435,766 2.47 EUR 1,050,000 Italy Buoni Poliennali Del Tesoro 4.50% 1/3/2024 1,093,444 0.61 New Zealand EUR 2,410,000 ANZ New Zealand Int'l Ltd 1.50% EUR 2,080,000 Italy Buoni Poliennali Del Tesoro 2/10/2018 2,443,017 1.36 '144A' 4.75% 1/9/2044 2,039,648 1.13 EUR 703,000 Telecom Italia SpA 4.50% 20/9/2017 732,333 0.41 2,443,017 1.36 EUR 100,000 Telecom Italia SpA 5.375% 29/1/2019 105,235 0.06 Portugal EUR 140,000 Telecom Italia SpA 4.00% 21/1/2020 136,740 0.08 EUR 800,000 Galp Energia SGPS SA 4.125% EUR 800,000 UniCredit SpA 3.375% 11/1/2018 823,032 0.46 25/1/2019 812,480 0.45 EUR 310,000 Unione Di Banche Italian SCPA EUR 8,000,000 Portugal Obrigacoes do Tesouro 3.125% 14/10/2020 317,840 0.18 '144A' 3.60% 15/10/2014 8,058,200 4.49 34,128,547 18.99 8,870,680 4.94

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

Unaudited Interim Report and Accounts 107 BlackRock Fixed Income Strategies Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % Slovakia United Kingdom EUR 700,000 Granvia 4.781% 30/9/2039 700,000 0.39 GBP 291,270 Annington Finance No 4 Plc FRN 700,000 0.39 10/1/2023 346,932 0.19 GBP 325,000 Asset-Backed European Slovenia Securitisation Transaction EUR 1,840,000 Slovenia Government Bond Eight Srl 'B' FRN 15/6/2019 391,135 0.22 4.375% 2/4/2014 1,850,810 1.03 EUR 200,000 Barclays Bank Plc 5.25% 27/5/2014 204,666 0.11 EUR 2,000,000 Slovenia Government Bond USD 700,000 Barclays Bank Plc FRN (Perpetual) 531,901 0.30 2.75% 17/3/2015 2,008,250 1.12 GBP 140,000 Broadgate Financing Plc FRN 5/10/2023 157,247 0.09 USD 320,000 Slovenia Government Bond GBP 136,060 Bruntwood Alpha Plc 'A' FRN 4.75% 10/5/2018 238,089 0.13 15/1/2019 163,572 0.09 4,097,149 2.28 GBP 433,369 Bruntwood Alpha Plc 'B' FRN 15/1/2019 520,349 0.29 South Korea EUR 297,330 Bumper 5 UK Finance Plc 'A1' USD 200,000 Korea Finance Corp 4.625% FRN 20/6/2022 298,560 0.17 16/11/2021 158,610 0.09 USD 700,000 Centrica Plc 4.00% 16/10/2023 508,894 0.28 158,610 0.09 GBP 700,000 Co-Operative Bank Plc 4.75% 11/11/2021 895,001 0.50 Spain GBP 162,692 E-CARAT 2012-1 Plc 'A' 1.30% EUR 1,300,000 Autonomous Community of Valencia 18/6/2020 195,571 0.11 Spain 4.375% 16/7/2015 1,329,335 0.74 GBP 297,466 Eddystone Finance Plc 'A2' FRN EUR 400,000 Ayt Cedulas Cajas Global 3.50% 19/4/2021 349,619 0.19 14/3/2016 412,090 0.23 GBP 150,000 Enterprise Inns Plc 6.875% EUR 700,000 Ayt Cedulas Cajas Global 4.00% 15/2/2021 181,749 0.10 20/12/2016 733,320 0.41 EUR 50,000 FCE Bank Plc 9.375% 17/1/2014 50,521 0.03 EUR 200,000 Banco Bilbao Vizcaya Argentaria GBP 364,116 LCP Proudreed Plc 'A' FRN 25/8/2016 428,827 0.24 SA 4.125% 13/1/2014 200,801 0.11 USD 426,408 Leek Finance Number Eighteen Plc EUR 1,000,000 Banco Bilbao Vizcaya Argentaria 'A2B' FRN 21/9/2038 321,437 0.18 SA 4.25% 15/7/2014 1,021,770 0.57 USD 266,505 Leek Finance Number Eighteen Plc EUR 800,000 Banco Bilbao Vizcaya Argentaria 'A2D' FRN 21/9/2038 200,361 0.11 SA 3.00% 9/10/2014 814,928 0.45 GBP 138,585 London & Regional Debt EUR 200,000 Banco Popular Espanol SA FRN Securitisation No 1 Plc (Perpetual) 215,701 0.12 'A' FRN 15/10/2017 166,649 0.09 EUR 1,000,000 Bankia SA 4.25% 25/5/2018 1,061,875 0.59 GBP 301,785 London & Regional Debt EUR 800,000 BBVA Senior Finance SAU 3.75% Securitisation No 2 Plc 'A' FRN 15/10/2015 359,728 0.20 17/1/2018 852,340 0.47 GBP 361,000 Marks & Spencer Plc 5.625% EUR 1,000,000 Cajas Rurales Unidas 3.75% 24/3/2014 439,068 0.24 22/11/2018 997,260 0.56 GBP 300,000 Mitchells & Butlers Finance Plc EUR 1,565,000 Spain Government Bond 3.75% 6.469% 15/9/2030 389,410 0.22 31/10/2015 1,634,290 0.91 GBP 500,000 Mitchells & Butlers Finance Plc EUR 4,375,000 Spain Government Bond '144A' FRN 15/6/2036 403,503 0.22 4.40% 31/10/2023 4,473,219 2.49 GBP 127,102 Motor 2012 Plc 'A2' FRN 25/2/2020 152,840 0.09 EUR 1,010,000 Spain Government Bond '144A' GBP 500,000 Opera Finance Metrocentre Plc 5.15% 31/10/2028 1,061,611 0.59 FRN 2/2/2017 584,156 0.32 14,808,540 8.24 GBP 354,000 Precise Mortgage Funding No 1 Plc 'A' FRN 12/3/2047 425,050 0.24 Supranational GBP 156,422 Premiertel Plc 6.175% 8/5/2032 190,916 0.11 EUR 2,995,000 European Financial Stability GBP 100,000 Priory Group No 3 Plc 7.00% Facility 2.75% 3/12/2029 2,997,621 1.67 15/2/2018 126,187 0.07 2,997,621 1.67 GBP 338,835 Punch Taverns Finance Plc 6.82% 15/7/2020 422,606 0.24 Sweden GBP 267,063 Residential Mortgage Securities 25 EUR 800,000 Scania CV AB 1.75% 22/3/2016 816,340 0.45 Plc 'A1' FRN 16/12/2050 336,104 0.19 GBP 166,662 Residential Mortgage Securities 26 816,340 0.45 Plc 'A1' FRN 14/2/2041 209,327 0.12 GBP 200,000 Rochester Financing No 1 Plc 'B' Switzerland FRN 16/7/2046 (Zero Coupon) 239,051 0.13 EUR 1,395,000 Credit Suisse AG FRN 18/9/2025 1,474,055 0.82 GBP 159,940 Silk Road Finance Number Three Plc 1,474,055 0.82 'A' FRN 21/6/2055 194,775 0.11 EUR 218,886 Taurus 2013 GMF1 Plc 'A' 1.268% United Arab Emirates 21/5/2024 219,926 0.12 USD 555,000 Emirates Airline 4.50% 6/2/2025 375,965 0.21 EUR 99,494 Taurus 2013 GMF1 Plc 'B' 1.718% 375,965 0.21 21/5/2024 100,057 0.06

108 BlackRock Strategic Funds (BSF) BlackRock Fixed Income Strategies Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % United Kingdom continued United States continued EUR 268,633 Taurus 2013 GMF1 Plc 'D' 2.968% USD 80,000 Life Technologies Corp 6.00% 21/5/2024 268,421 0.15 1/3/2020 67,147 0.04 EUR 684,517 Taurus 2013 GMF1 Plc 'E' 3.726% USD 352,000 Life Technologies Corp 5.00% 21/5/2024 679,897 0.38 15/1/2021 279,027 0.16 GBP 250,000 Telereal Securitisation Plc FRN USD 543,000 Lorillard Tobacco Co 3.50% 10/12/2031 235,178 0.13 4/8/2016 422,030 0.23 GBP 385,000 Temese Funding 1 Plc 'C' FRN USD 300,000 Morgan Stanley 5.75% 25/1/2021 251,863 0.14 21/11/2021 462,866 0.26 USD 655,000 Petrohawk Energy Corp 10.50% GBP 81,311 Turbo Finance 2 Plc 'A' FRN 1/8/2014 491,509 0.27 20/2/2019 97,927 0.05 USD 60,000 Petrohawk Energy Corp 7.875% GBP 249,000 Turbo Finance 2 Plc 'B' 5.50% 1/6/2015 45,242 0.03 20/2/2019 309,340 0.17 EUR 2,370,000 ProLogis LP 3.00% 18/1/2022 2,370,865 1.32 GBP 184,487 Turbo Finance 3 Plc 'A' FRN USD 740,000 QVC Inc 5.125% 2/7/2022 542,788 0.30 20/11/2019 221,780 0.12 USD 566,000 QVC Inc 4.375% 15/3/2023 396,720 0.22 GBP 451,000 Turbo Finance 3 Plc 'B' FRN USD 566,000 SLM Corp 3.875% 10/9/2015 431,799 0.24 20/11/2019 542,677 0.30 USD 160,000 SLM Corp 6.25% 25/1/2016 128,240 0.07 GBP 400,000 Unique Pub Finance Co Plc 6.542% USD 324,000 Verizon Communications Inc 2.45% 30/3/2021 502,664 0.28 1/11/2022 212,437 0.12 GBP 725,000 Unique Pub Finance Co Plc 7.395% USD 1,223,000 Verizon Communications Inc 5.15% 28/3/2024 848,749 0.47 15/9/2023 961,954 0.54 GBP 651,965 Unique Pub Finance Co Plc 5.659% USD 50,000 WEA Finance LLC '144A' 5.75% 30/6/2027 766,426 0.43 2/9/2015 39,831 0.02 GBP 683,000 Unique Pub Finance Co Plc 6.464% 13,474,338 7.50 30/3/2032 651,966 0.36 GBP 975,000 United Kingdom Gilt 3.50% Total Bonds 162,887,269 90.64 22/7/2068 1,158,543 0.64 Total Transferable Securities and Money GBP 151,000 Virgin Media Secured Finance Plc Market Instruments Admitted to an 7.00% 15/1/2018 188,725 0.10 Official Stock Exchange Listing or GBP 100,000 Virgin Media Secured Finance Plc Dealt in on Another Regulated Market 162,887,269 90.64 6.00% 15/4/2021 123,973 0.07 GBP 205,702 Windermere CMBS Plc 'A' FRN Funds 24/4/2017 244,068 0.14 18,008,895 10.02 Ireland United States 7,150,927 Institutional Cash Series Plc - USD 510,000 CIT Group Inc '144A' 4.75% Institutional Euro Assets 1 15/2/2015 390,952 0.22 Liquidity Fund 7,150,927 3.98 EUR 538,000 Citigroup Inc FRN 30/11/2017 527,205 0.29 7,150,927 3.98 USD 350,000 COX Communications Inc '144A' Total Funds 7,150,927 3.98 8.375% 1/3/2039 316,208 0.18 USD 454,000 Dell Inc 2.30% 10/9/2015 336,340 0.19 USD 859,000 Delphi Corp 5.00% 15/2/2023 656,907 0.37 Other Transferable Securities and Money Market Instruments USD 168,000 DIRECTV Financing Co Inc 5.15% 15/3/2042 109,300 0.06 BONDS USD 341,000 Discovery Communications LLC 4.95% 15/5/2042 234,754 0.13 Slovenia USD 566,000 Dollar General Corp 3.25% EUR 700,000 Slovenia Ministry of Finance 15/4/2023 381,852 0.21 Treasury Bill 0.00% 16/10/2014 USD 740,000 Ford Motor Credit Co LLC 8.00% (Zero Coupon) 685,433 0.38 15/12/2016 648,293 0.36 685,433 0.38 USD 320,000 Ford Motor Credit Co LLC 6.625% Total Bonds 685,433 0.38 15/8/2017 275,153 0.15 EUR 1,390,000 General Mills Inc 2.10% 16/11/2020 1,398,945 0.78 Total Other Transferable Securities USD 285,000 General Motors Co '144A' 6.25% and Money Market Instruments 685,433 0.38 2/10/2043 213,758 0.12 Securities portfolio at market value 170,723,629 95.00 USD 896,000 HCP Inc 4.25% 15/11/2023 655,105 0.36 USD 543,000 HSBC Finance Corp 5.25% Other Net Assets 8,979,274 5.00 15/4/2015 421,928 0.23 Total Net Assets (EUR) 179,702,903 100.00 USD 400,000 JPMorgan Chase & Co FRN (Perpetual) 266,186 0.15

1 This fund is managed by BlackRock.

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

Unaudited Interim Report and Accounts 109 BlackRock Fixed Income Strategies Fund continued

Open Exchange Traded Futures Contracts Open Forward Foreign Exchange Transactions as at 30 November 2013 as at 30 November 2013

Unrealised Unrealised Underlying appreciation/ appreciation/ Number of Contract/ Expiration exposure (depreciation) (depreciation) Contracts Description date EUR EUR Purchases Sales Value date EUR 60 3 Month Euribor Interest EUR 2,571,138 AUD 3,780,000 12/12/2013 39,762 Rate June 2014 59,961,750 1,500 EUR 113,029 CHF 140,000 12/12/2013 (828) (60) 3 Month Euribor Interest DKK 45,410,000 EUR 6,089,662 12/12/2013 (879) Rate June 2015 59,938,500 (8,250) EUR 6,274,964 DKK 46,790,000 12/12/2013 1,144 (44) Australian 10 Year Bond December 2013 3,387,088 2,604 EUR 17,867,901 GBP 15,065,000 12/12/2013 (219,699) 76 Australian 3 Year Bond December 2013 5,515,491 4,560 GBP 1,240,000 EUR 1,470,248 12/12/2013 18,543 (66) Euro BTP December 2013 7,457,207 (55,740) EUR 2,988,635 NOK 24,280,000 12/12/2013 66,782 (219) German Euro BOBL December 2013 25,578,106 (60,400) NOK 24,470,000 EUR 3,001,537 12/12/2013 (56,819) (261) German Euro Bund December 2013 26,693,254 (47,180) EUR 571,462 PLN 2,430,000 12/12/2013 (6,119) (71) German Euro Schatz December 2013 7,118,815 (1,880) PLN 2,640,000 EUR 621,120 12/12/2013 6,376 (22) Short Euro BTP December 2013 2,321,154 (34,790) EUR 3,453 SEK 30,000 12/12/2013 84 (27) UK Long Gilt Bond March 2014 3,893,855 7,456 EUR 20,118,938 USD 26,840,000 12/12/2013 382,796 (1) Ultra US Long Treasury USD 9,380,000 EUR 6,890,366 12/12/2013 6,989 Bond March 2014 83,434 (103) (144) US Treasury 10 Year Note March 2014 11,670,992 16,464 EUR 282,887 ZAR 3,782,654 12/12/2013 10,107 (92) US Treasury 5 Year Note March 2014 6,710,292 2,350 ZAR 3,810,000 EUR 279,935 12/12/2013 (5,184) EUR 647,987 CHF 799,000 20/12/2013 (1,865) Total 220,329,938 (173,410) GBP 832,000 EUR 989,699 20/12/2013 9,180 MXN 6,960,000 USD 538,364 20/12/2013 (5,990) Note: The net unrealised depreciation attributed to these transactions is included NOK 6,154,000 EUR 744,501 20/12/2013 (4,146) in the Statement of Net Assets (see note 2(d)). EUR 132,878 USD 180,000 20/12/2013 518 Net unrealised appreciation (EUR underlying exposure – EUR 72,147,478) 240,752 Sector Breakdown as at 30 November 2013 Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see note 2(d)). % of net Barclays Bank Plc, Credit Suisse International, Deutsche Bank AG London, HSBC Bank Plc, assets* Royal Bank of Scotland Plc and UBS AG London are the counterparties to these Open Forward Foreign Exchange Transactions. Government 42.14 Financial 20.99 Mortgage Securities 6.68 Asset Backed Securities 5.50 Consumer, Cyclical 5.08 Funds 3.98 Consumer, Non-cyclical 2.59 Utilities 2.02 Communications 1.98 Energy 1.83 Industrial 1.04 Diversified 0.51 Technology 0.41 Basic Materials 0.25 Other Net Assets 5.00 100.00

* Based on the market value of the Portfolio of Investments

110 BlackRock Strategic Funds (BSF) BlackRock Fixed Income Strategies Fund continued

Written Put Options as at 30 November 2013 Purchased Put Options as at 30 November 2013

Number of Unrealised Number of Unrealised contracts Underlying appreciation/ Market contracts Underlying appreciation/ Market subject exposure (depreciation) Value subject exposure (depreciation) Value to Put Issuer EUR EUR EUR to Put Issuer EUR EUR EUR (1,325,000) EUR/CHF Put Option 660,000 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.22 expiring on 20/1/2014 14,356 12,205 (251) expiring on 20/1/2014 147,757 (10,184) 904 (1,325,000) EUR/CHF Put Option 665,000 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.22 expiring on 20/1/2014 14,356 12,026 (251) expiring on 20/1/2014 148,876 (8,213) 911 (1,325,000) EUR/CHF Put Option 660,000 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.22 expiring on 20/1/2014 14,356 10,164 (250) expiring on 20/1/2014 147,757 (10,006) 904 (1,325,000) EUR/CHF Put Option 665,000 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.22 expiring on 20/1/2014 14,356 11,277 (250) expiring on 20/1/2014 148,876 (9,330) 911 (1,324,388) EUR/CHF Put Option 662,188 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.22 expiring on 20/1/2014 14,350 10,477 (250) expiring on 20/1/2014 148,246 (8,496) 907 (1,325,000) EUR/CHF Put Option 660,000 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.22 expiring on 20/1/2014 14,356 10,714 (250) expiring on 20/1/2014 147,757 (8,699) 904 (1,325,000) EUR/CHF Put Option 665,000 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.22 expiring on 20/1/2014 14,356 11,701 (250) expiring on 20/1/2014 148,876 (9,755) 911 (205,000) EUR/CHF Put Option 100,000 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.22 expiring on 20/1/2014 2,221 1,980 (39) expiring on 20/1/2014 22,388 (1,473) 137 (2,336,000) EUR/CHF Put Option 1,168,000 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.22 expiring on 20/1/2014 25,311 20,524 (442) expiring on 20/1/2014 261,485 (14,810) 1,600 (3,000,000) EUR/CHF Put Option 6,000,000 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.20 expiring on 20/1/2014 32,506 28,233 (567) expiring on 20/1/2014 65,010 (52,716) 1,134 (1,980,000) EUR/CHF Put Option 1,500,000 EUR/CHF Put Option strike price EUR 1.20 strike price EUR 1.22 expiring on 20/1/2014 21,454 20,416 (374) expiring on 20/1/2014 335,812 (22,282) 2,055 (3,000,000) EUR/CHF Put Option 990,000 EUR/CHF Put Option strike price EUR 1.22 strike price EUR 1.22 expiring on 20/1/2014 671,623 38,040 (4,110) expiring on 20/1/2014 221,636 (15,276) 1,357 Total Written Put Options 853,601 187,757 (7,284) Total Purchased Put Options 1,944,476 (171,240) 12,635

Note: Written Put Options are included in the Statement of Net Assets (see note 2(d)). Note: Purchased Put Options are included in the Statement of Net Assets (see note 2(d)). UBS AG London is the counterparty to these Written Put Options. UBS AG London is the counterparty to these Purchased Put Options.

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

Unaudited Interim Report and Accounts 111 BlackRock Fixed Income Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

USD 700,000 Credit Default Swaps (JP Morgan) (Fund provides EUR 255,000 Credit Default Swaps (Citibank) (Fund receives default protection on Constellation Energy default protection on BBVA Senior Finance SAU Group Inc 5.150% 1/12/2020 and receives Fixed 4.875% 23/1/2014 and pays Fixed 3.000%) 1.000%) (20/3/2018) (802) (20/12/2018) (3,659) EUR 275,000 Credit Default Swaps (Bank of America) (Fund EUR 10,000,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on BBVA Senior default protection on iTraxx EUR Series 20 Finance SAU 4.875% 23/1/2014 and pays Fixed Version 1 and pays Fixed 1.000%) (20/12/2018) (87,608) 3.000%) (20/12/2018) (3,954) EUR 400,000 Credit Default Swaps (Citibank) (Fund receives EUR 800,000 Credit Default Swaps (Bank of America) (Fund default protection on iTraxx FinSub 17 Version 1 receives default protection on UniCredit SpA and pays Fixed 1.000%) (20/6/2017) (28,352) 4.375% 29/1/2020 and pays Fixed 3.000%) EUR 290,000 Credit Default Swaps (Credit Suisse) (Fund receives (20/12/2018) (16,765) default protection on Anglo American Capital EUR 300,000 Credit Default Swaps (Bank of America) (Fund PLC 5.875% 17/4/2015 and pays Fixed 1.000%) receives Fixed 1.000% and provides default (20/12/2018) 186 protection on RWE AG 5.750% 14/2/2033) USD 260,000 Credit Default Swaps (Credit Suisse) (Fund receives (20/9/2018) 1,808 Fixed 1.000% and provides default protection USD 30,000 Credit Default Swaps (Bank of America) (Fund on Host Hotels & Resorts LP 6.750% 1/6/2016) receives Fixed 1.000% and provides default (20/6/2018) 5,010 protection on Host Hotels & Resorts LP 6.750% USD 510,000 Credit Default Swaps (Credit Suisse) (Fund receives 1/6/2016) (20/6/2018) 600 Fixed 1.000% and provides default protection EUR 800,000 Credit Default Swaps (Barclays Bank) (Fund on Host Hotels & Resorts LP 6.750% 1/6/2016) receives default protection on Deutsche (20/6/2018) 9,455 Telekom International Finance BV 6.000% EUR 200,000 Credit Default Swaps (Deutsche Asset 20/1/2017 and pays Fixed 1.000%) Management Life) (Fund receives default (20/6/2018) (11,007) protection on BBVA Senior Finance SAU 4.875% EUR 680,000 Credit Default Swaps (Barclays Bank) (Fund 23/1/2014 and pays Fixed 3.000%) (20/12/2018) (4,110) receives default protection on Intesa Sanpaolo EUR 516,000 Credit Default Swaps (Deutsche Asset SpA 4.75% 15/6/2017 and pays Fixed 3.000%) Management Life) (Fund receives Fixed 1.000% (20/12/2018) (7,994) and provides default protection on E.ON AG EUR 350,000 Credit Default Swaps (Barclays Bank) (Fund 6.375% 29/5/2017) (20/12/2017) 5,898 receives default protection on Pernod Ricard EUR 200,000 Credit Default Swaps (Deutsche Asset SA 4.875% 18/3/2016 and pays Fixed 1.000%) Management Life) (Fund receives Fixed 3.000% (20/9/2018) (4,200) and provides default protection on UniCredit EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund SpA 4.375% 29/1/2020) (20/12/2018) 5,876 receives default protection on Pernod Ricard USD 525,000 Credit Default Swaps (Deutsche Bank) (Fund SA 4.875% 18/3/2016 and pays Fixed 1.000%) provides default protection on Firstenergy Corp (20/9/2018) (3,452) 7.375% 15/11/2031 and receives Fixed 1.000%) EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund (20/3/2018) (2,580) receives default protection on Pernod Ricard EUR 820,000 Credit Default Swaps (Deutsche Bank) (Fund SA 4.875% 18/3/2016 and pays Fixed 1.000%) receives default protection on Deutsche Telekom (20/9/2018) (2,203) International Finance BV 6.000% 20/1/2017 and EUR 800,000 Credit Default Swaps (Barclays Bank) (Fund pays Fixed 1.000%) (20/6/2018) (13,064) receives Fixed 1.000% and provides default EUR 645,000 Credit Default Swaps (Deutsche Bank) (Fund protection on Orange SA 5.625% 22/5/2018) receives default protection on iTraxx EUR Series (20/6/2018) 15,829 20 Version 1 and pays Fixed 1.000%) EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund (20/12/2018) (6,282) receives Fixed 1.000% and provides default EUR 3,000,000 Credit Default Swaps (Deutsche Bank) (Fund protection on RWE AG 5.750% 14/2/2033) receives default protection on iTraxx EUR (20/9/2018) 4,030 Series 20 Version 1 and pays Fixed 1.000%) EUR 350,000 Credit Default Swaps (Barclays Bank) (Fund (20/12/2018) (23,328) receives Fixed 1.000% and provides default EUR 820,000 Credit Default Swaps (Deutsche Bank) (Fund protection on RWE AG 5.750% 14/2/2033) receives Fixed 1.000% and pays default (20/9/2018) 2,629 protection on Orange SA 5.625% 22/5/2018) EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund (20/6/2018) 21,180 receives Fixed 1.000% and provides default USD 1,000,000 Credit Default Swaps (Deutsche Bank) (Fund protection on RWE AG 5.750% 14/2/2033) receives Fixed 1.000% and provides default (20/9/2018) 1,205 protection on CDX NA IG 20 Version 1) (20/6/2018) 2,390 EUR 395,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 375,000 Credit Default Swaps (Goldman Sachs) (Fund default protection on Anglo American Capital receives default protection on Anglo American PLC 5.875% 17/4/2015 and pays Fixed 1.000%) Capital PLC 5.875% 17/4/2015 and pays Fixed (20/12/2018) 975 1.000%) (20/12/2018) 1,097 EUR 270,000 Credit Default Swaps (BNP Paribas) (Fund receives EUR 295,000 Credit Default Swaps (Goldman Sachs) (Fund default protection on BBVA Senior Finance SAU receives default protection on Anglo American 4.875% 23/1/2014 and pays Fixed 3.000%) Capital PLC 5.875% 17/4/2015 and pays Fixed (20/12/2018) (3,616) 1.000%) (20/12/2018) 55

112 BlackRock Strategic Funds (BSF) BlackRock Fixed Income Strategies Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 870,000 Credit Default Swaps (Goldman Sachs) (Fund USD 200,000 Credit Default Swaps (JP Morgan) (Fund receives receives default protection on Intesa Sanpaolo Fixed 1.000% and provides default protection on SpA 4.75% 15/6/2017 and pays Fixed 3.000%) PSEG Power LLC 5.500% 1/12/2015) (20/9/2018) 1,406 (20/12/2018) (10,198) USD 100,000 Credit Default Swaps (JP Morgan) (Fund receives USD 200,000 Credit Default Swaps (JP Morgan) (Fund receives Fixed 1.000% and provides default protection on default protection on Exelon Generation Co LLC PSEG Power LLC 5.500% 1/12/2015) (20/9/2018) 409 6.200% 1/10/2017 and pays Fixed 1.000%) EUR 1,400,000 Interest Rate Swap (Barclays Bank) (Fund receives (20/9/2018) (842) Fixed 2.348% and pays Floating EUR 6 Month USD 200,000 Credit Default Swaps (JP Morgan) (Fund receives EURIBOR) (10/6/2033) (49,328) default protection on Exelon Generation Co EUR 1,450,000 Interest Rate Swap (Barclays Bank) (Fund receives LLC 6.200% 1/10/2017 and pays Fixed 1.000%) Fixed 2.465% and pays Floating EUR 6 Month (20/9/2018) (1,051) EURIBOR) (8/7/2033) (24,220) USD 100,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 1,195,000 Interest Rate Swap (Barclays Bank) (Fund receives default protection on Exelon Generation Co LLC Floating EUR 6 Month EURIBOR and pays Fixed 6.200% 10/1/2017 and pays Fixed 1.000%) 2.208%) (4/7/2044) 105,084 (20/9/2018) (102) EUR 1,150,000 Interest Rate Swap (Barclays Bank) (Fund receives EUR 700,000 Credit Default Swaps (JP Morgan) (Fund receives Floating EUR 6 Month EURIBOR and pays Fixed default protection on Intesa Sanpaolo SpA 2.410%) (4/7/2044) 50,071 4.750% 15/6/2017 and pays Fixed 3.000%) EUR 830,000 Interest Rate Swap (Barclays Bank) (Fund receives (20/12/2018) (16,493) Floating EUR 6 Month EURIBOR and pays Fixed EUR 300,000 Credit Default Swaps (JP Morgan) (Fund receives 2.525%) (10/6/2063) 27,300 default protection on Pernod Ricard SA 4.875% EUR 830,000 Interest Rate Swap (Barclays Bank) (Fund receives 18/3/2016 and pays Fixed 1.000%) (20/9/2018) (5,814) Floating EUR 6 Month EURIBOR and pays Fixed EUR 800,000 Credit Default Swaps (JP Morgan) (Fund receives 2.605%) (8/7/2063) 8,282 default protection on St-Gobain Nederland BV EUR 460,000 Interest Rate Swap (Barclays Bank) (Fund receives 5.000% 25/4/2014 and pays Fixed 1.000%) Floating EUR 6 Month EURIBOR and pays Fixed (20/6/2018) (23,793) 2.735%) (19/9/2043) (12,644) USD 350,000 Credit Default Swaps (JP Morgan) (Fund receives PLN 13,325,000 Interest Rate Swap (Deutsche Asset Management Fixed 1.000% and provides default protection on Life) (Fund receives Floating PLN 3 Month FirstEnergy Corp 7.375% 15/11/2031) (20/9/2018) 4,641 WIBOR and pays Fixed 4.130%) (18/9/2014) (34,621) USD 200,000 Credit Default Swaps (JP Morgan) (Fund receives (EUR underlying exposure – EUR 40,631,462) (124,757) Fixed 1.000% and provides default protection on PSEG Power LLC 5.500% 1/12/2015) (20/9/2018) 1,909

Note: The total market value of EUR (289,698) is included in the Statement of Net Assets (see note 2(d)).

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

Unaudited Interim Report and Accounts 113 BlackRock Fund of iShares – Conservative

Portfolio of Investments as at 30 November 2013 Transferable Securities Admitted to an Official Stock Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % FUNDS Ireland continued 3,183 iShares JP Morgan $ Emerging Germany Markets Bond UCITS ETF 1 251,123 6.49 3,970 iShares Dow Jones - UBS Commodity 4,471 iShares MSCI Emerging Markets Swap DE 1 93,216 2.41 UCITS ETF 1 129,838 3.36 93,216 2.41 2,561 iShares MSCI Europe ex. UK UCITS ETF 1 65,562 1.70 3,298 iShares MSCI Japan UCITS ETF 1 29,616 0.77 Ireland 4,239 iShares MSCI North America UCITS ETF 1 109,165 2.82 11,345 iShares Developed Markets Property 534 iShares MSCI Pacific ex-Japan Yield UCITS ETF 1 179,932 4.65 UCITS ETF 1 17,763 0.46 3,078 iShares Euro Corporate Bond 3,770,535 97.49 UCITS ETF 1 379,764 9.82 3,437 iShares Euro Government Bond Total Funds 3,863,751 99.90 1-3 UCITS ETF 1 488,105 12.62 Total Transferable Securities Admitted 2,119 iShares Euro Government Bond to an Official Stock Exchange Listing or 3-5 UCITS ETF 1 336,688 8.70 Dealt in on Another Regulated Market 3,863,751 99.90 2,587 iShares Euro Government Bond Total Portfolio 3,863,751 99.90 7-10 UCITS ETF 1 465,259 12.03 4,021 iShares Euro High Yield Corporate Other Net Assets 4,054 0.10 Bond UCITS ETF 1 438,711 11.34 3,880 iShares Euro Inflation Linked Total Net Assets (EUR) 3,867,805 100.00 Government Bond UCITS ETF 1 738,752 19.10 4,084 iShares EURO STOXX Small UCITS ETF 1 110,145 2.85 3,782 iShares FTSE 100 UCITS ETF 1 30,112 0.78

1 This fund is managed by BlackRock.

Sector Breakdown as at 30 November 2013

% of net assets * Funds 99.90 Other net assets 0.10 100.00

* Based on the market value of the Portfolio of Investments

114 BlackRock Strategic Funds (BSF) BlackRock Fund of iShares – Dynamic

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % FUNDS Ireland continued 20,933 iShares MSCI Emerging Markets Germany UCITS ETF 1 607,894 16.78 727 iShares Dow Jones - UBS Commodity 17,440 iShares MSCI Europe ex-UK UCITS ETF 1 446,464 12.32 Swap DE 1 17,070 0.47 23,340 iShares MSCI Japan UCITS ETF 1 209,593 5.78 17,070 0.47 22,057 iShares MSCI North America UCITS ETF 1 568,023 15.68 3,784 iShares MSCI Pacific ex-Japan Ireland UCITS ETF 1 125,875 3.47 2,208 iShares Developed Markets Property 13,620 iShares S&P 500 UCITS ETF 1 180,608 4.98 Yield UCITS ETF 1 35,019 0.97 3,605,192 99.49 616 iShares Euro Corporate Bond UCITS ETF 1 76,002 2.10 Total Funds 3,622,262 99.96 425 iShares Euro Government Bond Total Transferable Securities and Money 3-5 UCITS ETF 1 67,528 1.86 Market Instruments Admitted to an 301 iShares Euro Government Bond Official Stock Exchange Listing or 7-10 UCITS ETF 1 54,133 1.49 Dealt in on Another Regulated Market 3,622,262 99.96 818 iShares Euro High Yield Corporate Total Portfolio 3,622,262 99.96 Bond UCITS ETF 1 89,248 2.46 1,009 iShares Euro Inflation Linked Other Net Assets 1,309 0.04 Government Bond UCITS ETF 1 192,114 5.30 25,375 iShares EURO STOXX Small UCITS ETF 1 684,364 18.89 Total Net Assets (EUR) 3,623,571 100.00 27,379 iShares FTSE 100 UCITS ETF 1 217,992 6.02 638 iShares JP Morgan $ Emerging Markets Bond UCITS ETF 1 50,335 1.39

1 This fund is managed by BlackRock.

Sector Breakdown as at 30 November 2013

% of net assets* Funds 99.96 Other net assets 0.04 100.00

* Based on the market value of the Portfolio of Investments

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

Unaudited Interim Report and Accounts 115 BlackRock Fund of iShares – Growth

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % FUNDS Ireland continued 34,520 iShares MSCI Emerging Markets Germany UCITS ETF 1 1,002,461 12.54 3,887 iShares Dow Jones - UBS Commodity 27,735 iShares MSCI Europe ex-UK UCITS ETF 1 710,016 8.88 Swap DE 1 91,267 1.14 37,422 iShares MSCI Japan UCITS ETF 1 336,049 4.21 91,267 1.14 45,678 iShares MSCI North America UCITS ETF 1 1,176,323 14.72 5,852 iShares MSCI Pacific ex-Japan Ireland UCITS ETF 1 194,667 2.44 12,481 iShares Developed Markets Property 7,891,741 98.75 Yield UCITS ETF 1 197,949 2.48 3,369 iShares Euro Corporate Bond Total Funds 7,983,008 99.89 UCITS ETF 1 415,667 5.20 Total Transferable Securities and Money 2,308 iShares Euro Government Bond Market Instruments Admitted to an 3-5 UCITS ETF 1 366,718 4.59 Official Stock Exchange Listing or 1,544 iShares Euro Government Bond Dealt in on Another Regulated Market 7,983,008 99.89 7-10 UCITS ETF 1 277,681 3.47 Total Portfolio 7,983,008 99.89 4,396 iShares Euro High Yield Corporate Bond UCITS ETF 1 479,625 6.00 Other Net Assets 8,603 0.11 5,375 iShares Euro Inflation Linked Government Bond UCITS ETF 1 1,023,400 12.81 Total Net Assets (EUR) 7,991,611 100.00 40,736 iShares EURO STOXX Small UCITS ETF 1 1,098,650 13.75 42,578 iShares FTSE 100 UCITS ETF 1 339,006 4.24 3,467 iShares JP Morgan $ Emerging Markets Bond UCITS ETF 1 273,529 3.42

1 This fund is managed by BlackRock.

Sector Breakdown as at 30 November 2013

% of net assets * Funds 99.89 Other net assets 0.11 100.00

* Based on the market value of the Portfolio of Investments

116 BlackRock Strategic Funds (BSF) BlackRock Fund of iShares – Moderate

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % FUNDS Ireland continued 34,575 iShares MSCI Emerging Markets Germany UCITS ETF 1 1,004,058 7.84 10,741 iShares Dow Jones - UBS Commodity 25,560 iShares MSCI Europe ex-UK UCITS ETF 1 654,336 5.11 Swap DE 1 252,199 1.97 34,092 iShares MSCI Japan UCITS ETF 1 306,146 2.39 252,199 1.97 42,733 iShares MSCI North America UCITS ETF 1 1,100,482 8.59 5,718 iShares MSCI Pacific ex-Japan Ireland UCITS ETF 1 190,209 1.48 32,792 iShares Developed Markets Property 12,548,162 97.97 Yield UCITS ETF 1 520,081 4.06 8,717 iShares Euro Corporate Bond Total Funds 12,800,361 99.94 UCITS ETF 1 1,075,503 8.40 Total Transferable Securities and Money 5,949 iShares Euro Government Bond Market Instruments Admitted to an 3-5 UCITS ETF 1 945,237 7.38 Official Stock Exchange Listing or 5,405 iShares Euro Government Bond Dealt in on Another Regulated Market 12,800,361 99.94 7-10 UCITS ETF 1 972,062 7.59 Total Portfolio 12,800,361 99.94 11,374 iShares Euro High Yield Corporate Bond UCITS ETF 1 1,240,960 9.69 Other Net Assets 7,332 0.06 12,793 iShares Euro Inflation Linked Government Bond UCITS ETF 1 2,435,787 19.02 Total Net Assets (EUR) 12,807,693 100.00 39,178 iShares EURO STOXX Small UCITS ETF 1 1,056,631 8.25 40,276 iShares FTSE 100 UCITS ETF 1 320,678 2.50 9,202 iShares JP Morgan $ Emerging Markets Bond UCITS ETF 1 725,992 5.67

1 This fund is managed by BlackRock.

Sector Breakdown as at 30 November 2013

% of net assets * Funds 99.94 Other net assets 0.06 100.00

* Based on the market value of the Portfolio of Investments

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

Unaudited Interim Report and Accounts 117 BlackRock Global Absolute Return Bond Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % BONDS France continued EUR 700,000 Plastic Omnium SA 2.875% Australia 29/5/2020 693,840 0.37 USD 10,402 Medallion Trust Series 2007-1G 'A1' EUR 185,772 Red & Black Auto France 2012-1A FRN 27/2/2039 7,630 0.01 FRN 28/12/2021 186,267 0.10 USD 83,754 Puma Finance Ltd 'A1' '144A' FRN EUR 750,000 Renault SA 4.625% 18/9/2017 808,635 0.43 21/2/2038 60,757 0.03 AUD 602,000 Queensland Treasury Corp 6.00% 7,999,058 4.27 21/7/2022 438,640 0.23 USD 221,202 Swan 2006-1E 'A1' FRN 12/5/2037 161,999 0.09 Germany AUD 626,552 Torrens Trust 2013-1A FRN EUR 900,000 Allianz SE FRN (Perpetual) 926,793 0.49 12/4/2044 419,828 0.22 EUR 932,000 Bayer AG FRN 29/7/2105 972,658 0.52 EUR 1,250,000 Bundesobligation 2.25% 11/4/2014 1,259,531 0.67 1,088,854 0.58 EUR 1,300,000 Bundesrepublik Deutschland 4.25% 4/1/2014 1,304,615 0.70 Austria EUR 6,500,000 Bundesrepublik Deutschland 4.25% EUR 400,000 BAWAG PSK Bank fuer Arbeit und 4/7/2014 6,657,300 3.55 Wirtschaft und Oesterreichische EUR 2,619,469 Bundesrepublik Deutschland Postsparkasse AG 8.125% Bundesobligation Inflation 30/10/2023 417,300 0.22 Linked Bond 0.75% 15/4/2018 2,749,329 1.47 EUR 400,000 UNIQA Insurance Group AG FRN EUR 1,000,000 Bundesschatzanweisungen 0.25% 31/7/2043 431,106 0.23 13/12/2013 1,000,040 0.53 848,406 0.45 EUR 4,000,000 Bundesschatzanweisungen 0.25% 14/3/2014 4,001,940 2.14 Belgium EUR 4,000,000 Bundesschatzanweisungen 0.00% EUR 1,197,000 UCB SA 4.125% 4/1/2021 1,242,504 0.66 13/6/2014 (Zero Coupon) 3,998,720 2.13 1,242,504 0.66 EUR 1,500,000 Bundesschatzanweisungen 0.00% 12/9/2014 (Zero Coupon) 1,499,025 0.80 Brazil EUR 750,000 Continental AG 3.00% 16/7/2018 787,523 0.42 BRL 2,004,000 Brazil Notas do Tesouro Nacional EUR 630,453 Driver Ten GmbH 'A' FRN 21/3/2019 630,296 0.34 Serie F 10.00% 1/1/2017 624,949 0.33 GBP 300,000 FMS Wertmanagement AoeR FRN 624,949 0.33 3/8/2015 361,474 0.19 EUR 3,000,000 German Treasury Bill 0.00% British Virgin Islands 26/2/2014 (Zero Coupon) 2,999,790 1.60 USD 400,000 Caifu Holdings Ltd 8.75% 24/1/2020 298,448 0.16 EUR 3,000,000 German Treasury Bill 0.00% 12/3/2014 (Zero Coupon) 2,999,715 1.60 298,448 0.16 EUR 1,000,000 German Treasury Bill 0.00% 26/3/2014 (Zero Coupon) 999,850 0.53 Canada EUR 3,000,000 German Treasury Bill 0.00% USD 25,000 Thomson Reuters Corp 1.30% 14/5/2014 (Zero Coupon) 2,999,028 1.60 23/2/2017 18,405 0.01 EUR 2,500,000 German Treasury Bill 0.00% 18,405 0.01 25/6/2014 (Zero Coupon) 2,499,350 1.33 EUR 1,500,000 German Treasury Bill 0.00% Cayman Islands 27/8/2014 (Zero Coupon) 1,499,475 0.80 EUR 420,000 IPIC GMTN Ltd 2.375% 30/5/2018 430,471 0.23 EUR 250,000 Heidelberger Druckmaschinen USD 25,000 Seagate HDD Cayman '144A' 3.75% AG 9.25% 15/4/2018 268,819 0.14 15/11/2018 18,613 0.01 EUR 1,600,000 Red & Black Auto Germany 2 'A' USD 362,000 Seagate HDD Cayman 3.75% FRN 15/9/2022 1,601,067 0.85 15/11/2018 269,513 0.15 EUR 769,865 Red & Black TME Germany 1 SA USD 35,000 XLIT Ltd 2.30% 15/12/2018 25,766 0.01 'A' FRN 15/1/2023 770,605 0.41 744,363 0.40 EUR 120,000 RWE AG FRN (Perpetual) 121,908 0.07 EUR 250,000 RWE AG FRN (Perpetual) 253,975 0.14 France EUR 304,661 SC Germany Auto 2010-1A FRN EUR 2,100,000 Auto ABS Compartiment 2012-1A 12/8/2019 305,543 0.16 FRN 25/7/2026 2,116,040 1.13 EUR 410,307 SC Germany Auto 2011-2A FRN GBP 150,000 AXA SA FRN (Perpetual) 191,588 0.10 13/11/2021 412,912 0.22 EUR 600,000 Cars Alliance Auto Loans France V EUR 538,533 SC Germany Auto 2013-1A FRN 2012-1A FRN 25/2/2024 600,848 0.32 12/10/2022 538,803 0.29 EUR 1,286,116 Driver France 1 FCT 'A' FRN EUR 967,041 SC Germany auto 2013-2A FRN 21/10/2020 1,287,317 0.69 12/3/2023 968,627 0.52 EUR 715,852 FCT Copernic 2012-1 'A1' FRN 45,388,711 24.21 25/9/2029 719,129 0.38 EUR 391,489 FCT GINKGO Sales Finance 2012-1A India FRN 18/7/2038 394,494 0.21 USD 400,000 Power Grid Corp of India Ltd EUR 1,000,000 Master Credit Cards Pass 3.875% 17/1/2023 253,093 0.14 Compartment France 2013-1 FRN 25/10/2025 1,000,900 0.54 253,093 0.14

118 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % Indonesia Luxembourg USD 400,000 Indonesia Government USD 145,000 ArcelorMittal 6.125% 1/6/2018 116,237 0.06 International Bond 5.375% EUR 476,744 Bumper 2 SA 'A' FRN 23/2/2023 479,658 0.25 17/10/2023 292,467 0.16 EUR 512,850 E-Carat 2013-1 'A' 0.852% 292,467 0.16 18/11/2020 512,826 0.27 EUR 972,598 E-Carat 2012-1 'A' FRN 18/7/2020 978,038 0.52 Ireland EUR 100,000 GCS Holdco Finance I SA 6.50% EUR 1,225,000 ESB Finance Ltd 3.494% 12/1/2024 1,239,400 0.66 15/11/2018 102,800 0.05 EUR 195,000 Ireland Government Bond 4.50% EUR 1,500,000 Red & Black Auto Lease Germany 1 18/4/2020 212,282 0.11 SA 'A' 0.911% 15/4/2024 1,500,300 0.80 EUR 430,000 Ireland Government Bond 3.90% EUR 300,000 Schmolz + Bickenbach Luxembourg 20/3/2023 443,700 0.24 SA 9.875% 15/5/2019 331,266 0.18 EUR 155,000 Ireland Government Bond 5.40% EUR 58,363 Volkswagen Car Lease '13A' FRN 13/3/2025 175,499 0.09 21/2/2017 58,402 0.03 EUR 84,085 Opera Germany No2 Plc 'A' FRN EUR 104,904 Volkswagen Car Lease '15A' FRN 20/10/2014 82,699 0.04 21/1/2018 105,070 0.06 EUR 681,336 SCF Rahoituspalvelut Ltd 2013-1 'A' EUR 161,491 Volkswagen Car Lease '16A' FRN 0.802% 25/5/2021 681,779 0.36 21/7/2018 161,505 0.09 GBP 229,358 Titan Europe 2007-1 Nhp Ltd 'A' EUR 142,564 Volkswagen Car Lease '17A' FRN FRN 20/1/2017 252,671 0.14 21/1/2019 142,544 0.08 EUR 31,212 Titan Europe 2007-2 Ltd 'A1' FRN 4,488,646 2.39 23/4/2017 30,989 0.02 3,119,019 1.66 Mexico USD 65,000 Kansas City Southern de Mexico Isle Of Man de CV '144A' FRN 28/10/2016 47,760 0.03 USD 300,000 Sasol Financing International Plc MXN 21,500,000 Mexican Cetes 0.00% 23/1/2014 4.50% 14/11/2022 209,003 0.11 (Zero Coupon) 119,908 0.06 USD 600,000 Petroleos Mexicanos 3.50% 209,003 0.11 30/1/2023 401,371 0.21 Italy 569,039 0.30 EUR 421,946 Asset-Backed European Securitisation Transaction Seven Srl 'A' Netherlands FRN 10/12/2026 427,270 0.23 EUR 800,000 Alliander NV FRN (Perpetual) 810,000 0.43 EUR 900,000 Banca Popolare dell'Emilia Romagna EUR 500,000 ASML Holding NV 3.375% 19/9/2023 511,080 0.27 SC 3.375% 22/10/2018 914,949 0.49 EUR 600,000 Brenntag Finance BV 5.50% EUR 487,937 Berica ABS Srl FRN 30/11/2051 476,018 0.25 19/7/2018 678,276 0.36 EUR 950,000 Intesa Sanpaolo SpA 3.00% EUR 1,044,278 Bumper 4 NL Finance BV '2011-4 28/1/2019 963,789 0.51 'A' FRN 20/5/2026 1,047,081 0.56 EUR 300,000 Intesa Sanpaolo SpA 4.00% GBP 300,000 Cable & Wireless International 30/10/2023 304,101 0.16 Finance BV 8.625% 25/3/2019 412,931 0.22 EUR 1,663,362 Italy Buoni Poliennali Del Tesoro USD 2,000,000 Cooperatieve Centrale Raiffeisen- 2.15% 15/9/2014 1,686,815 0.90 Boerenleenbank BA/Netherlands EUR 5,760,893 Italy Buoni Poliennali Del Tesoro 4.625% 1/12/2023 1,462,980 0.78 2.55% 22/10/2016 5,902,467 3.15 GBP 150,000 Enel Finance International NV EUR 998,880 Italy Buoni Poliennali Del Tesoro 5.75% 14/9/2040 168,881 0.09 2.15% 12/11/2017 1,004,174 0.54 EUR 301,369 Highway BV 2012-1 'A' FRN EUR 2,142,000 Italy Buoni Poliennali Del Tesoro 26/3/2024 302,672 0.16 2.15% 12/11/2017 2,156,458 1.15 EUR 818,000 ING Bank NV 3.50% 21/11/2023 817,746 0.44 EUR 500,000 Linea Group Holding SpA 3.875% EUR 905,000 Louis Dreyfus Commodities BV 28/11/2018 498,152 0.27 3.875% 30/7/2018 933,209 0.50 EUR 200,000 Telecom Italia SpA 5.375% EUR 500,000 Repsol International Finance BV 29/1/2019 210,469 0.11 3.625% 7/10/2021 524,183 0.28 EUR 180,000 Telecom Italia SpA 4.00% 21/1/2020 175,809 0.09 EUR 232,782 Storm 2012-4 BV 'A1' FRN 22/8/2054 233,819 0.13 EUR 920,000 UniCredit SpA 3.375% 11/1/2018 946,487 0.51 EUR 1,000,000 Storm 2013-4 BV 'A1' FRN 22/10/2053 999,954 0.53 15,666,958 8.36 EUR 100,000 Univeg Holding BV 7.875% Jersey 15/11/2020 100,000 0.05 GBP 780,000 AA Bond Co Ltd 4.249% 31/7/2020 938,752 0.50 9,002,812 4.80 USD 152,889 Aircraft Lease Securitisation Ltd '144A' FRN 10/5/2032 107,363 0.06 Portugal GBP 1,150,000 Heathrow Funding Ltd 4.625% EUR 800,000 Galp Energia SGPS SA 4.125% 31/10/2046 1,342,488 0.71 25/1/2019 812,480 0.43 2,388,603 1.27 812,480 0.43

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

Unaudited Interim Report and Accounts 119 BlackRock Global Absolute Return Bond Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % Puerto Rico United Kingdom continued USD 190,000 Warner Chilcott Co LLC Warner EUR 600,000 HBOS Plc 4.875% 20/3/2015 625,275 0.33 Chilcott Finance LLC 7.75% GBP 1,549,759 Kenrick Plc 'A' FRN 18/4/2049 1,860,862 0.99 15/9/2018 152,809 0.08 GBP 250,000 Marks & Spencer Plc 4.75% 12/6/2025 301,548 0.16 152,809 0.08 GBP 783,462 Motor 2012 Plc 'A2' FRN 25/2/2020 942,110 0.50 Russia GBP 400,000 Next Plc 5.375% 26/10/2021 536,694 0.29 USD 600,000 Russian Foreign Bond - Eurobond GBP 440,000 Penarth Master Issuer Plc 'A3' FRN 4.875% 16/9/2023 451,980 0.24 18/12/2016 531,958 0.28 GBP 621,000 Permanent Master Issuer Plc '1A2' 451,980 0.24 FRN 15/7/2042 746,623 0.40 EUR 1,000,000 Permanent Master Issuer Plc '1A3' Spain FRN 15/7/2042 1,001,206 0.53 EUR 300,000 Banco Popular Espanol SA FRN GBP 1,500,000 Telereal Secured Finance Plc 4.01% (Perpetual) 323,552 0.17 10/12/2031 1,775,548 0.95 EUR 500,000 Bankia SA 4.25% 25/5/2018 530,937 0.29 GBP 1,024,000 Temese Funding 1 Plc - Class A FRN EUR 900,000 BBVA Senior Finance SAU 3.75% 21/11/2021 1,230,080 0.66 17/1/2018 958,882 0.51 GBP 277,970 Turbo Finance 2 Plc 'A' FRN EUR 300,000 Caja Rural de Navarra 2.875% 20/2/2019 334,774 0.18 11/6/2018 308,577 0.17 GBP 508,000 Turbo Finance 2 Plc 'B' 5.50% EUR 450,000 Ence Energia y Celulosa SA 7.25% 20/2/2019 631,104 0.34 15/2/2020 490,374 0.26 GBP 801,085 Turbo Finance 3 Plc 'A' FRN EUR 900,000 Spain Government Bond '144A' 20/11/2019 963,020 0.51 4.40% 31/10/2023 920,205 0.49 GBP 763,000 Turbo Finance 4 Plc - Class A FRN 3,532,527 1.89 20/1/2021 916,414 0.49 GBP 27,369 Unique Pub Finance Co Plc 5.659% Sweden 30/6/2027 32,174 0.02 GBP 1,300,000 Svenska Handelsbanken AB 3.00% GBP 688,000 United Kingdom Gilt 3.25% 20/11/2020 1,562,760 0.83 22/1/2044 773,278 0.41 EUR 300,000 TVN Finance Corp III AB 7.375% GBP 1,271,000 United Kingdom Gilt 3.50% 15/12/2020 319,799 0.17 22/7/2068 1,510,265 0.81 1,882,559 1.00 GBP 342,914 United Kingdom Gilt Inflation Linked 0.125% 22/3/2068 446,872 0.24 Switzerland EUR 370,000 WM Morrison Supermarkets Plc EUR 687,000 Credit Suisse AG FRN 18/9/2025 725,932 0.39 2.25% 19/6/2020 369,700 0.20 725,932 0.39 27,355,410 14.59

United Kingdom United States GBP 201,119 Asset-Backed European USD 50,000 Air Lease Corp 3.375% 15/1/2019 36,893 0.02 Securitisation Transaction 8 USD 75,000 Ally Financial Inc 5.50% 15/2/2017 60,044 0.03 Srl 'A' FRN 15/6/2019 241,631 0.13 USD 55,000 American Honda Finance Corp USD 800,000 Barclays Plc FRN (Perpetual) 607,887 0.32 1.125% 7/10/2016 40,720 0.02 GBP 141,869 Brass No 2 Plc 2012-1A1 FRN USD 75,000 American International Group Inc 16/7/2050 170,645 0.09 4.875% 15/9/2016 60,807 0.03 GBP 604,000 Brass No 3 Plc 'A' FRN 16/4/2051 726,844 0.39 USD 50,000 Aviation Capital Group Corp '144A' EUR 1,498,127 Brunel Residential Mortgage 3.875% 27/9/2016 37,226 0.02 Securitisation Plc FRN 13/1/2039 1,480,558 0.79 USD 26,000 Avis Budget Car Rental LLC 4.875% USD 800,000 Centrica Plc 4.00% 16/10/2023 581,593 0.31 15/11/2017 20,170 0.01 GBP 820,000 Chester Asset Receivables Dealings USD 250,000 Banc of America Re-Remic Trust 2004-1 Plc 'A' FRN 15/4/2016 984,444 0.53 '144A' FRN 15/9/2026 184,224 0.10 GBP 350,000 Dixons Retail Plc 8.75% 15/9/2017 485,386 0.26 USD 22,000 Bank of America Corp 1.25% 11/1/2016 16,258 0.01 GBP 768,796 E-Carat 2 Plc - Class A FRN USD 90,000 Bank of America Corp 6.50% 1/8/2016 75,187 0.04 18/10/2021 924,254 0.49 USD 325,000 Bank of America Corp 2.60% GBP 459,905 E-Carat 2012-1 Plc 'A' 1.30% 15/1/2019 241,896 0.13 18/6/2020 552,848 0.29 EUR 150,000 Belden Inc 5.50% 15/4/2023 147,351 0.08 GBP 1,200,000 FCE Bank Plc 3.25% 19/11/2020 1,433,716 0.76 USD 100,000 Capital One Financial Corp 6.75% GBP 150,892 Gosforth Funding 2012-2 Plc 'A1A' 15/9/2017 86,414 0.05 FRN 18/11/2049 181,372 0.10 USD 400,000 CarMax Auto Owner Trust 'A4' GBP 1,250,000 Gracechurch Card 2011-3 'A2' FRN 0.84% 15/11/2018 292,062 0.16 15/4/2016 1,503,783 0.80 USD 500,000 CarMax Auto Owner Trust 'B' 1.21% EUR 863,000 Gracechurch Card Funding Plc 2011 15/1/2019 365,557 0.20 'A' FRN 15/1/2016 863,952 0.46 USD 405,000 Citibank Credit Card Issuance Trust USD 64,571 Granite Master Issuer Plc 'A1' '144A' 1.32% 7/9/2018 301,609 0.16 FRN 20/12/2054 46,888 0.03 USD 8,304,479 Citigroup Commercial Mortgage Trust GBP 860,000 Greater Gabbard Ofto Plc 4.137% 2013-GC15 FRN 10/9/2046 482,770 0.26 29/11/2032 1,040,104 0.55 USD 50,000 Citigroup Inc 1.25% 15/1/2016 36,950 0.02

120 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % United States continued United States continued USD 100,000 Citigroup Inc 1.70% 25/7/2016 74,563 0.04 USD 150,000 GS Mortgage Securities Trust USD 50,000 CNH Capital LLC 6.25% 1/11/2016 40,626 0.02 2006-GG8 'AM' 5.591% USD 4,531,042 COMM 2013-CR7 Mortgage Trust 10/11/2039 121,818 0.07 FRN 10/3/2046 309,448 0.17 USD 45,000 HCA Inc 6.50% 15/2/2016 36,274 0.02 USD 7,991,377 COMM 2013-LC13 Mortgage Trust USD 192,000 HCA Inc 7.875% 15/2/2020 152,829 0.08 FRN 10/8/2046 524,016 0.28 USD 97,000 HCA Inc 7.25% 15/9/2020 78,102 0.04 USD 80,000 Community Health Systems Inc USD 425,000 HCP Inc 4.25% 15/11/2023 310,736 0.17 5.125% 15/8/2018 61,326 0.03 USD 140,000 Health Care (Reit) Inc 6.20% 1/6/2016 115,151 0.06 USD 477,882 Countrywide Asset-Backed USD 490,000 Hewlett-Packard Co 2.35% 15/3/2015 366,736 0.20 Certificates 2007-4 'A2' USD 100,000 Hilton USA Trust 4.611% 5/11/2030 73,899 0.04 FRN 25/4/2047 325,332 0.17 USD 100,000 Hilton USA Trust 2013-HLT '144A' FRN USD 300,000 Credit Acceptance Auto Loan Trust 5/11/2030 73,900 0.04 2013-2A 'A' '144A' 1.50% USD 100,000 HLSS Servicer Advance Receivables 15/4/2021 220,252 0.12 Trust - 2013-T3 'B3' '144A' 2.14% USD 350,000 Credit Suisse Commercial Mortgage 15/5/2046 72,176 0.04 Trust Series 2006-C5 'A3' 5.311% USD 250,000 HLSS Servicer Advance Receivables 15/12/2039 281,094 0.15 Trust 2013-T2 'C2' '144A' 1.843% USD 60,000 DIRECTV Holdings LLC DIRECTV 16/5/2044 182,757 0.10 Financing Co Inc 3.125% 15/2/2016 46,036 0.02 USD 190,000 Icahn Enterprises LP / Icahn GBP 1,100,000 DIRECTV Holdings LLC DIRECTV Enterprises Finance Corp 8.00% Financing Co Inc 5.20% 18/11/2033 1,303,871 0.70 15/1/2018 146,173 0.08 USD 350,000 Discover Card Execution Note Trust USD 60,000 IntercontinentalExchange Group Inc 1.04% 15/4/2019 258,223 0.14 2.50% 15/10/2018 45,084 0.02 USD 32,000 ERP Operating LP 5.125% 15/3/2016 25,693 0.01 USD 65,000 Iowa State Financial Authority 5.00% USD 43,000 ERP Operating LP 5.375% 1/8/2016 35,198 0.02 1/12/2019 46,234 0.02 USD 100,000 ERP Operating LP 5.75% 15/6/2017 83,147 0.04 USD 1,591,218 JP Morgan Chase Commercial USD 27,670,873 Fannie Mae-Aces FRN 25/1/2022 2,674,945 1.43 Mortgage Securities Corp FRN USD 2,274,679 FHLMC Multifamily Structured 15/12/2047 125,655 0.07 Pass Through Certificates FRN USD 264,076 JP Morgan Chase Commercial 25/7/2019 134,538 0.07 Mortgage Securities Trust USD 3,587,093 FHLMC Multifamily Structured 2006-LDP6 'A4' FRN 15/4/2043 211,809 0.11 Pass Through Certificates FRN USD 310,000 JP Morgan Chase Commercial 25/11/2019 177,851 0.10 Mortgage Securities Trust USD 636,715 FHLMC Multifamily Structured 2007-CIBC18 'A4' 5.44% 12/6/2047 252,517 0.13 Pass Through Certificates FRN USD 53,287 JP Morgan Chase Commercial 25/6/2022 47,128 0.03 Mortgage Securities Trust USD 299,191 FHLMC Multifamily Structured 2007-CIBC19 'A1A' FRN 12/2/2049 44,692 0.02 Pass Through Certificates FRN USD 59,900 JP Morgan Chase Commercial 25/10/2022 13,717 0.01 Mortgage Securities Trust USD 3,002,028 FHLMC Multifamily Structured 2007-CIBC20 'AJ' FRN 12/2/2051 46,017 0.02 Pass Through Certificates FRN USD 5,585,534 JP Morgan Chase Commercial 25/11/2022 161,328 0.09 Mortgage Securities Trust USD 3,178,416 FHLMC Multifamily Structured 2013-LC11 'XA' FRN 15/4/2046 402,249 0.21 Pass Through Certificates FRN USD 23,000 JPMorgan Chase & Co 3.45% 1/3/2016 17,822 0.01 25/1/2023 137,752 0.07 USD 130,000 JPMorgan Chase & Co 3.15% 5/7/2016 100,479 0.05 USD 18,436,769 FHLMC Multifamily Structured USD 150,000 LB-UBS Commercial Mortgage Trust Pass Through Certificates FRN 2007-C2 FRN 15/2/2040 117,701 0.06 25/4/2023 237,335 0.13 USD 250,000 LB-UBS Commercial Mortgage Trust USD 29,000,000 FHLMC Multifamily Structured 2007-C7 FRN 15/9/2045 212,652 0.11 Pass Through Certificates FRN USD 100,000 Maxim Integrated Products Inc 2.50% 25/8/2023 731,893 0.39 15/11/2018 73,343 0.04 USD 60,000 Fifth Third Bancorp 3.625% 25/1/2016 46,541 0.02 USD 100,000 Morgan Stanley 5.75% 18/10/2016 82,402 0.04 USD 550,000 Ford Credit Auto Owner Trust 0.67% USD 450,000 Morgan Stanley 3.75% 25/2/2023 323,287 0.17 15/4/2018 404,427 0.22 USD 845,000 Morgan Stanley 5.00% 24/11/2025 623,530 0.33 USD 199,000 Ford Motor Credit Co LLC 5.625% USD 42,800,983 Morgan Stanley Bank of America 15/9/2015 158,700 0.08 Merrill Lynch Trust FRN USD 75,000 GATX Corp 2.50% 15/3/2019 55,270 0.03 15/11/2046 2,561,946 1.37 USD 38,000 General Motors Co '144A' 3.50% USD 400,000 Morgan Stanley Capital I Trust 2/10/2018 28,606 0.02 2007-IQ13 'AM' 5.406% USD 1,000,000 General Motors Co '144A' 6.25% 15/3/2044 321,776 0.17 2/10/2043 750,027 0.40 EUR 400,000 NASDAQ OMX Group Inc/The 3.875% USD 125,000 Goldman Sachs Group Inc 6.15% 7/6/2021 416,414 0.22 1/4/2018 106,428 0.06 USD 725,000 Packaging Corp of America 4.50% 1/11/2023 540,172 0.29

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

Unaudited Interim Report and Accounts 121 BlackRock Global Absolute Return Bond Fund continued

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (EUR) % Holding Description (EUR) % United States continued TBA USD 85,000 Penske Truck Leasing Co LP / PTL Finance Corp '144A' 2.50% United States USD 499,999 Fannie Mae Pool 3.00% TBA 354,964 0.19 15/3/2016 64,084 0.03 USD 1,500,000 Fannie Mae Pool 4.00% TBA 1,151,237 0.61 USD 70,000 Petrohawk Energy Corp 6.25% USD 400,000 Fannie Mae Pool 5.00% TBA 319,681 0.17 1/6/2019 56,367 0.03 USD 7,850,000 Fannie Mae Pool 3.50% TBA 5,824,581 3.11 USD 1,975,000 Philip Morris International Inc USD 8,600,000 Fannie Mae Pool 4.50% TBA 6,748,638 3.60 4.875% 15/11/2043 1,437,388 0.77 USD 350,000 Prestige Auto Receivables Trust 14,399,101 7.68 2013-1A 'B' '144A' 1.74% Total TBA 14,399,101 7.68 15/5/2019 256,076 0.14 Total Transferable Securities and Money USD 150,000 ProLogis LP 5.625% 15/11/2016 122,769 0.07 Market Instruments Admitted to an EUR 1,779,000 ProLogis LP 3.00% 18/1/2022 1,779,649 0.95 Official Stock Exchange Listing or USD 120,000 Prudential Financial Inc 6.00% Dealt in on Another Regulated Market 174,011,549 92.81 1/12/2017 102,588 0.05 USD 110,000 Prudential Financial Inc FRN 15/8/2018 81,131 0.04 USD 100,000 Regions Financial Corp 2.00% Funds 15/5/2018 72,403 0.04 USD 1,025,000 Santander Drive Auto Receivables Luxembourg Trust FRN 17/4/2017 753,937 0.40 92,879 BlackRock Global Funds - Emerging USD 85,000 Santander Drive Auto Receivables Markets Bond Fund X2 EUR Trust 2012-3 'C' 3.01% 16/4/2018 64,516 0.03 hedged 1 1,398,758 0.75 USD 300,000 Santander Drive Auto Receivables 265,473 BlackRock Global Funds - Emerging Trust 2012-AA 'C' '144A' 1.78% Markets Local Currency Bond Fund 15/11/2018 220,538 0.12 X2 EUR 1 1,369,841 0.73 USD 500,000 Santander Drive Auto Receivables 227,539 BlackRock Global Funds - Global Trust 2013-3 'C' 1.81% 15/4/2019 362,671 0.19 High Yield Bond Fund X2 EUR USD 500,000 Santander Drive Auto Receivables hedged 1 3,736,190 1.99 Trust 2013-3 'D' 2.42% 15/4/2019 366,619 0.20 6,504,789 3.47 USD 284,280 SLM Private Education Loan Trust 2013-C 'A1' '144A' FRN 15/2/2022 209,550 0.11 United Kingdom USD 146,802 SLM Student Loan Trust 2013-4 'A' 2,080,000 BlackRock Corporate Bond FRN 25/6/2027 107,797 0.06 Fund - D Acc 1 6,533,380 3.49 USD 55,000 T-Mobile USA Inc '144A' 5.25% 1/9/2018 42,313 0.02 6,533,380 3.49 USD 151,000 Thermo Fisher Scientific Inc 2.25% Total Funds 13,038,169 6.96 15/8/2016 113,792 0.06 USD 50,000 United Airlines Inc '144A' 6.75% 15/9/2015 37,961 0.02 Other Transferable Securities and Money Market Instruments USD 1,950,000 United States Treasury Note 0.25% 30/9/2015 1,433,735 0.76 USD 95,000 United States Treasury Note 1.00% BONDS 31/5/2018 69,307 0.04 Australia USD 640,000 United States Treasury Note 1.375% AUD 554,000 Western Australian Treasury Corp 31/7/2018 473,547 0.25 6.00% 16/10/2023 401,607 0.22 USD 200,000 United States Treasury Note 1.125% 31/5/2019 143,594 0.08 401,607 0.22 USD 100,000 Ventas Realty LP 1.55% 26/9/2016 74,099 0.04 USD 62,000 Verizon Communications Inc 2.50% United States GBP 100,000 Health Care (Reit) Inc 4.80% 15/9/2016 47,373 0.03 20/11/2028 120,353 0.06 USD 113,000 Verizon Communications Inc 5.50% 1/4/2017 93,649 0.05 120,353 0.06 USD 725,000 Verizon Communications Inc 6.55% Total Bonds 521,960 0.28 15/9/2043 608,533 0.32 Total Other Transferable Securities USD 850,000 Western Union Co /The 3.35% and Money Market Instruments 521,960 0.28 22/5/2019 631,706 0.34 USD 5,062,825 WFRBS Commercial Mortgage Trust Securities portfolio at market value 187,571,678 100.05 2013-C14 'XA' FRN 15/6/2046 224,673 0.12 USD 549,049 WFRBS Commercial Mortgage Trust Other Net Assets (86,111) (0.05) 2013-C15 'XA' FRN 15/8/2046 17,082 0.01 Total Net Assets (EUR) 187,485,567 100.00 USD 200,000 WM Wrigley Jr Co '144A' 2.00% 20/10/2017 148,185 0.08 30,455,413 16.25 Total Bonds 159,612,448 85.13

1 This fund is managed by BlackRock.

122 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Time Deposit as at 30 November 2013

Market Value Description EUR %

TIME DEPOSITS Barclays Bank Plc 1,700,000 0.91 BNP Paribas SA 1,700,001 0.90 HSBC Bank Plc 1,700,000 0.91 ING Bank NV 1,700,001 0.91 Societe Generale SA 1,700,004 0.90 Total Time Deposits 8,500,006 4.53

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 300,000 Credit Default Swaps (Bank of America EUR 200,000 Credit Default Swaps (Bank of America) (Fund International Ltd) (Fund receives Fixed 1.000% receives default protection on Experian and provides default protection on RWE AG Finance Plc 4.750% 23/11/2018 and pays 5.750% 14/2/2033) (20/9/2018) 1,808 Fixed 1.000%) (20/12/2018) (922) EUR 1,150,000 Credit Default Swaps (Bank of America) (Fund EUR 73,394 Credit Default Swaps (Bank of America) (Fund receives default protection on Akzo Nobel receives default protection on Finmeccanica NV 8.000% 6/4/2016 and pays Fixed 1.000%) Finance SA/Old 5.750% 12/12/2018 and pays (20/12/2018) (17,850) Fixed 5.000%) (20/3/2018) (3,048) EUR 660,000 Credit Default Swaps (Bank of America) (Fund EUR 210,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Alstom SA receives default protection on Lafarge SA 4.125% 1/2/2017 and pays Fixed 1.000%) 6.625% 29/11/2018 and pays Fixed 1.000%) (20/12/2018) (12,813) (20/12/2018) (2,724) EUR 122,800 Credit Default Swaps (Bank of America) (Fund EUR 200,000 Credit Default Swaps (Bank of America) (Fund receives default protection on BASF SE receives default protection on Lafarge SA 4.500% 29/6/2016 and pays Fixed 1.000%) 6.625% 29/11/2018 and pays Fixed 1.000%) (20/9/2017) (2,657) (20/12/2018) (2,594) EUR 118,100 Credit Default Swaps (Bank of America) (Fund EUR 80,000 Credit Default Swaps (Bank of America) (Fund receives default protection on BASF SE receives default protection on LANXESS 4.500% 29/6/2016 and pays Fixed 1.000%) Finance BV 7.750% 9/4/2014 and pays Fixed (20/9/2017) (2,607) 1.000%) (20/3/2018) (701) EUR 240,000 Credit Default Swaps (Bank of America) (Fund EUR 110,000 Credit Default Swaps (Bank of America) (Fund receives default protection on BBVA Senior receives default protection on LANXESS Finance SAU 4.875% 23/1/2014 and pays Finance BV 7.750% 9/4/2014 and pays Fixed Fixed 3.000%) (20/12/2018) (3,451) 1.000%) (20/3/2018) (1,066) EUR 50,000 Credit Default Swaps (Bank of America) (Fund EUR 1,150,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Bouygues SA receives default protection on LANXESS 4.750% 24/5/2016 and pays Fixed 1.000%) Finance BV 7.750% 9/4/2014 and pays Fixed (20/6/2018) (896) 1.000%) (20/12/2018) (5,332) EUR 640,000 Credit Default Swaps (Bank of America) (Fund EUR 10,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Deutsche receives default protection on Metsa Board Luf thansa AG 6.500% 7/7/2016 and pays OYJ 8.750% 1/4/2013 and pays Fixed 5.000%) Fixed 1.000%) (20/12/2018) (11,594) (20/12/2017) (1,171) EUR 200,000 Credit Default Swaps (Bank of America) (Fund EUR 70,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Deutsche receives default protection on Metsa OYJ Telekom International Finance BV 6.000% 3.800% 27/6/2022 and pays Fixed 5.000%) 20/1/2017 and pays Fixed 1.000%) (20/12/2018) (760) (20/12/2018) 113 EUR 300,000 Credit Default Swaps (Bank of America) EUR 60,000 Credit Default Swaps (Bank of America) (Fund (Fund receives default protection on E.ON receives default protection on Metsa OYJ International Finance BV 6.375% 29/5/2017 3.800% 27/6/2022 and pays Fixed 5.000%) and pays Fixed 1.000%) (20/12/2018) (994) (20/12/2018) (429) EUR 500,000 Credit Default Swaps (Bank of America) EUR 680,000 Credit Default Swaps (Bank of America) (Fund (Fund receives default protection on E.ON receives default protection on Orange SA International Finance BV 6.375% 29/5/2017 5.625% 22/5/2018 and pays Fixed 1.000%) and pays Fixed 1.000%) (20/12/2018) (3,699) (20/12/2018) (8,120) EUR 170,000 Credit Default Swaps (Bank of America) (Fund EUR 105,200 Credit Default Swaps (Bank of America) (Fund receives default protection on Electrolux AB receives default protection on PostNL NV FRN 7/4/2016 and pays Fixed 1.000%) 3.875% 1/6/2015 and pays Fixed 1.000%) (20/12/2018) (27) (20/9/2017) (5,296) EUR 540,000 Credit Default Swaps (Bank of America) EUR 50,000 Credit Default Swaps (Bank of America) (Fund (Fund receives default protection on Enbw receives default protection on Rallye SA International Finance BV 4.250% 19/10/2016 7.625% 4/11/2016 and pays Fixed 5.000%) and pays Fixed 1.000%) (20/12/2018) (1,896) (20/12/2017) (4,564)

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

Unaudited Interim Report and Accounts 123 BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 80,000 Credit Default Swaps (Bank of America) (Fund EUR 90,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Rallye SA receives Fixed 1.000% and provides default 7.625% 4/11/2016 and pays Fixed 5.000%) protection on ArcelorMittal 6.125% 1/6/2018) (20/6/2018) (163) (20/12/2018) 2,182 EUR 200,000 Credit Default Swaps (Bank of America) (Fund EUR 140,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Rallye SA receives Fixed 1.000% and provides default 7.625% 4/11/2016 and pays Fixed 5.000%) protection on ArcelorMittal 6.125% 1/6/2018) (20/9/2017) (24,354) (20/12/2018) 3,329 EUR 580,000 Credit Default Swaps (Bank of America) (Fund EUR 100,000 Credit Default Swaps (Bank of America) (Fund receives default protection on RWE AG 5.750% receives Fixed 1.000% and provides default 14/2/2033 and pays Fixed 1.000%) protection on BMW Finance NV 5.000% (20/12/2018) (4,585) 6/8/2018) (20/12/2018) 978 EUR 740,000 Credit Default Swaps (Bank of America) (Fund EUR 450,000 Credit Default Swaps (Bank of America) (Fund receives default protection on SABMiller Plc receives Fixed 1.000% and provides default 6.625% 15/8/2033 and pays Fixed 1.000%) protection on Carrefour SA 4.375% 2/11/2016) (20/12/2018) (4,622) (20/12/2018) 4,944 EUR 200,000 Credit Default Swaps (Bank of America) (Fund EUR 180,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Schneider receives Fixed 1.000% and provides default Electric SA 4.500% 17/1/2014 and pays Fixed protection on Enel SpA 5.25% 20/6/2017) 1.000%) (20/9/2017) (4,493) (20/12/2018) 684 EUR 110,000 Credit Default Swaps (Bank of America) (Fund EUR 420,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Societe Air receives Fixed 1.000% and provides default France SA 2.75% 1/4/2020 and pays Fixed protection on GKN Holdings Plc 6.750% 5.000%) (20/12/2018) 80 28/10/2019) (20/12/2018) 8,778 EUR 40,000 Credit Default Swaps (Bank of America) (Fund EUR 110,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Societe Air receives Fixed 1.000% and provides default France SA 2.750% 1/4/2020 and pays Fixed protection on Glencore Finance Europe SA 5.000%) (20/9/2018) (3,700) 6.500% 27/2/2019) (20/12/2018) 2,421 EUR 50,000 Credit Default Swaps (Bank of America) (Fund EUR 430,000 Credit Default Swaps (Bank of America) receives default protection on Solvay SA (Fund receives Fixed 1.000% and provides 4.625% 27/6/2018 and pays Fixed 1.000%) default protection on Kingfisher Plc 5.625% (20/6/2018) (617) 15/12/2014) (20/12/2018) 3,887 EUR 60,000 Credit Default Swaps (Bank of America) (Fund EUR 390,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Stena AB receives Fixed 1.000% and provides default 6.125% 1/2/2017 and pays Fixed 5.000%) protection on Koninklijke KPN NV 8.375% (20/12/2017) (5,241) 1/10/2030) (20/12/2018) 1,891 EUR 100,000 Credit Default Swaps (Bank of America) (Fund EUR 400,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Telecom Italia receives Fixed 1.000% and provides default SpA 5.375% 29/1/2019 and pays Fixed 1.000%) protection on Next Plc 5.375% 26/10/2021) (20/3/2018) (4,807) (20/6/2018) 8,214 EUR 400,000 Credit Default Swaps (Bank of America) (Fund EUR 126,000 Credit Default Swaps (Bank of America) (Fund receives default protection on ThyssenKrupp receives Fixed 1.000% and provides default AG 4.375% 18/3/2015 and pays Fixed 1.000%) protection on Publicis Groupe SA 4.250% (20/6/2018) (11,655) 31/3/2015) (20/9/2017) 3,476 EUR 160,000 Credit Default Swaps (Bank of America) (Fund EUR 100,000 Credit Default Swaps (Bank of America) (Fund receives default protection on ThyssenKrupp receives Fixed 1.000% and provides default AG 4.375% 18/3/2015 and pays Fixed 1.000%) protection on Rolls-Royce Plc 7.375% (20/12/2018) (3,305) 14/6/2016) (20/12/2017) 1,697 EUR 500,000 Credit Default Swaps (Bank of America) (Fund EUR 170,000 Credit Default Swaps (Bank of America) (Fund receives default protection on ThyssenKrupp receives Fixed 1.000% and provides default AG 4.375% 18/3/2015 and pays Fixed 1.000%) protection on Telefonaktiebolaget LM Ericsson (20/6/2017) (78,402) 5.375% 27/6/2017) (20/12/2018) 1,406 EUR 800,000 Credit Default Swaps (Bank of America) (Fund EUR 700,000 Credit Default Swaps (Bank of America) (Fund receives default protection on UniCredit SpA receives Fixed 1.000% and provides default 4.375% 29/1/2020 and pays Fixed 3.000%) protection on Telefonaktiebolaget LM Ericsson (20/12/2018) (16,765) 5.375% 27/6/2017) (20/12/2018) 3,734 EUR 400,000 Credit Default Swaps (Bank of America) (Fund EUR 260,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Vinci SA 4.125% receives Fixed 5.000% and provides default 20/2/2017 and pays Fixed 1.000%) protection on British Airways Plc 8.750% (20/9/2018) (11,567) 23/8/2016) (20/12/2018) 11,191 EUR 220,000 Credit Default Swaps (Bank of America) (Fund EUR 350,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Volvo Treasury receives Fixed 5.000% and provides default AB 5% 31/5/2017 and pays Fixed 1.000%) protection on CIR-Compagnie Industriali (20/12/2018) (1,896) Riunite SpA 5.750% 16/12/2024) (20/12/2018) (3,531) USD 800,000 Credit Default Swaps (Bank of America) (Fund EUR 810,000 Credit Default Swaps (Bank of America) (Fund receives default protection on Western Union receives Fixed 5.000% and provides default Co/The 3.65% 22/8/2018 and pays Fixed protection on Conti-Gummi Finance BV 1.000%) (20/12/2018) (2,649) 7.500% 15/9/2017) (20/12/2018) 21,871

124 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 320,000 Credit Default Swaps (Bank of America) (Fund EUR 220,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Anglo American protection on Conti-Gummi Finance BV Capital PLC 5.875% 17/4/2015 and pays Fixed 7.500% 15/9/2017) (20/12/2018) 3,004 1.000%) (20/12/2018) 180 EUR 50,000 Credit Default Swaps (Bank of America) (Fund EUR 70,000 Credit Default Swaps (Barclays Bank) receives Fixed 5.000% and provides default (Fund receives default protection on BAT protection on ConvaTec Healthcare E SA International Finance Plc 5.875% 12/3/2015 10.875% 15/12/2018) (20/12/2017) 5,948 and pays Fixed 1.000%) (20/12/2017) (367) EUR 20,000 Credit Default Swaps (Bank of America) (Fund EUR 570,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Deutsche protection on Eileme 2 AB 11.750% 31/1/2020) Telekom International Finance BV 6.000% (20/12/2018) 3,637 20/1/2017 and pays Fixed 1.000%) (20/6/2018) (7,842) EUR 190,000 Credit Default Swaps (Bank of America) (Fund EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Deutsche protection on Jaguar Land Rover Automotive Telekom International Finance BV 6.000% PLC 8.125% 15/5/2018) (20/12/2018) 6,500 20/1/2017 and pays Fixed 1.000%) (20/6/2017) (5,247) EUR 50,000 Credit Default Swaps (Bank of America) (Fund EUR 170,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Fiat Finance protection on Melia Hotels International SA North America Inc 5.625% 12/6/2017 and pays 5.000% 18/12/2014) (20/3/2018) 7,032 Fixed 5.000%) (20/12/2018) (3,863) EUR 50,000 Credit Default Swaps (Bank of America) (Fund EUR 150,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Finmeccanica protection on Melia Hotels International SA Finance SA/Old 5.75% 12/12/2018 and pays 5.000% 18/12/2014) (20/3/2018) 7,032 Fixed 5.000%) (20/12/2018) (540) EUR 30,000 Credit Default Swaps (Bank of America) (Fund EUR 400,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on GDF Suez protection on Melia Hotels International SA 5.125% 19/2/2018 and pays Fixed 1.000%) 5.000% 18/12/2014) (20/3/2018) 4,294 (20/6/2018) (9,393) EUR 50,000 Credit Default Swaps (Bank of America) (Fund EUR 415,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Intesa Sanpaolo protection on Melia Hotels International SA SpA 4.75% 15/6/2017 and pays Fixed 3.000%) 5.000% 18/12/2014) (20/3/2018) 6,907 (20/12/2018) (4,878) EUR 50,000 Credit Default Swaps (Bank of America) (Fund EUR 4,800,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on iTraxx Europe protection on Melia Hotels International SA Series 20 Version 1 and pays Fixed 1.000%) 5.000% 18/12/2014) (20/6/2018) 4,782 (20/12/2018) (2,210) EUR 40,000 Credit Default Swaps (Bank of America) (Fund EUR 8,900,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on iTraxx Europe protection on Melia Hotels International SA Series 20 Version 1 and pays Fixed 1.000%) 5.000% 18/12/2014) (20/12/2018) 1,399 (20/12/2018) (12,355) EUR 50,000 Credit Default Swaps (Bank of America) (Fund EUR 40,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on LANXESS protection on Nokia OYJ 6.750% 4/2/2019) Finance BV 7.750% 9/4/2014 and pays Fixed (20/12/2017) 10,495 1.000%) (20/3/2018) (321) EUR 70,000 Credit Default Swaps (Bank of America) (Fund EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Orange SA protection on Peugeot SA 8.375% 15/7/2014) 5.625% 22/5/2018 and pays Fixed 1.000%) (20/9/2018) 4,909 (20/12/2017) (3,313) EUR 40,000 Credit Default Swaps (Bank of America) (Fund EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Pernod Ricard protection on Scandinavian Airlines 9.65% SA 4.875% 18/3/2016 and pays Fixed 1.000%) 16/6/2014) (20/12/2018) (625) (20/9/2018) (3,600) EUR 100,000 Credit Default Swaps (Bank of America) (Fund EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Pernod Ricard protection on TUI AG 2.750% 24/3/2016) SA 4.875% 18/3/2016 and pays Fixed 1.000%) (20/12/2018) 2,911 (20/9/2018) (3,452) EUR 60,000 Credit Default Swaps (Bank of America) (Fund EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Pernod Ricard protection on TUI AG 5.125% 10/12/2012) SA 4.875% 18/3/2016 and pays Fixed 1.000%) (20/12/2017) 5,194 (20/9/2018) (2,203) EUR 100,000 Credit Default Swaps (Bank of America) (Fund EUR 150,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Portugal protection on TUI AG 5.125% 10/12/2012) Telecom International Finance BV 4.375% (20/12/2017) 10,650 24/3/2017 and pays Fixed 5.000%) (20/6/2018) (9,010) EUR 100,000 Credit Default Swaps (Bank of America) (Fund EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 5.000% and provides default receives default protection on Portugal protection on Wendel SA 4.875% 26/5/2016) Telecom International Finance BV 4.375% (20/12/2017) 5,731 24/3/2017 and pays Fixed 5.000%) (20/6/2018) (7,197)

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

Unaudited Interim Report and Accounts 125 BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 30,000 Credit Default Swaps (Barclays Bank) (Fund EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Rallye SA receives Fixed 1.000% and provides default 7.625% 4/11/2016 and pays Fixed 5.000%) protection on Next Plc 5.375% 26/10/2021) (20/6/2018) (1,106) (20/6/2018) 2,136 EUR 90,000 Credit Default Swaps (Barclays Bank) EUR 650,000 Credit Default Swaps (Barclays Bank) (Fund (Fund receives default protection on receives Fixed 1.000% and provides default STMicroelectronics NV and pays Fixed 1.000%) protection on Next Plc 5.375% 26/10/2021) (20/12/2018) (47) (20/6/2017) 29,053 EUR 170,000 Credit Default Swaps (Barclays Bank) (Fund EUR 570,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Suedzucker receives Fixed 1.000% and provides default International Finance BV 4.125% 29/3/2018 protection on Orange SA 5.625% 22/5/2018) and pays Fixed 1.000%) (20/6/2018) 1,779 (20/6/2018) 11,278 EUR 260,000 Credit Default Swaps (Barclays Bank) (Fund EUR 50,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Suedzucker receives Fixed 1.000% and provides default International Finance BV 4.125% 29/3/2018 protection on Pernod Ricard SA 4.625% and pays Fixed 1.000%) (20/12/2018) (2,202) 6/12/2013) (20/12/2017) 787 EUR 50,000 Credit Default Swaps (Barclays Bank) (Fund EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Swedish Match receives Fixed 1.000% and provides default AB 4.625% 28/6/2013 and pays Fixed 1.000%) protection on Renault SA FRN 4/8/2014) (20/6/2018) (349) (20/6/2018) 4,828 EUR 80,000 Credit Default Swaps (Barclays Bank) (Fund EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Virgin Media receives Fixed 1.000% and provides default Finance Plc 4.875% 15/2/2022 and pays Fixed protection on RWE AG 5.750% 14/2/2033) 5.000%) (20/12/2018) (1,892) (20/9/2018) 4,030 EUR 2,300,000 Credit Default Swaps (Barclays Bank) (Fund EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund receives default protection on Vodafone Group receives Fixed 1.000% and provides default Plc 5.000% 4/6/2018 and pays Fixed 1.000%) protection on RWE AG 5.750% 14/2/2033) (20/9/2018) (20,714) (20/9/2018) 2,253 EUR 160,000 Credit Default Swaps (Barclays Bank) (Fund EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000% and provides default receives Fixed 1.000% and provides default protection on Enel SpA 5.25% 20/6/2017) protection on RWE AG 5.750% 14/2/2033) (20/12/2018) 1,522 (20/9/2018) 1,205 EUR 150,000 Credit Default Swaps (Barclays Bank) (Fund EUR 280,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000% and provides default receives Fixed 1.000% and provides default protection on GKN Holdings PLC 6.75% protection on Vodafone Group PLC 5% 28/10/2019) (20/12/2018) 1,068 4/6/2018) (20/12/2018) 521 EUR 30,000 Credit Default Swaps (Barclays Bank) (Fund EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Glencore Finance Europe SA protection on Ardagh Packaging Finance Plc 6.500% 27/2/2019) (20/12/2018) 575 9.250% 15/10/2020) (20/12/2017) 25,642 EUR 70,000 Credit Default Swaps (Barclays Bank) (Fund EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Glencore Finance Europe SA protection on Ardagh Packaging Finance Plc 6.500% 27/2/2019) (20/12/2018) 157 9.250% 15/10/2020) (20/12/2018) 5,470 EUR 300,000 Credit Default Swaps (Barclays Bank) (Fund EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on J Sainsbury Plc 4.250% protection on British Airways PLC 8.75% 16/7/2014) (20/12/2018) 3,377 23/8/2016) (20/12/2018) 232 EUR 200,000 Credit Default Swaps (Barclays Bank) (Fund EUR 50,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Kering 3.750% 8/4/2015) protection on ConvaTec Healthcare E SA (20/12/2017) 7,316 10.875% 15/12/2018) (20/6/2018) 3,076 EUR 100,000 Credit Default Swaps (Barclays Bank) (Fund EUR 110,000 Credit Default Swaps (Barclays Bank) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Kingfisher Plc 5.625% protection on Melia Hotels International SA 5% 15/12/2014) (20/12/2017) 2,935 18/12/2014) (20/12/2018) 323 EUR 70,000 Credit Default Swaps (Barclays Bank) (Fund EUR 235,000 Credit Default Swaps (BNP Paribas) (Fund receives Fixed 1.000% and provides default receives default protection on Anglo American protection on Kingfisher Plc 5.625% Capital PLC 5.875% 17/4/2015 and pays Fixed 15/12/2014) (20/12/2017) 1,928 1.000%) (20/12/2018) 580 EUR 80,000 Credit Default Swaps (Barclays Bank) (Fund EUR 235,000 Credit Default Swaps (BNP Paribas) (Fund receives Fixed 1.000% and provides default receives default protection on BBVA Senior protection on Kingfisher Plc 5.625% Finance SAU 4.875% 23/1/2014 and pays Fixed 15/12/2014) (20/12/2017) 2,240 3.000%) (20/12/2018) (3,147) EUR 60,000 Credit Default Swaps (Barclays Bank) (Fund EUR 60,000 Credit Default Swaps (BNP Paribas) (Fund receives Fixed 1.000% and provides default receives default protection on Electrolux AB protection on National Grid Plc 5.000% FRN 7/4/2016 and pays Fixed 1.000%) 2/7/2018) (20/6/2018) 199 (20/12/2018) (44)

126 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 200,000 Credit Default Swaps (BNP Paribas) (Fund EUR 30,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on Ladbrokes receives Fixed 5.000% and provides default Group Finance PLC 7.625% 5/3/2017 and pays protection on Peugeot SA 8.375% 15/7/2014) Fixed 1.000%) (20/12/2018) (426) (20/9/2018) 2,854 EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund EUR 60,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on Ladbrokes receives Fixed 5.000% and provides default Group Finance PLC 7.625% 5/3/2017 and pays protection on Peugeot SA 8.375% 15/7/2014) Fixed 1.000%) (20/12/2018) (211) (20/9/2018) 5,783 EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund EUR 130,000 Credit Default Swaps (BNP Paribas) (Fund receives default protection on Ladbrokes receives Fixed 5.000% and provides default Group Finance PLC 7.625% 5/3/2017 and pays protection on Peugeot SA 8.375% 15/7/2014) Fixed 1.000%) (20/12/2018) (129) (20/9/2018) 9,604 EUR 220,000 Credit Default Swaps (BNP Paribas) (Fund EUR 180,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on Lafarge SA default protection on Accor SA 2.875% 6.625% 29/11/2018 and pays Fixed 1.000%) 19/6/2017 and pays Fixed 1.000%) (20/12/2018) (4,226) (20/12/2018) (2,798) EUR 46,512 Credit Default Swaps (Citibank) (Fund receives EUR 40,000 Credit Default Swaps (BNP Paribas) (Fund default protection on Accor SA 7.500% receives default protection on Stena AB 4/2/2014 and pays Fixed 1.000%) (20/12/2017) (1,651) 6.125% 1/2/2017 and pays Fixed 5.000%) EUR 330,000 Credit Default Swaps (Citibank) (Fund receives (20/12/2018) (1,015) default protection on Akzo Nobel NV 8.000% EUR 70,000 Credit Default Swaps (BNP Paribas) (Fund 6/4/2016 and pays Fixed 1.000%) (20/12/2018) (5,613) receives default protection on Stena AB EUR 630,000 Credit Default Swaps (Citibank) (Fund receives 6.125% 1/2/2017 and pays Fixed 5.000%) default protection on Anglo American Capital (20/12/2018) (1,326) Plc 5.875% 17/4/2015 and pays Fixed 1.000%) EUR 40,000 Credit Default Swaps (BNP Paribas) (Fund (20/12/2018) (6,552) receives default protection on Stena AB EUR 100,000 Credit Default Swaps (Citibank) (Fund receives 6.125% 1/2/2017 and pays Fixed 5.000%) default protection on BAT International (20/12/2018) (881) Finance Plc 5.875% 12/3/2015 and pays Fixed EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund 1.000%) (20/12/2017) (378) receives default protection on Stena AB EUR 225,000 Credit Default Swaps (Citibank) (Fund receives 6.125% 1/2/2017 and pays Fixed 5.000%) default protection on BBVA Senior Finance (20/12/2018) (162) SAU 4.875% 23/1/2014 and pays Fixed EUR 170,000 Credit Default Swaps (BNP Paribas) 3.000%) (20/12/2018) (3,229) (Fund receives default protection on USD 100,000 Credit Default Swaps (Citibank) (Fund receives STMicroelectronics NV and pays Fixed 1.000%) default protection on BHP Billiton Finance USA (20/12/2018) (383) Ltd 7.250% 1/3/2016 and pays Fixed 1.000%) EUR 60,000 Credit Default Swaps (BNP Paribas) (Fund (20/9/2017) (2,055) receives default protection on Suedzucker EUR 200,000 Credit Default Swaps (Citibank) (Fund receives International Finance BV 4.125% 29/3/2018 default protection on Bouygues SA 4.750% and pays Fixed 1.000%) (20/6/2018) 653 24/5/2016 and pays Fixed 1.000%) (20/6/2018) (5,926) EUR 130,000 Credit Default Swaps (BNP Paribas) (Fund EUR 400,000 Credit Default Swaps (Citibank) (Fund receives default protection on ThyssenKrupp receives default protection on British AG 4.375% 18/3/2015 and pays Fixed 1.000%) Telecommunications Plc 5.750% 7/12/2028 (20/12/2018) (4,587) and pays Fixed 1.000%) (20/9/2017) (8,140) EUR 80,000 Credit Default Swaps (BNP Paribas) (Fund EUR 250,000 Credit Default Swaps (Citibank) (Fund receives receives default protection on Virgin Media default protection on Credit Agricole SA Finance Plc 4.875% 15/2/2022 and pays Fixed 5.065% 10/8/2022 and pays Fixed 3.000%) 5.000%) (20/12/2018) (2,254) (20/6/2018) (11,398) EUR 470,000 Credit Default Swaps (BNP Paribas) (Fund EUR 100,000 Credit Default Swaps (Citibank) (Fund receives receives Fixed 1.000% and provides default default protection on Deutsche Lufthansa protection on Rolls-Royce Plc 7.375% AG 4.625% 6/5/2013 and pays Fixed 1.000%) 14/6/2016) (20/12/2018) 3,530 (20/9/2017) (8,576) EUR 60,000 Credit Default Swaps (BNP Paribas) (Fund EUR 300,000 Credit Default Swaps (Citibank) (Fund receives receives Fixed 5.000% and provides default default protection on Deutsche Lufthansa protection on Dixons Retail Plc 8.750% AG 4.625% 6/5/2013 and pays Fixed 1.000%) 3/8/2015) (20/6/2018) 4,731 (20/6/2017) (32,398) EUR 10,000 Credit Default Swaps (BNP Paribas) (Fund EUR 540,000 Credit Default Swaps (Citibank) (Fund receives receives Fixed 5.000% and provides default default protection on E.ON International protection on OTE PLC 4.625% 20/5/2016) Finance BV 6.375% 29/5/2017 and pays Fixed (20/3/2018) 1,803 1.000%) (20/12/2018) (4,536) EUR 20,000 Credit Default Swaps (BNP Paribas) (Fund EUR 110,000 Credit Default Swaps (Citibank) (Fund receives receives Fixed 5.000% and provides default default protection on Fiat Finance North protection on OTE PLC 4.625% 20/5/2016) America Inc 5.625% 12/6/2017 and pays Fixed (20/3/2018) 3,356 5.000%) (20/12/2018) (753) EUR 100,000 Credit Default Swaps (BNP Paribas) (Fund EUR 420,000 Credit Default Swaps (Citibank) (Fund receives receives Fixed 5.000% and provides default default protection on Finmeccanica Finance protection on Peugeot SA 8.375% 15/7/2014) SA/Old 5.750% 12/12/2018 and pays Fixed (20/9/2018) 9,513 5.000%) (20/12/2018) (5,359)

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

Unaudited Interim Report and Accounts 127 BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 8,200,000 Credit Default Swaps (Citibank) (Fund receives EUR 400,000 Credit Default Swaps (Citibank) (Fund receives default protection on iTraxx Europe Series 20 default protection on TeliaSonera AB 4.125% Version 1 and pays Fixed 1.000%) 11/5/2015 and pays Fixed 1.000%) (20/9/2017) (4,202) (20/12/2018) (22,178) EUR 700,000 Credit Default Swaps (Citibank) (Fund receives EUR 4,000,000 Credit Default Swaps (Citibank) (Fund receives default protection on ThyssenKrupp AG default protection on iTraxx Europe Series 20 4.375% 18/3/2015 and pays Fixed 1.000%) Version 1 and pays Fixed 1.000%) (20/12/2018) (10,020) (20/6/2018) (31,121) EUR 4,100,000 Credit Default Swaps (Citibank) (Fund receives EUR 340,000 Credit Default Swaps (Citibank) (Fund receives default protection on iTraxx Europe Series 20 default protection on Vattenfall AB 5.375% Version 1 and pays Fixed 1.000%) (20/12/2018) (12,316) 29/4/2024 and pays Fixed 1.000%) (20/12/2018) (1,220) EUR 250,000 Credit Default Swaps (Citibank) (Fund receives EUR 250,000 Credit Default Swaps (Citibank) (Fund receives default protection on Lloyds Bank Plc 3.375% default protection on Veolia Environnement 20/4/2015 and pays Fixed 1.000%) (20/6/2018) (10,960) SA 5.375% 28/5/2018 and pays Fixed 1.000%) EUR 200,000 Credit Default Swaps (Citibank) (Fund receives (20/12/2017) (12,674) default protection on Michelin Luxembourg EUR 69,251 Credit Default Swaps (Citibank) (Fund receives SCS 2.75% 20/6/2019 and pays Fixed 1.000%) default protection on Veolia Environnement (20/12/2018) (531) SA 5.375% 28/5/2018 and pays Fixed 1.000%) EUR 60,000 Credit Default Swaps (Citibank) (Fund receives (20/12/2017) (2,754) default protection on Rallye SA 7.625% EUR 180,000 Credit Default Swaps (Citibank) (Fund receives 4/11/2016 and pays Fixed 5.000%) (20/12/2018) (1,858) default protection on Volvo Treasury AB 5% EUR 320,000 Credit Default Swaps (Citibank) (Fund receives 31/5/2017 and pays Fixed 1.000%) (20/12/2018) (1,902) default protection on RWE AG 5.750% EUR 179,000 Credit Default Swaps (Citibank) (Fund receives 14/2/2033 and pays Fixed 1.000%) (20/12/2018) (2,054) default protection on Volvo Treasury AB 5% EUR 270,000 Credit Default Swaps (Citibank) (Fund receives 31/5/2017 and pays Fixed 1.000%) (20/12/2018) (1,891) default protection on SABMiller Plc 6.625% EUR 360,000 Credit Default Swaps (Citibank) (Fund receives 15/8/2033 and pays Fixed 1.000%) (20/12/2018) (1,548) default protection on Volvo Treasury AB 5% EUR 650,000 Credit Default Swaps (Citibank) (Fund receives 31/5/2017 and pays Fixed 1.000%) (20/12/2018) (3,632) default protection on Securitas AB 6.500% EUR 420,000 Credit Default Swaps (Citibank) (Fund receives 2/4/2013 and pays Fixed 1.000%) (20/9/2017) (10,618) default protection on Volvo Treasury AB 5% EUR 210,000 Credit Default Swaps (Citibank) (Fund receives 31/5/2017 and pays Fixed 1.000%) (20/12/2018) (3,828) default protection on Societe Air France SA EUR 221,000 Credit Default Swaps (Citibank) (Fund receives 2.75% 1/4/2020 and pays Fixed 5.000%) default protection on Volvo Treasury AB 5% (20/12/2018) (225) 31/5/2017 and pays Fixed 1.000%) (20/12/2018) (2,014) EUR 15,336 Credit Default Swaps (Citibank) (Fund receives EUR 200,000 Credit Default Swaps (Citibank) (Fund receives default protection on Societe Air France SA default protection on Volvo Treasury AB 5% 2.750% 1/4/2020 and pays Fixed 5.000%) 31/5/2017 and pays Fixed 1.000%) (20/12/2018) (2,004) (20/9/2018) (1,402) EUR 20,000 Credit Default Swaps (Citibank) (Fund receives EUR 15,335 Credit Default Swaps (Citibank) (Fund receives default protection on Volvo Treasury AB 5% default protection on Societe Air France SA 31/5/2017 and pays Fixed 1.000%) (20/12/2018) (171) 2.750% 1/4/2020 and pays Fixed 5.000%) EUR 60,000 Credit Default Swaps (Citibank) (Fund receives (20/9/2018) (1,402) default protection on Volvo Treasury AB 5% EUR 60,000 Credit Default Swaps (Citibank) (Fund receives 31/5/2017 and pays Fixed 1.000%) (20/12/2018) (485) default protection on Solvay SA 4.625% EUR 150,000 Credit Default Swaps (Citibank) (Fund receives 27/6/2018 and pays Fixed 1.000%) (20/9/2018) (1,364) default protection on Volvo Treasury AB EUR 700,000 Credit Default Swaps (Citibank) (Fund receives 5.000% 31/5/2017 and pays Fixed 1.000%) default protection on St-Gobain Nederland (20/12/2018) (1,374) BV 5.000% 25/4/2014 and pays Fixed 1.000%) EUR 70,000 Credit Default Swaps (Citibank) (Fund receives (20/6/2018) (21,629) default protection on Volvo Treasury AB EUR 620,000 Credit Default Swaps (Citibank) (Fund receives 5.000% 31/5/2017 and pays Fixed 1.000%) default protection on STMicroelectronics (20/12/2018) (542) Finance BV 0.652% 17/3/2013 and pays Fixed EUR 150,000 Credit Default Swaps (Citibank) (Fund receives 1.000%) (20/12/2018) (1,502) default protection on Volvo Treasury AB EUR 180,000 Credit Default Swaps (Citibank) (Fund receives 5.000% 31/5/2017 and pays Fixed 1.000%) default protection on STMicroelectronics NV (20/12/2018) (1,233) and pays Fixed 1.000%) (20/12/2018) (181) EUR 200,000 Credit Default Swaps (Citibank) (Fund receives EUR 170,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection default protection on Suedzucker International on Ahold Finance USA LLC 6.875% 1/5/2029) Finance BV 4.125% 29/3/2018 and pays Fixed (20/9/2017) 8,462 1.000%) (20/6/2018) 1,769 EUR 600,000 Credit Default Swaps (Citibank) (Fund receives EUR 170,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection default protection on Suedzucker International on Anheuser-Busch InBev NV 8.625% Finance BV 4.125% 29/3/2018 and pays Fixed 30/1/2017) (20/12/2018) 2,698 1.000%) (20/6/2018) 1,764 EUR 50,000 Credit Default Swaps (Citibank) (Fund receives EUR 100,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection default protection on Telecom Italia SpA on Cap Gemini SA 5.250% 29/11/2016) 5.375% 29/1/2019 and pays Fixed 1.000%) (20/12/2017) 1,560 (20/3/2018) (2,231)

128 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 120,000 Credit Default Swaps (Citibank) (Fund receives EUR 180,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection Fixed 1.000% and provides default protection on Casino Guichard Perrachon SA 4.472% on Vodafone Group PLC 5% 4/6/2018) (20/12/2018) 85 4/4/2016) (20/12/2018) 551 EUR 230,000 Credit Default Swaps (Citibank) (Fund receives EUR 100,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on British Airways PLC 8.75% 23/8/2016) on Fresenius US Finance II Inc 8.750% (20/12/2018) 990 15/7/2015) (20/12/2018) 1,657 EUR 40,000 Credit Default Swaps (Citibank) (Fund receives EUR 150,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on British Airways Plc 8.750% 23/8/2016) on GKN Holdings PLC 6.75% 28/10/2019) (20/12/2017) 4,755 (20/12/2018) 996 EUR 60,000 Credit Default Swaps (Citibank) (Fund receives EUR 210,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on British Airways Plc 8.750% 23/8/2016) on GKN Holdings Plc 6.750% 28/10/2019) (20/12/2017) 6,696 (20/6/2018) 6,052 EUR 48,077 Credit Default Swaps (Citibank) (Fund receives EUR 60,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on British Airways Plc 8.750% 23/8/2016) on J Sainsbury Plc 4.250% 16/7/2014) (20/6/2018) 894 (20/6/2018) 4,233 EUR 60,000 Credit Default Swaps (Citibank) (Fund receives EUR 50,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection Fixed 5.000% and provides default protection on J Sainsbury Plc 4.250% 16/7/2014) (20/6/2018) 893 on British Airways Plc 8.750% 23/8/2016) EUR 60,000 Credit Default Swaps (Citibank) (Fund receives (20/6/2018) 3,394 Fixed 1.000% and provides default protection EUR 20,000 Credit Default Swaps (Citibank) (Fund receives on J Sainsbury Plc 4.250% 16/7/2014) (20/6/2018) 775 Fixed 5.000% and provides default protection EUR 650,000 Credit Default Swaps (Citibank) (Fund receives on ConvaTec Healthcare E SA 10.875% Fixed 1.000% and provides default protection 15/12/2018) (20/6/2018) 930 on Kingfisher Plc 5.625% 15/12/2014) EUR 120,000 Credit Default Swaps (Citibank) (Fund receives (20/6/2017) 24,884 Fixed 5.000% and provides default protection EUR 70,000 Credit Default Swaps (Citibank) (Fund receives on ConvaTec Healthcare E SA 10.875% Fixed 1.000% and provides default protection 15/12/2018) (20/12/2018) 6,797 on Kingfisher Plc 5.625% 15/12/2014) (20/6/2018) 644 EUR 10,000 Credit Default Swaps (Citibank) (Fund receives EUR 370,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on Dixons Retail Plc 8.750% 3/8/2015) on Koninklijke KPN NV 8.375% 1/10/2030) (20/12/2017) 1,338 (20/12/2018) 2,332 EUR 320,000 Credit Default Swaps (Citibank) (Fund receives EUR 1,000,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on Dixons Retail Plc 8.750% 3/8/2015) on Markit ITraxx Europe 12/18 - Serie 20) (20/12/2018) 4,419 (20/12/2018) 6,850 EUR 80,000 Credit Default Swaps (Citibank) (Fund receives EUR 820,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on EDP - Energias de Portugal SA 6.000% on Marks & Spencer Plc 5.625% 24/3/2014) 7/12/2014) (20/6/2018) 1,347 (20/12/2018) 17,681 EUR 370,000 Credit Default Swaps (Citibank) (Fund receives EUR 100,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on EDP - Energias de Portugal SA 6.000% on Next Plc 5.375% 26/10/2021) (20/12/2017) 2,978 7/12/2014) (20/12/2018) 18,137 EUR 300,000 Credit Default Swaps (Citibank) (Fund receives EUR 50,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection Fixed 5.000% and provides default protection on Pernod Ricard SA 4.625% 6/12/2013) on EDP - Energias de Portugal SA 6.000% (20/12/2017) 5,823 7/12/2014) (20/12/2018) 2,885 EUR 400,000 Credit Default Swaps (Citibank) (Fund receives EUR 90,000 Credit Default Swaps (Citibank) (Fund receives Fixed 1.000% and provides default protection Fixed 5.000% and provides default protection on Pernod Ricard SA 4.875% 18/3/2016) on ISS Global A/S 4.500% 8/12/2014) (20/12/2018) 1,901 (20/6/2018) 4,632 EUR 100,000 Credit Default Swaps (Citibank) (Fund receives EUR 60,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on ISS Global A/S 4.500% 8/12/2014) (20/12/2018) 2,113 on Renault SA FRN 4/8/2014) (20/6/2018) 3,104 EUR 90,000 Credit Default Swaps (Citibank) (Fund receives EUR 600,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on ISS Global A/S 4.500% 8/12/2014) (20/12/2018) 2,055 on Renault SA FRN 4/8/2014) (20/6/2018) 36,161 EUR 530,000 Credit Default Swaps (Citibank) (Fund receives EUR 147,200 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on ITV Plc 6.125% 5/1/2017) (20/12/2018) (2,848) on Sanofi 3.375% 21/12/2015) (20/9/2017) 2,480 EUR 280,000 Credit Default Swaps (Citibank) (Fund receives EUR 150,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000% and provides default protection Fixed 1.000% and provides default protection on NXP BV / NXP Funding LLC 2.961% on Valeo SA 4.875% 11/5/2018) (20/12/2018) 2,491 15/10/2013) (20/12/2018) 5,015

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

Unaudited Interim Report and Accounts 129 BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 600,000 Credit Default Swaps (Citibank) (Fund receives EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund Fixed 5.000% and provides default protection receives default protection on Fiat Finance on Peugeot SA 8.375% 15/7/2014) (20/12/2018) 38,508 North America Inc 5.625% 12/6/2017 and pays EUR 190,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000%) (20/12/2018) (1,019) Fixed 5.000% and provides default protection EUR 320,000 Credit Default Swaps (Credit Suisse) (Fund on Peugeot SA 8.375% 15/7/2014) receives default protection on Fiat Finance (20/12/2018) 7,598 North America Inc 5.625% 12/6/2017 and pays EUR 210,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000%) (20/12/2018) (6,461) Fixed 5.000% and provides default protection EUR 210,000 Credit Default Swaps (Credit Suisse) (Fund on Schaeffler Finance BV 7.75% 15/2/2017) receives default protection on Fiat Finance (20/12/2018) 384 North America Inc 5.625% 12/6/2017 and pays EUR 150,000 Credit Default Swaps (Citibank) (Fund receives Fixed 5.000%) (20/12/2018) (4,244) Fixed 5.000% and provides default protection EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund on UPC Holding BV 8.000% 1/11/2016) receives default protection on Finmeccanica (20/6/2017) 21,036 Finance SA/Old 5.750% 12/12/2018 and pays EUR 107,000 Credit Default Swaps (Citigroup Global Markets) Fixed 5.000%) (20/3/2018) (3,785) (Fund receives default protection on Scania CV EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund AB 1.750% 22/3/2016 and pays Fixed 1.000%) receives default protection on Finmeccanica (20/9/2017) (2,877) Finance SA/Old 5.750% 12/12/2018 and pays EUR 420,000 Credit Default Swaps (Credit Suisse) (Fund Fixed 5.000%) (20/12/2018) 115 receives default protection on Air France-KLM EUR 20,000 Credit Default Swaps (Credit Suisse) (Fund 4.970% 1/4/2015 and pays Fixed 5.000%) receives default protection on Infineon (20/9/2018) (46,320) Technologies Holding BV 7.500% 26/5/2014 EUR 80,000 Credit Default Swaps (Credit Suisse) (Fund and pays Fixed 5.000%) (20/12/2017) (1,572) receives default protection on Air France-KLM EUR 230,000 Credit Default Swaps (Credit Suisse) (Fund receives 4.970% 1/4/2015 and pays Fixed 5.000%) default protection on iTraxx Europe Series 20 (20/9/2018) (8,647) Version 1 and pays Fixed 1.000%) (20/12/2018) (78) EUR 140,000 Credit Default Swaps (Credit Suisse) (Fund EUR 650,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Air France-KLM receives default protection on Koninklijke DSM 4.970% 1/4/2015 and pays Fixed 5.000%) NV 4.000% 10/11/2015 and pays Fixed 1.000%) (20/9/2018) (14,049) (20/6/2017) (7,656) EUR 1,630,000 Credit Default Swaps (Credit Suisse) (Fund EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Alstom SA receives default protection on LANXESS 4.000% 23/9/2014 and pays Fixed 1.000%) Finance BV 7.750% 9/4/2014 and pays Fixed (20/12/2018) (49,013) 1.000%) (20/3/2018) (1,175) EUR 175,000 Credit Default Swaps (Credit Suisse) (Fund EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Anglo American receives default protection on Metsa Board Capital PLC 5.875% 17/4/2015 and pays Fixed OYJ 8.750% 1/4/2013 and pays Fixed 5.000%) 1.000%) (20/12/2018) 112 (20/3/2018) (6,403) EUR 340,000 Credit Default Swaps (Credit Suisse) (Fund EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Anglo American receives default protection on Metsa OYJ Capital Plc 5.875% 17/4/2015 and pays Fixed 3.800% 27/6/2022 and pays Fixed 5.000%) 1.000%) (20/12/2018) (2,240) (20/12/2018) 87 EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund EUR 70,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Anglo American receives default protection on Metsa OYJ Capital PLC 5.875% 17/4/2015 and pays Fixed 3.800% 27/6/2022 and pays Fixed 5.000%) 1.000%) (20/12/2018) (21) (20/12/2018) (294) EUR 1,400,000 Credit Default Swaps (Credit Suisse) (Fund EUR 900,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on AXA SA 4.500% receives default protection on Orange SA 23/1/2015 and pays Fixed 1.000%) (20/6/2018) (75,329) 5.625% 22/5/2018 and pays Fixed 1.000%) EUR 130,000 Credit Default Swaps (Credit Suisse) (Fund (20/6/2018) (21,877) receives default protection on BBVA Senior EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund Finance SAU 4.875% 23/1/2014 and pays Fixed receives default protection on PostNL NV 3.000%) (20/12/2018) (1,235) 3.875% 1/6/2015 and pays Fixed 1.000%) EUR 140,000 Credit Default Swaps (Credit Suisse) (Fund (20/6/2018) (3,083) receives default protection on Bouygues SA EUR 30,000 Credit Default Swaps (Credit Suisse) (Fund 4.750% 24/5/2016 and pays Fixed 1.000%) receives default protection on Rallye SA (20/6/2018) (4,659) 7.625% 4/11/2016 and pays Fixed 5.000%) EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund (20/6/2018) (560) receives default protection on CNH Industrial EUR 200,000 Credit Default Swaps (Credit Suisse) (Fund Finance Europe SA 6.250% 9/3/2018 and pays receives default protection on Siemens Fixed 5.000%) (20/6/2018) (2,429) Financieringsmaatschappij NV 5.625% EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund 11/6/2018 and pays Fixed 1.000%) (20/6/2017) (5,441) receives default protection on Fiat Finance EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund North America Inc 5.625% 12/6/2017 and pays receives default protection on Societe Air Fixed 5.000%) (20/12/2018) (1,053) France SA 2.75% 1/4/2020 and pays Fixed 5.000%) (20/12/2018) (92)

130 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 160,000 Credit Default Swaps (Credit Suisse) (Fund EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Societe Air receives default protection on Virgin Media France SA 2.75% 1/4/2020 and pays Fixed Finance Plc 4.875% 15/2/2022 and pays Fixed 5.000%) (20/12/2018) (804) 5.000%) (20/12/2018) (1,173) EUR 110,000 Credit Default Swaps (Credit Suisse) (Fund EUR 110,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Societe Air receives default protection on Virgin Media France SA 2.75% 1/4/2020 and pays Fixed Finance Plc 4.875% 15/2/2022 and pays Fixed 5.000%) (20/12/2018) (654) 5.000%) (20/12/2018) (1,363) EUR 20,000 Credit Default Swaps (Credit Suisse) (Fund EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Societe Air receives default protection on Volvo Treasury France SA 2.750% 1/4/2020 and pays Fixed AB 5% 31/5/2017 and pays Fixed 1.000%) 5.000%) (20/9/2018) (1,778) (20/12/2018) (1,830) EUR 130,000 Credit Default Swaps (Credit Suisse) (Fund EUR 110,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Societe Air receives default protection on Volvo Treasury France SA 2.750% 1/4/2020 and pays Fixed AB 5% 31/5/2017 and pays Fixed 1.000%) 5.000%) (20/9/2018) (13,019) (20/12/2018) (1,153) EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund EUR 30,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Solvay SA receives default protection on Volvo Treasury 4.625% 27/6/2018 and pays Fixed 1.000%) AB 5% 31/5/2017 and pays Fixed 1.000%) (20/6/2018) (2,313) (20/12/2018) (243) EUR 110,000 Credit Default Swaps (Credit Suisse) (Fund EUR 220,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Stena AB receives default protection on Volvo Treasury 6.125% 1/2/2017 and pays Fixed 5.000%) AB 5% 31/5/2017 and pays Fixed 1.000%) (20/12/2018) (321) (20/12/2018) (2,092) EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund EUR 320,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Stena AB receives Fixed 1.000% and provides default 6.125% 1/2/2017 and pays Fixed 5.000%) protection on ArcelorMittal 6.125% 1/6/2018) (20/9/2017) (52,870) (20/12/2018) 5,958 EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Stora Enso OYJ receives Fixed 1.000% and provides default 5.125% 23/6/2014 and pays Fixed 5.000%) protection on ArcelorMittal 6.125% 1/6/2018) (20/6/2018) (16,656) (20/12/2018) 3,458 EUR 250,000 Credit Default Swaps (Credit Suisse) (Fund EUR 700,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Suedzucker receives Fixed 1.000% and provides default International Finance BV 4.125% 29/3/2018 protection on Aviva Plc 9.500% 20/6/2016) and pays Fixed 1.000%) (20/12/2018) (2,117) (20/3/2018) 24,848 EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund EUR 1,400,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Swedish Match receives Fixed 1.000% and provides default AB 4.625% 28/6/2013 and pays Fixed 1.000%) protection on Aviva Plc 9.500% 20/6/2016) (20/6/2018) (373) (20/6/2018) 71,694 EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund EUR 700,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Swedish Match receives Fixed 1.000% and provides default AB 4.625% 28/6/2013 and pays Fixed 1.000%) protection on AXA SA 6.000% 18/6/2013) (20/6/2018) (374) (20/3/2018) 25,524 EUR 400,000 Credit Default Swaps (Credit Suisse) (Fund EUR 200,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on Tate & Lyle receives Fixed 1.000% and provides default International Finance Plc 6.750% 25/11/2019 protection on EADS Finance BV 5.500% and pays Fixed 1.000%) (20/6/2018) (1,686) 25/9/2018) (20/12/2018) 1,604 EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund receives default protection on TDC A/S 5.875% receives Fixed 1.000% and provides default 16/12/2015 and pays Fixed 1.000%) (20/3/2018) (464) protection on EADS Finance BV 5.500% EUR 30,000 Credit Default Swaps (Credit Suisse) (Fund 25/9/2018) (20/12/2018) 866 receives default protection on TDC A/S 5.875% EUR 170,000 Credit Default Swaps (Credit Suisse) (Fund 16/12/2015 and pays Fixed 1.000%) (20/3/2018) (218) receives Fixed 1.000% and provides default EUR 30,000 Credit Default Swaps (Credit Suisse) (Fund protection on Glencore Finance Europe SA receives default protection on Telecom Italia 6.5% 27/2/2019) (20/12/2018) 368 SpA 5.375% 29/1/2019 and pays Fixed 1.000%) EUR 150,000 Credit Default Swaps (Credit Suisse) (Fund (20/3/2018) (320) receives Fixed 1.000% and provides default EUR 130,000 Credit Default Swaps (Credit Suisse) (Fund protection on Glencore Finance Europe SA receives default protection on UniCredit SpA 6.5% 27/2/2019) (20/12/2018) 49 4.375% 29/1/2020 and pays Fixed 3.000%) EUR 160,000 Credit Default Swaps (Credit Suisse) (Fund (20/12/2018) (1,732) receives Fixed 1.000% and provides default EUR 80,000 Credit Default Swaps (Credit Suisse) (Fund protection on Glencore Finance Europe SA receives default protection on Virgin Media 6.500% 27/2/2019) (20/12/2018) 159 Finance Plc 4.875% 15/2/2022 and pays Fixed 5.000%) (20/12/2018) (1,571)

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

Unaudited Interim Report and Accounts 131 BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 160,000 Credit Default Swaps (Credit Suisse) (Fund EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 1.000% and provides default protection on Glencore Finance Europe SA protection on Vodafone Group PLC 5% 6.500% 27/2/2019) (20/12/2018) 159 4/6/2018) (20/12/2018) 428 EUR 470,000 Credit Default Swaps (Credit Suisse) (Fund EUR 380,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 1.000% and provides default protection on Glencore Finance Europe SA protection on Vodafone Group PLC 5% 6.500% 27/2/2019) (20/12/2018) 467 4/6/2018) (20/12/2018) 760 EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 1.000% and provides default protection on Havas SA 5.500% 4/11/2014) protection on Vodafone Group PLC 5% (20/3/2018) 14,190 4/6/2018) (20/12/2018) 255 EUR 400,000 Credit Default Swaps (Credit Suisse) (Fund EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 1.000% and provides default protection on Heathrow Funding Ltd 4.600% protection on Vodafone Group PLC 5% 15/2/2018) (20/9/2017) 17,101 4/6/2018) (20/12/2018) 256 EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 1.000% and provides default protection on J Sainsbury Plc 4.250% protection on Vodafone Group PLC 5% 16/7/2014) (20/6/2018) 1,120 4/6/2018) (20/12/2018) 256 EUR 60,000 Credit Default Swaps (Credit Suisse) (Fund EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 1.000% and provides default protection on J Sainsbury Plc 4.250% protection on Vodafone Group PLC 5% 16/7/2014) (20/6/2018) 864 4/6/2018) (20/12/2018) 256 EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund EUR 199,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on J Sainsbury Plc 4.250% protection on Alcatel-Lucent/France 6.375% 16/7/2014) (20/6/2018) 1,196 7/4/2014) (20/12/2018) 10,121 EUR 70,000 Credit Default Swaps (Credit Suisse) (Fund EUR 49,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Kingfisher Plc 5.625% protection on Alcatel-Lucent/France 8.500% 15/12/2014) (20/12/2017) 1,960 15/1/2016) (20/12/2018) 2,716 EUR 400,000 Credit Default Swaps (Credit Suisse) (Fund EUR 42,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on LVMH Moet Hennessy Louis protection on Alcatel-Lucent/France 8.500% Vuitton SA 4.375% 12/5/2014) (20/6/2017) 6,820 15/1/2016) (20/12/2018) 2,328 EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on National Grid Plc 5.000% protection on Ardagh Packaging Finance Plc 2/7/2018) (20/12/2018) 687 9.250% 15/10/2020) (20/3/2018) 5,760 EUR 150,000 Credit Default Swaps (Credit Suisse) (Fund EUR 210,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on PostNL NV 3.875% 1/6/2015) protection on Ardagh Packaging Finance Plc (20/12/2018) 1,611 9.250% 15/10/2020) (20/12/2018) 8,638 EUR 70,000 Credit Default Swaps (Credit Suisse) (Fund EUR 10,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on PostNL NV 3.875% 1/6/2015) protection on British Airways Plc 8.750% (20/12/2018) 749 23/8/2016) (20/3/2018) 771 EUR 350,000 Credit Default Swaps (Credit Suisse) (Fund EUR 10,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on PostNL NV 3.875% 1/6/2015) protection on British Airways Plc 8.750% (20/12/2018) 757 23/8/2016) (20/6/2018) 681 EUR 36,000 Credit Default Swaps (Credit Suisse) (Fund EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Publicis Groupe SA 4.250% protection on British Airways Plc 8.750% 31/3/2015) (20/9/2017) 1,382 23/8/2016) (20/6/2018) 6,364 EUR 650,000 Credit Default Swaps (Credit Suisse) (Fund EUR 290,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Rolls-Royce Plc 7.375% protection on Cerved Group SpA 8.000% 14/6/2016) (20/6/2017) 14,913 15/1/2021) (20/12/2018) 12,508 EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund EUR 10,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Telefonaktiebolaget LM Ericsson protection on ConvaTec Healthcare E SA 5.375% 27/6/2017) (20/12/2018) 634 10.875% 15/12/2018) (20/6/2018) 515 EUR 360,000 Credit Default Swaps (Credit Suisse) (Fund EUR 20,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Telefonica Emisiones SAU protection on EDP - Energias de Portugal SA 4.375% 2/2/2016) (20/12/2018) 5,768 6.000% 7/12/2014) (20/6/2018) 1,200

132 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 70,000 Credit Default Swaps (Credit Suisse) (Fund EUR 10,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on Eileme 2 AB 11.750% 31/1/2020) protection on Schaeffler Finance BV 7.750% (20/12/2017) 15,047 15/2/2017) (20/12/2017) 1,050 EUR 20,000 Credit Default Swaps (Credit Suisse) (Fund EUR 600,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on Eileme 2 AB 11.750% 31/1/2020) protection on Smurfit Kappa Acquisitions (20/12/2017) 4,706 3.727% 15/10/2020) (20/9/2018) 28,293 EUR 270,000 Credit Default Swaps (Credit Suisse) (Fund EUR 60,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on Infineon Technologies Holding protection on Smurfit Kappa Acquisitions BV 7.500% 26/5/2014) (20/12/2018) 7,476 3.727% 15/10/2020) (20/9/2018) 48 EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on Jaguar Land Rover Automotive protection on Sunrise Communications PLC 8.125% 15/5/2018) (20/3/2018) 3,792 Holdings SA 8.500% 31/12/2018) (20/9/2017) 11,691 EUR 50,000 Credit Default Swaps (Credit Suisse) (Fund EUR 190,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on Jaguar Land Rover Automotive protection on Techem GmbH 6.125% PLC 8.125% 15/5/2018) (20/3/2018) 3,424 1/10/2019) (20/12/2018) 4,508 EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund EUR 90,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on Jaguar Land Rover Automotive protection on Techem GmbH 6.125% PLC 8.125% 15/5/2018) (20/6/2018) 3,568 1/10/2019) (20/12/2018) 1,089 EUR 280,000 Credit Default Swaps (Credit Suisse) (Fund EUR 60,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on Melia Hotels International SA protection on Techem GmbH 6.125% 5.000% 18/12/2014) (20/12/2018) 15,716 1/10/2019) (20/12/2018) 581 EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund EUR 90,000 Credit Default Swaps (Credit Suisse) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on New Look Bondco I Plc 8.750% protection on Wendel SA 4.875% 26/5/2016) 14/5/2018) (20/12/2018) 2,839 (20/3/2018) 3,245 EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund EUR 240,000 Credit Default Swaps (Deutsche Asset receives Fixed 5.000% and provides default Management Life) (Fund receives default protection on New Look Bondco I Plc 8.750% protection on BBVA Senior Finance SAU 14/5/2018) (20/12/2018) 2,839 4.875% 23/1/2014 and pays Fixed 3.000%) EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund (20/12/2018) (4,932) receives Fixed 5.000% and provides default EUR 100,000 Credit Default Swaps (Deutsche Asset protection on New Look Bondco I Plc 8.750% Management Life) (Fund receives default 14/5/2018) (20/12/2018) 2,689 protection on Pearson Plc 7.000% 27/10/2014 EUR 90,000 Credit Default Swaps (Credit Suisse) (Fund and pays Fixed 1.000%) (20/6/2018) (1,309) receives Fixed 5.000% and provides default EUR 50,000 Credit Default Swaps (Deutsche Asset protection on New Look Bondco I Plc 8.750% Management Life) (Fund receives default 14/5/2018) (20/12/2018) 2,901 protection on TDC A/S 4.375% 23/2/2018 EUR 500,000 Credit Default Swaps (Credit Suisse) (Fund and pays Fixed 1.000%) (20/3/2018) (491) receives Fixed 5.000% and provides default EUR 50,000 Credit Default Swaps (Deutsche Asset protection on NXP BV / NXP Funding LLC Management Life) (Fund receives Fixed 2.961% 15/10/2013) (20/6/2018) 33,261 1.000% and provides default protection EUR 40,000 Credit Default Swaps (Credit Suisse) (Fund on Glencore Finance Europe SA 6.500% receives Fixed 5.000% and provides default 27/2/2019) (20/12/2018) 1,256 protection on OTE PLC 4.625% 20/5/2016) EUR 100,000 Credit Default Swaps (Deutsche Asset (20/3/2018) 6,913 Management Life) (Fund receives Fixed EUR 20,000 Credit Default Swaps (Credit Suisse) (Fund 1.000% and provides default protection receives Fixed 5.000% and provides default on Glencore Finance Europe SA 6.500% protection on Schaeffler Finance BV 7.750% 27/2/2019) (20/12/2018) 2,512 15/2/2017) (20/12/2017) 1,933 EUR 60,000 Credit Default Swaps (Deutsche Asset EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund Management Life) (Fund receives Fixed receives Fixed 5.000% and provides default 1.000% and provides default protection on protection on Schaeffler Finance BV 7.750% National Grid Plc 5.000% 2/7/2018) (20/6/2018) 315 15/2/2017) (20/12/2017) 9,878 EUR 240,000 Credit Default Swaps (Deutsche Asset EUR 10,000 Credit Default Swaps (Credit Suisse) (Fund Management Life) (Fund receives Fixed receives Fixed 5.000% and provides default 3.000% and provides default protection on protection on Schaeffler Finance BV 7.750% UniCredit SpA 4.375% 29/1/2020) (20/12/2018) 7,051 15/2/2017) (20/12/2017) 924 EUR 20,000 Credit Default Swaps (Deutsche Asset EUR 100,000 Credit Default Swaps (Credit Suisse) (Fund Management Life) (Fund receives Fixed receives Fixed 5.000% and provides default 5.000% and provides default protection on protection on Schaeffler Finance BV 7.750% Eileme 2 AB 11.750% 31/1/2020) (20/12/2017) 4,340 15/2/2017) (20/3/2018) 8,176

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

Unaudited Interim Report and Accounts 133 BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 110,000 Credit Default Swaps (Deutsche Asset EUR 490,000 Credit Default Swaps (Deutsche Bank) (Fund Management Life) (Fund receives Fixed receives default protection on iTraxx Europe 5.000% and provides default protection on ISS Crossover Series 20 Version 1 and pays Fixed Global A/S 4.500% 8/12/2014) (20/12/2018) 1,392 5.000%) (20/12/2018) (7,079) EUR 10,000 Credit Default Swaps (Deutsche Asset EUR 360,000 Credit Default Swaps (Deutsche Bank) (Fund Management Life) (Fund receives Fixed receives default protection on LANXESS 5.000% and provides default protection on Finance BV 7.750% 9/4/2014 and pays Fixed OTE PLC 4.625% 20/5/2016) (20/3/2018) 1,576 1.000%) (20/12/2018) (1,669) EUR 11,000,000 Credit Default Swaps (Deutsche Bank EUR 830,000 Credit Default Swaps (Deutsche Bank) (Fund Management Life) (Fund receives default receives default protection on Markit ITraxx protection on iTraxx Europe Series 20 Version 1 Europe 12/18 - Serie 20 and pays Fixed and pays Fixed 1.000%) (20/12/2018) (38,911) 5.000%) (20/12/2018) (8,191) EUR 110,000 Credit Default Swaps (Deutsche Bank EUR 2,670,000 Credit Default Swaps (Deutsche Bank) (Fund Management Life) (Fund receives default receives default protection on Markit ITraxx protection on Societe Air France SA 2.75% Europe Crossover 12/18 - Serie 20 and pays 1/4/2020 and pays Fixed 5.000%) (20/12/2018) (946) Fixed 5.000%) (20/12/2018) (88,085) EUR 180,000 Credit Default Swaps (Deutsche Bank USD 725,000 Credit Default Swaps (Deutsche Bank) (Fund Management Life) (Fund receives Fixed receives default protection on Morgan Stanley 1.000% and provides default protection on 6.000% 28/4/2015 and pays Fixed 1.000%) Renault SA 5.625% 22/3/2017) (20/12/2018) 1,295 (20/12/2018) (11,517) EUR 180,000 Credit Default Swaps (Deutsche Bank EUR 50,000 Credit Default Swaps (Deutsche Bank) (Fund Management Life) (Fund receives Fixed receives default protection on Rallye SA 1.000% and provides default protection on 7.625% 4/11/2016 and pays Fixed 5.000%) Vodafone Group PLC 5% 4/6/2018) (20/12/2018) 167 (20/6/2018) (94) EUR 60,000 Credit Default Swaps (Deutsche Bank EUR 400,000 Credit Default Swaps (Deutsche Bank) (Fund Management Life) (Fund receives Fixed receives default protection on RWE AG 5.750% 5.000% and provides default protection 14/2/2033 and pays Fixed 1.000%) on Wind Acquisition Finance SA 11.75% (20/9/2017) (10,139) 15/7/2017) (20/12/2018) 164 EUR 10,000 Credit Default Swaps (Deutsche Bank) (Fund USD 725,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Societe Air receives default protection on Bank of America France SA 2.750% 1/4/2020 and pays Fixed Corp 5.650% 1/5/2018 and pays Fixed 1.000%) 5.000%) (20/9/2018) (851) (20/12/2018) (7,901) EUR 170,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 60,000 Credit Default Swaps (Deutsche Bank) receives default protection on Suedzucker (Fund receives default protection on BAT International Finance BV 4.125% 29/3/2018 International Finance Plc 5.875% 12/3/2015 and pays Fixed 1.000%) (20/12/2018) (40) and pays Fixed 1.000%) (20/12/2017) (312) EUR 70,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 195,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Swedish Match receives default protection on Bouygues SA AB 4.625% 28/6/2013 and pays Fixed 1.000%) 4.750% 24/5/2016 and pays Fixed 1.000%) (20/3/2018) (509) (20/9/2017) (8,608) EUR 70,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 700,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Swedish Match receives default protection on Credit Agricole AB 4.625% 28/6/2013 and pays Fixed 1.000%) SA 5.065% 10/8/2022 and pays Fixed 3.000%) (20/3/2018) (648) (20/3/2018) (14,806) EUR 100,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 590,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on ThyssenKrupp receives default protection on Deutsche AG 4.375% 18/3/2015 and pays Fixed 1.000%) Telekom International Finance BV 6.000% (20/6/2018) (3,219) 20/1/2017 and pays Fixed 1.000%) (20/6/2018) (9,400) EUR 90,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 170,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on ThyssenKrupp receives default protection on Fiat Finance AG 4.375% 18/3/2015 and pays Fixed 1.000%) North America Inc 5.625% 12/6/2017 and pays (20/12/2018) (3,155) Fixed 5.000%) (20/12/2018) (3,402) EUR 80,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 20,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Volvo Treasury receives default protection on Fiat Finance AB 5.000% 31/5/2017 and pays Fixed 1.000%) North America Inc 5.625% 12/6/2017 and pays (20/12/2018) (546) Fixed 5.000%) (20/12/2018) (534) EUR 190,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 20,000 Credit Default Swaps (Deutsche Bank) (Fund receives Fixed 1.000% and provides default receives default protection on Fiat Finance protection on Alstom SA 4.125% 1/2/2017) North America Inc 5.625% 12/6/2017 and pays (20/12/2018) 1,627 Fixed 5.000%) (20/12/2018) (491) EUR 200,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 2,390,000 Credit Default Swaps (Deutsche Bank) (Fund receives Fixed 1.000% and provides default receives default protection on iTraxx EUR protection on BAE Systems Plc 10.750% Series 20 Version 1 and pays Fixed 1.000%) 24/11/2014) (20/6/2017) 10,765 (20/12/2018) (23,279)

134 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 50,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 30,000 Credit Default Swaps (Deutsche Bank) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Cap Gemini SA 5.250% protection on UPC Holding BV 8.000% 29/11/2016) (20/12/2017) 1,605 1/11/2016) (20/12/2018) 245 EUR 400,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 80,000 Credit Default Swaps (Deutsche Bank) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on EADS Finance BV 5.500% protection on Wendel SA 4.875% 26/5/2016) 25/9/2018) (20/6/2017) 25,045 (20/12/2018) 962 EUR 60,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 225,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives default protection on Anglo American protection on Glencore Finance Europe SA Capital PLC 5.875% 17/4/2015 and pays Fixed 6.500% 27/2/2019) (20/12/2018) 1,774 1.000%) (20/12/2018) 658 EUR 40,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 175,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives default protection on Anglo American protection on Glencore Finance Europe SA Capital PLC 5.875% 17/4/2015 and pays Fixed 6.500% 27/2/2019) (20/12/2018) 782 1.000%) (20/12/2018) 32 EUR 50,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 50,000 Credit Default Swaps (Goldman Sachs) receives Fixed 1.000% and provides default (Fund receives default protection on BAT protection on Heathrow Funding Ltd 4.600% International Finance Plc 5.875% 12/3/2015 15/2/2018) (20/12/2017) 2,177 and pays Fixed 1.000%) (20/12/2017) (238) EUR 200,000 Credit Default Swaps (Deutsche Bank) (Fund EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives default protection on Bouygues SA protection on Heathrow Funding Ltd 4.600% 4.750% 24/5/2016 and pays Fixed 1.000%) 15/2/2018) (20/12/2018) 1,547 (20/6/2018) (3,278) EUR 110,000 Credit Default Swaps (Deutsche Bank) (Fund USD 7,100,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives default protection on CDX NA IG 21 protection on Next Plc 5.375% 26/10/2021) Version 1 and pays Fixed 1.000%) (20/12/2018) (7,082) (20/12/2018) 1,153 EUR 130,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 590,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Clariant Finance receives Fixed 1.000% and provides default Luxembourg SA 4.375% 5/4/2013 and pays protection on Orange SA 5.625% 22/5/2018) Fixed 1.000%) (20/3/2018) (6,449) (20/6/2018) 15,239 EUR 80,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 100,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Deutsche receives Fixed 1.000% and provides default Luf thansa AG 6.500% 7/7/2016 and pays Fixed protection on Renault SA FRN 4/8/2014) 1.000%) (20/12/2018) (1,754) (20/6/2018) 3,009 EUR 200,000 Credit Default Swaps (Goldman Sachs) USD 220,000 Credit Default Swaps (Deutsche Bank) (Fund (Fund receives default protection on E.ON receives Fixed 1.000% and provides default International Finance BV 6.375% 29/5/2017 protection on Rio Tinto Finance Plc 2.000% and pays Fixed 1.000%) (20/12/2018) (730) 11/5/2020) (20/12/2018) 2,251 EUR 410,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 260,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Fiat Finance receives Fixed 1.000% and provides default North America Inc 5.625% 12/6/2017 and pays protection on Telefonica Emisiones SAU Fixed 5.000%) (20/12/2018) (16,199) 4.375% 2/2/2016) (20/12/2018) 10,069 EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 180,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Finmeccanica receives Fixed 1.000% and provides default Finance SA/Old 5.750% 12/12/2018 and pays protection on Telefonica Emisiones SAU Fixed 5.000%) (20/3/2018) (4,795) 4.375% 2/2/2016) (20/12/2018) 2,797 USD 1,450,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 180,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Ford Motor receives Fixed 1.000% and provides default Co 6.500% 1/8/2018 and pays Fixed 5.000%) protection on Vodafone Group PLC 5% (20/12/2018) (6,464) 4/6/2018) (20/12/2018) 86 EUR 220,000 Credit Default Swaps (Goldman Sachs) EUR 250,000 Credit Default Swaps (Deutsche Bank) (Fund (Fund receives default protection on receives Fixed 5.000% and provides default HeidelbergCement Finance BV 5.625% protection on Cable & Wireless International 4/1/2018 and pays Fixed 5.000%) (20/12/2018) (698) Fin NV 8.625% 25/3/2019) (20/9/2017) 41,367 EUR 280,000 Credit Default Swaps (Goldman Sachs) EUR 150,000 Credit Default Swaps (Deutsche Bank) (Fund (Fund receives default protection on receives Fixed 5.000% and provides default HeidelbergCement Finance BV 5.625% protection on Cable & Wireless Worldwide Plc 4/1/2018 and pays Fixed 5.000%) (20/12/2018) (909) 5.750% 24/11/2014) (20/6/2017) 33,926 EUR 535,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 200,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Intesa Sanpaolo receives Fixed 5.000% and provides default SpA 4.75% 15/6/2017 and pays Fixed 3.000%) protection on Infineon Technologies Holding (20/12/2018) (6,271) BV 7.500% 26/5/2014) (20/9/2018) 6,532 EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 200,000 Credit Default Swaps (Deutsche Bank) (Fund receives default protection on Ladbrokes receives Fixed 5.000% and provides default Group Finance Plc 7.625% 5/3/2017 and pays protection on Unitymedia KabelBW GmbH Fixed 1.000%) (20/12/2018) 568 9.625% 1/12/2019) (20/9/2017) 22,518

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

Unaudited Interim Report and Accounts 135 BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 90,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 120,000 Credit Default Swaps (Goldman Sachs) receives default protection on Ladbrokes (Fund receives default protection on Group Finance Plc 7.625% 5/3/2017 and pays STMicroelectronics NV and pays Fixed 1.000%) Fixed 1.000%) (20/12/2018) 457 (20/12/2018) (357) EUR 210,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 90,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Ladbrokes receives default protection on Suedzucker Group Finance PLC 7.625% 5/3/2017 and pays International Finance BV 4.125% 29/3/2018 Fixed 1.000%) (20/12/2018) (179) and pays Fixed 1.000%) (20/12/2018) (672) EUR 112,589 Credit Default Swaps (Goldman Sachs) (Fund EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Lafarge SA receives default protection on Telecom Italia 6.625% 29/11/2018 and pays Fixed 1.000%) SpA 5.375% 29/1/2019 and pays Fixed 1.000%) (20/12/2018) (1,458) (20/3/2018) (578) EUR 96,066 Credit Default Swaps (Goldman Sachs) (Fund EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Lafarge SA receives default protection on ThyssenKrupp 6.625% 29/11/2018 and pays Fixed 1.000%) AG 4.375% 18/3/2015 and pays Fixed 1.000%) (20/12/2018) (1,244) (20/6/2018) (4,006) EUR 190,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Lafarge SA receives Fixed 1.000% and provides default 6.625% 29/11/2018 and pays Fixed 1.000%) protection on ArcelorMittal 6.125% 1/6/2018) (20/12/2018) (3,414) (20/12/2018) 1,397 EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 90,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on LANXESS receives Fixed 1.000% and provides default Finance BV 7.750% 9/4/2014 and pays Fixed protection on ArcelorMittal 6.125% 1/6/2018) 1.000%) (20/3/2018) (424) (20/12/2018) 2,551 EUR 120,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 110,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Metsa OYJ receives Fixed 1.000% and provides default 3.800% 27/6/2022 and pays Fixed 5.000%) protection on ArcelorMittal 6.125% 1/6/2018) (20/12/2018) 10 (20/12/2018) 1,440 EUR 80,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 250,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Metsa OYJ receives Fixed 1.000% and provides default 3.800% 27/6/2022 and pays Fixed 5.000%) protection on Aviva Plc 9.500% 20/6/2016) (20/12/2018) (526) (20/6/2018) 11,823 EUR 80,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 250,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Metsa OYJ receives Fixed 1.000% and provides default 3.800% 27/6/2022 and pays Fixed 5.000%) protection on AXA SA 4.500% 23/1/2015) (20/12/2018) (558) (20/6/2018) 12,359 EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 230,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Pearson Plc receives Fixed 1.000% and provides default 7.000% 27/10/2014 and pays Fixed 1.000%) protection on EADS Finance BV 5.500% (20/6/2018) (1,753) 25/9/2018) (20/12/2018) 1,157 USD 320,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Qantas Airways receives Fixed 1.000% and provides default Ltd 6.050% 15/4/2016 and pays Fixed 1.000%) protection on Fresenius US Finance II Inc (20/12/2018) (456) 8.75% 15/7/2015) (20/12/2018) 1,321 EUR 210,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 30,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Rallye SA receives Fixed 1.000% and provides default 7.625% 4/11/2016 and pays Fixed 5.000%) protection on Gecina SA 2.125% 1/1/2016) (20/12/2018) (4,740) (20/12/2017) 1,304 EUR 210,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 80,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on SES SA 4.625% receives Fixed 1.000% and provides default 9/3/2020 and pays Fixed 1.000%) protection on GKN Holdings PLC 6.75% (20/12/2018) (483) 28/10/2019) (20/12/2018) 570 EUR 60,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 140,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Solvay SA receives Fixed 1.000% and provides default 4.625% 27/6/2018 and pays Fixed 1.000%) protection on GKN Holdings Plc 6.750% (20/9/2018) (1,387) 28/10/2019) (20/6/2018) 3,650 EUR 800,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 240,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on St-Gobain receives Fixed 1.000% and provides default Nederland BV 5.000% 25/4/2014 and pays protection on Glencore Finance Europe SA Fixed 1.000%) (20/6/2018) (21,530) 6.5% 27/2/2019) (20/12/2018) 71 EUR 40,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 110,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Stena AB receives Fixed 1.000% and provides default 6.125% 1/2/2017 and pays Fixed 5.000%) protection on Glencore Finance Europe SA (20/12/2017) (3,635) 6.5% 27/2/2019) (20/12/2018) 32 EUR 80,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund receives default protection on Stena AB receives Fixed 1.000% and provides default 6.125% 1/2/2017 and pays Fixed 5.000%) protection on Glencore Finance Europe SA (20/12/2018) (130) 6.500% 27/2/2019) (20/12/2018) 2,334

136 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 30,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Glencore Finance Europe SA protection on Eileme 2 AB 11.750% 31/1/2020) 6.500% 27/2/2019) (20/12/2018) 768 (20/12/2017) 7,339 EUR 130,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 20,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Glencore Finance Europe SA protection on Eileme 2 AB 11.750% 31/1/2020) 6.500% 27/2/2019) (20/12/2018) 523 (20/12/2017) 4,617 EUR 60,000 Credit Default Swaps (Goldman Sachs) EUR 70,000 Credit Default Swaps (Goldman Sachs) (Fund (Fund receives Fixed 1.000% and provides receives Fixed 5.000% and provides default default protection on Kingfisher Plc 5.625% protection on Imperial Tobacco Finance Plc 15/12/2014) (20/6/2018) 581 6.250% 4/12/2018) (20/9/2018) (532) EUR 20,000 Credit Default Swaps (Goldman Sachs) EUR 60,000 Credit Default Swaps (Goldman Sachs) (Fund (Fund receives Fixed 1.000% and provides receives Fixed 5.000% and provides default default protection on Kingfisher Plc 5.625% protection on Infineon Technologies Holding 15/12/2014) (20/6/2018) 135 BV 7.500% 26/5/2014) (20/9/2018) 2,581 EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 130,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Pernod Ricard SA 4.625% protection on ISS Global A/S 4.500% 6/12/2013) (20/12/2017) 902 8/12/2014) (20/12/2018) 2,634 EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 110,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Publicis Groupe SA 4.250% protection on Melia Hotels International SA 5% 31/3/2015) (20/6/2018) 973 18/12/2014) (20/12/2018) 324 EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 20,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Publicis Groupe SA 4.250% protection on Melia Hotels International SA 31/3/2015) (20/6/2018) 874 5.000% 18/12/2014) (20/3/2018) 2,263 EUR 180,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Renault SA 5.625% 22/3/2017) protection on Melia Hotels International SA (20/12/2018) 1,047 5.000% 18/12/2014) (20/6/2018) 4,907 EUR 990,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Renault SA FRN 4/8/2014) protection on Melia Hotels International SA (20/9/2018) 44,601 5.000% 18/12/2014) (20/12/2018) 3,125 EUR 680,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 140,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Rolls-Royce Plc 7.375% protection on Nokia OYJ 6.750% 4/2/2019) 14/6/2016) (20/12/2018) 4,584 (20/12/2018) 3,427 USD 1,450,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 70,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on TRW Automotive Holdings Corp) protection on NXP BV / NXP Funding LLC (20/12/2018) 3,499 8.625% 15/10/2015) (20/3/2018) 4,590 EUR 290,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 50,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 1.000% and provides default receives Fixed 5.000% and provides default protection on Vodafone Group PLC 5% protection on OTE PLC 4.625% 20/5/2016) 4/6/2018) (20/12/2018) 187 (20/3/2018) 9,766 EUR 570,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 40,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on Alcatel-Lucent/France 6.375% protection on OTE PLC 4.625% 20/5/2016) 7/4/2014) (20/12/2018) 29,753 (20/3/2018) 6,377 EUR 20,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 20,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on British Airways Plc 8.750% protection on Scandinavian Airlines 9.65% 23/8/2016) (20/3/2018) 2,051 16/6/2014) (20/12/2018) (312) EUR 290,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 230,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on CIR-Compagnie Industriali protection on Scandinavian Airlines 9.650% Riunite SpA 5.750% 16/12/2024) (20/12/2018) (878) 16/6/2014) (20/12/2018) (143) EUR 60,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 20,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on ConvaTec Healthcare E SA protection on Schaeffler Finance BV 7.750% 7.375% 15/12/2017) (20/12/2017) 6,135 15/2/2017) (20/12/2017) 1,976 EUR 60,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 140,000 Credit Default Swaps (Goldman Sachs) (Fund receives Fixed 5.000% and provides default receives Fixed 5.000% and provides default protection on Eileme 2 AB 11.75% 31/1/2020) protection on Schaeffler Finance BV 7.750% (20/12/2018) 4,070 15/2/2017) (20/12/2018) 2,936

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

Unaudited Interim Report and Accounts 137 BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 140,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 50,000 Credit Default Swaps (JP Morgan Chase Bank) receives Fixed 5.000% and provides default (Fund receives Fixed 1.000% and provides protection on TUI AG 2.75% 24/3/2016) default protection on ArcelorMittal 6.125% (20/12/2018) 2,150 1/6/2018) (20/12/2018) 1,079 EUR 90,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank) receives Fixed 5.000% and provides default (Fund receives Fixed 1.000% and provides protection on UPM-Kymmene Corp 5.625% default protection on BAE Systems Plc 1/12/2014) (20/12/2018) 175 10.750% 24/11/2014) (20/9/2018) 864 EUR 100,000 Credit Default Swaps (Goldman Sachs) (Fund EUR 170,000 Credit Default Swaps (JP Morgan Chase Bank) receives Fixed 5.000% and provides default (Fund receives Fixed 1.000% and provides protection on Wind Acquisition Finance SA default protection on Enel SpA 5.25% 11.75% 15/7/2017) (20/12/2018) 41 20/6/2017) (20/12/2018) 887 EUR 200,000 Credit Default Swaps (HSBC) (Fund receives EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank) default protection on Fortum OYJ 5.000% (Fund receives Fixed 1.000% and provides 19/11/2013 and pays Fixed 1.000%) (20/9/2017) (1,289) default protection on Gecina SA 2.125% EUR 188,709 Credit Default Swaps (HSBC) (Fund receives 1/1/2016) (20/12/2017) 4,763 default protection on GDF Suez 5.125% EUR 50,000 Credit Default Swaps (JP Morgan Chase Bank) 19/2/2018 and pays Fixed 1.000%) (Fund receives Fixed 1.000% and provides (20/12/2017) (4,206) default protection on Heathrow Funding Ltd EUR 100,000 Credit Default Swaps (HSBC) (Fund receives 4.600% 15/2/2018) (20/12/2017) 2,198 default protection on Rallye SA 7.625% EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank) 4/11/2016 and pays Fixed 5.000%) (Fund receives Fixed 1.000% and provides (20/12/2017) (8,931) default protection on Kering 3.750% 8/4/2015) EUR 100,000 Credit Default Swaps (HSBC) (Fund receives (20/12/2017) 2,807 default protection on Telecom Italia SpA EUR 40,000 Credit Default Swaps (JP Morgan Chase Bank) 5.375% 29/1/2019 and pays Fixed 1.000%) (Fund receives Fixed 1.000% and provides (20/12/2017) (5,295) default protection on Kering 3.750% 8/4/2015) EUR 71,000 Credit Default Swaps (HSBC) (Fund receives (20/12/2017) 1,081 Fixed 1.000% and provides default protection EUR 40,000 Credit Default Swaps (JP Morgan Chase Bank) on Publicis Groupe SA 4.250% 31/3/2015) (Fund receives Fixed 1.000% and provides (20/9/2017) 2,268 default protection on Kering 3.750% 8/4/2015) EUR 183,500 Credit Default Swaps (HSBC) (Fund receives (20/12/2017) 978 Fixed 1.000% and provides default protection EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank) on Shell International Finance BV 5.200% (Fund receives Fixed 1.000% and provides 22/3/2017) (20/9/2017) 4,899 default protection on Kingfisher Plc 5.625% EUR 40,000 Credit Default Swaps (HSBC) (Fund receives 15/12/2014) (20/12/2017) 2,755 Fixed 5.000% and provides default protection EUR 170,000 Credit Default Swaps (JP Morgan Chase Bank) on ConvaTec Healthcare E SA 10.875% (Fund receives Fixed 1.000% and provides 15/12/2018) (20/12/2017) 4,281 default protection on Safeway Ltd 6.125% EUR 300,000 Credit Default Swaps (JP Morgan Chase Bank 17/12/2018) (20/12/2018) 1,038 (Depository Cle)) (Fund receives default EUR 30,000 Credit Default Swaps (JP Morgan Chase Bank) protection on Pernod Ricard SA 4.875% (Fund receives Fixed 5.000% and provides 18/3/2016 and pays Fixed 1.000%) (20/9/2018) (5,814) default protection on Ardagh Packaging EUR 50,000 Credit Default Swaps (JP Morgan Chase Bank) Finance Plc 9.250% 15/10/2020) (20/3/2018) 1,502 (Fund receives default protection on LANXESS EUR 40,000 Credit Default Swaps (JP Morgan Chase Bank) Finance BV 7.750% 9/4/2014 and pays Fixed (Fund receives Fixed 5.000% and provides 1.000%) (20/12/2017) (830) default protection on NXP BV / NXP Funding EUR 120,000 Credit Default Swaps (JP Morgan Chase Bank) LLC 2.961% 15/10/2013) (20/3/2018) 3,248 (Fund receives default protection on LANXESS EUR 50,000 Credit Default Swaps (JP Morgan Chase Bank) Finance BV 7.750% 9/4/2014 and pays Fixed (Fund receives Fixed 5.000% and provides 1.000%) (20/3/2018) (1,127) default protection on NXP BV / NXP Funding EUR 110,000 Credit Default Swaps (JP Morgan Chase Bank) LLC 2.961% 15/10/2013) (20/3/2018) 3,961 (Fund receives default protection on Michelin EUR 10,000 Credit Default Swaps (JP Morgan Chase Bank) Luxembourg SCS 2.75% 20/6/2019 and pays (Fund receives Fixed 5.000% and provides Fixed 1.000%) (20/12/2018) (505) default protection on Schaeffler Finance BV EUR 150,000 Credit Default Swaps (JP Morgan Chase 7.750% 15/2/2017) (20/12/2017) 988 Bank) (Fund receives default protection on EUR 160,000 Credit Default Swaps (JP Morgan) (Fund receives STMicroelectronics NV and pays Fixed 1.000%) default protection on Accor SA 2.875% (20/12/2018) (153) 19/6/2017 and pays Fixed 1.000%) EUR 40,000 Credit Default Swaps (JP Morgan Chase (20/12/2018) (129) Bank) (Fund receives default protection on EUR 78,700 Credit Default Swaps (JP Morgan) (Fund receives Suedzucker International Finance BV 4.125% default protection on BASF SE 4.500% 29/3/2018 and pays Fixed 1.000%) (20/12/2018) (339) 29/6/2016 and pays Fixed 1.000%) EUR 100,000 Credit Default Swaps (JP Morgan Chase Bank) (20/9/2017) (1,668) (Fund receives default protection on Telecom Italia SpA 5.375% 29/1/2019 and pays Fixed 1.000%) (20/12/2017) (3,233)

138 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

USD 600,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 100,000 Credit Default Swaps (JP Morgan) (Fund receives default protection on Dow Chemical Co/The Fixed 1.000% and provides default protection 7.375% 1/11/2029 and pays Fixed 1.000%) on Renault SA FRN 4/8/2014) (20/6/2018) 5,436 (20/9/2018) (4,121) EUR 160,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 600,000 Credit Default Swaps (JP Morgan) (Fund receives Fixed 1.000% and provides default protection default protection on Fortum OYJ 5.000% on Renault SA FRN 4/8/2014) (20/6/2018) 5,486 19/11/2013 and pays Fixed 1.000%) (20/9/2017) (7,023) EUR 2,300,000 Credit Default Swaps (JP Morgan) (Fund receives USD 725,000 Credit Default Swaps (JP Morgan) (Fund receives Fixed 1.000% and provides default protection default protection on Hewlett-Packard Co on RWE AG 5.750% 14/2/2033) (20/9/2018) 23,933 5.4% 1/3/2017 and pays Fixed 1.000%) EUR 300,000 Credit Default Swaps (JP Morgan) (Fund receives (20/12/2018) (11,863) Fixed 1.000% and provides default protection EUR 700,000 Credit Default Swaps (JP Morgan) (Fund receives on Telefonica Emisiones SAU 4.375% default protection on Lloyds Bank Plc 3.375% 2/2/2016) (20/12/2018) 12,009 20/4/2015 and pays Fixed 3.000%) (20/3/2018) (12,632) EUR 90,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 970,000 Credit Default Swaps (JP Morgan) (Fund receives Fixed 1.000% and provides default protection default protection on Markit ITraxx Europe on Telefonica Emisiones SAU 4.375% Crossover 12/18 - Serie 20 and pays Fixed 2/2/2016) (20/12/2018) 1,441 5.000%) (20/12/2018) (32,780) EUR 60,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 40,000 Credit Default Swaps (JP Morgan) (Fund receives Fixed 5.000% and provides default protection default protection on Metsa OYJ 3.800% on Nokia OYJ 6.750% 4/2/2019) (20/9/2017) 16,188 27/6/2022 and pays Fixed 1.000%) (20/6/2018) (933) EUR 300,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 220,000 Credit Default Swaps (JP Morgan) (Fund receives Fixed 5.000% and provides default protection default protection on Metsa OYJ 3.800% on TUI AG 5.125% 10/12/2012) (20/9/2017) 59,950 27/6/2022 and pays Fixed 1.000%) (20/12/2018) (4,353) EUR 950,000 Credit Default Swaps (Merrill Lynch) (Fund EUR 200,000 Credit Default Swaps (JP Morgan) (Fund receives receives default protection on iTraxx Europe default protection on Pearson Plc 7.000% Crossover Series 20 Version 1 and pays Fixed 27/10/2014 and pays Fixed 1.000%) (20/6/2017) (1,152) 5.000%) (20/12/2018) (10,485) EUR 50,000 Credit Default Swaps (JP Morgan) (Fund receives EUR 650,000 Credit Default Swaps (Morgan Stanley) (Fund default protection on PostNL NV 3.875% receives default protection on Clariant Finance 1/6/2015 and pays Fixed 1.000%) (20/6/2018) (3,900) Luxembourg SA 4.375% 5/4/2013 and pays USD 1,200,000 Credit Default Swaps (JP Morgan) (Fund receives Fixed 1.000%) (20/6/2017) (56,656) default protection on PPG Industries Inc EUR 600,000 Credit Default Swaps (Morgan Stanley) (Fund 6.650% 15/3/2018 and pays Fixed 1.000%) receives default protection on Tate & Lyle (20/9/2018) (1,655) International Finance Plc 6.750% 25/11/2019 EUR 500,000 Credit Default Swaps (JP Morgan) (Fund receives and pays Fixed 1.000%) (20/6/2017) (4,342) default protection on RWE AG 5.750% EUR 390,000 Credit Default Swaps (Morgan Stanley) (Fund 14/2/2033 and pays Fixed 1.000%) (20/6/2018) (4,313) receives Fixed 1.000% and provides default EUR 600,000 Credit Default Swaps (JP Morgan) (Fund receives protection on Centrica Plc 7.000% 19/9/2018) default protection on St-Gobain Nederland (20/6/2017) 5,884 BV 5.000% 25/4/2014 and pays Fixed 1.000%) EUR 550,000 Credit Default Swaps (Morgan Stanley) (Fund (20/6/2018) (17,845) receives Fixed 1.000% and provides default USD 300,000 Credit Default Swaps (JP Morgan) (Fund receives protection on Swisscom AG 3.500% 19/7/2013) default protection on Time Warner Cable Inc (20/6/2017) 11,988 5.85% 1/5/2017 and pays Fixed 1.000%) EUR 78,800 Credit Default Swaps (UBS) (Fund receives (20/12/2018) 1,500 default protection on BASF SE 4.500% USD 500,000 Credit Default Swaps (JP Morgan) (Fund receives 29/6/2016 and pays Fixed 1.000%) (20/9/2017) (1,739) default protection on Time Warner Cable Inc EUR 70,000 Credit Default Swaps (UBS) (Fund receives 6.75% 1/7/2018 and pays Fixed 1.000%) default protection on BAT International (20/12/2018) 558 Finance Plc 5.875% 12/3/2015 and pays Fixed EUR 380,000 Credit Default Swaps (JP Morgan) (Fund receives 1.000%) (20/12/2017) (333) Fixed 1.000% and provides default protection EUR 150,000 Credit Default Swaps (UBS) (Fund receives on Alstom SA 4.125% 1/2/2017) (20/12/2018) 4,508 default protection on Clariant Finance EUR 300,000 Credit Default Swaps (JP Morgan) (Fund receives Luxembourg SA 4.375% 5/4/2013 and pays Fixed 1.000% and provides default protection Fixed 1.000%) (20/9/2017) (14,239) on Imperial Tobacco Finance Plc 6.250% EUR 220,000 Credit Default Swaps (UBS) (Fund receives 4/12/2018) (20/9/2017) 6,541 default protection on STMicroelectronics EUR 130,000 Credit Default Swaps (JP Morgan) (Fund receives Finance BV 0.652% 17/3/2013 and pays Fixed Fixed 1.000% and provides default protection 1.000%) (20/6/2017) (9,404) on Next Plc 5.375% 26/10/2021) (20/12/2018) 1,362 EUR 20,000 Credit Default Swaps (UBS) (Fund receives EUR 138,000 Credit Default Swaps (JP Morgan) (Fund receives default protection on Telecom Italia SpA Fixed 1.000% and provides default protection 5.375% 29/1/2019 and pays Fixed 1.000%) on Publicis Groupe SA 4.250% 31/3/2015) (20/3/2018) (297) (20/9/2017) 5,590 EUR 71,000 Credit Default Swaps (UBS) (Fund receives Fixed EUR 200,000 Credit Default Swaps (JP Morgan) (Fund receives 1.000% and provides default protection on Fixed 1.000% and provides default protection Publicis Groupe SA 4.250% 31/3/2015) on Renault SA FRN 4/8/2014) (20/6/2018) 12,420 (20/9/2017) 2,389

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

Unaudited Interim Report and Accounts 139 BlackRock Global Absolute Return Bond Fund continued

Swaps as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Nominal (depreciation) Nominal (depreciation) Value Description EUR Value Description EUR

EUR 148,000 Credit Default Swaps (UBS) (Fund receives Fixed USD 850,000 Interest Rate Swap (Deutsche Bank) (Fund 1.000% and provides default protection on receives Floating USD 3 Month LIBOR Publicis Groupe SA 4.250% 31/3/2015) and pays Fixed 0.560%) (25/6/2015) (2,545) (20/9/2017) 4,018 USD 6,000,000 Interest Rate Swap (Deutsche Bank) (Fund EUR 1,420,000 Interest Rate Swap (Barclays Bank) (Fund receives receives Floating USD 3 Month LIBOR Fixed 2.465% and pays Floating EUR 6 Month and pays Fixed 0.683%) (1/2/2016) (22,713) EURIBOR) (8/7/2033) (23,719) USD 13,800,000 Interest Rate Swap (Deutsche Bank) (Fund GBP 2,900,000 Interest Rate Swap (Barclays Bank) (Fund receives receives Floating USD 3 Month LIBOR Fixed 2.489% and pays Floating GBP 6 Month and pays Fixed 1.164%) (28/2/2018) 6,205 LIBOR) (10/7/2023) (63,986) USD 900,000 Interest Rate Swap (Deutsche Bank) (Fund GBP 3,200,000 Interest Rate Swap (Barclays Bank) (Fund receives receives Floating USD 3 Month LIBOR Fixed 2.690% and pays Floating GBP 6 Month and pays Fixed 2.805%) (19/11/2023) 1,219 LIBOR) (18/11/2023) (18,060) USD 1,300,000 Interest Rate Swap (Deutsche Bank) (Fund GBP 3,200,000 Interest Rate Swap (Barclays Bank) (Fund receives Floating USD 3 Month LIBOR receives Fixed 2.772% and pays Floating GBP and pays Fixed 3.571%) (1/11/2043) 30,233 6 Month LIBOR) (13/11/2023) 11,358 USD 500,000 Interest Rate Swap (Deutsche Bank) (Fund EUR 800,000 Interest Rate Swap (Barclays Bank) (Fund receives Floating USD 3 Month LIBOR receives Floating EUR 6 Month EURIBOR and pays Fixed 3.898%) (22/11/2044) 2,620 and pays Fixed 2.605%) (8/7/2063) 7,983 USD 500,000 Interest Rate Swap (Deutsche Bank) (Fund GBP 6,260,000 Interest Rate Swap (Barclays Bank) (Fund receives Floating USD 3 Month LIBOR receives Floating GBP 6 Month LIBOR and pays Fixed 3.940%) (18/11/2044) (374) and pays Fixed 2.913%) (7/3/2025) 28,784 GBP 875,000 Interest Rate Swap (Goldman Sachs) (Fund GBP 2,850,000 Interest Rate Swap (Citibank) (Fund receives receives Floating GBP 6 Month LIBOR Floating GBP 6 Month LIBOR and pays Fixed and pays Fixed 3.251%) (24/10/2046) 16,115 2.765%) (21/11/2023) (9,512) USD 4,100,000 Interest Rate Swap (Goldman Sachs) (Fund GBP 2,900,000 Interest Rate Swap (Credit Suisse) (Fund receives Floating USD 3 Month LIBOR receives Fixed 2.508% and pays Floating GBP and pays Fixed 0.675%) (8/11/2016) (3,749) 6 Month LIBOR) (28/6/2023) (53,860) USD 2,400,000 Interest Rate Swap (Goldman Sachs) (Fund USD 2,500,000 Interest Rate Swap (Deutsche Bank) (Fund receives Floating USD 3 Month LIBOR receives Fixed 1.891% and pays Floating and pays Fixed 1.554%) (18/10/2018) (10,747) USD 3 Month LIBOR) (1/2/2019) 26,772 USD 2,500,000 Interest Rate Swap (Royal Bank of Scotland) USD 1,000,000 Interest Rate Swap (Deutsche Bank) (Fund (Fund receives Floating USD 3 Month LIBOR receives Fixed 3.228% and pays Floating and pays Fixed 1.485%) (21/10/2018) (4,777) USD 3 Month LIBOR) (22/11/2024) (3,525) (EUR underlying exposure – EUR 235,603,416) (61,159) USD 1,000,000 Interest Rate Swap (Deutsche Bank) (Fund receives Fixed 3.262% and pays Floating USD 3 Month LIBOR) (18/11/2024) (859)

Note: The total market value of EUR (359,186) is included in the Statement of Net Assets (see note 2(d)).

140 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Open Forward Foreign Exchange Transactions Open Forward Foreign Exchange Transactions as at 30 November 2013 as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ (depreciation) (depreciation) Purchases Sales Value Date EUR Purchases Sales Value Date EUR CZK 2,020,000 USD 104,084 3/12/2013 (2,732) USD 67,446 TRY 140,000 3/12/2013 (1,414) CZK 4,290,000 USD 225,813 3/12/2013 (9,304) EUR 680,130 USD 919,000 5/12/2013 4,369 EUR 70,000 USD 92,225 3/12/2013 2,185 EUR 17,926,055 USD 24,384,578 5/12/2013 (4,463) HUF 26,000,000 USD 117,204 3/12/2013 118 EUR 2,655,242 USD 3,586,342 5/12/2013 18,126 HUF 13,900,000 USD 64,543 3/12/2013 (1,322) EUR 54,111 USD 73,000 5/12/2013 432 HUF 10,700,000 USD 48,912 3/12/2013 (450) EUR 335,928 USD 454,134 5/12/2013 1,993 HUF 14,200,000 USD 64,749 3/12/2013 (482) USD 69,000 EUR 51,444 5/12/2013 (707) INR 3,400,000 USD 54,954 3/12/2013 (401) EUR 2,155,714 GBP 1,800,000 9/12/2013 (5,474) INR 5,900,000 USD 93,779 3/12/2013 468 EUR 65,263 GBP 55,000 9/12/2013 (773) KRW 83,500,000 USD 76,876 3/12/2013 1,489 EUR 65,287 GBP 55,000 9/12/2013 (749) KRW 58,900,000 USD 55,305 3/12/2013 257 EUR 59,362 GBP 50,000 9/12/2013 (671) MXN 610,000 USD 47,334 3/12/2013 (594) EUR 233,039 GBP 195,000 9/12/2013 (1,090) MXN 20,000 USD 1,528 3/12/2013 (2) EUR 392,876 GBP 330,000 9/12/2013 (3,342) MXN 1,890,000 USD 146,657 3/12/2013 (1,839) EUR 65,301 GBP 55,000 9/12/2013 (735) MXN 200,000 USD 15,193 3/12/2013 45 EUR 1,040,812 USD 1,410,754 9/12/2013 3,450 MXN 950,000 USD 73,219 3/12/2013 (559) EUR 213,989 USD 286,163 9/12/2013 3,566 MXN 730,000 USD 55,055 3/12/2013 459 EUR 1,735,934 USD 2,315,000 9/12/2013 33,659 MYR 170,000 USD 51,763 3/12/2013 722 EUR 429,137 USD 583,084 9/12/2013 382 MYR 100,000 USD 30,114 3/12/2013 671 EUR 784,929 USD 1,050,000 9/12/2013 12,838 MYR 170,000 USD 53,459 3/12/2013 (524) GBP 410,000 EUR 485,567 9/12/2013 6,704 PLN 390,000 USD 120,254 3/12/2013 4,324 GBP 175,000 EUR 209,493 9/12/2013 623 PLN 200,000 USD 63,759 3/12/2013 680 USD 600,000 EUR 443,852 9/12/2013 (2,657) PLN 70,000 USD 22,571 3/12/2013 51 USD 1,907,327 EUR 1,411,172 9/12/2013 (8,668) PLN 200,000 USD 63,759 3/12/2013 680 USD 15,000 EUR 11,428 9/12/2013 (398) PLN 240,000 USD 77,382 3/12/2013 176 USD 15,000 EUR 11,426 9/12/2013 (396) RUB 1,100,000 USD 34,072 3/12/2013 (671) USD 790,000 EUR 578,073 9/12/2013 2,833 RUB 6,450,000 USD 196,811 3/12/2013 (1,750) USD 15,000 EUR 11,425 9/12/2013 (395) SGD 110,000 USD 86,303 3/12/2013 990 USD 8,220 JPY 805,048 9/12/2013 257 SGD 60,000 USD 47,030 3/12/2013 573 INR 246,187 USD 3,939 10/12/2013 (3) SGD 60,000 USD 47,950 3/12/2013 (104) KRW 498,509,318 USD 468,348 10/12/2013 1,848 SGD 180,000 USD 144,409 3/12/2013 (722) MYR 11,083 USD 3,493 10/12/2013 (41) TRY 150,000 USD 72,505 3/12/2013 1,337 TWD 18,024,693 USD 613,920 10/12/2013 (3,522) TRY 310,000 USD 152,984 3/12/2013 455 USD 2,248 IDR 25,137,948 10/12/2013 106 TRY 260,000 USD 130,228 3/12/2013 (1,030) USD 175,581 KRW 188,380,332 10/12/2013 (1,730) USD 114,951 CZK 2,190,000 3/12/2013 4,511 USD 92,876 KRW 98,803,747 10/12/2013 (330) USD 183,959 CZK 3,510,000 3/12/2013 7,026 USD 1,637 PHP 70,713 10/12/2013 15 USD 31,811 CZK 610,000 3/12/2013 1,104 USD 352,298 THB 11,048,919 11/12/2013 6,124 USD 82,263 EUR 62,000 3/12/2013 (1,510) USD 326,392 THB 10,382,533 11/12/2013 2,329 USD 10,562 EUR 8,000 3/12/2013 (234) AUD 324,000 USD 306,071 12/12/2013 (8,087) USD 48,106 HUF 11,000,000 3/12/2013 (1,138) AUD 980,000 USD 913,278 12/12/2013 (15,274) USD 203,924 HUF 45,100,000 3/12/2013 252 AUD 1,391,000 USD 1,292,854 12/12/2013 (19,149) USD 39,090 HUF 8,700,000 3/12/2013 (134) AUD 967,000 USD 911,282 12/12/2013 (22,512) USD 47,473 INR 2,950,000 3/12/2013 196 AUD 3,377,000 USD 3,180,936 12/12/2013 (77,528) USD 54,839 INR 3,400,000 3/12/2013 316 AUD 1,625,000 USD 1,499,343 12/12/2013 (14,282) USD 47,573 INR 2,950,000 3/12/2013 269 AUD 239,000 USD 224,681 12/12/2013 (5,161) USD 23,751 KRW 25,900,000 3/12/2013 (531) AUD 870,000 USD 811,318 12/12/2013 (13,965) USD 78,515 KRW 84,600,000 3/12/2013 (1,047) AUD 914,000 USD 851,025 12/12/2013 (13,697) USD 29,964 KRW 31,900,000 3/12/2013 (131) AUD 688,000 USD 655,140 12/12/2013 (21,004) USD 119,759 MXN 1,580,000 3/12/2013 (554) AUD 982,000 USD 911,544 12/12/2013 (12,660) USD 129,158 MXN 1,660,000 3/12/2013 1,871 AUD 1,098,000 USD 1,033,842 12/12/2013 (24,906) USD 86,196 MXN 1,160,000 3/12/2013 (1,677) CAD 458,000 USD 438,735 12/12/2013 (4,368) USD 135,334 MYR 440,000 3/12/2013 (872) CAD 385,000 USD 370,627 12/12/2013 (5,011) USD 138,221 PLN 450,000 3/12/2013 (5,381) CAD 188,000 USD 182,577 12/12/2013 (3,620) USD 105,005 PLN 330,000 3/12/2013 (1,268) CAD 347,000 USD 333,986 12/12/2013 (4,473) USD 6,504 PLN 20,000 3/12/2013 26 CAD 2,157,000 USD 2,078,366 12/12/2013 (29,466) USD 94,201 PLN 300,000 3/12/2013 (2,077) CAD 1,849,000 USD 1,779,375 12/12/2013 (23,627) USD 62,415 RUB 2,100,000 3/12/2013 (653) CAD 2,210,000 USD 2,132,460 12/12/2013 (32,415) USD 119,619 RUB 3,850,000 3/12/2013 2,620 EUR 742,000 USD 993,230 12/12/2013 11,652 USD 49,246 RUB 1,600,000 3/12/2013 746 EUR 2,247,000 USD 3,041,269 12/12/2013 10,677 USD 48,403 SGD 60,000 3/12/2013 437 EUR 1,903,000 USD 2,589,686 12/12/2013 (1,263) USD 16,056 SGD 20,000 3/12/2013 88 EUR 1,032,000 USD 1,416,870 12/12/2013 (9,861) USD 260,752 SGD 330,000 3/12/2013 (1,615) EUR 2,355,000 USD 3,167,898 12/12/2013 25,563 USD 59,985 TRY 120,000 3/12/2013 387 EUR 490,000 USD 663,188 12/12/2013 2,341 USD 138,367 TRY 280,000 3/12/2013 (272) EUR 306,379 USD 412,524 12/12/2013 3,040 USD 90,191 TRY 180,000 3/12/2013 737 EUR 1,968,000 USD 2,669,858 12/12/2013 4,785

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

Unaudited Interim Report and Accounts 141 BlackRock Global Absolute Return Bond Fund continued

Open Forward Foreign Exchange Transactions Open Forward Foreign Exchange Transactions as at 30 November 2013 as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ (depreciation) (depreciation) Purchases Sales Value Date EUR Purchases Sales Value Date EUR EUR 312,000 USD 428,674 12/12/2013 (3,215) USD 1,422,080 EUR 1,059,000 12/12/2013 (13,308) GBP 1,605,000 USD 2,536,138 12/12/2013 62,135 USD 658,863 EUR 485,000 12/12/2013 (521) GBP 238,000 USD 380,294 12/12/2013 6,112 USD 4,365,319 EUR 3,222,000 12/12/2013 (12,069) GBP 4,045,000 USD 6,489,676 12/12/2013 84,552 USD 1,234,179 EUR 911,000 12/12/2013 (3,476) GBP 195,000 USD 316,319 12/12/2013 1,527 USD 2,231,695 EUR 1,635,000 12/12/2013 6,022 GBP 851,000 USD 1,377,609 12/12/2013 8,751 USD 1,683,117 EUR 1,257,000 12/12/2013 (19,361) GBP 453,000 USD 710,476 12/12/2013 21,457 USD 319,268 EUR 236,000 12/12/2013 (1,234) GBP 2,641,000 USD 4,231,042 12/12/2013 59,689 USD 2,126,625 EUR 1,570,000 12/12/2013 (6,238) GBP 1,999,000 USD 3,219,386 12/12/2013 32,777 USD 5,082,821 EUR 3,738,000 12/12/2013 (471) JPY 64,900,000 USD 638,530 12/12/2013 (3,017) USD 447,240 GBP 279,000 12/12/2013 (6,110) JPY 267,100,000 USD 2,712,210 12/12/2013 (74,405) USD 6,053,437 GBP 3,778,000 12/12/2013 (84,760) JPY 37,200,000 USD 373,241 12/12/2013 (7,055) USD 2,377,775 GBP 1,492,000 12/12/2013 (42,912) JPY 112,000,000 USD 1,125,589 12/12/2013 (22,602) USD 3,715,170 GBP 2,320,000 12/12/2013 (53,618) JPY 266,150,000 USD 2,706,562 12/12/2013 (77,081) USD 496,804 GBP 308,000 12/12/2013 (4,484) JPY 32,800,000 USD 321,463 12/12/2013 (609) USD 882,407 GBP 546,000 12/12/2013 (6,691) JPY 171,500,000 USD 1,702,483 12/12/2013 (19,113) USD 703,061 GBP 439,000 12/12/2013 (10,101) JPY 65,900,000 USD 658,665 12/12/2013 (10,635) USD 765,343 JPY 76,100,000 12/12/2013 15,759 JPY 71,400,000 USD 725,621 12/12/2013 (20,334) USD 707,891 JPY 69,800,000 12/12/2013 18,798 JPY 52,800,000 USD 519,515 12/12/2013 (2,479) USD 1,794,761 JPY 177,965,000 12/12/2013 40,497 NOK 1,614,000 USD 264,029 12/12/2013 81 USD 3,347,066 JPY 327,890,000 12/12/2013 104,264 NOK 3,460,000 USD 565,939 12/12/2013 226 USD 183,691 JPY 18,000,000 12/12/2013 5,686 NOK 11,483,000 USD 1,896,448 12/12/2013 (12,644) USD 1,614,008 JPY 160,645,000 12/12/2013 32,082 NOK 895,000 USD 151,089 12/12/2013 (3,395) USD 442,368 JPY 44,700,000 12/12/2013 3,974 NOK 7,322,000 USD 1,226,621 12/12/2013 (20,837) USD 2,465,151 JPY 240,200,000 12/12/2013 86,097 NOK 8,813,000 USD 1,459,782 12/12/2013 (12,859) USD 429,921 JPY 42,500,000 12/12/2013 10,636 NZD 870,396 USD 712,747 12/12/2013 (2,039) USD 1,656,441 NOK 10,030,000 12/12/2013 11,014 NZD 1,531,604 USD 1,267,303 12/12/2013 (13,226) USD 245,711 NOK 1,464,000 12/12/2013 4,500 NZD 658,000 USD 544,767 12/12/2013 (5,914) USD 704,844 NOK 4,185,000 12/12/2013 14,668 NZD 311,000 USD 253,602 12/12/2013 57 USD 918,971 NOK 5,521,000 12/12/2013 11,347 NZD 483,000 USD 385,062 12/12/2013 6,557 USD 1,464,092 NOK 8,902,000 12/12/2013 5,319 NZD 913,000 USD 752,094 12/12/2013 (5,418) USD 237,054 NOK 1,410,000 12/12/2013 4,633 NZD 736,000 USD 610,353 12/12/2013 (7,357) USD 174,424 NOK 1,067,000 12/12/2013 (144) NZD 29,000 USD 24,246 12/12/2013 (434) USD 1,054,863 NOK 6,416,000 12/12/2013 3,567 SEK 4,045,000 USD 619,173 12/12/2013 (978) USD 1,234,425 NOK 7,326,000 12/12/2013 26,094 SEK 3,675,000 USD 563,623 12/12/2013 (1,687) USD 968,962 NOK 5,773,000 12/12/2013 17,781 SEK 6,745,000 USD 1,036,848 12/12/2013 (4,854) USD 248,544 NZD 301,000 12/12/2013 2,222 SEK 1,785,000 USD 274,969 12/12/2013 (1,709) USD 317,326 NZD 380,000 12/12/2013 5,415 SEK 1,551,000 USD 239,558 12/12/2013 (1,952) USD 261,892 NZD 314,000 12/12/2013 4,239 SEK 1,070,000 USD 163,157 12/12/2013 204 USD 285,486 NZD 345,000 12/12/2013 2,995 SEK 3,685,000 USD 569,333 12/12/2013 (4,764) USD 477,829 NZD 585,000 12/12/2013 478 SEK 6,887,000 USD 1,064,011 12/12/2013 (8,879) USD 45,442 NZD 57,000 12/12/2013 (774) SEK 3,616,000 USD 552,758 12/12/2013 (325) USD 243,734 NZD 294,000 12/12/2013 2,883 SEK 3,954,000 USD 612,209 12/12/2013 (6,078) USD 349,111 NZD 427,000 12/12/2013 596 SEK 13,488,000 USD 2,069,500 12/12/2013 (6,847) USD 1,001,389 NZD 1,205,000 12/12/2013 13,589 SEK 14,669,000 USD 2,249,842 12/12/2013 (6,814) USD 1,316,588 NZD 1,592,000 12/12/2013 13,241 USD 547,629 AUD 578,000 12/12/2013 15,613 USD 185,075 SEK 1,210,000 12/12/2013 189 USD 854,739 AUD 901,000 12/12/2013 25,134 USD 308,745 SEK 2,036,000 12/12/2013 (1,646) USD 588,728 AUD 634,000 12/12/2013 8,332 USD 1,194,480 SEK 7,710,000 12/12/2013 12,381 USD 476,814 AUD 511,000 12/12/2013 8,409 USD 1,614,319 SEK 10,492,000 12/12/2013 8,638 USD 586,352 AUD 622,000 12/12/2013 14,621 USD 650,528 SEK 4,259,000 12/12/2013 (1) USD 3,723,127 AUD 4,039,000 12/12/2013 32,889 USD 1,280,199 SEK 8,189,000 12/12/2013 21,613 USD 313,628 AUD 341,000 12/12/2013 2,259 USD 365,241 SEK 2,310,000 12/12/2013 9,122 USD 909,030 AUD 971,000 12/12/2013 18,178 USD 519,459 SEK 3,401,000 12/12/2013 (13) USD 2,560,769 AUD 2,741,000 12/12/2013 47,417 USD 1,916,447 SEK 12,334,000 12/12/2013 23,916 USD 837,719 AUD 887,000 12/12/2013 21,994 CAD 30,000 NOK 178,005 13/12/2013 (575) USD 591,318 AUD 630,000 12/12/2013 12,915 CAD 80,000 NOK 462,920 13/12/2013 (118) USD 572,312 CAD 598,000 12/12/2013 5,310 EUR 178,350 SEK 1,593,159 13/12/2013 (583) USD 513,862 CAD 539,000 12/12/2013 3,328 GBP 20,811 EUR 25,000 13/12/2013 (13) USD 323,689 CAD 340,000 12/12/2013 1,765 NOK 175,181 CAD 30,000 13/12/2013 235 USD 298,235 CAD 315,000 12/12/2013 419 NOK 469,544 CAD 80,000 13/12/2013 916 USD 900,897 CAD 936,000 12/12/2013 12,065 SEK 72,682,357 EUR 8,144,695 13/12/2013 18,475 USD 2,602,400 CAD 2,718,000 12/12/2013 24,987 USD 5,001 EUR 3,735 13/12/2013 (58) USD 315,648 CAD 326,000 12/12/2013 5,580 MYR 868,107 USD 265,354 17/12/2013 2,798 USD 2,132,491 CAD 2,230,000 12/12/2013 18,541 PHP 69,319 USD 1,605 17/12/2013 (14) USD 310,706 EUR 232,000 12/12/2013 (3,530) PHP 26,741,373 USD 617,370 17/12/2013 (4,028)

142 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Open Forward Foreign Exchange Transactions Open Forward Foreign Exchange Transactions as at 30 November 2013 as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ (depreciation) (depreciation) Purchases Sales Value Date EUR Purchases Sales Value Date EUR THB 20,116,373 USD 646,579 17/12/2013 (15,072) EUR 422,092 GBP 357,000 23/1/2014 (6,389) USD 272,948 MYR 867,974 17/12/2013 2,816 EUR 118,304 MXN 2,127,000 23/1/2014 (541) USD 42 MYR 133 17/12/2013 0 EUR 636,190 USD 860,000 23/1/2014 3,827 USD 620,977 PHP 26,810,692 17/12/2013 5,514 USD 8,071 GBP 5,000 23/1/2014 (66) USD 16,681 THB 522,442 17/12/2013 309 CNY 956,534 USD 155,559 10/2/2014 281 USD 610,308 THB 19,593,931 17/12/2013 357 CNY 6,216,426 USD 999,072 10/2/2014 10,572 EUR 25,913 USD 34,860 18/12/2013 279 USD 605,766 CNY 3,732,124 10/2/2014 (1,966) EUR 640,884 USD 858,530 18/12/2013 9,583 USD 604,262 TWD 18,058,364 10/2/2014 (5,536) USD 843,382 BRL 1,991,935 18/12/2013 (6,372) INR 19,258,737 USD 301,814 11/2/2014 898 EUR 105,000 USD 141,673 20/12/2013 823 EUR 825,000 USD 1,111,162 25/2/2014 8,008 JPY 64,400,000 USD 635,108 20/12/2013 (4,063) NOK 3,394,000 USD 554,785 25/2/2014 (665) USD 143,511 CHF 131,000 20/12/2013 (1,019) USD 770,844 AUD 837,000 25/2/2014 9,020 EUR 100,000 CHF 123,235 6/1/2014 (248) USD 1,111,919 CHF 1,016,000 25/2/2014 (9,208) NZD 89,879 AUD 80,000 6/1/2014 328 USD 537,327 SEK 3,570,000 25/2/2014 (5,255) NZD 56,198 AUD 50,000 6/1/2014 219 Net unrealised depreciation JPY 1,246,835 USD 12,500 7/1/2014 (227) (EUR underlying exposure – EUR 360,673,847) (167,933) NOK 250,000 SEK 272,083 7/1/2014 (486)

NOK 250,000 SEK 268,818 7/1/2014 (120) Note: The net unrealised depreciation attributed to these transactions is included NZD 60,000 CAD 51,598 7/1/2014 93 in the Statements of Net Assets (see note 2(d)). NZD 116,299 EUR 70,000 7/1/2014 (369) Bank of America N.A., Barclays Bank Plc, BNP Paribas SA, Citibank N.A., Credit Suisse USD 12,500 JPY 1,248,768 7/1/2014 213 International, Deutsche Bank AG London, Goldman Sachs International, HSBC Bank Plc, CHF 11,356 USD 12,500 8/1/2014 46 JPMorgan Chase Bank N.A., Morgan Stanley and Co International Plc, Royal Bank of Canada (UK), Royal Bank of Scotland Plc, Standard Chartered Bank, Standard Chartered USD 12,500 CHF 11,391 8/1/2014 (75) Bank London, State Street Bank and Trust Company, State Street Bank London and UBS EUR 371,536 JPY 51,212,120 9/1/2014 3,327 AG London, Westpac Banking Corp are the counterparties to these Open Forward Foreign EUR 2,290,080 USD 3,102,548 9/1/2014 8,690 Exchange Transactions. SGD 360,465 USD 290,768 9/1/2014 (2,602) USD 259,368 JPY 26,286,917 9/1/2014 1,721 USD 1,423,220 SGD 1,780,628 9/1/2014 3,209 USD 288,528 SGD 360,532 9/1/2014 916 Sector Breakdown EUR 60,000 CHF 73,971 10/1/2014 (175) as at 30 November 2013 IDR 3,113,031,238 USD 270,934 10/1/2014 (7,382) % of net KRW 564,649,524 USD 532,990 10/1/2014 (452) assets* MYR 1,145,668 USD 362,095 10/1/2014 (5,365) MYR 133 USD 42 10/1/2014 0 Government 30.16 THB 522,442 USD 16,663 10/1/2014 (310) Asset Backed Securities 18.10 USD 269,503 IDR 3,002,268,705 10/1/2014 13,155 Mortgage Securities 18.04 USD 362,717 MYR 1,141,109 10/1/2014 6,861 Financial 12.03 USD 516,908 MYR 1,668,319 10/1/2014 184 Funds 6.96 USD 1,608 PHP 69,319 10/1/2014 13 Consumer, Non-cyclical 3.42 USD 901,599 THB 29,013,468 10/1/2014 (275) Consumer, Cyclical 2.39 EUR 223,907 AUD 320,000 16/1/2014 10,098 Energy 1.87 EUR 227,343 AUD 325,000 16/1/2014 10,193 Utilities 1.84 EUR 227,404 AUD 325,000 16/1/2014 10,254 Communications 1.74 EUR 223,891 AUD 320,000 16/1/2014 10,082 Industrial 1.41 EUR 5,203,870 GBP 4,415,000 16/1/2014 (95,505) Diversified 0.82 EUR 5,395,743 GBP 4,575,000 16/1/2014 (95,682) Technology 0.67 EUR 14,848,685 GBP 12,555,000 16/1/2014 (221,225) Basic Materials 0.60 EUR 8,299,912 GBP 7,025,000 16/1/2014 (132,276) Other Net Liabilities (0.05) EUR 1,898,805 GBP 1,590,000 16/1/2014 (9,691) 100.00 EUR 588,398 USD 810,000 16/1/2014 (7,209) EUR 490,505 USD 665,000 16/1/2014 1,519 * Based on the market value of the Portfolio of Investments EUR 540,942 USD 740,000 16/1/2014 (3,192) EUR 699,062 USD 945,000 16/1/2014 4,187 EUR 1,110,630 USD 1,510,000 16/1/2014 302 EUR 1,835,400 USD 2,480,000 16/1/2014 11,815 EUR 1,539,666 USD 2,090,000 16/1/2014 2,854 GBP 160,000 EUR 190,815 16/1/2014 1,235 GBP 3,810,000 EUR 4,501,934 16/1/2014 71,253 USD 110,000 EUR 81,136 16/1/2014 (251) USD 270,000 EUR 200,389 16/1/2014 (1,854) USD 1,225,000 EUR 909,852 16/1/2014 (9,089) USD 285,000 EUR 211,519 16/1/2014 (1,954) USD 2,200,000 EUR 1,614,241 16/1/2014 3,456 AUD 45,000 EUR 31,625 23/1/2014 (1,572) EUR 470,754 AUD 674,000 23/1/2014 20,630

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

Unaudited Interim Report and Accounts 143 BlackRock Global Absolute Return Bond Fund continued

Swaptions as at 30 November 2013 Swaptions as at 30 November 2013

Unrealised Unrealised appreciation/ Market appreciation/ Market Nominal (depreciation) Value Nominal (depreciation) Value Value Description EUR EUR Value Description EUR EUR 19,900,000 Fund purchases a call option (6,000,000) Fund writes a put option (expiring (expiring on 2/10/2014) to enter on 22/5/2018) to enter into an into an Interest Rate Swap Interest Rate Swap (Deutsche (Bank of America). If exercised Bank AG). If exercised Fund Fund receives 0.6% Fixed semi- receives 6% Fixed semi-annual annual from 6/4/2015; and pays from 24/11/2018; and pays Floating USD Libor 3-month-BBA Floating USD Libor 3-month-BBA quarterly from 8/1/2015 10,781 35,675 quarterly from 24/8/2018 (45,235) (124,072) 19,900,000 Fund purchases a put option (2,500,000) Fund writes a put option (expiring (expiring on 2/10/2014) to enter on 26/3/2014) to enter into an into an Interest Rate Swap (Bank Interest Rate Swap (Deutsche of America). If exercised Fund Bank AG). If exercised Fund receives Floating USD Libor receives 2% Fixed semi-annual 3-month-BBA quarterly from from 28/9/2014; and pays 6/1/2015; and pays 0.6% Fixed Floating USD Libor 3-month-BBA semi-annual from 6/4/2015 (13,744) 11,150 quaterly from 28/6/2014 1,869 (7,210) 3,000,000 Fund purchases a put option (4,000,000) Fund writes a put option (expiring (expiring on 22/5/2018) to enter on 8/4/2014) to enter into an into an Interest Rate Swap Interest Rate Swap (JP Morgan (Deutsche Bank AG). If exercised Chase Bank). If exercised Fund Fund receives Floating USD Libor receives 2% Fixed semi-annual 3-month-BBA quarterly from from 10/10/2014; and pays 24/8/2018; and pays 4.5% Fixed Floating USD Libor 3-month-BBA semi-annual from 24/11/2018 52,611 145,294 quaterly from 10/7/2014 (4,488) (13,701) (4,000,000) Fund writes a call option (expiring (EUR underlying exposure – EUR 20,816,878) 4,689 (13,394) on 16/12/2013) to enter into

an Interest Rate Swap (Bank Note: Swaptions are included in the Statement of Net Assets (see note 2 (d)). of America). If exercised Fund receives Floating USD Libor 3-month-BBA quarterly from 18/3/2014; and pays 1.45% Open Exchange Traded Futures Contracts Fixed semi-annual from 18/6/2014 2,230 (4,494) as at 30 November 2013 (2,500,000) Fund writes a call option (expiring on 26/3/2014) to enter into an Unrealised Interest Rate Swap (Citibank Underlying appreciation/ NA). If exercised Fund receives Number of Contract/ Expiration exposure (depreciation) Floating USD Libor 3-month-BBA Contracts Description date EUR EUR quarterly from 28/6/2014; and 10 Australian 10 Year Bond December 2013 769,793 (10,736) pays 1.35% Fixed semi-annual 78 Australian 3 Year Bond December 2013 5,660,635 11,689 from 28/9/2014 1,136 (2,579) (16) Canadian 10 Year Bond March 2014 1,138,894 (1,021) (4,000,000) Fund writes a call option (expiring (9) Euro BTP Italian Bond December 2013 1,016,892 (1,080) on 8/4/2014) to enter into an (7) Euro-Bund March 2014 693,875 (2,520) Interest Rate Swap (Barclays 15 Euro-Bund December 2013 1,534,095 1,312 Bank PLC). If exercised Fund (137) German Euro BOBL December 2013 16,000,916 (62,250) receives Floating USD Libor (45) German Euro Bund December 2013 4,602,285 (38,130) 3-month-BBA quarterly from (3) German Euro Schatz December 2013 300,795 (180) 10/7/2014; and pays 1.5% Fixed (3) Japan 10 Year Bond December 2013 2,282,497 (11,715) semi-annual from 10/10/2014 (4,718) (10,636) 1 Japan 10 Year Bond December 2013 760,832 4,456 (4,000,000) Fund writes a put option (expiring (39) Korea 10 Year Bond December 2013 3,014,892 33,546 on 16/12/2013) to enter into 121 Korea 3 Year Bond December 2013 8,859,551 (30,037) an Interest Rate Swap (Bank 13 Long Gilt March 2014 1,874,819 (2,786) of America). If exercised (21) Short Euro BTP December 2013 2,215,647 (36,470) Fund receives 1.85% Fixed (192) UK Long Gilt Bond March 2014 29,997,104 51,835 semi-annual from 18/6/2014; (23) Ultra US Treasury Bond March 2014 1,918,981 12,786 and pays Floating USD Libor (2) US Bond (CBT) March 2014 197,479 69 3-month-BBA quarterly from (223) US Treasury 10 Year Note March 2014 18,073,828 25,710 18/3/2014 6,383 (341) 6 US Treasury 10 Year Note (3,000,000) Fund writes a put option (expiring (CBT) March 2014 486,291 (1,543) on 17/11/2014) to enter into an (18) US Treasury 2 Year Note Interest Rate Swap (Deutsche (CBT) March 2014 2,747,668 (620) Bank AG). If exercised Fund (159) US Treasury 5 Year Note March 2014 11,597,136 8,660 receives 3.7% Fixed semi-annual 145 US Treasury 5 Year Note from 15/5/2015; and pays (CBT) March 2014 10,576,004 (2,499) Floating USD Libor 3-month-BBA 8 US Ultra Bond (CBT) March 2014 667,471 (236) quarterly from 19/2/2015 (2,136) (42,480) Total 126,988,380 (51,760)

Note: The net unrealised depreciation attributed to these transactions is included in the Statement of Net Assets (see note 2(d)).

144 BlackRock Strategic Funds (BSF) BlackRock Global Absolute Return Bond Fund continued

Written Call Options as at 30 November 2013 Written Put Options as at 30 November 2013

Number of Unrealised Number of Unrealised contracts Underlying appreciation/ Market contracts Underlying appreciation/ Market subject exposure (depreciation) Value subject exposure (depreciation) Value to Call Issuer EUR EUR EUR to Put Issuer EUR EUR EUR (5) Euro Bund Futures Call Option (1,050,000) EUR/CHF Put Option strike price EUR 140.50 strike price EUR 1.20 expiring on 20/12/2013 550,879 (2,000) (2,000) expiring on 20/1/2014 11,377 9,671 (199) (103) Euro Bund Futures Call Option (1,050,000) EUR/CHF Put Option strike price EUR 142.00 strike price EUR 1.20 expiring on 20/12/2013 6,961,908 17,290 17,290 expiring on 20/1/2014 11,377 9,530 (199) (97) US Treasury 10 Year Note (1,050,000) EUR/CHF Put Option Call Option strike price EUR 1.20 strike price USD 126.50 expiring on 20/1/2014 11,377 8,055 (199) expiring on 27/12/2013 2,314,392 31,568 (16,719) (1,050,000) EUR/CHF Put Option (126) US Treasury 10 Year Note strike price EUR 1.20 Call Option expiring on 20/1/2014 11,377 8,937 (198) strike price USD 124.50 (1,051,433) EUR/CHF Put Option expiring on 27/12/2013 7,727,162 (12,290) (115,813) strike price EUR 1.20 Total Written Call Options 17,554,341 34,568 (117,242) expiring on 20/1/2014 11,392 8,318 (199) (1,050,000) EUR/CHF Put Option Note: Written Call Options are included in the Statement of Net Assets (see note 2(d)). strike price EUR 1.20 Goldman Sachs is the counterparty to these Written Call Options. expiring on 20/1/2014 11,377 8,490 (198) (1,050,000) EUR/CHF Put Option strike price EUR 1.20 expiring on 20/1/2014 11,377 9,273 (198) Purchased Put Options as at 30 November 2013 (160,000) EUR/CHF Put Option strike price EUR 1.20 Number of Unrealised expiring on 20/1/2014 1,733 1,546 (30) contracts Underlying appreciation/ Market (1,928,000) EUR/CHF Put Option subject exposure (depreciation) Value strike price EUR 1.20 to Put Issuer EUR EUR EUR expiring on 20/1/2014 20,890 16,939 (364) (1,800,000) EUR/CHF Put Option 525,000 EUR/CHF Put Option strike price EUR 1.22 strike price EUR 1.22 expiring on 20/1/2014 402,974 30,924 (2,466) expiring on 20/1/2014 117,534 (8,101) 719 (1,360,000) EUR/CHF Put Option 525,000 EUR/CHF Put Option strike price EUR 1.22 strike price EUR 1.22 expiring on 20/1/2014 304,470 21,257 (1,863) expiring on 20/1/2014 117,534 (6,484) 719 (1,559,611) EUR/CHF Put Option 525,000 EUR/CHF Put Option strike price EUR 1.22 strike price EUR 1.22 expiring on 20/1/2014 349,157 14,606 (2,137) expiring on 20/1/2014 117,534 (7,959) 719 (5) Euro Bund Futures Put Option 525,000 EUR/CHF Put Option strike price EUR 140.50 strike price EUR 1.22 expiring on 20/12/2013 158,495 4,350 4,350 expiring on 20/1/2014 117,534 (7,366) 719 525,611 EUR/CHF Put Option (103) Euro Bund Futures Put Option strike price EUR 1.22 strike price EUR 142.00 expiring on 20/1/2014 117,671 (6,744) 720 expiring on 20/12/2013 7,651,758 38,810 38,810 525,000 EUR/CHF Put Option (97) US Treasury 10 Year Note strike price EUR 1.22 Put Option expiring on 20/1/2014 117,534 (6,919) 719 strike price USD 126.50 525,000 EUR/CHF Put Option expiring on 27/12/2013 6,627,875 (19,403) (105,877) strike price EUR 1.22 (126) US Treasury 10 Year Note expiring on 20/1/2014 117,534 (7,702) 719 Put Option 80,000 EUR/CHF Put Option strike price USD 124.50 strike price EUR 1.22 expiring on 27/12/2013 3,888,626 20,505 (46,325) expiring on 20/1/2014 17,910 (1,178) 110 Total Written Put Options 19,485,632 191,808 (117,292) 964,000 EUR/CHF Put Option strike price EUR 1.22 Note: Written Put Options are included in the Statement of Net Assets (see note 2(d)). expiring on 20/1/2014 215,815 (12,223) 1,321 Goldman Sachs, UBS AG London and Warburg Dillon Read AG are the counterparties 3,600,000 EUR/CHF Put Option to these Written Put Options. strike price EUR 1.20 expiring on 20/1/2014 39,006 (40,270) 681 2,720,000 EUR/CHF Put Option strike price EUR 1.20 expiring on 20/1/2014 29,471 (27,230) 514 3,119,433 EUR/CHF Put Option strike price EUR 1.20 expiring on 20/1/2014 33,800 (17,815) 590 Total Purchased Put Options 1,158,877 (149,991) 8,250

Note: Purchased Put Options are included in the Statement of Net Assets (see note 2(d)). UBS AG London and Warburg Dillon Read AG are the counterparties to these Purchased Put Options.

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

Unaudited Interim Report and Accounts 145 BlackRock Latin American Opportunities Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (USD) % Holding Description (USD) % COMMON / PREFERRED STOCKS (SHARES) Panama 40,000 Copa Holdings SA 'A' 6,056,800 4.15 Bermuda 202,000 Cosan Ltd 'A' 3,025,960 2.07 6,056,800 4.15 3,025,960 2.07 Peru 900,000 Grana y Montero SA 3,532,560 2.42 Brazil 329,000 Arezzo Industria e Comercio SA 4,084,157 2.80 3,532,560 2.42 378,000 Autometal SA 2,847,823 1.95 686,000 BR Properties SA 5,652,797 3.87 Spain 199,000 Cia de Saneamento de Minas 411,000 Cemex Latam Holdings SA 3,046,730 2.09 Gerais-COPASA 3,254,908 2.23 3,046,730 2.09 450,000 Cyrela Brazil Realty SA Total Common / Preferred Stocks (Shares) 146,691,424 100.49 Empreendimentos e Participacoes 3,043,534 2.09 675,000 EDP - Energias do Brasil SA 3,452,870 2.37 BONDS 800,000 Even Construtora e Incorporadora SA 2,814,948 1.93 450,000 Hypermarcas SA 3,669,578 2.51 Brazil 589,000 Iguatemi Empresa de Shopping BRL 490,000 Lupatech SA 6.50% 15/4/2018 30,152 0.02 Centers SA 6,005,728 4.12 30,152 0.02 422,000 Iochpe-Maxion SA 4,734,652 3.24 Total Bonds 30,152 0.02 1,018,000 Klabin SA - Pref - 5,272,805 3.61 500,000 Kroton Educacional SA 8,464,963 5.80 Total Transferable Securities and Money 236,000 Localiza Rent a Car SA 3,413,570 2.34 Market Instruments Admitted to an 103,000 Lojas Renner SA 2,755,661 1.89 Official Stock Exchange Listing or 850,000 Magazine Luiza SA 3,056,376 2.09 Dealt in on Another Regulated Market 146,721,576 100.51 375,000 Mills Estruturas e Servicos de Engenharia SA 5,040,452 3.45 1,200,000 Minerva SA/Brazil 5,342,237 3.66 Other Transferable Securities and Money Market Instruments 650,000 QGEP Participacoes SA 2,857,540 1.96 450,000 Ser Educacional SA 4,122,255 2.82 WARRANTS 800,000 Suzano Papel e Celulose (Pref) 2,910,834 1.99 600,000 Usinas Siderurgicas de Minas Brazil Gerais (Pref) 3,197,637 2.19 802 Hypermarcas SA (Wts 31/12/2049)* – 0.00 85,995,325 58.91 – 0.00 Total Warrants – 0.00 Colombia 450,000 Grupo Nutresa SA 6,056,684 4.15 6,056,684 4.15 BONDS Brazil Mexico BRL 802 Hypermarcas SA FRN 15/10/2015 416,508 0.29 1,925,000 Alfa SAB de CV 'A' 5,653,384 3.87 BRL 802 Hypermarcas SA 11.30% 15/10/2018 290,678 0.20 1,588,000 Alsea SAB de CV 4,783,629 3.28 2,150,000 Bolsa Mexicana de Valores SAB de CV 5,126,469 3.51 707,186 0.49 1,750,000 Concentradora Fibra Hotelera Mexicana Total Bonds 707,186 0.49 SA de CV (Reit) 2,699,908 1.85 Total Other Transferable Securities 1,750,000 Corp Inmobiliaria Vesta SAB de CV 3,242,027 2.22 and Money Market Instruments 707,186 0.49 2,023,000 Credito Real SAB de CV 3,172,032 2.17 1,250,000 Genomma Lab Internacional SAB Securities portfolio at market value 147,428,762 101.00 de CV 'B' 3,688,196 2.53 1,595,000 Grupo Sanborns SA de CV 3,317,542 2.27 Other Net Liabilities (1,458,821) (1.00) 325,000 Promotora y Operadora de Total Net Assets (USD) 145,969,941 100.00 Infraestructura SAB de CV 3,831,260 2.63 1,860,041 TF Administradora Industrial S de RL de CV (Reit) 3,462,918 2.37 38,977,365 26.70

* Investments which are less than 0,5 USD have been rounded down to zero.

146 BlackRock Strategic Funds (BSF) BlackRock Latin American Opportunities Fund continued

Sector Breakdown as at 30 November 2013

% of net assets* Consumer, Non-cyclical 29.82 Consumer, Cyclical 23.60 Financial 22.20 Basic Materials 7.79 Diversified 6.29 Industrial 4.72 Utilities 4.60 Energy 1.98 Other Net Liabilities (1.00) 100.00

* Based on the market value of the Portfolio of Investments

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

Unaudited Interim Report and Accounts 147 BlackRock Mining Opportunities Fund

Portfolio of Investments as at 30 November 2013 Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market Market Value Market Value Holding Description (USD) % Holding Description (USD) % COMMON STOCKS (SHARES), WARRANTS Mexico 4,216 Industrias Penoles SAB de CV 106,439 1.17 Australia 859,261 Alara Resources Ltd 70,470 0.78 106,439 1.17 3,000,000 Avanco Resources Ltd 174,960 1.93 245,972 Beadell Resources Ltd 170,348 1.88 Peru 7,142 Sociedad Minera Cerro Verde SAA 166,408 1.84 322,000 Berkeley Resources Ltd 73,356 0.81 236,940 Volcan Cia Minera SAA 'B' 95,520 1.05 66,943 Fortescue Metals Group Ltd 346,490 3.82 414,577 Galaxy Resources Ltd 261,928 2.89 (Wts 31/12/2014) 1,889 0.02 522,770 Galaxy Resources Ltd 18,579 0.20 Russia 23,139 Iluka Resources Ltd 184,919 2.04 8,641 MMC Norilsk Nickel OJSC ADR 130,133 1.44 287,133 Indochine Mining Ltd 13,606 0.15 130,133 1.44 494,964 Metals X Ltd 81,186 0.90 112,776 Mineral Deposits Ltd 256,918 2.84 South Africa 270,665 Pacific Niugini Ltd 16,032 0.18 1,914 Kumba Iron Ore Ltd 74,793 0.82 527,064 Sierra Mining Ltd 110,466 1.22 74,793 0.82 32,799 Sirius Resources NL 63,960 0.71 535,651 Tiger Resources Ltd 165,958 1.83 United Kingdom 77,449 Western Areas Ltd 147,503 1.63 10,827 Fresnillo Plc 148,410 1.64 749,375 World Titanium Resources Ltd 75,115 0.83 100,693 London Mining Plc 188,263 2.08 1,971,755 21.77 758,000 Stratex International Plc 53,223 0.59 17,425 Vedanta Resources Plc 253,234 2.79 Bermuda 643,130 7.10 90,000 Petra Diamonds Ltd 158,248 1.75 158,248 1.75 United States 17,531 Freeport-McMoRan Copper & Gold Inc 616,741 6.81 Canada 616,741 6.81 11,491 Alamos Gold Inc 145,538 1.61 Total Common Stocks (Shares), Warrants 8,416,464 92.91 47,300 Augusta Resource Corp 74,261 0.82 177,119 Aureus Mining Inc 96,165 1.06 8,050 Cameco Corp 163,891 1.81 BONDS 180,000 Canada Lithium Corp 69,754 0.77 15,150 Eldorado Gold Corp 92,217 1.02 Canada 31,298 First Quantum Minerals Ltd 530,409 5.85 USD 280,000 Banro Corp 10.00% 1/3/2017 220,500 2.43 250,000 Fission Uranium Corp 262,287 2.89 220,500 2.43 4,331 Franco-Nevada Corp 173,895 1.92 Total Bonds 220,500 2.43 425,931 Katanga Mining Ltd 185,187 2.04 160,000 Lucara Diamond Corp 223,819 2.47 76,502 Lundin Mining Corp 315,987 3.49 FUNDS 45,000 MAG Silver Corp 267,958 2.96 109,000 Nevsun Resources Ltd 359,556 3.97 Jersey 52,200 NGEx Resources Inc 84,862 0.94 1,890 ETFS Physical Palladium 132,187 1.46 187,105 Petaquilla Minerals Ltd 64,992 0.72 132,187 1.46 100,000 Platinum Group Metals Ltd 132,325 1.46 Total Funds 132,187 1.46 275,403 Romarco Minerals Inc 98,916 1.10 Total Transferable Securities and Money 70,273 Santacruz Silver Mining Ltd 61,107 0.67 Market Instruments Admitted to an 81,199 Sierra Metals Inc 161,938 1.79 Official Stock Exchange Listing or 331,000 Sirocco Mining Inc 124,360 1.37 Dealt in on Another Regulated Market 8,769,151 96.80 11,357 Tahoe Resources Inc 202,129 2.23 11,357 Teck Resources Ltd 'B' 276,089 3.05 4,167,642 46.01 Funds Ireland 397,092 Kenmare Resources Plc 129,851 1.43 Ireland 439,121 Institutional Cash Series Plc - 129,851 1.43 Institutional US Dollar Liquidity Fund 1 439,121 4.85 Jersey 2,200 Randgold Resources Ltd ADR 155,804 1.72 439,121 4.85 155,804 1.72 Total Funds 439,121 4.85

1 This fund is managed by BlackRock.

148 BlackRock Strategic Funds (BSF) BlackRock Mining Opportunities Fund continued

Portfolio of Investments as at 30 November 2013

Other Transferable Securities and Money Market Instruments Market Value Holding Description (USD) % WARRANTS Canada 30,000 Aureus Mining Inc (Wts 16/5/2014)* - 0.00 - 0.00 Total Warrants - 0.00 Total Other Transferable Securities and Money Market Instruments - 0.00 Securities portfolio at market value 9,208,272 101.65

Other Net Liabilities (149,558) (1.65) Total Net Assets (USD) 9,058,714 100.00

* Investments which are less than USD 0.5 have been rounded down to zero.

Contracts For Difference as at 30 November 2013

Unrealised Unrealised appreciation/ appreciation/ Market Value (depreciation) Market Value (depreciation) Holding Description USD USD Holding Description USD USD

Canada United States (100,000) Torex Gold Resources Inc (90,737) 31,474 (45,000) Allied Nevada Gold Corp (146,700) 162,960 (90,737) 31,474 (146,700) 162,960 Total market value United Kingdom (USD underlying exposure – USD 442,489) (442,489) 239,706 (8,000) Anglo American Plc (177,660) 18,778 (22,000) New World Resources Plc 'A' (27,392) 26,494 (205,052) 45,272

Note: The net unrealised appreciation attributed to these transactions is included in the Statement of Net Assets (see Note 2(d)). UBS is the counterparty to these Contracts for Difference.

Open Forward Foreign Exchange Transactions Sector Breakdown as at 30 November 2013 as at 30 November 2013

Unrealised % of net appreciation assets* Purchases Sales Value date USD Basic Materials 95.34 USD 3,942 ZAR 39,788 2/12/2013 35 Funds 6.31 Net unrealised appreciation Other Net Liabilities (1.65) (USD underlying exposure – USD 3,907) 35 100.00

Note: The net unrealised appreciation attributed to these transactions is included * Based on the market value of the Portfolio of Investments in the Statement of Net Assets (see Note 2(d)). Deutsche Bank AG London is the counterparty to this Open Forward Foreign Exchange Transaction.

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

Unaudited Interim Report and Accounts 149 Notes to the Financial Statements

1. Organisation H Class (continued) BlackRock Strategic Funds (“the Company”) is a public limited H Class non-distributing share USD hedged company (société anonyme) established under the laws of H Class UK reporting non-distributing fund share GBP hedged the Grand Duchy of Luxembourg as an open-ended variable I Class capital investment company (société d’investissement I Class non-distributing share EUR1 à capital variable). The Company has been authorised by I Class non-distributing share USD the Commission de Surveillance du Secteur Financier I Class non-distributing share EUR hedged1 (“the CSSF”) as an undertaking for collective investment in I Class non-distributing share SEK hedged1 transferable securities (“UCITS”) pursuant to the provisions of I Class UK reporting non-distributing fund share EUR2 Part I of the law of 17 December 2010, as amended from time I Class UK reporting non-distributing fund share GBP hedged1 to time and is regulated pursuant to such law. The Company I Class UK reporting non-distributing fund share USD hedged1, 2 is an “umbrella” structure comprising a number of different K Class Funds, each having a separate portfolio of investments. K Class non-distributing share EUR

The Company has appointed BlackRock (Luxembourg) S.A. as L Class its Management Company. L Class non-distributing share EUR M Class As at 30 November 2013, the Company offered shares M Class non-distributing share EUR in 19 Funds (“Funds”). Each Fund is a separate pool of assets T Class and is represented by separate shares of each Fund which are divided into share classes as follows: T Class non-distributing share EUR* U Class A Class U Class non-distributing share EUR A Class distributing share EUR U Class UK reporting non-distributing fund share GBP A Class non-distributing share AUD U Class UK reporting non-distributing fund share USD hedged2 A Class non-distributing share CHF hedged X Class A Class non-distributing share EUR X Class non-distributing share EUR1 A Class non-distributing share EUR hedged X Class non-distributing share USD1 A Class non-distributing share SEK hedged

A Class non-distributing share USD 1 available to institutional investors. A Class non-distributing share USD hedged 2 class name changed, see Note 1, for further details. A Class UK reporting distributing fund share GBP A Class UK reporting non-distributing fund share GBP J share Class has not yet been issued. A Class UK reporting non-distributing fund share GBP hedged C Class The classes of shares have equivalent rights in the Company C Class non-distributing share USD but carry different features and charging structures which are more fully described in the Company’s Prospectus. D Class D Class distributing share EUR Fund Launch and Liquidation D Class non-distributing share CHF hedged Effective 12 June 2013, the BlackRock Emerging Markets Flexi D Class non-distributing share EUR Dynamic Bond Fund, denominated in USD was launched. D Class non-distributing share EUR hedged D Class non-distributing share USD Effective 17 July 2013, the BlackRock European Opportunities D Class non-distributing share USD hedged Absolute Return Fund, denominated in EUR was liquidated. D Class UK reporting distributing fund share GBP D Class UK reporting distributing fund share GBP hedged Effective 15 November 2013, the BlackRock Emerging Markets D Class UK reporting non-distributing fund share EUR Allocation Fund, denominated in USD was launched. D Class UK reporting non-distributing fund share EUR hedged2 D Class UK reporting non-distributing fund share GBP Significant events during the period ended 30 November 2013 D Class UK reporting non-distributing fund share GBP hedged A new Prospectus was issued on 4 October 2013. D Class UK reporting non-distributing fund share USD E Class Effective 20 November 2013, Bruno Rovelli was appointed as E Class non-distributing share EUR a Director of the Board. E Class non-distributing share USD E Class non-distributing share EUR hedged Effective 25 November 2013, the following class name changes occurred: H Class H Class non-distributing share CHF hedged  BSF Americas Diversified Equity Absolute Return Fund D H Class non-distributing share EUR Class non-distributing share EUR hedged changed its name

150 BlackRock Strategic Funds (BSF) Notes to the Financial Statements continued

to BSF Americas Diversified Equity Absolute Return Fund D European Credit Strategies Fund I Class UK reporting Class UK reporting non-distributing fund share EUR hedged; non-distributing fund share USD hedged;

 BSF European Credit Strategies Fund I Class  BSF European Credit Strategies Fund U Class non- non-distributing share in EUR changed its name to BSF distributing share USD hedged changed its name to BSF European Credit Strategies Fund I Class UK reporting European Credit Strategies Fund U Class UK reporting non-distributing fund share in EUR; non-distributing fund share USD hedged.

 BSF European Credit Strategies Fund I Class non- distributing share USD hedged changed its name to BSF

Share Classes Launched

Effective date Type Fund 12 June 2013 A Class non-distributing share USD BlackRock Emerging Markets Flexi Dynamic Bond Fund 19 June 2013 A Class non-distributing share USD BlackRock Emerging Markets Absolute Return Fund 26 June 2013 X Class non-distributing share USD BlackRock Emerging Markets Flexi Dynamic Bond Fund 3 July 2013 D Class non-distributing share USD BlackRock Emerging Markets Flexi Dynamic Bond Fund 3 July 2013 E Class non-distributing share USD BlackRock Emerging Markets Flexi Dynamic Bond Fund 17 July 2013 D Class non-distributing share EUR hedged BlackRock Emerging Markets Flexi Dynamic Bond Fund 17 July 2013 E Class non-distributing share EUR hedged BlackRock Emerging Markets Flexi Dynamic Bond Fund 11 September 2013 D Class UK reporting distributing fund share GBP hedged BlackRock Emerging Markets Absolute Return Fund 2 October 2013 A Class non-distributing share in USD hedged BlackRock Global Absolute Return Bond Fund 13 November 2013 X Class non-distributing share USD BlackRock Asia Extension Fund 15 November 2013 A Class non-distributing share USD BlackRock Emerging Markets Allocation Fund 15 November 2013 C Class non-distributing share USD BlackRock Emerging Markets Allocation Fund 15 November 2013 D Class non-distributing share USD BlackRock Emerging Markets Allocation Fund 15 November 2013 E Class non-distributing share USD BlackRock Emerging Markets Allocation Fund 15 November 2013 I Class non-distributing share USD BlackRock Emerging Markets Allocation Fund 15 November 2013 X Class non-distributing share USD BlackRock Emerging Markets Allocation Fund 27 November 2013 A Class non-distributing share EUR hedged BlackRock Emerging Markets Absolute Return Fund 27 November 2013 D Class UK reporting distributing fund share GBP BlackRock Emerging Markets Flexi Dynamic Bond Fund

Share Classes Closed

Effective date Type Fund 8 July 2013 D Class UK reporting non-distributing fund share GBP hedged BlackRock European Opportunities Absolute Return Fund 17 July 2013 A Class non-distributing share EUR BlackRock European Opportunities Absolute Return Fund 17 July 2013 D Class non-distributing share EUR BlackRock European Opportunities Absolute Return Fund 17 July 2013 E Class non-distributing share EUR BlackRock European Opportunities Absolute Return Fund

2. Summary of Significant Accounting Policies: or assets are traded or admitted for trading. For securities The Financial Statements have been prepared in accordance traded on markets closing after the time of the valuation, with the legal and regulatory requirements relating to the last known prices as of this time or such other time may preparation of the financial statements as prescribed by the be used. If net transactions in Shares of the Fund on any Luxembourg authorities for Luxembourg investment companies Dealing Day exceed the threshold set by the Board of and include the following significant accounting policies: Directors of the Fund, then additional procedures apply (see Note 2(h)). The value of any securities or assets traded on (a) Valuation of Investments and Other Assets any other regulated market is determined in the same way.

The Company’s investments and other assets are valued as Where such securities or other assets are quoted or dealt follows: in on more than one stock exchange or regulated market the Board of Directors of the Fund may in their discretion  the value of all securities and other assets forming any select one of such stock exchanges or regulated markets particular Fund’s portfolio is determined by last known for such purposes; prices upon close of the exchange on which those securities

Unaudited Interim Report and Accounts 151 Notes to the Financial Statements continued

 for non-quoted securities or securities not traded or dealt in and payable for investments purchased in the Statement on any stock exchange or other regulated market (including of Net Assets. securities of closed-ended investment funds), as well as quoted or non quoted securities on such other markets The market value of the Contracts for Difference (“CFDs”) is for which no valuation price is available, or securities for determined by the traded price on the exchange on which which the quoted prices are, in the opinion of the Board of the underlying securities or assets are traded or admitted for Directors of the Fund, not representative of the fair market trading. For underlying securities traded on markets closing value, the value shall be determined prudently and in good after the time of the valuation, last known prices as of this time faith by the Board of Directors of the Fund on the basis of or such other time may be used. The change in market value, their expected disposal or acquisition price; if any, is recorded as unrealised appreciation or depreciation in the Statement of Operations and Changes in Net Assets.  liquid assets such as time deposits may be valued at Realised gains or losses on maturity or termination of the CFDs nominal values plus any accrued interest or at amortised are presented in the Statement of Operations and Changes cost basis; in Net Assets.

 cash, bills payable on demand, other debts and prepaid The liquidating value of futures, forward or options contracts expenses are valued at their nominal amount; not traded on exchanges or on regulated markets and/or other regulated markets shall be their net liquidating value  assets which include, in particular, interest and dividends determined, pursuant to the policies established by the Board receivable, receivable for investments sold and receivable of Directors of the Fund, on a basis consistently applied for for Fund shares subscribed are valued at nominal value; each different variety of contract. The liquidating value of futures, forward and options contracts traded on exchanges or  liabilities which include, in particular, income distribution on regulated markets and/or other regulated markets is based payable, payable for investments purchased and payable for upon the last available settlement prices of these contracts Fund shares redeemed are valued at nominal value. on exchanges and regulated markets and/or other regulated markets on which the particular futures, forward or options Funds that invest in fixed income transferable securities may contracts are traded by the Company; provided that if a futures, purchase “To Be Announced” securities (“TBAs”). This refers forward or options contract could not be liquidated on the day to the common trading practice in the mortgage-backed with respect to which net assets are being determined, the securities market in which a security is to be bought from a basis for determining the liquidating value of such contract mortgage pool for a fixed price at a future date. At the time shall be such value as the Board of Directors of the Fund may of purchase the exact security is not known, but the main deem fair and reasonable. characteristics of it are specified. Although the price has been established at the time of purchase, the principal value has not (b) Cost of Sales of Investments been finalised. As a TBA is not settled at the time of purchase, this may lead to leveraged positions within a Fund. Purchasing Gains and losses on sales of investments have been a TBA involves a risk of loss if the value of the security to be determined on the basis of the average cost method. purchased declines prior to the settlement date. Risks may also arise upon entering into these contracts from the potential Gains and losses on sales of CFDs have been determined on inability of counterparties to meet the terms of their contracts. cost basis using the First In First Out (“FIFO”) method.

The Funds may dispose of a commitment prior to settlement if (c) Income from Investments it is deemed appropriate to do so. Proceeds of TBA sales are not received until the contractual settlement date. During the time The Company takes credit for income from its investments on a TBA sale commitment is outstanding, equivalent deliverable the following basis: securities, or an offsetting TBA purchase commitment (deliverable on or before the sale commitment date), are held  interest income is accrued daily and includes the as cover for the transaction. amortisation on a straight line basis of premiums and accretion of discounts; If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realises a gain or  bank interest, fixed deposit and money market deposit loss on the commitment without regard to any unrealised gain income are recognised on an accrual basis; or loss on the underlying security. If the Fund delivers securities under the commitment, the Fund realises a gain or loss from  dividend income is accrued on the ex-dividend date. the sale of the securities upon the unit price established at the date the commitment was entered into. (d) Financial Instruments

The Funds had TBAs outstanding as of 30 November 2013, During the period, the Funds have entered into a number of which are included within receivable for investments sold forward foreign exchange transactions and futures contracts.

152 BlackRock Strategic Funds (BSF) Notes to the Financial Statements continued

Open forward foreign exchange transactions and futures currency of denomination of the respective Funds has been contracts are valued at the cost to close the contracts on translated at the exchange rate prevailing at the Fund’s the valuation date. Surpluses/deficits arising from these valuation point in Luxembourg on 30 November 2013. and closed unsettled contracts are taken to unrealised appreciation/depreciation and are included under assets or Income and expenses in currencies other than the currency of liabilities (as appropriate) in the Statement of Net Assets. denomination of the respective Fund have been translated at the rates of exchange prevailing on record date. During the period, the Funds have entered into CFDs. CFDs allow investors to take synthetic long or synthetic short The following exchange rates were used to translate positions with a variable margin. Unlike shares, with CFDs the investments and other assets and other liabilities the buyer is potentially liable for far more than the amount denominated in currencies for all Funds other than the base they paid on margin. This will result in the Funds holding currency of the Fund at 30 November 2013: cash received from shareholders on deposit with various institutions as described in the Prospectus. CFD positions All Funds BlackRock BlackRock are entered into subject to a daily financing charge, applied (except the BlackRock Euro Euro Latin at a previously agreed rate above or below the applicable Dynamic Diversified Growth Dynamic American Fund and BlackRock Latin Diversified Opportunities benchmark. The related interest income or expense is American Opportunities Fund) Growth Fund Fund disclosed net of withholding tax in the Statement of CCY EUR USD EUR USD Operations and Changes in Net Assets. ARS 0.1198 0.1630 0.1197 0.1629 The Funds can write covered call and put options and AUD 0.6701 0.9112 0.6712 0.9110 purchase call and put options. When the Funds write and/or BRL 0.3157 0.4293 0.3148 0.4281 purchase an option, an amount equal to the premium received CAD 0.6950 0.9452 0.6937 0.9415 or paid by the Funds is reflected as a liability or an asset. CHF 0.8132 1.1059 0.8128 1.1032 The liability for a written option and the asset for a purchased CLP 0.0014 0.0019 0.0014 0.0019 option is subsequently marked to market to reflect the current CNY 0.1207 0.1641 0.1205 0.1641 value of the option. When a security is sold or bought through COP 0.0004 0.0005 0.0004 0.0005 an exercise of an option, the premium received (or paid) is CZK 0.0365 0.0497 0.0365 0.0497 deducted from (or added to) the basis of the security sold or DKK 0.1341 0.1823 0.1341 0.1821 bought. When an option expires (or the Funds enter into a EUR 1.0000 1.3600 1.0000 1.3585 closing transaction), the Funds realise a gain or loss on the GBP 1.2007 1.6329 1.2031 1.6368 option to the extent of the premiums received or paid (or gain HKD 0.0948 0.1290 0.0947 0.1290 or loss to the extent the cost of the closing transactions HUF 0.0033 0.0045 0.0033 0.0045 exceeds premium paid or received). IDR 0.0001 0.0001 0.0001 0.0001 INR 0.0118 0.0160 0.0118 0.0160 The Funds have entered into swap agreements to exchange JPY 0.0072 0.0098 0.0072 0.0098 the return generated by one instrument for the return KRW 0.0007 0.0009 0.0007 0.0009 generated by another investment. In the case of credit MXN 0.0561 0.0763 0.0560 0.0763 default swaps, a series of premiums is paid to the seller of the protection, in return for a payment contingent on a credit MYR 0.2281 0.3103 0.2279 0.3103 event (predefined in the agreement). Where possible, swaps NGN 0.0046 0.0063 0.0046 0.0063 are marked to market based upon daily prices obtained from NOK 0.1204 0.1637 0.1201 0.1631 third party pricing agents and verified against the actual NZD 0.6002 0.8162 0.5996 0.8135 market maker. Where such quotations are not available swaps PEN 0.2623 0.3568 0.2622 0.3568 are priced based upon daily quotations from the market PHP 0.0168 0.0228 0.0168 0.0228 maker. In both cases changes in quotations are recorded as PLN 0.2378 0.3234 0.2380 0.3231 unrealised appreciation or depreciation in the Statement RON 0.2253 0.3063 0.2256 0.3065 of Operations and Changes in Net Assets. Realised gains RUB 0.0222 0.0301 0.0222 0.0302 or losses on maturity or termination of the swaps and the SEK 0.1123 0.1528 0.1124 0.1525 interest earned in relation to the swaps are presented in the SGD 0.5859 0.7968 0.5859 0.7968 Statement of Operations and Changes in Net Assets. THB 0.0229 0.0311 0.0229 0.0311 TRY 0.3643 0.4955 0.3638 0.4953 (e) Foreign Exchange TWD 0.0248 0.0338 0.0248 0.0338 USD 0.7353 1.0000 0.7345 1.0000 The cost of investments in currencies other than the currency UYU 0.0348 0.0473 0.0347 0.0472 of denomination of the respective Fund has been translated ZAR 0.0722 0.0982 0.0722 0.0980 at the rates of exchange ruling at the time of purchase. Investments and other assets in currencies other than the

Unaudited Interim Report and Accounts 153 Notes to the Financial Statements continued

(f) Total Combined Figures The Management Company may, at its discretion, decide to subsidise the swing adjustment. The combined figures of the Company are expressed in USD and include the total of the financial statements of the The published/dealing NAV per share is disclosed in the Three different Funds. For the translation of the Statement of Net Year Summary of Net Asset Values and may include a swing Assets, the exchange rate prevailing at 16:00 in Luxembourg pricing adjustment. This adjustment is not recognised in the as at 30 November 2013 for all Funds expressed in Euros Statement of Net Assets or the Statement of Operations and excluding BlackRock Euro Dynamic Diversified Growth Fund is: Changes in Net Assets.

EUR (i) Fair valuation USD 0.7353 If in any case a particular value is not ascertainable by the For the BlackRock Euro Dynamic Diversified Growth Fund, methods outlined above, or if the Board of Directors of the the exchange rate prevailing at 17:00 in Luxembourg as at Fund considers that some other method of valuation more 30 November 2013 is: accurately reflects the fair value of the relevant security or other asset for the purpose concerned, the method of EUR valuation of the security or asset will be such as the Board USD 0.7345 of Directors of the Fund in its absolute discretion decides. Discrepancies in the value of securities may result where For the Statement of Operations and Changes in Net Assets, the underlying markets are closed for business at the time the following exchange rate is the average rate calculated of calculating the net asset value of certain Funds. The over the period for all Funds expressed in Euros excluding Board of Directors of the Fund may set specific thresholds, BlackRock Euro Dynamic Diversified Growth Fund: that where exceeded, result in an adjustment to the value of these securities to their fair value by applying a specific index EUR adjustment. USD 0.7496 For BlackRock Asia Extension Fund and BlackRock Emerging For the BlackRock Euro Dynamic Diversified Growth Fund, Markets Absolute Return Fund in case of price variation, the the following exchange rate is the average rate calculated over Board of Directors of the Fund may decide to apply a fair the period: valuation factor on the market value of the Fund.

EUR (j) Transaction costs USD 0.7495 Transaction costs are incremental costs that are directly (g) Income Equalisation attributable to the acquisition, issue or disposal of securities. An incremental cost is one that would not have been incurred The Company operates Income Equalisation arrangements if the entity had not acquired, issued or disposed of the with a view to ensure that the level of net income accrued security. When a security is recognised initially, it is measured within a Fund is not affected by the issue, conversion or at its market value, plus transaction costs that are directly redemption of Fund shares during an accounting period. attributable to the acquisition or issue of the security.

The Income Equalisation is netted in the Movements in share Transaction costs excluding custodian transaction fees on capital in the Statement of Operation and Changes in Net purchases or sales of securities are included within net Assets. realised gain/(loss) or net change in unrealised appreciation/ (depreciation) within the Statement of Operations and (h) Swing Adjustment Changes in Net Assets of each Fund. Custodian transaction fees are included in custodian and depositary fees in the If on any dealing day the aggregate transactions in shares Statement of Operations and Changes in Net Assets of the of all classes of a Fund result in a net increase or decrease Fund. Refer to notes 6 for further information. of shares which exceeds a threshold set by the Board of Directors of the Fund, the Net Asset Value of the relevant 3. Management Company Fund may be adjusted by an amount which reflects the BlackRock (Luxembourg) S.A. has been appointed by dealing costs that may be incurred by the Fund and the the Company to act as its Management Company. The estimated bid/offer spread of the assets in which the Fund Management Company is authorised to act as a Fund invests. In addition, the Board of Directors of the Fund may Management Company in accordance with Chapter 15 agree to include anticipated fiscal charges in the amount of of 17 December 2010 Law. the adjustment. In accordance with the prospectus such a swing was applied as at 30 November 2013 to the BlackRock The Company has signed a restated Management Company Latin American Opportunities Fund. Agreement with the Management Company effective

154 BlackRock Strategic Funds (BSF) Notes to the Financial Statements continued

1 August 2009. Under this agreement, the Management The Company pays annual distribution fees of 1.00% of the Company is entrusted with the day-to-day management of NAV for Class C Shares, 0.50% of the NAV for Class E Shares, the Company, with responsibility for performing directly or 0.50% of the NAV for Class L Shares and 0.75% of the NAV by way of delegation all operational functions relating to the for Class M Shares. These fees accrue daily, are based on Company’s investment management, administration, and the the NAV of the relevant Fund reflecting, when applicable, marketing of the Funds. any adjustment to the NAV of the relevant Fund, and are paid monthly. In agreement with the Company, the Management Company has decided to delegate several of its functions as is further The management and distribution fees per share class per described in the Prospectus. Fund are disclosed in detail in the Prospectus and KIID of the Company. BlackRock (Luxembourg) S.A. is a wholly owned subsidiary within the BlackRock Group. It is regulated by the CSSF. The Principal Distributor may rebate all or part of the fees it receives under the terms described in the current Prospectus. 4. Management and Distribution Fees During the period the Company paid management fees to the 5. Administration Fees Management Company, BlackRock (Luxembourg) S.A. The Company pays an administration fee to the Management Company. The Company pays management fees at an annual rate that varies from 0.50% to 2.00% of the Net Asset Value (“NAV”), The level of administration fee may vary at the Board with the exception of Class X shares, which do not pay a of Directors of the Fund’ discretion, as agreed with the management fee but rather a fee to the Investment Adviser or Management Company, and will apply at different rates affiliates under an agreement. The level of management fee across the various Funds and Share Classes issued by the varies according to which Fund and share class the investor Company. However, it has been agreed between the Board of buys. These fees accrue daily, are based on the NAV of the Directors of the Fund and the Management Company that the relevant Fund and are paid monthly. Certain costs and fees administration fee currently paid shall not exceed 0.30% per are paid out of the management fee, including the fees of the annum. It is accrued daily, based on the Net Asset Value of the Investment Advisers. relevant Share Class and paid monthly.

Where a Fund invests a substantial proportion of its net For the period ended 30 November 2013 the administration assets in other UCITS and other Undertaking for Collective fee % per class were as follows: Investments (“UCIs”), the Investment Adviser will ensure that the total management fee (excluding any performance fee, if Share Equity Bond Mixed Fund of any) charged to such Fund (including management fees from Class Funds Funds Funds Funds other UCITS and UCIs in which it invests) shall not exceed A, C, D, E, H, U 0.30% 0.20% 0.25% – 3.75% of the net asset value of the Fund. I, T, X 0.05% 0.05% 0.05% – K, L, M – – – 0.10% During the period, the following active Funds were subject to Investment in I, T and X Shares is restricted to institutional investors within the meaning management fee rebate: of Article 174 of the law of 17 December 2010.

BlackRock Emerging Markets Allocation Fund, BlackRock The Board of Directors of the Fund and the Management Euro Dynamic Diversified Growth Fund, BlackRock Fund of Company set the level of the administration fee at a rate iShares – Conservative, BlackRock Fund of iShares – Dynamic, which aims to ensure that the total expense ratio of each BlackRock Fund of iShares – Growth, BlackRock Fund of Fund remains competitive when compared across a broad iShares – Moderate and BlackRock Global Absolute Return market of similar investment products available to investors Bond Fund. in the Funds, taking into account a number of criteria such as the market sector of each Fund and the Fund’s performance During the period, the following active Funds were subject to relative to its peer group. fee reimbursement from the Management Company:

The administration fee is used by the Management Company BlackRock Emerging Market Absolute Return Fund, BlackRock to meet all fixed and variable operating and administrative European Opportunities Absolute Return Fund, BlackRock costs and expenses incurred by the Company, with the European Opportunities Extension Fund, BlackRock Fund of exception of the custodian fees and distribution fees, iShares – Conservative, BlackRock Fund of iShares – Dynamic, plus any taxes thereon and any taxes at an investment or BlackRock Fund of iShares – Growth and BlackRock Fund of Company level. These operating and administrative expenses iShares – Moderate. include all third party expenses and other recoverable costs incurred by or on behalf of the Company from time to time, During the period, the Company paid distribution fees to including but not limited to, fund accounting fees, transfer BlackRock (Channel Islands) Limited who acted as Principal agency fees (including sub-transfer agency and associated Distributor.

Unaudited Interim Report and Accounts 155 Notes to the Financial Statements continued platform dealing charges), all professional costs, such as 7. Performance Fees consultancy, legal, tax advisory and audit fees, Directors’ A performance fee may be payable out of each Share Class fees, travel expenses, reasonable out-of-pocket expenses, of each Fund with the exception of Class X shares which printing, publication, translation and all other costs relating do not pay a performance fee, in addition to other fees and to shareholder reporting, regulatory filing and licence fees, expenses mentioned in the Prospectus. The performance fee correspondent and other banking charges, software support accrues on each Valuation Day and is equal to 10% or 20% and maintenance, operational costs and expenses attributed (as applicable to the relevant Fund, as stated in Appendix F to the Investor Servicing teams and other global administration of the Prospectus) of the amount by which the net asset value services provided by various BlackRock Group companies. per share return exceeds the appropriate benchmark return described in further detail in Appendix E of the Prospectus. The Management Company bears the financial risk of ensuring Two methods of calculation are used and are referred to as that the Fund’s total expense ratio remains competitive. Type A and Type B – the method applicable to each Fund is Accordingly the Management Company is entitled to retain indicated in Appendix E of the Prospectus. any amount of the administration fee paid to it which is in excess of the actual expenses incurred by the Company Crystallisation of the performance fee occurs on the last day during any period whereas any costs and expenses incurred of each Performance Period or where a shareholder redeems by the Company in any period which exceed the amount of or converts all or part of his shares before the end of a administration fee that is paid to the Management Company, Performance Period. shall be borne by the Management Company or another BlackRock Group company. 8. Tax

Directors of the Fund who are not representatives of the Luxembourg BlackRock Group receive a fee of EUR 25,000 per annum gross The Company is registered under Luxembourg law as an of taxation in return for their duties performed. The Chairman investment company. Accordingly, no Luxembourg income receives a fee of EUR 27,500 per annum gross of taxation. or capital gains tax is at present payable by the Company. Directors who are representatives of the BlackRock Group However, it is subject to an annual “taxe d’abonnement” have agreed to waive their Directors’ fees. calculated at an annual rate of 0.05%, and in the case of all Class I, Class T and Class X Shares, of 0.01% of the NAV of 6. Custodian and Depository Fees each Fund at the end of each quarter. For the period ended The Custodian receives a fee in respect of each Fund. These 30 November 2013, USD 831,337 was charged in relation to fees are to remunerate the Custodian for safekeeping and Luxembourg tax. transaction costs applicable to each Fund. These fees vary in respect of each Fund depending on the value of assets under Belgium management and the volume of trading in that Fund. The Company is registered with the Banking and Finance Commission in Belgium in accordance with Article 154 of the For Funds which have low volume trading the safekeeping Law of 3 August 2012 relating to financial transactions and fee which accrues daily, will range from 0.005% to 0.20% the financial markets. Funds registered for public distribution per annum and the transaction fees will range from USD 7 in Belgium are subject to an annual tax of 0.10% on the to USD 50 per transaction. net assets value of units distributed in Belgium via Belgian intermediaries as at 31 December of the previous year. For Funds which engage in higher trading volumes, the For the period ended 30 November 2013, there was no charge Custodian does not charge separate safekeeping and in relation to Belgium tax. transaction fees. The Custodian receives a fee which is charged on a sliding scale, based on the value of assets United Kingdom under management and the volume of trading within each Reporting Funds Fund. These fees range from 1 basis point to 15 basis points The UK Reporting Funds regime applies to the Company. of assets under management of each Fund, depending on Under this regime, investors in UK Reporting Funds are whether a particular Fund is considered to be a ‘medium subject to tax on the share of the UK Reporting Funds income volume trading Fund’ or ‘high volume trading Fund’. attributable to their holdings in the Fund, whether or not distributed, but any gains on disposal of their holdings are Each of the Funds is also subject to a minimum annual fee subject to capital gains tax. A list of the Funds which currently which will be set at either, USD 30,000 for a low volume have UK Reporting Fund status is available at: trading Fund, USD 100,000 for a medium volume trading Fund www.blackrock.co.uk/reportingfundstatus. or USD 150,000 for a high volume trading Fund. 9. Brazilian Transaction Tax Trading volumes for each Fund vary according to the Brazilian transaction tax became effective from 20 October 2009. investment strategy of each Fund. The combined custody Effective 5 October 2010 the transaction tax rate was increased cost to each Fund depends on its asset allocation and trading to 4% from the previous 2% rate. The rates were changed activity at any time. again effective 19 October 2010 and 1 December 2011.

156 BlackRock Strategic Funds (BSF) Notes to the Financial Statements continued

Currently the following rates apply to foreign currency BlackRock Financial Management, Inc. provides investment exchange transactions by non-residents making investments advice on the following Funds: in the Brazilian financial and capital markets. BlackRock European Constrained Credit Strategies Fund  A 0% rate applies to transactions related to investments in BlackRock European Credit Strategies Fund listed shares or shares issued in an Initial Public offering; BlackRock Global Absolute Return Bond Fund

 A 6% rate applies to transactions related to fixed income BlackRock (Singapore) Limited provides investment advice on investments or investment in investment funds. Effective the following Fund: 4 June 2013, this rate was reduced to 0%. BlackRock Emerging Markets Allocation Fund For the period ended 30 November 2013, there was no charge BlackRock Global Absolute Return Bond Fund in relation to Brazilian tax. BlackRock Investment Management, LLC provides investment 10. Investment Advice advice on the following Fund: The Management Company, BlackRock (Luxembourg) S.A., has delegated some management and investment advice to BlackRock Latin American Opportunities Fund the Investment Advisers: BlackRock Financial Management, Inc., BlackRock Institutional Trust Company N.A., BlackRock BIM UK has sub-delegated some of these functions to Investment Management LLC, BlackRock Investment BlackRock Asset Management North Asia Limited for the Management (UK) Limited (“BIM UK”) and BlackRock following Funds: (Singapore) Limited as described in the Prospectus. The Investment Advisers provide advice and management in BlackRock Emerging Markets Allocation Fund the areas of stock and sector selection and strategic allocation. BlackRock Global Absolute Return Bond Fund BIM UK has sub-delegated some of these functions to BlackRock Asset Management North Asia Limited, to BlackRock BIM UK has sub-delegated some of these functions to Investment Management (Australia) Limited and to BlackRock BlackRock Japan Co., Ltd.for the following Funds: Japan Co., Ltd. Notwithstanding the appointment of the Investment Advisers, the Management Company accepts full BlackRock Global Absolute Return Bond Fund responsibility to the Company for all investment transactions. BIM UK has sub-delegated some of these functions to BlackRock Institutional Trust Company N.A. provides BlackRock Investment Management (Australia) Limited for the investment advice on the following Funds: following Funds:

BlackRock Americas Diversified Equity Absolute Return Fund BlackRock Global Absolute Return Bond Fund BlackRock Asia Extension Fund BlackRock Emerging Markets Allocation Fund 11. Transactions with Connected Persons BlackRock Global Absolute Return Bond Fund The ultimate holding company of the Management Company, the Principal Distributor and the Investment Advisers is BIM UK provides investment advice on the following Funds: BlackRock, Inc., a company incorporated in Delaware, USA. PNC Financial Services Group Inc., is a substantial BlackRock Emerging Markets Absolute Return Fund shareholder in BlackRock Inc. When arranging transactions BlackRock Emerging Markets Allocation Fund in securities for the Company, companies in the PNC Group BlackRock Emerging Markets Flexi Dynamic Bond Fund may have provided securities, brokerage, foreign exchange BlackRock Euro Dynamic Diversified Growth Fund banking and other services or may have acted as principal BlackRock European Absolute Return Fund on their usual terms and may benefit therefrom. Commission BlackRock European Constrained Credit Strategies Fund has been paid to brokers and agents in accordance with the BlackRock European Credit Strategies Fund relevant market practice and the benefit of any bulk or other BlackRock European Diversified Equity Absolute Return Fund commission discounts or cash commission rebates provided BlackRock European Opportunities Absolute Return Fund by brokers or agents have been passed on to the Company. BlackRock European Opportunities Extension Fund The services of PNC Group companies could have been BlackRock Fixed Income Strategies Fund used by the Investment Advisers where it was considered BlackRock Fund of iShares – Conservative appropriate to do so provided that their commissions and BlackRock Fund of iShares – Dynamic other terms of business are generally comparable with BlackRock Fund of iShares – Growth those available from unassociated brokers and agents in the BlackRock Fund of iShares – Moderate markets concerned, and that this is consistent with the above BlackRock Global Absolute Return Bond Fund policy of obtaining best results. BlackRock Mining Opportunities Fund

Unaudited Interim Report and Accounts 157 Notes to the Financial Statements continued

During the period, there have been no transactions which by the Company to the counterparty. Due to brokers consists were outside the ordinary course of business or which were primarily of cash and margin received from Portfolio’s clearing not on normal commercial terms. There were no transactions brokers and various counterparties. It is included in “Due to of the Company effected through BlackRock companies. broker” on the Statement of Net Assets. Due from brokers consists primary of cash and margin paid to the Portfolio’s During the period no Director purchased shares in any clearing brokers and various counterparties. It is included in of the Funds. “Due from broker” on the Statement of Net Assets.

12. Dividends As at 30 November 2013, the Fund had received margin The Board of Directors of the Fund’s current policy is to retain of USD 86,346,424 from counterparties and had pledged and reinvest all net income except for income attributable to margin of USD 30,249,993 relating to swap contracts, forward distributing share classes. transactions, futures contracts, options written (put & call), options purchased (put & call) and swaptions. For the distributing share classes the policy is to distribute substantially all the investment income for the period 15. Efficient Portfolio Management Techniques after deduction of expenses. The Board of Directors of the The Funds may engage in derivative transactions for the Fund may also determine if and to what extent dividends purpose of efficient portfolio management. Refer to each may include distributions, from both net realised and net Fund’s Portfolio of Investments for details. unrealised capital gains. 16. Financial Derivative Instruments 13. Securities Pledged or Given in Guarantee The Funds may buy and sell financial derivative instruments. Securities which have been given as guarantee for OTC See further details in the Fund’s Portfolio of Investments. derivatives traded under International Swaps and Derivatives Association (“ISDA”), are evidenced by “‡” in the Portfolio of Underlying exposure, as disclosed in the portfolio of Investments of the Funds. As at 30 November 2013 the value investments, has been calculated according to the guidelines of these securities amounts to USD 15,660,170. issued by the European Securities and Market Authority (“ESMA”) and represents the market value of an equivalent Securities which have been received in guarantee are detailed position in the assets underlying each financial derivative in table below. As at 30 November 2013 the value of these instrument. The underlying exposure on the bond futures is securities amounts to USD 1,364,786. calculated off the market value of the bonds rather than the cheapest to deliver security. Fund Holdings Description Value (USD) 17. Subsequent Events BlackRock European 256,000 France Government Bond There have been no subsequent events since the period end. Constrained Credit OAT 4.25% 25/10/2023 Strategies Fund 560,591 BlackRock European 50,000 Bundesschatzanweisungen Credit Strategies Fund 0.000% 12/12/2014 (Zero Coupon) 92,507 BlackRock European 325,000 France Government Bond Credit Strategies Fund OAT 4.25% 25/10/2023 711,688

14. Cash collateral The Fund trades derivatives with a range of counterparties. The counterparties to the swap contracts, forward transactions, futures contracts, options written (put & call), options purchased (put & call) and swaptions are shown in the portfolio of investments. The swap contracts, forward transactions, futures contracts, options written (put & call), options purchased (put & call) and swaptions are traded with the following counterparties: Bank of America, Barclays, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and Royal Bank of Canada (UK), Royal Bank of Scotland Plc, Standard Chartered Bank, UBS and Westpac Banking Corp.

Margin cash is paid or received on swap contracts, CFDs, forward transactions, futures contracts, options written (put & call), options purchased (put & call) and swaptions to cover any exposure by the counterparty to the Company or

158 BlackRock Strategic Funds (BSF) General Information

Current Prospectus The Company’s Prospectus dated 4 October 2013, and the latest KIIDs along with copies of the Application Form may be obtained from the local Investor Servicing Centre, the Manager or any of the Representatives or Distributors. Copies of the Company’s Articles of Association and the Audited Annual and Unaudited Interim Report and Accounts may also be obtained free of charge from any of these offices and from the Paying Agents. All these documents are also available from www.blackrockinternational.com.

Representatives The representative in Poland is Dubinski Fabrycki Jelenski, ul. Zielna 37, 00-108 Warsaw, Poland.

The representative in Sweden is BlackRock Investment Management (UK) Limited, Filial Stockholm, Master Samuelsgatan 1, 11411 Stockholm, Sweden.

The representative in Switzerland is BlackRock Asset Management Switzerland Limited, Bahnhofstrasse 39, P.O. Box 2118, 8022 Zurich, Switzerland.

Purchases and Sales A detailed list of investments purchased and sold for any Fund during the period is available upon request, free of charge, from the Registered office, or the offices of the Representatives as mentioned above.

Authorised Status The Company is an undertaking for Collective Investment in Transferable securities (“UCITS”) under the Luxembourg Law of 17 December 2010, as amended. Regulatory consents have been obtained or appropriate notifications have been made for the distribution of shares of the Company’s Funds in the umbrella in the following countries: Austria, Belgium, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Jersey, Luxembourg, Netherlands, Norway, Poland, Spain, Sweden, Switzerland and the United Kingdom.

Shares of certain of the Company’s Funds may also be offered in Singapore by private placement.

Paying Agents Austria State Street Bank S.p.A Raiffeisen Bank International AG Registered Office Am Stadtpark 9 Via Ferrante Aporti 10 – 20125 Milan, 1030 Vienna Luxembourg (Central Paying Agent) Belgium J.P. Morgan Bank Luxembourg S.A. J.P. Morgan Chase Bank, 6C, route de Trèves Brussels Branch L-2633, Senningerberg 1 Boulevard du Roi Albert II Brussels Switzerland B-1210 Belgium J.P. Morgan Chase Bank, National Association, Italy Columbus, BNP Paribas Securities Services Zurich Branch Succursale di Milano Dreikönigstrasse 21 Via Ansperto 5 CH-8002 Zurich 20121 Milan Switzerland

Société Générale Securities Services S.p.A United Kingdom Registered Office J.P. Morgan Trustee and Depositary Company Limited Via Benigno Crespi Hampshire Building, 19/A, MAC II 1st Floor 20159 Milan Chaseside Bournemouth Banca Monte dei Paschi di Siena S.p.A BH7 7DA Registered Office Piazza Salimbeni 3 53100 Siena

Unaudited Interim Report and Accounts 159

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