Annual Report

Annual report

Black Rock Collective Investment Funds

1 March 2014 to 28 February 2015

`` BlackRock Balanced Managed Fund `` BlackRock Continental European Equity Tracker Fund `` BlackRock Corporate Bond 1–10 Year Fund `` BlackRock Corporate Bond Tracker Fund `` BlackRock Emerging Markets Equity Tracker Fund `` BlackRock Global Property Securities Equity Tracker Fund `` BlackRock Index Linked Gilt Tracker Fund `` BlackRock Japan Equity Tracker Fund `` BlackRock Mid Cap UK Equity Tracker Fund `` BlackRock North American Equity Tracker Fund `` BlackRock Overseas Corporate Bond Tracker Fund `` BlackRock Overseas Government Bond Tracker Fund `` BlackRock Pacific ex Japan Equity Tracker Fund `` BlackRock UK Equity Tracker Fund `` BlackRock UK Gilts All Stocks Tracker Fund `` BlackRock US Equity Tracker Fund `` BlackRock 100 UK Equity Tracker Fund `` BlackRock 350 UK Equity Tracker Fund Contents About the Fund Managers

Andy Warwick, CFA, Managing Director and portfolio manager, is a member of the Diversified About the Fund Managers 2-3 Strategies team within BlackRock’s Multi-Asset Strategy Group, which is responsible for Aggregated Financial Statements 4–16 developing, assembling and managing investment strategies involving multiple asset classes. Within Diversified Strategies he is lead portfolio manager for Dynamic Return BlackRock Balanced Managed Fund 17–47 Strategy (“DRS”) and a portfolio manager for Dynamic Diversified Growth (“DDG”). Mr. BlackRock Continental European Equity Tracker Fund 48–87 Warwick’s service with the firm dates back to 2005, including his years with Merrill Lynch Investment Managers (“MLIM”), which merged with BlackRock in 2006. Prior to MLIM he BlackRock Corporate Bond 1–10 Year Fund 88–131 worked with Mako Global Derivatives and Dalton Strategic Partnership from 2002-2005. Mr. Warwick initially BlackRock Corporate Bond Tracker Fund 132–209 worked for MLIM from 1993-2002 as a manager for MLIM’s unit trusts before joining the quantitative and derivatives team as a portfolio manager and equity derivatives head trader in 1997. He was subsequently BlackRock Emerging Markets Equity Tracker Fund 210–257 co-portfolio manager of MLIM’s first hedge fund, the Mercury Equity Arbitrage Fund. Mr. Warwick earned a BlackRock Global Property Securities Equity Tracker Fund 258–294 MSc in Finance from the University of Leicester in 2007.

BlackRock Index Linked Gilt Tracker Fund 295–319 Duncan Fergusson, Director and portfolio manager, is a member of BlackRock’s Model-Based Fixed Income Portfolio Management Group. Mr. Fergusson’s service with the firm dates back BlackRock Japan Equity Tracker Fund 320–358 to 2003, including his years with Barclays Global Investors (“BGI”), which merged with BlackRock Mid Cap UK Equity Tracker Fund 359–391 BlackRock in 2009. At BGI, he was a member of the Portfolio Solutions team. Prior to this, he worked on the Securities Lending team. Mr. Fergusson earned a BSc degree in business BlackRock North American Equity Tracker Fund 392–439 administration from the University of Bath. BlackRock Overseas Corporate Bond Tracker Fund 440–579 BlackRock Overseas Government Bond Tracker Fund 580–620 Nimish Patel, Managing Director and Senior Portfolio Manager is Head of Institutional Portfolio Management within BlackRock’s Beta Strategies Team in EMEA. Mr. Patel’s service BlackRock Pacific ex Japan Equity Tracker Fund 621–662 with the firm dates back to 2006, including his years with Barclays Global Investors (“BGI”), BlackRock UK Equity Tracker Fund 6 6 3–70 5 which merged with BlackRock in 2009. At BGI, he served as a senior portfolio manager and was responsible for overseeing all strategic client portfolios. Prior to joining BGI, Mr. Patel BlackRock UK Gilts All Stocks Tracker Fund 706–733 was a portfolio manager in the Quantitative Management Group at Northern Trust Global Investments (“NTGI”) where he managed a broad range of portfolios including global index BlackRock US Equity Tracker Fund 734–778 equity, global enhanced equity and indexed fixed income. Mr. Patel joined NTGI in 2003 following its BlackRock 100 UK Equity Tracker Fund 779–808 acquisition of Deutsche Asset Management’s (“DeAM”) Quant and Index business. During his 6 year tenure at DeAM, Mr. Patel initially served as a Fund Manager's assistant before joining the Quantitative Investment BlackRock 350 UK Equity Tracker Fund 809–845 Group where he served as a Transition Manager and Portfolio Manager. Mr. Patel is an Affiliate of The Authorised Status 846 Association of Chartered Certified Accountants (“ACCA”).

Stamp Duty Reserve Tax 846 Panayotis (Panos) Ferendinos, CFA, Director, is a member of the European and Non-US Fixed Additional Information 847 Income Group within BlackRock Fundamental Fixed Income. He is a portfolio manager for Sterling portfolios with twelve years of market experience specialising in stock specific Statement of Manager’s and Trustee’s Responsibilities 848 relative value and inflation linked securities. Mr. Ferendinos’ service with the firm dates Report of the Trustee 848 back to 1999, including his years with MLIM, which merged with BlackRock in 2006. At MLIM, Mr. Ferendinos specialised in macroeconomic research and analysis for the Sterling Independent Auditor’s Report 849 investment team. Mr. Ferendinos earned a BA degree in law, English and psychology from the University of Natal Durban in 1992 and a BA degree, with honours, in English literature from the University of General Information 851 South Africa in 1993. Appendix I – Global Exposure and Leverage (Unaudited) 852

Copies of Manager’s Reports and Prospectus are available on request.

Dealing and Investor Services: 0800 44 55 22 blackrock.co.uk

1 BlackRock Collective Investment Funds 2 About the Fund Managers continued Aggregated Statement of Total Return for the year ended 28 February 2015

Francis Rayner, CFA, Vice President, is a member of BlackRock’s Fixed Income Portfolio For the period Solutions group. Mr. Rayner’s service with the firm dates back to 2008, including his years For the year from 1.2.2013 with BGI, which merged with BlackRock in 2009. Prior to joining BGI, he spent six years to 28.2.2015 to 28.2.2014 working for Prudential M&G and International Financial Data Services as a client relationship Notes £ £ £ £ manager. Mr. Rayner earned a BSc degree in mathematics from Lancaster University in 1999 Income and holds the Chartered Institute for Securities and Investment Diploma. Net capital gains during the year/period 2 1,864,437,592 1,126,490,898 Darren Wills, Director, is a portfolio manager within BlackRock’s Model-Based Fixed Income Revenue 3 707,119,385 561,152,686 Portfolio Management Group. Mr. Wills’ service with the firm dates back to 2008, including his years with BGI, which merged with BlackRock in 2009. Prior to BGI, Mr. Wills was an Expenses 4 (49,544,178) (41,997,482) investment manager at State Street Global Advisors, where he managed predominately Finance costs: Interest 6 (133,976) (172,229) Sterling and global credit portfolios. Mr. Wills earned a BSc degree in mathematics and Net revenue before taxation 657,441,231 518,982,975 management sciences from University of Manchester Institute of Science and Technology Taxation 5 (24,292,957) (17,992,859) and holds the Investment Management Certificate. Net revenue after taxation for the year/period 633,148,274 500,990,116 About the Trust UK income tax withheld (28,480,046) (24,325,525) Total return before distributions 2,469,105,820 1,603,155,489 BlackRock Collective Investment Funds (the “Trust”) is organised as an umbrella unit trust scheme Finance costs: Distributions 6 (591,073,317) (456,434,270) comprising the sub-funds (each referred to as a “Fund” and together the “Funds”) contained in this report. Change in net assets attributable to unitholders from investment activities £1,878,032,503 £1,146,721,219

Aggregated Statement of Change in Net Assets Attributable to Unitholders for the year ended 28 February 2015

For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £ Opening net assets attributable to unitholders 21,097,947,450 14,074,974,347 Amounts received on creation of units 7,939,660,851 8,764,118,812 Amounts paid on cancellation of units (3,287,785,767) (3,358,048,595) 4,651,875,084 5,406,070,217 Stamp duty reserve tax (919,571) (2,771,862) Unclaimed distributions over 6 years old 281 477 Change in net assets attributable to unitholders from investment activities 1,878,032,503 1,146,721,219 Retained distribution on accumulation units 585,495,615 472,953,052 Closing net assets attributable to unitholders £28,212,431,362 £21,097,947,450

3 BlackRock Collective Investment Funds 4 Aggregated Balance Sheet Aggregated Notes to Financial Statements at 28 February 2015 for the year ended 28 February 2015

28.2.2015 28.2.2014 1. Accounting and Distribution Policies Notes £ £ £ £ Accounting Policies Assets: (a) The financial statements have been prepared in accordance with the Statement of Recommended Practice (“SORP”) for Authorised Funds issued by the Investment Management Investment assets 27,890,005,051 20,803,019,216 Association (subsequently The Investment Association) in October 2010. – Debtors 7 221,068,096 349,150,182 (b) Dividends on quoted ordinary shares and preference shares are recognised when the securities – Cash and bank balances 8 255,089,244 190,817,931 are quoted ex-dividend. Where such securities are not quoted, dividends are recognised when Total other assets 476,157,340 539,968,113 they are declared. Total assets 28,366,162,391 21,342,987,329 US REIT dividend revenue is accounted for partly as revenue and partly as capital, depending Liabilities: on the underlying REIT distribution. Investment liabilities (4,282,087) (3,973,750) Revenue from fixed interest securities is recognised on an effective interest rate basis. – Creditors 9 (122,432,102) (216,459,859) Accrued interest purchased and sold on interest bearing securities is excluded from the capital – Amount held at futures cost of these securities and dealt with as part of the revenue of the Funds. clearing houses and brokers (5,102,214) (3,057,951) All distributions from Collective Investment Schemes are recognised when the securities are – Bank overdraft (5,747) (2,775,696) quoted ex-dividend. All distributions from holdings in Collective Investment Schemes are – Cash collateral payable (5,230,176) (4,993,111) treated as revenue with the exception of the equalisation element, which is treated as capital. – Distribution payable on Any reported revenue from an offshore fund, in excess of any distribution received in the income units (16,678,703) (13,779,512) reporting period, is recognised as revenue no later than the date on which the reporting Total other liabilities (149,448,942) (241,066,129) fund makes this information available. The equalisation element is treated as capital. Total liabilities (153,731,029) (245,039,879) All revenue is recognised as a gross amount that takes account of any withholding taxes but Net assets attributable excludes any other taxes such as attributable tax credits to unitholders £28,212,431,362 £21,097,947,450 Revenue from securities lending is accounted for net of associated costs and is recognised on an accruals basis. Returns from bond futures are streamed into revenue and capital components. Amounts N C D Hall (Director) recognised as revenue from long positions form part of the distribution. Amounts recognised E E Tracey (Director) as revenue from short positions reduce the amounts available for distribution. BlackRock Fund Managers Limited Returns from Total Return Swaps in the form of dividends or interest received from the 30 April 2015 underlying security or index are recognised as revenue. Capital gains on the underlying security or index are treated as capital. Bank interest is recognised on an accruals basis. The Funds receive Manager’s charge rebates from BlackRock related investments in the normal course of business. These are recognised on an accruals basis and are treated as revenue, unless it is the policy of the underlying fund to charge its fees to capital, in which case these rebates will be recognised as capital. (c) Ordinary stock dividends are recognised wholly as revenue and are based on the market value of the shares on the date they are quoted ex-dividend. Where an enhancement is offered, the amount by which the market value of the shares (on the date they are quoted ex-dividend) exceeds the cash dividend is taken to capital. (d) The underlying circumstances behind both special dividends and share buy backs are reviewed on a case by case basis in determining whether the amount is revenue or capital in nature. Amounts recognised as revenue form part of the distribution. Any tax treatment will follow the accounting treatment of the principal amount.

5 BlackRock Collective Investment Funds 6 Aggregated Notes to Financial Statements continued

(e) Underwriting commission is wholly recognised as revenue when the issue takes place, except (j) Where appropriate, certain permitted financial instruments such as derivatives or forward where the Funds are required to take up some or all of the shares underwritten, in which case currency contracts are used for efficient portfolio management. Where such financial an appropriate proportion of the commission received is deducted from the cost of those instruments are used to protect or enhance revenue, the revenue and expenses derived shares. therefrom are included in ‘Revenue’ in the Statement of Total Return. Where such financial (f) All expenses, except those relating to the purchase and sale of investments and Stamp Duty instruments are used to protect or enhance capital, the gains and losses derived therefrom Reserve Tax are charged against revenue. All expenses are recognised on an accruals basis. are included in ‘Net capital gains during the year/period’ in the Statement of Total Return. (g) Provision for corporation tax is made at the current rate on the excess of taxable revenue For the Balanced Managed Fund, premiums received on written options are treated as capital. over allowable expenses. Provision is made on all material timing differences arising from Distribution policies the different treatment of items for accounting and tax purposes. A deferred tax asset is (k) The ordinary element of stock dividends is treated as revenue but does not form part of the recognised only to the extent that it is considered more likely than not that there will be distribution. taxable profits in the future against which the asset can be offset. (l) All of the net revenue available for distribution at the final accounting year end will be (h) The investments of the Funds have been valued at market values, defined as fair value, which distributed to unitholders with the balance attributable to accumulation unitholders retained is usually bid value at close of business on the last business day of the accounting period. In within the Funds. In order to conduct a controlled dividend flow to unitholders, interim the case of an investment which is not quoted, listed or dealt in on a recognised market, or distributions may be made at the Manager’s discretion, up to a maximum of the distributable in respect of which a listed, traded or dealt price or quotation is not available at the time of revenue available for the period. Should expenses and taxation together exceed revenue, there valuation, the fair value of such an investment shall be estimated with care and in good faith by will be no distribution and the shortfall will be met from capital. a competent professional person, body, firm or corporation including the Investment Manager’s (m) The Corporate Bond 1-10 Year, Corporate Bond, Index Linked Gilt, Overseas Corporate Bond, pricing committee and such fair value shall be determined on the basis of the probable Overseas Government Bond and UK Gilts All Stocks Tracker Funds have satisfied the qualifying realisation value of the investment. The Investment Manager, in agreement with the Directors investments tests as specified in S468L ICTA 1988 at all times throughout their distribution of the Manager, shall be entitled to adopt an alternative method of valuing any particular asset period. As such, any revenue available for distribution will be paid as an interest distribution. if it considers that the methods of valuation set out above do not provide a fair valuation of a All other Funds will pay a dividend distribution. particular asset. (n) Index Linked Gilt Tracker Fund pays distributions on a coupon rate basis. Revenue is recognised For over the counter derivatives (e.g. credit default swaps, interest rate swaps, total return on an effective interest rate basis and these positions have been reconciled in the Finance Costs swaps and currency options), market value is determined based on valuation pricing models Note. which take into account relevant market inputs as well as the time values, liquidity and volatility factors underlying the positions. Amounts due to and from an individual counterparty 2. Net Capital Gains During the Year/Period which falls under a legally enforceable master netting agreement are netted. For the Balanced Managed Fund, investments in dual priced Collective Investment Schemes For the period For the year from 1.2.2013 have been valued at market value, defined as fair value, which is usually bid value at the to 28.2.2015 to 28.2.2014 closing valuation point of the underlying fund on the last business day of the accounting £ £ period. Investments in single priced Collective Investment Schemes have been valued at The net capital gains comprise: market value, defined as fair value, which is usually the quoted price on the last business day of the accounting period. Gains on non-derivative securities 1,810,033,779 1,090,872,610 Gains on derivative contracts 43,767,392 44,589,670 (i) Any transactions in foreign currencies are translated into Sterling at the rates of exchange ruling on the date of any such transaction. Assets and liabilities in foreign currencies are Gains/(losses) on forward currency contracts 9,326,141 (5,778,756) translated into Sterling at the exchange rates ruling at the close of business on the last Currency losses (1,594,601) (4,026,926) business day of the accounting period. Revenue items in foreign currencies are translated Manager’s charge rebates 137,779 112,14 8 into Sterling at the exchange rate when the revenue is received. US REIT dividends 3,110,14 3 1,298,821 Custodian transaction costs (343,041) (576,669) Net capital gains £1,864,437,592 £1,126,490,898

7 BlackRock Collective Investment Funds 8 Aggregated Notes to Financial Statements continued

3. Revenue 4. Expenses

For the period For the period For the year from 1.2.2013 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 to 28.2.2015 to 28.2.2014 £ £ £ £ Franked revenue from Collective Investment Schemes 857,638 891,208 Payable to the Manager or associates of the Manager: Interest from money market deposits – 21,811 – Manager’s charge 45,729,562 39,032,672 Interest from overseas fixed interest securities 56,509,768 51,150,626 – Registrar’s fees 82,217 96,066 Interest from UK bank deposits 520,384 304,949 45,811,779 39,128,738 Interest from UK fixed interest securities 98,443,043 83,918,207 Payable to the Trustee or associates of the Trustee: Interest received from certificates of deposit – 32,373 – Trustee’s fees 1,893,329 1,432,285 Interest received on margin deposits 1,367 1,15 9 1,893,329 1,432,285 Manager’s charge rebates 1,438,708 1,524,916 Other expenses: Overseas dividends 198,372,170 159,762,295 – ADR fee 99,026 54,448 Overseas REIT dividends 8,386,392 5,589,630 – Audit fee 122,636 107,834 Returns from bond futures (757,425) – – FCA fee 2,782 3,021 Revenue from Institutional Cash Series plc – Sterling Liquidity Fund 191,935 252,271 – Legal & professional fees 187,594 127,851 Revenue from total return swaps 303,724 – – Risk monitoring fees – 5,437 Securities lending revenue 4,513,822 2,225,596 – Safe custody fees 1,427,032 1,137,868 Stock dividends 12,640,844 17,210,809 1,839,070 1,436,459 UK dividends 307,884,267 230,499,484 Total expenses £49,544,178 £41,997,482 UK REIT dividends 3,553,358 1,655,271 Unfranked dividends from UK companies 299,892 – 5. Taxation US REIT dividends 13,959,498 6,112,081 (a) Analysis of tax charge for the year/period Total revenue £707,119,385 £561,152,686 For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ Corporation tax 3,651,831 1,612,485 Corporation tax prior year adjustment (125) (2,456) Double taxation relief (2,654,917) (1,151,997) Income tax prior year adjustment 441 Irrecoverable overseas tax 23,273,481 17,527,568 Total current tax charge for the year/period [see Note 5(b)] £24,270,711 £17,985,600

Deferred tax movement for the year/period [see Note 5(c)] 22,246 7,259 Total tax for the year/period £24,292,957 £17,992,859

9 BlackRock Collective Investment Funds 10 Aggregated Notes to Financial Statements continued

(b) Factors affecting the current tax charge for the year/period (c) Analysis of deferred tax charge for the year/period The tax assessed for the year/period is lower than the standard rate of corporation tax in the UK for For the period an authorised unit trust. The differences are explained below: For the year from 1.2.2013 For the period to 28.2.2015 to 28.2.2014 For the year from 1.2.2013 £ £ to 28.2.2015 to 28.2.2014 Opening deferred tax balance 52,672 45,413 £ £ Deferred tax movement for the year/period [see Note 5(a)] 22,246 7,259 Net revenue before taxation 657,441,231 518,979,621 Closing deferred tax balance £74,918 £52,672 Corporation tax at 20% (28 February 2014: 20%) 131,488,246 103,795,924 At 28 February 2015, the Trust had surplus management expenses of £83,666,215 (28 February 2014: £58,510,803). It is unlikely that the Effects of: Trust will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £16,733,243 (28 February 2014: £11,702,160) has not been recognised. Capitalised income from US REITs 622,029 259,765 Corporation tax prior year adjustment (125) (3,070) Corporation tax prior year adjustment at 20% 25 614 Double taxation relief (2,654,917) (1,151,997) Effective interest rate tax adjustment (320,607) (733,593) Excess expenses for which no tax relief taken 4,298,529 4,767,276 Excess expenses utilised (213,498) – Franked investment revenue at 20% (61,748,380) (46,277,273) Income tax prior year adjustment 441 – Income tax prior year adjustment at 20% (88) – Indexation relief on index linked gilts (320,607) (719,847) Irrecoverable overseas tax 23,273,481 17,527,568 Movement in revenue accruals not taxable (42,18 4) (45,407) Non taxable overseas dividends (39,635,870) (31,847,655) Non taxable stock dividends (2,528,169) (3,442,162) Overseas tax expensed – (75,420) Tax deductible interest distributions (27,945,941) (24,066,573) Tax effect on overseas tax (1,654) (2,550) Total current tax charge for the year/period [see note 5(a)] £24,270,711 £17,985,600

11 BlackRock Collective Investment Funds 12 Aggregated Notes to Financial Statements continued

6. Finance Costs 7. Debtors

For the period 28.2.2015 28.2.2014 For the year* from 1.2.2013 £ £ to 28.2.2015 to 28.2.2014 Accrued Manager’s charge rebate 303,270 441,821 £ £ Accrued revenue 136,485,299 111,415,935 First distribution 205,459 82,315 Amounts receivable for creation of units 35,173,985 105,836,254 Second distribution 212,649 75,691 Amounts receivable from brokers on future contracts 37,805 – Third distribution 159,899 77,538 Currency sales awaiting settlement 29,964,488 52,861,850 Fourth distribution 155,648 78,775 Income tax recoverable 59,978 347 Fifth distribution 18 4 ,14 0 77,631 Overseas tax recoverable 5,215,980 4,989,582 Sixth distribution 383,044,893 79,152 Sales awaiting settlement 13,827,291 73,604,393 Seventh distribution 142,411 307,210,442 Total debtors £221,068,096 £349,150,182 Eighth distribution 148,237 95,550 Ninth distribution 129,763 91,161 8. Cash and Bank Balances Tenth distribution 123,427 9 0,14 6 28.2.2015 28.2.2014 Eleventh distribution 125,892 157,507 £ £ Twelfth distribution – 169,714 Amounts held at futures clearing houses and brokers 9,851,337 16,829,228 Final distribution 245,548,842 185,467,964 Cash and bank balances 245,237,907 173,988,703 630,181,260 493,753,586 Total cash and bank balances £255,089,244 £190,817,931 Add: Amounts deducted on cancellation of units 15,411,880 20,894,838 Less: Amounts received on creation of units (54,519,823) (58,214,154) Net distribution for the year/period 591,073,317 456,434,270 Finance costs: Interest 133,976 172,229 Finance costs £591,207,293 £456,606,499

Net revenue after taxation for the year/period 633,148,274 500,990,116 Add: Equalisation on conversions 648,970 648,452 Less: Effective interest rate adjustment (1,603,037) (3,667,964) Less: Non distributable stock dividends (12,640,844) (17,210,809) Less: UK income tax withheld (28,480,046) (24,325,525) Net distribution for the year/period £591,073,317 £456,434,270

* The Annual reporting date changed last year to 28 February, resulting in fewer distributions than in the previous extended reporting period.

13 BlackRock Collective Investment Funds 14 Aggregated Notes to Financial Statements continued

9. Creditors 13. Investment Management The Manager has delegated to its associate, BlackRock Investment Management (UK) Limited, 28.2.2015 28.2.2014 £ £ responsibility for the day-to-day investment management of the Fund. For details of commission sharing agreements, refer to Note 14 “Related Parties”. Accrued Audit fee 122,629 122,627 Accrued FCA fee 10,815 8,025 14. Related Parties Accrued Manager’s charge 12,428,982 9,720,866 For details see each individual Fund. Accrued Registrar’s fee 31,357 23,514 Accrued Safe custody fees 378,887 389,353 15. Portfolio Transaction Costs Accrued Trustee’s fee 517,909 390,826 Summary of total purchase costs: Amounts payable for cancellation of units 12,665,596 55,948,130 For the period For the period Bank interest payable – 632 For the year For the year from 1.2.2013 from 1.2.2013 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 Corporation tax payable 434,428 365,554 £ £ £ £ Currency purchases awaiting settlement 29,981,062 52,866,713 Purchases before Custodian transaction costs 41,655 175,407 transaction costs 8,531,680,545 9,534,360,236 Deferred taxation 74,918 52,672 Commissions and other costs Income tax payable 14,738,654 11,544,431 (including stamp duty) 5,254,542 8,930,589 Purchases awaiting settlement 51,005,210 84,851,109 Total purchase costs 5,254,542 8,930,589 Total creditors £122,432,102 £216,459,859 Gross purchases total £8,536,935,087 £9,543,290,825

10. Derivatives and Other Financial Instruments Summary of total sale costs: (a) For details see each individual Fund. For the period For the period (b) Currency Exposures For the year For the year from 1.2.2013 from 1.2.2013 For details see each individual Fund. to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ (c) Interest Rate Risk Profile of Financial Assets and Liabilities Gross sales before For details see each individual Fund. transaction costs 3,303,113,393 3,674,482,757

(d) Fair Value of Financial Assets and Financial Liabilities Commissions and other costs (519,208) (971,266) For details see each individual Fund. Total sale costs (519,208) (971,266) Total sales net of 11. Contingent Assets and Liabilities transaction costs £3,302,594,185 £3,673,511,491 For details see each individual Fund. 16. Unitholders’ Funds 12. Efficient Portfolio Management Techniques For details see each individual Fund. For details see each individual Fund. 17. Non Adjusting Post Balance Sheet Event For details see each individual Fund.

15 BlackRock Collective Investment Funds 16 BlackRock Balanced Managed Fund Balanced Managed Fund

BlackRock Balanced Managed Fund This Annual Report covers the year ended 28 February 2015. The first six months were commented on in the Interim Report to 31 August 2014. For a copy, please contact us. Investment Objective & Policy Performance Table The aim of the BlackRock Balanced Managed Fund (the “Fund”) is to seek to achieve a total return by investment mainly in a global portfolio of equities and fixed interest securities with an emphasis on the Period of Report Since Launch UK. Investment will be made directly into equities and via other transferable securities giving exposure One Year Five Years 22.9.2005 to 28.2.2015 to 28.2.2015 to 28.2.2015 to such equities. The Fund may also invest in permitted money-market instruments, permitted deposits and units in collective investment schemes. Derivatives and forward transactions may be TOTAL Return used for the purposes of efficient portfolio management. (with net income reinvested)

The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Class A Accumulation Units under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the BlackRock Balanced Managed Fund +6.2% +41.1% +6 5 .1% Sourcebook”). The Fund was established and authorised by the FCA on 21 June 2005. The Fund was Investment Association (IA) Mixed previously known as Merrill Lynch Balanced Managed Fund. It adopted its present name with effect Investment 40-85% Shares*◊ +8.2% +4 6 .1% +70.7%

from 28 April 2008. All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. The risk benchmark of the Fund changed from 55% FTSE All-Share Index / 25% FTSE World ex-UK * Figures from Morningstar. Index / 20% Merrill Lynch 1-15 Year UK Broad Market Index to 30% FTSE All-Share Index / 45% FTSE ◊ Investment Association (IA) Mixed Investment 40–85% Shares is the Fund’s peer group benchmark. World ex-UK Index / 25% Merrill Lynch 1-15 Year UK Broad Market Index on 3 November 2014. Please note that this risk benchmark index is used for calculating the maximum Value at Risk (“VaR”) of All financial investments involve an element of risk. Therefore, the value of your investment and the Fund for risk management purposes (as set out in section 28 (Risk Management Process) of the the income from it will vary and the return of your initial investment amount cannot be guaranteed. prospectus) and therefore no inference should be made by investors regarding the performance of the Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is Fund relative to the risk benchmark. not a guide to future performance and should not be the sole factor of consideration when selecting a product.

Annual performance to most recent quarter end

31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 BlackRock Balanced Managed Fund A +2.7% +13.8% +11.3% -9.2% +13.6%

Distribution Payable A Accumulation The final accumulation distribution payable on 30 April 2015 is 0.4350p net per accumulation unit (30 April 2014: 0.2342p net per accumulation unit).

17 BlackRock Collective Investment Funds 18 Balanced Managed Performance Record

Net Asset Value Risk and Reward Profile

Net Asset Value Lower risk Higher risk Net Asset Value per Unit Typically lower rewards Typically higher rewards Unit Class Units in Issue £ p Unit Class 28 February 2015 A Accumulation 327,175 ,0 9 8 514,678,141 157.3 A Accumulation 1 2 3 4 5 6 7 28 February 2014 A Accumulation 345,530,517 512,15 7,917 148.2 `` The risk indicator was calculated incorporating historical or simulated historical data and may not 31 January 2013* A Accumulation 390,839,775 526,259,783 134.6 be a reliable indication of the future risk profile of the unit class. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. `` The risk category shown is not guaranteed and may change over time. `` The lowest category does not mean risk free. Income (Net Accumulations) `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree A Accumulation Units of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based

Calendar Year Pence per Unit and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. 2015* 0.4350 2014 0.6026 For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which are available at www.blackrock.com. 2013 1.2404 2012 1.5148 Ongoing Charges 2011 0.5331 Detailed in the following table are the charges used to meet the costs of running the Fund, which 2010 0.6634 include the costs of marketing and distribution. These charges reduce the potential growth of your investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, * To 30 April. except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective investment scheme (if any). Capital (Unit Prices) 1.3.2014 1.2.2013 A Accumulation Units Unit Class to 28.2.2015 to 28.2.2014† Highest Lowest A Accumulation 1.58% 1.57% Offer Price Bid Price Calendar Year p p † Ongoing charges figure is based on annualised expenses for the period ended 28 February 2014. 2015* 165.9 148.8 2014 159.9 138.3 2013 154.3 129.8 2012 136 .1 115.4 2011 137.2 107.2 2010 134.4 106.3

* To 28 February.

19 BlackRock Collective Investment Funds 20 Balanced Managed Investment Report Balanced Managed Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of The Fund returned 6.2%* over the period from 1 March 2014 to 28 February 2015, underperforming Nominal Value Total Net its peer group benchmark, which returned 8.2%**. Over the six month period to 28 February 2015, the Value Investment £ Assets Fund returned 5.9%* as did its peer group benchmark**. EUROPE – 30.32%; 2014 36.65%

Regrettably, the Fund underperformed over the twelve month review period due mainly to weak stock EQUITIES – 13.34%; 2014 18.54% selection within UK equities. United Kingdom – 12.00%; 2014 18.54% 356,628 3i 1,759,603 0.34 Fund Manager’s Commentary 68,243 AstraZeneca 3,050,121 0.59 Broadly, developed and emerging market stocks rose and most major government bond yields fell 223,500 Aviva 1,203,548 0.23 over what was a period of ultra-loose monetary policy and muted inflationary pressures. In 2014, the 82,837 BG 793,579 0.16 European Central Bank cut interest rates and injected more liquidity into Europe’s financial system 34,991 Bovis Homes 338,188 0.07 before finally announcing a substantial purchase programme in support of its economy (what is 444,358 BP 1,990,724 0.39 known as quantitative easing) in January 2015. This added further support for stocks and kept a lid 131,379 British American Tobacco 4,968,754 0.97 on bond yields. In the US, strengthening growth and labour market improvements propelled domestic 214,500 Capital & Counties Properties 866,580 0.17 stocks to record highs. The Federal Reserve maintained its stance in favour of low interest rates but 233,369 Compass 2,688,411 0.52 the US dollar strengthened in anticipation of future economic growth and interest rate rises. Oil prices 39,000 Diageo 754,845 0.15 slumped as the Organisation of the Petroleum Exporting Countries (“OPEC”), the largest oil-producing 88,500 Dixons Carphone 389,843 0.08 organisation, kept supply consistent but saw demand decline. Meanwhile, certain issues in the 85,491 Dunelm 783,525 0.15 emerging markets became more apparent, including signs of weakness in China’s housing market, 315,176 Essentra 3,205,340 0.62 electoral uncertainty in Brazil and the effects of lower commodity prices and thus lower revenues on 673,933 eSure 1,614,743 0.31 commodity-producing nations. Geopolitical conflict also contributed to a period in which market ups 98,125 GlaxoSmithKline 1,512,106 0.29 and downs (or ‘volatility’) became more pronounced. 179,658 Hargreaves Lansdown 2,028,339 0.40 1,286,657 Hays 1,968,585 0.38 The Fund has historically been dominated by UK equities but in the most recent period we realigned it 889,887 HSBC 5,137,318 1.00 to have a greater global exposure. Our currency overlay and US equity allocation (including exposure to 71,514 Imperial Tobacco 2,283,442 0.44 the healthcare sector) made a positive contribution to returns over the twelve months. This helped to 621,000 ITV 1,399,113 0.27 partially offset weakness from the allocations to Greek and Brazilian bonds, and also the hedging on 23,000 Johnson Matthey 784,070 0.15 US Treasuries. A currency overlay can mean implementing a currency position based on a specific view 1,659,962 Lloyds Banking 1,311,038 0.26 or hedging back exposures created from asset allocation decisions to UK sterling where we have no 33,730 Next 2,526,377 0.49 strong view. 189,113 Prudential 3,080,651 0.60 17,662 Reckitt Benckiser 1,034,993 0.20 Despite increased volatility across asset classes, low government bond yields and demographic factors 284,803 Reed Elsevier 3,181,250 0.62 (namely the number of people in or nearing retirement) indicate continued demand for income-yielding 24,500 Rightmove 741,615 0.15 assets. We have a positive view of developed market equities as continued US growth and stimulus 77,420 Rio Tinto 2,471,246 0.48 spending in Europe and Japan should continue to provide support. Elsewhere, Chinese economic 56,414 Spirax-Sarco Engineering 1,812,018 0.35 growth is slowing and the effects of stimulus measures are weakening. Sustained instability in 471,246 SSP 1,351,062 0.26 China’s financial system would have a profound impact on the emerging markets more broadly. Finally, 353,000 Vodafone 791,956 0.15 commodities remain under pressure from increased supply and slowing emerging market demand. 99,111 Wolseley 3,935,698 0.76 61,758,681 12.00 March 2015 Ireland – 0.38%; 2014 0.00% * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial statements which is at close of business. Performance is calculated net of fees. 37,391 Shire 1,970,506 0.38 ** Investment Association (IA) Mixed Investment 40–85% Shares is the Fund’s peer group benchmark. Netherlands – 0.96%; 2014 0.00% 224,822 Royal Dutch Shell class ‘B’ shares 4,958,449 0.96

21 BlackRock Collective Investment Funds 22 Balanced Managed Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets BONDS – 16.98%; 2014 18.11% €376,000 Greece (Republic) 2% Bonds 24/2/2036 148,899 0.03 €376,000 Greece (Republic) 2% Bonds 24/2/2037 148,866 0.03 UK Sterling Denominated Fixed Rate Corporate Bonds – 0.00%; 2014 2.57% €376,000 Greece (Republic) 2% Bonds 24/2/2038 148,768 0.03 UK Sterling Denominated Fixed Rate Government Bonds – 10.70%; 2014 11.93% €376,000 Greece (Republic) 2% Bonds 24/2/2039 148,839 0.03 £154,000 Treasury 0.125% Index Linked Gilts 22/3/2058 216,667 0.04 €376,000 Greece (Republic) 2% Bonds 24/2/2040 149,068 0.03 £90,000 Treasury 0.25% Index Linked Gilts 22/3/2052 133,087 0.03 €376,000 Greece (Republic) 2% Bonds 24/2/2041 149,347 0.03 £29,943,280 Treasury 1.25% Stock 22/7/2018 30,170,100 5.86 €376,000 Greece (Republic) 2% Bonds 24/2/2042 149,958 0.03 £2,782,000 Treasury 1.75% Bonds 7/9/2022 2,808,916 0.55 €4,525,000 Greece (Republic) 4.75% Bonds 17/4/2019 2,514,742 0.49 £1,321,000 Treasury 1.75% Gilts 22/7/2019 1,350,161 0.26 €5,916,000 Italy (Republic) 4.5% Bonds 1/5/2023 5,407,185 1.05 £607,000 Treasury 3.25% Stock 22/1/2044 702,223 0.14 €2,045,000 Portugal (Government) 3.875% Bonds 15/2/2030 1,782,397 0.35 £413,000 Treasury 3.5% Notes 22/1/2045 500,339 0.10 €4,780,000 Portugal (Government) 4.1% Bonds 15/2/2045 4,421,795 0.86 £2,737,000 Treasury 3.75% Bonds 7/9/2020 3,084,257 0.60 €10,397,000 Portugal (Government) 5.65% Senior Notes 15/2/2024 10,030,336 1.95 £4,814,000 Treasury 3.75% Gilts 7/9/2019 5,351,603 1.04 €4,299,000 Spain (Kingdom) 5.15% Bond 31/10/2044 5,047,440 0.98 £2,624,000 Treasury 3.75% Gilts 7/9/2021 2,995,755 0.58 32,295,581 6.28 £472,000 Treasury 3.75% Gilts 22/7/2052 619,205 0.12 £997,000 Treasury 4.5% Gilts 7/3/2019 1,130,075 0.22 Euro Denominated Fixed Rate Corporate Bonds – 0.00%; 2014 0.05% £3,299,000 Treasury 4.75% Stock 7/9/2015 3,372,155 0.66 Euro Denominated Variable Rate Corporate Bonds – 0.00%; 2014 0.04% £270,000 Treasury 4.75% Stock 7/3/2020 315,272 0.06 £1,011,000 Treasury 5% Gilts 7/3/2018 1,135,328 0.22 ASIA – 0.00%; 2014 1.67% £16,000 Treasury 5% Stock 7/3/2025 20,710 0.00 NORTH AMERICA – 1.45%; 2014 0.66% £938,464 Treasury 8.75% Stock 25/8/2017 1,127,166 0.22 EQUITIES – 0.20%; 2014 0.66% 55,033,019 10.70 United States of America – 0.20%; 2014 0.66% UK Sterling Denominated Variable Rate Corporate Bonds – 0.00%; 2014 0.59% 36,078 Carnival 1,054,199 0.20 Euro Denominated Fixed Rate Government Bonds – 6.28%; 2014 2.93% BONDS – 1.25%; 2014 0.00% €376,000 Greece (Republic) 2% Bonds 24/2/2023 173,700 0.03 US Dollar Denominated Fixed Rate Government Bonds – 1.25%; 2014 0.00% €376,000 Greece (Republic) 2% Bonds 24/2/2024 172,669 0.03 $8,184,700 US Treasury 3.625% Notes 15/2/2044 6,424,915 1.25 €376,000 Greece (Republic) 2% Bonds 24/2/2025 169,045 0.03 €376,000 Greece (Republic) 2% Bonds 24/2/2026 161,387 0.03 SOUTH AMERICA – 2.00%; 2014 0.00% €377,000 Greece (Republic) 2% Bonds 24/2/2027 157,197 0.03 BONDS – 2.00%; 2014 0.00% €376,000 Greece (Republic) 2% Bonds 24/2/2028 155,028 0.03 €376,000 Greece (Republic) 2% Bonds 24/2/2029 154,275 0.03 Brazilian Real Denominated Fixed Rate Government Bonds – 2.00%; 2014 0.00% €376,000 Greece (Republic) 2% Bonds 24/2/2030 152,335 0.03 BRL 17,891,000 Brazil Notas do Tesouro Nacional Series B 6% €376,000 Greece (Republic) 2% Bonds 24/2/2031 151,876 0.03 Notes 15/8/2022 10,299,095 2.00 €376,000 Greece (Republic) 2% Bonds 24/2/2032 151,322 0.03 PACIFIC – 0.15%; 2014 0.00% €376,000 Greece (Republic) 2% Bonds 24/2/2033 150,340 0.03 EQUITIES – 0.15%; 2014 0.00% €376,000 Greece (Republic) 2% Bonds 24/2/2034 149,620 0.03 €376,000 Greece (Republic) 2% Bonds 24/2/2035 149,147 0.03 Australia – 0.15%; 2014 0.00% 48,995 BHP Billiton 792,004 0.15

23 BlackRock Collective Investment Funds 24 Balanced Managed Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure – Derivatives Value Total Value Investment £ Assets Value Investment £ £ Net Assets INVESTMENT FUNDS – 58.48%; 2014 51.83% DERIVATIVES – 2.53%; 2014 1.79% Alternative – 13.73%; 2014 10.93% Credit Default Swaps – 0.00%; 2014 (0.02)% 529,000 BH Macro – GBP shares 11,325,890 2.20 Forward Currency Contracts – 0.67%; 2014 0.02% 1,079,317 BlackRock Index Selection Fund* 38,556,441 7.49 AUD 10,516,252 Australian dollar vs US dollar 10,664,861 (13,041) 0.00 5,124,039 BlueCrest Allblue Fund 9,648,565 1.88 BRL 42,894,225 Brazilian real vs US dollar 19,413,326 (9,072) 0.00 15,231 Schroder International Selection Fund – CAD 4,910,739 Canadian dollar vs UK sterling 2,544,886 (5,174) 0.00 Frontier Markets Equity 1,568,582 0.30 CAD 5,154,600 Canadian dollar vs US dollar 5,340,473 1,924 0.00 123,382 Source Physical Gold P-ETC 9,555,039 1.86 €13,400,000 Euro vs Hungarian forint 19,587,816 (118,327) (0.02) 70,654,517 13.73 €21,600,000 Euro vs UK sterling 15,677,167 (54,333) (0.01) Asia – 4.75%; 2014 3.84% HUF 2,030,301,000 Hungarian forint vs Euro 9,725,679 (620) 0.00 1,455,226 BlackRock Global Funds – ASEAN Leaders Fund* 11,403,382 2.22 HUF 2,221,246,000 Hungarian forint vs US dollar 10,690,971 (51,085) (0.01) 126,211 BlackRock Global Funds – Japan Small & Mid Cap ¥3,532,108,500 Japanese yen vs US dollar 38,531,297 (281,356) (0.05) Opportunities Fund* 4,120,790 0.80 NZD 41,930,117 New Zealand dollar vs US dollar 41,238,953 (271,723) (0.05) 100,000 iShares MSCI Japan EUR Hedged UCITS ETF* 3,252,286 0.63 ZAR 97,772,320 South African rand vs US dollar 10,968,236 (112,855) (0.02) 483,000 Lyxor Exchange Traded Funding MSCI India 5,658,020 1.10 SEK 69,060,150 Swedish krona vs US dollar 10,728,514 (12,865) 0.00 CHF 26,130,000 Swiss frank vs UK sterling 17,835,569 (1,060,212) (0.21) 24,434,478 4.75 £5,100,000 UK sterling vs Canadian dollar 4,884,482 217,149 0.04 Emerging Markets – 2.14%; 2014 1.93% £32,890,039 UK sterling vs Euro 31,354,333 1,506,069 0.29 109,140 Stone Harbor Emerging Market Debt Fund 11,017,091 2.14 £8,862,434 UK sterling vs Swiss frank 8,917,784 (56,789) (0.01) Europe – 3.29%; 2014 4.34% £76,680,000 UK sterling vs US dollar 76,868,549 (190,365) (0.04) 990,488 BlackRock Continental European Fund* 16,957,163 3.29 $16,500,000 US dollar vs Australian dollar 20,907,145 475,788 0.09 $15,000,000 US dollar vs Brazilian real 18,958,915 463,028 0.09 Investment Trusts – 1.18%; 2014 1.27% $8,250,000 US dollar vs Canadian dollar 10,425,642 254,695 0.05 5,375,000 BlackRock Frontier Markets Investment Trust* 6,073,750 1.18 $16,600,000 US dollar vs Hungarian forint 20,968,386 528,096 0.10 United Kingdom – 22.68%; 2014 22.93% $15,000,000 US dollar vs Japanese yen 19,385,250 26,760 0.01 54,832,230 BlackRock Corporate Bond Fund* 57,519,010 11.18 $16,000,000 US dollar vs New Zealand dollar 20,734,756 (24,660) 0.00 4,938,786 BlackRock UK Smaller Companies Fund* 31,662,556 6.15 $17,120,000 US dollar vs South African rand 21,885,706 356,683 0.07 821,650 BlackRock UK Special Situations Fund* 27,517,057 5.35 $16,600,000 US dollar vs Swedish krona 20,890,366 587,055 0.11 116,698,623 22.68 $238,811,042 US dollar vs UK sterling 154,530,246 1,221,426 0.24 643,659,308 3,376,196 0.67 Short-term Money Market Funds – 10.71%; 2014 6.59% 30,082,394 Institutional Cash Series – Sterling Liquidity Fund* 30,082,394 5.84 194,479 Institutional Cash Series – Sterling Ultra Short Bond Fund* 25,076,546 4.87 55,158,940 10.71

25 BlackRock Collective Investment Funds 26 Balanced Managed Portfolio Statement continued

Holding or Underlying Market % of Holding or Underlying Market % of Nominal Exposure – Derivatives Value Total Nominal Exposure – Derivatives Value Total Value Investment £ £ Net Assets Value Investment £ £ Net Assets Futures – 0.54%; 2014 0.77% 11,608,599 Morgan Stanley International (Volnet (104) CAC 40 10 Euro March 2015 (3,737,546) (543,852) (0.11) Premium Global Strategy Performance 289 E-Mini Financial Select Sector Index) 0% 19/6/2015 7,286,119 (242,990) (0.05) March 2015 11,339,613 (133,242) (0.03) 11,727,749 Morgan Stanley International (Volnet 330 E-Mini Healthcare Sector Premium Global Strategy Performance March 2015 15,464,346 602,174 0.12 Index) 0% 19/6/2015 7,271,707 (326,665) (0.06) 400 Euro Stoxx 50 March 2015 10,422,476 574,017 0.11 105,064,353 5,821,725 1.14 1,097 Euro Stoxx Utilities March 2015 11,887,291 716,577 0.14 114 Mexican Bolsa Index March 2015 2,180,161 117,029 0.02 Portfolio of investments 488,576,249 94.93 (339) Mini MSCI Emerging Markets Net other assets 26,101,892 5.07 March 2015 (10,879,193) (511,110) (0.10) Net assets £514,678,141 100.00 548 S&P 500 E-Mini March 2015 37,282,723 1,808,821 0.35 Unless otherwise stated, all holdings are quoted in ordinary shares and are listed on a recognised exchange. 216 TOPIX Index March 2015 17,835,843 346,721 0.07 Note: comparative figures show percentages for each category of holding at 28 February 2014. (250) US 10 Year Note (CBT) June 2015 (16,515,790) (145,341) (0.03) * Managed by a related party. The Fund will not be subject to any initial subscription or redemption fees on its investment into an underlying fund managed by a related party. The Fund may indirectly incur management charges by investing in an underlying fund. The 75,279,924 2,831,794 0.54 Fund invests, where possible, in a share class of an underlying fund that is not subject to management charges. Alternatively, where this is not possible, the Manager will rebate management charges to the Fund. Options – 0.18%; 2014 0.05% Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative investment. 461 Euro Stoxx 50 Call Option 15/12/2017 3,814,676 684,574 0.13 KRW 165,500,000 Morgan Stanley (Kospi Call 11/12/2015 260) 8,745,986 363,279 0.07 KRW (165,000,000) Morgan Stanley (Kospi Call The credit rating profile of the portfolio at 28 February 2015 is shown below: 11/12/2015 275) (2,750,695) (82,330) (0.02) % of Total Net Assets 9,809,967 965,523 0.18 Investment grade 19.14 Total Return Swaps – 1.14%; 2014 0.97% Below investment grade 1.09 9,714,793 Citibank (Citi VIBE UK Net Total Return Non-debt securities 74.70 Index) 0% 13/8/2015 9,877,793 160,816 0.03 16,573,000 Citibank (DYNAVO2X USD Index) 0% Net other assets 5.07 19/6/2015 11,748,786 1,027,081 0.20 Total net assets 100.00 1,574 Dow Jones US Select Home Construction 6,199,822 455,272 0.09 23,771 Emerging Lifestyle Trend Index 22,896,084 987,110 0.19 14,175,405 JP Morgan Chase Bank (JP European Basket Index) 0% 19/8/2015 13,066,312 2,766,364 0.54 14,846,827 JP Morgan Chase Bank (JP European Performance Shell Index) 0% 1/2/2016 9,722,424 146,466 0.03 10,168,054 JP Morgan Chase Bank (JP European Performance Shell Index) 0% 16/3/2015 11,161,860 865,865 0.17 9,383,844 JP Morgan Chase Bank (NYSE Arca Gold Miners Index) 0% 18/11/2015 5,833,446 (17,594) 0.00

27 BlackRock Collective Investment Funds 28 Balanced Managed Statement of Total Return Balanced Managed Balance Sheet for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 492,841,850 478,072,187 Income – Debtors 7 1,421,988 4,118,091 Net capital gains during the – Cash and bank balances 8 35,237,646 45,400,571 year/period 2 26,731,522 45,854,854 Total other assets 36,659,634 49,518,662 Revenue 3 10,193,447 11,970,307 Total assets 529,501,484 527,590,849 Expenses 4 (7,458,097) (8,429,495) Liabilities: Finance costs: Interest 6 (23,757) (27,370) Investment liabilities (4,265,601) (3,817,184) Net revenue before taxation 2,711,593 3,513,442 – Creditors 9 (2,151,691) (3,633,437) Taxation 5 (9,558) (26,898) – Amount held at futures Net revenue after taxation clearing houses and brokers (3,175,875) (2,989,200) for the year/period 2,702,035 3,486,544 – Cash collateral payable (5,230,176) (4,993,111) Total return before distributions 29,433,557 49,341,398 Total other liabilities (10,557,742) (11,615,748) Finance costs: Distributions 6 (2,675,805) (3,486,544) Total liabilities (14,823,343) (15,432,932) Change in net assets attributable to unitholders Net assets attributable from investment activities £26,757,752 £45,854,854 to unitholders £514,678,141 £512,157,917

Balanced Managed Statement of Change in Net Assets N C D Hall (Director) Attributable to Unitholders E E Tracey (Director) for the year ended 28 February 2015 BlackRock Fund Managers Limited 30 April 2015 For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 512,157,917 526,259,783 Amounts received on creation of units 6,947,114 11,190,429 Amounts paid on cancellation of units (33,825,851) (74,498,113) (26,878,737) (63,307,684) Stamp duty reserve tax (5,841) (35,308) Change in net assets attributable to unitholders from investment activities 26,757,752 45,854,854 Retained distribution on accumulation units 2,647,050 3,386,272 Closing net assets attributable to unitholders £514,678,141 £512,157,917

29 BlackRock Collective Investment Funds 30 Balanced Managed Notes to Financial Statements for the year ended 28 February 2015

1. Accounting and Distribution Policies 4. Expenses Please see pages 6-8 of the Aggregated Notes to Financial Statements. For the period For the year from 1.2.2013 2. Net Capital Gains During the Year/Period to 28.2.2015 to 28.2.2014 £ £ For the period For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 7,391,517 8,365,384 £ £ – Registrar’s fees 155 77 The net capital gains comprise: 7,391,672 8,365,461 Gains on non-derivative securities 5,470,138 30,183,473 Payable to the Trustee or associates of the Trustee: Gains on derivative contracts 12,286,486 22,311,725 – Trustee’s fees 38,501 40,902 Gains/(losses) on forward currency contracts 10,293,347 (6,681,431) 38,501 40,902 Currency (losses)/gains (1,376,973) 48,879 Other expenses: Manager’s charge rebates 76,210 13,582 – ADR fee 176 – Custodian transaction costs (17,686) (21,374) – Audit fee 8,028 6,637 Net capital gains £26,731,522 £45,854,854 – FCA fee 153 165 3. Revenue – Legal & professional fees 2,052 132 – Risk monitoring fees – 840 For the period For the year from 1.2.2013 – Safe custody fees 17,515 15,358 to 28.2.2015 to 28.2.2014 27,924 23,132 £ £ Total expenses £7,458,097 £8,429,495 Franked revenue from Collective Investment Schemes 857,638 891,208 Interest from money market deposits – 21,811 5. Taxation Interest from certificates of deposit – 32,373 (a) Analysis of tax charge for the year/period Interest from overseas fixed interest securities 1,502,152 890,982 For the period Interest from UK bank deposits 48,024 91,489 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 Interest from UK fixed interest securities 1,287,504 1,127,593 £ £ Manager’s charge rebates 1,414,274 1,488,068 Irrecoverable overseas tax 9,558 26,898 Overseas dividends 2,253,150 1,551,025 Total current tax charge for the year/period [see Note 5(b)] £9,558 £26,898 Returns from bond futures (757,425) – Revenue from Institutional Cash Series plc – Sterling Liquidity Fund 147,226 219,199 Revenue from total return swaps 303,724 – Securities lending revenue 42,566 8,849 Stock dividends 26,230 – UK dividends 2,768,492 5,647,710 Unfranked revenue from Collective Investment Schemes 299,892 – Total revenue £10,193,447 £11,970,307

31 BlackRock Collective Investment Funds 32 Balanced Managed Notes to Financial Statements continued

(b) Factors affecting the current tax charge for the year/period 7. Debtors The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an 28.2.2015 28.2.2014 authorised unit trust. The differences are explained below: £ £ For the period Accrued Manager’s charge rebate 287,636 424,360 For the year from 1.2.2013 Accrued revenue 858,814 1,432,993 to 28.2.2015 to 28.2.2014 £ £ Income tax recoverable 59,978 – Overseas tax recoverable 11,027 10,16 9 Net revenue before taxation 2,711,593 3,510,088 Sales awaiting settlement 204,533 2,250,569 Corporation tax at 20% (28 February 2014: 20%) 542,319 702,018 Total debtors £1,421,988 £4,118,091 Effects of: Excess expenses for which no tax relief taken 668,724 787,865 8. Cash and Bank Balances Franked investment revenue at 20% (725,226) (1,307,784) 28.2.2015 28.2.2014 Irrecoverable overseas tax 9,558 26,898 £ £ Non taxable overseas dividends (480,571) (182,099) Amounts held at futures clearing houses and brokers 5,963,742 8,156,993 Non taxable stock dividends (5,246) – Cash and bank balances 29,273,904 37,243,578 Total current tax charge for the year/period [see note 5(a)] £9,558 £26,898 Total cash and bank balances £35,237,646 £45,400,571 At 28 February 2015, the Fund had surplus management expenses of £14,917,874 (28 February 2014: £11,574,254). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £2,983,575 (28 February 2014: £2,314,851) has not been recognised. 9. Creditors 28.2.2015 28.2.2014 6. Finance Costs £ £ Accrued Audit fee 8,026 8,026 For the period For the year from 1.2.2013 Accrued FCA fee 601 447 to 28.2.2015 to 28.2.2014 Accrued Manager’s charge 1,847,431 1,872,363 £ £ Accrued Registrar’s fee 59 18 Interim distribution 1,223,978 2,577,070 Accrued Safe custody fees 4,567 4,794 Final distribution 1,423,072 809,202 Accrued Trustee’s fee 9,581 9,743 2,647,050 3,386,272 Amounts payable for cancellation of units 279,770 222,667 Add: Amounts deducted on cancellation of units 35,948 112,456 Custodian transaction costs 1,656 6,505 Less: Amounts received on creation of units (7,19 3) (12,18 4) Purchases awaiting settlement – 1,508,874 Net distribution for the year/period 2,675,805 3,486,544 Total creditors £2,151,691 £3,633,437 Finance costs: Interest 23,757 27,370 Finance costs £2,699,562 £3,513,914

Net revenue after taxation for the year/period 2,702,035 3,486,544 Less: Non distributable stock dividends (26,230) – Net distribution for the year/period £2,675,805 £3,486,544

Details of the interim and final distributions per unit are set out in the tables on page 47.

33 BlackRock Collective Investment Funds 34 Balanced Managed Notes to Financial Statements continued

10. Derivatives and Other Financial Instruments Risk Impact of risk (a) The Fund’s financial instruments comprise securities and other investments, cash balances and Counterparty The risk of entering an arrangement with a counterparty, which is itself subject debtors and creditors that arise directly from its operations, for example, in respect of sales and to financial risks which may affect its ability to trade as a going concern. purchases awaiting settlement, amounts receivable for creations and payable for cancellation of units and debtors for accrued revenue. The Manager maintains a list of approved counterparties. This list is regularly monitored and revised for changes based on the counterparty’s credit-worthiness, The Manager shall take the risks it deems reasonable to meet the investment objective. These market reputation and expectations of future financial performance. Transactions will risks include the following: only be opened with financial intermediaries on the approved counterparties list. Risk Impact of risk The Fund’s use of exchange traded derivatives are considered to be free of counterparty Foreign The risk of changes to foreign currency rates materially affecting the Sterling risk if the derivative is traded on an exchange where the clearing house is backed by an currency equivalent value of non-Sterling denominated assets and liabilities accounted for appropriate performance guarantee and it is characterised by a daily mark-to-market by the Fund. valuation of the derivative position and at least daily margining. The Fund is accounted for in Sterling and holds financial assets and financial liabilities At 28 February 2015, the market value of the exchange traded derivatives held by the denominated in other international currencies. Fund was £3,516,368 (28 February 2014: £4,102,747). The Fund trades derivatives with a range of counterparties. The counterparties to over To manage the risk, the Fund may enter into forward currency contracts for the the counter (“OTC”) derivatives are shown in the Portfolio Statement. Forward currency purposes of efficient portfolio management. The market value of these transactions as contracts are primarily traded with the following counterparties: Bank of America, at 28 February 2015 (28 February 2014: £118,790) is shown in the Portfolio Statement Barclays, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank, HSBC, JP Morgan on page 26. Chase and UBS. Exchange traded derivatives are primarily traded with the following Market price The valuation of the Fund’s investments is calculated with reference to market prices counterparties: Goldman Sachs and Merrill Lynch. quoted by financial agencies and brokers. Movements to those market prices may At 28 February 2015, the market value of OTC derivatives held by the Fund was materially affect the value of the Fund’s investments, which may move down as well £9,478,870 (28 February 2014: £5,122,799). as up. Margin is paid or received on derivatives to cover any exposure by the counterparty to To manage the risk, the Manager undertakes research in order to achieve the best the Fund or by the Fund to the counterparty. Margin receivable from the Fund’s clearing price for any transactions entered into on behalf of the Fund. brokers and various counterparties is included in “Cash and bank balances” on the Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the ability Balance Sheet. Margin payable to the Fund's clearing brokers and various counterparties of the Fund to trade financial instruments at values previously indicated is included in “Amounts held at futures clearing houses and brokers” on the Balance Sheet. by financial brokers. At 28 February 2015, the Fund had received margin of £3,175,875 (28 February 2014: All stocks are valued daily. Stocks identified as being illiquid are reviewed for pricing £2,989,200) from counterparties and had provided margin of £5,963,742 (28 February accuracy as the need arises and on a formal monthly basis by the BlackRock Pricing 2014: £8,156,993) to counterparties relating to derivatives. At 28 February 2015, the Committee. Fund had received cash collateral of £5,230,176 (28 February 2014: £4,993,111) in The BlackRock Pricing Committee will also review significant market events which may relation to total return swaps and options. impact liquidity of bonds in the portfolio. Interest rate Interest rates are determined by factors such as supply and demand in the international The Fund invests primarily in companies and investment funds incorporated in the UK money markets, which are influenced by macro economic factors, speculation and and Continental Europe, which are territories typically considered to be operating with central bank and government intervention. Fluctuations in short and long term interest high levels of liquidity. From time to time, however, market liquidity may be affected by rates on money market and cash deposits may affect the revenue of the Fund. economic events. A security may be deemed illiquid due to a lack of trading volume in Changes to interest rates may affect the cash inflows and outflows calculated with the security or if the security is privately placed and not traded in any public market or reference to financial assets and financial liabilities held by the Fund. is otherwise restricted from trading. The Manager undertakes research to minimise the impact of such movements against To manage the risk, the Investment Manager undertakes research of investment the Fund’s investment objective. opportunities to select opportunities congruent with the Fund’s investment objective. Revenue is generated by the holding of bonds, which contractually oblige the borrower to pay the Fund interest under specific terms. To manage the risk, the Fund may enter into interest rate swaps. At 28 February 2015, the Fund has no open interest rate swap contracts (28 February 2014: £(4,137)).

35 BlackRock Collective Investment Funds 36 Balanced Managed Notes to Financial Statements continued

(b) Currency Exposures Risk Impact of risk A proportion of the net assets of the Fund are denominated in currencies other than Sterling, Credit The Fund’s investments include bonds issued by companies and international with the effect that the Balance Sheet and Statement of Total Return can be affected by governments in order to achieve its investment objective. currency movements. The borrower receives from the Fund a principal amount. The Fund will then receive The currency profile held at 28 February 2015 was as follows: interest based on the coupon rate of the bond and repayment of the initial principal amount on the bond’s maturity date. Currency Net Assets/(Liabilities)

Any impairment to the borrower’s ability to pay amounts due may result in changes Monetary Non-monetary to the tradable value of the bond and the amount to be received upon maturity of Exposures Exposures Total the bond. The ability of the borrower to pay not only the principal value but also any 28.2.2015 28.2.2015 28.2.2015 interest due on the bond, referred to as the borrower’s credit rating, is monitored by the Currency £ £ £ Manager. The credit rating profile of the Fund's portfolio at 28 February 2015 is shown Australian dollar (7,840) (13,041) (20,881) in the Portfolio Statement on page 28. Brazilian real – 10,308,979 10,308,979 The Manager may undertake its own research of the borrower’s financial position in Canadian dollar – (3,250) (3,250) order to assess the ability of the borrower to repay amounts due. Euro (112,678) 45,516,368 45,403,690 To manage the risk, the Fund may enter into credit default swaps. At 28 February 2015, Hong Kong dollar 551 – 551 the Fund has no open credit default swap contracts (28 February 2014: £(114,168)). Hungarian forint – (51,705) (51,705) During the year, the Fund engaged in securities lending activities which exposed the Japanese yen (171,344) 65,366 (105,978) Fund to credit risk. The maximum exposure of the Fund is equal to the value of the Korean won – 280,949 280,949 securities loaned disclosed in Note 12. Mexican peso (105,435) 117,029 11,594 Use of The Fund may use derivatives for the purposes of efficient portfolio management New Zealand dollar – (271,723) (271,723) derivatives in order to reduce risk within the portfolio, reduce investment costs and generate additional income. Norwegian krone 1 – 1 South African rand – (112,855) (112,855) The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. In particular, derivative contracts can be highly volatile and the Swedish krona – (12,864) (12,864) amount of initial margin is generally small relative to the size of the contract so that Swiss franc – (1,060,212) (1,060,212) transactions may be leveraged in terms of market exposure. A relatively small market Thai baht 2 – 2 movement may have a potentially larger impact on derivatives than on standard bonds UK sterling 31,099,963 385,453,099 416,553,062 or equities. Leveraged derivative positions can therefore increase fund volatility. US dollar (3,871,625) 47,630,406 43,758,781 As at 28 February 2015, the Manager uses a methodology known as the “Value at Total £26,831,595 £487,846,546 £514,678,141 Risk” or “VaR” in order to measure the global exposure from financial derivative instruments of the Fund and manage the potential loss to it due to market risk. The VaR methodology measures the potential loss to the Fund at a particular confidence (probability) level over a specific time period and under normal market conditions. The Manager uses the 99 per cent confidence interval and one month measurement period for the purposes of carrying out this calculation. Any exposure to financial derivative instruments at year end is marked on the Portfolio Statement.

These risks are monitored by the Manager in pursuance of the investment objective and policy as set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the Investment Report and Portfolio Statement.

37 BlackRock Collective Investment Funds 38 Balanced Managed Notes to Financial Statements continued

The currency profile held at 28 February 2014 was as follows: (c) Interest Rate Risk Profile of Financial Assets and Liabilities Currency Net Assets/(Liabilities) The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows:

Monetary Non-monetary Floating Rate Fixed Rate Financial Assets Exposures Exposures Total Financial Financial not Carrying 28.2.2014 28.2.2014 28.2.2014 Assets Assets Interest Total Currency £ £ £ Currency £ £ £ £ Australian dollar 1,572 – 1,572 Brazilian real – 10,299,095 18,956 10,318,051 Chilean peso – (23,469) (23,469) Canadian dollar – – 1,924 1,924 Euro (274,774) 24,468,587 24,193,813 Euro 560,395 32,295,581 13,937,299 46,793,275 Hong Kong dollar (13,515) 8,317,529 8,304,014 Hong Kong dollar 551 – – 551 Japanese yen 403,573 (26 0,13 0) 143,443 Japanese yen – – 346,722 346,722 Korean won – 130,727 130,727 Korean won – – 363,279 363,279 Mexican peso 314,549 (333,106) (18,557) Mexican peso – – 117,029 117,029 New Zealand dollar 1 490,355 490,356 Norwegian krone 1 – – 1 Norwegian krone 1 – 1 Thai baht 2 – – 2 Polish zloty – 201,821 201,821 UK sterling 33,295,951 55,033,019 332,818,926 421,147,896 Russian rouble – (66,050) (66,050) US dollar 1,380,746 6,424,915 42,607,093 50,412,754 Singapore dollar – 281,628 281,628 Total £35,237,646 £104,052,610 £390,211,228 £529,501,484 Thai baht 2 – 2 UK sterling 39,681,064 413,453,589 453,134,653 Floating Rate Financial US dollar (2,694,213) 28,078,176 25,383,963 Financial Liabilities not Liabilities Carrying Interest Total Total £37,418,260 £474,739,657 £512,157,917 Currency £ £ £ Australian dollar (7,840) (13,041) (20,881) Brazilian real – (9,072) (9,072) Canadian dollar – (5 ,174) (5 ,174) Euro (673,073) (716,512) (1,389,585) Hungarian forint – (51,705) (51,705) Japanese yen (171,344) (281,356) (452,700) Korean won – (82,330) (82,330) Mexican peso (105,435) – (105,435) New Zealand dollar – (271,723) (271,723) South African rand – (112,855) (112,855) Swedish krona – (12,864) (12,864) Swiss franc – (1,060,212) (1,060,212) UK sterling (2,195,988) (2,398,846) (4,594,834) US dollar (5,252,371) (1,401,602) (6,653,973) Total £(8,406,051) £(6,417,292) £(14,823,343)

39 BlackRock Collective Investment Funds 40 Balanced Managed Notes to Financial Statements continued

Fixed Rate Financial Assets Floating Rate Financial Weighted Weighted Financial Liabilities not Total Average Average Period for Liabilities Carrying Interest Total Market Value Interest Rate which Rate Currency £ £ £ Currency £ Equivalent % is Fixed Chilean peso – (23,469) (23,469) Brazilian real 10,299,095 6.07 7.47 years Euro (278,323) (596,878) (875,201) Euro 32,295,581 3.86 15.7 years Hong Kong dollar (15,227) (115,077) (130,304) UK sterling 55,033,019 2.23 5.04 years Japanese yen – (523,524) (523,524) US dollar 6,424,915 2.99 28.98 years Korean won – (24,244) (24,244)

This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund. Mexican peso – (333,106) (333,106) Russian rouble – (66,050) (66,050) The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: UK sterling (4,993,111) (3,643,201) (8,636,312) US dollar (2,695,650) (2,125,072) (4,820,722) Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying Total £(7,982,311) £(7,450,621) £(15,432,932) Assets Assets Interest Total Currency £ £ £ £ Fixed Rate Financial Assets Australian dollar 1,572 – – 1,572 Weighted Weighted Euro 207,071 15,218,198 9,643,745 25,069,014 Total Average Average Period for Hong Kong dollar 1,712 – 8,432,606 8,434,318 Market Value Interest Rate which Rate Currency £ Equivalent % is Fixed Japanese yen 403,573 – 263,394 666,967 Euro 15,218,198 4.29 6.63 years Korean won – – 154,971 154,971 UK sterling 74,223,444 2.73 6.32 years Mexican peso 314,549 – – 314,549 New Zealand dollar 1 – 490,355 490,356 This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund. Norwegian krone 1 – – 1 The floating rate financial assets and liabilities include: Polish zloty – – 201,821 201,821 Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two Singapore dollar – – 281,628 281,628 week LIBID rates and overdraft interest based on 3% over the base rate. Thai baht 2 – – 2 All overseas deposits and loans bear interest at rates determined by the relevant Authority. UK sterling 47,649,005 74,223,444 339,898,516 461,770,965 The amount held at futures clearing houses and brokers at the reporting date is on a temporary basis US dollar 1,436 – 30,203,249 30,204,685 and is not persistent. Total £48,578,922 £89,441,642 £389,570,285 £527,590,849 (d) Fair Value of Financial Assets and Financial Liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet and their fair value.

11. Contingent Assets and Liabilities There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil).

41 BlackRock Collective Investment Funds 42 Balanced Managed Notes to Financial Statements continued

28.2.2015 28.2.2014 The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing £ £ arrangements with related parties (including, without limitation, brokers who are affiliated to the Revenue earned during the year/period 42,566 8,849 BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade Value of securities on loan at the year/period end 11,218,611 1,792,768 execution process. Such research or execution services may include, without limitation and to the Value of collateral held on behalf of the Fund at the extent permitted by applicable law: research reports on companies, industries and securities; and year/period end 12,396,882 1,975,972 the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, 13. Investment Management it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Please see page 16. these arrangements with brokers who are not affiliated to the BlackRock Group. The Fund’s investments in other BlackRock related products are detailed on the Portfolio Statement. Securities Lending The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited, which is a related party to the Fund. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly related to securities loan transactions as well as the cost of indemnification against borrower default. See further information in Note 12.

43 BlackRock Collective Investment Funds 44 Balanced Managed Notes to Financial Statements continued

Material Unitholders 16. Unitholders’ Funds The following investor held more than 20% of the voting units in issue in the Fund and as a result is A Accumulation units are currently available as specified in the Prospectus. The net asset considered to be a related party of the Fund. value of the unit class, net asset value per unit and the number of units in issue are given in the As at 28 February 2015: “Performance Record”. The Manager’s annual charge is shown below: % of voting units Held by: in issue No. of units held Class 28.2.2015 28.2.2014 Scottish Equitable 97% 316,662,883 A Accumulation 1.50% 1.50% As at 28 February 2014: 17. Non Adjusting Post Balance Sheet Event % of voting units Since the last business day of the accounting period, the Fund’s quoted bid price has risen as Held by: in issue No. of units held shown below: Scottish Equitable 97% 334,301,233 Bid price as at Bid price as at Rise All related party transactions were carried out at arm’s length in the ordinary course of business. Class 23.4.2015 28.2.2015 (%) The terms and returns received by the related parties in making the investments above were no A Accumulation 160.9p 157.3p 2.3 more favourable than those received by other investors investing into the same unit classes.

15. Portfolio Transaction Costs Summary of total purchase costs:

For the period For the period For the year For the year from 1.2.2013 from 1.2.2013 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ Purchases before transaction costs 316,629,405 468,779,701 Commissions and other costs (including stamp duty) 270,023 74 5 ,15 3 Total purchase costs 270,023 74 5 ,15 3 Gross purchases total £316,899,428 £469,524,854

Summary of total sale costs:

For the period For the period For the year For the year from 1.2.2013 from 1.2.2013 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ Gross sales before transaction costs 318,697,947 510,533,111 Commissions and other costs (10 6 ,161) (321,117 ) Total sale costs (10 6 ,161) (321,117 ) Total sales net of transaction costs £318,591,786 £510,211,994

45 BlackRock Collective Investment Funds 46 Balanced Managed Distribution Tables BlackRock Continental European Equity Tracker Fund for the year ended 28 February 2015 Final Distribution in Pence per Unit BlackRock Continental European Equity Tracker Fund Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 Investment Objective & Policy

A Accumulation The aim of the BlackRock Continental European Equity Tracker Fund (the “Fund”) is to seek to achieve Units capital growth for investors by tracking closely the performance of the FTSE World Europe ex UK Index Group 1 Group 2 by investing in companies in the Index. Investment will be made directly into constituent companies and via other transferable securities giving exposure to such companies. The Fund may also invest in Net revenue (dividend) 0.4350 0.3147 permitted money-market instruments, permitted deposits and units in collective investment schemes. Equalisation† – 0.120 3 Derivatives and forward transactions may be used for the purposes of efficient portfolio management. Distribution payable 30.4.2015 0.4350 0.4350 The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Distribution paid 30.4.2014 0.2342 0.2342 under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Interim Distribution in Pence per Unit Sourcebook”). The Fund was established and authorised by the FCA on 21 June 2005. The Fund was Group 1 – Units purchased prior to 1 March 2014 previously known as Merrill Lynch Continental European Equity Tracker Fund. It adopted its present Group 2 – Units purchased 1 March 2014 to 31 August 2014 name with effect from 28 April 2008.

A Accumulation Units Group 1 Group 2 Net revenue (dividend) 0.3684 0.1722 Equalisation† – 0.19 62 Distribution paid 31.10.2014 0.3684 0.3684 Distribution paid 31.10.2013 0.7042 0.7042

47 BlackRock Collective Investment Funds 48 Continental European Equity Tracker Fund

Class A Accumulation Units All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is BlackRock Continental European calculated net of fees. Performance is shown for complete 12 month periods only. # D Accumulation class was renamed as L Accumulation class during June 2012. Equity Tracker Fund +4.6% N/A§ +46.5%† § Performance data does not exist for the relevant periods. A Accumulation class commenced September 2010. FTSE World Europe ex UK Index* +5.0% N/A§ +49.4% TOTAL Return Distributions Payable (with net income reinvested) A Accumulation Class L Accumulation Units# The final accumulation distribution payable on 30 April 2015 is 0.1538p net per accumulation unit BlackRock Continental European +5.0% +45.3% +90.4%† (30 April 2014: 0.3414p net per accumulation unit). Equity Tracker Fund FTSE World Europe ex UK Index* +5.0% +46.2% +94.8% L Income≈

All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. The final distribution payable on 30 April 2015 is 0.2323p net per income unit (30 April 2014: N/A). Performance returns are cumulative. All returns are in Sterling. * Figures from BlackRock/Factset. Net of withholding tax. # D Accumulation class was renamed as L Accumulation class during June 2012. L Accumulation § Performance data does not exist for the relevant periods. The final accumulation distribution payable on 30 April 2015 is 0.4136p net per accumulation unit † Since launch figures are from 1.9.2010 and 15.7.2005 for A and L class respectively. (30 April 2014: 0.5916p net per accumulation unit). All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. X Income The final distribution payable on 30 April 2015 is 0.4558p net per income unit (30 April 2014: 0.6042p Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is net per income unit). not a guide to future performance and should not be the sole factor of consideration when selecting a product. X Accumulation The final accumulation distribution payable on 30 April 2015 is 0.4808p net per accumulation unit (30 April 2014: 0.6214p net per accumulation unit).

D Accumulation The final accumulation distribution payable on 30 April 2015 is 0.4434p net per accumulation unit (30 April 2014: 0.6156p net per accumulation unit).

H Accumulation The final accumulation distribution payable on 30 April 2015 is 0.2909p net per accumulation unit (30 April 2014: 0.0000p net per accumulation unit).

≈ L Income class commenced April 2014.

49 BlackRock Collective Investment Funds 50 Continental European Equity Tracker Fund continued

Anticipated Realised Tracking Error Tracking Error Explanation for difference The Funds’ tracking error exceeded its anticipated tracking error due to temporary divergences in the calculation when the Index provider calculates index values during UK bank holidays while Up to 0.30%* 0.50%* the Fund is closed.

* Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units.

51 BlackRock Collective Investment Funds 52 Continental European Equity Tracker Performance Record

Net Asset Value Income (Net Distributions/Net Accumulations)

Net Asset Value A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation Units~ Units≈ Units# Units≠ Units± Unitsπ Units÷ Net Asset Value per Unit Units in Issue £ p Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit 2015* 0.15 3 8 0.2323 0.4136 0.4558 0.4808 0.4434 0.2909 A Accumulation 2014 3.4609 1.3629 4.0143 3.4582 3.5702 3.9905 1.9283 28 February 2015 2,439,085 4,363,785 178.9 2013 3.4450 N/A 4.0283 3.5243 3.5483 3.9461 N/A 28 February 2014 4,601,732 7,881,980 171.3 2012 3.4730 N/A 3.9046 N/A 2.7885 0.2007 N/A 31 January 2013* 2,76 5 ,123 4,088,787 147.9 2011 3.5618 N/A 4.0169 N/A N/A N/A N/A L Income 2010 N/A N/A 3.2587 N/A N/A N/A N/A 28 February 2015≈ 15,001,373 15,235,313 101.6 * To 30 April. L Accumulation ~ A Accumulation class commenced September 2010. ≈ L Income class commenced April 2014. 28 February 2015 1,396,079,214 2,535,394,522 181.6 # D Accumulation class was renamed as L Accumulation class during June 2012. ≠ X Income class commenced August 2012. 28 February 2014 1,046,187,999 1,813,462,466 173.3 ± X Accumulation class commenced January 2012.´ # π D Accumulation class commenced June 2012. 31 January 2013* 918,491,951 1,369,720,595 14 9.1 ÷ H Accumulation class commenced February 2014. X Income 28 February 2015 13,102,688 18,509,776 141.3 Capital (Unit Prices)

28 February 2014 13,473,517 18,581,991 137.9 A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation Units~ Units≈ Units# Units≠ Units± Unitsπ Units÷ 31 January 2013* 16,216,431 19,741,175 121.7 Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest X Accumulation Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Price Price Price Price Price Price Price Price Price Price Price Price Price Price 28 February 2015 187,708,523 280,555,057 149.5 Calendar Year p p p p p p p p p p p p p p 28 February 2014 9 0,102,9 6 5 128,288,499 142.4 2015* 188.2 164.6 102.0 93.60 181.9 167.0 141.8 130.3 149.7 137.4 177.3 162.7 111.5 97.4 4 31 January 2013* 37,897,037 46,327,613 122.2 2014 187.3 152.4 102.7 86.62 180.7 154.5 143.7 120.5 148.5 127.1 176.0 150.6 110.6 9 0 .15 D Accumulation 2013 179.4 137.9 N/A N/A 172.8 13 9.1 137.8 114.0 141.8 114.0 168.3 135.4 N/A N/A 28 February 2015 26,303,640 46,549,738 177.0 2012 144.6 108.8 N/A N/A 138.9 109.5 113.7 100.8 113.8 89.62 135.3 109.7 N/A N/A 28 February 2014 13,314,463 22,479,011 168.8 2011 159.3 104.7 N/A N/A 152 .1 105.1 N/A N/A N/A N/A N/A N/A N/A N/A 31 January 2013*π 338,240 490,920 14 5 .1 2010 147.8 121.9 N/A N/A 140.8 113.5 N/A N/A N/A N/A N/A N/A N/A N/A H Accumulation * To 28 February. ~ A Accumulation class commenced September 2010. 28 February 2015 10,585,808 11,219,032 106.0 ≈ L Income class commenced April 2014. # D Accumulation class was renamed as L Accumulation class during June 2012. 28 February 2014÷ 100 101 101.0 ≠ X Income class commenced August 2012. ± X Accumulation class commenced January 2012. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to π D Accumulation class commenced June 2012. consolidate the publication of the reports. ÷ H Accumulation class commenced February 2014. # D Accumulation class was renamed as L Accumulation class during June 2012. ≈ L Income class commenced April 2014. π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced February 2014.

53 BlackRock Collective Investment Funds 54 Continental European Equity Tracker Performance Record continued

Risk and Reward Profile Ongoing Charges Detailed in the following table are the charges used to meet the costs of running the Fund, which Lower risk Higher risk include the costs of marketing and distribution. These charges reduce the potential growth of your Typically lower rewards Typically higher rewards investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, Unit Class except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective A Accumulation 1 2 3 4 5 6 7 investment scheme (if any). L Income 1 2 3 4 5 6 7 1.3.2014 1.2.2013 L Accumulation 1 2 3 4 5 6 7 Unit Class to 28.2.2015 to 28.2.2014† X Income 1 2 3 4 5 6 7 A Accumulation 0.53% 0.52% X Accumulation 1 2 3 4 5 6 7 L Income≈ 0.23%* N/A D Accumulation 1 2 3 4 5 6 7 L Accumulation 0.23% 0.22% H Accumulation 1 2 3 4 5 6 7 X Income 0.03% 0.02%

`` The risk indicator was calculated incorporating historical or simulated historical data and may not X Accumulation 0.03% 0.02% be a reliable indication of the future risk profile of each unit class. D Accumulation 0.18% 0.17% ÷ `` The risk category shown is not guaranteed and may change over time. H Accumulation 0.13% 0.12%

` † Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ` The lowest category does not mean risk free. ≈ L Income class commenced April 2014. * Ongoing charges figure is based on annualised expenses for the period ended 28 February 2015. `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree ÷ H Accumulation class commenced February 2014. of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund.

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

55 BlackRock Collective Investment Funds 56 Continental European Equity Tracker Investment Report Continental European Equity Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 5.0%*, as did its Nominal Value Total Net benchmark, the FTSE World Europe ex UK Index. The Fund performed in line with the benchmark index. Value Investment £ Assets Over the six month period to 28 February 2015, the Fund returned 5.5%* as did its benchmark. EQUITIES – 98.35%; 2014 99.05%

Fund Manager’s Commentary Austria – 0.46%; 2014 0.64% The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. 54,946 Andritz 2,051,801 0.07 Recovery continued apace in the US and UK, but weak economic growth and worries about deflation 214,229 Erste Bank 3,630,605 0.12 in Europe finally saw the European Central Bank (“ECB”) launch a massive programme of spending in 87,155 Immoeast Der Oest Sparkassen* – 0.00 support of its economy (what is known as quantitative easing) that surprised many with its scale. 687,811 Immofinanz 1,346,868 0.05 105,883 OMV 1,980,407 0.07 2014 was another positive year for European stocks, albeit less strong than the previous two years. 90,181 Raiffeisen Bank International 872,487 0.03 Having struggled somewhat in the early part of last year, markets then recovered as attention turned 8,166 Strabag 125,856 0.00 to when, and if, the ECB would make its long-awaited decision. Stocks rallied hard in the immediate 46,211 Verbund class ‘A’ shares 566,150 0.02 aftermath of the announcement in January and finished the year under review up by 5% in sterling 27,676 Vienna Insurance 791,833 0.03 terms as economic data showed some fragile signs of improvement. 81,654 Voestalpine 2,064,759 0.07 13,430,766 0.46 The Fund remains positioned so that its risk characteristics are similar to those of the FTSE World Belgium – 2.82%; 2014 2.55% Europe ex UK Index. 160,210 Ageas 3,738,388 0.13 568,927 Anheuser-Busch InBev 46,928,838 1.61 March 2015 38,288 Anheuser-Busch InBev ‘VVPR Strip’ shares* 28 0.00 * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net 104,837 Belgacom 2,556,629 0.09 asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. 56,001 Bruxelles Lambert 3,171,547 0.11 51,635 Colruyt 1,566,327 0.05 75,787 Delhaize 4,409,815 0.15 202,187 KBC 7,955,115 0.27 41,909 Solvay 4,033,338 0.14 37,674 Telenet 1,397,804 0.05 88,687 UCB 4,397,660 0.15 76,206 Umicore 2,156,534 0.07 82,312,023 2.82 Czech Republic – 0.13%; 2014 0.16% 116,797 CEZ 1,905,905 0.07 10,896 Komercni Banka 1,530,594 0.05 52,456 O2 Czech Republic 289,760 0.01 3,726,259 0.13 Denmark – 3.57%; 2014 3.11% 4,961 AP Moeller Rights 9/4/2015* – 0.00 3,268 AP Moeller-Maersk series ‘A’ shares 4,716,930 0.16 4,961 AP Moeller-Maersk series ‘B’ shares 7,411,463 0.25 78,944 Carlsberg series ‘B’ shares 4,380,446 0.15 67,563 Christian Hansen 1,962,852 0.07 75,178 Coloplast ‘B’ shares 3,893,623 0.13 575,762 Danske Bank 9,883,966 0.34

57 BlackRock Collective Investment Funds 58 Continental European Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 133,335 DSV 2,793,402 0.10 688,206 Bollore 2,445,534 0.08 43,212 H Lundbeck 556,883 0.02 1,800 Bollore Emission 2015 6,245 0.00 89,898 ISS 1,818,682 0.06 139,483 Bouygues 3,586,286 0.12 49,997 Jyske Bank 1,400,976 0.05 161,690 Bureau Veritas 2,471,470 0.08 1,436,673 Novo Nordisk class ‘B’ shares 44,658,920 1.53 109,434 Cap Gemini 5,739,368 0.20 171,312 Novozymes class ‘B’ shares 5,388,543 0.19 416,584 Carrefour 8,934,575 0.31 88,266 Pandora 5,219,640 0.18 43,307 Casino Guichard-Perrachon 2,643,431 0.09 3,780 Rockwool International class ‘B’ shares 269,488 0.01 37,466 Christian Dior 4,712,482 0.16 585,913 TDC 3,006,070 0.10 113,426 CNP Assurances 1,219,630 0.04 16,657 TrygVesta 1,343,868 0.05 758,315 Credit Agricole 6,918,290 0.24 160,620 Vestas Wind Systems 4,391,410 0.15 398,981 Danone 18,040,729 0.62 17,737 William Demant 942,788 0.03 92,853 Dassault Systemes 4,212,688 0.14 104,039,950 3.57 153,617 Edenred 2,714,889 0.09 194,603 EDF 3,487,967 0.12 Finland – 1.99%; 2014 1.93% 29,679 Eiffage 1,072,196 0.04 335,032 Fortum 4,948,397 0.17 139,767 Essilor International 10,590,561 0.36 52,583 Kesko 1,349,114 0.05 10,561 Euler Hermes 753,864 0.03 279,915 Kone class ‘B’ shares 8,366,163 0.29 30,042 Eurazeo 1,434,943 0.05 101,969 Metso 2,127,746 0.07 332,922 Eurotunnel 2,944,299 0.10 100,269 Neste Oil 1,692,012 0.06 119,417 Eutelsat Communications 2,645,670 0.09 2,658,524 Nokia 13,854,117 0.47 24,698 Foncière des Régions 1,655,078 0.06 99,611 Nokian Renkaat 1,909,367 0.07 1,005,692 GDF Suez 14,478,082 0.50 69,654 Orion series ‘B’ shares 1,470,631 0.05 25,551 Gecina 2,178,085 0.07 344,609 Sampo series ‘A’ shares 11,270,200 0.39 17,397 Hermes International 3,640,264 0.13 430,863 Stora Enso series ‘R’ shares 2,681,558 0.09 27,514 Icade 1,597,961 0.05 396,584 UPM-Kymmene 4,824,175 0.16 17,541 Iliad 2,953,630 0.10 116,452 Wartsila 3,423,915 0.12 25,562 Imerys 1,243,592 0.04 57,917,395 1.99 26,889 Ipsen 885,339 0.03 France – 20.08%; 2014 20.36% 52,577 JC Decaux 1,263,290 0.04 126,195 Accor 4,286,490 0.15 54,447 Kering 7,186,229 0.25 20,531 Aeroports de Paris 1,622,751 0.06 130,008 Klepierre 4,122,550 0.14 111,463 Air France-KLM 572,848 0.02 135,105 Lafarge 6,503,240 0.22 245,176 Air Liquide 21,006,697 0.72 82,455 Lagardere 1,536,531 0.05 393,669 Airbus 15,789,047 0.54 196,127 Legrand 7,029,853 0.24 2,051,775 Alcatel-Lucent 5,207,619 0.18 170,122 L’Oréal 20,027,427 0.69 162,127 Alstom 3,474,822 0.12 178,905 LVMH Moet Hennessy 21,249,676 0.73 52,357 Arkema 2,540,709 0.09 137,123 Michelin 8,556,005 0.29 56,645 Atos 2,616,409 0.09 704,941 Natixis 3,310,327 0.11 1,354,671 AXA 22,289,441 0.77 74,014 Numericable 2,975,494 0.10 20,897 BIC 2,027,061 0.07 1,284,464 Orange 15,191,131 0.52 11,475 bioMérieux 810,279 0.03 143,528 Pernod-Ricard 11,031,801 0.38 695,153 BNP Paribas 26,215,815 0.90 275,431 Peugeot 2,988,600 0.10

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Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 144,355 Publicis 7,632,648 0.26 136,036 Deutsche Boerse 7,191,800 0.25 17,134 Remy Cointreau 815,911 0.03 174,118 Deutsche Lufthansa 1,654,867 0.06 136,914 Renault 8,527,065 0.29 676,966 Deutsche Post (Registered) 14,919,489 0.51 207,993 Rexel 2,632,746 0.09 2,228,382 Deutsche Telekom 26,912,670 0.92 193,726 Safran 8,844,074 0.30 214,238 Deutsche Wohnen 3,832,120 0.13 323,245 Saint-Gobain 9,438,341 0.32 1,319,281 E.ON 13,783,604 0.47 813,641 Sanofi 51,778,228 1.78 47,599 Evonik Industries 1,050,232 0.04 395,207 Schneider Electric 20,643,815 0.71 17,220 Fielmann 772,138 0.03 102,441 SCOR 2,188,526 0.08 25,587 Fraport 1,000,601 0.03 18,997 SEB 913,726 0.03 286,780 Fresenius 10,644,454 0.36 510,711 Société Générale 15,301,314 0.53 155,314 Fresenius Medical Care 8,245,913 0.28 65,245 Sodexo 4,264,744 0.15 25,843 Fuchs Petrolub 643,355 0.02 231,322 Suez Environnement 2,675,364 0.09 48,641 Fuchs Petrolub non-voting preference shares 1,323,524 0.05 77,042 Technip 3,254,910 0.11 132,293 GEA 4,248,297 0.15 78,903 TF1 883,063 0.03 45,508 Hannover Rueckversicherung (Registered) 2,841,855 0.10 75,635 Thales 2,822,177 0.10 105,032 HeidelbergCement 5,423,884 0.19 1,439,491 Total 50,394,722 1.73 85,249 Henkel 5,814,850 0.20 69,531 Unibail-Rodamco 12,999,844 0.45 127,148 Henkel non-voting preference shares 9,754,350 0.33 57,905 Valeo 5,650,550 0.19 17,979 Hochtief 915,000 0.03 80,858 Vallourec 1,242,683 0.04 40,830 Hugo Boss 3,407,933 0.12 323,583 Veolia Environnement 4,085,300 0.14 834,793 Infineon Technologies 6,261,856 0.22 323,174 Vinci 12,433,919 0.43 141,596 K & S 2,959,765 0.10 904,589 Vivendi 14,319,267 0.49 12,238 Kabel Deutschland 1,100,958 0.04 22,093 Wendel Investissement 1,743,003 0.06 69,533 Lanxess 2,323,234 0.08 140,706 Zodiac Aerospace 3,280,212 0.11 135,820 Linde 17,906,592 0.61 585,405,442 20.08 25,611 MAN 1,780,018 0.06 95,408 Merck 6,388,001 0.22 Germany – 19.37%; 2014 19.71% 94,817 Metro 2,055,584 0.07 154,036 Adidas 7,758,817 0.27 37,106 MTU Aero Engines 2,287,817 0.08 324,766 Allianz (Registered) 35,144,876 1.20 107,471 Muenchener Rueckversicherung 14,453,750 0.50 30,899 Axel Springer 1,288,617 0.04 65,061 Osram Licht 1,929,211 0.07 658,221 BASF 40,784,095 1.40 112,595 Porsche non-voting preference shares 6,754,229 0.23 590,917 Bayer (Registered) 56,591,304 1.94 154,782 ProSiebenSat.1 Media 4,921,052 0.17 74,251 Beiersdorf 4,181,402 0.14 2,223 Puma 279,609 0.01 26,700 Bilfinger Berger 1,031,142 0.04 348,255 RWE 6,310,195 0.22 233,205 BMW 19,058,559 0.65 637,219 SAP 29,007,385 1.00 111,886 Brenntag 4,243,028 0.15 565,231 Siemens (Registered) 40,827,253 1.40 32,251 Celesio 644,880 0.02 38,899 Software 698,618 0.02 705,574 Commerzbank 6,168,267 0.21 61,863 Suedzucker 611,087 0.02 78,931 Continental 12,222,332 0.42 87,786 Symrise 3,618,353 0.12 679,963 Daimler (Registered) 42,540,870 1.46 26,334 Talanx 546,825 0.02 989,658 Deutsche Bank 21,024,307 0.72 378,618 Telefonica Deutschland 1,348,713 0.05

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Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 318,281 ThyssenKrupp 5,491,029 0.19 50,724 Gtech 681,450 0.02 84,469 United Internet 2,452,899 0.08 8,310,645 Intesa Sanpaolo 17,974,831 0.62 21,953 Volkswagen 3,532,429 0.12 127,952 Luxottica 5,116,966 0.17 110,126 Volkswagen non-voting preference shares 18,035,950 0.62 583,493 Mediaset 1,742,263 0.06 11,415 Wacker Chemie 840,094 0.03 418,283 Mediobanca 2,498,526 0.09 87,809 Wirecard 2,623,499 0.09 181,336 Mediolanum 893,650 0.03 564,409,437 19.37 225,977 Parmalat 401,176 0.01 242,209 Pirelli 2,404,862 0.08 Greece – 0.15%; 2014 0.08% 158,628 Prysmian 2,057,398 0.07 2,577,546 Alpha Bank 690,314 0.02 184,553 Saipem 1,228,969 0.04 168,245 Hellenic Telecom 1,086,791 0.04 37,318 Salvatore Ferragamo 734,280 0.03 1,128,090 National Bank of Greece 1,097,141 0.04 1,578,685 Snam 5,179,022 0.18 147,779 OPAP 882,727 0.03 7,806,481 Telecom Italia 6,034,187 0.21 1,498,082 Piraeus Bank 616,499 0.02 4,472,316 Telecom Italia participating certificates 2,824,006 0.10 4,373,472 0.15 1,086,419 Terna 3,174,570 0.11 Hungary – 0.13%; 2014 0.14% 3,394,974 UniCredit 14,636,482 0.50 338,730 Magyar Telekom 310,730 0.01 634,132 Unione di Banche Italiane 3,224,049 0.11 35,577 MOL 1,022,969 0.03 575,013 UnipolSai 1,099,277 0.04 135,563 OTP Bank 1,395,203 0.05 264,754 UnipolSai class ‘B’ shares 507,295 0.02 112,843 Richter Gedeon 1,070,018 0.04 135,677,969 4.66 3,798,920 0.13 Luxembourg – 0.70%; 2014 0.67% Ireland – 0.56%; 2014 0.50% 62,390 Altice 4,030,128 0.14 19,884,165 Bank of Ireland 4,877,956 0.17 743,781 ArcelorMittal 5,273,622 0.18 50,919 Irish Bank Resolution* – 0.00 27,162 RTL 1,744,889 0.06 105,408 Kerry class ‘A’ shares 4,955,201 0.17 216,533 SES Global FDR (each representing 1 class ‘A’ share) 4,839,696 0.17 461,371 Ryanair 3,362,001 0.12 195,692 Subsea 7 1,259,611 0.04 167,266 Smurfit Kappa 3,038,055 0.10 353,290 Tenaris 3,279,561 0.11 16,233,213 0.56 20,427,507 0.70 Italy – 4.66%; 2014 4.98% Netherlands – 5.94%; 2014 6.43% 892,580 Assicurazioni Generali 11,913,591 0.41 1,392,555 Aegon 6,993,096 0.24 296,024 Atlantia 5,057,632 0.17 656,375 Ahold 7,984,355 0.27 3,083,504 Banca Monte dei Paschi di Siena 1,378,602 0.05 177,691 Akzo Nobel 8,562,132 0.29 257,782 Banco Popolare 2,578,194 0.09 226,568 ASML 15,886,728 0.54 57,719 Buzzi Unicem 528,679 0.02 54,209 Boskalis Westminster 1,633,785 0.06 190,993 Campari 836,582 0.03 685,394 CNH Industrial 3,681,170 0.13 4,614,186 Enel 13,784,286 0.47 129,122 DSM 4,673,152 0.16 1,079,396 Enel Green Power 1,497,116 0.05 608,741 Fiat Chrysler Automobiles 6,092,712 0.21 1,759,111 Eni 21,283,481 0.73 54,142 Fugro 838,773 0.03 74,197 Exor 2,142,224 0.07 57,026 Gemalto 3,001,957 0.10 288,335 Finmeccancia 2,264,323 0.08 161,849 Heineken 8,194,648 0.28 70,060 Heineken Holding 3,158,751 0.11

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Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 2,760,631 ING Bank 26,748,747 0.92 107,110 KGHM Polska Miedz 2,266,522 0.08 2,309,707 Koninklijke KPN 5,106,233 0.18 900 LPP 1,137,892 0.04 51,159 Koninklijke Vopak 1,743,483 0.06 8,882 mBank 709,936 0.02 117,978 NN 2,188,647 0.07 464,511 Orange Polska 801,784 0.03 64,216 OCI 1,763,167 0.06 235,355 PKN Orlen 2,231,245 0.08 665,875 Philips 12,915,887 0.44 523,280 Polska Grupa Energetyczna 1,896,131 0.07 170,142 Qiagen 2,775,397 0.10 1,215,625 Polskie Gornictwo Naftowe 1,069,331 0.04 77,582 Randstad 2,964,648 0.10 642,562 Powszechna Kasa Oszczednosci Bank Polski 3,659,968 0.13 464,095 Reed Elsevier 7,477,797 0.26 42,104 Powszechny Zaklad Ubezpieczen 3,598,406 0.12 143,577 SBM Offshore 1,092,094 0.04 388,320 Synthos 298,804 0.01 334,288 TNT Express 1,324,730 0.05 813,380 Tauron Polska Energia 691,312 0.02 1,111,142 Unilever 31,371,334 1.08 27,237,341 0.94 220,939 Wolters Kluwer 4,647,127 0.16 Portugal – 0.37%; 2014 0.39% 172,820,550 5.94 26,247,323 Banco Comercial Portugues 1,583,069 0.05 Norway – 1.48%; 2014 1.62% 1,894,347 EDP Energias 4,842,423 0.17 99,175 Akastor 151,053 0.01 147,480 EDP Renovaveis 662,258 0.02 99,175 Aker Solutions 360,055 0.01 267,063 Galp Energia 2,031,369 0.07 785,602 DNB 8,314,553 0.28 175,087 Jeronimo Martins 1,342,571 0.05 118,608 Gjensidige Forsikring 1,342,817 0.05 428,030 Portugal Telecom 213,735 0.01 223,682 Marine Harvest 1,834,338 0.06 10,675,425 0.37 1,008,041 Norsk Hydro 3,740,055 0.13 588,925 Orkla 2,996,629 0.10 Spain – 7.09%; 2014 7.16% 59,640 Schibsted 2,305,333 0.08 289,374 Abertis Infraestructuras 3,664,956 0.13 252,628 Seadrill 1,894,964 0.07 18,449 Acciona 936,644 0.03 706,247 Statoil 8,648,595 0.30 91,370 Acerinox 965,227 0.03 513,693 Telenor 6,700,107 0.23 127,633 ACS Actividades 3,077,347 0.11 129,054 Yara International 4,618,550 0.16 313,435 Amadeus IT 8,382,987 0.29 1,130,071 Banco Popolare Espanol 3,374,301 0.12 42,907,049 1.48 2,623,869 Banco Sabadell 4,671,469 0.16 Poland – 0.94%; 2014 0.94% 9,837,463 Banco Santander (Registered) 46,624,063 1.60 32,401 Alior Bank 469,117 0.02 3,440,707 Bankia 3,241,427 0.11 20,550 Bank Handlowy w Warszawie 380,406 0.01 490,514 Bankinter 2,488,171 0.09 328,441 Bank Millennium 402,068 0.01 4,386,005 BBVA 28,573,654 0.98 94,483 Bank Pekao 3,046,080 0.10 1,461,660 CaixaBank 4,400,469 0.15 20,199 Bank Zachodni WBK 1,172,769 0.04 14,730 Corporacion Financiera Alba 491,677 0.02 174,403 Cyfrowy Polsat 731,998 0.03 437,072 Distribuidora 2,158,079 0.07 165,020 ENEA 467,804 0.02 82,524 Enagas 1,642,035 0.06 243,790 Energa 952,879 0.03 243,553 Endesa 3,194,225 0.11 60,757 Eurocash 353,078 0.01 304,271 Ferrovial 4,182,677 0.14 816,010 Getin Noble Bank 265,432 0.01 270,841 Gas Natural 4,244,054 0.15 21,442 ING Bank Slaski 508,850 0.02 124,016 Grifols 3,262,868 0.11 32,731 Jastrzebska Spolka 125,529 0.00

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Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 3,789,934 Iberdrola 16,798,612 0.58 151,197 Swedish Match 3,081,464 0.11 754,042 Inditex 15,367,615 0.53 235,924 Tele2 series ‘B’ shares 1,790,049 0.06 806,591 Mapfre 1,837,632 0.06 1,897,547 TeliaSonera 7,787,571 0.27 167,545 Mediaset Espana 1,341,892 0.05 185,750 Trelleborg class ‘B’ shares 2,428,189 0.08 45,927 Red Electrica 2,538,018 0.09 1,112,723 Volvo series ‘B’ shares 8,684,381 0.30 725,933 Repsol 9,099,189 0.31 203,913,807 7.00 2,839,553 Telefonica 28,626,354 0.98 128,619 Zardoya Otis 1,009,124 0.03 Switzerland – 19.93%; 2014 19.82% 1,652,983 ABB 23,061,993 0.79 20 6 ,19 4 ,76 6 7.0 9 69,294 Actelion 5,396,707 0.18 Sweden – 7.00%; 2014 7.08% 120,342 Adecco 6,160,643 0.21 227,592 Alfa Laval 2,953,975 0.10 62,921 Aryzta 3,270,492 0.11 229,603 Assa Abloy series ‘B’ shares 8,915,290 0.31 33,845 Baloise 2,864,598 0.10 454,173 Atlas Copco series ‘A’ shares 9,474,710 0.33 2,026 Banque Cantonale Vaudoise (Registered) 755,057 0.03 287,364 Atlas Copco series ‘B’ shares 5,531,118 0.19 1,321 Barry Callebaut 890,405 0.03 207,768 Boliden 2,719,240 0.09 195,446 Clariant 2,301,248 0.08 167,914 Electrolux series ‘B’ shares 3,547,222 0.12 368,640 Compagnie Financiere Richemont 21,123,735 0.73 251,391 Elekta series ‘B’ shares 1,696,769 0.06 1,155,311 Credit Suisse 18,342,401 0.63 2,191,892 Ericsson series ‘B’ shares 18,382,250 0.63 19,317 DKSH 1,035,039 0.04 136,310 Getinge 2,436,487 0.08 24,512 Dufry Group 2,303,882 0.08 701,234 Hennes & Mauritz series ‘B’ shares 19,791,535 0.68 5,228 EMS-Chemie 1,494,301 0.05 190,080 Hexagon series ‘B’ shares 4,435,760 0.15 3,501 Galenica 1,976,265 0.07 34,671 Holmen series ‘B’ shares 778,697 0.03 114,172 GAM 1,449,506 0.05 285,846 Husqvarna series ‘B’ shares 1,445,884 0.05 27,344 Geberit 6,334,633 0.22 137,817 Industrivarden series ‘A’ shares 1,798,385 0.06 6,677 Givaudan 8,344,826 0.29 118,767 Industrivarden series ‘C’ shares 1,475,166 0.05 163,914 Holcim 8,228,985 0.28 330,082 Investor series ‘B’ shares 8,494,174 0.29 159,777 Julius Baer (Registered) 4,798,599 0.16 153,069 Kinnevik 3,333,370 0.11 36,618 Kuehne + Nagel 3,466,719 0.12 149,383 Lundin Petroleum 1,424,318 0.05 75 Lindt & Spruengli (Registered) 3,174,465 0.11 196,093 Meda class ‘A’ shares 2,052,239 0.07 677 Lindt & Spruengli Participating Certificates 2,421,405 0.08 5,735 Melker Schorling 221,039 0.01 38,434 Lonza 3,079,862 0.11 35,918 Modern Times series ‘B’ shares 719,207 0.02 2,294,372 Nestlé 116,515,666 4.00 2,333,034 Nordea Bank 20,362,327 0.70 1,672,049 Novartis 111,161,785 3.82 135,918 Ratos series ‘B’ shares 617,387 0.02 19,227 Pargesa 940,975 0.03 798,773 Sandvik 5,797,236 0.20 13,255 Partners 2,646,386 0.09 223,107 Securitas series ‘B’ shares 2,054,555 0.07 30,230 PSP Swiss Property 2,040,713 0.07 1,075,378 Skandinaviska Enskilda Banken series ‘A’ shares 8,776,689 0.30 505,640 Roche 89,286,419 3.07 270,566 Skanska series ‘B’ shares 4,363,968 0.15 32,507 Schindler 3,488,004 0.12 310,064 SKF series ‘B’ shares 5,049,142 0.17 15,071 Schindler Registered shares 1,590,373 0.05 428,251 Svenska Cellulosa series ‘B’ shares 6,890,662 0.24 3,690 SGS (Registered) 4,853,507 0.17 356,406 Svenska Handelsbanken series ‘A’ shares 11,613,099 0.40 1,540 Sika 3,531,893 0.12 771,621 Swedbank series ‘A’ shares 12,990,253 0.45 37,706 Sonova 3,397,285 0.12

67 BlackRock Collective Investment Funds 68 Continental European Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure – Derivatives Value Total Net Value Investment £ Assets Value Investment £ £ Assets 451,652 STMicroelectronics 2,610,980 0.09 DERIVATIVES – 0.15%; 2014 0.01% 18,422 Sulzer 1,456,106 0.05 Futures – 0.15%; 2014 0.01% 22,017 Swatch class ‘I’ shares 6,528,231 0.22 1,429 EURO Stoxx 50 March 2015 37,234,295 4,113,635 0.14 33,861 Swatch class ‘N’ shares 1,934,518 0.07 196 Swiss Market Index March 2015 11,951,080 298,748 0.01 24,197 Swiss Life 3,735,955 0.13 41,040 Swiss Prime Site 2,430,101 0.08 49,185,375 4,412,383 0.15 245,475 Swiss Re 14,677,731 0.50 Portfolio of investments 2,868,283,886 98.50 16,264 Swisscom 6,066,876 0.21 Net other assets 43,543,337 1.50 66,488 Syngenta 15,234,990 0.52 242,597 Transocean 2,526,897 0.09 Total net assets £2,911,827,223 100.00 2,541,223 UBS Group 29,036,601 1.00 Unless otherwise stated, all holdings are quoted in ordinary shares and are listed on a recognised exchange. Note: comparative figures show percentages for each category of holding at 28 February 2014. 106,431 Zurich Financial Services 22,135,440 0.76 * Delisted. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) 5 8 0,10 3,19 8 19.9 3 and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. Turkey – 0.98%; 2014 0.78% 1,197,492 Akbank 2,526,419 0.09 141,893 Anadolu Efes Biracilik ve Malt Sanayii 746,575 0.03 137,483 Arcelik 534,127 0.02 75,555 Aselsan Elektronik Sanayi Ve Ticaret 233,272 0.01 159,603 BIM Birlesik Magazalar 1,927,949 0.07 50,655 Coca-Cola Icecek 634,703 0.02 1,360,436 Emlak Konut Gayrimenkul 1,092,073 0.04 341,250 ENKA 448,654 0.02 1,008,290 Eregli Demir ve Celik 1,094,755 0.04 54,194 Ford Otomotiv 472,683 0.02 611,462 Haci Omer Sabanci 1,522,873 0.05 465,277 KOC Holdings 1,394,622 0.05 26,451 Koza Altin 151,082 0.01 112,909 TAV Havalimanlari 582,454 0.02 97,639 Tofas Turk Otombil Fabrikasi 409,477 0.01 90,848 Tupras-Turkiye Petrol Rafinerileri 1,237,657 0.04 415,843 Turk Hava Yollari Anonim Ortakligi 968,270 0.03 381,411 Turk Telekomunikasyon 713,422 0.02 576,428 Turkcell Iletism Hizmetleri 1,950,248 0.07 1,535,501 Turkiye Garanti Bankasi 3,547,688 0.12 481,565 Turkiye Halk Bankasi 1,846,121 0.06 1,015,332 Turkiye Is Bankasi series ‘C’ shares 1,643,152 0.06 350,341 Turkiye Sise ve Cam Fabrikalari 333,512 0.01 719,751 Turkiye Valiflar Bankasi 974,063 0.03 116,945 Ulker Biskuvi Sanayi 583,717 0.02 584,216 Yapi ve Kredi Bankasi 697,446 0.02 28,267,014 0.98

69 BlackRock Collective Investment Funds 70 Continental European Equity Tracker Statement of Total Return Continental European Equity Tracker Balance Sheet for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 2,868,283,886 1,972,004,793 Income – Debtors 7 28,456,335 24,508,205 Net capital gains during the – Cash and bank balances 8 39,835,324 16,660,689 year/period 2 78,675,674 195,133,417 Revenue 3 59,838,579 49,961,829 Total other assets 68,291,659 41,168,894 Expenses 4 (5,056,753) (3,565,258) Total assets 2,936,575,545 2,013,173,687 Finance costs: Interest 6 (33,995) (11,991) Liabilities: Net revenue before taxation 54,747,831 46,384,580 – Creditors 9 (24,310,472) (22,329,484) Taxation 5 (5,566,695) (5,158,648) – Amount held at futures Net revenue after taxation clearing houses and brokers (343,290) (68,751) for the year/period 49,181,136 41,225,932 – Distribution payable on Total return before distributions 127,856,810 236,359,349 income units (94,560) (81,404) Finance costs: Distributions 6 (47,537,100) (40,020,405) Total other liabilities (24,748,322) (22,479,639) Change in net assets Total liabilities (24,748,322) (22,479,639) attributable to unitholders Net assets attributable from investment activities £80,319,710 £196,338,944 to unitholders £2,911,827,223 £1,990,694,048 Continental European Equity Tracker Statement of Change in Net Assets Attributable to Unitholders N C D Hall (Director) for the year ended 28 February 2015 E E Tracey (Director) BlackRock Fund Managers Limited For the period 30 April 2015 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 1,990,694,048 1,440,369,090 Amounts received on creation of units 966,874,480 627,804,937 Amounts paid on cancellation of units (185,397,800) (314,177,320) 781,476,680 313,627,617 Change in net assets attributable to unitholders from investment activities 80,319,710 196,338,944 Retained distribution on accumulation units 59,336,785 40,358,397 Closing net assets attributable to unitholders £2,911,827,223 £1,990,694,048

71 BlackRock Collective Investment Funds 72 Continental European Equity Tracker Notes to Financial Statements for the year ended 28 February 2015 1. Accounting and Distribution Policies 4. Expenses Please see pages 6-8 of the Aggregated Notes to Financial Statements. For the period For the year from 1.2.2013 2. Net Capital Gains During the Year/Period to 28.2.2015 to 28.2.2014 £ £ For the period For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 4,439,651 3,218,798 £ £ – Registrar’s fees 4,808 4,835 The net capital gains comprise: 4,444,459 3,223,633 Gains on non-derivative securities 73,939,598 193,789,553 Payable to the Trustee or associates of the Trustee: Gains on derivative contracts 7,722,937 1,390,183 – Trustee’s fees 191,355 129,201 Currency (losses)/gains (2,940,832) 18 ,19 6 191,355 129,201 Custodian transaction costs (46,029) (64,515) Other expenses: Net capital gains £78,675,674 £195,133,417 – Audit fee 6,690 5,925 – FCA fee 153 165 3. Revenue – Legal & professional fees 155,939 25,992 For the period – Risk monitoring fees – 840 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 – Safe custody fees 25 8 ,15 7 179,502 £ £ 420,939 212,424 Interest from UK bank deposits 165,647 12,626 Total expenses £5,056,753 £3,565,258 Overseas dividends 56,436,499 47,763,895 5. Taxation Overseas REIT dividends 703,071 461,169 Securities lending revenue 888,372 518,006 (a) Analysis of tax charge for the year/period Stock dividends 1,644,990 1,206,133 For the period For the year from 1.2.2013 Total revenue £59,838,579 £49,961,829 to 28.2.2015 to 28.2.2014 £ £ Irrecoverable overseas tax 5,566,695 5,158,648 Total current tax charge for the year/period [see Note 5(b)] £5,566,695 £5,158,648

73 BlackRock Collective Investment Funds 74 Continental European Equity Tracker Notes to Financial Statements continued

(b) Factors affecting the current tax charge for the year/period 7. Debtors The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an 28.2.2015 28.2.2014 authorised unit trust. The differences are explained below: £ £ For the period Accrued revenue 637,900 1,712,698 For the year from 1.2.2013 Amounts receivable for creation of units 10,427,869 8,376,925 to 28.2.2015 to 28.2.2014 £ £ Currency sales awaiting settlement 12,564,346 10,030,365 Overseas tax recoverable 4,812,244 4,377,726 Net revenue before taxation 54,747,831 46,384,580 Sales awaiting settlement 13,976 10,491 Corporation tax at 20% (28 February 2014: 20%) 10,949,566 9,276,916 Total debtors £28,456,335 £24,508,205 Effects of: Excess expenses for which no tax relief taken 743,064 570,433 8. Cash and Bank Balances Irrecoverable overseas tax 5,566,695 5 ,15 8 ,6 4 8 28.2.2015 28.2.2014 Non taxable overseas dividends (11,363,632) (9,599,259) £ £ Non taxable stock dividends (328,998) (241,227) Amounts held at futures clearing houses and brokers 946,040 1,712,235 Overseas tax expensed – (6,863) Cash and bank balances 38,889,284 14,948,454 Total current tax charge for the year/period [see note 5(a)] £5,566,695 £5,158,648 Total cash and bank balances £39,835,324 £16,660,689 At 28 February 2015, the Fund had surplus management expenses of £10,279,882 (28 February 2014: £5,668,614). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of£2,055,977 (28 February 2014: £1,133,723) has not been recognised. 9. Creditors 28.2.2015 28.2.2014 6. Finance Costs £ £ Accrued Audit fee 6,690 6,690 For the period For the year from 1.2.2013 Accrued FCA fee 601 447 to 28.2.2015 to 28.2.2014 Accrued Manager’s charge 1,200,371 833,979 £ £ Accrued Registrar’s fee 1,844 1,349 Interim distribution 53,041,298 33,932,042 Accrued Safe custody fees 69,864 60,993 Final distribution 6,922,996 6,927,978 Accrued Trustee’s fee 52,491 34,626 59,964,294 40,860,020 Amounts payable for cancellation of units 1,306,095 411,779 Add: Amounts deducted on cancellation of units 528,664 2,914,947 Currency purchases awaiting settlement 12,576,504 9,998,238 Less: Amounts received on creation of units (12,955,858) (3,754,562) Custodian transaction costs 6,263 18,821 Net distribution for the year/period 47,537,100 40,020,405 Purchases awaiting settlement 9,089,749 10,962,562 Finance costs: Interest 33,995 11,991 Total creditors £24,310,472 £22,329,484 Finance costs £47,571,095 £40,032,396

Net revenue after taxation for the year/period 4 9,181,136 41,225,932 Add: Equalisation on conversions 954 606 Less: Non distributable stock dividends (1,644,990) (1,206,133) Net distribution for the year/period £47,537,100 £40,020,405

Details of the interim and final distributions per unit are set out in the tables on page 87.

75 BlackRock Collective Investment Funds 76 Continental European Equity Tracker Notes to Financial Statements continued

10. Derivatives and Other Financial Instruments Risk Impact of risk (a) The Fund’s financial instruments comprise securities and other investments, cash balances and Counterparty The risk of entering an arrangement with a counterparty, which is itself subject debtors and creditors that arise directly from its operations, for example, in respect of sales and to financial risks which may affect its ability to trade as a going concern. purchases awaiting settlement, amounts receivable for creations and payable for cancellation of units and debtors for accrued revenue. The Manager maintains a list of approved counterparties. This list is regularly monitored and revised for changes based on the counterparty’s credit-worthiness, The Manager shall take the risks it deems reasonable to meet the investment objective. These market reputation and expectations of future financial performance. Transactions risks include the following: will only be opened with financial intermediaries on the approved counterparties Risk Impact of risk list. Foreign currency The risk of changes to foreign currency rates materially affecting the Sterling The Fund’s use of exchange traded derivatives are considered to be free of equivalent value of non-Sterling denominated assets and liabilities accounted counterparty risk if the derivative is traded on an exchange where the clearing for by the Fund. house is backed by an appropriate performance guarantee and it is characterised The Fund is accounted for in Sterling and holds financial assets and financial by a daily mark-to-market valuation of the derivative position and at least daily liabilities denominated in other international currencies. margining. To manage the risk, the Fund may enter into forward currency contracts for the At 28 February 2015, the market value of the exchange traded derivatives held by purposes of efficient portfolio management. At 28 February 2015 and 28 February the Fund was £4,412,383 (28 February 2014: £261,649). Exchange traded derivatives 2014, the Fund had no open forward currency contracts. are primarily traded with the following counterparty: Goldman Sachs International. Market price The valuation of the Fund’s investments is calculated with reference to market Margin is paid or received on derivatives to cover any exposure by the counterparty prices quoted by financial agencies and brokers. Movements to those market to the Fund or by the Fund to the counterparty. Margin receivable from the prices may materially affect the value of the Fund’s investments, which may move Fund’s clearing brokers and various counterparties is included in “Cash and bank down as well as up. balances” on the Balance Sheet. Margin payable to the Fund's clearing brokers and various counterparties is included in “Amounts held at futures clearing houses To manage the risk, the Manager undertakes research in order to achieve the best and brokers” on the Balance Sheet. price for any transactions entered into on behalf of the Fund. At 28 February 2015, the Fund had received margin of £343,290 (28 February 2014: Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the £68,751) from counterparties and had provided margin of £946,040 (28 February ability of the Fund to trade financial instruments at values previously indicated 2014: £1,712,235) to counterparties relating to derivatives. by financial brokers. Credit During the year, the Fund engaged in securities lending activities which exposed All stocks are valued daily. Stocks identified as being illiquid are reviewed the Fund to credit risk. The maximum exposure of the Fund is equal to the value of for pricing accuracy as the need arises and on a formal monthly basis by the the securities loaned disclosed in Note 12. BlackRock Pricing Committee. The Fund invests primarily in larger companies incorporated or listed in Continental Europe (including Scandinavia), which is typically considered to be a territory operating with high levels of liquidity. From time to time, however, market liquidity may be affected by economic events. To manage the risk, the Investment Manager undertakes research of investment opportunities to select opportunities congruent with the Fund’s investment objective.

77 BlackRock Collective Investment Funds 78 Continental European Equity Tracker Notes to Financial Statements continued

(b) Currency Exposures Risk Impact of risk A proportion of the net assets of the Fund are denominated in currencies other than Sterling, Use of derivatives The Fund may use derivatives for the purposes of efficient portfolio management with the effect that the Balance Sheet and Statement of Total Return can be affected by in order to reduce risk within the portfolio, reduce investment costs and generate currency movements. additional income. The currency profile held at 28 February 2015 was as follows: The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. In particular, derivative contracts can be highly Currency Net Assets/(Liabilities) volatile and the amount of initial margin is generally small relative to the size of Monetary Non-monetary the contract so that transactions may be leveraged in terms of market exposure. Exposures Exposures Total A relatively small market movement may have a potentially larger impact on 28.2.2015 28.2.2015 28.2.2015 derivatives than on standard bonds or equities. Leveraged derivative positions Currency £ £ £ can therefore increase fund volatility. Czech koruna 59,968 3,748,783 3,808,751 As at 28 February 2015, the Manager uses a methodology known as the Danish krone 5,419 104,086,542 104,091,961 “Commitment Approach” in order to measure the global exposure from financial Euro 29,986,226 1,878,477,997 1,908,464,223 derivative instruments of the Fund and manage the potential loss to it due to Hungarian forint 200,886 3,600,492 3,801,378 market risk. The Commitment Approach is a methodology that aggregates the Norwegian krone 124,702 44,366,959 44,491,661 underlying market or notional values of derivative instruments to determine the Polish zloty 4,574 27,237,340 27,241,914 degree of global exposure of a Fund to derivative instruments. In accordance with COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net Swedish krona 50,395 203,869,256 203,919,651 asset value. Swiss franc 8,066,938 580,836,223 588,903,161 Any exposure to financial derivative instruments at year end is marked on the Turkish lira 8,026 28,267,016 28,275,042 Portfolio Statement. UK sterling 984,815 (2,259,410) (1,274,595) US dollar 85 103,991 104,076 These risks are monitored by the Manager in pursuance of the investment objective and policy as set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing Total £39,492,034 £2,872,335,189 £2,911,827,223 powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment The currency profile held at 28 February 2014 was as follows: Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the Investment Report and Currency Net Assets/(Liabilities) Portfolio Statement. Monetary Non-monetary Exposures Exposures Total 28.2.2014 28.2.2014 28.2.2014 Currency £ £ £ Czech koruna 2,982 3,036,666 3,039,648 Danish krone 4 ,191 62,006,135 62,010,326 Euro 13,924,398 1,302,914,311 1,316,838,709 Hungarian forint 2,624 2,845,875 2,848,499 Norwegian krone 7,415 34,187,203 34,194,618 Polish zloty 36,434 18,812,260 18,848,694 Swedish krona 1,517 140,775,017 140,776,534 Swiss franc 2,256,301 395,308,839 397,565,140 Turkish lira 2,326 15,423,415 15,425,741 UK sterling 353,750 (1,139,845) (786,095) US dollar – (67,766) (67,766) Total £16,591,938 £1,974,102,110 £1,990,694,048

79 BlackRock Collective Investment Funds 80 Continental European Equity Tracker Notes to Financial Statements continued

(c) Interest Rate Risk Profile of Financial Assets and Liabilities The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: Floating Rate Fixed Rate Financial Assets Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying Financial Financial not Carrying Assets Assets Interest Total Assets Assets Interest Total Currency £ £ £ £ Currency £ £ £ £ Czech koruna 2,982 – 3,036,666 3,039,648 Czech koruna 59,968 – 3,748,783 3,808,751 Danish krone 4 ,191 – 62,418,637 62,422,828 Danish krone 5,419 – 104,286,689 104,292,108 Euro 13,924,398 – 1,311,562,705 1,325,487,103 Euro 29,986,226 – 1,887,118,908 1,917,10 5 ,13 4 Hungarian forint 2,624 – 2,845,875 2,848,499 Hungarian forint 200,886 – 3,798,919 3,999,805 Norwegian krone 7,415 – 34,308,363 34,315,778 Norwegian krone 124,702 – 44,366,959 44,491,661 Polish zloty 36,434 – 18,931,717 18,968,151 Polish zloty 4,574 – 27,237,340 27,241,914 Swedish krona 1,517 – 141,384,916 141,386,433 Swedish krona 50,395 – 204,270,678 204,321,073 Swiss franc 2,325,052 – 398,029,602 400,354,654 Swiss franc 8,410,228 – 583,049,170 591,459,398 Turkish lira 2,326 – 15,543,021 15,545,347 Turkish lira 8,026 – 28,267,016 28,275,042 UK sterling 353,750 – 8,398,529 8,752,279 UK sterling 984,815 – 10,491,768 11,476,583 US dollar – – 52,967 52,967 US dollar 85 – 103,991 104,076 Total £16,660,689 £0 £1,996,512,998 £2,013,173,687 Total £39,835,324 £0 £2,896,740,221 £2,936,575,545 Floating Rate Financial Floating Rate Financial Financial Liabilities not Financial Liabilities not Liabilities Carrying Interest Total Liabilities Carrying Interest Total Currency £ £ £ Currency £ £ £ Danish krone – (412,502) (412,502) Danish krone – (200,147) (200,147) Euro – (8,648,394) (8,648,394) Euro – (8,640,911) (8,640,911) Norwegian krone – (121,160) (121,160) Hungarian forint – (198,427) (198,427) Polish zloty – (119,457) (119,457) Swedish krona – (401,422) (401,422) Swedish krona – (609,899) (609,899) Swiss franc (343,290) (2,212,947) (2,556,237) Swiss franc (68,751) (2,720,763) (2,789,514) UK sterling – (12,751,178) (12,751,178) Turkish lira – (119,606) (119,606) Total £(343,290) £(24,405,032) £(24,748,322) UK sterling – (9,538,374) (9,538,374) There were no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates. US dollar – (120,733) (120,733) Total £(68,751) £(22,410,888) £(22,479,639)

The floating rate financial assets and liabilities include: Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two week LIBID rates and overdraft interest based on 3% over the base rate. All overseas deposits and loans bear interest at rates determined by the relevant Authority.

81 BlackRock Collective Investment Funds 82 Continental European Equity Tracker Notes to Financial Statements continued

(d) Fair Value of Financial Assets and Financial Liabilities 14. Related Parties There is no material difference between the value of the financial assets and liabilities, as shown Parties are considered to be related if one party has the ability to control the other party or in the Balance Sheet and their fair value. exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 28 February 2015: 11. Contingent Assets and Liabilities Manager/Registrar: BlackRock Fund Managers Limited Further to a number of rulings of the European Court of Justice (including in Fokus Bank (2004), Investment Manager: BlackRock Investment Management (UK) Limited Denkavit International (2006) and FIM Santander (2012)) regarding taxation withheld on overseas Securities lending agent: BlackRock Advisors (UK) Limited dividends, the Manager has taken steps to make claims with certain European Tax Authorities Trustee: BNY Mellon Trust & Depositary (UK) Limited for repayment of taxation suffered on foreign dividend income. Due to the uncertainty regarding the likely success and timing of the claims, it is not possible to estimate the amount of overseas The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. withholding tax that may be received or the timing of the receipt. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock. 12. Efficient Portfolio Management Techniques The Manager acts as either principal or agent for the Trustee in respect of all transactions of The Fund may engage in derivative transactions for the purposes of efficient portfolio management. units of the Fund. The aggregate monies received through creation and paid through cancellation Please see further disclosures in Note 10(a). of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. During the year, the Fund engaged in securities lending, subject to the conditions and within the Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s limits laid down by the Financial Conduct Authority. fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at The Fund receives securities as collateral for a value in excess of the market value of the securities the year end in respect of these fees are shown in Note 9. loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing following collateral agents and central securities depositories: JP Morgan Chase and BNY Mellon. arrangements with related parties (including, without limitation, brokers who are affiliated to the As at 28 February 2015, the Fund had securities on loan to the following counterparty: Barclays BlackRock Group), which may result in the Fund benefiting from research or execution services Capital, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan Chase, Morgan which the Investment Manager believes are useful in the investment decision-making or trade Stanley, Nomura, Société Générale, The Bank of Nova Scotia and UBS. execution process. Such research or execution services may include, without limitation and to the The Investment Manager monitors the fair value of the securities loaned and additional collateral extent permitted by applicable law: research reports on companies, industries and securities; and is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a the provision of economic and financial information and analysis. Due to the bundled nature of regulated market. these services and the application of such benefits across a number of BlackRock managed funds, The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund these arrangements with brokers who are not affiliated to the BlackRock Group. and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue Securities Lending is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational The securities lending agent appointed pursuant to the securities lending agreement is BlackRock costs are borne out of the securities lending agent’s share. Advisors (UK) Limited, which is a related party to the Fund. 28.2.2015 28.2.2014 The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity £ £ allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly Revenue earned during the year/period 888,372 518,006 related to securities loan transactions as well as the cost of indemnification against borrower Value of securities on loan at the year/period end 193,552,091 194,831,222 default. Value of collateral held on behalf of the Fund at the See further information in Note 12. year/period end 216,376,024 215,780,775

13. Investment Management Please see page 16.

83 BlackRock Collective Investment Funds 84 Continental European Equity Tracker Notes to Financial Statements continued

Material Unitholders 16. Unitholders’ Funds The following investor held more than 20% of the voting units in issue in the Fund and as a result is Accumulation and Income units are currently available as specified in the Prospectus. The net considered to be a related party of the Fund. asset value of each unit class, net asset value per unit and the number of units in issue are given in As at 28 February 2015: the “Performance Record”. The types of units currently in issue and the Manager’s annual charge for each unit class are % of voting units shown below: Held by: in issue No. of units held Nutraco Nominees Limited 37% 611,255,621 Class 28.2.2015 28.2.2014 A Accumulation 0.45% 0.45% As at 28 February 2014: L Income# 0.20% N/A % of voting units L Accumulation 0.20% 0.20% Held by: in issue No. of units held X Income◊ 0.00% 0.00% Nutraco Nominees Limited 48% 558,438,217 X Accumulation◊ 0.00% 0.00% All related party transactions were carried out at arm’s length in the ordinary course of business. D Accumulation 0.15% 0.15% The terms and returns received by the related parties in making the investments above were no H Accumulation 0.10 % 0.10 % more favourable than those received by other investors investing into the same unit classes. # L Income class commenced April 2014. ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or 15. Portfolio Transaction Costs their affiliates. Summary of total purchase costs: In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. For the period For the period Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the For the year For the year from 1.2.2013 from 1.2.2013 remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 is allocated each day pro rata to the capital value of assets attributable to each class and taxation is £ £ £ £ computed by reference to the net revenue after expenses attributable to each class. The distribution Purchases before per unit class is given in the distribution tables. All unit classes have the same rights on winding up. transaction costs 906,868,963 608,564,283 Commissions and other costs 17. Non Adjusting Post Balance Sheet Event (including stamp duty) 26 8 ,18 9 404,701 Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as Total purchase costs 26 8 ,18 9 404,701 shown below:

Gross purchases total £9 07,137,152 £608,968,984 Bid prices as at Bid prices as at Rise Class 23.4.2015 28.2.2015 (%) Summary of total sale costs: A Accumulation 184.9p 178.9p 3.4 For the period For the period L Income 105.0p 101.8p 3.1 For the year For the year from 1.2.2013 from 1.2.2013 L Accumulation 187.8p 181.6p 3.4 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ X Income 146.1p 141.7p 3.1 Gross sales before X Accumulation 154.6p 149.4p 3.5 transaction costs 87,843,432 264,500,134 D Accumulation 183.0p 176.9p 3.4 Commissions and other costs (4,742) (55,539) H Accumulation 109.6p 106.0p 3.4 Total sale costs (4,742) (55,539) Total sales net of transaction costs £87,838,690 £264,444,595

85 BlackRock Collective Investment Funds 86 Continental European Equity Tracker Distribution Tables BlackRock Corporate Bond 1-10 Year Fund for the year ended 28 February 2015 Final Distribution in Pence per Unit BlackRock Corporate Bond 1-10 Year Fund Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 Investment Objective & Policy

A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation Units Units≈ Units Units Units Units Units The aim of the BlackRock Corporate Bond 1-10 Year Fund (the “Fund”) is to seek to achieve a total Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 return for investors by tracking closely the performance of a composite benchmark comprising the Net revenue (dividend) 0 .15 3 8 0.0629 0.2323 0.0551 0.4136 0.1639 0.4558 0.2920 0.4808 0.2387 0.4434 0.2583 0.2909 0 .179 3 Bank of America Merrill Lynch Sterling Corporate Securities 1-5 Year Index and the Bank of America

Equalisation† – 0.0909 – 0 .17 72 – 0.2497 – 0 .16 3 8 – 0.2421 – 0 .18 51 – 0.1116 Merrill Lynch Sterling Corporate Securities 5-10 Year Index by investing in the fixed income securities

Distribution payable 30.4.2015 0 .15 3 8 0 .15 3 8 0.2323 0.2323 0.4136 0.4136 0.4558 0.4558 0.4808 0.4808 0.4434 0.4434 0.2909 0.2909 contained in those indices. Investment will be made directly into constituent issues and via other transferable securities giving exposure to such issues. The Fund may also invest in permitted money- Distribution paid 30.4.2014 0.3414 0.3414 N/A N/A 0.5916 0.5916 0.6042 0.6042 0.6214 0.6214 0.6156 0.6156 0.0000 0.0000 market instruments, permitted deposits and units in collective investment schemes. Derivatives and

forward transactions may be used for the purposes of efficient portfolio management. Interim Distribution in Pence per Unit Group 1 – Units purchased prior to 1 March 2014 The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Group 2 – Units purchased 1 March 2014 to 31 August 2014 under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Sourcebook”). The Fund was authorised by the FCA on 28 April 2010 and launched on 21 June 2010. A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation Units Units≈ Units Units Units Units Units÷

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Net revenue (dividend) 3 .119 5 1.2404 1.3629 0 .16 75 3.4227 0.5224 2.8540 0.3359 2.9488 0.1839 3.3749 0.9677 1.9283 0.8101

Equalisation† – 1.8791 – 1.19 5 4 – 2.9003 – 2.5181 – 2.7649 – 2.4072 – 1.1182

Distribution paid 31.10.2014 3 .119 5 3 .119 5 1.3629 1.3629 3.4227 3.4227 2.8540 2.8540 2.9488 2.9488 3.3749 3.3749 1.9283 1.9283

Distribution paid 31.10.2013 3.2034 3.2034 N/A N/A 3.5291 3.5291 3.0237 3.0237 3.0367 3.0367 3.4754 3.4754 N/A N/A

† Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. ≈ L Income class commenced April 2014. For the Interim distribution, Group 1 units purchased 28 April 2014. Group 2 units purchased 29 April 2014 to 31 August 2014. ÷ H Accumulation class commenced February 2014.

87 BlackRock Collective Investment Funds 88 Corporate Bond 1-10 Year Fund

This Annual Report covers the year ended 28 February 2015. The first six months were commented on Annual performance to most recent quarter end in the Interim Report to 31 August 2014. For a copy, please contact us. 31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 Performance Table BlackRock Corporate Bond Period of Report 1-10 Year Fund A +7.6% +1.9% +14.5% +1.4% N/A§ One Year Since Launch BlackRock Corporate Bond to 28.2.2015 to 28.2.2015 1-10 Year Fund L# +7.9% +2.1% +14.8% +1.8% N/A§ TOTAL Return (with net income reinvested) All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is Class A Accumulation Units calculated net of fees. Performance is shown for complete 12 month periods only. # D Accumulation class was renamed as L Accumulation class during June 2012. BlackRock Corporate Bond 1-10 Year Fund +6.8% +27.0% † § Performance data does not exist for the relevant periods. Fund launched on 21 June 2010. A Accumulation class commenced September 2010. Composite Index*◊ +8 .1% +35.2% TOTAL Return (with net income reinvested) Distributions Payable Class L Accumulation Units# BlackRock Corporate Bond 1-10 Year Fund +7.1% +34.5%† A Accumulation The final accumulation distribution payable on 30 April 2015 is 1.6848p net per accumulation unit Composite Index*◊ +8 .1% +40.9% (30 April 2014: 1.7759p net per accumulation unit). All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. * Figures from Merrill Lynch/BlackRock. L Accumulation ◊ Equally-weighted composite index comprising the Bank of America Merrill Lynch Sterling Corporate Securities 1-5 Year Index & Bank of The final accumulation distribution payable on 30 April 2015 is 1.8694p net per accumulation unit America Merrill Lynch Sterling Corporate Securities 5-10 Year Index. # D Accumulation class was renamed as L Accumulation class during June 2012. (30 April 2014: 1.9438p net per accumulation unit). † Since launch figures are from 1.9.2010 and 21.6.2010 for A and L class respectively. X Accumulation All financial investments involve an element of risk. Therefore, the value of your investment and The final accumulation distribution payable on 30 April 2015 is 1.8350p net per accumulation unit the income from it will vary and the return of your initial investment amount cannot be guaranteed. (30 April 2014: 1.8953p net per accumulation unit). Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting D Accumulation a product. The final accumulation distribution payable on 30 April 2015 is 1.8667p net per accumulation unit (30 April 2014: 1.9360p net per accumulation unit).

89 BlackRock Collective Investment Funds 90 Corporate Bond 1-10 Year Fund continued

The table below compares the realised Fund performance against the performance of the relevant A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced benchmark index during the year ended 28 February 2015. An explanation for the difference is are different. As the Fund is valued at midday, but the benchmark index is valued at the time the provided: relevant markets close for business, the tracking error of the Fund at its valuation point may appear to be higher than if the Fund and the benchmark index were priced at the same time. Fund return Benchmark return for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking Before costs and after adjusting for a) the error is annualised and calculated using data from the preceding 36 month observation period. difference in valuation point of the Fund and the pricing point of the benchmark Anticipated Realised index b) the tax incurred by the Fund Tracking Error Tracking Error Explanation for difference which is not included in the benchmark The Fund has tracked its benchmark index within its anticipated index, the performance of the Fund Up to 1.50%* 0.43%* tracking error. relative to the benchmark index has * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. +7.1%* +8 .1% -1.0% been in line with expectations.

* Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

91 BlackRock Collective Investment Funds 92 Corporate Bond 1-10 Year Performance Record

Net Asset Value Capital (Unit Prices)

Net Asset Value A Accumulation Units~ L Accumulation Units# X Accumulation Units± D Accumulation Unitsπ Net Asset Value per Unit Units in Issue £ p Highest Lowest Highest Lowest Highest Lowest Highest Lowest Offer Price Bid Price Offer Price Bid Price Offer Price Bid Price Offer Price Bid Price A Accumulation Calendar Year p p p p p p p p 28 February 2015 1,255,004 1,6 4 5 ,14 3 131.1 2015* 139.9 129.3 135.4 131.4 125.9 122.2 133.4 129.4 28 February 2014 3,147,16 3 3,861,359 122.7 2014 136.8 120.4 132.3 122.0 123.0 113.3 130.4 120.1 31 January 2013* 1,336,348 1,576,889 118.0 2013 130.3 117.0 125.6 118.4 116.5 109.9 123.7 116.6 L Accumulation 2012 125 .1 103.0 120.5 103.9 111.7 98.69 118.7 107.7 28 February 2015 214,932,105 286,298,457 133.2 2011 112.9 100.4 108.5 101.2 N/A N/A N/A N/A 28 February 2014 234,549,296 2 91,712,19 8 124.4 2010‡ 110.9 100.8 10 6 .1 99.53 N/A N/A N/A N/A # 31 January 2013* 253,195,081 301,240,396 119.0 * To 28 February. ‡ Fund launched June 2010. X Accumulation ~ A Accumulation class commenced September 2010. # D Accumulation class was renamed as L Accumulation class during June 2012. 28 February 2015 448,995,363 556,356,765 123.9 ± X Accumulation class commenced January 2012. 28 February 2014 357,674,148 413,14 6 ,101 115.5 π D Accumulation class commenced June 2012. 31 January 2013* 205,215,228 227,324,984 110.8 Risk and Reward Profile D Accumulation 28 February 2015 18,651,110 24,478,929 131.2 Lower risk Higher risk Typically lower rewards Typically higher rewards 28 February 2014 8,772,589 10,746,002 122.5 Unit Class π 31 January 2013* 665,718 784,363 117.8 A Accumulation 1 2 3 4 5 6 7 * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to L Accumulation 1 2 3 4 5 6 7 consolidate the publication of the reports. # D Accumulation class was renamed as L Accumulation class during June 2012. X Accumulation 1 2 3 4 5 6 7 π D Accumulation class commenced June 2012. D Accumulation 1 2 3 4 5 6 7

Income (Net Accumulations) `` The risk indicator was calculated incorporating historical or simulated historical data and may not A Accumulation Units~ L Accumulation Units# X Accumulation Units± D Accumulation Unitsπ be a reliable indication of the future risk profile of each unit class.

Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit `` The risk category shown is not guaranteed and may change over time. 2015* 1.6848 1.8694 1.8350 1.8667 `` The lowest category does not mean risk free. 2014 3.5625 3.9105 3.8173 3.8973 `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree 2013 4.0238 4.3696 4.2443 4.3793 of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based 2012 3.9745 4.2263 2.0344 0.3775 and can increase the size of losses and gains, resulting in greater fluctuations in the value of the 2011 3.116 6 3.9816 N/A N/A Fund. 2010‡ N/A 0.3752 N/A N/A For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which * To 30 April. are available at www.blackrock.com. ‡ Fund launched June 2010. ~ A Accumulation class commenced September 2010. # D Accumulation class was renamed as L Accumulation class during June 2012. ± X Accumulation class commenced January 2012. π D Accumulation class commenced June 2012.

93 BlackRock Collective Investment Funds 94 Corporate Bond 1-10 Year Performance Record continued Corporate Bond 1-10 Year Investment Report

Ongoing Charges Summary of Performance over the Period Detailed in the following table are the charges used to meet the costs of running the Fund, which During the period from 1 March 2014 to 28 February 2015, the Fund returned 7.1%*, compared with its include the costs of marketing and distribution. These charges reduce the potential growth of your composite benchmark, which returned 8.1%. Before costs and after adjusting for (a) the difference in investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, valuation point of the Fund and the pricing point of the benchmark index, and (b) the tax incurred by except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective the Fund which is not included in the benchmark index, the performance of the Fund relative to the investment scheme (if any). benchmark index has been in line with expectations.

1.3.2014 1.2.2013 Over the six month period to 28 February 2015, the Fund returned 4.0%* compared with its benchmark Unit Class to 28.2.2015 to 28.2.2014† which returned 4.3%. A Accumulation 0.52% 0.52% L Accumulation 0.22% 0.22% Fund Manager’s Commentary Global bonds rather defied expectations to deliver strong returns over the period under review, even X Accumulation 0.02% 0.02% with signs of economic recovery strengthening in some major markets like the US and UK. Yields on D Accumulation 0.17% 0.17% many developed world government bonds hit new lows (so prices were very high) in a year in which † Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. Japan and Europe undertook massive spending programmes to try to stimulate their economies and potential interest rate rises in the US and UK were delayed. Yields were also depressed by ongoing concerns about deflationary pressures in the global economy.

This environment also helped to create a positive period for investors in bonds issued by companies. Demand stayed strong given yields on traditional government bonds remained so low, meaning many investors were willing (or had) to take more risk to generate more income from their bond investments. Thankfully, companies were in general in good shape and default risk (the risk that they might not be able to pay back what they owe) was relatively low. Although there were some more pronounced ups and downs in the latter part of the year, the asset class ended the period significantly higher.

March 2015

* Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

95 BlackRock Collective Investment Funds 96 Corporate Bond 1-10 Year Portfolio Statement at 28 February 2015

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets BONDS – 97.39%; 2014 97.63% £2,600,000 AT&T 5.875% Guaranteed Senior Notes 28/4/2017 2,838,160 0.33 £3,050,000 Atlantia 6.25% Guaranteed European Medium Term UK Sterling Denominated Fixed Rate Corporate Bonds – 82.80%; 2014 78.72% Bonds 9/6/2022 3,748,360 0.43 £1,050,000 3i 6.875% Guaranteed Senior European Medium Term £625,000 Ausnet Services 7.125% Guaranteed European Medium Bonds 9/3/2023 1,318,283 0.15 Term Notes 26/6/2018 729,607 0.08 £1,123,000 A2D Funding 4.75% Guaranteed European Medium Term £560,000 Aviva 9.5% Guaranteed Bonds 20/6/2016 620,228 0.07 Notes 18/10/2022 1,236,260 0.14 £2,250,000 AXA 7.125% Guaranteed Subordinated Bonds £2,625,000 Abbey National Treasury Services 1.875% European 15/12/2020 2,730,936 0.31 Medium Term Notes 17/2/2020 2,598,647 0.30 £2,350,000 BAE Systems 4.125% Senior Notes 8/6/2022 2,578,133 0.30 £1,400,000 Abbey National Treasury Services 4.125% Guaranteed £700,000 Bank of America 5.25% Guaranteed Subordinated European Medium Term Notes 14/9/2017 1,496,460 0.17 European Medium Term Bonds 9/11/2016 741,290 0.09 £800,000 ABN AMRO 2.25% Senior European Medium Term Notes £2,375,000 Bank of America 5.5% Guaranteed Senior European 11/9/2017 817,216 0.09 Medium Term Bonds 4/12/2019 2,734,836 0.31 £800,000 ABN AMRO 2.5% Senior European Medium Term Notes £1,750,000 Bank of America 5.5% Guaranteed Subordinated 18/12/2018 823,280 0.09 European Medium Term Bonds 22/11/2021 2,002,262 0.23 £1,250,000 ABN AMRO 4.875% European Medium Term Notes £4,750,000 Bank of America 6.125% Guaranteed Senior European 16/1/2019 1,399,250 0.16 Medium Term Bonds 15/9/2021 5,788,587 0.67 £1,500,000 Admiral 5.5% Subordinated Notes 25/7/2024 1,599,205 0.18 £2,500,000 Bank of America 7.75% Guaranteed Senior European £300,000 Aggregate Industries 7.25% Guaranteed Bonds Medium Term Notes 30/4/2018 2,950,750 0.34 31/5/2016 321,452 0.04 £725,000 Bank of Scotland 6.375% Guaranteed Subordinated £750,000 Ahold Finance USA 6.5% Guaranteed European Medium European Medium Term Bonds 16/8/2019 832,872 0.10 Term Bonds 14/3/2017 824,118 0.09 £3,000,000 Bank of Scotland 9.375% Guaranteed Subordinated £3,100,000 AIG 5% Guaranteed Senior European Medium Term Bonds 15/5/2021 3,970,704 0.46 Bonds 26/4/2023 3,599,410 0.41 £850,000 Bank of Scotland 10.5% Guaranteed Subordinated £1,500,000 AIG 6.765% Notes 15/11/2017 1,696,798 0.19 Bonds 16/2/2018 1,039,992 0.12 £700,000 Akzo Nobel 8% Guaranteed European Medium Term £2,650,000 Barclays 5.75% Guaranteed Senior European Medium Notes 6/4/2016 752,882 0.09 Term Bonds 17/8/2021 3,194,871 0.37 £1,175,000 Anglo American Capital 6.875% Guaranteed European £1,400,000 Barclays 9.5% Guaranteed Subordinated Bonds Medium Term Notes 1/5/2018 1,332,215 0.15 7/8/2021 1,863,680 0.21 £2,425,000 Anheuser-Busch InBev 6.5% European Medium Term £12,874,000 Barclays 10% Guaranteed Subordinated European Notes 23/6/2017 2,703,390 0.31 Medium Term Bonds 21/5/2021 17,453,105 2.01 £3,950,000 Anheuser-Busch InBev 9.75% Guaranteed European £975,000 BASF 1.375% European Medium Term Notes 15/12/2017 983,132 0.11 Medium Term Bonds 30/7/2024 6,162,790 0.71 £1,250,000 BASF 5.875% Guaranteed Senior European Medium £2,475,000 APT Pipelines 4.25% European Medium Term Bonds Term Notes 31/3/2017 1,374,163 0.16 26/11/2024 2,693,295 0.31 £1,450,000 BAT International Finance 6% Guaranteed European £1,950,000 Asciano Finance 5% Guaranteed European Medium Medium Term Bonds 29/6/2022 1,785,080 0.21 Term Notes 19/9/2023 2,193,407 0.25 £2,275,000 BAT International Finance 6.375% Guaranteed £1,150,000 ASIF II 6.375% Guaranteed European Medium Term European Medium Term Bonds 12/12/2019 2,743,862 0.32 Bonds 5/10/2020 1,404,495 0.16 £3,200,000 BAT International Finance 7.25% Guaranteed £1,000,000 ASIF III 5.375% Guaranteed Senior European Medium European Medium Term Bonds 12/3/2024 4,333,440 0.50 Term Bonds 14/10/2016 1,067,200 0.12 £1,300,000 Bayer 5.625% Guaranteed European Medium £750,000 ASIF III Jersey 5% Guaranteed European Medium Term Term Bonds 23/5/2018 1,472,518 0.17 Bonds 18/12/2018 839,161 0.10

97 BlackRock Collective Investment Funds 98 Corporate Bond 1-10 Year Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £1,475,000 BG Energy Capital 5.125% Guaranteed European £1,950,000 Chorus 6.75% Guaranteed European Medium Term Medium Term Notes 7/12/2017 1,612,175 0.19 Notes 6/4/2020 2,270,775 0.26 £5,050,000 BHP Billiton Finance 3.25% European Medium Term £2,300,000 Citigroup 5.125% Guaranteed Subordinated European Bonds 25/9/2024 5,243,415 0.60 Medium Term Bonds 12/12/2018 2,534,715 0.29 £450,000 Birmingham Airport 6.25% Guaranteed European £2,900,000 Citigroup 5.875% Guaranteed Subordinated European Medium Term Bonds 22/2/2021 519,246 0.06 Medium Term Bonds 1/7/2024 3,480,267 0.40 £1,250,000 BMW 2% European Medium Term Bonds 20/11/2019 1,271,124 0.15 £950,000 Citigroup 6.25% Guaranteed Senior European Medium £1,125,000 BMW (UK) Capital 5% Guaranteed European Medium Term Bonds 2/9/2019 1,121,918 0.13 Term Notes 2/10/2017 1,233,811 0.14 £1,250,000 Citigroup 7.625% Guaranteed Senior European Medium £800,000 BMW Finance 1.75% Guaranteed European Medium Term Notes 3/4/2018 1,470,744 0.17 Term Notes 20/11/2017 813,029 0.09 £400,000 Close Brothers 6.5% Guaranteed Senior Notes £2,350,000 BMW Finance 3.375% Guaranteed European Medium 10/2/2017 435,520 0.05 Term Notes 14/12/2018 2,512,066 0.29 £2,200,000 Close Brothers Finance 3.875% European Medium £1,300,000 BNP Paribas 2.375% European Medium Term Notes Term Notes 27/6/2021 2,356,200 0.27 20/11/2019 1,332,500 0.15 £1,500,000 Commonwealth Bank of Australia 2.25% Senior £650,000 BNP Paribas 3.5% Guaranteed European Medium Term European Medium Term Notes 7/12/2018 1,540,342 0.18 Notes 7/12/2016 676,625 0.08 £2,488,000 Coventry Building Society 5.875% Guaranteed Senior £2,140,000 BNP Paribas 5.75% Guaranteed Subordinated European European Medium Term Bonds 28/9/2022 3,064,638 0.35 Medium Term Bonds 24/1/2022 2,471,061 0.28 £1,375,000 Coventry Building Society 6% Guaranteed Senior £2,400,000 BP Capital Markets 4.325% Guaranteed European European Medium Term Notes 16/10/2019 1,614,869 0.19 Medium Term Notes 10/12/2018 2,611,200 0.30 £2,950,000 Credit Agricole 7.375% Guaranteed Subordinated £725,000 British American Tobacco 5.5% Guaranteed European European Medium Term Bonds 18/12/2023 3,846,505 0.44 Medium Term Bonds 15/9/2016 773,514 0.09 £1,850,000 Credit Agricole London 5.5% Guaranteed Senior £1,225,000 British Sky Broadcasting Finance UK 5.75% Guaranteed European Medium Term Bonds 17/12/2021 2,223,515 0.26 Bonds 20/10/2017 1,351,420 0.16 £800,000 Credit Suisse Finance 7% Guaranteed Bonds £1,850,000 British Telecommunications 6.625% Guaranteed Senior 5/10/2020 962,040 0.11 European Medium Term Bonds 23/6/2017 2,060,696 0.24 £720,000 Daily Mail & General Trust 5.75% Senior Notes £2,050,000 British Telecommunications 8.5% Guaranteed Senior 7/12/2018 808,922 0.09 Bonds 7/12/2016 2,303,920 0.26 £1,250,000 Daimler 1.25% European Medium Term Notes £2,150,000 British Telecommunications 8.625% Bonds 26/3/2020 2,791,832 0.32 1/12/2017 1,244,571 0.14 £2,650,000 Bupa Finance 3.375% Guaranteed Bonds 17/6/2021 2,776,935 0.32 £1,525,000 Daimler 1.625% Senior European Medium Term Notes £3,450,000 Bupa Finance 5% Subordinated Notes 25/4/2023 3,708,060 0.43 2/12/2016 1,538,572 0.18 £1,125,000 Bupa Finance 7.5% Guaranteed Senior European £1,095,000 Daimler 1.75% Senior European Medium Term Notes Medium Term Notes 4/7/2016 1,216,631 0.14 8/11/2017 1,106,844 0.13 £770,000 Carlsberg Breweries 7.25% Guaranteed Senior £1,000,000 Daimler 2.375% Senior European Medium Term Notes European Medium Term Notes 28/11/2016 842,842 0.10 16/7/2018 1,028,151 0.12 £1,150,000 Centrica 5.5% Guaranteed Senior European Medium £1,500,000 Daimler 2.75% Senior European Medium Term Notes Term Bonds 24/10/2016 1,235,913 0.14 4/12/2020 1,565,107 0.18 £3,100,000 Centrica 6.375% Guaranteed Senior European Medium £1,800,000 Daimler International Finance 3.5% Bonds 6/6/2019 1,933,758 0.22 Term Bonds 10/3/2022 3,841,442 0.44 £950,000 Deutsche Bahn Finance 1.375% European Medium £1,150,000 Centrica 7% Guaranteed Senior European Medium Term Term Notes 30/10/2017 958,023 0.11 Notes 19/9/2018 1,357,368 0.16

99 BlackRock Collective Investment Funds 100 Corporate Bond 1-10 Year Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £2,866,000 Deutsche Bahn Finance 2.75% Guaranteed European £400,000 F&C Finance 9% Guaranteed Bonds 20/12/2016 443,716 0.05 Medium Term Notes 20/6/2022 3,003,711 0.35 £700,000 FCE Bank 2.625% Senior European Medium Term Notes £4,620,000 Deutsche Telekom International Finance 6.5% 20/11/2018 711,445 0.08 Guaranteed European Medium Term Bonds 8/4/2022 5,833,096 0.67 £1,250,000 FCE Bank 2.759% European Medium Term Note £850,000 Deutsche Telekom International Finance 7.375% 13/11/2019 1,273,035 0.15 Guaranteed European Medium Term Bonds 4/12/2019 1,059,780 0.12 £1,850,000 FCE Bank 3.25% Senior European Medium Term Notes £2,500,000 Digital Stout 4.25% European Medium Term Bonds 19/11/2020 1,916,775 0.22 17/1/2025 2,641,224 0.30 £850,000 FCE Bank 4.825% Guaranteed Senior European £2,000,000 Digital Stout 4.75% Guaranteed Bonds 13/10/2023 2,191,148 0.25 Medium Term Notes 15/2/2017 901,427 0.10 £1,750,000 DNB Bank 4.25% Guaranteed Senior European Medium £1,989,000 Fidelity International 6.75% Guaranteed Senior Term Notes 27/1/2020 1,932,157 0.22 European Medium Term Bonds 19/10/2020 2,351,319 0.27 £2,700,000 E.ON International Finance 6% Guaranteed European £1,600,000 Fidelity International 7.125% Senior Bonds 13/2/2024 2,008,000 0.23 Medium Term Bonds 30/10/2019 3,195,558 0.37 £1,950,000 FirstGroup 5.25% Guaranteed Notes 29/11/2022 2,172,241 0.25 £2,500,000 Eastern Power Networks 4.75% Guaranteed Senior £725,000 FirstGroup 6.125% Guaranteed Bonds 18/1/2019 807,563 0.09 European Medium Term Notes 30/9/2021 2,842,375 0.33 £1,725,000 FirstGroup 6.875% Guaranteed Bonds 18/9/2024 2,142,203 0.25 £2,600,000 Eastern Power Networks 5.75% Guaranteed Senior £1,150,000 FirstGroup 8.125% Guaranteed Notes 19/9/2018 1,355,850 0.16 European Medium Term Bonds 8/3/2024 3,185,260 0.37 £2,300,000 FirstGroup 8.75% Guaranteed Bonds 8/4/2021 2,965,620 0.34 £750,000 EDP Finance 6.625% Bonds 9/8/2017 830,950 0.10 £1,150,000 Fonterra Cooperative 9.375% Guaranteed Senior £100,000 EDP Finance 8.625% Guaranteed Senior European European Medium Term Bonds 4/12/2023 1,737,190 0.20 Medium Term Bonds 4/1/2024 136,522 0.02 £3,450,000 Friends Life 8.25% Guaranteed Bonds 21/4/2022 4,285,935 0.49 £2,650,000 Électricité de France 6.875% Guaranteed Senior £1,100,000 Friends Life 12% Guaranteed Subordinated European European Medium Term Bonds 12/12/2022 3,521,876 0.41 Medium Term Bonds 21/5/2021 1,556,126 0.18 £5,600,000 Enel Finance International 5.625% Guaranteed £1,050,000 G4S 7.75% Guaranteed Senior European Medium Term European Medium Term Bonds 14/8/2024 6,788,712 0.78 Notes 13/5/2019 1,267,014 0.15 £2,175,000 Enel-Societa Per Azioni 6.25% Guaranteed Senior £2,284,000 Gazprom Capital 5.338% Senior European Medium European Medium Term Bonds 20/6/2019 2,544,952 0.29 Term Notes 25/9/2020 1,966,981 0.23 £150,000 ENI Coordination Center 4.75% Guaranteed European £3,500,000 GDF Suez 6.125% Guaranteed Senior European Medium Medium Term Bonds 28/1/2021 169,196 0.02 Term Bonds 11/2/2021 4,279,975 0.49 £550,000 ENI Coordination Center 5% Guaranteed European £3,300,000 GE Capital 5.5% Guaranteed Senior European Medium Medium Term Bonds 27/1/2019 612,920 0.07 Term Bonds 7/6/2021 3,900,138 0.45 £750,000 ENI Coordination Center 6.125% Guaranteed Notes £1,650,000 GE Capital 6.25% Guaranteed Senior European Medium 17/12/2018 866,338 0.10 Term Bonds 15/12/2017 1,863,267 0.21 £1,475,000 ENW Capital Finance 6.125% Guaranteed European £1,050,000 GE Capital 6.25% Guaranteed Senior European Medium Medium Term Bonds 21/7/2021 1,776,039 0.20 Term Bonds 29/9/2020 1,270,080 0.15 £1,650,000 ESB Finance 6.5% Guaranteed European Medium £1,100,000 GE Capital UK Funding 2.375% European Medium Term Term Bonds 5/3/2020 1,966,470 0.23 Notes 19/12/2018 1,133,990 0.13 £1,350,000 Everything Everywhere Finance 4.375% Guaranteed £2,150,000 GE Capital UK Funding 4.125% Guaranteed European European Medium Term Notes 28/3/2019 1,463,265 0.17 Medium Term Notes 28/9/2017 2,295,526 0.26 £2,950,000 Experian Finance 3.5% Guaranteed European Medium £3,400,000 GE Capital UK Funding 4.125% Guaranteed European Term Notes 15/10/2021 3,130,238 0.36 Medium Term Notes 13/9/2023 3,783,957 0.44 £1,150,000 Experian Finance 4.75% Guaranteed European Medium £2,610,000 GE Capital UK Funding 4.375% Guaranteed Senior Term Notes 23/11/2018 1,272,763 0.15 European Medium Term Notes 31/7/2019 2,882,425 0.33

101 BlackRock Collective Investment Funds 102 Corporate Bond 1-10 Year Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £2,800,000 GE Capital UK Funding 5.125% Guaranteed European £295,000 HSBC Finance 6.25% Guaranteed Senior European Medium Term Bonds 24/5/2023 3,316,068 0.38 Medium Term Bonds 19/8/2019 345,032 0.04 £900,000 GE Capital UK Funding 5.625% Guaranteed European £550,000 HSBC Finance 7% European Medium Term Notes Medium Term Bonds 25/4/2019 1,034,000 0.12 5/10/2015 568,556 0.07 £2,950,000 GE Capital UK Funding 5.875% Guaranteed European £350,000 Hutchison Whampoa Finance UK 5.625% Guaranteed Medium Term Bonds 4/11/2020 3,520,618 0.40 Bonds 24/11/2017 385,597 0.04 £1,400,000 GE Capital UK Funding 6.75% Guaranteed European £1,300,000 Iberdrola Finanzas 6% European Medium Term Notes Medium Term Notes 6/8/2018 1,637,243 0.19 1/7/2022 1,574,155 0.18 £3,150,000 GKN 5.375% Bonds 19/9/2022 3,635,037 0.42 £3,500,000 Iberdrola Finanzas 7.375% Guaranteed European £1,095,000 GKN 6.75% Bonds 28/10/2019 1,296,598 0.15 Medium Term Bonds 29/1/2024 4,659,357 0.54 £3,675,000 Glencore Finance Canada 7.375% Guaranteed £4,950,000 IBM 2.75% Senior European Medium Term Notes European Medium Term Bonds 27/5/2020 4,414,762 0.51 21/12/2020 5,154,742 0.59 £3,200,000 Glencore Finance Europe 6% Guaranteed Notes £1,350,000 Imperial Tobacco Finance 5.5% Medium Term Notes 3/4/2022 3,712,711 0.43 22/11/2016 1,443,825 0.17 £1,900,000 Glencore Finance Europe 6.5% Guaranteed European £1,000,000 Imperial Tobacco Finance 6.25% Guaranteed European Medium Term Bonds 27/2/2019 2,182,450 0.25 Medium Term Bonds 4/12/2018 1,150,300 0.13 £2,150,000 Global Switch 4.375% Guaranteed European Medium £1,750,000 Imperial Tobacco Finance 7.75% Guaranteed European Term Notes 13/12/2022 2,339,082 0.27 Medium Term Notes 24/6/2019 2,145,675 0.25 £500,000 Go-Ahead 5.375% Guaranteed Notes 29/9/2017 541,400 0.06 £3,950,000 Imperial Tobacco Finance 8.125% Guaranteed European £300,000 Goldman Sachs 5.25% Guaranteed Senior European Medium Term Bonds 15/3/2024 5,428,130 0.62 Medium Term Bonds 15/12/2015 309,668 0.04 £6,700,000 Imperial Tobacco Finance 9% Guaranteed European £2,825,000 Goldman Sachs 5.5% Guaranteed Subordinated Bonds Medium Term Bonds 17/2/2022 9,265,580 1.07 12/10/2021 3,200,719 0.37 £1,400,000 ING Bank 3.875% Senior European Medium Term Notes £1,050,000 Goldman Sachs 6.125% Guaranteed Senior European 23/12/2016 1,467,025 0.17 Medium Term Bonds 14/2/2017 1,144,637 0.13 £3,200,000 ING Bank 5.375% Guaranteed Senior European Medium £1,775,000 Goldman Sachs 6.125% Guaranteed Subordinated Term Bonds 15/4/2021 3,769,920 0.43 European Medium Term Bonds 14/5/2017 1,929,425 0.22 £2,450,000 InterContinental Hotels 3.875% European Medium Term £725,000 Goodman Australia Finance 9.75% Guaranteed Notes 28/11/2022 2,590,056 0.30 European Medium Term Bonds 16/7/2018 897,981 0.10 £990,000 InterContinental Hotels 6% Guaranteed European £800,000 Guardian Royal Exchange 6.625% Guaranteed Bonds Medium Term Notes 9/12/2016 1,065,510 0.12 21/8/2023 1,009,040 0.12 £1,000,000 Intesa SanPaolo 5.25% Guaranteed Senior European £775,000 Hammerson 5.25% Guaranteed Senior Bonds Medium Term Bonds 28/1/2022 1,142,600 0.13 15/12/2016 828,005 0.10 £450,000 ITV 6.125% Guaranteed European Medium Term Notes £1,850,000 Hammerson 6.875% Guaranteed Senior Bonds 5/1/2017 483,275 0.06 31/3/2020 2,251,579 0.26 £3,500,000 Johnson & Johnson 5.5% Guaranteed Bonds 6/11/2024 4,475,800 0.52 £1,100,000 Holcim GB Finance 8.75% Guaranteed European £2,500,000 JPMorgan Chase 1.875% European Medium Term Medium Term Notes 24/4/2017 1,265,192 0.15 Notes 10/2/2020 2,483,413 0.29 £4,300,000 HSBC 6.5% Guaranteed Senior European Medium Term £1,550,000 JP Morgan Chase 4.25% Guaranteed Senior European Bonds 20/5/2024 5,587,420 0.64 Medium Term Notes 25/1/2017 1,639,716 0.19 £1,850,000 HSBC 6.5% Guaranteed Subordinated European £1,150,000 JPMorgan Chase 5.375% Guaranteed Subordinated Medium Term Bonds 7/7/2023 2,269,302 0.26 Bonds 28/9/2016 1,220,955 0.14

103 BlackRock Collective Investment Funds 104 Corporate Bond 1-10 Year Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £550,000 Koninklijke KPN 5.75% Guaranteed Senior European £950,000 Mondelez International 7.25% Guaranteed European Medium Term Bonds 18/3/2016 575,960 0.07 Medium Term Notes 18/7/2018 1,116,885 0.13 £633,000 La Poste 5.625% Guaranteed Senior European Medium £350,000 Morgan Stanley 5.125% Guaranteed Senior European Term Bonds 19/12/2016 681,327 0.08 Medium Term Bonds 30/11/2015 360,163 0.04 £1,950,000 Lend Lease Europe Finance 6.125% Guaranteed Bonds £1,100,000 Morgan Stanley 5.75% Guaranteed Senior European 12/10/2021 2,258,441 0.26 Medium Term Bonds 14/2/2017 1,192,738 0.14 £1,950,000 Linde Finance 5.875% Guaranteed European Medium £1,825,000 Motability Operations 5.25% Guaranteed European Term Bonds 24/4/2023 2,453,149 0.28 Medium Term Notes 28/9/2016 1,944,172 0.22 £450,000 Lloyds 5.5% Guaranteed Senior European Medium Term £2,350,000 Motability Operations 5.375% Guaranteed European Notes 25/9/2016 479,700 0.06 Medium Term Bonds 28/6/2022 2,818,707 0.32 £825,000 Lloyds 6.75% Guaranteed Senior European Medium £1,750,000 Motability Operations 6.625% Guaranteed European Term Notes 24/10/2018 969,045 0.11 Medium Term Bonds 10/12/2019 2,124,756 0.24 £3,700,000 Lloyds 7.5% Guaranteed Senior European Medium Term £424,000 National Australia Bank 1.875% Bonds 20/2/2020 420,713 0.05 Bonds 15/4/2024 5,154,942 0.59 £1,900,000 National Australia Bank 3.625% Guaranteed Senior £1,750,000 Lloyds 9.625% Subordinated Bonds 6/4/2023 2,451,750 0.28 European Medium Term Notes 8/11/2017 2,009,288 0.23 £600,000 Lloyds Bank 2.75% Senior European Medium Term £4,050,000 National Australia Bank 5.125% Guaranteed Senior Notes 9/12/2018 623,910 0.07 European Medium Term Bonds 9/12/2021 4,753,283 0.55 £1,500,000 London Power Networks 5.125% Guaranteed Senior £1,575,000 National Express 6.25% Guaranteed European Medium European Medium Term Bonds 31/3/2023 1,752,900 0.20 Term Notes 13/1/2017 1,701,945 0.20 £725,000 London Power Networks 5.375% European Medium £1,400,000 National Express 6.625% Guaranteed European Medium Term Notes 11/11/2016 776,386 0.09 Term Bonds 17/6/2020 1,663,118 0.19 £450,000 London Stock Exchange 6.125% Guaranteed Senior £2,200,000 National Grid 5.875% Guaranteed Senior Bonds Bonds 7/7/2016 477,243 0.05 2/2/2024 2,805,660 0.32 £1,150,000 London Stock Exchange 9.125% Guaranteed Senior £1,150,000 National Grid 6% Guaranteed Senior European Medium Bonds 18/10/2019 1,481,315 0.17 Term Bonds 7/6/2017 1,275,948 0.15 £1,400,000 LVMH Moet Hennessy Louis Vuitton 1.625% European £2,000,000 National Grid 6.375% Guaranteed Senior European Medium Term Notes 20/12/2017 1,421,154 0.16 Medium Term Bonds 3/3/2020 2,436,795 0.28 £2,000,000 Macquarie Bank 3.5% Senior European Medium Term £1,400,000 National Grid 7% Guaranteed Bonds 16/12/2024 1,921,428 0.22 Notes 18/12/2020 2,095,000 0.24 £2,325,000 Nationwide Building Society 5.625% Guaranteed Senior £2,265,000 Manchester Airport Funding 4.125% Senior European European Medium Term Notes 9/9/2019 2,695,745 0.31 Medium Term Notes 2/4/2024 2,476,902 0.29 £375,000 Nationwide Building Society 8.625% Guaranteed Bonds £1,550,000 Marks & Spencer 6.125% Guaranteed European 29/3/2018 439,162 0.05 Medium Term Notes 2/12/2019 1,794,438 0.21 £2,204,000 Natixis 5.875% Guaranteed Senior European Medium £2,000,000 Marks & Spencer 6.125% Guaranteed Senior European Term Bonds 24/2/2020 2,595,210 0.30 Medium Term Bonds 6/12/2021 2,361,400 0.27 £500,000 Nestlé 1.625% Guaranteed European Medium Term £800,000 McDonald’s 6.375% Guaranteed Senior European Notes 11/12/2017 507,677 0.06 Medium Term Bonds 3/2/2020 963,200 0.11 £3,150,000 Nestlé 2.25% European Medium Term Bonds £2,500,000 MetLife 5.25% Guaranteed Senior Bonds 29/6/2020 2,878,250 0.33 30/11/2023 3,186,524 0.37 £2,600,000 MetLife 5.375% Guaranteed Senior Bonds 9/12/2024 3,172,623 0.37 £2,075,000 Next 5.375% Guaranteed Senior Bonds 26/10/2021 2,427,644 0.28 £2,100,000 Metropolitan Life Global Funding I 2.875% European £650,000 Next 5.875% Guaranteed Senior Bonds 12/10/2016 697,427 0.08 Medium Term Notes 11/1/2023 2,169,657 0.25 £1,700,000 Nomura Europe Finance 5.5% Guaranteed European Medium Term Notes 23/3/2017 1,840,697 0.21

105 BlackRock Collective Investment Funds 106 Corporate Bond 1-10 Year Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £2,000,000 Nordea Bank 2.125% European Medium Term Notes £1,650,000 Rabobank Nederland 4.875% Guaranteed Senior 13/11/2019 2,043,000 0.24 European Medium Term Bonds 10/1/2023 1,925,615 0.22 £600,000 Northern Electric Finance 8.875% Guaranteed Bonds £800,000 RCI Banque 2.125% European Medium Term Notes 16/10/2020 798,900 0.09 6/10/2017 807,004 0.09 £850,000 Northern Gas Networks 5.875% Guaranteed Notes £1,050,000 RCI Banque 3% Senior European Medium Term Notes 8/7/2019 982,600 0.11 9/5/2019 1,081,816 0.12 £1,300,000 Northern Powergrid 7.25% Guaranteed Senior Bonds £1,125,000 RCI Banque 3.25% Senior European Medium Term 15/12/2022 1,671,540 0.19 Notes 25/4/2018 1,168,125 0.13 £1,070,000 Northern Powergrid 9.25% Guaranteed Senior Bonds £1,150,000 Reed Elsevier 5.625% Guaranteed European Medium 17/1/2020 1,398,637 0.16 Term Bonds 20/10/2016 1,230,526 0.14 £800,000 Northumbrian Water Finance 6% Guaranteed Bonds £1,300,000 Reed Elsevier 7% Guaranteed Notes 11/12/2017 1,488,581 0.17 11/10/2017 891,832 0.10 £900,000 Reed Elsevier Investments 2.75% Notes 1/8/2019 927,050 0.11 £2,150,000 Northumbrian Water Finance 6.875% Guaranteed £950,000 Rentokil Initial 5.75% Guaranteed European Medium Bonds 6/2/2023 2,772,705 0.32 Term Bonds 31/3/2016 993,823 0.11 £375,000 Old Mutual 7.125% Guaranteed Senior European £1,550,000 Roche Finance Europe 5.375% Guaranteed European Medium Term Notes 19/10/2016 406,223 0.05 Medium Term Bonds 29/8/2023 1,938,066 0.22 £1,725,000 Orange 5% Senior European Medium Term Notes £1,575,000 Rolls Royce 6.75% Guaranteed Notes 30/4/2019 1,891,227 0.22 12/5/2016 1,804,814 0.21 £950,000 Rolls Royce 7.375% Guaranteed European Medium £2,400,000 Orange 7.25% Guaranteed Senior European Medium Term Bonds 14/6/2016 1,027,306 0.12 Term Bonds 10/11/2020 3,031,368 0.35 £750,000 Royal Bank of Scotland 6% Guaranteed Senior £1,525,000 Orange 8% Guaranteed Senior European Medium Term European Medium Term Notes 17/5/2017 823,425 0.09 Bonds 20/12/2017 1,789,382 0.21 £2,359,000 Royal Bank of Scotland 6.625% Guaranteed Senior £3,500,000 PepsiCo 2.5% European Medium Term Notes 1/11/2022 3,541,650 0.41 European Medium Term Bonds 17/9/2018 2,752,953 0.32 £2,070,000 Petroleos Mexicanos 8.25% Guaranteed European £5,900,000 Royal Bank of Scotland 7.5% Guaranteed Senior Medium Term Bonds 2/6/2022 2,684,273 0.31 European Medium Term Bonds 29/4/2024 8,168,360 0.94 £925,000 Phoenix Natural Gas Finance 5.5% Guaranteed Notes £1,925,000 Royal Dutch Shell 2% European Medium Term Bonds 10/7/2017 1,002,791 0.12 20/12/2019 1,947,221 0.22 £250,000 Places For People Homes 5% Guaranteed European £3,250,000 RWE Finance 5.5% Guaranteed European Medium Term Medium Term Notes 27/12/2016 263,675 0.03 Bonds 6/7/2022 3,873,169 0.45 £900,000 PostNL 7.5% Guaranteed Senior Notes 14/8/2018 1,057,387 0.12 £3,550,000 RWE Finance 5.625% Guaranteed European Medium £300,000 Provident Financial 7% European Medium Term Notes Term Bonds 6/12/2023 4,314,301 0.50 4/10/2017 316,800 0.04 £3,750,000 RWE Finance 6.5% Guaranteed European Medium £1,025,000 Provident Financial 8% Guaranteed Notes 23/10/2019 1,181,620 0.14 Term Bonds 20/4/2021 4,604,400 0.53 £1,100,000 Prudential 1.375% Senior European Medium Term £700,000 Safeway 6% Guaranteed Senior European Medium Bonds 19/1/2018 1,097,883 0.13 Term Bonds 10/1/2017 748,580 0.09 £1,600,000 Prudential 6.875% Bonds 20/1/2023 2,089,381 0.24 £700,000 Safeway 6.125% Guaranteed Bonds 17/12/2018 779,347 0.09 £1,400,000 Rabobank Nederland 3.25% Guaranteed Senior £900,000 Saint-Gobain 5.625% Guaranteed Senior European European Medium Term Notes 1/11/2017 1,469,566 0.17 Medium Term Bonds 15/12/2016 967,230 0.11 £4,150,000 Rabobank Nederland 4% Guaranteed European £2,150,000 Saint-Gobain 5.625% Guaranteed Senior European Medium Term Notes 19/9/2022 4,597,370 0.53 Medium Term Bonds 15/11/2024 2,606,166 0.30 £2,550,000 Rabobank Nederland 4.625% Guaranteed Senior £2,750,000 Scotland Gas Networks 2.5% Senior European Medium European Medium Term Bonds 13/1/2021 2,894,923 0.33 Term Bonds 3/2/2025 2,661,611 0.31

107 BlackRock Collective Investment Funds 108 Corporate Bond 1-10 Year Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £550,000 Scotland Gas Networks 4.75% Guaranteed Senior European Medium Term Bonds 3/4/2018 2,781,360 0.32 European Medium Term Bonds 21/2/2017 586,303 0.07 £900,000 Svenska Handelsbanken 1.875% Senior European £1,350,000 Scotland Gas Networks 4.875% Guaranteed European Medium Term Notes 29/8/2017 914,153 0.11 Medium Term Bonds 21/12/2020 1,532,534 0.18 £2,050,000 Svenska Handelsbanken 2.75% European Medium £1,750,000 Scotland Gas Networks 4.875% Guaranteed European Term Notes 5/12/2022 2,123,067 0.24 Medium Term Notes 5/10/2023 2,037,425 0.23 £2,600,000 Svenska Handelsbanken 3% Senior European Medium £1,075,000 Scotland Gas Networks 5.125% Guaranteed European Term Notes 20/11/2020 2,746,900 0.32 Medium Term Notes 2/11/2018 1,200,098 0.14 £1,850,000 Svenska Handelsbanken 4% Guaranteed Senior Notes £1,550,000 Scottish Power UK 6.75% Bonds 29/5/2023 1,972,561 0.23 18/1/2019 2,021,351 0.23 £900,000 Scottish Power UK 8.375% Guaranteed Senior Bonds £1,775,000 Svenska Handelsbanken 5.5% Guaranteed Senior Notes 20/2/2017 1,018,262 0.12 26/5/2016 1,874,134 0.22 £5,650,000 Scottish Widows 5.5% Bonds 16/6/2023 6,188,352 0.71 £725,000 Talisman Energy 6.625% Guaranteed Senior Bonds £600,000 Segro 5.5% Guaranteed Senior Bonds 20/2/2018 668,700 0.08 5/12/2017 805,502 0.09 £1,550,000 Segro 5.625% Guaranteed Senior Bonds 7/12/2020 1,810,029 0.21 £550,000 Tate & Lyle International Finance 6.75% Guaranteed £675,000 Segro 6% Guaranteed Senior Bonds 30/9/2019 786,713 0.09 Notes 25/11/2019 647,339 0.07 £2,300,000 Segro 6.75% Guaranteed Senior Bonds 23/11/2021 2,889,283 0.33 £3,650,000 TDC 5.625% Guaranteed Senior European Medium Term £1,550,000 Segro 6.75% Guaranteed Senior Bonds 23/2/2024 2,023,680 0.23 Bonds 23/2/2023 4,269,405 0.49 £900,000 Segro 7% Guaranteed Senior Bonds 14/3/2022 1,152,549 0.13 £4,150,000 Telefonica Emisiones 5.289% Guaranteed European £1,225,000 Severn Trent 6% Guaranteed European Medium Medium Term Bonds 9/12/2022 4,845,831 0.56 Term Notes 22/1/2018 1,375,398 0.16 £2,801,000 Telefonica Emisiones 5.375% Guaranteed European £1,950,000 Severn Trent 6.125% Guaranteed Bonds 26/2/2024 2,468,603 0.28 Medium Term Bonds 2/2/2018 3,089,597 0.36 £1,850,000 SGSP Australia Assets 5.125% Guaranteed European £4,800,000 Telefonica Emisiones 5.597% Guaranteed European Medium Term Bonds 11/2/2021 2,093,627 0.24 Medium Term Notes 12/3/2020 5,520,960 0.64 £1,950,000 Skandinaviska Enskilda Banken 3% Senior European £875,000 Textron 6.625% Guaranteed Senior European Medium Medium Term Notes 18/12/2020 2,051,771 0.24 Term Bonds 7/4/2020 1,019,694 0.12 £3,150,000 Sky 2.875% European Medium Term Notes 24/11/2020 3,213,586 0.37 £1,550,000 Total Capital 3.875% Guaranteed European Medium £335,000 Smiths 7.25% Guaranteed Bonds 30/6/2016 359,517 0.04 Term Notes 14/12/2018 1,683,060 0.19 £500,000 Société Générale 3.875% Guaranteed Senior European £925,000 Total Capital 4.25% Guaranteed European Medium Medium Term Notes 17/12/2015 511,072 0.06 Term Notes 8/12/2017 999,555 0.11 £950,000 Société Générale 5% Guaranteed Senior European £2,400,000 Total Capital International 2.25% European Medium Medium Term Notes 20/12/2018 1,066,793 0.12 Term Notes 17/12/2020 2,467,872 0.28 £850,000 Société Générale 5.4% Guaranteed Subordinated £1,225,000 Toyota Motor Credit 4% Guaranteed Senior European European Medium Term Bonds 30/1/2018 923,950 0.11 Medium Term Notes 7/12/2017 1,313,935 0.15 £3,450,000 Society of Lloyd’s 4.75% Subordinated Bonds £950,000 Transport for London 1.25% European Medium Term 30/10/2024 3,732,900 0.43 Notes 21/11/2017 953,214 0.11 £2,400,000 SSE 4.25% Guaranteed Senior European Medium Term £3,600,000 Transport for London 2.25% Guaranteed European Bonds 14/9/2021 2,662,241 0.31 Medium Term Notes 9/8/2022 3,647,567 0.42 £1,650,000 SSE 5% Guaranteed Senior European Medium Term £675,000 UBM 6.5% Guaranteed European Medium Term Notes Notes 1/10/2018 1,837,226 0.21 23/11/2016 730,217 0.08 £1,700,000 SSE 5.875% Guaranteed Senior Bonds 22/9/2022 2,083,350 0.24 £1,235,000 UBS London 6.375% Guaranteed Senior European £1,250,000 Stagecoach 5.75% Guaranteed Notes 16/12/2016 1,339,525 0.15 Medium Term Notes 20/7/2016 1,325,726 0.15 £2,400,000 Standard Chartered 7.75% Guaranteed Subordinated £2,925,000 UBS London 6.625% Guaranteed Senior European

109 BlackRock Collective Investment Funds 110 Corporate Bond 1-10 Year Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Medium Term Notes 11/4/2018 3,382,946 0.39 £1,940,000 Wellcome Trust Finance 4.75% Guaranteed Bonds £750,000 Unilever 2% Guaranteed European Medium Term 28/5/2021 2,261,815 0.26 Notes 19/12/2018 770,100 0.09 £4,900,000 Wells Fargo 5.25% Guaranteed Subordinated European £1,250,000 Unilever 4.75% Guaranteed European Medium Term Medium Term Bonds 1/8/2023 5,761,910 0.66 Notes 16/6/2017 1,357,438 0.16 £2,000,000 Wessex Water 4% Guaranteed Bonds 24/9/2021 2,187,870 0.25 £500,000 United Utilities Water 5.375% Guaranteed Senior £1,400,000 Western Power 9.25% Bonds 9/11/2020 1,902,292 0.22 European Medium Term Bonds 14/5/2018 556,423 0.06 £4,200,000 Western Power Distribution 5.25% Senior European £2,275,000 United Utilities Water 5.75% Guaranteed Senior Medium Term Bonds 17/1/2023 4,941,783 0.57 European Medium Term Bonds 25/3/2022 2,735,710 0.31 £2,400,000 Western Power Distribution West Midlands 3.875% £500,000 United Utilities Water 6.125% Guaranteed Senior Senior European Medium Term Notes 17/10/2024 2,601,708 0.30 European Medium Term Notes 29/12/2015 520,726 0.06 £2,300,000 Westpac Banking 5% Guaranteed Senior European £1,420,000 Vattenfall 6.125% Guaranteed Senior European Medium Term Notes 21/10/2019 2,623,150 0.30 Medium Term Bonds 16/12/2019 1,690,814 0.19 £2,750,000 Wm Morrison Supermarkets 4.625% Guaranteed £275,000 Vector 7.625% Guaranteed European Medium Term European Medium Term Bonds 8/12/2023 2,874,864 0.33 Bonds 14/1/2019 312,557 0.04 £1,225,000 WPP 6% Guaranteed Bonds 4/4/2017 1,337,210 0.15 £4,901,000 Verizon Communications 4.073% Senior Notes £1,375,000 WPP Finance 6.375% Guaranteed Bonds 6/11/2020 1,663,929 0.19 18/6/2024 5,348,243 0.62 £1,050,000 Yorkshire Building Society 4.125% European Medium £2,000,000 Vodafone 5.375% Guaranteed Senior European Term Notes 20/11/2024 1,079,400 0.12 Medium Term Notes 5/12/2017 2,200,450 0.25 719,361,667 82.80 £1,325,000 Vodafone 8.125% Guaranteed Senior European Medium Term Notes 26/11/2018 1,621,427 0.19 UK Sterling Denominated Variable Rate Corporate Bonds – 14.59%; 2014 18.91% £625,000 Volkswagen Financial Services 1.25% European £400,000 ABN AMRO 5% Perpetual Subordinated Floating Rate Medium Term Notes 15/12/2016 627,709 0.07 Notes 405,132 0.05 £900,000 Volkswagen Financial Services 1.25% Guaranteed £700,000 AIG 5.75% Guaranteed Subordinated Floating Rate Bonds 23/5/2016 903,691 0.10 Bonds 15/3/2067 726,250 0.08 £875,000 Volkswagen Financial Services 1.75% Guaranteed £3,573,000 America Movil 6.375% Subordinated Floating Rate European Medium Term Notes 21/8/2017 885,413 0.10 Notes 6/9/2073 3,957,098 0.46 £900,000 Volkswagen Financial Services 2.375% Guaranteed £650,000 Amlin 6.5% Guaranteed Subordinated Floating Rate European Medium Term Notes 13/11/2018 927,572 0.11 Bonds 19/12/2026 684,125 0.08 £1,600,000 Volkswagen Financial Services 2.625% Guaranteed £3,425,000 Aviva 5.9021% Guaranteed Perpetual Subordinated European Medium Term Notes 22/7/2019 1,662,386 0.19 Floating Rate Bonds 3,724,859 0.43 £1,300,000 Volkswagen Financial Services 2.75% Guaranteed £5,150,000 Aviva 6.125% Guaranteed Perpetual Floating Rate European Medium Term Notes 2/10/2020 1,358,597 0.16 Bonds 5,684,312 0.65 £2,075,000 Wales & West Utilities Finance 4.625% Guaranteed £3,100,000 Aviva 6.625% Guaranteed Subordinated Floating Rate Bonds 13/12/2023 2,376,000 0.27 European Medium Term Bonds 3/6/2041 3,565,325 0.41 £535,000 Wales & West Utilities Finance 5.125% European £875,000 AXA 6.6666% Guaranteed Perpetual Subordinated Medium Term Notes 2/12/2016 571,296 0.07 Floating Rate European Medium Term Bonds 912,187 0.10 £1,250,000 Wales & West Utilities Finance 6.25% Guaranteed £725,000 AXA 6.772% Guaranteed Perpetual Subordinated Bonds 30/11/2021 1,540,900 0.18 Floating Rate European Medium Term Bonds 807,469 0.09 £2,375,000 Walgreens Boots Alliance 2.875% Bonds 20/11/2020 2,419,145 0.28 £1,975,000 Barclays 6.75% Guaranteed Subordinated Floating Rate European Medium Term Bonds 16/1/2023 2,178,643 0.25 £700,000 Barclays 7.125% Guaranteed Perpetual Subordinated Floating Rate Bonds 784,000 0.09

111 BlackRock Collective Investment Funds 112 Corporate Bond 1-10 Year Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £525,000 Barclays 8.25% Guaranteed Perpetual Subordinated £2,374,000 ING Bank 6.875% Guaranteed Floating Rate European Floating Rate European Medium Term Bonds 594,563 0.07 Medium Term Bonds 29/5/2023 2,700,878 0.31 £300,000 Barclays Bank 6.375% Perpetual Variable Rate Bonds 313,875 0.04 £350,000 Insurance Australia 5.625% Floating Rate Guaranteed £2,150,000 BG Energy Capital 6.5% Guaranteed Floating Rate Subordinated Bonds 21/12/2026 357,941 0.04 European Medium Term Notes 30/11/2072 2,308,885 0.27 £1,325,000 Legal & General 5.875% Guaranteed Perpetual £1,250,000 BNP Paribas 5.945% Guaranteed Perpetual Subordinated Floating Rate European Medium Subordinated Floating Rate Bonds 1,275,000 0.15 Term Bonds 1,442,594 0.17 £150,000 BNP Paribas 5.954% Guaranteed Perpetual £1,900,000 Legal & General 6.385% Guaranteed Perpetual Subordinated Floating Rate Bonds 154,688 0.02 Subordinated Floating Rate Bonds 2,047,250 0.24 £950,000 BNP Paribas 7.436% Guaranteed Perpetual £2,100,000 Legal & General 10% Guaranteed Subordinated Floating Subordinated Floating Rate Bonds 1,045,000 0.12 Rate European Medium Term Bonds 23/7/2041 2,877,735 0.33 £1,700,000 Bupa Finance 6.125% Guaranteed Perpetual Floating £650,000 Linde Finance 8.125% Guaranteed Floating Rate Rate Bonds 1,848,750 0.21 Bonds 14/7/2066 704,892 0.08 £2,000,000 CNP Assurances 7.375% Floating Rate Bonds 30/9/2041 2,351,200 0.27 £2,050,000 Liverpool Victoria Friendly Society 6.5% Subordinated £430,000 Commonwealth Bank of Australia 4.875% Floating Floating Rate Notes 22/5/2043 2,158,349 0.25 Rate European Medium Term Bonds 19/12/2023 466,292 0.05 £2,975,000 Lloyds 5.75% Guaranteed Subordinated Floating Rate £200,000 Coventry Building Society 6.092% Guaranteed Perpetual European Medium Term Bonds 9/7/2025 3,297,490 0.38 Floating Rate Bonds 205,000 0.02 £1,400,000 Lloyds 10.75% Floating Rate Guaranteed European £400,000 Credit Agricole 5% Perpetual European Medium Term Medium Term Notes 16/12/2021 1,616,723 0.19 Floating Rate Notes 410,000 0.05 £1,750,000 MUFG Capital Finance 5 6.299% Guaranteed Perpetual £975,000 Danske Bank 5.375% Guaranteed Subordinated Floating Subordinated Floating Rate Bonds 1,862,000 0.21 Rate European Medium Term Bonds 29/9/2021 1,042,031 0.12 £3,100,000 Munich Re 6.625% Guaranteed Subordinated Floating £3,225,000 Direct Line Insurance 9.25% Guaranteed Floating Rate Rate European Medium Term Notes 26/5/2042 3,723,319 0.43 Bonds 27/4/2042 4,211,822 0.48 £1,170,000 Munich Re 7.625% Guaranteed Subordinated Floating £1,900,000 ELM 6.3024% Guaranteed Perpetual Floating Rate Rate Bonds 21/6/2028 1,354,860 0.16 European Medium Term Bonds 2,118,500 0.24 £1,100,000 National Australia Bank 7.125% Variable Rate £750,000 Friends Life 6.875% Guaranteed Perpetual Floating Subordinated European Medium Term Bonds Rate Bonds 821,325 0.09 12/6/2023 1,265,144 0.15 £1,000,000 GDF Suez 4.625% Perpetual Floating Rate Notes 1,060,000 0.12 £1,175,000 National Capital Trust 5.62% Guaranteed Perpetual £775,000 GE Capital 5.5% Guaranteed Subordinated Floating Floating Rate Bonds 1,251,493 0.14 Rate Bonds 15/9/2066 809,875 0.09 £3,900,000 Orange 5.75% Perpetual Floating Rate European £610,000 GE Capital Trust 5.5% Guaranteed Subordinated Medium Term Notes 4,243,808 0.49 Floating Rate Bonds 15/9/2066 628,300 0.07 £4,500,000 Orange 5.875% Perpetual Subordinated Floating £1,575,000 General Electric Capital 6.5% Guaranteed Subordinated Rate Notes 4,893,750 0.56 Floating Rate Bonds 15/9/2067 1,712,812 0.20 £1,700,000 Prudential 11.375% Guaranteed Subordinated Floating £1,400,000 HSBC 5% Guaranteed Subordinated Floating Rate Rate European Medium Term Bonds 29/5/2039 2,250,970 0.26 European Medium Term Notes 20/3/2023 1,499,400 0.17 £2,350,000 QBE Capital Funding 7.5% Variable Rate Guaranteed £2,750,000 HSBC 6.375% Guaranteed Subordinated Floating Rate Bonds 24/5/2041 2,718,433 0.31 European Medium Term Bonds 18/10/2022 3,008,500 0.35 £1,650,000 HSBC Funding 5.862% Guaranteed Perpetual Floating Rate Bonds 1,777,875 0.20

113 BlackRock Collective Investment Funds 114 Corporate Bond 1-10 Year Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £1,275,000 Rabobank Capital Funding Trust IV 5.556% Guaranteed INVESTMENT FUNDS – 0.64%; 2014 1.03% Perpetual Floating Rate Bonds 1,380,188 0.16 Short-term Money Market Funds – 0.64%; 2014 1.03% £2,500,000 RL Finance Bonds No. 2 6.125% Guaranteed Floating 5,533,137 Institutional Cash Series plc – Sterling Liquidity Fund* 5,533,137 0.64 Rate Notes 30/11/2043 2,771,192 0.32 £1,075,000 RSA Insurance 6.701% Guaranteed Perpetual Floating Portfolio of investments 851,691,380 98.03 Rate Bonds 1,165,085 0.13 Net other assets 17,087,914 1.97 £1,975,000 RSA Insurance 9.375% Guaranteed Floating Rate Bonds Total net assets £868,779,294 100.00 20/5/2039 2,414,998 0.28 £2,600,000 RWE 7% Variable Rate Guaranteed Perpetual Notes 2,821,520 0.32 Note: comparative figures show percentages for each category of holding at 28 February 2014. * Managed by a related party. The Fund will not be subject to any initial subscription or redemption fees on its investment into an £350,000 Santander UK 9.625% Guaranteed Subordinated underlying fund managed by a related party. The Fund may indirectly incur management charges by investing in an underlying fund. The Fund invests, where possible, in a share class of an underlying fund that is not subject to management charges. Alternatively, where this Floating Rate European Medium Term Bonds is not possible, the Manager will rebate management charges to the Fund. 30/10/2023 429,625 0.05 £2,475,000 Siemens Financieringsmaatschappij 6.125% Guaranteed Floating Rate Bonds 14/9/2066 2,608,277 0.30 The credit rating profile of the portfolio at 28 February 2015 is shown below: £1,275,000 Society of Lloyd’s 7.421% Guaranteed Perpetual % of Total Net Assets Subordinated Floating Rate Bonds 1,389,750 0.16 Investment grade 94.74 £2,677,000 Standard Chartered 5.375% Perpetual Subordinated Floating Rate European Medium Term Bonds 2,770,695 0.32 Below investment grade 0.69 £1,200,000 Standard Chartered 7.75% Guaranteed Perpetual Not rated 1.96 Floating Rate Subordinated European Medium Term Non-debt securities 0.64 Bonds 1,384,560 0.16 £2,175,000 Standard Chartered 8.103% Guaranteed Perpetual Net other assets 1.97 Subordinated Floating Rate Bonds 2,305,500 0.27 Total net assets 100.00 £3,250,000 Standard Life 5.5% Variable Rate European Medium Term Bonds 4/12/2042 3,608,580 0.42 £1,220,000 Standard Life 6.546% Guaranteed Perpetual Floating Rate Bonds 1,372,500 0.16 £275,000 Suncorp Insurance Funding 6.25% Medium Term Floating Rate Notes 13/6/2027 288,750 0.03 £550,000 UBS Jersey Branch 5.25% Senior Subordinated Floating Rate European Medium Term Bonds 21/6/2021 573,485 0.07 £1,000,000 UBS Jersey Branch 6.375% Subordinated Floating Rate European Medium Term Bonds 19/11/2024 1,164,950 0.13 £600,000 Wales & West Utilities Finance 6.75% Guaranteed Floating Rate European Medium Term Notes 17/12/2036 690,124 0.08 £3,170,000 Zurich Finance (UK) Variable Rate 6.625% Guaranteed Perpetual Notes 3,796,075 0.44 126,796,576 14.59

115 BlackRock Collective Investment Funds 116 Corporate Bond 1-10 Year Statement of Total Return Corporate Bond 1-10 Year Balance Sheet for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 851,691,380 709,811,112 Income – Debtors 7 25,581,870 26,226,938 Net capital gains during the – Cash and bank balances 8 802,219 – year/period 2 30,042,339 2,946,739 Total other assets 26,384,089 26,226,938 Revenue 3 31,103,020 29,073,670 Total assets 878,075,469 736,038,050 Expenses 4 (758,211) (804,520) Liabilities: Finance costs: Interest 6 (676) (99) – Creditors 9 (9,296,112) (14,521,358) Net revenue before taxation 30,344,133 28,269,051 – Bank overdraft (63) (2,051,032) Taxation 5 – – Total other liabilities (9,296,175) (16,572,390) Net revenue after taxation for the year/period 30,344,133 28,269,051 Total liabilities (9,296,175) (16,572,390) UK income tax withheld (6,068,827) (5,653,810) Net assets attributable to unitholders £868,779,294 £719,465,660 Total return before distributions 54,317,645 25,561,980 Finance costs: Distributions 6 (24,275,781) (22,615,416)

Change in net assets N C D Hall (Director) attributable to unitholders E E Tracey (Director) from investment activities £30,041,864 £2,946,564 BlackRock Fund Managers Limited 30 April 2015 Corporate Bond 1-10 Year Statement of Change in Net Assets Attributable to Unitholders for the year ended 28 February 2015

For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 719,465,660 530,926,632 Amounts received on creation of units 143,773,624 208,178,061 Amounts paid on cancellation of units (49,417,557) (46,535,038) 94,356,067 161,643,023 Change in net assets attributable to unitholders from investment activities 30,041,864 2,946,564 Retained distribution on accumulation units 24,915,703 23,949,441 Closing net assets attributable to unitholders £868,779,294 £719,465,660

117 BlackRock Collective Investment Funds 118 Corporate Bond 1-10 Year Notes to Financial Statements for the year ended 28 February 2015

119 BlackRock Collective Investment Funds 120 Corporate Bond 1-10 Year Notes to Financial Statements continued

6. Finance Costs Total cash and bank balances £802,219 £0

For the period 9. Creditors For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 28.2.2015 28.2.2014 £ £ £ £ Interim distribution 12,289,475 12,385,497 Accrued Audit fee 6,690 6,690 Final distribution 12,626,228 11,563,944 Accrued FCA fee 754 601 24,915,703 23,949,441 Accrued Manager’s charge 152,550 152,693 Add: Amounts deducted on cancellation of units 359,461 439,041 Accrued Registrar’s fee 570 567 Less: Amounts received on creation of units (999,383) (1,773,066) Accrued Safe custody fees 19,379 22,224 Net distribution for the year/period 24,275,781 22,615,416 Accrued Trustee’s fee 15,978 13,353 Finance costs: Interest 676 99 Amounts payable for cancellation of units 458,221 522,692 Finance costs £24,276,457 £22,615,515 Custodian transaction costs 1,918 2,088 Income tax payable 3,041,256 2,775,716 Net revenue after taxation for the year/period 30,344,133 28,269,051 Purchases awaiting settlement 5,598,796 11,024,734 Add: Equalisation on conversions 475 175 Total creditors £9,296,112 £14,521,358 Less: UK income tax withheld (6,068,827) (5,653,810) Net distribution for the year/period £24,275,781 £22,615,416

Details of the interim and final distributions per unit are set out in the tables on page 131.

121 BlackRock Collective Investment Funds 122 Corporate Bond 1-10 Year Notes to Financial Statements continued

10. Derivatives and Other Financial Instruments Risk Impact of risk (a) The Fund’s financial instruments comprise securities and other investments, cash balances and Counterparty The risk of entering an arrangement with a counterparty, which is itself subject to debtors and creditors that arise directly from its operations, for example, in respect of sales and financial risks which may affect its ability to trade as a going concern. purchases awaiting settlement, amounts receivable for creations and payable for cancellation of units and debtors for accrued revenue. The Manager maintains a list of approved counterparties. This list is regularly monitored and revised for changes based on the counterparty’s credit-worthiness, The Manager shall take the risks it deems reasonable to meet the investment objective. These market reputation and expectations of future financial performance. Transactions risks include the following: will only be opened with financial intermediaries on the approved counterparties Risk Impact of risk list. Foreign currency The risk of changes to foreign currency rates materially affecting the Sterling Interest rate Interest rates are determined by factors such as supply and demand in the equivalent value of non-Sterling denominated assets and liabilities accounted for international money markets, which are influenced by macro economic factors, by the Fund. speculation and central bank and government intervention. Fluctuations in short The Fund’s investments at the balance sheet date wholly comprises of securities and long term interest rates on money market and cash deposits may affect the denominated in Sterling, the Fund therefore has no exposure to foreign currency revenue of the Fund. risk. Revenue is generated by the holding of bonds, which contractually oblige the Market price The valuation of the Fund’s investments is calculated with reference to market borrower to pay the Fund interest under specific terms. prices quoted by financial agencies and brokers. Movements to those market Changes to interest rates may affect the cash inflows and outflows calculated with prices may materially affect the value of the Fund’s investments, which may move reference to financial assets and financial liabilities held by the Fund. down as well as up. The Manager undertakes research to minimise the impact of such movements To manage the risk, the Manager undertakes research in order to achieve the best against the Fund’s investment objective. price for any transactions entered into on behalf of the Fund. Credit The Fund holds bonds issued by companies in order to achieve its investment Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the objective. ability of the Fund to trade financial instruments at values previously indicated The borrower receives from the Fund a principal amount. The Fund will then by financial brokers. receive interest based on the coupon rate of the bond and repayment of the All bonds are valued daily. Bonds identified as being illiquid are reviewed for initial principal amount on the bond’s maturity date. pricing accuracy as the need arises and on a formal monthly basis by the Any impairment to the borrower’s ability to pay amounts due may result in BlackRock Pricing Committee. changes to the tradable value of the bond and the amount to be received upon The BlackRock Pricing Committee will also review significant market events which maturity of the bond. The ability of the borrower to pay not only the principal value may impact liquidity of bonds in the portfolio. but also any interest due on the bond, referred to as the borrower’s credit rating, The Fund invests primarily in fixed interest securities issued by companies in is monitored by the Manager. The credit rating profile of the Fund’s portfolio at Europe, the UK and the US which are typically considered to be markets operating 28 February 2015 is shown on the Portfolio Statement on page 116. with high levels of liquidity. From time to time, however, market liquidity may be The Manager may undertake its own research of the borrower’s financial position affected by economic events. A security may be deemed illiquid due to a lack of in order to assess the ability of the borrower to repay amounts due. trading volume in the security or if the security is privately placed and not traded During the year, the Fund engaged in securites lending activities which exposed in any public market or is otherwise restricted from trading. the Fund to credit risk. The maximum exposure of the Fund is equal to the value of To manage the risk, the Investment Manager undertakes research of investment the securities loaned disclosed in Note 12. opportunities to select opportunities congruent with the Fund’s investment objective.

123 BlackRock Collective Investment Funds 124 Corporate Bond 1-10 Year Notes to Financial Statements continued

Risk Impact of risk Floating Rate Financial Use of derivatives The Fund may use derivatives for the purposes of efficient portfolio management Financial Liabilities not Liabilities Carrying Interest Total in order to reduce risk within the portfolio, reduce investment costs and generate Currency £ £ £ additional income. Euro (63) – (63) The use of derivatives will impact the value of the Fund and may expose the UK sterling – (9,296,112) (9,296,112) Fund to a higher degree of risk. In particular, derivative contracts can be highly Total £(63) £(9,296,112) £(9,296,175) volatile and the amount of initial margin is generally small relative to the size of the contract so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on Fixed Rate Financial Assets derivatives than on standard bonds or equities. Leveraged derivative positions Weighted Weighted can therefore increase fund volatility. Total Average Average Period Market Value Interest Rate for which Rate As at 28 February 2015, the Manager uses a methodology known as the Currency £ Equivalent % is Fixed “Commitment Approach” in order to measure the global exposure from financial UK sterling 719,361,667 4.80 5.99 years derivative instruments of the Fund and manage the potential loss to it due to market risk. The Commitment Approach is a methodology that aggregates the This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund. underlying market or notional values of derivative instruments to determine the degree of global exposure of a Fund to derivative instruments. In accordance with The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net asset value. Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying Any exposure to financial derivative instruments at year end is marked on the Assets Assets Interest Total Portfolio Statement. Currency £ £ £ £

These risks are monitored by the Manager in pursuance of the investment objective and policy as UK sterling 136,272,727 5 6 6 ,10 3,18 5 33,662,138 736,038,050 set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing Total £136,272,727 £5 6 6 ,10 3 ,18 5 £33,662,138 £736,038,050 powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security Floating Rate Financial or issuer. Further information on the investment portfolio is set out in the Investment Report and Financial Liabilities not Portfolio Statement. Liabilities Carrying Interest Total Currency £ £ £ (b) Currency Exposures Euro (68) – (68) The net assets of the Fund are denominated wholly in Sterling, therefore the Balance Sheet and UK sterling (2,050,964) (14,521,358) (16,572,322) Statement of Total Return will not be directly affected by currency movements. Total £(2,051,032) £(14,521,358) £(16,572,390) (c) Interest Rate Risk Profile of Financial Assets and Liabilities The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: Fixed Rate Financial Assets Weighted Weighted Floating Rate Fixed Rate Financial Assets Total Average Average Period Financial Financial not Carrying Market Value Interest Rate for which Rate Assets Assets Interest Total Currency £ Equivalent % is Fixed Currency £ £ £ £ UK sterling 555,178,509 5.08 6.29 years UK sterling 127,598,795 719,361,667 31,115,007 878,075,469 UK sterling perpetual 10,924,676 6 .15 Undated Total £127,598,795 £719,361,667 £31,115,007 £878,075,469 This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund.

125 BlackRock Collective Investment Funds 126 Corporate Bond 1-10 Year Notes to Financial Statements continued

The floating rate financial assets and liabilities include: 14. Related Parties Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two Parties are considered to be related if one party has the ability to control the other party or week LIBID rates and overdraft interest based on 3% over the base rate. exercise significant influence over the other party in making financial or operational decisions. All overseas deposits and loans bear interest at rates determined by the relevant Authority. The following entities were related parties of the Fund during the year ended 28 February 2015: The bank overdraft at the reporting date is on a temporary basis and is not persistent. Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited (d) Fair Value of Financial Assets and Financial Liabilities Securities lending agent: BlackRock Advisors (UK) Limited There is no material difference between the value of the financial assets and liabilities, as shown Trustee: BNY Mellon Trust & Depositary (UK) Limited in the Balance Sheet and their fair value. The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. 11. Contingent Assets and Liabilities (“PNC”) is a substantial shareholder in BlackRock. There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through creation and paid through cancellation 12. Efficient Portfolio Management Techniques of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. Please see further disclosures in Note 10(a). Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s During the year, the Fund engaged in securities lending, subject to the conditions and within the fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at limits laid down by the Financial Conduct Authority. the year end in respect of these fees are shown in Note 9. The Fund receives securities as collateral for a value in excess of the market value of the securities The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the arrangements with related parties (including, without limitation, brokers who are affiliated to the following collateral agents and central securities depositories: JP Morgan Chase and BNY Mellon. BlackRock Group), which may result in the Fund benefiting from research or execution services As at 28 February 2015, the Fund had securities on loan to the following counterparties: Barclays which the Investment Manager believes are useful in the investment decision-making or trade Bank, Citigroup and Morgan Stanley. execution process. Such research or execution services may include, without limitation and to the The Investment Manager monitors the fair value of the securities loaned and additional collateral extent permitted by applicable law: research reports on companies, industries and securities; and is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a the provision of economic and financial information and analysis. Due to the bundled nature of regulated market. these services and the application of such benefits across a number of BlackRock managed funds, The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund these arrangements with brokers who are not affiliated to the BlackRock Group. and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue The Fund’s investments in other BlackRock related products are detailed on the Portfolio Statement. is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational Securities Lending costs are borne out of the securities lending agent’s share. The securities lending agent appointed pursuant to the securities lending agreement is BlackRock 28.2.2015 28.2.2014 Advisors (UK) Limited, which is a related party to the Fund. £ £ The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity Revenue earned during the year/period 22,474 227 allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly Value of securities on loan at the year/period end 9,886,998 747,075 related to securities loan transactions as well as the cost of indemnification against borrower Value of collateral held on behalf of the Fund at the default. year/period end 10,589,319 835,397 See further information in Note 12.

13. Investment Management Please see page 16.

127 BlackRock Collective Investment Funds 128 Corporate Bond 1-10 Year Notes to Financial Statements continued

Material Unitholders 16. Unitholders’ Funds The following investors held more than 20% of the voting units in issue in the Fund and as a result Accumulation units are currently available as specified in the Prospectus. The net asset value are considered to be a related party of the Fund. of each unit class, net asset value per unit and the number of units in issue are given in the As at 28 February 2015: “Performance Record”. The types of units currently in issue and the Manager’s annual charge for each unit class are % of voting units shown below: Held by: in issue No. of units held Nutraco Nominees Limited 44% 303,746,215 Class 28.2.2015 28.2.2014 A Accumulation 0.45% 0.45% As at 28 February 2014: L Accumulation 0.20% 0.20% % of voting units X Accumulation◊ 0.00% 0.00% Held by: in issue No. of units held D Accumulation 0.15% 0.15% Nutraco Nominees Limited 39% 237,8 8 4 ,128 ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or MetLife Europe Limited 22% 134,168,385 their affiliates. All related party transactions were carried out at arm’s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. more favourable than those received by other investors investing into the same unit classes. Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue 15. Portfolio Transaction Costs is allocated each day pro rata to the capital value of assets attributable to each class and taxation is Summary of total purchase costs: computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. For the period For the period For the year For the year from 1.2.2013 from 1.2.2013 17. Non Adjusting Post Balance Sheet Event to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as £ £ £ £ shown below: Purchases before transaction costs 407,926,474 385,163,852 Bid prices as at Bid prices as at Rise Class 23.4.2015 28.2.2015 (%) Commissions and other costs (including stamp duty) 1,13 0 3,200 A Accumulation 131.5p 131.1p 0.3 Total purchase costs 1,13 0 3,200 L Accumulation 133.6p 133.2p 0.3 X Accumulation 124.3p 123.9p 0.3 Gross purchases total £407,927,604 £385,167,052 D Accumulation 131.7p 131.2p 0.4 Summary of total sale costs:

For the period For the period For the year For the year from 1.2.2013 from 1.2.2013 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ Gross sales before transaction costs 287,019,527 188,294,499 Commissions and other costs (1,700) (1,400) Total sale costs (1,700) (1,400) Total sales net of transaction costs £287,017,827 £188,293,099

129 BlackRock Collective Investment Funds 130 Corporate Bond 1-10 Year Distribution Tables BlackRock Corporate Bond Tracker Fund for the year ended 28 February 2015 Final Distribution in Pence per Unit BlackRock Corporate Bond Tracker Fund Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 Investment Objective & Policy

A Accumulation L Accumulation X Accumulation D Accumulation The aim of the BlackRock Corporate Bond Tracker Fund (the “Fund”) is to seek to achieve a total return Units Units Units Units for investors by tracking closely the performance of the Markit iBoxx GBP Non-Gilts Overall TR Index Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 by investing in fixed income securities contained in the Index. Investment will be made directly into constituent issues and via other transferable securities giving exposure to such issues. The Fund Gross Revenue 2.10 6 0 1.5910 2.3368 1.4233 2.2938 1.10 8 3 2.3334 1.14 9 3 may also invest in permitted money-market instruments, permitted deposits and units in collective Income tax 0.4212 0.3182 0.4674 0.2847 0.4588 0.2217 0.4667 0.2299 investment schemes. Derivatives and forward transactions may be used for the purposes of efficient Net revenue (interest) 1.6848 1.2728 1.8694 1.1386 1.8350 0.8866 1.8667 0.9194 portfolio management. Equalisation† – 0.4120 – 0.7308 – 0.9484 – 0.9473 The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Distribution payable 30.4.2015 1.6848 1.6848 1.8694 1.8694 1.8350 1.8350 1.8667 1.8667 under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Distribution paid 30.4.2014 1.7759 1.7759 1.9438 1.9438 1.8953 1.8953 1.9360 1.9360 Sourcebook”). The Fund was authorised by the FCA on 28 April 2010 and was launched on 30 June 2010.

Interim Distribution in Pence per Unit Group 1 – Units purchased prior to 1 March 2014 Group 2 – Units purchased 1 March 2014 to 31 August 2014

A Accumulation L Accumulation X Accumulation D Accumulation Units Units Units Units Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Gross Revenue 2.2333 1.4058 2.4584 1.4986 2.4025 1.4843 2.4516 1.2656 Income tax 0.4467 0.2812 0.4917 0.2997 0.4805 0.2969 0.4903 0.2531 Net revenue (interest) 1.7866 1.124 6 1.9667 1.1989 1.9220 1.1874 1.9613 1.0125 Equalisation† – 0.6620 – 0.7678 – 0.7346 – 0.9488 Distribution paid 31.10.2014 1.7866 1.7866 1.9667 1.9667 1.9220 1.9220 1.9613 1.9613 Distribution paid 31.10.2013 2 .10 8 5 2 .10 8 5 2.3003 2.3003 2.2393 2.2393 2.2911 2.2911

131 BlackRock Collective Investment Funds 132 Corporate Bond Tracker Fund

All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. X Accumulation Performance returns are cumulative. All returns are in Sterling. The final accumulation distribution payable on 30 April 2015 is 1.6863p net per accumulation unit * Figures from Datastream. Please note that the Fund’s benchmark index, the Markit iBoxx GBP Non-Gilts Overall TR Index was previously referred to as the iBoxx £ Non Gilts Overall TR Index. This is a clarificatory update and does not represent a change in the (30 April 2014: 1.6716p net per accumulation unit). Fund’s benchmark index. # D Accumulation class was renamed as L Accumulation class during June 2012. † Since launch figures are from 1.9.2010 and 30.6.2010 for A and L class respectively. D Income The final distribution payable on 31 March 2015 is 0.2545p net per income unit (31 March 2014: All financial investments involve an element of risk. Therefore, the value of your investment and 0.2629p net per income unit). the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is D Accumulation not a guide to future performance and should not be the sole factor of consideration when selecting The final accumulation distribution payable on 30 April 2015 is 1.7642p net per accumulation unit a product. (30 April 2014: 1.7568p net per accumulation unit).

Annual performance to most recent quarter end H Incomeº The final distribution payable on 30 April 2015 is 1.4236p net per income unit (30 April 2014: N/A). 31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 H Accumulation BlackRock Corporate Bond The final accumulation distribution payable on 30 April 2015 is 1.4416p net per accumulation unit § Tracker Fund A +11.2% -0.1% +12.6% +6.2% N/A (30 April 2014: 0.0000p net per accumulation unit). BlackRock Corporate Bond Tracker Fund L# +11.5% +0.1% +12.9% +6.3% N/A§ º H Income class commenced March 2014.

All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is calculated net of fees. Performance is shown for complete 12 month periods only. # D Accumulation class was renamed as L Accumulation class during June 2012. § Performance data does not exist for the relevant periods. Fund launched on 30 June 2010. A Accumulation class commenced September 2010.

133 BlackRock Collective Investment Funds 134 Corporate Bond Tracker Fund continued

The table below compares the realised Fund performance against the performance of the relevant A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced benchmark index during the year ended 28 February 2015. An explanation for the difference is are different. As the Fund is valued at midday, but the benchmark index is valued at the time the provided: relevant markets close for business, the tracking error of the Fund at its valuation point may appear to be higher than if the Fund and the benchmark index were priced at the same time. Fund return Benchmark return for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking Before costs and after adjusting for a) the error is annualised and calculated using data from the preceding 36 month observation period. difference in valuation point of the Fund and the pricing point of the benchmark Anticipated Realised index b) the tax incurred by the Fund Tracking Error Tracking Error Explanation for difference which is not included in the benchmark The Fund has tracked its benchmark index within its anticipated index, the performance of the Fund Up to 3.00%* 0.83%* tracking error. relative to the benchmark index has * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. +10.9%* +11.6% -0.7% been in line with expectations.

* Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

135 BlackRock Collective Investment Funds 136 Corporate Bond Tracker Performance Record

Net Asset Value Income (Net Distributions/Net Accumulations)

Net Asset Value A Accumulation L Income L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Units~ Units≈ Units# Units≠ Units± Units¤ Units¤ Unitsº Units÷ Net Asset Value per Unit Calendar Units in Issue £ p Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit A Accumulation 2015* 1.5776 0.8072 1.7605 1.5820 1.6863 0.8065 1.7642 1.4236 1.4416 28 February 2015 6,269,087 8,532,869 136 .1 2014 3.2263 3.4490 3.5625 3.2560 3.3940 3.3884 3.5619 1.2500 1.3858 28 February 2014 16,475,133 20,291,585 123.2 2013 3.5733 3.4918 3.9046 3.5331 3.6795 3.4785 3.8285 N/A N/A 31 January 2013* 22,709,641 27,034,685 119.0 2012 3.5506 1.0038 3.7855 N/A 0.8718 1.5337 0.3318 N/A N/A L Income 2011 3.120 3 N/A 3.6116 N/A N/A N/A N/A N/A N/A 28 February 2015 17,802,765 22,776,809 127.9 2010‡ N/A N/A 0.2810 N/A N/A N/A N/A N/A N/A 28 February 2014 19,901,063 23,620,220 118.7 * To 30 April (to 31 March for L Income and D Income classes). 31 January 2013* 21,419,509 25,426,350 118.7 ‡ Fund launched June 2010. ~ A Accumulation class commenced September 2010. L Accumulation ≈ L Income class commenced August 2012. 28 February 2015 549,723,052 757,593,869 137.8 # D Accumulation class was renamed as L Accumulation class during June 2012. ≠ X Income class commenced August 2012. 28 February 2014 460,473,275 5 72,8 3 4 ,191 124.4 ± X Accumulation class commenced April 2012. ¤ D Income and D Accumulation classes commenced June 2012. # 31 January 2013* 364,378,979 436,621,727 119.8 º H Income class commenced March 2014. X Income ÷ H Accumulation class commenced February 2014. 28 February 2015 22,651,285 26,093,360 115.2 28 February 2014 27,118 ,119 28,961,135 106.8 Capital (Unit Prices) 31 January 2013* 27,737,395 29,671,460 107.0 A Accumulation L Income L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Units~ Units≈ Units# Units≠ Units± Units¤ Units¤ Unitsº Units÷ X Accumulation Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest 28 February 2015 Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid 60,494,444 75,326,480 124.5 Calendar Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price 28 February 2014 12,853,999 14,424,668 112.2 Year p p p p p p p p p p p p p p p p p p 31 January 2013* 402,242 431,478 107.3 2015* 14 8 .1 133.7 133.2 126 .1 142.8 135.3 121.0 114.6 128.9 122.2 131.1 124.2 141.0 133.6 118.3 106.7 119.2 107.6 D Income 2014 142.0 120.2 127.9 116.4 136.8 121.4 115.9 105.8 123.5 109.5 125.9 114.6 13 5 .1 119.9 113.3 98.94 114.2 98.55 28 February 2015 27,716,034 3 4 ,9 0 8 ,119 125.9 2013 133.4 117.6 125.3 115 .1 128 .1 118.6 113.5 103.5 115.3 106.9 123.3 113.3 126.4 117.1 N/A N/A N/A N/A 28 February 2014 37,710,690 44,062,988 116.8 2012 127.8 106.6 121.6 116.3 122.6 107.2 110.2 104.6 110.3 99.01 119.7 110.9 121.0 110.9 N/A N/A N/A N/A 31 January 2013* 15,765,101 18,431,261 116.9 2011 113.9 99.33 N/A N/A 109.0 99.65 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A D Accumulation 2010‡ 110 .1 98.93 N/A N/A 105.2 98.88 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 28 February 2015 74,913,259 101,974,380 136 .1 * To 28 February. 28 February 2014 32,892,939 40,402,808 122.8 ‡ Fund launched June 2010. 31 January 2013* 531,591 630,982 118.7 ~ A Accumulation class commenced September 2010. ≈ L Income class commenced August 2012. H Income # D Accumulation class was renamed as L Accumulation class during June 2012. ≠ X Income class commenced August 2012. º 28 February 2015 707,020 758,383 107.3 ± X Accumulation class commenced April 2012. H Accumulation ¤ D Income and D Accumulation classes commenced June 2012. º H Income class commenced March 2014. 28 February 2015 6,685,056 7,326,474 109.6 ÷ H Accumulation class commenced February 2014. 28 February 2014÷ 100 99 99.00

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. # D Accumulation class was renamed as L Accumulation class during June 2012. º H Income class commenced March 2014. ÷ H Accumulation class commenced February 2014.

137 BlackRock Collective Investment Funds 138 Corporate Bond Tracker Performance Record continued

Risk and Reward Profile Ongoing Charges Detailed in the following table are the charges used to meet the costs of running the Fund, which Lower risk Higher risk include the costs of marketing and distribution. These charges reduce the potential growth of your Typically lower rewards Typically higher rewards investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, Unit Class except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective A Accumulation 1 2 3 4 5 6 7 investment scheme (if any). L Income 1 2 3 4 5 6 7 1.3.2014 1.2.2013 L Accumulation 1 2 3 4 5 6 7 Unit Class to 28.2.2015 to 28.2.2014† X Income 1 2 3 4 5 6 7 A Accumulation 0.52% 0.52% X Accumulation 1 2 3 4 5 6 7 L Income 0.22% 0.22% D Income 1 2 3 4 5 6 7 L Accumulation 0.22% 0.22% D Accumulation 1 2 3 4 5 6 7 X Income 0.02% 0.02% H Income 1 2 3 4 5 6 7 X Accumulation 0.02% 0.02% H Accumulation 1 2 3 4 5 6 7 D Income 0.17% 0.17%

`` The risk indicator was calculated incorporating historical or simulated historical data and may not D Accumulation 0.17% 0.17% be a reliable indication of the future risk profile of each unit class. H Incomeº 0.12%* N/A ÷ `` The risk category shown is not guaranteed and may change over time. H Accumulation 0.12% 0.12%

` † Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ` The lowest category does not mean risk free. º H Income class commenced March 2014. * Ongoing charges figure is based on annualised expenses for the period ended 28 February 2015. `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree ÷ H Accumulation class commenced February 2014. of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund.

`` During the year, the risk indicator for each unit class changed from level 4 to 3 due to a decline in market volatility.

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

139 BlackRock Collective Investment Funds 140 Corporate Bond Tracker Investment Report Corporate Bond Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 10.9%*, compared with Nominal Value Total Net its benchmark, the Markit iBoxx GBP Non-Gilts Overall TR Index, which returned 11.6%. Before costs Value Investment £ Assets and after adjusting for (a) the difference in valuation point of the Fund and the pricing point of the BONDS – 97.68%; 2014 97.22% benchmark index, and (b) the tax incurred by the Fund which is not included in the benchmark index, the performance of the Fund relative to the benchmark index has been in line with expectations. UK Sterling Denominated Fixed Rate Corporate Bonds – 86.80%; 2014 81.21% £633,000 3i 5.75% Guaranteed Senior European Medium Term Over the six month period to 28 February 2015, the Fund returned 5.7%* compared with its benchmark Bonds 3/12/2032 798,714 0.08 which returned 5.8%. £650,000 3i 6.875% Guaranteed Senior European Medium Term Bonds 9/3/2023 816,080 0.08 Fund Manager’s Commentary £700,000 AA Bond 3.781% Senior European Medium Term Notes Global bonds rather defied expectations to deliver strong returns over the period under review, even 31/7/2043 728,287 0.07 with signs of economic recovery strengthening in some major markets like the US and UK. Yields on £1,000,000 AA Bond 4.2487% Senior European Medium Term Notes many developed world government bonds hit new lows (so prices were very high) in a year in which 31/7/2043 1,062,050 0.10 Japan and Europe undertook massive spending programmes to try to stimulate their economies and £450,000 AA Bond 4.7201% Senior European Medium Term Notes potential interest rate rises in the US and UK were delayed. Yields were also depressed by ongoing Bonds 2/7/2043 483,165 0.05 concerns about deflationary pressures in the global economy. £1,100,000 AA Bond 6.269% Bonds 2/7/2043 1,372,260 0.13 £1,475,000 Abbey National Treasury Services 1.875% European This environment also helped to create a positive period for investors in bonds issued by companies. Medium Term Notes 17/2/2020 1,460,192 0.14 Demand stayed strong given yields on traditional government bonds remained so low, meaning many £1,100,000 Abbey National Treasury Services 3.875% European investors were willing (or had) to take more risk to generate more income from their bond investments. Medium Term Note 15/10/2029 1,218,250 0.12 Thankfully, companies were in general in good shape and default risk (the risk that they might not be £650,000 Abbey National Treasury Services 4.125% Guaranteed able to pay back what they owe) was relatively low. Although there were some more pronounced ups European Medium Term Notes 14/9/2017 694,785 0.07 and downs in the latter part of the year, the asset class ended the period significantly higher. £2,300,000 Abbey National Treasury Services 5.125% Guaranteed European Medium Term Bonds 14/4/2021 2,716,760 0.26 The portfolio is positioned so that its risk characteristics are similar to those of the Markit iBoxx GBP £1,550,000 Abbey National Treasury Services 5.25% Guaranteed Non-Gilts Overall TR Index. European Medium Term Bonds 16/2/2029 2,032,375 0.20 £1,950,000 Abbey National Treasury Services 5.75% Guaranteed March 2015 European Medium Term Bonds 2/3/2026 2,583,243 0.25 £750,000 ABN AMRO 2.25% Senior European Medium Term * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net Notes 11/9/2017 766,140 0.07 asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. £500,000 ABN AMRO 2.5% Senior European Medium Term Notes 18/12/2018 514,550 0.05 £150,000 ABN AMRO 4.875% European Medium Term Notes 16/1/2019 167,910 0.02 £1,050,000 ABP Finance 6.25% Guaranteed European Medium Term Bonds 14/12/2026 1,348,142 0.13 £475,000 Aegon 6.125% Guaranteed Senior European Medium Term Bonds 15/12/2031 637,879 0.06 £800,000 Aegon 6.625% Guaranteed Senior European Medium Term Bonds 16/12/2039 1,187,561 0.11 £425,000 Affinity Sutton 4.25% European Medium Term Bonds 8/10/2042 486,515 0.05 £425,000 Affinity Sutton 5.981% Guaranteed Senior European Medium Term Bonds 17/9/2038 602,395 0.06

141 BlackRock Collective Investment Funds 142 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £450,000 Affinity Water 4.5% Guaranteed Senior European £1,225,000 Anheuser-Busch InBev 9.75% Guaranteed European Medium Term Bonds 31/3/2036 519,458 0.05 Medium Term Bonds 30/7/2024 1,911,245 0.18 £575,000 Affinity Water 5.875% Guaranteed Bonds 13/7/2026 738,812 0.07 £612,917 Annington Finance 8% Asset Backed Bonds 2/10/2021 737,372 0.07 £745,000 Affordable Housing Finance 3.8% European Medium £1,900,000 Annington Finance No 4 0% Bonds 7/12/2022 1,535,861 0.15 Term Notes 20/5/2044 894,410 0.09 £1,900,000 Annington Finance No 4 0% Guaranteed Bonds £450,000 African Development Bank 1.125% Senior European 10/1/2023 1,511,450 0.15 Medium Term Notes 15/12/2016 452,790 0.04 £530,000 Annington Finance No 4 8.07% Guaranteed Bonds £150,000 Aggregate Industries 7.25% Guaranteed Bonds 10/1/2023 708,891 0.07 31/5/2016 160,726 0.02 £1,220,000 Annington Repackaging 5.3236% Guaranteed Bonds £202,000 Ahold Finance USA 6.5% Guaranteed European 10/1/2023 1,402,719 0.14 Medium Term Bonds 14/3/2017 221,962 0.02 £550,000 AP Moeller-Maersk 4% Senior European Medium Term £1,050,000 AIG 5% Guaranteed Senior European Medium Term Notes 4/4/2025 582,725 0.06 Bonds 26/4/2023 1,219,155 0.12 £450,000 APT Pipelines 4.25% European Medium Term Bonds £721,000 AIG 6.765% Notes 15/11/2017 815,594 0.08 26/11/2024 489,690 0.05 £300,000 Akzo Nobel 8% Guaranteed European Medium Term £350,000 Arkle Master Issuer 3.986% Guaranteed Mortgage Notes 6/4/2016 322,664 0.03 Backed Bonds 17/5/2060 371,282 0.04 £1,500,000 Allianz Finance II 4.5% Guaranteed Bonds 13/3/2043 1,823,194 0.18 £800,000 Arkle Master Issuer 4.681% Guaranteed Mortgage £1,567,000 America Movil 4.375% Guaranteed Senior Bonds Backed Bonds 17/5/2060 850,454 0.08 7/8/2041 1,719,469 0.17 £450,000 Arqiva Financing 4.04% Bonds 30/6/2035 474,579 0.05 £532,000 America Movil 4.948% Senior European Medium Term £1,250,000 Arqiva Financing 4.882% Bonds 31/12/2032 1,389,212 0.13 Notes 22/7/2033 628,797 0.06 £111,786 Arsenal Securities 5.1418% Guaranteed Bonds £1,098,000 America Movil 5% Guaranteed Senior Bonds 27/10/2026 1,299,005 0.13 1/9/2029 124,618 0.01 £1,575,000 America Movil 5.75% Guaranteed Bonds 28/6/2030 1,994,422 0.19 £875,000 Artesian Finance II 6% Guaranteed Senior European £1,350,000 Amgen 4% Bonds 13/9/2029 1,451,250 0.14 Medium Term Bonds 30/9/2033 1,175,212 0.11 £900,000 Amgen 5.5% Senior Bonds 7/12/2026 1,108,530 0.11 £650,000 Asciano Finance 5% Guaranteed European Medium £450,000 Anglian Water 4.5% Senior European Medium Term Term Notes 19/9/2023 731,136 0.07 Bonds 5/10/2027 515,594 0.05 £500,000 Asian Development Bank 1% European Medium Term £200,000 Anglian Water 5.25% Guaranteed European Medium Notes 15/12/2015 501,466 0.05 Term Bonds 30/10/2015 205,560 0.02 £1,150,000 Asian Development Bank 1% Senior European Medium £525,000 Anglian Water 5.837% Guaranteed European Medium Term Notes 15/12/2016 1,155,278 0.11 Term Bonds 30/7/2022 643,519 0.06 £400,000 Asian Development Bank 1.5% Senior European £390,000 Anglian Water 6.293% Guaranteed European Medium Medium Term Notes 15/12/2017 404,890 0.04 Term Bonds 30/7/2030 531,500 0.05 £350,000 ASIF II 6.375% Guaranteed European Medium Term £500,000 Anglian Water 6.625% Guaranteed Bonds 15/1/2029 697,250 0.07 Bonds 5/10/2020 427,455 0.04 £300,000 Anglian Water 6.875% Guaranteed Bonds 21/8/2023 394,197 0.04 £700,000 ASIF III 5.375% Guaranteed Senior European Medium £950,000 Anglo American Capital 6.875% Guaranteed European Term Bonds 14/10/2016 747,040 0.07 Medium Term Notes 1/5/2018 1,077,110 0.10 £451,000 ASIF III Jersey 5% Guaranteed European Medium Term £700,000 Anheuser-Busch InBev 4% Guaranteed European Bonds 18/12/2018 504,615 0.05 Medium Term Notes 24/9/2025 776,335 0.07 £1,339,875 Aspire Defence Finance 4.674% Asset Backed Bonds £1,500,000 Anheuser-Busch InBev 6.5% European Medium Term 31/3/2040 1,562,227 0.15 Notes 23/6/2017 1,672,200 0.16 £1,265,438 Aspire Defence Finance 4.674% Guaranteed Bonds 31/3/2040 1,475,437 0.14

143 BlackRock Collective Investment Funds 144 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £363,000 Aster Treasury 4.5% Senior Notes 18/12/2043 427,693 0.04 £2,250,000 Bank of America 7% Guaranteed Senior European £825,000 AstraZeneca 5.75% Guaranteed Senior European Medium Term Bonds 31/7/2028 3,200,128 0.31 Medium Term Bonds 13/11/2031 1,108,800 0.11 £1,100,000 Bank of America 7.75% Guaranteed Senior European £1,950,000 AT&T 4.25% Senior Bonds 1/6/2043 2,009,962 0.19 Medium Term Notes 30/4/2018 1,298,330 0.13 £2,100,000 AT&T 4.875% Senior Bonds 1/6/2044 2,374,260 0.23 £200,000 Bank of America 8.125% Guaranteed Subordinated £950,000 AT&T 5.5% Guaranteed Senior Bonds 15/3/2027 1,162,990 0.11 European Medium Term Bonds 2/6/2028 291,035 0.03 £1,300,000 AT&T 5.875% Guaranteed Senior Notes 28/4/2017 1,419,080 0.14 £529,000 Bank of Scotland 4.875% Guaranteed European £2,250,000 AT&T 7% Guaranteed Senior European Medium Term Medium Term Bonds 8/11/2016 564,972 0.05 Bonds 30/4/2040 3,276,562 0.32 £1,279,000 Bank of Scotland 4.875% Guaranteed European £1,000,000 Atlantia 6.25% Guaranteed European Medium Term Medium Term Bonds 20/12/2024 1,560,329 0.15 Bonds 9/6/2022 1,228,971 0.12 £400,000 Bank of Scotland 6.375% Guaranteed Subordinated £350,000 Ausnet Services 7.125% Guaranteed European Medium European Medium Term Bonds 16/8/2019 459,516 0.04 Term Notes 26/6/2018 408,580 0.04 £1,160,000 Bank of Scotland 9.375% Guaranteed Subordinated £250,000 Aviva 9.5% Guaranteed Bonds 20/6/2016 276,888 0.03 Bonds 15/5/2021 1,535,339 0.15 £775,000 AXA 7.125% Guaranteed Subordinated Bonds 15/12/2020 940,656 0.09 £550,000 Bank of Scotland 10.5% Guaranteed Subordinated £700,000 BAE Systems 4.125% Senior Notes 8/6/2022 767,955 0.07 Bonds 16/2/2018 672,936 0.06 £1,450,000 Bank Nederlandse Gemeenten 1.875% Guaranteed £3,000,000 Barclays 1.5% European Medium Term Notes 4/4/2017 3,038,970 0.29 European Medium Term Notes 7/12/2018 1,480,580 0.14 £1,750,000 Barclays 4.25% Guaranteed European Medium Term £550,000 Bank Nederlandse Gemeenten 2.375% Guaranteed Bonds 12/1/2022 2,003,942 0.19 Senior European Medium Term Notes 23/12/2015 557,597 0.05 £675,000 Barclays 5.75% Guaranteed Senior European Medium £950,000 Bank Nederlandse Gemeenten 3.25% Guaranteed Term Bonds 17/8/2021 813,788 0.08 European Medium Term Notes 29/11/2017 1,003,186 0.10 £1,500,000 Barclays 5.75% Guaranteed Senior European Medium £150,000 Bank Nederlandse Gemeenten 4.5% Guaranteed Senior Term Bonds 14/9/2026 1,766,455 0.17 European Medium Term Bonds 20/2/2018 164,385 0.02 £650,000 Barclays 9.5% Guaranteed Subordinated Bonds £350,000 Bank Nederlandse Gemeenten 5.2% Guaranteed Senior 7/8/2021 865,280 0.08 European Medium Term Bonds 7/12/2028 460,397 0.04 £3,515,000 Barclays 10% Guaranteed Subordinated European £175,000 Bank Nederlandse Gemeenten 5.25% Guaranteed Medium Term Bonds 21/5/2021 4,765,237 0.46 Senior European Medium Term Notes 26/2/2016 182,961 0.02 £175,000 BASF 1.375% European Medium Term Notes £925,000 Bank Nederlandse Gemeenten 5.375% Guaranteed 15/12/2017 176,460 0.02 Senior European Medium Term Bonds 7/6/2021 1,121,322 0.11 £700,000 BASF 5.875% Guaranteed Senior European Medium £600,000 Bank Nederlandse Gemeenten 5.75% Guaranteed Term Notes 31/3/2017 769,531 0.07 Senior European Medium Term Bonds 18/1/2019 698,448 0.07 £1,350,000 BAT International Finance 4% Guaranteed European £600,000 Bank of America 4.25% Senior European Medium Term Medium Term Notes 4/9/2026 1,502,280 0.14 Notes 10/12/2026 673,109 0.06 £501,000 BAT International Finance 5.75% Guaranteed European £700,000 Bank of America 5.25% Guaranteed Subordinated Medium Term Bonds 5/7/2040 688,677 0.07 European Medium Term Bonds 9/11/2016 741,290 0.07 £600,000 BAT International Finance 6% Guaranteed European £650,000 Bank of America 5.5% Guaranteed Senior European Medium Term Bonds 29/6/2022 738,654 0.07 Medium Term Bonds 4/12/2019 748,482 0.07 £900,000 BAT International Finance 6% Guaranteed European £350,000 Bank of America 5.5% Guaranteed Subordinated Medium Term Bonds 24/11/2034 1,241,023 0.12 European Medium Term Bonds 22/11/2021 400,453 0.04 £900,000 BAT International Finance 6.375% Guaranteed £2,100,000 Bank of America 6.125% Guaranteed Senior European Medium Term Bonds 12/12/2019 1,085,484 0.10 European Medium Term Bonds 15/9/2021 2,559,165 0.25

145 BlackRock Collective Investment Funds 146 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £1,025,000 BAT International Finance 7.25% Guaranteed £450,000 British Sky Broadcasting 6% Guaranteed European European Medium Term Bonds 12/3/2024 1,388,055 0.13 Medium Term Bonds 21/5/2027 570,121 0.06 £650,000 Bayer 5.625% Guaranteed European Medium Term £550,000 British Sky Broadcasting Finance UK 5.75% Guaranteed Bonds 23/5/2018 736,259 0.07 Bonds 20/10/2017 606,760 0.06 £385,557 BBC Pacific Quay 5.5653% Guaranteed Asset Backed £1,350,000 British Telecommunications 5.75% Guaranteed Senior Bonds 25/7/2034 471,624 0.05 Bonds 7/12/2028 1,693,030 0.16 £1,250,000 BG Energy Capital 5% Guaranteed European Medium £875,000 British Telecommunications 6.375% Guaranteed Senior Term Bonds 4/11/2036 1,489,375 0.14 European Medium Term Bonds 23/6/2037 1,209,106 0.12 £600,000 BG Energy Capital 5.125% Guaranteed European £1,300,000 British Telecommunications 6.625% Guaranteed Senior Medium Term Notes 7/12/2017 655,800 0.06 European Medium Term Bonds 23/6/2017 1,448,057 0.14 £1,850,000 BG Energy Capital 5.125% Guaranteed European £1,100,000 British Telecommunications 8.5% Guaranteed Senior Medium Term Bonds 1/12/2025 2,197,060 0.21 Bonds 7/12/2016 1,236,250 0.12 £1,342,000 BHP Billiton Finance 3.25% European Medium Term £275,000 British Telecommunications 8.625% Bonds 26/3/2020 357,095 0.03 Bonds 25/9/2024 1,393,399 0.13 £525,000 Broadgate Financing 4.821% Guaranteed Bonds £2,150,000 BHP Billiton Finance 4.3% European Medium Term 5/7/2036 644,441 0.06 Bonds 25/9/2042 2,399,185 0.23 £100,000 Broadgate Financing 4.851% Guaranteed Bonds £225,000 Birmingham Airport 6.25% Guaranteed European 5/4/2033 121,178 0.01 Medium Term Bonds 22/2/2021 259,623 0.03 £515,379 Broadgate Financing 4.949% Guaranteed Bonds £225,619 Bishopsgate Asset Finance 4.808% Guaranteed Bonds 5/4/2031 599,930 0.06 14/8/2044 236,654 0.02 £950,000 Broadgate Financing 4.999% Guaranteed Bonds £933,096 BL Superstore Finance 4.482% Guaranteed Asset 5/10/2033 1,149,528 0.11 Backed Bonds 4/10/2030 1,049,014 0.10 £198,000 Broadgate Financing 5.098% Bonds 5/4/2035 229,324 0.02 £43,858 BL Superstore Finance 5.27% Guaranteed Asset Backed £550,000 Bupa Finance 3.375% Guaranteed Bonds 17/6/2021 576,345 0.06 Bonds 4/10/2030 48,603 0.00 £1,370,000 Bupa Finance 5% Subordinated Notes 25/4/2023 1,472,476 0.14 £375,000 BMW 2% European Medium Term Bonds 20/11/2019 381,337 0.04 £452,000 Bupa Finance 7.5% Guaranteed Senior European £975,000 BMW (UK) Capital 5% Guaranteed European Medium Medium Term Notes 4/7/2016 488,815 0.05 Term Notes 2/10/2017 1,069,303 0.10 £100,000 Caisse Francaise 4.6875% European Medium Term £200,000 BMW Finance 1.75% Guaranteed European Medium Bonds 19/4/2016 103,696 0.01 Term Notes 20/11/2017 203,257 0.02 £200,000 Caisse Francaise 5.5% Guaranteed European Medium £1,740,000 BMW Finance 3.375% Guaranteed European Medium Term Bonds 16/7/2026 249,763 0.02 Term Notes 14/12/2018 1,859,998 0.18 £850,000 Cambridge University 3.75% Notes 17/10/2052 1,020,085 0.10 £1,400,000 BNP Paribas 2.375% European Medium Term Notes £725,000 Canary Wharf Finance II 5.952% Guaranteed Asset 20/11/2019 1,435,000 0.14 Backed Bonds 22/10/2037 903,564 0.09 £300,000 BNP Paribas 5.75% Guaranteed Subordinated European £504,999 Canary Wharf Finance II 6.455% Guaranteed Asset Medium Term Bonds 24/1/2022 346,410 0.03 Backed Bonds 22/10/2033 651,449 0.06 £750,000 Bouygues 5.5% Guaranteed Senior Bonds 6/10/2026 920,475 0.09 £338,804 Canary Wharf Finance II 6.8% Guaranteed Asset £1,150,000 BP Capital Markets 4.325% Guaranteed European Backed Bonds 22/10/2033 423,888 0.04 Medium Term Notes 10/12/2018 1,251,200 0.12 £500,000 Cargill 5.375% Guaranteed Senior European Medium £1,500,000 BPCE 5.25% Subordinated Notes 16/4/2029 1,689,375 0.16 Term Bonds 2/3/2037 635,582 0.06 £300,000 British American Tobacco 5.5% Guaranteed European £375,000 Carlsberg Breweries 7.25% Guaranteed Senior Medium Term Bonds 15/9/2016 320,075 0.03 European Medium Term Notes 28/11/2016 410,475 0.04

147 BlackRock Collective Investment Funds 148 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £1,100,000 Centrica 4.25% European Medium Term Bonds £1,425,000 Comcast 5.5% Guaranteed Bonds 23/11/2029 1,820,577 0.18 12/9/2044 1,164,439 0.11 £1,000,000 Commonwealth Bank of Australia 2.25% Senior £1,700,000 Centrica 4.375% European Medium Term Bonds European Medium Term Notes 7/12/2018 1,026,895 0.10 13/3/2029 1,883,543 0.18 £1,400,000 Commonwealth Bank of Australia 3% Guaranteed £400,000 Centrica 5.5% Guaranteed Senior European Medium European Medium Term Bonds 4/9/2026 1,481,060 0.14 Term Bonds 24/10/2016 429,883 0.04 £1,100,000 Community Finance 1 5.017% Guaranteed European £675,000 Centrica 6.375% Guaranteed Senior European Medium Medium Term Bonds 31/7/2034 1,408,000 0.14 Term Bonds 10/3/2022 836,443 0.08 £802,000 Compagnie de Financement Foncier 5.5% Guaranteed £1,150,000 Centrica 7% Guaranteed Senior European Medium Term European Medium Term Bonds 26/1/2027 1,052,549 0.10 Notes 19/9/2018 1,357,368 0.13 £620,000 Compass 3.85% Senior European Medium Term Notes £1,400,000 Centrica 7% Guaranteed Senior European Medium Term 26/6/2026 685,964 0.07 Bonds 19/9/2033 2,028,460 0.20 £1,025,000 Control Section 1 Finance 5.234% Guaranteed Asset £300,000 Chorus 6.75% Guaranteed European Medium Term Backed Bonds 2/5/2035 1,252,345 0.12 Notes 6/4/2020 349,350 0.03 £1,250,000 Co-Operative Bank 4.75% Guaranteed Bonds £250,000 Circle Anglia Social Housing 5.2% European Medium 11/11/2021 1,404,437 0.14 Term Notes 2/3/2044 320,188 0.03 £400,000 Council of Europe 1.75% Senior European Medium Term £825,000 Circle Anglia Social Housing 7.25% Guaranteed Senior Notes 19/12/2016 407,088 0.04 Bonds 12/11/2038 1,305,088 0.13 £1,250,000 Council of Europe Development Bank 1.875% Senior £625,000 Citigroup 4.5% Guaranteed Subordinated European European Medium Term Notes 22/12/2018 1,281,196 0.12 Medium Term Bonds 3/3/2031 672,313 0.06 £1,350,000 Coventry Building Society 4.625% Guaranteed £1,375,000 Citigroup 5.125% Guaranteed Subordinated European European Medium Term Notes 19/4/2018 1,488,631 0.14 Medium Term Bonds 12/12/2018 1,515,319 0.15 £630,000 Coventry Building Society 5.875% Guaranteed Senior £1,000,000 Citigroup 5.15% Guaranteed Senior European Medium European Medium Term Bonds 28/9/2022 776,014 0.07 Term Bonds 21/5/2026 1,200,446 0.12 £800,000 Coventry Building Society 6% Guaranteed Senior £850,000 Citigroup 5.875% Guaranteed Subordinated European European Medium Term Notes 16/10/2019 939,560 0.09 Medium Term Bonds 1/7/2024 1,020,078 0.10 £450,000 CPUK Finance 4.811% Senior European Medium Term £550,000 Citigroup 6.25% Guaranteed Senior European Medium Bonds 28/2/2042 478,665 0.05 Term Bonds 2/9/2019 649,531 0.06 £1,100,000 CPUK Finance 7.239% Senior European Medium Term £250,000 Citigroup 6.5% Guaranteed Senior European Medium Bonds 28/2/2042 1,461,587 0.14 Term Bonds 16/8/2030 345,648 0.03 £950,000 Credit Agricole 7.375% Guaranteed Subordinated £950,000 Citigroup 6.8% Guaranteed Senior European Medium European Medium Term Bonds 18/12/2023 1,238,705 0.12 Term Bonds 25/6/2038 1,446,755 0.14 £725,000 Credit Agricole London 5.5% Guaranteed Senior £930,000 Citigroup 7.375% Guaranteed Senior European Medium European Medium Term Bonds 17/12/2021 871,377 0.08 Term Bonds 1/9/2039 1,512,613 0.15 £75,000 Credit Suisse Finance 7% Guaranteed Bonds 5/10/2020 90,191 0.01 £925,000 Citigroup 7.625% Guaranteed Senior European Medium £360,000 Daily Mail & General Trust 5.75% Senior Notes Term Notes 3/4/2018 1,088,350 0.10 7/12/2018 404,461 0.04 £300,000 Close Brothers 6.5% Guaranteed Senior Notes £450,000 Daimler 1.25% European Medium Term Notes 10/2/2017 326,640 0.03 1/12/2017 448,045 0.04 £650,000 Close Brothers Finance 3.875% European Medium Term £725,000 Daimler 1.625% Senior European Medium Term Notes Notes 27/6/2021 696,150 0.07 2/12/2016 731,452 0.07 £1,300,000 Clydesdale Bank 4.625% Guaranteed European Medium £1,225,000 Daimler 1.75% Senior European Medium Term Notes Term Bonds 8/6/2026 1,552,720 0.15 8/11/2017 1,238,250 0.12

149 BlackRock Collective Investment Funds 150 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £600,000 Daimler 2.375% Senior European Medium Term Notes £1,571,000 Dong Energy 4.875% Guaranteed Senior European 16/7/2018 616,891 0.06 Medium Term Bonds 12/1/2032 1,839,515 0.18 £500,000 Daimler 2.75% Senior European Medium Term Notes £862,000 Dong Energy 5.75% Guaranteed Senior European 4/12/2020 521,703 0.05 Medium Term Bonds 9/4/2040 1,140,254 0.11 £525,000 Daimler International Finance 3.5% Bonds 6/6/2019 564,013 0.05 £150,000 DWR Cymru Financing 4.473% Guaranteed Asset £500,000 Dali Capital 4.79924% Guaranteed Senior Bonds Backed European Medium Term Bonds 31/3/2057 174,644 0.02 21/12/2037 587,651 0.06 £650,000 DWR Cymru Financing 6.015% Guaranteed Asset £350,000 Danske Bank 4% Guaranteed Senior European Medium Backed European Medium Term Bonds 31/3/2028 863,623 0.08 Term Notes 9/12/2015 357,822 0.03 £500,000 DWR Cymru Financing 6.907% Guaranteed European £580,000 Delamare Finance 5.5457% Guaranteed Bonds Medium Term Bonds 31/3/2021 630,460 0.06 19/2/2029 625,514 0.06 £1,850,000 E.ON International Finance 5.875% Guaranteed £835,643 Derby Healthcare 5.564% Guaranteed Senior Bonds European Medium Term Bonds 30/10/2037 2,439,410 0.24 30/6/2041 1,075,305 0.10 £1,750,000 E.ON International Finance 6% Guaranteed European £1,100,000 Deutsche Bahn Finance 1.375% European Medium Medium Term Bonds 30/10/2019 2,071,195 0.20 Term Notes 30/10/2017 1,109,290 0.11 £1,775,000 E.ON International Finance 6.375% Guaranteed £475,000 Deutsche Bahn Finance 2.75% Guaranteed European European Medium Term Bonds 7/6/2032 2,431,157 0.23 Medium Term Notes 20/6/2022 497,824 0.05 £1,200,000 E.ON International Finance 6.75% Guaranteed £750,000 Deutsche Bahn Finance 3.125% Guaranteed European European Medium Term Bonds 27/1/2039 1,745,400 0.17 Medium Term Notes 24/7/2026 808,159 0.08 £250,000 East Finance 5.486% European Medium Term Notes £600,000 Deutsche Pfandbriefbank 1.875% European Medium 15/6/2042 324,626 0.03 Term Notes 20/12/2019 600,372 0.06 £250,000 East Japan Railway 4.5% Guaranteed Senior Bonds £1,390,000 Deutsche Telekom International Finance 6.5% 25/1/2036 301,075 0.03 Guaranteed European Medium Term Bonds 8/4/2022 1,754,979 0.17 £700,000 East Japan Railway 4.75% Guaranteed Senior £475,000 Deutsche Telekom International Finance 7.375% European Medium Term Bonds 8/12/2031 866,110 0.08 Guaranteed European Medium Term Bonds 4/12/2019 592,230 0.06 £700,000 East Japan Railway 4.875% Guaranteed Senior £500,000 Deutsche Telekom International Finance 7.625% European Medium Term Bonds 14/6/2034 878,150 0.08 Guaranteed Bonds 15/6/2030 751,235 0.07 £450,000 East Japan Railway 5.25% Guaranteed Senior £550,000 Deutsche Telekom International Finance 8.875% European Medium Term Bonds 22/4/2033 590,033 0.06 Guaranteed Bonds 27/11/2028 888,428 0.09 £700,000 Eastern Power Networks 4.75% Guaranteed Senior £1,600,000 Dexia Credit Local 1.875% European Medium Term European Medium Term Notes 30/9/2021 795,865 0.08 Notes 17/7/2017 1,623,672 0.16 £1,155,000 Eastern Power Networks 5.75% Guaranteed Senior £1,800,000 Dexia Credit Local 2.125% European Medium Term European Medium Term Bonds 8/3/2024 1,414,990 0.14 Notes 12/2/2025 1,751,607 0.17 £350,000 Eastern Power Networks 6.25% Guaranteed Senior £700,000 Digital Stout 4.25% European Medium Term Bonds European Medium Term Bonds 12/11/2036 488,471 0.05 17/1/2025 739,543 0.07 £275,000 Eastern Power Networks 8.5% Guaranteed Senior £900,000 Digital Stout 4.75% Guaranteed Bonds 13/10/2023 986,017 0.10 Bonds 31/3/2025 406,187 0.04 £734,000 Dignity Finance 4.6956% Notes 31/12/2049 822,334 0.08 £50,000 EDP Finance 8.625% Guaranteed Senior European £750,000 DirecTV 5.2% Guaranteed Bonds 18/11/2033 873,688 0.08 Medium Term Bonds 4/1/2024 68,261 0.01 £1,400,000 DirecTV Financing 4.375% Guaranteed Medium Term £2,150,000 Électricité de France 5.125% Guaranteed Senior Notes 14/9/2029 1,528,264 0.15 European Medium Term Bonds 22/9/2050 2,680,480 0.26 £850,000 DNB Bank 4.25% Guaranteed Senior European Medium £800,000 Électricité de France 5.5% European Medium Term Term Notes 27/1/2020 938,476 0.09 Notes 27/3/2037 1,022,464 0.10

151 BlackRock Collective Investment Funds 152 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £2,800,000 Électricité de France 5.5% Senior European Medium £1,150,000 European Bank for Reconstruction & Development Term Bonds 17/10/2041 3,597,788 0.35 5.625% European Medium Term Bonds 7/12/2028 1,604,572 0.15 £1,425,000 Électricité de France 5.875% Guaranteed Senior £3,900,000 European Investment Bank 1.375% Guaranteed Senior European Medium Term Bonds 18/7/2031 1,865,396 0.18 European Medium Term Notes 15/1/2018 3,935,217 0.38 £2,500,000 Électricité de France 6% Senior European Medium £4,000,000 European Investment Bank 1.5% Senior European Term Notes 23/1/2114 3,526,785 0.34 Medium Term Notes 1/2/2019 4,035,960 0.39 £2,900,000 Électricité de France 6.125% Guaranteed Senior £1,000,000 European Investment Bank 2.25% Senior European European Medium Term Bonds 2/6/2034 3,907,895 0.38 Medium Term Notes 7/3/2020 1,039,400 0.10 £1,050,000 Électricité de France 6.25% Guaranteed Senior £1,125,000 European Investment Bank 2.5% Guaranteed Senior European Medium Term Bonds 30/5/2028 1,397,564 0.13 European Medium Term Notes 31/10/2022 1,184,242 0.11 £650,000 Électricité de France 6.875% Guaranteed Senior £1,250,000 European Investment Bank 3.25% Guaranteed Senior European Medium Term Bonds 12/12/2022 863,856 0.08 European Medium Term Notes 7/12/2016 1,305,001 0.13 £566,000 Electricity North West 8.875% Bonds 25/3/2026 871,763 0.09 £900,000 European Investment Bank 3.75% Bonds 7/12/2027 1,055,871 0.10 £1,750,000 Enel Finance International 5.625% Guaranteed £2,200,000 European Investment Bank 3.875% Guaranteed Senior European Medium Term Bonds 14/8/2024 2,121,472 0.20 European Medium Term Bonds 8/6/2037 2,682,108 0.26 £2,735,000 Enel Finance International 5.75% Guaranteed £2,300,000 European Investment Bank 4.125% Guaranteed Senior European Medium Term Bonds 14/9/2040 3,421,343 0.33 European Medium Term Notes 7/12/2017 2,488,830 0.24 £870,000 Enel-Societa Per Azioni 5.75% Senior European £550,000 European Investment Bank 4.25% Guaranteed Senior Medium Term Bonds 22/6/2037 1,084,771 0.10 European Medium Term Bonds 7/12/2021 639,479 0.06 £1,100,000 Enel-Societa Per Azioni 6.25% Guaranteed Senior £2,700,000 European Investment Bank 4.5% Guaranteed Senior European Medium Term Bonds 20/6/2019 1,287,102 0.12 European Medium Term Bonds 7/6/2029 3,443,013 0.33 £175,000 ENI Coordination Center 5% Guaranteed European £1,550,000 European Investment Bank 4.5% Guaranteed Senior Medium Term Bonds 27/1/2019 195,020 0.02 European Medium Term Bonds 7/3/2044 2,145,541 0.21 £200,000 ENI Coordination Center 6.125% Guaranteed Notes £1,350,000 European Investment Bank 4.625% Guaranteed Senior 17/12/2018 231,024 0.02 European Medium Term Bonds 12/10/2054 2,032,293 0.20 £950,000 ENW Capital Finance 6.125% Guaranteed European £550,000 European Investment Bank 4.75% Bonds 15/10/2018 617,892 0.06 Medium Term Bonds 21/7/2021 1,143,890 0.11 £2,150,000 European Investment Bank 4.75% Guaranteed Senior £875,000 Equity Release 5.05% Guaranteed Mortgage Backed European Medium Term Bonds 15/10/2018 2,415,396 0.23 Bonds 26/4/2033 1,062,784 0.10 £3,200,000 European Investment Bank 4.875% Guaranteed Senior £300,000 Equity Release 5.7% Guaranteed Asset Backed Bonds European Medium Term Notes 7/9/2016 3,401,824 0.33 26/2/2031 362,244 0.03 £3,300,000 European Investment Bank 5% Guaranteed Senior £350,000 Equity Release 5.88% Guaranteed Mortgage Backed Bonds 15/4/2039 4,729,659 0.46 Bonds 26/5/2032 435,950 0.04 £825,000 European Investment Bank 5.375% Guaranteed Senior £250,000 ESB Finance 6.5% Guaranteed European Medium Term European Medium Term Bonds 7/3/2019 955,595 0.09 Bonds 5/3/2020 297,950 0.03 £3,075,000 European Investment Bank 5.375% Guaranteed Senior £100,000 Eurofima 5.5% Guaranteed Senior European Medium Bonds 7/6/2021 3,748,948 0.36 Term Bonds 7/6/2032 136,473 0.01 £2,350,000 European Investment Bank 5.5% Guaranteed Senior £400,000 European Bank for Reconstruction & Development Bonds 15/4/2025 3,110,859 0.30 1.875% Senior Notes 17/12/2018 409,670 0.04 £4,400,000 European Investment Bank 5.625% Guaranteed Senior £170,000 European Bank for Reconstruction & Development Bonds 7/6/2032 6,370,452 0.62 5.125% Senior European Medium Term Bonds 7/6/2032 229,210 0.02 £6,000,000 European Investment Bank 6% Guaranteed Senior Bonds 7/12/2028 8,698,080 0.84

153 BlackRock Collective Investment Funds 154 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £1,400,000 European Investment Bank 8.75% Bonds 25/8/2017 1,664,866 0.16 £1,185,000 Freshwater Finance 5.182% Guaranteed Senior Bonds £400,000 Eversholt Funding 5.831% Guaranteed Senior European 20/4/2035 1,459,090 0.14 Medium Term Bonds 2/12/2020 469,310 0.05 £700,000 Friends Life 8.25% Guaranteed Bonds 21/4/2022 869,610 0.08 £725,000 Eversholt Funding 6.359% Guaranteed Senior European £700,000 Friends Life 12% Guaranteed Subordinated European Medium Term Bonds 2/12/2025 941,004 0.09 Medium Term Bonds 21/5/2021 990,262 0.10 £700,000 Eversholt Funding 6.697% Senior European Medium £425,000 G4S 7.75% Guaranteed Senior European Medium Term Term Bonds 22/2/2035 945,844 0.09 Notes 13/5/2019 512,839 0.05 £800,000 Everything Everywhere Finance 4.375% Guaranteed £1,300,000 Gatwick Funding 4.625% Senior European Medium European Medium Term Notes 28/3/2019 867,120 0.08 Term Notes 27/3/2036 1,468,090 0.14 £387,891 Exchequer Partnership 5.396% Guaranteed Bonds £450,000 Gatwick Funding 5.25% Guaranteed Senior European 13/7/2036 493,090 0.05 Medium Term Bonds 23/1/2026 529,324 0.05 £800,000 Experian Finance 3.5% Guaranteed European Medium £436,000 Gatwick Funding 5.75% Guaranteed European Medium Term Notes 15/10/2021 848,878 0.08 Term Bonds 23/1/2039 568,457 0.05 £1,000,000 Experian Finance 4.75% Guaranteed European Medium £350,000 Gatwick Funding 6.125% Guaranteed Senior European Term Notes 23/11/2018 1,106,750 0.11 Medium Term Bonds 2/3/2028 447,521 0.04 £325,000 FCE Bank 2.625% Senior European Medium Term Notes £500,000 Gatwick Funding 6.5% Senior European Medium Term 20/11/2018 330,314 0.03 Bonds 2/3/2043 722,585 0.07 £300,000 FCE Bank 2.759% European Medium Term Note £321,000 Gazprom Capital 5.338% Senior European Medium 13/11/2019 305,528 0.03 Term Notes 25/9/2020 276,445 0.03 £650,000 FCE Bank 3.25% Senior European Medium Term Notes £2,050,000 GDF Suez 5% Guaranteed European Medium Term 19/11/2020 673,461 0.07 Bonds 1/10/2060 2,663,360 0.26 £650,000 FCE Bank 4.825% Guaranteed Senior European Medium £1,000,000 GDF Suez 6.125% Guaranteed Senior European Term Notes 15/2/2017 689,327 0.07 Medium Term Bonds 11/2/2021 1,222,850 0.12 £244,000 Fidelity International 6.75% Guaranteed Senior £1,000,000 GDF Suez 7% Guaranteed Senior European Medium European Medium Term Bonds 19/10/2020 288,447 0.03 Term Bonds 30/10/2028 1,443,650 0.14 £750,000 Fidelity International 7.125% Senior Bonds 13/2/2024 941,250 0.09 £1,425,000 GE Capital 4.875% Guaranteed Subordinated European £350,000 FirstGroup 5.25% Guaranteed Notes 29/11/2022 389,890 0.04 Medium Term Bonds 18/9/2037 1,641,614 0.16 £400,000 FirstGroup 6.125% Guaranteed Bonds 18/1/2019 445,552 0.04 £650,000 GE Capital 5.25% Guaranteed Senior European Medium £550,000 FirstGroup 6.875% Guaranteed Bonds 18/9/2024 683,021 0.07 Term Bonds 7/12/2028 816,887 0.08 £575,000 FirstGroup 8.125% Guaranteed Notes 19/9/2018 677,925 0.07 £850,000 GE Capital 5.375% Guaranteed Senior European £715,000 FirstGroup 8.75% Guaranteed Bonds 8/4/2021 921,921 0.09 Medium Term Bonds 18/12/2040 1,130,747 0.11 £900,000 FMS Wertmanagement 0.75% European Medium Term £500,000 GE Capital 5.5% Guaranteed Senior European Medium Notes 15/12/2017 891,918 0.09 Term Bonds 7/6/2021 590,930 0.06 £1,700,000 FMS Wertmanagement 1.125% Bonds 7/12/2016 1,709,749 0.16 £350,000 GE Capital 5.625% Guaranteed Senior European £1,000,000 FMS Wertmanagement 1.125% Bonds 13/12/2019 988,904 0.10 Medium Term Bonds 16/9/2031 461,339 0.04 £500,000 FMS Wertmanagement 1.875% Bonds 7/12/2018 511,650 0.05 £600,000 GE Capital 6.25% Guaranteed Senior European Medium £225,000 Fonterra Cooperative 9.375% Guaranteed Senior Term Bonds 15/12/2017 677,552 0.07 European Medium Term Bonds 4/12/2023 339,885 0.03 £200,000 GE Capital 6.25% Guaranteed Senior European £300,000 Freshwater Finance 4.556% Guaranteed Bonds Medium Term Bonds 29/9/2020 241,920 0.02 3/4/2036 342,868 0.03 £800,000 GE Capital UK Funding 2.25% Guaranteed European £350,000 Freshwater Finance 4.607% Guaranteed Bonds Medium Term Notes 8/9/2015 805,677 0.08 17/10/2036 402,287 0.04

155 BlackRock Collective Investment Funds 156 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £1,100,000 GE Capital UK Funding 4.125% Guaranteed European £500,000 Global Switch 4.375% Guaranteed European Medium Medium Term Notes 28/9/2017 1,174,455 0.11 Term Notes 13/12/2022 543,973 0.05 £1,050,000 GE Capital UK Funding 4.125% Guaranteed European £200,000 Go-Ahead 5.375% Guaranteed Notes 29/9/2017 216,560 0.02 Medium Term Notes 13/9/2023 1,168,575 0.11 £1,520,000 Goldman Sachs 4.25% Senior European Medium Term £950,000 GE Capital UK Funding 4.375% Guaranteed Senior Notes 29/1/2026 1,684,005 0.16 European Medium Term Notes 31/7/2019 1,049,159 0.10 £600,000 Goldman Sachs 5.25% Guaranteed Senior European £400,000 GE Capital UK Funding 4.625% Guaranteed European Medium Term Bonds 15/12/2015 619,337 0.06 Medium Term Notes 18/1/2016 412,988 0.04 £850,000 Goldman Sachs 5.5% Guaranteed Subordinated Bonds £650,000 GE Capital UK Funding 5.125% Guaranteed European 12/10/2021 963,048 0.09 Medium Term Bonds 24/5/2023 769,801 0.07 £400,000 Goldman Sachs 6.125% Guaranteed Senior European £650,000 GE Capital UK Funding 5.625% Guaranteed European Medium Term Bonds 14/2/2017 436,052 0.04 Medium Term Bonds 25/4/2019 746,778 0.07 £1,195,000 Goldman Sachs 6.125% Guaranteed Subordinated £1,100,000 GE Capital UK Funding 5.875% Guaranteed European European Medium Term Bonds 14/5/2017 1,298,965 0.13 Medium Term Bonds 4/11/2020 1,312,773 0.13 £575,000 Goldman Sachs 6.875% Guaranteed Subordinated £1,300,000 GE Capital UK Funding 5.875% Guaranteed European Bonds 18/1/2038 790,940 0.08 Medium Term Bonds 18/1/2033 1,764,912 0.17 £800,000 Goldman Sachs 7.125% Guaranteed Senior Bonds £1,250,000 GE Capital UK Funding 6.25% Guaranteed European 7/8/2025 1,085,798 0.10 Medium Term Bonds 5/5/2038 1,822,125 0.18 £850,000 Goldman Sachs 7.25% Guaranteed Senior Bonds £1,240,000 GE Capital UK Funding 6.75% Guaranteed European 10/4/2028 1,199,016 0.12 Medium Term Notes 6/8/2018 1,450,129 0.14 £299,000 Goodman Australia Finance 9.75% Guaranteed £1,400,000 GE Capital UK Funding 8% Guaranteed European European Medium Term Bonds 16/7/2018 370,340 0.04 Medium Term Bonds 14/1/2039 2,440,662 0.24 £250,000 Great Rolling Stock 6.25% Guaranteed Senior European £150,000 Genfinance II 6.064% Guaranteed Senior Bonds Medium Term Bonds 27/7/2020 295,184 0.03 21/12/2039 207,596 0.02 £1,053,500 Great Rolling Stock 6.5% Guaranteed Senior European £700,000 GlaxoSmithKline 5.375% Bonds 19/9/2022 807,786 0.08 Medium Term Bonds 5/4/2031 1,376,648 0.13 £830,000 GlaxoSmithKline 6.75% Bonds 28/10/2019 982,810 0.09 £1,012,880 Great Rolling Stock 6.875% Guaranteed Senior £1,100,000 GlaxoSmithKline Capital 3.375% European Medium European Medium Term Bonds 27/7/2035 1,326,716 0.13 Term Bonds 20/12/2027 1,157,996 0.11 £585,889 Greater Gabbard 4.137% Senior Notes 29/11/2032 652,596 0.06 £1,750,000 GlaxoSmithKline Capital 4.25% European Medium £810,000 Greene King Finance 5.106% Guaranteed Asset Backed Term Bonds 18/12/2045 2,009,317 0.19 Bonds 15/3/2034 960,652 0.09 £1,900,000 GlaxoSmithKline Capital 5.25% Guaranteed European £476,106 Greene King Finance 5.318% Guaranteed Asset Backed Medium Term Bonds 19/12/2033 2,456,130 0.24 Bonds 15/9/2031 567,752 0.05 £1,950,000 GlaxoSmithKline Capital 5.25% Guaranteed European £100,000 Greene King Finance 5.702% Guaranteed Asset Backed Medium Term Bonds 10/4/2042 2,581,995 0.25 Bonds 15/12/2034 94,500 0.01 £1,331,000 GlaxoSmithKline Capital 6.375% Guaranteed European £75,000 Guardian Royal Exchange 6.625% Guaranteed Bonds Medium Term Bonds 9/3/2039 1,976,815 0.19 21/8/2023 94,598 0.01 £1,075,000 Glencore Finance Canada 7.375% Guaranteed European £432,000 Guinness 4% Senior Bonds 24/10/2044 455,201 0.04 Medium Term Bonds 27/5/2020 1,291,393 0.12 £100,000 Guinness Northern Counties 9.125% Guaranteed Bonds £1,000,000 Glencore Finance Europe 6% Guaranteed Notes 31/1/2025 150,953 0.01 3/4/2022 1,160,222 0.11 £675,000 Gwynt y Mor 2.778% Bonds 17/2/2034 677,084 0.07 £950,000 Glencore Finance Europe 6.5% Guaranteed European £775,000 Hammerson 5.25% Guaranteed Senior Bonds Medium Term Bonds 27/2/2019 1,091,225 0.11 15/12/2016 828,005 0.08

157 BlackRock Collective Investment Funds 158 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £500,000 Hammerson 6% Guaranteed Senior Bonds 23/2/2026 636,030 0.06 £1,275,000 HSBC 4.75% Guaranteed Subordinated European £475,000 Hammerson 6.875% Guaranteed Senior Bonds Medium Term Bonds 24/3/2046 1,446,870 0.14 31/3/2020 578,108 0.06 £1,090,000 HSBC 5.375% Guaranteed Subordinated European £485,000 Hammerson 7.25% Guaranteed Senior Bonds 21/4/2028 686,227 0.07 Medium Term Bonds 22/8/2033 1,288,278 0.12 £650,000 Harbour Funding 5.28% Guaranteed Bonds 31/3/2044 819,637 0.08 £1,250,000 HSBC 5.75% Guaranteed Subordinated European £625,000 Haven Funding (32) 8.125% Guaranteed Asset Backed Medium Term Bonds 20/12/2027 1,488,250 0.14 Bonds 30/9/2037 975,081 0.09 £1,600,000 HSBC 6% Guaranteed Subordinated European Medium £1,040,000 Health Care 4.5% Medium Term Notes 1/12/2034 1,122,992 0.11 Term Bonds 29/3/2040 2,017,520 0.19 £1,225,000 Health Care REIT 4.8% Senior Notes 20/11/2028 1,383,882 0.13 £1,125,000 HSBC 6.5% Guaranteed Senior European Medium Term £1,350,000 Heathrow Funding 4.625% Senior European Medium Bonds 20/5/2024 1,461,825 0.14 Term Notes 31/10/2048 1,568,363 0.15 £400,000 HSBC 6.5% Guaranteed Subordinated European £1,075,000 Heathrow Funding 5.225% Guaranteed Senior European Medium Term Bonds 7/7/2023 490,660 0.05 Medium Term Bonds 15/2/2025 1,265,119 0.12 £1,000,000 HSBC 6.75% Guaranteed Subordinated Bonds £1,572,000 Heathrow Funding 5.875% Guaranteed Senior European 11/9/2028 1,299,120 0.13 Medium Term Bonds 13/5/2043 2,132,346 0.21 £1,350,000 HSBC 7% Guaranteed Subordinated European Medium £350,000 Heathrow Funding 6% Guaranteed European Medium Term Bonds 7/4/2038 1,888,015 0.18 Term Bonds 20/3/2020 403,848 0.04 £375,000 HSBC Bank 6.25% Guaranteed Subordinated European £750,000 Heathrow Funding 6.25% Guaranteed European Medium Term Bonds 30/1/2041 508,352 0.05 Medium Term Notes 10/9/2018 851,310 0.08 £275,000 HSBC Finance 6.25% Guaranteed Senior European £1,600,000 Heathrow Funding 6.45% Guaranteed Senior European Medium Term Bonds 19/8/2019 321,640 0.03 Medium Term Bonds 10/12/2031 2,224,480 0.21 £50,000 HSBC Finance 7% European Medium Term Notes £1,720,000 Heathrow Funding 6.75% Guaranteed Senior European 5/10/2015 51,687 0.00 Medium Term Bonds 3/12/2028 2,343,156 0.23 £150,000 Hutchison Whampoa Finance UK 5.625% Guaranteed £400,000 Heathrow Funding 7.075% Guaranteed Senior European Bonds 24/11/2017 165,256 0.02 Medium Term Bonds 4/8/2028 565,640 0.05 £800,000 Hutchison Whampoa Finance UK 5.625% Guaranteed £853,000 Heathrow Funding 7.125% Guaranteed European Bonds 24/11/2026 998,640 0.10 Medium Term Bonds 14/2/2024 1,100,775 0.11 £350,000 Hyde Housing Association 5.125% Guaranteed Bonds £725,000 Heathrow Funding 9.2% Guaranteed Senior European 23/7/2040 444,682 0.04 Medium Term Bonds 29/3/2023 994,489 0.10 £650,000 Iberdrola Finanzas 7.375% Guaranteed European £450,000 Heathrow Funding 12.45% Guaranteed Senior European Medium Term Bonds 29/1/2024 865,309 0.08 Medium Term Notes 31/3/2018 504,828 0.05 £1,100,000 IBM 2.75% Senior European Medium Term Notes £1,450,000 High Speed Rail Financial 4.375% European Medium 21/12/2020 1,145,498 0.11 Term Notes 1/11/2038 1,678,571 0.16 £400,000 Imperial 7.75% European Medium Term Notes £663,145 Highbury Finance 7.017% Guaranteed Senior Bonds 24/6/2019 490,440 0.05 20/3/2023 788,019 0.08 £850,000 Imperial Tobacco Finance 4.875% Guaranteed £450,000 Holcim GB Finance 8.75% Guaranteed European European Medium Term Notes 7/6/2032 960,154 0.09 Medium Term Notes 24/4/2017 517,579 0.05 £925,000 Imperial Tobacco Finance 5.5% Guaranteed Senior £225,000 Holmes Master Issuer 4.009% Guaranteed Mortgage European Medium Term Notes 28/9/2026 1,109,861 0.11 Backed European Medium Term Bonds 15/10/2054 237,655 0.02 £700,000 Imperial Tobacco Finance 5.5% Medium Term Notes £104,654 Housing Association Funding 8.25% Guaranteed Asset 22/11/2016 748,650 0.07 Backed Bonds 7/6/2027 141,776 0.01 £300,000 Imperial Tobacco Finance 6.25% Guaranteed European Medium Term Bonds 4/12/2018 345,090 0.03

159 BlackRock Collective Investment Funds 160 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £500,000 Imperial Tobacco Finance 7.75% Guaranteed European £575,000 Intu SGS Finance 4.25% European Medium Term Notes Medium Term Notes 24/6/2019 613,050 0.06 17/9/2030 621,064 0.06 £850,000 Imperial Tobacco Finance 8.125% Guaranteed European £725,000 Investor 5.5% Guaranteed Senior European Medium Medium Term Bonds 15/3/2024 1,168,079 0.11 Term Bonds 5/5/2037 940,107 0.09 £2,470,000 Imperial Tobacco Finance 9% Guaranteed European £1,000,000 IPIC 6.875% Guaranteed European Medium Term Bonds Medium Term Bonds 17/2/2022 3,415,818 0.33 14/3/2026 1,320,000 0.13 £1,126,000 ING Bank 3.875% Senior European Medium Term Notes £870,000 Japan Bank for International Cooperation 2.625% 23/12/2016 1,179,907 0.11 Bonds 15/12/2020 908,359 0.09 £600,000 ING Bank 5.375% Guaranteed Senior European Medium £950,000 Johnson & Johnson 5.5% Guaranteed Bonds 6/11/2024 1,214,860 0.12 Term Bonds 15/4/2021 706,860 0.07 £1,400,000 JP Morgan Chase 1.875% European Medium Term £502,757 Integrated Accommodation Service 6.48% Guaranteed Notes 10/2/2020 1,390,712 0.13 Bonds 31/3/2029 636,690 0.06 £1,150,000 JP Morgan Chase 3.5% European Medium Term Bonds £750,000 Inter-American Development Bank 0.625% European 18/12/2026 1,229,292 0.12 Medium Term Notes 15/12/2015 749,942 0.07 £800,000 JP Morgan Chase 4.25% Guaranteed Senior European £800,000 Inter-American Development Bank 1.25% European Medium Term Notes 25/1/2017 846,305 0.08 Medium Term Notes 15/12/2017 805,120 0.08 £450,000 JP Morgan Chase 5.375% Guaranteed Subordinated £500,000 Inter-American Development Bank 1.625% Bonds Bonds 28/9/2016 477,765 0.05 18/10/2017 507,865 0.05 £1,500,955 Juturna Euro Loan 5.0636% European Medium Term £250,000 Inter-American Development Bank 5.25% Guaranteed Notes 10/8/2033 1,805,185 0.17 European Medium Term Bonds 7/6/2021 303,001 0.03 £3,200,000 KFW 1% Bonds 7/12/2017 3,196,384 0.31 £750,000 InterContinental Hotels 3.875% European Medium Term £1,550,000 KFW 1.75% Guaranteed European Medium Term Notes Notes 28/11/2022 792,874 0.08 22/1/2016 1,565,994 0.15 £350,000 InterContinental Hotels 6% Guaranteed European £1,500,000 KFW 2% European Medium Term Notes 6/12/2018 1,543,980 0.15 Medium Term Notes 9/12/2016 376,696 0.04 £5,150,000 KFW 3.75% Guaranteed European Medium Term Notes £900,000 International Bank for Reconstruction & Development 7/9/2016 5,387,415 0.52 1% Senior European Medium Term Notes 28/12/2016 904,329 0.09 £200,000 KFW 4.875% Guaranteed European Medium Term £750,000 International Bank for Reconstruction & Development Bonds 1/2/2018 222,190 0.02 1.25% European Medium Term Notes 2/10/2017 755,542 0.07 £700,000 KFW 4.875% Guaranteed European Medium Term £200,000 International Bank for Reconstruction & Development Bonds 15/3/2037 987,896 0.10 4.875% European Medium Term Bonds 7/12/2028 264,358 0.03 £250,000 KFW 5% Guaranteed European Medium Term Bonds £525,000 International Bank for Reconstruction & Development 10/9/2024 316,865 0.03 5.4% Senior European Medium Term Bonds 7/6/2021 644,910 0.06 £1,150,000 KFW 5% Guaranteed European Medium Term Bonds £1,200,000 International Bank for Reconstruction & Development 9/6/2036 1,634,547 0.16 5.75% European Medium Term Bonds 7/6/2032 1,775,130 0.17 £375,000 KFW 5.5% Guaranteed European Medium Term Bonds £250,000 Intesa SanPaolo 5.25% Guaranteed Senior European 7/12/2015 388,828 0.04 Medium Term Bonds 28/1/2022 285,650 0.03 £1,750,000 KFW 5.5% Guaranteed European Medium Term Notes £1,050,000 Intu (SGS) Finance 3.875% Guaranteed Senior European 18/6/2025 2,323,204 0.22 Medium Term Bonds 17/3/2028 1,103,030 0.11 £4,700,000 KFW 5.55% Guaranteed European Medium Term Bonds £600,000 Intu (SGS) Finance 4.625% Guaranteed Senior European 7/6/2021 5,785,136 0.56 Medium Term Bonds 17/3/2033 676,528 0.07 £2,600,000 KFW 5.625% Guaranteed European Medium Term £850,000 Intu Metrocentre Finance 4.125% Senior Notes Bonds 25/8/2017 2,895,607 0.28 6/12/2023 912,305 0.09

161 BlackRock Collective Investment Funds 162 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £2,750,000 KFW 5.75% Guaranteed European Medium Term Bonds £675,000 Lend Lease Europe Finance 6.125% Guaranteed Bonds 7/6/2032 4,078,236 0.39 12/10/2021 781,768 0.08 £5,650,000 KFW 6% Guaranteed European Medium Term Bonds £250,000 Libra Treasury 5.125% Notes 2/8/2038 308,472 0.03 7/12/2028 8,261,656 0.80 £750,000 Linde Finance 5.875% Guaranteed European Medium £750,000 Kommunalbanken 1.125% Senior Notes 15/12/2016 753,975 0.07 Term Bonds 24/4/2023 943,519 0.09 £850,000 Kommunalbanken 1.125% Guaranteed Senior Notes £450,000 Linde Finance 6.5% Guaranteed Bonds 29/1/2016 472,386 0.05 15/12/2017 850,357 0.08 £700,000 Lloyds Bank 2.75% Senior European Medium Term £600,000 Kommunalbanken 1.375% European Medium Term Notes 9/12/2018 727,895 0.07 Notes 23/12/2015 603,324 0.06 £3,000,000 Lloyds TSB 1.5% European Medium Term Notes £900,000 Koninklijke KPN 5% Guaranteed Senior European 2/5/2017 3,040,287 0.29 Medium Term Bonds 18/11/2026 1,027,980 0.10 £2,600,000 Lloyds TSB 4.875% European Medium Term Notes £250,000 Koninklijke KPN 5.75% Guaranteed Senior European 30/3/2027 3,226,093 0.31 Medium Term Bonds 18/3/2016 261,800 0.03 £2,311,000 Lloyds TSB 5.125% Guaranteed Subordinated European £1,475,000 Koninklijke KPN 5.75% Guaranteed Senior European Medium Term Bonds 7/3/2025 2,873,567 0.28 Medium Term Bonds 17/9/2029 1,808,165 0.17 £1,950,000 Lloyds TSB 6% Guaranteed Bonds 8/2/2030 2,732,574 0.26 £500,000 Korea Development 2% European Medium Term Notes £1,775,000 Lloyds TSB 6.5% Guaranteed Senior European Medium 20/12/2018 504,850 0.05 Term Bonds 17/9/2040 2,667,559 0.26 £750,000 Kreditanst Fur 1.125% Senior Notes 23/12/2019 742,774 0.07 £500,000 Lloyds TSB 6.75% Guaranteed Senior European Medium £250,000 La Poste 5.625% Guaranteed Senior European Medium Term Notes 24/10/2018 587,300 0.06 Term Bonds 19/12/2016 269,086 0.03 £655,000 Lloyds TSB 7.5% Guaranteed Senior European Medium £900,000 Landeskreditbank Baden-Wuerttemberg Foerderbank Term Bonds 15/4/2024 912,564 0.09 0.875% European Medium Term Notes 15/12/2017 894,866 0.09 £1,250,000 Lloyds TSB 7.625% Guaranteed Subordinated European £700,000 Landeskreditbank Baden-Wuerttemberg Foerderbank Medium Term Bonds 22/4/2025 1,652,000 0.16 1.25% European Medium Term Notes 15/12/2016 704,808 0.07 £500,000 Lloyds TSB 9.625% Subordinated Bonds 6/4/2023 700,500 0.07 £300,000 Landeskreditbank Baden-Wuerttemberg Foerderbank £650,000 London & Quadrant Housing 4.625% Senior European 1.5% Guaranteed Notes 7/12/2015 302,049 0.03 Medium Term Bonds 5/12/2033 777,074 0.08 £800,000 Landwirtschaftliche Rentenbank 1% European Medium £200,000 London & Quadrant Housing 5.5% Guaranteed Senior Term Notes 15/12/2017 798,736 0.08 Bonds 27/1/2040 270,352 0.03 £1,025,000 Landwirtschaftliche Rentenbank 3.25% Guaranteed £250,000 London Merchant Securities 6.5% Guaranteed Bonds European Medium Term Notes 7/12/2016 1,068,734 0.10 16/3/2026 320,925 0.03 £500,000 LCR Finance 4.5% Bonds 7/12/2028 629,365 0.06 £650,000 London Power Networks 5.125% Guaranteed Senior £2,600,000 LCR Finance 4.5% Guaranteed Bonds 7/12/2028 3,342,508 0.33 European Medium Term Bonds 31/3/2023 759,590 0.07 £2,000,000 LCR Finance 5.1% Guaranteed Bonds 7/3/2051 3,148,920 0.30 £200,000 London Power Networks 5.375% European Medium £300,000 Leeds Building Society 4.25% Guaranteed European Term Notes 11/11/2016 214,176 0.02 Medium Term Notes 17/12/2018 331,203 0.03 £650,000 London Power Networks 6.125% Guaranteed Senior £500,000 Leeds Building Society 4.875% Guaranteed European European Medium Term Bonds 7/6/2027 838,402 0.08 Medium Term Bonds 16/11/2020 582,559 0.06 £198,000 London Stock Exchange 6.125% Guaranteed Senior £600,000 Legal & General Finance 5.875% Guaranteed European Bonds 7/7/2016 209,987 0.02 Medium Term Bonds 11/12/2031 793,514 0.08 £650,000 London Stock Exchange 9.125% Guaranteed Senior £625,000 Legal & General Finance 5.875% Guaranteed European Bonds 18/10/2019 837,265 0.08 Medium Term Bonds 5/4/2033 831,217 0.08 £761,106 Longstone Finance 4.791% Guaranteed Mortgage Backed Bonds 19/4/2036 872,866 0.08

163 BlackRock Collective Investment Funds 164 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £700,000 Longstone Finance 4.896% Guaranteed Mortgage £700,000 Mitchells & Butlers Finance 6.013% Guaranteed Asset Backed Bonds 19/4/2036 784,013 0.08 Backed Bonds 15/12/2030 841,359 0.08 £100,000 Lunar Funding I 5.494% Guaranteed Asset Backed £250,000 Mitchells & Butlers Finance 6.469% Guaranteed Asset European Medium Term Bonds 29/7/2020 112,977 0.01 Backed Bonds 15/9/2032 321,325 0.03 £688,000 Lunar Funding I 5.75% Guaranteed Asset Backed £450,000 Mondelez International 7.25% Guaranteed European European Medium Term Bonds 18/10/2033 896,492 0.09 Medium Term Notes 18/7/2018 529,051 0.05 £550,000 LVMH Moet Hennessy Louis Vuitton 1.625% European £450,000 Morgan Stanley 5.125% Guaranteed Senior European Medium Term Notes 20/12/2017 558,311 0.05 Medium Term Bonds 30/11/2015 463,066 0.04 £500,000 Macquarie Bank 3.5% Senior European Medium Term £775,000 Morgan Stanley 5.75% Guaranteed Senior European Notes 18/12/2020 523,750 0.05 Medium Term Bonds 14/2/2017 840,338 0.08 £722,000 Manchester Airport Funding 4.125% Senior European £500,000 Motability Operations 3.75% European Medium Term Medium Term Notes 2/4/2024 789,547 0.08 Notes 16/7/2026 548,435 0.05 £1,140,000 Manchester Airport Funding 4.75% Senior European £400,000 Motability Operations 4.375% Guaranteed Senior Medium Term Notes 31/3/2034 1,313,554 0.13 European Medium Term Bonds 8/2/2027 459,313 0.04 £950,000 Marks & Spencer 4.75% European Medium Term Bonds £700,000 Motability Operations 5.25% Guaranteed European 12/6/2025 1,052,352 0.10 Medium Term Notes 28/9/2016 745,710 0.07 £875,000 Marks & Spencer 6.125% Guaranteed European Medium £898,000 Motability Operations 5.375% Guaranteed European Term Notes 2/12/2019 1,012,989 0.10 Medium Term Bonds 28/6/2022 1,077,106 0.10 £350,000 Marks & Spencer 6.125% Guaranteed Senior European £750,000 Motability Operations 5.625% Guaranteed Senior Medium Term Bonds 6/12/2021 413,245 0.04 European Medium Term Bonds 29/11/2030 995,137 0.10 £400,000 McDonald’s 4.125% Senior Notes 11/6/2054 459,840 0.04 £900,000 Motability Operations 6.625% Guaranteed European £750,000 McDonald’s 5.875% Guaranteed Senior European Medium Term Bonds 10/12/2019 1,092,731 0.11 Medium Term Bonds 23/4/2032 1,023,180 0.10 £1,150,000 Municipality Finance 1.125% Guaranteed Senior Notes £200,000 McDonald’s 6.375% Guaranteed Senior European 7/12/2017 1,149,770 0.11 Medium Term Bonds 3/2/2020 240,800 0.02 £500,000 Municipality Finance 1.25% European Medium Term £885,231 Meadowhall Finance 4.986% Guaranteed Mortgage Notes 15/12/2016 503,950 0.05 Backed Bonds 12/7/2037 1,063,180 0.10 £280,000 National Australia Bank 1.875% Bonds 20/2/2020 277,829 0.03 £614,315 Meadowhall Finance 4.988% Guaranteed Mortgage £800,000 National Australia Bank 3% European Medium Term Backed Bonds 12/7/2037 736,870 0.07 Bonds 4/9/2026 846,240 0.08 £75,000 Mercantile Investment Trust 6.125% Guaranteed Bonds £950,000 National Australia Bank 3.625% Guaranteed Senior 25/2/2030 92,434 0.01 European Medium Term Notes 8/11/2017 1,004,644 0.10 £375,000 Merseylink Issuer 3.842% Bonds 31/3/2043 447,516 0.04 £1,075,000 National Australia Bank 5.125% Guaranteed Senior £725,000 MetLife 5.25% Guaranteed Senior Bonds 29/6/2020 834,692 0.08 European Medium Term Bonds 9/12/2021 1,261,674 0.12 £650,000 MetLife 5.375% Guaranteed Senior Bonds 9/12/2024 793,156 0.08 £375,000 National Express 6.25% Guaranteed European Medium £750,000 Metropolitan Life Global Funding I 2.875% European Term Notes 13/1/2017 405,225 0.04 Medium Term Notes 11/1/2023 774,877 0.07 £450,000 National Express 6.625% Guaranteed European £1,000,000 Metropolitan Life Global Funding I 3.5% Medium Term Medium Term Bonds 17/6/2020 534,574 0.05 Notes 30/9/2026 1,081,816 0.10 £1,120,000 National Grid 4% European Medium Term Bonds £569,246 Mitchells & Butlers Finance 5.574% Guaranteed Asset 8/6/2027 1,253,272 0.12 Backed Bonds 15/12/2030 673,816 0.07 £750,000 National Grid 5.875% Guaranteed Senior Bonds £459,886 Mitchells & Butlers Finance 5.965% Guaranteed Asset 2/2/2024 956,475 0.09 Backed Bonds 15/12/2025 522,337 0.05

165 BlackRock Collective Investment Funds 166 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £150,000 National Grid 6% Guaranteed Senior European Medium £750,000 Next 4.375% Senior Notes 2/10/2026 841,931 0.08 Term Bonds 7/6/2017 166,428 0.02 £350,000 Next 5.375% Guaranteed Senior Bonds 26/10/2021 409,482 0.04 £450,000 National Grid 6% Guaranteed Senior European Medium £150,000 Next 5.875% Guaranteed Senior Bonds 12/10/2016 160,945 0.02 Term Bonds 13/5/2038 642,789 0.06 £1,060,000 Nie Finance 6.375% Bonds 2/6/2026 1,386,746 0.13 £550,000 National Grid 6.375% Guaranteed Senior European £675,000 Nomura Europe Finance 5.5% Guaranteed European Medium Term Bonds 3/3/2020 670,119 0.06 Medium Term Notes 23/3/2017 730,865 0.07 £575,000 National Grid 6.5% Guaranteed Senior Bonds 27/7/2028 802,257 0.08 £900,000 Nordea Bank 2.125% European Medium Term Notes £775,000 National Grid 7% Guaranteed Bonds 16/12/2024 1,063,648 0.10 13/11/2019 919,350 0.09 £1,175,000 National Grid 7.375% Guaranteed Senior European £500,000 Nordea Bank 3.875% Guaranteed Senior European Medium Term Bonds 13/1/2031 1,798,349 0.17 Medium Term Notes 15/12/2015 511,894 0.05 £250,000 National Grid 8.75% Bonds 27/6/2025 388,523 0.04 £870,000 Nordic Investment Bank 0% Guaranteed European £1,025,000 Nationwide Building Society 5.625% Guaranteed Medium Term Bonds 6/4/2016 862,716 0.08 European Medium Term Notes 9/9/2019 1,188,446 0.11 £500,000 Nordic Investment Bank 0.5% European Medium Term £1,550,000 Nationwide Building Society 5.625% Guaranteed Notes 15/12/2015 499,669 0.05 European Medium Term Bonds 28/1/2026 2,042,884 0.20 £50,000 Nordic Investment Bank 5.2% Guaranteed Senior £250,000 Nationwide Building Society 8.625% Guaranteed Bonds European Medium Term Bonds 7/6/2032 69,641 0.01 29/3/2018 292,775 0.03 £400,000 Nordic Investment Bank 5.25% Guaranteed Senior £1,450,000 Natixis 5.875% Guaranteed Senior European Medium European Medium Term Bonds 26/11/2019 471,600 0.05 Term Bonds 24/2/2020 1,707,375 0.16 £450,000 Northern Electric Finance 5.125% Guaranteed Bonds £1,243,114 Nats En Route 5.25% Guaranteed Bonds 31/3/2026 1,441,138 0.14 4/5/2035 553,100 0.05 £500,000 Nederlandse Waterschapsbank 2% European Medium £500,000 Northern Electric Finance 8.875% Guaranteed Bonds Term Notes 28/12/2018 512,808 0.05 16/10/2020 665,750 0.06 £300,000 Nederlandse Waterschapsbank 2.125% Senior £300,000 Northern Gas Networks 4.875% Guaranteed Bonds European Medium Term Notes 7/9/2016 306,204 0.03 30/6/2027 350,862 0.03 £850,000 Nederlandse Waterschapsbank 5.375% Guaranteed £700,000 Northern Gas Networks 4.875% Guaranteed Bonds Senior European Medium Term Bonds 7/6/2032 1,166,060 0.11 15/11/2035 834,500 0.08 £500,000 Nestlé 1.625% Guaranteed European Medium Term £275,000 Northern Gas Networks 5.625% Guaranteed European Notes 11/12/2017 507,677 0.05 Medium Term Bonds 23/3/2040 361,659 0.03 £475,000 Nestlé 2.25% European Medium Term Bonds 30/11/2023 480,508 0.05 £500,000 Northern Gas Networks 5.875% Guaranteed Notes £1,125,000 Network Rail 1% Guaranteed European Medium Term 8/7/2019 578,000 0.06 Notes 7/12/2017 1,124,983 0.11 £340,000 Northern Powergrid 5.125% Guaranteed Bonds £2,125,000 Network Rail 4.375% Guaranteed European Medium 4/5/2035 418,528 0.04 Term Bonds 9/12/2030 2,682,292 0.26 £380,000 Northern Powergrid 7.25% Guaranteed Senior Bonds £1,934,000 Network Rail 4.625% Guaranteed European Medium 15/12/2022 488,604 0.05 Term Bonds 21/7/2020 2,245,606 0.22 £100,000 Northern Powergrid 9.25% Guaranteed Senior Bonds £1,000,000 Network Rail 4.75% Guaranteed European Medium 17/1/2020 130,714 0.01 Term Bonds 22/1/2024 1,230,595 0.12 £250,000 Northern Rock Asset Management 6.375% Guaranteed £2,325,000 Network Rail 4.75% Guaranteed European Medium European Medium Term Bonds 2/12/2019 293,637 0.03 Term Bonds 29/11/2035 3,131,206 0.30 £600,000 Northumbrian Water Finance 5.125% Guaranteed £1,100,000 Network Rail Infrastructure Finance 1.125% European Bonds 23/1/2042 749,280 0.07 Medium Term Notes 15/12/2016 1,108,531 0.11 £375,000 Northumbrian Water Finance 5.625% Guaranteed £600,000 Network Rail Infrastructure Finance 3% Bonds 7/9/2023 653,057 0.06 Bonds 29/4/2033 483,705 0.05

167 BlackRock Collective Investment Funds 168 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £725,000 Northumbrian Water Finance 6% Guaranteed Bonds £600,000 Petroleos Mexicanos 8.25% Guaranteed European 11/10/2017 808,223 0.08 Medium Term Bonds 2/6/2022 778,050 0.08 £575,000 Northumbrian Water Finance 6.875% Guaranteed £2,800,000 Pfizer 6.5% Guaranteed Senior Bonds 3/6/2038 4,165,700 0.40 Bonds 6/2/2023 741,537 0.07 £550,000 Phoenix Natural Gas Finance 5.5% Guaranteed Notes £200,000 Notting Hill Housing Trust 3.75% Bonds 20/12/2032 207,919 0.02 10/7/2017 596,254 0.06 £350,000 Notting Hill Housing Trust 4.375% Senior Notes £99,340 Picts 5.218% Guaranteed Bonds 20/1/2039 106,424 0.01 20/2/2054 401,966 0.04 £500,000 Places For People Homes 5.09% Guaranteed Asset £700,000 Notting Hill Housing Trust 5.25% Guaranteed Senior Backed Bonds 31/7/2043 583,260 0.06 Bonds 7/7/2042 894,992 0.09 £150,000 Places For People Homes 8.625% Bonds 26/9/2020 181,500 0.02 £1,200,000 NRW Bank 0.875% Bonds 15/12/2017 1,189,704 0.11 £600,000 Porterbrook Rail Finance 4.625% Senior European £300,000 NRW Bank 1.75% European Medium Term Notes Medium Term Notes 4/4/2029 686,520 0.07 15/12/2015 302,400 0.03 £600,000 Porterbrook Rail Finance 5.5% Guaranteed Senior £379,559 Octagon Healthcare 5.333% Guaranteed Bonds European Medium Term Notes 20/4/2019 675,660 0.07 30/6/2036 465,301 0.04 £782,000 Porterbrook Rail Finance 6.5% Guaranteed European £500,000 OeKB Oesterreichische Kontrollbank 2% European Medium Term Bonds 20/10/2020 941,647 0.09 Medium Term Notes 17/12/2018 513,388 0.05 £250,000 Porterbrook Rail Finance 7.125% Guaranteed Senior £200,000 OeKB Oesterreichische Kontrollbank 5.75% Guaranteed European Medium Term Bonds 20/10/2026 346,956 0.03 European Medium Term Bonds 7/12/2028 273,822 0.03 £450,000 PostNL 7.5% Guaranteed Senior Notes 14/8/2018 528,694 0.05 £75,000 Old Mutual 7.125% Guaranteed Senior European £250,000 Procter & Gamble 5.25% Guaranteed Senior Bonds Medium Term Notes 19/10/2016 81,245 0.01 19/1/2033 332,150 0.03 £475,000 Orange 5% Senior European Medium Term Notes £1,150,000 Procter & Gamble 6.25% Guaranteed Senior Bonds 12/5/2016 496,978 0.05 31/1/2030 1,635,582 0.16 £700,000 Orange 5.25% Guaranteed Senior European Medium £775,000 Provident Financial 8% Guaranteed Notes 23/10/2019 893,420 0.09 Term Bonds 5/12/2025 843,906 0.08 £400,000 Prudential 1.375% Senior European Medium Term £750,000 Orange 5.375% Guaranteed European Medium Term Bonds 19/1/2018 399,230 0.04 Bonds 22/11/2050 954,974 0.09 £850,000 Prudential 5.875% Guaranteed Senior Bonds 11/5/2029 1,115,200 0.11 £1,100,000 Orange 5.625% Guaranteed Senior Bonds 23/1/2034 1,393,792 0.13 £750,000 Prudential 6.125% Guaranteed Subordinated European £1,250,000 Orange 7.25% Guaranteed Senior European Medium Medium Term Bonds 19/12/2031 950,550 0.09 Term Bonds 10/11/2020 1,578,837 0.15 £350,000 Prudential 6.875% Bonds 20/1/2023 457,052 0.04 £775,000 Orange 8% Guaranteed Senior European Medium Term £50,000 Quadrant Housing Finance 7.93% Guaranteed Bonds Bonds 20/12/2017 909,358 0.09 10/2/2033 73,668 0.01 £775,000 Orange 8.125% Guaranteed Senior European Medium £700,000 Rabobank Nederland 3.25% Guaranteed Senior Term Bonds 20/11/2028 1,180,449 0.11 European Medium Term Notes 1/11/2017 734,783 0.07 £500,000 Paragon Treasury 3.625% Bonds 21/1/2047 495,744 0.05 £1,200,000 Rabobank Nederland 4% Guaranteed European £850,000 Peabody Capital No 2 4.625% Guaranteed Bonds Medium Term Notes 19/9/2022 1,329,360 0.13 12/12/2053 1,025,610 0.10 £450,000 Rabobank Nederland 4.55% Guaranteed Senior £1,125,000 PepsiCo 2.5% European Medium Term Notes 1/11/2022 1,138,387 0.11 European Medium Term Bonds 30/8/2029 530,086 0.05 £975,000 Permanent Master Issuer 4.805% Guaranteed Asset £550,000 Rabobank Nederland 4.625% Guaranteed Senior Backed Bonds 15/7/2042 1,030,652 0.10 European Medium Term Bonds 13/1/2021 624,395 0.06 £496,382 Peterborough (Progress Health) 5.581% Guaranteed £2,325,000 Rabobank Nederland 4.625% Subordinated European Bonds 2/10/2042 587,202 0.06 Medium Term Notes 23/5/2029 2,533,622 0.24

169 BlackRock Collective Investment Funds 170 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £550,000 Rabobank Nederland 4.875% Guaranteed Senior £1,150,000 Royal Dutch Shell 2% European Medium Term Bonds European Medium Term Bonds 10/1/2023 641,872 0.06 20/12/2019 1,163,275 0.11 £675,000 Rabobank Nederland 5.25% European Medium Term £650,000 RSA Insurance 5.125% Guaranteed Bonds 10/10/2045 687,944 0.07 Bonds 14/9/2027 781,620 0.08 £390,483 RSL Finance 6.625% Guaranteed Senior Bonds £775,000 Rabobank Nederland 5.25% Guaranteed Senior 31/3/2038 543,435 0.05 European Medium Term Bonds 23/5/2041 1,008,883 0.10 £1,500,000 RWE Finance 4.75% Guaranteed European Medium £650,000 Rabobank Nederland 5.375% Guaranteed Senior Term Bonds 31/1/2034 1,677,900 0.16 European Medium Term Bonds 3/8/2060 931,970 0.09 £950,000 RWE Finance 5.5% Guaranteed European Medium Term £500,000 RCI Banque 2.125% European Medium Term Notes Bonds 6/7/2022 1,132,157 0.11 6/10/2017 504,378 0.05 £900,000 RWE Finance 5.625% Guaranteed European Medium £525,000 RCI Banque 3% Senior European Medium Term Notes Term Bonds 6/12/2023 1,093,766 0.11 9/5/2019 540,908 0.05 £2,000,000 RWE Finance 6.125% Guaranteed European Medium £400,000 RCI Banque 3.25% Senior European Medium Term Term Bonds 6/7/2039 2,660,400 0.26 Notes 25/4/2018 415,333 0.04 £1,300,000 RWE Finance 6.25% Guaranteed European Medium £550,000 Reed Elsevier 5.625% Guaranteed European Medium Term Bonds 3/6/2030 1,685,190 0.16 Term Bonds 20/10/2016 588,513 0.06 £675,000 RWE Finance 6.5% Guaranteed European Medium Term £700,000 Reed Elsevier 7% Guaranteed Notes 11/12/2017 801,543 0.08 Bonds 20/4/2021 828,792 0.08 £900,000 Reed Elsevier Investments 2.75% Notes 1/8/2019 927,049 0.09 £444,000 RZD Capital 7.487% Guaranteed Senior Bonds £350,000 Rentokil Initial 5.75% Guaranteed European Medium 25/3/2031 368,130 0.04 Term Bonds 31/3/2016 366,145 0.04 £450,000 Safeway 6% Guaranteed Senior European Medium £908,000 Rio Tinto 4% European Medium Term Bonds 11/12/2029 964,114 0.09 Term Bonds 10/1/2017 481,230 0.05 £375,000 Riverside Finance 3.875% Senior Bonds 5/12/2044 385,907 0.04 £150,000 Safeway 6.125% Guaranteed Bonds 17/12/2018 167,003 0.02 £1,019,268 RMPA Services 5.337% Guaranteed Bonds 30/9/2038 1,255,370 0.12 £450,000 Saint-Gobain 4.625% Senior European Medium Term £650,000 Roche Finance Europe 5.375% Guaranteed European Notes 9/10/2029 504,878 0.05 Medium Term Bonds 29/8/2023 812,737 0.08 £350,000 Saint-Gobain 5.625% Guaranteed Senior European £600,000 Rolls Royce 3.375% Guaranteed European Medium Medium Term Bonds 15/12/2016 376,145 0.04 Term Notes 18/6/2026 633,272 0.06 £500,000 Saint-Gobain 5.625% Guaranteed Senior European £1,100,000 Rolls Royce 6.75% Guaranteed Notes 30/4/2019 1,320,857 0.13 Medium Term Bonds 15/11/2024 606,085 0.06 £375,000 Rolls Royce 7.375% Guaranteed European Medium £730,000 Sanctuary Capital 5% Senior European Medium Term Term Bonds 14/6/2016 405,516 0.04 Bonds 26/4/2047 947,266 0.09 £1,700,000 Royal Bank of Scotland 5.125% Guaranteed Senior £700,000 Sanctuary Capital 6.697% Guaranteed Bonds European Medium Term Bonds 13/1/2024 2,082,151 0.20 23/3/2039 1,075,313 0.10 £175,000 Royal Bank of Scotland 6% Guaranteed Senior £516,365 Sanctuary Housing Association 8.375% Guaranteed European Medium Term Notes 17/5/2017 192,133 0.02 Bonds 1/9/2031 789,523 0.08 £150,000 Royal Bank of Scotland 6.375% Guaranteed Senior £895,000 Scentre Management 3.875% European Medium Term European Medium Term Notes 7/12/2028 200,075 0.02 Notes 16/7/2026 985,606 0.10 £1,600,000 Royal Bank of Scotland 6.625% Guaranteed Senior £569,633 Sceptre Funding No.1 5.253% Guaranteed Senior Bonds European Medium Term Bonds 17/9/2018 1,867,200 0.18 9/2/2027 675,885 0.07 £1,500,000 Royal Bank of Scotland 6.875% Guaranteed Senior £825,000 Scotia Gas Networks 2.5% Senior European Medium European Medium Term Bonds 17/5/2025 2,033,647 0.20 Term Bonds 3/2/2025 798,483 0.08 £1,400,000 Royal Bank of Scotland 7.5% Guaranteed Senior £300,000 Scotland Gas Network 4.75% Guaranteed Senior European Medium Term Bonds 29/4/2024 1,938,255 0.19 European Medium Term Bonds 21/2/2017 319,802 0.03

171 BlackRock Collective Investment Funds 172 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £650,000 Scotland Gas Network 4.875% Guaranteed Senior European Medium Term Bonds 12/11/2031 857,599 0.08 European Medium Term Bonds 21/12/2034 772,050 0.07 £300,000 South East Water Finance 5.5834% Guaranteed £550,000 Scottish Power UK 6.75% Bonds 29/5/2023 699,941 0.07 European Medium Term Bonds 29/3/2029 368,583 0.04 £500,000 Scottish Power UK 8.375% Guaranteed Senior Bonds £525,000 South East Water Finance 5.6577% Guaranteed 20/2/2017 565,701 0.05 European Medium Term Bonds 30/9/2019 596,392 0.06 £1,600,000 Scottish Widows 5.5% Bonds 16/6/2023 1,752,454 0.17 £250,000 South Eastern Power Networks 5.5% Guaranteed £1,200,000 Scottish Widows 7% Subordinated Bonds 16/6/2043 1,549,248 0.15 Senior European Medium Term Bonds 5/6/2026 309,305 0.03 £300,000 Segro 5.5% Guaranteed Senior Bonds 20/2/2018 334,350 0.03 £675,000 Southern Electric Power 4.625% Guaranteed Senior £577,000 Segro 5.625% Guaranteed Senior Bonds 7/12/2020 673,798 0.07 Bonds 20/2/2037 788,204 0.08 £250,000 Segro 5.75% Guaranteed Senior Bonds 20/6/2035 329,975 0.03 £700,000 Southern Electric Power 5.5% Guaranteed Senior £300,000 Segro 6% Guaranteed Senior Bonds 30/9/2019 349,650 0.03 Bonds 7/6/2032 900,466 0.09 £525,000 Segro 6.75% Guaranteed Senior Bonds 23/11/2021 659,510 0.06 £600,000 Southern Gas Network 4.875% Guaranteed European £350,000 Segro 6.75% Guaranteed Senior Bonds 23/2/2024 456,960 0.04 Medium Term Bonds 21/12/2020 681,126 0.07 £500,000 Segro 7% Guaranteed Senior Bonds 14/3/2022 640,305 0.06 £500,000 Southern Gas Network 4.875% Guaranteed European £1,000,000 Severn Trent 3.625% European Medium Term Bonds Medium Term Notes 5/10/2023 582,122 0.06 16/1/2026 1,062,100 0.10 £700,000 Southern Gas Network 4.875% Guaranteed European £600,000 Severn Trent 4.875% Guaranteed Bonds 24/1/2042 722,717 0.07 Medium Term Bonds 21/3/2029 836,220 0.08 £900,000 Severn Trent 6% Guaranteed European Medium Term £425,000 Southern Gas Network 5.125% Guaranteed European Notes 22/1/2018 1,010,496 0.10 Medium Term Notes 2/11/2018 474,457 0.05 £375,000 Severn Trent 6.125% Guaranteed Bonds 26/2/2024 474,731 0.05 £300,000 Southern Gas Network 6.375% Guaranteed Senior £785,000 Severn Trent 6.25% Guaranteed Bonds 7/6/2029 1,058,808 0.10 European Medium Term Bonds 15/5/2040 432,750 0.04 £730,000 SGSP Australia Assets 5.125% Guaranteed European £675,000 Southern Water Services Finance 4.5% Guaranteed Medium Term Bonds 11/2/2021 826,134 0.08 Senior Bonds 31/3/2052 778,113 0.08 £800,000 Siemens Financieringsmaatschappij 2.75% Medium £625,000 Southern Water Services Finance 5% Guaranteed Term Notes 10/9/2025 817,670 0.08 European Medium Term Bonds 31/3/2021 711,231 0.07 £1,200,000 Siemens Financieringsmaatschappij 3.75% European £400,000 Southern Water Services Finance 5% Guaranteed Medium Term Bonds 10/9/2042 1,299,017 0.13 Senior European Medium Term Bonds 31/3/2041 487,166 0.05 £1,192,000 Silverstone Master ISS 5.063% Guaranteed Mortgage £150,000 Southern Water Services Finance 5.125% Guaranteed Backed European Medium Term Bonds 21/1/2055 1,264,338 0.12 Senior European Medium Term Bonds 30/9/2056 196,334 0.02 £450,000 Skandinaviska Enskilda Banken 3% Senior European £400,000 Southern Water Services Finance 6.125% Guaranteed Medium Term Notes 18/12/2020 473,486 0.05 Senior European Medium Term Bonds 31/3/2019 460,921 0.04 £950,000 Sky 2.875% European Medium Term Notes 24/11/2020 969,177 0.09 £950,000 Southern Water Services Finance 6.192% Guaranteed £800,000 Sky 4% European Medium Term Notes 26/11/2029 846,749 0.08 European Medium Term Bonds 31/3/2029 1,258,503 0.12 £100,000 Smiths 7.25% Guaranteed Bonds 30/6/2016 107,318 0.01 £525,000 Southern Water Services Finance 6.64% European £300,000 Société Générale 3.875% Guaranteed Senior European Medium Term Notes 31/3/2026 700,138 0.07 Medium Term Notes 17/12/2015 306,643 0.03 £250,000 Sovereign Housing Capital 4.768% Guaranteed £625,000 Société Générale 5% Guaranteed Senior European European Medium Term Notes 1/6/2043 309,465 0.03 Medium Term Notes 20/12/2018 701,838 0.07 £450,000 Sovereign Housing Capital 5.705% Guaranteed Bonds £350,000 Société Générale 5.4% Guaranteed Subordinated 10/9/2039 620,106 0.06 European Medium Term Bonds 30/1/2018 380,450 0.04 £500,000 SP Manweb 4.875% Senior Medium Term Notes £750,000 Society of Lloyd’s 4.75% Subordinated Bonds 30/10/2024 811,500 0.08 20/9/2027 579,845 0.06 £625,000 South East Power Networks 6.375% Guaranteed Senior £800,000 SPD Finance UK 5.875% Guaranteed Bonds 17/7/2026 1,004,760 0.10

173 BlackRock Collective Investment Funds 174 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £500,000 SSE 4.25% Guaranteed Senior European Medium Term £1,150,000 Swedish Export Credit 1.125% European Medium Term Bonds 14/9/2021 554,634 0.05 Notes 15/12/2016 1,156,101 0.11 £750,000 SSE 5% Guaranteed Senior European Medium Term £800,000 Talisman Energy 6.625% Guaranteed Senior Bonds Notes 1/10/2018 835,102 0.08 5/12/2017 888,830 0.09 £400,000 SSE 5.875% Guaranteed Senior Bonds 22/9/2022 490,200 0.05 £200,000 Tate & Lyle International Finance 6.75% Guaranteed £650,000 SSE 6.25% Guaranteed Senior European Medium Term Notes 25/11/2019 235,396 0.02 Bonds 27/8/2038 913,835 0.09 £950,000 TDC 5.625% Guaranteed Senior European Medium Term £1,025,000 SSE 8.375% Guaranteed Senior Bonds 20/11/2028 1,604,637 0.15 Bonds 23/2/2023 1,111,215 0.11 £452,000 Stagecoach 5.75% Guaranteed Notes 16/12/2016 484,372 0.05 £1,200,000 Telefonica Emisiones 5.289% Guaranteed European £1,550,000 Standard Chartered 4.375% European Medium Term Medium Term Bonds 9/12/2022 1,401,204 0.14 Bonds 18/1/2038 1,669,272 0.16 £1,300,000 Telefonica Emisiones 5.375% Guaranteed European £150,000 Standard Chartered 5.125% European Medium Term Medium Term Bonds 2/2/2018 1,433,944 0.14 Notes 6/6/2034 155,174 0.01 £950,000 Telefonica Emisiones 5.375% Guaranteed European £1,525,000 Standard Chartered 5.125% Subordinated European Medium Term Bonds 2/2/2026 1,125,023 0.11 Medium Term Notes 6/6/2034 1,577,597 0.15 £700,000 Telefonica Emisiones 5.445% Guaranteed European £1,100,000 Standard Chartered 7.75% Guaranteed Subordinated Medium Term Bonds 8/10/2029 846,266 0.08 European Medium Term Bonds 3/4/2018 1,274,790 0.12 £1,300,000 Telefonica Emisiones 5.597% Guaranteed European £650,000 Statoil 4.25% Guaranteed European Medium Term Medium Term Notes 12/3/2020 1,495,260 0.14 Notes 10/4/2041 743,840 0.07 £661,024 Telereal Secured Finance 4.01% Asset Backed Notes £325,000 Statoil 6.125% Guaranteed European Medium Term 10/12/2033 682,573 0.07 Bonds 27/11/2028 439,179 0.04 £200,250 Telereal Securitisation 4.9741% Guaranteed Asset £1,595,000 Statoil 6.875% Guaranteed European Medium Term Backed Bonds 10/12/2033 231,399 0.02 Bonds 11/3/2031 2,339,363 0.23 £861,266 Telereal Securitisation 5.3887% Guaranteed Asset £300,000 Suez Environnement 5.375% Senior European Medium Backed Bonds 10/12/2033 1,025,453 0.10 Term Bonds 2/12/2030 372,289 0.04 £192,800 Telereal Securitisation 5.4252% Guaranteed Asset £565,000 Sunderland (SHG) Finance 6.38% Guaranteed Senior Backed Bonds 10/12/2033 222,027 0.02 Bonds 31/3/2042 786,988 0.08 £296,806 Telereal Securitisation 5.553% Asset Backed Bonds £650,000 Svensk Exportkredit 0.875% Senior European Medium 10/12/2033 360,108 0.03 Term Notes 15/12/2015 650,913 0.06 £542,961 Telereal Securitisation 5.5653% Guaranteed Asset £500,000 Svensk Exportkredit 1.875% European Medium Term Backed Bonds 10/12/2033 645,396 0.06 Notes 21/12/2018 510,428 0.05 £626,076 Telereal Securitisation 5.9478% Guaranteed Asset £300,000 Svenska Handelsbanken 1.875% Senior European Backed Bonds 10/12/2033 781,891 0.08 Medium Term Notes 29/8/2017 304,718 0.03 £361,500 Telereal Securitisation 6.1645% Guaranteed Asset £700,000 Svenska Handelsbanken 2.75% European Medium Term Backed Bonds 10/12/2033 440,593 0.04 Notes 5/12/2022 724,950 0.07 £975,000 TeliaSonera 4.375% European Medium Term Bonds £650,000 Svenska Handelsbanken 3% Senior European Medium 5/12/2042 1,101,468 0.11 Term Notes 20/11/2020 686,725 0.07 £500,000 Temasek Financial I 4.625% Guaranteed Bonds £900,000 Svenska Handelsbanken 4% Guaranteed Senior Notes 26/7/2022 587,494 0.06 18/1/2019 983,360 0.09 £790,000 Temasek Financial I 5.125% Guaranteed Bonds £750,000 Svenska Handelsbanken 5.5% Guaranteed Senior 26/7/2040 1,083,485 0.10 Notes 26/5/2016 791,887 0.08 £225,000 Textron 6.625% Guaranteed Senior European £400,000 Swan Housing 3.625% Bonds 5/3/2048 391,472 0.04 Medium Term Bonds 7/4/2020 262,207 0.03

175 BlackRock Collective Investment Funds 176 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £875,000 Thames Water Utilities Cayman Finance 4% Senior £1,350,000 Transport for London 2.25% Guaranteed European Notes 19/6/2025 963,270 0.09 Medium Term Notes 9/8/2022 1,367,838 0.13 £700,000 Thames Water Utilities Cayman Finance 4.375% £1,049,000 Transport for London 3.625% European Medium Term Guaranteed European Medium Term Bonds 3/7/2034 780,364 0.08 Notes 15/5/2045 1,159,361 0.11 £750,000 Thames Water Utilities Cayman Finance 4.625% £1,200,000 Transport for London 3.875% Guaranteed European Guaranteed European Medium Term Bonds 4/6/2046 878,460 0.08 Medium Term Notes 23/7/2042 1,383,720 0.13 £728,000 Thames Water Utilities Cayman Finance 5.5% £325,000 Transport for London 4% Senior European Medium Term Guaranteed Senior European Medium Term Bonds Notes 12/9/2033 381,388 0.04 11/2/2041 948,730 0.09 £600,000 Transport for London 4% Senior European Medium Term £200,000 Thames Water Utilities Cayman Finance 6.5% Notes 7/4/2064 746,035 0.07 Guaranteed Senior European Medium Term Bonds £150,000 Transport for London 4.5% Guaranteed European 9/2/2032 277,519 0.03 Medium Term Bonds 31/3/2031 178,170 0.02 £450,000 Thames Water Utilities Cayman Finance 6.75% £450,000 Transport for London 5% Guaranteed European Medium Guaranteed European Medium Term Bonds 16/11/2028 626,522 0.06 Term Bonds 31/3/2035 576,315 0.06 £550,000 Thames Water Utilities Cayman Finance 7.241% £350,000 UBM 6.5% Guaranteed European Medium Term Notes Guaranteed European Medium Term Bonds 9/4/2058 634,359 0.06 23/11/2016 378,631 0.04 £1,849,000 Thames Water Utilities Finance 5.125% Guaranteed £125,000 UBS Jersey 8.75% European Medium Term Notes European Medium Term Bonds 28/9/2037 2,282,424 0.22 18/12/2025 186,150 0.02 £200,000 THFC 5.125% Guaranteed Senior European Medium £275,000 UBS Jersey 8.75% Guaranteed Subordinated European Term Bonds 21/12/2037 250,242 0.02 Medium Term Bonds 18/12/2025 409,530 0.04 £1,175,000 THFC 5.2% Guaranteed Senior European Medium Term £550,000 UBS London 6.375% Guaranteed Senior European Bonds 11/10/2043 1,522,259 0.15 Medium Term Notes 20/7/2016 590,404 0.06 £900,000 THFC 6.35% Guaranteed Senior European Medium Term £1,750,000 UBS London 6.625% Guaranteed Senior European Bonds 8/7/2041 1,314,897 0.13 Medium Term Notes 11/4/2018 2,023,985 0.20 £593,519 THPA Finance 7.127% Guaranteed Asset Backed Bonds £500,000 UK Care No.1 6.3% Guaranteed Asset Backed Bonds 15/3/2024 706,015 0.07 1/10/2029 689,445 0.07 £1,238,000 Time Warner Cable 5.25% Guaranteed Bonds 15/7/2042 1,443,990 0.14 £700,000 Unilever 2% Guaranteed European Medium Term Notes £1,250,000 Time Warner Cable 5.75% Guaranteed Bonds 2/6/2031 1,534,187 0.15 19/12/2018 718,760 0.07 £352,000 Together Housing 4.5% Bonds 17/12/2042 404,515 0.04 £550,000 Unilever 4.75% Guaranteed European Medium Term £750,000 Total Capital 3.875% Guaranteed European Medium Notes 16/6/2017 597,273 0.06 Term Notes 14/12/2018 814,384 0.08 £600,000 UNITE USAF II 3.374% Senior Bonds 30/6/2028 620,338 0.06 £275,000 Total Capital 4.25% Guaranteed European Medium £225,000 United Utilities Water 5% Guaranteed Senior European Term Notes 8/12/2017 297,165 0.03 Medium Term Bonds 28/2/2035 273,386 0.03 £1,000,000 Total Capital International 2.25% European Medium £150,000 United Utilities Water 5.375% Guaranteed Senior Term Notes 17/12/2020 1,028,280 0.10 European Medium Term Bonds 14/5/2018 166,927 0.02 £650,000 Toyota Motor Credit 4% Guaranteed Senior European £525,000 United Utilities Water 5.625% Guaranteed Senior Medium Term Notes 7/12/2017 697,190 0.07 European Medium Term Bonds 20/12/2027 661,714 0.06 £662,885 Trafford Centre Finance 6.5% Guaranteed Asset Backed £1,050,000 United Utilities Water 5.75% Guaranteed Senior Bonds 28/7/2033 889,715 0.09 European Medium Term Bonds 25/3/2022 1,262,635 0.12 £300,000 Transport for London 1.25% European Medium Term £300,000 United Utilities Water 6.125% Guaranteed Senior Notes 21/11/2017 301,015 0.03 European Medium Term Notes 29/12/2015 312,435 0.03

177 BlackRock Collective Investment Funds 178 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £487,000 University of Manchester 4.25% Bonds 4/7/2053 637,556 0.06 £825,000 Wales & West Utilities Finance 6.25% Guaranteed £419,841 UPP 4.9023% Senior European Medium Term Notes Bonds 30/11/2021 1,016,994 0.10 28/2/2040 490,263 0.05 £825,000 Walgreens Boots Alliance 2.875% Bonds 20/11/2020 840,335 0.08 £850,000 UPS 5.125% Guaranteed Senior Bonds 12/2/2050 1,187,340 0.11 £750,000 Walgreens Boots Alliance 3.6% Bonds 20/11/2025 776,408 0.07 £874,000 Vattenfall 6.125% Guaranteed Senior European Medium £1,850,000 Wal-Mart Stores 4.875% Guaranteed Senior Bonds Term Bonds 16/12/2019 1,040,684 0.10 19/1/2039 2,365,666 0.23 £1,775,000 Vattenfall 6.875% Guaranteed Senior European Medium £1,750,000 Wal-Mart Stores 5.25% Guaranteed Senior Bonds Term Bonds 15/4/2039 2,673,256 0.26 28/9/2035 2,313,938 0.22 £50,000 Vector 7.625% Guaranteed European Medium Term £2,285,000 Wal-Mart Stores 5.625% Guaranteed Senior Bonds Bonds 14/1/2019 56,829 0.01 27/3/2034 3,116,265 0.30 £1,150,000 Veolia Environnement 6.125% Guaranteed Senior £610,000 Wal-Mart Stores 5.75% Guaranteed Senior Bonds European Medium Term Bonds 29/10/2037 1,540,195 0.15 19/12/2030 828,754 0.08 £1,411,000 Verizon Communications 4.073% Senior Notes £1,100,000 Wellcome Trust Finance 4% Guaranteed Bonds 18/6/2024 1,539,762 0.15 9/5/2059 1,388,123 0.13 £1,350,000 Verizon Communications 4.75% Senior European £725,000 Wellcome Trust Finance 4.625% Guaranteed Bonds Medium Term Notes 17/2/2034 1,559,466 0.15 25/7/2036 930,835 0.09 £1,050,000 Vodafone 5.375% Guaranteed Senior European Medium £400,000 Wellcome Trust Finance 4.75% Guaranteed Bonds Term Notes 5/12/2017 1,155,236 0.11 28/5/2021 466,354 0.04 £300,000 Vodafone 5.625% Guaranteed Senior European Medium £1,150,000 Wells Fargo 3.5% Medium Term Notes 12/9/2029 1,210,030 0.12 Term Bonds 4/12/2025 368,790 0.04 £1,150,000 Wells Fargo 4.625% Guaranteed Senior Bonds £750,000 Vodafone 5.9% Guaranteed Senior European Medium 2/11/2035 1,366,200 0.13 Term Bonds 26/11/2032 966,810 0.09 £1,600,000 Wells Fargo 4.875% Guaranteed Subordinated £1,050,000 Vodafone 8.125% Guaranteed Senior European Medium European Medium Term Bonds 29/11/2035 1,859,280 0.18 Term Notes 26/11/2018 1,284,904 0.12 £1,250,000 Wells Fargo 5.25% Guaranteed Subordinated European £250,000 Volkswagen Financial Services 1.25% European Medium Term Bonds 1/8/2023 1,469,875 0.14 Medium Term Notes 15/12/2016 251,084 0.02 £900,000 Wessex Water 4% Guaranteed Bonds 24/9/2021 984,541 0.09 £200,000 Volkswagen Financial Services 1.25% Guaranteed £300,000 Wessex Water 5.375% Guaranteed Bonds 10/3/2028 372,210 0.04 Bonds 23/5/2016 200,820 0.02 £325,000 Wessex Water Services 5.75% Guaranteed Bonds £600,000 Volkswagen Financial Services 1.75% Guaranteed 14/10/2033 427,793 0.04 European Medium Term Notes 21/8/2017 607,140 0.06 £250,000 Western Power 9.25% Bonds 9/11/2020 339,695 0.03 £500,000 Volkswagen Financial Services 2.375% Guaranteed £1,642,000 Western Power Distribution 5.25% Senior European European Medium Term Notes 13/11/2018 515,318 0.05 Medium Term Bonds 17/1/2023 1,932,002 0.19 £1,000,000 Volkswagen Financial Services 2.625% Guaranteed £250,000 Western Power Distribution 5.75% Guaranteed Bonds European Medium Term Notes 22/7/2019 1,038,991 0.10 23/3/2040 333,750 0.03 £500,000 Volkswagen Financial Services 2.75% Guaranteed £500,000 Western Power Distribution 5.75% Guaranteed Senior European Medium Term Notes 2/10/2020 522,538 0.05 Bonds 23/3/2040 667,565 0.06 £1,050,000 Wales & West Utilities Finance 4.625% Guaranteed £1,350,000 Western Power Distribution 5.75% Guaranteed Senior Bonds 13/12/2023 1,202,313 0.12 European Medium Term Bonds 16/4/2032 1,746,658 0.17 £250,000 Wales & West Utilities Finance 5.125% European £650,000 Western Power Distribution 5.875% Guaranteed Senior Medium Term Notes 2/12/2016 266,961 0.03 Bonds 25/3/2027 822,697 0.08 £200,000 Wales & West Utilities Finance 5.75% Guaranteed £400,000 Western Power Distribution 6% European Medium Term Bonds 29/3/2030 258,040 0.02 Notes 9/5/2025 506,155 0.05

179 BlackRock Collective Investment Funds 180 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £750,000 Western Power Distribution 6.25% Guaranteed UK Sterling Denominated Fixed Rate Government Bonds – 2.56%; 201.4 2.27% European Medium Term Bonds 10/12/2040 1,067,146 0.10 £570,000 Belgium (Kingdom) 5% Bonds 24/4/2018 632,194 0.06 £350,000 Western Power Distribution West Midlands 3.875% £150,000 Belgium (Kingdom) 5.7% Bonds 28/5/2032 204,744 0.02 Senior European Medium Term Notes 17/10/2024 379,416 0.04 £250,000 Belgium (Kingdom) 9.375% Bonds 21/2/2020 336,903 0.03 £275,000 Westpac Banking 1.375% European Medium Term £1,100,000 Caisse d’Amortissement de la Dette Sociale 1.375% Notes 23/12/2015 276,229 0.03 Senior European Medium Term Notes 6/2/2017 1,111,241 0.11 £1,125,000 Westpac Banking 5% Guaranteed Senior European £400,000 Caisse d’Amortissement de la Dette Sociale 3.75% Medium Term Notes 21/10/2019 1,283,062 0.12 Senior European Medium Term Notes 15/10/2018 434,330 0.04 £350,000 Wheatley Group Capital 4.375% European Non Dollar £450,000 Export Development Canada 0.5% European Medium Bonds 28/11/2044 386,822 0.04 Term Notes 7/12/2015 449,676 0.04 £718,892 White City Property Finance 5.1202% Guaranteed Bonds £750,000 Export Development Canada 0.875% Senior Notes 17/4/2035 862,645 0.08 7/12/2016 751,710 0.07 £950,000 Wm Morrison Supermarkets 3.5% Guaranteed £550,000 Export Development Canada 1.875% Senior European European Medium Term Notes 27/7/2026 901,144 0.09 Medium Term Notes 17/12/2018 564,355 0.05 £675,000 Wm Morrison Supermarkets 4.625% Guaranteed £500,000 Export-Import Bank of Korea 2% European Medium European Medium Term Bonds 8/12/2023 705,648 0.07 Term Note 07/12/2017 505,580 0.05 £400,000 Wm Morrison Supermarkets 4.75% European Medium £300,000 Federal National Mortgage Association 5.375% Bonds Term Notes 4/7/2029 405,113 0.04 7/12/2028 395,499 0.04 £450,000 WPP 6% Guaranteed Bonds 4/4/2017 491,220 0.05 £300,000 Finland (Government) 1.125% Senior Notes 7/12/2017 300,873 0.03 £475,000 WPP Finance 6.375% Guaranteed Bonds 6/11/2020 574,812 0.06 £750,000 Finland (Government) 1.5% Bonds 19/12/2019 756,195 0.07 £450,000 Yorkshire Building Society 4.125% European Medium £250,000 Instituto de Credito Oficial 1.875% Bonds 15/12/2017 250,360 0.02 Term Notes 20/11/2024 462,600 0.04 £100,000 Isle of Man (Government) 5.375% Guaranteed Senior £1,300,000 Yorkshire Building Society 4.75% Guaranteed European Bonds 14/8/2034 131,934 0.01 Medium Term Notes 12/4/2018 1,434,192 0.14 £550,000 Italy (Republic) 5.25% Bonds 7/12/2034 640,364 0.06 £495,000 Yorkshire Power Finance 7.25% Guaranteed Bonds £2,625,000 Italy (Republic) 6% Bonds 4/8/2028 3,249,960 0.31 4/8/2028 691,174 0.07 £200,000 Japan Finance Organization for Municipalities 5.75% £800,000 Yorkshire Water Services 6% European Medium Term Bonds 9/8/2019 234,452 0.02 Notes 21/8/2019 939,360 0.09 £1,835,000 Mexico (Government) 5.625% Bonds 19/3/2114 1,949,687 0.19 £750,000 Yorkshire Water Services Bradford 3.625% Guaranteed £750,000 Mexico (Government) 6.75% Bonds 6/2/2024 959,062 0.09 European Medium Term Notes 1/8/2029 792,675 0.08 £600,000 Reseau Ferre de France 2.375% European Medium £600,000 Yorkshire Water Services Bradford Finance 6.375% Term Notes 23/12/2015 608,042 0.06 Senior Notes 19/8/2039 868,568 0.08 £900,000 Reseau Ferre de France 4.83% Bonds 25/3/2060 1,266,797 0.12 £450,000 Yorkshire Water Services Finance 5.5% Guaranteed £950,000 Reseau Ferre de France 5% European Medium Term Bonds 28/5/2037 587,858 0.06 Notes 11/3/2052 1,344,050 0.13 £300,000 Yorkshire Water Services Odsal Finance 6.454% £1,175,000 Reseau Ferre de France 5.25% European Medium Term Guaranteed Bonds 28/5/2027 400,703 0.04 Notes 7/12/2028 1,536,430 0.15 £275,000 Yorkshire Water Services Odsal Finance 6.5876% £1,600,000 Reseau Ferre de France 5.25% European Medium Term Guaranteed Bonds 21/2/2023 348,866 0.03 Notes 31/1/2035 2,133,364 0.21 £200,000 Yorkshire Water Services Odsal Finance 6.6011% £1,300,000 Reseau Ferre de France 5.5% European Medium Term Guaranteed Bonds 17/4/2031 281,250 0.03 Notes 1/12/2021 1,593,111 0.15 898,064,744 86.80

181 BlackRock Collective Investment Funds 182 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £1,100,000 Societe Nationale des Chemins de Fer Francais 5.375% £250,000 Barclays 6.875% Guaranteed Perpetual Subordinated European Medium Term Notes 18/3/2027 1,407,197 0.14 Floating Rate Bonds 257,338 0.02 £250,000 Spain (Kingdom) 5.25% Bonds 6/4/2029 292,450 0.03 £325,000 Barclays 8.25% Guaranteed Perpetual Subordinated £773,000 States of Guernsey 3.375% Senior Bonds 12/12/2046 800,573 0.08 Floating Rate European Medium Term Bonds 368,063 0.04 £400,000 States of Jersey (Government) 3.75% Bonds 9/6/2054 461,460 0.04 £540,000 Barclays Bank 6.125% Guaranteed Perpetual £75,000 Tennessee Valley Authority 4.625% Bonds 7/6/2043 98,343 0.01 Subordinated Floating Rate Bonds 558,900 0.05 £350,000 Tennessee Valley Authority 5.35% Guaranteed Bonds £200,000 Barclays Bank 6.375% Perpetual Variable Rate Bonds 209,250 0.02 7/6/2021 417,518 0.04 £1,250,000 BG Energy Capital 6.5% Guaranteed Floating Rate £675,000 Tennessee Valley Authority 5.625% Bonds 7/6/2032 929,002 0.09 European Medium Term Notes 30/11/2072 1,342,375 0.13 26,747,456 2.56 £1,050,000 BNP Paribas 5.945% Guaranteed Perpetual Subordinated Floating Rate Bonds 1,071,000 0.10 UK Sterling Denominated Variable Rate Corporate Bonds – 8.32%; 2014 13.74% £200,000 BNP Paribas 5.954% Guaranteed Perpetual £350,000 AIG 5.75% Guaranteed Subordinated Floating Rate Subordinated Floating Rate Bonds 206,250 0.02 Bonds 15/3/2067 363,125 0.04 £300,000 BNP Paribas 7.436% Guaranteed Perpetual £609,000 America Movil 6.375% Subordinated Floating Rate Subordinated Floating Rate Bonds 330,000 0.03 Notes 6/9/2073 674,467 0.07 £550,000 Bupa Finance 6.125% Guaranteed Perpetual Floating £275,000 Amlin 6.5% Guaranteed Subordinated Floating Rate Rate Bonds 598,125 0.06 Bonds 19/12/2026 289,438 0.03 £600,000 CNP Assurances 7.375% Floating Rate Bonds £500,000 Anglian Water 5.5% Guaranteed Floating Rate European 30/9/2041 705,360 0.07 Medium Term Bonds 10/10/2040 540,326 0.05 £200,000 Commonwealth Bank of Australia 4.875% Floating £925,000 Aviva 5.9021% Guaranteed Perpetual Subordinated Rate European Medium Term Bonds 19/12/2023 216,880 0.02 Floating Rate Bonds 1,005,984 0.10 £50,000 Coventry Building Society 6.092% Guaranteed £1,360,000 Aviva 6.125% Floating Rate Bonds 14/11/2036 1,586,535 0.15 Perpetual Floating Rate Bonds 51,250 0.00 £1,430,000 Aviva 6.125% Guaranteed Perpetual Floating Rate £200,000 Credit Agricole 5% Perpetual European Medium Term Bonds 1,578,362 0.15 Floating Rate Notes 205,000 0.02 £1,006,000 Aviva 6.625% Guaranteed Subordinated Floating Rate £575,000 Danske Bank 5.375% Guaranteed Subordinated European Medium Term Bonds 3/6/2041 1,157,006 0.11 Floating Rate European Medium Term Bonds £1,150,000 Aviva 6.875% Guaranteed Subordinated Floating Rate 29/9/2021 614,531 0.06 European Medium Term Bonds 20/5/2058 1,469,815 0.14 £1,125,000 Direct Line Insurance 9.25% Guaranteed Floating £1,350,000 AXA 5.453% Subordinated Perpetual Floating Rate Rate Bonds 27/4/2042 1,469,240 0.14 Notes 1,441,125 0.14 £1,400,000 Électricité de France 5.875% Perpetual Subordinated £1,389,000 AXA 5.625% Subordinated Floating Rate European Floating Rate European Medium Term Notes 1,547,000 0.15 Medium Term Notes 16/1/2054 1,585,752 0.15 £2,300,000 Électricité de France 6% Perpetual Subordinated £480,000 AXA 6.6666% Guaranteed Perpetual Subordinated Floating Rate Bonds 2,573,240 0.25 Floating Rate European Medium Term Bonds 500,400 0.05 £950,000 ELM 6.3024% Guaranteed Perpetual Floating Rate £675,000 AXA 6.6862% Guaranteed Perpetual Subordinated European Medium Term Bonds 1,059,250 0.10 Floating Rate European Medium Term Bonds 784,687 0.08 £800,000 Fosse Master Issuer 4.635% Floating Rate Guaranteed £250,000 AXA 6.772% Guaranteed Perpetual Subordinated Mortgage Backed Bonds 18/10/2054 848,482 0.08 Floating Rate European Medium Term Bonds 278,438 0.03 £176,000 Friends Life 6.875% Guaranteed Perpetual Floating £900,000 Barclays 6.75% Guaranteed Subordinated Floating Rate Bonds 192,738 0.02 Rate European Medium Term Bonds 16/1/2023 992,799 0.10 £400,000 GDF Suez 4.625% Perpetual Floating Rate Notes 424,000 0.04

183 BlackRock Collective Investment Funds 184 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £600,000 GE Capital 5.5% Guaranteed Subordinated Floating £950,000 Legal & General 6.385% Guaranteed Perpetual Rate Bonds 15/9/2066 627,000 0.06 Subordinated Floating Rate Bonds 1,023,625 0.10 £200,000 GE Capital Trust 5.5% Guaranteed Subordinated £600,000 Legal & General 10% Guaranteed Subordinated Floating Floating Rate Bonds 15/9/2066 206,000 0.02 Rate European Medium Term Bonds 23/7/2041 822,210 0.08 £1,020,000 General Electric Capital 6.5% Guaranteed £400,000 Linde Finance 8.125% Guaranteed Floating Rate Bonds Subordinated Floating Rate Bonds 15/9/2067 1,109,250 0.11 14/7/2066 433,780 0.04 £650,000 HSBC 5% Guaranteed Subordinated Floating Rate £625,000 Liverpool Victoria Friendly Society 6.5% Subordinated European Medium Term Notes 20/3/2023 696,150 0.07 Floating Rate Notes 22/5/2043 658,033 0.06 £750,000 HSBC 5.375% Guaranteed Subordinated Floating Rate £700,000 Lloyds TSB 5.75% Guaranteed Subordinated Floating European Medium Term Bonds 4/11/2030 863,812 0.08 Rate European Medium Term Bonds 9/7/2025 775,880 0.07 £1,950,000 HSBC 6.375% Guaranteed Subordinated Floating Rate £865,000 Lloyds TSB 10.75% Floating Rate Guaranteed European European Medium Term Bonds 18/10/2022 2,133,300 0.21 Medium Term Notes 16/12/2021 998,904 0.10 £1,465,000 HSBC Funding 5.844% Guaranteed Perpetual Floating £275,000 Marstons Issuer 5.1576% Guaranteed Floating Rate Rate Bonds 1,629,959 0.16 Bonds 15/10/2027 302,557 0.03 £525,000 HSBC Funding 5.862% Guaranteed Perpetual Floating £325,000 Marstons Issuer 5.1774% Guaranteed Floating Rate Rate Bonds 565,688 0.05 Bonds 15/7/2032 378,630 0.04 £1,525,000 ING Bank 6.875% Guaranteed Floating Rate European £150,000 Mellon Capital III 6.369% Floating Rate Guaranteed Medium Term Bonds 29/5/2023 1,734,979 0.17 Bonds 5/9/2066 156,015 0.02 £50,000 Insurance Australia 5.625% Floating Rate Guaranteed £1,075,000 MUFG Capital Finance 5 6.299% Guaranteed Perpetual Subordinated Bonds 21/12/2026 51,134 0.00 Subordinated Floating Rate Bonds 1,143,800 0.11 £675,000 Land Securities Capital Markets 4.875% Floating Rate £1,100,000 Munich Re 6.625% Guaranteed Subordinated Floating European Medium Term Bonds 7/11/2019 735,143 0.07 Rate European Medium Term Notes 26/5/2042 1,321,178 0.13 £850,000 Land Securities Capital Markets 4.875% Floating Rate £477,000 Munich Re 7.625% Guaranteed Subordinated Floating European Medium Term Bonds 29/9/2025 1,000,960 0.10 Rate Bonds 21/6/2028 552,366 0.05 £975,000 Land Securities Capital Markets 5.125% Senior Floating £900,000 National Australia Bank 7.125% Variable Rate Rate European Medium Term Bonds 7/2/2036 1,248,513 0.12 Subordinated European Medium Term Bonds £425,000 Land Securities Capital Markets 5.376% Senior Floating 12/6/2023 1,035,118 0.10 Rate European Medium Term Bonds 30/9/2029 537,845 0.05 £650,000 National Capital Trust 5.62% Guaranteed Perpetual £250,000 Land Securities Capital Markets 5.391% Floating Rate Floating Rate Bonds 692,315 0.07 European Medium Term Bonds 27/2/2026 305,050 0.03 £300,000 Nationwide Building Society 5.25% Subordinated £1,230,000 Land Securities Capital Markets 5.391% Floating Rate Floating Rate European Medium Term Bonds European Medium Term Bonds 31/3/2027 1,530,489 0.15 23/11/2020 305,729 0.03 £500,000 Land Securities Capital Markets 5.396% Floating Rate £1,900,000 NGG Finance 5.625% Floating Rate Notes 18/6/2073 2,105,675 0.20 European Medium Term Bonds 31/7/2032 647,150 0.06 £1,250,000 Orange 5.75% Perpetual European Medium Term Notes 1,360,195 0.13 £400,000 Land Securities Capital Markets 5.425% Senior Floating £1,200,000 Orange 5.875% Perpetual Subordinated Floating Rate Rate European Medium Term Bonds 31/3/2022 463,300 0.04 Notes 1,305,000 0.13 £1,125,000 Legal & General 5.5% Subordinated Floating Rate £1,400,000 Prudential 5.7% Subordinated Floating Rate European European Medium Term Notes 27/6/2064 1,299,375 0.13 Medium Term Notes 19/12/2063 1,660,281 0.16 £700,000 Legal & General 5.875% Guaranteed Perpetual £900,000 Prudential 11.375% Guaranteed Subordinated Floating Subordinated Floating Rate European Medium Term Rate European Medium Term Bonds 29/5/2039 1,191,690 0.11 Bonds 762,125 0.07

185 BlackRock Collective Investment Funds 186 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets £700,000 QBE Capital Funding 7.5% Variable Rate Guaranteed £250,000 UBS Jersey Branch 5.25% Senior Subordinated Bonds 24/5/2041 809,746 0.08 Floating Rate European Medium Term Bonds 21/6/2021 260,675 0.03 £805,000 Rabobank Capital Funding Trust IV 5.556% Guaranteed £350,000 UBS Jersey Branch 6.375% Subordinated Floating Perpetual Floating Rate Bonds 871,412 0.08 Rate European Medium Term Bonds 19/11/2024 407,733 0.04 £305,000 Rabobank Nederland 6.91% Perpetual Subordinated £130,000 Wales & West Utilities Finance 6.75% Guaranteed Floating Rate Bonds 353,037 0.03 Floating Rate European Medium Term Notes 17/12/2036 149,527 0.01 £950,000 RL Finance Bonds No. 2 6.125% Guaranteed Floating £700,000 Yorkshire Water Services Bradford Finance 6% Rate Notes 30/11/2043 1,053,053 0.10 Guaranteed Floating Rate Bonds 24/4/2025 758,537 0.07 £675,000 RSA Insurance 6.701% Guaranteed Perpetual Floating £800,000 Zurich Finance (UK) Variable Rate 6.625% Guaranteed Rate Bonds 731,565 0.07 Perpetual Notes 958,000 0.09 £1,144,000 RSA Insurance 9.375% Guaranteed Floating Rate Bonds 86,374,198 8.32 20/5/2039 1,398,865 0.13 £1,200,000 RWE 7% Variable Rate Guaranteed Perpetual Notes 1,302,240 0.13 INVESTMENT FUNDS – 0.77%; 2014 1.46% £350,000 Santander UK 9.625% Guaranteed Subordinated Floating Short-term Money Market Funds – 0.77%; 2014 1.46% Rate European Medium Term Bonds 30/10/2023 429,625 0.04 8,018,283 Institutional Cash Series plc – Sterling Liquidity Fund* 8,018,283 0.77 £1,617,000 Siemens Financieringsmaatschappij 6.125% Guaranteed Floating Rate Bonds 14/9/2066 1,704,074 0.16 Portfolio of investments 1,019,204,681 98.45 £700,000 Society of Lloyd’s 7.421% Guaranteed Perpetual Net other assets 16,086,062 1.55 Subordinated Floating Rate Bonds 763,000 0.07 Total net assets £1,035,290,743 100.00 £650,000 Southern Water Services Finance 4.5% Senior Floating Note: comparative figures show percentages for each category of holding at 28 February 2014. Rate European Medium Term Bonds 31/3/2038 685,171 0.07 * Managed by a related party. The Fund will not be subject to any initial subscription or redemption fees on its investment into an underlying fund managed by a related party. The Fund may indirectly incur management charges by investing in an underlying fund. The £550,000 SSE 3.875% Step-up Subordinated Perpetual Bonds 552,161 0.05 Fund invests, where possible, in a share class of an underlying fund that is not subject to management charges. Alternatively, where this £1,175,000 Standard Chartered 5.375% Perpetual Subordinated is not possible, the Manager will rebate management charges to the Fund. Floating Rate European Medium Term Bonds 1,216,125 0.12 £130,000 Standard Chartered 7.75% Guaranteed Perpetual Subordinated European Medium Term Bonds 149,994 0.01 The credit rating profile of the portfolio at 28 February 2015 is shown below: £1,300,000 Standard Chartered 8.103% Guaranteed Perpetual Subordinated Floating Rate Bonds 1,378,000 0.13 % of Total Net Assets £1,100,000 Standard Life 5.5% Variable Rate European Medium Investment grade 96.85 Term Bonds 4/12/2042 1,221,366 0.12 Not rated 0.83 £719,000 Standard Life 6.546% Guaranteed Perpetual Floating Rate Bonds 808,875 0.08 Non-debt securities 0.77 £735,000 Standard Life 6.75% Guaranteed Perpetual Floating Net other assets 1.55 Rate Bonds 867,300 0.08 Total net assets 100.00 £50,000 Suncorp Insurance Funding 6.25% Medium Term Floating Rate Notes 13/6/2027 52,500 0.01 £1,350,000 Thames Water Utilities Cayman Finance 5.375% Floating Rate European Medium Term Bonds 21/7/2025 1,447,454 0.14 £500,000 Thames Water Utilities Cayman Finance 5.75% Floating European Medium Term Bonds 13/9/2030 577,429 0.06

187 BlackRock Collective Investment Funds 188 Corporate Bond Tracker Statement of Total Return Corporate Bond Tracker Balance Sheet for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 1,019,204,681 734,748,106 Income – Debtors 7 24,894,294 27,934,737 Net capital gains during the – Cash and bank balances 8 1,046,076 – year/period 2 62,579,127 181,230 Total other assets 25,940,370 27,934,737 Revenue 3 31,194,241 24,285,942 Total assets 1,045,145,051 762,682,843 Expenses 4 (1,689,338) (1,373,913) Liabilities: Finance costs: Interest 6 (52) (301) – Creditors 9 (9,370,031) (17,147,125) Net revenue before taxation 29,504,851 22,911,728 – Bank overdraft – (348,334) Taxation 5 125 – – Distribution payable on Net revenue after taxation income units (484,277) (589,690) for the year/period 29,504,976 22,911,728 Total other liabilities (9,854,308) (18,085,149) UK income tax withheld (5,900,995) (4,582,346) Total liabilities (9,854,308) (18,085,149) Total return before distributions 86,183,108 18,510,612 Net assets attributable Finance costs: Distributions 6 (24,234,762) (19,098,427) to unitholders £1,035,290,743 £744,597,694 Change in net assets attributable to unitholders from investment activities £61,948,346 £(587,815) N C D Hall (Director) E E Tracey (Director) Corporate Bond Tracker Statement of Change in Net Assets BlackRock Fund Managers Limited 30 April 2015 Attributable to Unitholders for the year ended 28 February 2015

For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 744,597,694 538,247,943 Amounts received on creation of units 416,086,655 403,158,296 Amounts paid on cancellation of units (209,835,561) (213,394,421) 206,251,094 189,763,875 Change in net assets attributable to unitholders from investment activities 61,948,346 (587,815) Retained distribution on accumulation units 22,493,609 17,173,691 Closing net assets attributable to unitholders £1,035,290,743 £744,597,694

189 BlackRock Collective Investment Funds 190 Corporate Bond Tracker Notes to Financial Statements for the year ended 28 February 2015

(b) Factors affecting the current tax charge for the year/period The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an authorised unit trust. The differences are explained below: For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ Net revenue before taxation 29,504,851 22,911,728 Corporation tax at 20% (28 February 2014: 20%) 5,900,970 4,582,346 Effects of: Corporation tax prior year adjustment (125) – Corporation tax prior year adjustment at 20% 25 – Tax deductible interest distributions (5,900,995) (4,582,346) Total current tax charge for the year/period [see note 5(a)] £(125) £0

191 BlackRock Collective Investment Funds 192 Corporate Bond Tracker Notes to Financial Statements continued

6. Finance Costs 8. Cash and Bank Balances

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 £ £ to 28.2.2015 to 28.2.2014 Cash and bank balances 1,046,076 – £ £ Total cash and bank balances £1,046,076 £0 First distribution 205,459 82,315 Second distribution 212,649 75,691 9. Creditors Third distribution 159,899 77,538 28.2.2015 28.2.2014 Fourth distribution 155,648 78,775 £ £ Fifth distribution 18 4 ,14 0 77,631 Accrued Audit fee 6,690 6,690 Sixth distribution 10,857,030 79,152 Accrued FCA fee 756 602 Seventh distribution 142,411 8,678,002 Accrued Manager’s charge 431,818 320,876 Eighth distribution 148,237 95,550 Accrued Registrar’s fee 2,877 3,221 Ninth distribution 129,763 91,161 Accrued Safe custody fees 20,388 19,879 Tenth distribution 123,427 9 0,14 6 Accrued Trustee’s fee 19,008 12,619 Eleventh distribution 125,892 157,507 Amounts payable for cancellation of units 378,536 8,176,294 Twelfth distribution* – 169,714 Custodian transaction costs 1,655 3,262 Final distribution 12,699,322 9,735,283 Income tax payable 2,705,998 2,162,891 25,143,877 19,488,465 Purchases awaiting settlement 5,802,305 6,440,791 Add: Amounts deducted on cancellation of units 338,470 387,888 Total creditors £9,370,031 £17,147,125 Less: Amounts received on creation of units (1,247,585) (777,926) Net distribution for the year/period 24,234,762 19,098,427 10. Derivatives and Other Financial Instruments Finance costs: Interest 52 301 (a) The Fund’s financial instruments comprise securities and other investments, cash balances and debtors and creditors that arise directly from its operations, for example, in respect of sales and Finance costs £24,234,814 £19,098,728 purchases awaiting settlement, amounts receivable for creations and payable for cancellation of units and debtors for accrued revenue. Net revenue after taxation for the year/period 29,504,976 22,911,728 The Manager shall take the risks it deems reasonable to meet the investment objective. These Add: Equalisation on conversions 630,781 769,045 risks include the following: Less: UK income tax withheld (5,900,995) (4,582,346) Risk Impact of risk Net distribution for the year/period £24,234,762 £19,098,427 Foreign currency The risk of changes to foreign currency rates materially affecting the Sterling * The annual reporting date of the Fund changed from 31 January to 28 February resulting in an extended reporting period and an additional distribution. equivalent value of non-Sterling denominated assets and liabilities accounted for Details of the interim and final distributions per unit are set out in the tables on pages 202 to 209. by the Fund. The Fund’s investments at the balance sheet date wholly comprises of securities 7. Debtors denominated in Sterling, the Fund therefore has no exposure to foreign currency 28.2.2015 28.2.2014 risk. £ £ Market price The valuation of the Fund’s investments is calculated with reference to market Accrued revenue 19,492,610 15,222,631 prices quoted by financial agencies and brokers. Movements to those market Amounts receivable for creation of units 2,773,391 11,453,753 prices may materially affect the value of the Fund’s investments, which may move Sales awaiting settlement 2,628,293 1,258,353 down as well as up. Total debtors £24,894,294 £27,934,737 To manage the risk, the Manager undertakes research in order to achieve the best price for any transactions entered into on behalf of the Fund.

193 BlackRock Collective Investment Funds 194 Corporate Bond Tracker Notes to Financial Statements continued

Risk Impact of risk Risk Impact of risk Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the Credit The Fund holds bonds issued by companies in order to achieve its investment ability of the Fund to trade financial instruments at values previously indicated objective. by financial brokers. The borrower receives from the Fund a principal amount. The Fund will then All bonds are valued daily. Bonds identified as being illiquid are reviewed for receive interest based on the coupon rate of the bond and repayment of the initial pricing accuracy as the need arises and on a formal monthly basis by the principal amount on the bond’s maturity date. BlackRock Pricing Committee. Any impairment to the borrower’s ability to pay amounts due may result in The BlackRock Pricing Committee will also review significant market events which changes to the tradable value of the bond and the amount to be received upon may impact liquidity of bonds in the portfolio. maturity of the bond. The ability of the borrower to pay not only the principal value The Fund invests primarily in fixed interest securities issued by companies in but also any interest due on the bond, referred to as the borrower’s credit rating, Europe, the UK and the US which are typically considered to be markets operating is monitored by the Manager. The credit rating profile of the Fund’s portfolio at with high levels of liquidity. From time to time, however, market liquidity may be 28 February 2015 is shown on the portfolio statement on page 188. affected by economic events. A security may be deemed illiquid due to a lack of The Manager may undertake its own research of the borrower’s financial position trading volume in the security or if the security is privately placed and not traded in order to assess the ability of the borrower to repay amounts due. in any public market or is otherwise restricted from trading. During the year, the Fund engaged in securities lending activities which exposed To manage the risk, the Investment Manager undertakes research of investment the Fund to credit risk. The maximum exposure of the Fund is equal to the value of opportunities to select opportunities congruent with the Fund’s investment the securities loaned disclosed in Note 12. objective. Use of derivatives The Fund may use derivatives for the purposes of efficient portfolio management Counterparty The risk of entering an arrangement with a counterparty, which is itself subject to in order to reduce risk within the portfolio, reduce investment costs and generate financial risks which may affect its ability to trade as a going concern. additional income. The Manager maintains a list of approved counterparties. This list is regularly The use of derivatives will impact the value of the Fund and may expose the monitored and revised for changes based on the counterparty’s credit-worthiness, Fund to a higher degree of risk. In particular, derivative contracts can be highly market reputation and expectations of future financial performance. Transactions volatile and the amount of initial margin is generally small relative to the size of will only be opened with financial intermediaries on the approved counterparties the contract so that transactions may be leveraged in terms of market exposure. list. A relatively small market movement may have a potentially larger impact on derivatives than on standard bonds or equities. Leveraged derivative positions Interest rate Interest rates are determined by factors such as supply and demand in the can therefore increase fund volatility. international money markets, which are influenced by macro economic factors, speculation and central bank and government intervention. Fluctuations in short As at 28 February 2015, the Manager uses a methodology known as the and long term interest rates on money market and cash deposits may affect the “Commitment Approach” in order to measure the global exposure from financial revenue of the Fund. derivative instruments of the Fund and manage the potential loss to it due to market risk. The Commitment Approach is a methodology that aggregates the Revenue is generated by the holding of bonds, which contractually oblige the underlying market or notional values of derivative instruments to determine the borrower to pay the Fund interest under specific terms. degree of global exposure of a Fund to derivative instruments. In accordance with Changes to interest rates may affect the cash inflows and outflows calculated with COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net reference to financial assets and financial liabilities held by the Fund. asset value. The Manager undertakes research to minimise the impact of such movements Any exposure to financial derivative instruments at year end is marked on the against the Fund’s investment objective. Portfolio Statement.

195 BlackRock Collective Investment Funds 196 Corporate Bond Tracker Notes to Financial Statements continued

(b) Currency Exposures Fixed Rate Financial Assets The net assets of the Fund are denominated wholly in Sterling, therefore the Balance Sheet and Weighted Weighted Statement of Total Return will not be directly affected by currency movements. Total Average Average Period Market Value Interest Rate for which Rate (c) Interest Rate Risk Profile of Financial Assets and Liabilities Currency £ Equivalent % is Fixed The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: UK sterling 622,016,888 4.73 13.43 years Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying The floating rate financial assets and liabilities include: Assets Assets Interest Total Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two Currency £ £ £ £ week LIBID rates and overdraft interest based on 3% over the base rate. UK sterling 87,420,274 924,812,200 32,912,577 1,045,145,051 All overseas deposits and loans bear interest at rates determined by the relevant Authority. Total £87,420,274 £924,812,200 £32,912,577 £1,045,145,051 (d) Fair Value of Financial Assets and Financial Liabilities There is no material difference between the value of the financial assets and liabilities, as shown Floating Rate Financial in the Balance Sheet and their fair value. Financial Liabilities not Liabilities Carrying Interest Total Currency £ £ £ 11. Contingent Assets and Liabilities UK sterling – (9,854,308) (9,854,308) There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Total £0 £(9,854,308) £(9,854,308) 12. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Fixed Rate Financial Assets Please see further disclosures in Note 10(a). Weighted Weighted During the year, the Fund engaged in securities lending, subject to the conditions and within the Total Average Average Period limits laid down by the Financial Conduct Authority. Market Value Interest Rate for which Rate Currency £ Equivalent % is Fixed The Fund receives securities as collateral for a value in excess of the market value of the securities UK sterling 924,812,200 4.21 13.56 years loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the following collateral agents and central securities depositories: Euroclear and Bank of New York This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund. Europe. As at 28 February 2015, the Fund had securities on loan to the following counterparties: Barclays, Citibank, Goldman Sachs, Morgan Stanley and Nomura. The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: The Investment Manager monitors the fair value of the securities loaned and additional collateral Floating Rate Fixed Rate Financial Assets is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a Financial Financial not Carrying regulated market. Assets Assets Interest Total The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock Currency £ £ £ £ Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund UK sterling 101,851,998 622,016,888 38,813,957 762,682,843 and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue Total £101,851,998 £622,016,888 £38,813,957 £762,682,843 is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational costs are borne out of the securities lending agent’s share. Floating Rate Financial 28.2.2015 28.2.2014 Financial Liabilities not £ £ Liabilities Carrying Interest Total Currency £ £ £ Revenue earned during the year/period 34,058 451 UK sterling (348,334) (17,736,815) (18,085,149) Value of securities on loan at the year/period end 40,703,768 4,002,847 Total £(348,334) £(17,736,815) £(18,085,149) Value of collateral held on behalf of the Fund at the year/period end 44,456,666 4,290,943

197 BlackRock Collective Investment Funds 198 Corporate Bond Tracker Notes to Financial Statements continued

13. Investment Management Material Unitholders Please see page 16. The following investor held more than 20% of the voting units in issue in the Fund and as a result is considered to be a related party of the Fund. 14. Related Parties As at 28 February 2015: Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. % of voting units Held by: in issue No. of units held The following entities were related parties of the Fund during the year ended 28 February 2015: Nutraco Nominees Limited 24% 183,573,938 Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited As at 28 February 2014: Securities lending agent: BlackRock Advisors (UK) Limited % of voting units Trustee: BNY Mellon Trust & Depositary (UK) Limited Held by: in issue No. of units held The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. Nutraco Nominees Limited 27% 161,058,168 (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock. All related party transactions were carried out at arm’s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no The Manager acts as either principal or agent for the Trustee in respect of all transactions of more favourable than those received by other investors investing into the same unit classes. units of the Fund. The aggregate monies received through creation and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and 15. Portfolio Transaction Costs Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. Summary of total purchase costs: Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at For the period For the period the year end in respect of these fees are shown in Note 9. For the year For the year from 1.2.2013 from 1.2.2013 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing £ £ £ £ arrangements with related parties (including, without limitation, brokers who are affiliated to the Purchases before BlackRock Group), which may result in the Fund benefiting from research or execution services transaction costs 570,103,417 491,904,891 which the Investment Manager believes are useful in the investment decision-making or trade execution process. Such research or execution services may include, without limitation and to the Commissions and other costs extent permitted by applicable law: research reports on companies, industries and securities; and (including stamp duty) 3,235 3,825 the provision of economic and financial information and analysis. Due to the bundled nature of Total purchase costs 3,235 3,825 these services and the application of such benefits across a number of BlackRock managed funds, Gross purchases total £570,106,652 £491,908,716 it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group. Summary of total sale costs: The Fund’s investments in other BlackRock related products are detailed on the Portfolio Statement. For the period For the period Securities Lending For the year For the year from 1.2.2013 from 1.2.2013 The securities lending agent appointed pursuant to the securities lending agreement is BlackRock to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 Advisors (UK) Limited, which is a related party to the Fund. £ £ £ £ The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity Gross sales before allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly transaction costs 341,058,553 276,134,365 related to securities loan transactions as well as the cost of indemnification against borrower Commissions and other costs (710) (1,775) default. Total sale costs (710) (1,775) See further information in Note 12. Total sales net of transaction costs £341,057,843 £276,132,590

199 BlackRock Collective Investment Funds 200 Corporate Bond Tracker Notes to Financial Statements continued Corporate Bond Tracker Distribution Tables for the year ended 28 February 2015

16. Unitholders’ Funds Final Distribution in Pence per Unit Accumulation and Income units are currently available as specified in the Prospectus. The net asset value of each unit class, net asset value per unit and the number of units in issue are given in A Accumulation Class the “Performance Record”. Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 The types of units currently in issue and the Manager’s annual charge for each unit class are shown below: L Income Class Group 1 – Units purchased prior to 1 February 2015 Class 28.2.2015 28.2.2014 Group 2 – Units purchased 1 February 2015 to 28 February 2015 A Accumulation 0.45% 0.45% L Income* 0.20% 0.20% L Accumulation Class Group 1 – Units purchased prior to 1 September 2014 L Accumulation 0.20% 0.20% Group 2 – Units purchased 1 September 2014 to 28 February 2015 X Income◊ 0.00% 0.00% X Accumulation◊ 0.00% 0.00% X Income Class D Income* 0.15% 0.15% Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 D Accumulation 0.15% 0.15% H Incomeº 0.10 % N/A X Accumulation Class H Accumulation 0.10 % 0.10 % Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 * D Income and L Income classes distribute on a monthly basis. ◊ Holders of X units are charged outside the relevant Fund by the way of agreement with the Manager, Principal Distributor or their affiliates. D Income Class º H Income class commenced March 2014. Group 1 – Units purchased prior to 1 February 2015 Group 2 – Units purchased 1 February 2015 to 28 February 2015 In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the D Accumulation Class remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue Group 1 – Units purchased prior to 1 September 2014 is allocated each day pro rata to the capital value of assets attributable to each class and taxation is Group 2 – Units purchased 1 September 2014 to 28 February 2015 computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. H Income Class Group 1 – Units purchased prior to 1 September 2014 17. Non Adjusting Post Balance Sheet Event Group 2 – Units purchased 1 September 2014 to 28 February 2015 Since the last business day of the accounting period, the Fund’s quoted bid prices have risen/fallen H Accumulation Class as shown below: Group 1 – Units purchased prior to 1 September 2014 Bid prices as at Bid prices as at Rise/(Fall) Group 2 – Units purchased 1 September 2014 to 28 February 2015 Class 23.4.2015 28.2.2015 (%) A Accumulation L Income L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation A Accumulation 136.6p 136 .1p 0.4 Units Units Units Units Units Units Units Unitsº Units Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 L Income 128 .1p 128.2p (0.1) Gross Revenue 1.9720 1.1189 0.3184 0.3184 2.2006 0.9903 1.9775 0.9515 2 .1079 0.4990 0.3181 0 .14 51 2.2053 1.15 0 0 1.7795 0.8160 1.8020 0.6364

L Accumulation 138.3p 137.8p 0.4 Income tax 0.3944 0.2238 0.0637 0.0637 0.4401 0 .19 81 0.3955 0 .19 0 3 0.4216 0.0998 0.0636 0.0290 0.4411 0.2300 0.3559 0 .16 32 0.3604 0 .12 73

X Income 115.6p 116.8p (1.0) Net revenue (interest) 1.5776 0.8951 0.2547 0.2547 1.7605 0.7922 1.5820 0.7612 1.6863 0.3992 0.2545 0 .1161 1.7642 0.9200 1.4236 0.6528 1.4416 0.5091 X Accumulation 125.0p 124.5p 0.4 Equalisation† – 0.6825 – 0.0000 – 0.9683 – 0.8208 – 1.2871 – 0 .13 8 4 – 0.8442 – 0.7708 – 0.9325 D Income 126 .1p 126.2p (0.1) Distribution payable 30.4.2015^ 1.5776 1.5776 0.2547 0.2547 1.7605 1.7605 1.5820 1.5820 1.6863 1.6863 0.2545 0.2545 1.7642 1.7642 1.4236 1.4236 1.4416 1.4416 Distribution paid 30.4.2014§ 1.5920 1.5920 0.2630 0.2630 1.7570 1.7570 1.6159 1.6159 1.6716 1.6716 0.2629 0.2629 1.7568 1.7568 N/A N/A 0.0000 0.0000 D Accumulation 136.6p 136 .1p 0.4 H Income 107.7p 108.7p (0.9) ^ L Income and D Income classes paid 31.3.2015. § L Income and D Income classes paid 31.3.2014. H Accumulation 110.0p 109.6p 0.4

201 BlackRock Collective Investment Funds 202 Corporate Bond Tracker Distribution Tables continued

Eleventh Distribution in Pence per Unit Ninth Distribution in Pence per Unit

L Income Class L Income Class Group 1 – Units purchased prior to 1 January 2015 Group 1 – Units purchased prior to 1 November 2014 Group 2 – Units purchased 1 January 2015 to 31 January 2015 Group 2 – Units purchased 1 November 2014 to 30 November 2014

D Income Class D Income Class Group 1 – Units purchased prior to 1 January 2015 Group 1 – Units purchased prior to 1 November 2014 Group 2 – Units purchased 1 January 2015 to 31 January 2015 Group 2 – Units purchased 1 November 2014 to 30 November 2014

L Income D Income L Income D Income Units Units Units Units Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Gross Revenue 0.3485 0.3485 0.3483 0.1419 Gross Revenue 0.3394 0.3394 0.3389 0.170 0 Income tax 0.0697 0.0697 0.0697 0.0284 Income tax 0.0679 0.0679 0.0678 0.0340 Net revenue (interest) 0.2788 0.2788 0.2786 0.1135 Net revenue (interest) 0.2715 0.2715 0.2711 0.136 0 Equalisation† – 0.0000 – 0.16 51 Equalisation† – 0.0000 – 0.1351 Distribution paid 28.2.2015 0.2788 0.2788 0.2786 0.2786 Distribution paid 31.12.2014 0.2715 0.2715 0.2711 0.2711 Distribution paid 28.2.2014 0.3446 0.3446 0.2890 0.2890 Distribution paid 31.12.2013 0.2740 0.2740 0.2734 0.2734

Tenth Distribution in Pence per Unit Eighth Distribution in Pence per Unit L Income Class L Income Class Group 1 – Units purchased prior to 1 October 2014 Group 1 – Units purchased prior to 1 December 2014 Group 2 – Units purchased 1 October 2014 to 31 October 2014 Group 2 – Units purchased 1 December 2014 to 31 December 2014 D Income Class D Income Class Group 1 – Units purchased prior to 1 October 2014 Group 1 – Units purchased prior to 1 December 2014 Group 2 – Units purchased 1 October 2014 to 31 October 2014 Group 2 – Units purchased 1 December 2014 to 31 December 2014 L Income D Income L Income D Income Units Units Units Units Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Gross Revenue 0.3657 0.3657 0.3652 0.15 8 4 Gross Revenue 0.3421 0.3421 0.3417 0.19 3 4 Income tax 0.0731 0.0731 0.0731 0.0317 Income tax 0.0684 0.0684 0.0683 0.0387 Net revenue (interest) 0.2926 0.2926 0.2921 0.1267 Net revenue (interest) 0.2737 0.2737 0.2734 0.15 47 Equalisation† – 0.0000 – 0.16 5 4 Equalisation† – 0.0000 – 0.1187 Distribution paid 30.11.2014 0.2926 0.2926 0.2921 0.2921 Distribution paid 31.1.2015 0.2737 0.2737 0.2734 0.2734 Distribution paid 30.11.2013 0.2956 0.2956 0.2944 0.2944 Distribution paid 31.1.2014 0.2879 0.2879 0.2878 0.2878

203 BlackRock Collective Investment Funds 204 Corporate Bond Tracker Distribution Tables continued

Seventh Distribution in Pence per Unit Sixth Distribution in Pence per Unit

L Income Class A Accumulation Class Group 1 – Units purchased prior to 1 September 2014 Group 1 – Units purchased prior to 1 March 2014 Group 2 – Units purchased 1 September 2014 to 30 September 2014 Group 2 – Units purchased 1 March 2014 to 31 August 2014 L Income Class D Income Class Group 1 – Units purchased prior to 1 August 2014 Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 August 2014 to 31 August 2014 Group 2 – Units purchased 1 September 2014 to 30 September 2014 L Accumulation Class L Income D Income Group 1 – Units purchased prior to 1 March 2014 Units Units Group 2 – Units purchased 1 March 2014 to 31 August 2014 Group 1 Group 2 Group 1 Group 2 X Income Class Gross Revenue 0.3447 0.3447 0.3441 0.1614 Group 1 – Units purchased prior to 1 March 2014 Income tax 0.0689 0.0689 0.0688 0.0323 Group 2 – Units purchased 1 March 2014 to 31 August 2014 Net revenue (interest) 0.2758 0.2758 0.2753 0.12 91 X Accumulation Class Equalisation† – 0.0000 – 0.14 62 Group 1 – Units purchased prior to 1 March 2014 Distribution paid 31.10.2014 0.2758 0.2758 0.2753 0.2753 Group 2 – Units purchased 1 March 2014 to 31 August 2014 Distribution paid 31.10.2013 0.2809 0.2809 0.2802 0.2802 D Income Class Group 1 – Units purchased prior to 1 August 2014 Group 2 – Units purchased 1 August 2014 to 31 August 2014

D Accumulation Class Group 1 – Units purchased prior to 1 March 2014 Group 2 – Units purchased 1 March 2014 to 31 August 2014

H Income Class Group 1 – Units purchased 31 March 2014 Group 2 – Units purchased 1 April 2014 to 31 August 2014

H Accumulation Class Group 1 – Units purchased prior to 1 March 2014 Group 2 – Units purchased 1 March 2014 to 31 August 2014

A Accumulation L Income L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Units Units Units Units Units Units Units Unitsº Units

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Gross Revenue 2.0429 1.2034 0.3611 0.3611 2.2569 1.5358 2.0501 1.8761 2 .15 3 0 1.3353 0.3600 0 .12 9 9 2.2564 0.8510 1.5625 0.8184 1.7323 1.0314

Income tax 0.4086 0.2407 0.0722 0.0722 0.4514 0.3072 0.4100 0.3752 0.4306 0.2671 0.0720 0.0260 0.4513 0 .170 2 0.3125 0 .16 37 0.3465 0.2063

Net revenue (interest) 1.6343 0.9627 0.2889 0.2889 1.8055 1.2286 1.6401 1.5009 1.7224 1.0682 0.2880 0.1039 1.8051 0.6808 1.2500 0.6547 1.3858 0.8251

Equalisation† – 0.6716 – 0.0000 – 0.5769 – 0.1392 – 0.6542 – 0 .18 41 – 1.124 3 – 0.5953 – 0.5607

Distribution paid 31.10.2014^ 1.6343 1.6343 0.2889 0.2889 1.8055 1.8055 1.6401 1.6401 1.7224 1.7224 0.2880 0.2880 1.8051 1.8051 1.2500 1.2500 1.3858 1.3858

Distribution paid 31.10.2013§ 1.9057 1.9057 0.2977 0.2977 2.0862 2.0862 1.9517 1.9517 1.9820 1.9820 0.2961 0.2961 2.0771 2.0771 N/A N/A N/A N/A

^ L Income and D Income classes paid 30.9.2014. § L Income D Income class paid 30.9.2013.

205 BlackRock Collective Investment Funds 206 Corporate Bond Tracker Distribution Tables continued

Fifth Distribution in Pence per Unit Third Distribution in Pence per Unit

L Income Class L Income Class Group 1 – Units purchased prior to 1 July 2014 Group 1 – Units purchased prior to 1 May 2014 Group 2 – Units purchased 1 July 2014 to 31 July 2014 Group 2 – Units purchased 1 May 2014 to 31 May 2014

D Income Class D Income Class Group 1 – Units purchased prior to 1 July 2014 Group 1 – Units purchased prior to 1 May 2014 Group 2 – Units purchased 1 July 2014 to 31 July 2014 Group 2 – Units purchased 1 May 2014 to 31 May 2014

L Income D Income L Income D Income Units Units Units Units

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Gross Revenue 0.3633 0.3633 0.3626 0.16 9 5 Gross Revenue 0.3617 0.3617 0.3606 0.1717 Income tax 0.0727 0.0727 0.0725 0.0339 Income tax 0.0723 0.0723 0.0721 0.0343 Net revenue (interest) 0.2906 0.2906 0.2901 0.135 6 Net revenue (interest) 0.2894 0.2894 0.2885 0.1374 Equalisation† – 0.0000 – 0.1545 Equalisation† – 0.0000 – 0.1511 Distribution paid 31.8.2014 0.2906 0.2906 0.2901 0.2901 Distribution paid 30.6.2014 0.2894 0.2894 0.2885 0.2885 Distribution paid 31.8.2013 0.2955 0.2955 0.2947 0.2947 Distribution paid 30.6.2013 0.2949 0.2949 0.2942 0.2942

Fourth Distribution in Pence per Unit Second Distribution in Pence per Unit

L Income Class L Income Class Group 1 – Units purchased prior to 1 June 2014 Group 1 – Units purchased prior to 1 April 2014 Group 2 – Units purchased 1 June 2014 to 30 June 2014 Group 2 – Units purchased 1 April 2014 to 30 April 2014

D Income Class D Income Class Group 1 – Units purchased prior to 1 June 2014 Group 1 – Units purchased prior to 1 April 2014 Group 2 – Units purchased 1 June 2014 to 30 June 2014 Group 2 – Units purchased 1 April 2014 to 30 April 2014

L Income D Income L Income D Income Units Units Units Units

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Gross Revenue 0.3450 0.3450 0.3445 0.16 5 0 Gross Revenue 0.3488 0.3488 0.3481 0.179 8 Income tax 0.0690 0.0690 0.0689 0.0330 Income tax 0.0698 0.0698 0.0696 0.0360 Net revenue (interest) 0.2760 0.2760 0.2756 0.1320 Net revenue (interest) 0.2790 0.2790 0.2785 0.14 3 8 Equalisation† – 0.0000 – 0.14 36 Equalisation† – 0.0000 – 0.13 47 Distribution paid 31.7.2014 0.2760 0.2760 0.2756 0.2756 Distribution paid 31.5.2014 0.2790 0.2790 0.2785 0.2785 Distribution paid 31.7.2013 0.2856 0.2856 0.2849 0.2849 Distribution paid 31.5.2013 0.2961 0.2961 0.2953 0.2953

207 BlackRock Collective Investment Funds 208 Corporate Bond Tracker Distribution Tables continued BlackRock Emerging Markets Equity Tracker Fund

First Distribution in Pence per Unit BlackRock Emerging Markets Equity Tracker Fund

L Income Class Investment Objective & Policy Group 1 – Units purchased prior to 1 March 2014 Group 2 – Units purchased 1 March 2014 to 31 March 2014 The aim of the BlackRock Emerging Markets Equity Tracker Fund (the “Fund”) is to seek to achieve capital growth for investors by tracking closely the performance of the FTSE Emerging Index by D Income Class investing in companies in the Index. Investment will be made directly into constituent companies Group 1 – Units purchased prior to 1 March 2014 and via other transferable securities giving exposure to such companies. The Fund may also invest in Group 2 – Units purchased 1 March 2014 to 31 March 2014 permitted money-market instruments, permitted deposits and units in collective investment schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. L Income D Income The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Units Units under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Group 1 Group 2 Group 1 Group 2 Sourcebook”). The Fund was authorised by the FCA on 27 October 2009 and it was launched on Gross Revenue 0.3621 0.3621 0.3619 0.2185 20 November 2009. Income tax 0.0724 0.0724 0.0724 0.0437 Net revenue (interest) 0.2897 0.2897 0.2895 0.174 8 Equalisation† – 0.0000 – 0.1147 Distribution paid 30.4.2014 0.2897 0.2897 0.2895 0.2895 Distribution paid 30.4.2013 0.2971 0.2971 0.2938 0.2938

209 BlackRock Collective Investment Funds 210 Emerging Markets Equity Tracker Fund

Class A Accumulation Units All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is calculated net of fees. Performance is shown for complete 12 month periods only. BlackRock Emerging Markets Equity # D Accumulation class was renamed as L Accumulation class during June 2012. Tracker Fund +16.9% N/A +10.8%† § Performance data does not exist for the relevant periods. Fund launched on 20 November 2009. A Accumulation class commenced September 2010. FTSE Emerging Index* +18.2% N/A +13.8% TOTAL Return Distributions Payable (with net income reinvested) Class L Accumulation Units# A Accumulation The final accumulation distribution payable on 30 April 2015 is 0.4509p net per accumulation unit BlackRock Emerging Markets Equity (30 April 2014: 0.4826p net per accumulation unit). Tracker Fund +17.3% +18.6% +19.5%†

FTSE Emerging Index* +18.2% +20.6% +25.9% L Income≈ All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. The final distribution payable on 30 April 2015 is 0.5874p net per income unit (30 April 2014: N/A). Performance returns are cumulative. All returns are in Sterling. * Figures from FTSE. Please note that the Fund’s benchmark index, the FTSE Emerging Index was previously referred to as the FTSE All-World Emerging Index. This is a clarificatory update and does not represent a change in the Fund’s benchmark index. L Accumulation # D Accumulation class was renamed as L Accumulation class during June 2012. † Since launch figures are from 1.9.2010 and 20.11.2009 for A and L class respectively. The final accumulation distribution payable on 30 April 2015 is 0.6285p net per accumulation unit (30 April 2014: 0.6892p net per accumulation unit). All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. X Accumulation The final accumulation distribution payable on 30 April 2015 is 0.6792p net per accumulation unit Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is (30 April 2014: 0.7352p net per accumulation unit). not a guide to future performance and should not be the sole factor of consideration when selecting a product. D Accumulation The final accumulation distribution payable on 30 April 2015 is 0.6206p net per accumulation unit (30 April 2014:0.6799p net per accumulation unit).

H Accumulation The final accumulation distribution payable on 30 April 2015 is 0.6333p net per accumulation unit (30 April 2014: £Nil).

≈ L Income class commenced April 2014.

211 BlackRock Collective Investment Funds 212 Emerging Markets Equity Tracker Performance Record

Tracking Difference Tracking Error Tracking difference is defined as the difference in returns between a fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index. Tracking error shows the consistency of the returns relative Cash management, efficient portfolio management techniques including securities lending and to the benchmark index over a defined period of time. transaction costs from rebalancing can have an impact on tracking difference. Anticipated tracking error is based on the expected volatility of differences between the returns of a The Fund may use sampling techniques resulting in differences between fund holdings and index fund and the returns of its benchmark index. constituents which may impact tracking difference. The impact can be either positive or negative depending on the underlying circumstances. The Fund may use sampling techniques resulting in differences between fund holdings and index constituents which may impact tracking error. Cash management, efficient portfolio management The table below compares the realised Fund performance against the performance of the relevant techniques including securities lending and transaction costs from rebalancing can also have an benchmark index during the year ended 28 February 2015. An explanation for the difference is impact on tracking error as well as the return differential between the Fund and the benchmark provided: index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. Fund return Benchmark return for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking Before costs, the Fund underperformed error is annualised and calculated using data from the preceding 36 month observation period. the benchmark index due to security +17.3%* +18.2% -0.9% sampling techniques employed. Anticipated Realised Tracking Error Tracking Error Explanation for difference * Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. The Fund has tracked its benchmark index within its anticipated

Up to 1.30%* 0.89%* tracking error.

* Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units.

213 BlackRock Collective Investment Funds 214 Emerging Markets Equity Tracker Performance Record continued

Net Asset Value Income (Net Accumulations)

Net Asset Value A Accumulation L Income L Accumulation X Accumulation D Accumulation H Accumulation Units~ Units≈ Units# Units± Unitsπ Units÷ Net Asset Value per Unit Units in Issue £ p Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit 2015* 0.4509 0.5874 0.6285 0.6792 0.6206 0.6333 A Accumulation 2014 2.3586 1.5129 2.7454 2.7250 2.7060 1.9094 28 February 2015 8,479,390 9,962,768 117.5 2013 2.5885 N/A 3.0533 3.0192 2.9990 N/A 28 February 2014 13,505,253 13,497,018 99.94 2012 2.4741 N/A 2.8595 1.2562 0.4116 N/A 31 January 2013* 15,600,507 18,261,062 117.1 2011 1.9311 N/A 2.5471 N/A N/A N/A L Income 2010 N/A N/A 1.4893 N/A N/A N/A 28 February 2015≈ 2,197,151 2,410,330 109.7 L Accumulation * To 30 April. ~ A Accumulation class commenced September 2010. 28 February 2015 445,803,721 533,002,426 119.6 ≈ L Income class commenced April 2014. # D Accumulation class was renamed as L Accumulation class during June 2012. 28 February 2014 432,390,286 438,483,686 101.4 ± X Accumulation class commenced April 2012. π D Accumulation class commenced June 2012. 31 January 2013*# 275,927,948 326,434,866 118.3 ÷ H Accumulation class commenced February 2014. X Accumulation 28 February 2015 57,986,491 64,377,850 111.0 Capital (Unit Prices) 28 February 2014 33,403,498 31,401,622 94.01 A Accumulation L Income L Accumulation X Accumulation D Accumulation H Accumulation Units~ Units≈ Units# Units± Unitsπ Units÷ 31 January 2013* 1,139,550 1,248,019 109.5 Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest D Accumulation Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Price Price Price Price Price Price Price Price Price Price Price Price 28 February 2015 82,269,581 97,004,906 117.9 Calendar Year p p p p p p p p p p p p 28 February 2014 49,335,369 49,343,482 100.0 2015* 128.3 112 .1 114.7 105.2 124.3 114 .1 115.4 105.9 122.6 112.5 128.2 112.0 31 January 2013*π 14,246,157 16,633,997 116.8 2014 130.3 97.28 116.3 97.81 126 .1 98.68 117.0 91.46 124.3 97.32 129.9 97.86 H Accumulation 2013 130.5 100.2 N/A N/A 125.7 101.5 116.3 93.94 124.0 10 0 .1 N/A N/A 28 February 2015 11,036,985 12,959,002 117.4 2012 122.5 97.24 N/A N/A 117.5 98.05 105.6 90.60 112.6 100.4 N/A N/A 28 February 2014÷ 100 100 100.0 2011 133.4 91.81 N/A N/A 127.5 92.36 N/A N/A N/A N/A N/A N/A

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to 2010 132 .1 106.0 N/A N/A 126.4 94.66 N/A N/A N/A N/A N/A N/A consolidate the publication of the reports. ≈ L Income class commenced April 2014. * To 28 February. # D Accumulation class was renamed as L Accumulation class during June 2012. ~ A Accumulation class commenced September 2010. π D Accumulation class commenced June 2012. ≈ L Income class commenced April 2014. ÷ H Accumulation class commenced February 2014. # D Accumulation class was renamed as L Accumulation class during June 2012. ± X Accumulation class commenced April 2012. π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced February 2014.

215 BlackRock Collective Investment Funds 216 Emerging Markets Equity Tracker Performance Record continued Emerging Markets Equity Tracker Investment Report

Risk and Reward Profile Summary of Performance over the Period During the period from 1 March 2014 to 28 February 2015, the Fund returned 17.3%*, compared with its Lower risk Higher risk benchmark, FTSE Emerging Index, which returned 18.2%. Before costs the Fund underperformed the Typically lower rewards Typically higher rewards benchmark due to security sampling techniques employed. Unit Class

A Accumulation 1 2 3 4 5 6 7 Over the six month period to 28 February 2015, the Fund returned -0.2%* compared with its L Income 1 2 3 4 5 6 7 benchmark which returned 0.4%. L Accumulation 1 2 3 4 5 6 7 Fund Manager’s Commentary X Accumulation 1 2 3 4 5 6 7 The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. D Accumulation 1 2 3 4 5 6 7 Recovery continued apace in the US and UK, but weak economic growth and worries about deflation H Accumulation 1 2 3 4 5 6 7 in Europe finally saw the European Central Bank launch a programme of spending in support of its economy (what is known as quantitative easing) that surprised many with its scale. In Japan, Prime `` The risk indicator was calculated incorporating historical or simulated historical data and may not Minister Shinzo Abe won a snap election in November and with it the mandate to abandon a second be a reliable indication of the future risk profile of each unit class. sales tax hike. Policymakers will be hoping that the economy can now feel the full effect of the central bank’s huge quantitative easing programme. There was a similar divergence in emerging markets, as a `` The risk category shown is not guaranteed and may change over time. steep decline in the oil price proved a boon to some, notably importers like India, but had more serious `` The lowest category does not mean risk free. repercussions for oil exporters like Russia as revenues slumped. `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree In aggregate, emerging markets rose by just under 18% over the year, but this masked a considerable of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based disparity in the fortunes of underlying countries. Many of the Asia markets were exceptionally strong, and can increase the size of losses and gains, resulting in greater fluctuations in the value of the delivering double-digit rises, notably India and China, as both countries cut interest rates and their Fund. reform agendas began to show results. However, the Brazilian market was weak, with the re-election For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which of Dilma Rousseff and diminishing prospects for reform disappointing global investors. Predictably, the are available at www.blackrock.com. Russian market lagged behind.

Ongoing Charges The Fund is structured to closely track the FTSE Emerging Index so its portfolio remains positioned so Detailed in the following table are the charges used to meet the costs of running the Fund, which that its risk characteristics are similar to those of the Index. include the costs of marketing and distribution. These charges reduce the potential growth of your investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, March 2015 except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net investment scheme (if any). asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. 1.3.2014 1.2.2013 Unit Class to 28.2.2015 to 28.2.2014† A Accumulation 0.62% 0.63% L Income≈ 0.27%* N/A L Accumulation 0.27% 0.28% X Accumulation 0.07% 0.08% D Accumulation 0.27% 0.28% H Accumulation 0.25% 0.26%÷

† Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ≈ L Income class commenced April 2014. ÷ H Accumulation class commenced February 2014. * Ongoing charges figure is based on annualised expenses for the period ended 28 February 2015.

217 BlackRock Collective Investment Funds 218 Emerging Markets Equity Tracker Portfolio Statement at 28 February 2015

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets AFRICA – 9.95%; 2014 10.03% 234,000 Gold Fields 705,045 0.10 150,858 Grindrod 152,797 0.02 EQUITIES – 9.95%; 2014 10.03% 616,262 Growthpoint Properties 1,011,216 0.14 Egypt – 0.35%; 2014 0.42% 120,079 Harmony Gold Mining 190,902 0.03 225,068 CIB 1,042,167 0.15 139,800 Illovo Sugar 190,969 0.03 217,212 EFG Hermes 285,527 0.04 168,718 Impala Platinum 671,835 0.09 201,226 Egypt Kuwait 87,240 0.01 48,493 Imperial 529,184 0.07 11,071 ElSwedy Electric 43,311 0.01 86,972 Investec 496,712 0.07 188,638 Ezz Steel 249,726 0.03 20,248 JSE 136,665 0.02 757,678 Global Telecom 235,821 0.03 22,148 Kumba Iron Ore 281,515 0.04 92,273 Sidi Kerir Petrochemicals 118,085 0.02 29,158 Liberty 228,879 0.03 159,840 Telecom Egypt 157,515 0.02 250,210 Life Healthcare 629,396 0.09 288,792 TMG 255,937 0.04 29,321 Massmart 270,879 0.04 2,475,329 0.35 117,116 Medi-Clinic 800,368 0.11 267,455 MMI Holdings 483,418 0.07 Morocco – 0.01%; 2014 0.04% 57,178 Mondi 749,311 0.10 44,094 Douja Prom Addoha 93,557 0.01 77,687 Mr Price 1,158,885 0.16 South Africa – 9.59%; 2014 9.57% 579,375 MTN 6,648,067 0.92 66,062 Adcock Ingram 192,186 0.03 128,241 Murray & Roberts 123,053 0.02 52,859 AECI 378,614 0.05 165,269 Nampak 373,331 0.05 574,851 African Bank Investments* - 0.00 116,800 Naspers class ‘N’ shares 11,099,942 1.54 32,327 African Rainbow Minerals 219,737 0.03 59,499 Nedbank 845,212 0.12 19,352 Anglo Platinum 394,507 0.06 395,834 Network Healthcare 901,194 0.13 131,207 AngloGold Ashanti 955,316 0.13 98,194 Northam Platinum 281,628 0.04 45,466 ArcelorMittal South Africa 65,642 0.01 21,768 Omnia 229,664 0.03 101,070 Aspen Pharmacare 2,319,297 0.32 104,502 Pick n Pay 132,596 0.02 9,711 Assore 82,019 0.01 88,021 Pick n Pay Stores 258,170 0.04 118,433 Aveng 102,593 0.01 164,927 PPC 165,948 0.02 119,365 AVI 555,513 0.08 156,910 Remgro 2,409,429 0.34 128,868 Barclays Africa 1,377,517 0.19 49,040 Reunert 169,516 0.02 60,344 Barloworld 299,667 0.04 178,755 RMB 673,785 0.09 104,696 Bidvest 1,870,146 0.26 33,380 Royal Bafokeng Platinum 106,951 0.02 92,424 Brait 400,365 0.06 604,488 Sanlam 2,537,644 0.35 500,990 Capital Property Fund 390,865 0.05 11,301 Santam 145,118 0.02 17,181 Capitec Bank 391,045 0.05 207,293 Sappi 562,533 0.08 71,462 Clicks 354,363 0.05 159,483 Sasol 3,749,348 0.52 89,165 Coronation Fund Managers 510,970 0.07 148,894 Shoprite 1,372,482 0.19 49,095 Datatec 163,709 0.02 230,522 Sibanye Gold 394,261 0.06 79,876 Discovery 530,391 0.07 48,816 Spar 484,269 0.07 39,826 Exxaro Resources 252,687 0.04 410,092 Standard Bank 3,472,969 0.48 951,963 FirstRand 2,821,759 0.39 792,121 Steinhoff International 2,956,727 0.41 62,555 Foschini 574,608 0.08 23,982 Sun International 175,345 0.02 107,077 Fountainhead Property 55,654 0.01

219 BlackRock Collective Investment Funds 220 Emerging Markets Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 100,025 Telkom 455,453 0.06 934,800 China Communications Services 276,885 0.04 49,254 Tiger Brands 950,424 0.13 23,332,930 China Construction Bank 12,556,884 1.74 57,467 Tongaat Hulett 492,258 0.07 741,500 China COSCO 238,809 0.03 136,001 Truworths International 670,620 0.09 668,000 China Dongxiang 72,456 0.01 106,747 Vodacom 804,253 0.11 410,000 China Eastern Airlines 126,230 0.02 15,147 Wilson Bayly Holmes-Ovcon 95,885 0.01 476,000 China Everbright 749,828 0.10 291,123 Woolworths 1,453,469 0.20 863,000 China Everbright International 777,656 0.11 69,138,690 9.59 240,000 China Foods 53,065 0.01 850,500 China Galaxy Securities 650,724 0.09 ASIA – 56.33%; 2014 53.54% 3,855,000 China Huishan Dairy 431,005 0.06 EQUITIES – 56.33%; 2014 53.54% 262,086 China Insurance 590,419 0.08 139,600 China International Marine Containers 170,755 0.02 China – 21.59%; 2014 17.30% 2,407,000 China Life Insurance 6,667,562 0.93 409,500 Agile Property Developments 157,168 0.02 1,178,000 China Longyuan Power 816,769 0.11 7,406,000 Agricultural Bank of China 2,372,837 0.33 332,720 China Merchants 817,555 0.11 700,000 Air China 401,243 0.06 1,472,496 China Merchants Bank class ‘H’ shares 2,169,690 0.30 886,000 Aluminum Corporation of China 277,216 0.04 72,750 China Merchants Property Development 124,373 0.02 354,000 Angang Steel 172,787 0.02 1,678,104 China Minsheng 1,311,932 0.18 571,000 Anhui Conch Cement class ‘H’ shares 1,252,982 0.17 1,697,500 China Mobile 14,970,547 2.08 156,000 Anhui Expressway 69,896 0.01 134,000 China Molybdenum 58,026 0.01 60,200 Anhui Gujing Distillery 116,379 0.02 784,486 China National BUI 496,144 0.07 305,000 Anta Sports Products 393,934 0.05 160,000 China National Materials 25,899 0.00 836,000 AviChina Industry & Technology 350,855 0.05 580,000 China Oilfield Services 570,067 0.08 24,392,936 Bank of China Class ‘H’ Shares 9,056,846 1.26 1,318,000 China Overseas Land & Investment 2,595,257 0.36 2,172,655 Bank of Communications 1,212,746 0.17 709,000 China Pacific Insurance 2,392,862 0.33 670,500 BBMG Corporation 382,096 0.05 8,443,600 China Petroleum & Chemical 4,579,245 0.64 440,000 Beijing Capital International Airport 266,528 0.04 1,058,000 China Railway 552,603 0.08 139,500 Beijing Enterprise 667,514 0.09 642,000 China Railway Construction 506,197 0.07 1,558,000 Beijing Enterprises Water 623,967 0.09 444,000 China Resources Enterprises 598,656 0.08 1,034,000 Beijing Jingneng Clean Energy 275,210 0.04 266,000 China Resources Gas 423,904 0.06 202,000 Beijing North Star 42,135 0.01 664,888 China Resources Land 1,140,022 0.16 690,409 Bengang Steel Plates 170,510 0.02 588,000 China Resources Power 998,377 0.14 105,000 Biostime International 208,506 0.03 1,095,500 China Shenhua Energy 1,855,502 0.26 737,420 BOE Technology 158,740 0.02 1,127,000 China Shipping 225,677 0.03 946,000 Brilliance China Automotive 1,195,006 0.17 396,000 China Shipping Development 174,785 0.02 221,000 BYD 622,327 0.09 487,000 China South Locomotive 404,301 0.06 921,098 CGN Power 239,012 0.03 480,000 China Southern Airlines 154,190 0.02 1,215,834 China Agri-Industries Holdings 315,491 0.04 422,000 China State Construction 388,718 0.05 474,000 China Bluechemical 123,392 0.02 5,272,000 China Telecom 2,203,769 0.31 1,944,000 China Cinda Asset Management 619,602 0.09 1,468,000 China Unicom 1,602,089 0.22 2,040,754 China CITIC Bank 999,497 0.14 423,700 China Vanke 625,727 0.09 1,091,801 China Coal Energy 379,868 0.05 772,000 China Yuran Food 190,017 0.03 1,257,606 China Communications Construction 991,584 0.14

221 BlackRock Collective Investment Funds 222 Emerging Markets Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 236,900 Chongqing Changan Automobile 416,469 0.06 578,000 Huadian Power International 312,022 0.04 658,000 Chongqing Rural Commercial Bank 263,524 0.04 1,102,000 Huaneng Power International 896,477 0.12 184,000 CIMC Enric 87,815 0.01 2,266,000 Huaneng Renewables 508,587 0.07 1,616,000 CITIC Pacific 1,833,721 0.25 588,000 Huishang Bank 169,258 0.02 336,400 CITIC Resources 29,191 0.00 23,300,655 Industrial and Commercial Bank of China 435,000 CITIC Securities (Hong Kong) 992,658 0.14 class ‘H’ shares 11,023,109 1.53 5,737,000 CNOOC 5,332,403 0.74 134,200 Inner Mongolia Eerduos 78,155 0.01 524,000 COSCO Pacific 487,045 0.07 420,900 Inner Mongolia Yitai Coal 366,864 0.05 2,443,333 Country Garden 627,894 0.09 43,200 Jiangling Motors 132,463 0.02 211,400 CSG 102,479 0.01 302,000 Jiangsu Expressway 239,882 0.03 670,000 CSPC Pharmaceutical 353,860 0.05 305,000 Jiangxi Copper 336,931 0.05 87,400 Dalian Wanda Commercial Properties 346,019 0.05 96,900 Jinzhou Port 31,351 0.00 1,076,000 Datang International Power Generation class ‘H’ shares 347,437 0.05 455,000 Kingsoft 677,266 0.09 359,700 Dazhong Transportation 204,825 0.03 1,344,615 Kunlun Energy 854,881 0.12 88,400 Dongfang Electric 115,504 0.02 389,141 KWG Property 162,991 0.02 946,000 Dongfeng Motor 969,265 0.13 1,836,000 Lenovo 1,826,004 0.25 68,800 Double Coin 34,280 0.00 441,999 Li Ning 113,217 0.02 240,000 ENN Energy 820,008 0.11 143,200 Lianhua Supermarket 42,774 0.01 1,671,000 Evergrande Real Estate 476,821 0.07 384,500 Longfor Properties 324,019 0.05 438,000 Far East Horizon 263,123 0.04 476,000 Maanshan Iron & Steel 85,785 0.01 156,910 Foshan Electrical & Lighting 93,345 0.01 405,500 Metallurgical 83,568 0.01 374,500 Fosun International 391,209 0.05 181,400 New China Life Insurance 675,790 0.09 1,388,000 Franshion Properties 264,045 0.04 1,000,000 People’s Insurance 334,578 0.05 1,510,000 Geely Automobiles 435,919 0.06 6,882,000 PetroChina Class ‘H’ Shares 5,156,368 0.72 225,000 Golden Eagle Retail 176,279 0.02 876,966 PICC Property and Casualty 1,208,776 0.17 3,557,000 GOME Electrical Appliances 308,653 0.04 751,000 Ping An Insurance 5,395,056 0.75 323,250 Great Wall Motor 1,328,305 0.18 836,000 Poly (Hong Kong) 262,967 0.04 728,000 Greentown China Holdings 414,863 0.06 235,000 Sany Heavy Equipment International 32,156 0.00 188,500 Guangdong Electric Power Development 92,950 0.01 414,000 Shandong Chenming Paper 157,514 0.02 730,000 Guangdong Investment 607,864 0.08 48,000 Shandong Chenming Paper series ‘H’ shares 15,339 0.00 65,000 Guangdong Shipyard 119,313 0.02 508,000 Shandong Weigao Medical Polymer 269,147 0.04 480,000 Guangshen Railway 156,592 0.02 171,800 Shangai Zhenhua Heavy Industry 61,699 0.01 737,506 Guangzhou Automobile 457,816 0.06 231,980 Shanghai Chlor-Alkali Chemical 82,861 0.01 60,000 Guangzhou Pharmaceutical 130,160 0.02 700,000 Shanghai Electric 266,911 0.04 461,200 Guangzhou R&F Properties 347,865 0.05 120,000 Shanghai Fosun Pharmaceutical 258,318 0.04 76,000 Haitian International 106,024 0.01 92,400 Shanghai Friendship 100,508 0.01 606,000 Haitong Securities 931,355 0.13 224,800 Shanghai Haixin 90,770 0.01 168,000 Harbin Electric 74,011 0.01 179,000 Shanghai Industrial 349,480 0.05 254,500 Hengan International 1,883,494 0.26 139,900 Shanghai Jinjiang International Hotels Development 191,102 0.03 160,000 Hopson Development 85,171 0.01 137,000 Shanghai Jinqiao Export Processing Zone Development 151,858 0.02 380,100 Huadian Energy 108,221 0.02 145,400 Shanghai Lujiazhui Finance & Trade Zone Development 227,970 0.03 804,000 Huadian Fuxin Energy 246,863 0.03 123,300 Shanghai Mechanical and Electrical Industry 201,458 0.03

223 BlackRock Collective Investment Funds 224 Emerging Markets Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 205,500 Shanghai Pharmaceuticals 277,766 0.04 187,800 Kingboard Chemical 209,968 0.03 85,300 Shanghai Waigaoqiao Free Trade Zone Development 111,275 0.02 517,000 Lee & Man Paper Manufacturing 172,545 0.02 54,100 Shenzhen Chiwan Wharf 69,965 0.01 460,000 Nine Dragons Paper 193,054 0.03 202,000 Shenzhen Expressway 97,079 0.01 543,000 Shimao Property 743,013 0.10 257,500 Shenzhen International 231,176 0.03 688,000 Sino Biopharmaceutical 421,919 0.06 767,648 Shenzhen Investment 155,640 0.02 4,985,965 0.69 171,000 Shenzhou International 437,300 0.06 216,000 Sichuan Expressway 56,590 0.01 India – 7.48%; 2014 7.39% 880,000 Sihuan Pharmaceutical 337,748 0.05 175,780 Axis Bank GDR (each representing 1 ordinary share) 5,220,850 0.73 666,000 Sinofert 97,245 0.01 115,053 Dr Reddy’s Laboratories ADR (each representing 919,500 Sino-Ocean Land Holdings 369,787 0.05 1 ordinary share) 3,921,957 0.54 287,000 Sinopec Engineering 150,382 0.02 119,625 HDFC Bank ADS (each representing 3 ordinary shares) 4,798,469 0.67 1,560,000 Sinopec Shanghai Petrochemical 344,924 0.05 661,886 ICICI Bank ADR (each representing 2 ordinary shares) 4,989,629 0.69 262,400 Sinopharm 593,316 0.08 367,470 Infosys ADR (each representing 1 ordinary share) 8,726,640 1.21 454,000 Sinotrans 193,945 0.03 201,844 Larsen & Toubro GDR (each representing 1 ordinary 145,000 Sinotruk Hong Kong 55,289 0.01 share) 3,768,086 0.52 776,500 Soho China 357,630 0.05 341,331 Reliance Industries GDR (each representing 108,000 Tianjin Capital 48,029 0.01 2 ordinary shares) 6,162,246 0.86 598,000 Travelsky Technology 415,124 0.06 380,089 Sesa Sterlite ADS (each representing 4 ordinary 176,000 Tsingtao Brewery 718,817 0.10 shares) 3,494,930 0.49 139,600 Weichai Power 366,319 0.05 141,113 State Bank of India GDR (each representing 50,700 Weifu High-Technology 123,353 0.02 2 ordinary shares) 4,474,270 0.62 168,000 Wumart Stores class ‘H’ shares 78,917 0.01 148,120 Tata Motors ADR (each representing 5 ordinary 235,400 Xinjiang Goldwind 222,334 0.03 shares) 4,716,569 0.66 110,010 Yantai Changyu Pioneer Wine 244,247 0.03 395,971 Wipro ADR (each representing 1 ordinary share) 3,528,226 0.49 558,000 Yanzhou Coal Mining 297,501 0.04 53,801,872 7.48 1,453,690 Yuexiu Property 187,999 0.03 Indonesia – 2.94%; 2014 2.82% 181,000 Zhaojin Mining Industry class ‘H’ shares 70,224 0.01 7,187,800 Adaro Energy 345,458 0.05 478,000 Zhejiang Express 378,882 0.05 803,016 Aneka Tambang 40,403 0.01 260,500 Zhongsheng 145,190 0.02 7,388,600 Astra 2,894,510 0.40 171,500 Zhuzhou CSR Times Electric 624,599 0.09 154,300 Astra Agro Lestari 190,419 0.03 1,215,000 Zijin Mining 233,162 0.03 3,940,400 Bank Central Asia 2,776,625 0.39 527,811 Zoomlion Heavy Industry class ‘H’ shares 218,871 0.03 902,181 Bank Danamon 214,770 0.03 168,920 ZTE class ‘H’ shares 242,980 0.03 2,927,880 Bank Mandiri Persero 1,758,989 0.24 155,625,545 21.59 2,172,293 Bank Negara Indonesia 747,687 0.10 Hong Kong – 0.69%; 2014 3.66% 3,446,600 Bank Rakyat Indonesia 2,221,604 0.31 1,844,000 Belle International 1,289,311 0.18 2,325,000 Charoen Pokphand Indonesia 440,572 0.06 1,260,000 Bosideng International Holdings 91,462 0.01 1,057,500 Global Mediacom 106,416 0.01 500,000 China Gas 503,118 0.07 170,000 Gudang Garam 454,697 0.06 554,000 China Resources Cement 212,166 0.03 176,300 Indo Tambangraya 149,165 0.02 4,345,000 GCL Poly Energy 677,929 0.09 389,000 Indocement Tunggal Prakarsa 468,374 0.07 277,000 Haier Electronics 471,480 0.07 467,000 Indofood Sukses 333,166 0.05

225 BlackRock Collective Investment Funds 226 Emerging Markets Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 1,587,600 Indofoods Sukses Makmur 588,168 0.08 1,014,900 Maxis 1,279,182 0.18 398,000 Indot 81,994 0.01 480,600 MISC 726,554 0.10 1,469,100 Jasa Marga 520,363 0.07 214,100 MMC 99,561 0.01 3,354,400 Kalbe Farma 302,285 0.04 162,697 Parkson 68,062 0.01 1,182,500 Media Nusantara Citra 186,187 0.03 822,585 Petronas Chemicals 807,868 0.11 4,864,200 Perusahaan Gas 1,266,319 0.18 111,500 Petronas Dagagan 386,371 0.05 901,700 Semen Indonesia 671,502 0.09 273,300 Petronas Gas 1,131,543 0.16 399,300 Surya Citra Media 72,766 0.01 211,300 PPB 550,097 0.08 366,500 Tambang Batubara Bukit Asam Persero 195,871 0.03 990,255 Public Bank 3,257,201 0.45 16,437,600 Telekomunikasi Indonesia Persero Class ‘B’ Shares 2,415,322 0.34 212,063 RHB Capital 302,694 0.04 464,400 Unilever Indonesia 836,414 0.12 1,340,100 SapuraKencana Petroleum 683,326 0.09 430,272 United Tractors 446,982 0.06 1,017,234 Sime Darby 1,704,020 0.24 877,300 Vale Indonesia 154,823 0.02 220,500 SP Setia 138,168 0.02 821,100 XL Axiata 196,701 0.03 384,435 Telekom Malaysia 490,065 0.07 21,078,552 2.94 455,786 Tenaga Nasional 1,193,138 0.17 533,500 UEM Land 134,102 0.02 Malaysia – 4.36%; 2014 4.77% 209,600 UMW 416,968 0.06 367,400 AirAsia Berhad 172,168 0.02 1,657,213 YTL 490,947 0.07 319,200 Alliance Financial 273,372 0.04 1,122,240 YTL Power 316,342 0.04 576,800 AMMB 660,721 0.09 31,550,511 4.36 674,300 Astro Malaysia 393,467 0.05 1,555,018 Axiata 1,996,244 0.28 Philippines – 1.84%; 2014 1.47% 225,123 Berjaya Sports Toto 135,406 0.02 651,000 Aboitiz Equity Ventures 543,163 0.08 62,500 British American Tobacco – Malaysia 775,408 0.11 827,200 Aboitiz Power Corporation 539,029 0.07 1,209,597 Bumi Armada Berhad 245,409 0.03 1,340,500 Alliance Global 467,250 0.06 1,550,681 CIMB 1,645,440 0.23 63,918 Ayala 672,607 0.09 1,217,351 Digi.com 1,387,911 0.19 2,211,600 Ayala Land 1,176,613 0.16 632,400 Felda Global Ventures 263,422 0.04 516,219 Bank of Philippine Islands 730,727 0.10 591,100 Gamuda 558,237 0.08 385,248 BDO Unibank 625,903 0.09 750,518 Genting Berhad 1,192,550 0.17 674,154 Bloomberry Resorts 106,857 0.01 967,900 Genting Malaysia 712,503 0.10 1,350,650 DMCI 306,458 0.04 180,420 Hong Leong Bank 463,226 0.06 2,712,400 Energy Development 352,303 0.05 1,011,620 IHH Healthcare 1,011,684 0.14 11,760 Globe Telecom 328,447 0.05 340,000 IJM Corporation Berhad 434,031 0.06 234,230 International Container Terminal Services 385,017 0.05 1,385,332 IOI Corporation Berhad 1,171,512 0.16 809,400 JG Summit 784,612 0.11 643,552 IOI Properties 244,958 0.03 170,478 Jollibee Foods 547,938 0.08 198,939 Kuala Lumpur Kepong 810,808 0.11 1,088,000 LT 241,115 0.03 120,300 Lafarge Malayan Cement 218,152 0.03 112,410 Manila Electric 461,606 0.06 1,369,202 Malayan Banking Berhad 2,259,202 0.31 296,415 Metropolitan Bank & Trust 402,620 0.06 240,300 Malaysia Airports 311,504 0.04 29,920 Philippine Long Distance Telephone 1,387,610 0.19 48,060 Malaysia Airports Rights 16,309 0.00 216,140 San Miguel 245,525 0.03 84,600 Malaysia Marine & Heavy Engineering 20,658 0.00 110,210 SM Investments 1,422,577 0.20

227 BlackRock Collective Investment Funds 228 Emerging Markets Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 2,449,175 SM Prime 709,555 0.10 102,000 Giant Manufacturing 641,003 0.09 304,420 Universal Robina 960,573 0.13 4,107,596 Hon Hai Precision 7,371,673 1.02 13,398,105 1.84 134,000 Hotai Motor 1,319,754 0.18 226,737 HTC 712,447 0.10 Taiwan – 14.44%; 2014 13.46% 1,845,164 Hua Nan Financial 684,333 0.10 848,346 Acer 359,207 0.05 3,130,746 Innolux Display 1,038,565 0.14 1,971,645 Advanced Semiconductor 1,718,420 0.24 844,000 Inotera Memories 806,032 0.11 94,221 Advantech 464,958 0.06 878,070 Inventec 434,211 0.06 653,181 Asia Cement 520,840 0.07 32,000 Largan Precision 1,767,034 0.25 233,388 ASUSTeK Computer 1,570,080 0.22 581,219 Lite-On Technology 477,829 0.07 3,081,000 AU Optronics 1,050,630 0.15 993,888 Macronix International 139,868 0.02 578,580 Capital Securities 122,789 0.02 470,614 MediaTek 4,586,550 0.64 239,000 Catcher Technology 1,413,318 0.20 2,875,719 Mega Financial 1,478,350 0.21 2,553,907 Cathay Financial 2,515,319 0.35 1,773,000 Nan Ya Plastic 2,491,456 0.35 258,000 Cathay Real Estate 93,295 0.01 32,540 Nan Ya Printed Circuit Boards 29,702 0.00 739,441 Chang Hwa Commercial Bank 281,099 0.04 186,000 Novatek Microelectronics 647,679 0.09 580,101 Cheng Shin Rubber 906,010 0.13 186,500 Oriental Union Chemical 109,325 0.02 103,660 Cheng Uei Precision Industry 120,462 0.02 479,534 Pegatron 851,700 0.12 177,280 Chicony Electronics 318,885 0.04 831,000 Pou Chen 775,639 0.11 896,609 China Airlines 283,577 0.04 181,000 President Chain Store 909,973 0.13 4,428,856 China Development Financial 994,668 0.14 236,557 President Securities 78,473 0.01 206,000 China Motor 114,814 0.02 862,000 Quanta Computer 1,410,224 0.20 4,054,249 China Steel 2,180,274 0.30 119,933 Realtek Semiconductor 243,161 0.03 1,226,981 Chunghwa Telecom 2,482,616 0.34 1,928,198 Shin Kong Financial 358,359 0.05 1,322,439 Compal Electronic 664,853 0.09 966,000 Siliconware Precision 1,110,635 0.15 5,283,035 CTBC Financial 2,269,602 0.32 2,759,207 SinoPac Financial 730,546 0.10 662,000 Delta Electronics 2,768,944 0.38 374,870 Synnex Technology International 353,758 0.05 2,068,187 E.Sun Financial 835,230 0.12 2,211,189 Taishin Financial 612,785 0.09 239,000 Epistar 295,467 0.04 1,232,861 Taiwan Business Bank 236,750 0.03 233,130 Eternal Chemical 152,751 0.02 546,300 Taiwan Cellular 1,210,040 0.17 716,824 Eva Airways 338,965 0.05 1,089,127 Taiwan Cement 962,711 0.13 648,599 Evergreen Marine 307,372 0.04 196,711 Taiwan Co-operative (Rights) 17/3/2015 6,161 0.00 500,447 Far East International Bank 108,785 0.02 218,000 Taiwan Fertilizer 244,352 0.03 1,469,143 Far East New Century 985,315 0.14 345,612 Taiwan Glass 165,566 0.02 553,000 Far EasTone Telecommunications 881,914 0.12 7,612,000 Taiwan Semiconductor Manufacturing 23,604,535 3.28 236,000 Feng Hsin Iron & Steel 189,643 0.03 1,578,231 Taiwanoperative Financial 523,548 0.07 2,070,738 First Financial 791,461 0.11 598,000 Teco Electric and Machinery 396,134 0.06 1,399,180 Formosa Chemical & Fibre 2,026,698 0.28 421,950 Ton Yi Industrial 202,571 0.03 512,000 Formosa Petrochemical 725,803 0.10 98,692 TPK 460,586 0.06 1,599,320 Formosa Plastic 2,553,861 0.35 108,000 Transcend Information 230,316 0.03 337,000 Formosa Taffeta 230,530 0.03 116,000 U-Ming Marine Transport 113,530 0.02 299,544 Foxconn Technology 498,075 0.07 358,000 Unimicron Technology 156,010 0.02 2,335,561 Fubon Financial 2,694,880 0.37

229 BlackRock Collective Investment Funds 230 Emerging Markets Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 1,552,410 Uni-President Enterprises 1,688,887 0.23 409,275 Krung Thai Bank 186,768 0.03 3,982,000 United Micro Electronics 1,308,646 0.18 1,220,400 Krung Thai Bank (non-voting Depository Receipts) 556,917 0.08 308,000 Vanguard International Semiconductor 345,866 0.05 1,230,620 Land and Houses 256,160 0.04 1,374,000 Walsin Lihwa 283,105 0.04 196,900 PTT 1,347,799 0.19 417,700 Wan Hai Lines 297,784 0.04 88,200 PTT (Alien Market) 603,737 0.08 977,803 Wistron 597,360 0.08 150,901 PTT Exploration & Production (Alien Market) 341,290 0.05 394,900 Yangming Marine 137,917 0.02 513,100 PTT Exploration & Production (non-voting Depository 3,922,692 Yuanta Financial 1,281,072 0.18 Receipts) 1,160,469 0.16 417,725 Yuen Foong Yu Paper Manufacturing 108,878 0.02 111,153 PTT Global Chemical (Alien Market) 124,584 0.02 261,000 Yulon Motor 241,192 0.03 404,300 PTT Global Chemical (non-voting Depository Receipts) 453,153 0.06 7,000 Yulon Nissan Motor 41,106 0.01 108,600 Ratchaburi Electricity Generating 133,677 0.02 103,847,097 14.44 9,500 Ratchaburi Electricity Generating (non-voting Depository Receipts) 11,694 0.00 Thailand – 2.99%; 2014 2.67% 97,800 Siam Cement 1,006,133 0.14 180,600 Advanced Info Service (Alien Market) 838,608 0.12 100 Siam Cement (non-voting Depository Receipts) 1,049 0.00 206,700 Advanced Info Service (non-voting Depository Receipts) 959,802 0.13 21,000 Siam City Cement 178,213 0.02 72,500 Airports of Thailand 448,384 0.06 223,600 Siam Commercial Bank 758,568 0.11 45,300 Airports of Thailand (non-voting Depository Receipts) 280,162 0.04 283,200 Siam Commercial Bank (non-voting Depository 123,200 Bangkok Bank 452,481 0.06 Receipts) 960,763 0.13 877,000 Bangkok Dusit Medical Services 373,880 0.05 558,900 Thai Airways International 148,778 0.02 250,000 Bank of Ayudhya 310,231 0.04 128,700 Thai Oil (Alien Market) 134,592 0.02 57,200 Banpu 34,346 0.00 207,000 Thai Oil (non-voting Depository Receipts) 216,476 0.03 351,300 Banpu (non-voting Depository Receipts) 210,937 0.03 755,120 Thai Union Frozen Products 321,921 0.04 163,300 BEC World Public (Alien Market) 152,799 0.02 3,324,200 TMB Bank 200,931 0.03 156,200 BEC World Public (non-voting Depository Receipts) 146,156 0.02 3,236,600 TMB Bank (non-voting Depository Receipts) 195,636 0.03 105,500 Berli Jucker 82,879 0.01 119,300 Total Access Communication (Alien Market) 207,737 0.03 49,900 Big C Supercenter 234,705 0.03 112,600 Total Access Communication GDR (non-voting 48,129 Big C Supercenter (non-voting Depository Receipts) 225,411 0.03 Depository Receipts) 195,506 0.03 1,635,800 BTS (non-voting Depository Receipts) 314,307 0.04 4,262,397 True 1,237,015 0.17 585,800 Central Pattana 515,888 0.07 21,687,878 2.99 1,101,400 Charoen Pokphand Foods 526,861 0.07 656,300 CP ALL (Alien Market) 522,147 0.07 EUROPE – 7.81%; 2014 10.32% 733,900 CP ALL (non-voting Depository Receipts) 583,885 0.08 EQUITIES – 7.81%; 2014 10.32% 197,500 Delta Electronics (Alien Market) 269,788 0.04 34,900 Electricity Generating 109,318 0.02 Czech Republic – 0.23%; 2014 0.32% 31,700 Electricity Generating Public 99,295 0.01 51,219 CEZ 835,797 0.12 75,200 Glow Energy (Alien Market) 127,935 0.02 3,950 Komercni Banka 554,868 0.08 103,800 Glow Energy (non-voting Depository Receipts) 176,591 0.02 44,369 O2 Czech Republic 245,088 0.03 322,100 Indorama Ventures 166,005 0.02 1,635,753 0.23 437,300 Intouch (non-voting Depository Receipts) 687,072 0.10 Germany – 0.00%; 2014 0.03% 1,709,000 IRPC 151,872 0.02 1,683,100 IRPC (non-voting Depository Receipts) 149,571 0.02 369,400 Kasikornbank 1,596,996 0.22

231 BlackRock Collective Investment Funds 232 Emerging Markets Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Hungary – 0.21%; 2014 0.28% 16,300 Pharmstandard GDR (each representing 1 ordinary 173,399 Magyar Telekom 159,066 0.02 share) 81,743 0.01 15,206 MOL 437,228 0.06 37,548 Phosagro GDR 273,337 0.04 56,219 OTP Bank 578,601 0.08 391,206 Rosneft GDR (each representing 1 ordinary share) 1,089,271 0.15 37,442 Richter Gedeon 355,038 0.05 79,807 Rostelecom ADR (each representing 6 ordinary shares) 455,479 0.06 1,529,933 0.21 382,802 RusHydro ADR (each representing 100 ordinary shares) 262,566 0.04 615,458 Sberbank of Russia ADR 2,023,118 0.28 Poland – 1.64%; 2014 1.87% 102,607 Sberbank of Russia ADR (each representing 4 ordinary 8,011 Bank Handlowy w Warszawie 148,293 0.02 shares) 333,782 0.05 48,481 Bank Pekao 1,563,001 0.22 101,128 Severstal GDR (each representing 1 share) 735,524 0.10 9,590 Bank Zachodni WBK 556,802 0.08 53,317 Sistema GDR (each representing 20 ordinary shares) 243,746 0.03 35,526 Cyfrowy Polsat 149,108 0.02 243,298 Surgutneftegas ADR (each representing 10 ordinary 66,378 ENEA 188,171 0.03 shares) 874,544 0.12 106,475 Energa 416,169 0.06 85,702 Tatneft ADS (each representing 6 ordinary shares) 1,754,079 0.24 25,607 Eurocash 148,810 0.02 46,128 TMK GDR (each representing 4 ordinary shares) 93,426 0.01 353,369 Getin Noble Bank 114,944 0.02 86,480 Uralkali GDR (each representing 5 ordinary shares) 781,196 0.11 8,835 ING Bank Slaski 209,667 0.03 832,556 VTB Bank GDR (each representing 2000 ordinary 15,808 Jastrzebska Spolka 60,626 0.01 shares) 1,183,055 0.16 54,570 KGHM Polska Miedz 1,154,739 0.16 28,718,740 3.97 62 LPP 78,388 0.01 4,360 mBank 348,493 0.05 Spain – 0.00%; 2014 0.05% 214,395 Orange Polska 370,064 0.05 Turkey – 1.76%; 2014 1.56% 104,621 PKN Orlen 991,843 0.14 608,417 Akbank 1,283,613 0.18 237,821 Polska Grupa Energetyczna 861,756 0.12 55,593 Anadolu Efes Biracilik ve Malt Sanayii 292,504 0.04 580,342 Polskie Gornictwo Naftowe 510,501 0.07 67,539 Arcelik 262,392 0.04 315,581 Powszechna Kasa Oszczednosci Bank Polski 1,797,517 0.25 19,240 Aselsan Elektronik Sanayi Ve Ticaret 59,403 0.01 18,306 Powszechny Zaklad Ubezpieczen 1,564,517 0.22 63,380 BIM Birlesik Magazalar 765,609 0.11 158,406 Synthos 121,890 0.02 23,266 Coca-Cola Icecek 291,521 0.04 351,183 Tauron Polska Energia 298,479 0.04 534,046 Emlak Konut Gayrimenkul 428,699 0.06 11,653,778 1.64 132,551 ENKA 174,270 0.02 Russia – 3.97%; 2014 6.21% 472,779 Eregli Demir ve Celik 513,321 0.07 1,812,598 Gazprom ADR (each representing 2 ordinary shares) 5,843,863 0.81 22,311 Ford Otomotiv 194,598 0.03 75,193 LSR GDR (each representing 2 ordinary shares) 103,637 0.01 219,607 Haci Omer Sabanci 546,941 0.08 157,910 Lukoil ADR (each representing 1 ordinary share) 4,944,522 0.69 206,766 KOC Holdings 619,761 0.09 95,551 Magnit GDR (5 GDR representing 1 ordinary share) 2,944,620 0.41 12,382 Koza Altin 70,723 0.01 31,276 Megafon GDR (each representing 1 ordinary share) 356,393 0.05 48,572 TAV Havalimanlari 250,564 0.03 104,172 MMC Norilsk Nickel ADR (each representing 1/10 46,440 Tofas Turk Otombil Fabrikasi 194,760 0.03 ordinary shares) 1,218,733 0.17 44,641 Tupras-Turkiye Petrol Rafinerileri 608,161 0.08 149,242 Mobile Telesystems ADR (each representing 2 ordinary 151,904 Turk Hava Yollari Anonim Ortakligi 353,701 0.05 shares) 955,095 0.13 145,507 Turk Telekomunikasyon 272,168 0.04 39,963 Novatek GDR (each representing 50 shares) 2,167,011 0.30 38,050 Turkcell Iletisim Hizmetleri ADR (each representing 2.5 ordinary shares) 324,018 0.05

233 BlackRock Collective Investment Funds 234 Emerging Markets Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 150,155 Turkcell Iletism Hizmetleri 508,024 0.07 103,300 CPFL Energia 434,113 0.06 736,710 Turkiye Garanti Bankasi 1,702,127 0.24 77,300 Cyrela Brazil Realty 202,397 0.03 228,241 Turkiye Halk Bankasi 874,982 0.12 81,206 Duratex 139,299 0.02 440,127 Turkiye Is Bankasi series ‘C’ shares 712,275 0.10 38,100 Ecorodovias Infraestru Logistica 90,533 0.01 183,503 Turkiye Sise ve Cam Fabrikalari 174,689 0.02 95,400 EDP 194,304 0.03 407,616 Turkiye Valiflar Bankasi 551,640 0.08 228,840 Embraer 1,289,502 0.18 42,464 Ulker Biskuvi Sanayi 211,954 0.03 57,324 Energetica de Sao Paulo class ‘B’ preference shares 305,505 0.04 212,630 Yapi ve Kredi Bankasi 253,841 0.04 23,727 Energetica Minas Gerais 68,515 0.01 12,496,259 1.76 100,700 Fibria Celulose 839,993 0.12 228,275 Gerdau preference shares 525,376 0.07 LATIN AMERICA – 17.24%; 2014 20.52% 61,000 Gerdau SA 113,473 0.02 EQUITIES – 17.24%; 2014 20.52% 3,900 Guararapes Confeccoes 70,695 0.01 44,000 Hering 177,241 0.02 Brazil – 9.61%; 2014 12.35% 128,700 Hypermarcas 556,001 0.08 37,100 AES Tiete 114,351 0.02 890,171 Itau Unibanco preference shares 7,352,873 1.02 28,300 AES Tiete preference shares 110,796 0.02 1,012,652 Itausa – Investimentos Itau preference shares 2,312,289 0.32 140,400 All America Latina 176,975 0.02 7,433 Itausa – Investimentos Itau Rights 26/3/2015 5,719 0.00 1,510,689 AMBEV 6,269,965 0.87 300,569 JBS 850,927 0.12 15,600 Arteris 29,831 0.00 96,000 Klabin 347,602 0.05 166,800 Banco Bradesco 1,409,487 0.20 511,824 Kroton Educacional 1,202,289 0.17 705,589 Banco Bradesco preference shares 6,003,858 0.83 32,094 Light 101,391 0.01 256,835 Banco do Brasil 1,378,668 0.19 39,060 Localiza Rent A Car 309,379 0.04 195,600 BB Seguridade Participacoes 1,434,183 0.20 34,296 Lojas Americanas 99,345 0.01 584,118 BM&FBovespa 1,327,165 0.18 172,792 Lojas Americanas preference shares 650,289 0.09 161,400 BR Malls Participacoes 615,817 0.09 44,200 Lojas Renner 839,218 0.12 54,300 BR Properties 142,298 0.02 12,800 M Dias Branco 240,280 0.03 60,600 Bradespar preference shares 181,573 0.03 96,242 Metalurgica Gerdau preference shares 242,410 0.03 51,091 Brasileira de Distribuicao Grupo Pao de Acucar 80,500 MRV Engenharia 123,696 0.02 preference shares 1,123,254 0.16 19,400 Multiplan Empreendimentos Imobiliarios 237,822 0.03 40,100 Braskem preference ‘A’ shares 116,066 0.02 16,000 Multiplus 126,621 0.02 298,517 BRF 4,352,592 0.60 60,498 Natura Cosmeticos 384,988 0.05 78,600 BTG Pactual Partic 485,063 0.07 96,253 Oi 138,318 0.02 282,140 CCR 1,061,174 0.15 1,261,329 Petroleo Brasileiro 2,705,998 0.38 66,561 Centrais Electricas Brasileiras preference shares 103,934 0.01 1,084,534 Petroleo Brasileiro preference shares 2,348,799 0.33 91,389 Centrais Eletricas Brasileiras 110,647 0.02 27,500 Porto Seguro 194,915 0.03 68,564 CETIP- Balcao Organizado de Ativos e Derivativos 533,449 0.07 79,000 Raia Drogasil 507,734 0.07 15,173 Cia de Transmissao de Energia Eletrica Paulista 34,624 san Logistica 25,779 0.00 preference shares 144,181 0.02 130,000 Saneamento Basico 498,365 0.07 244,112 CIA Energetica Minas Gerais preference shares 713,744 0.10 55,911 Siderurgica Nacional 65,036 0.01 28,700 Cia Paranaense de Energia ‘B’ preference shares 224,074 0.03 122,400 Souza Cruz 702,460 0.10 240,568 Cielo 2,433,527 0.34 54,970 Sul America 161,097 0.02 3,100 Companhia de Gas de Sao Paulo preference shares 29,465 0.00 144,700 Suzano Papel e Celulose ‘A’ preference shares 394,590 0.06 34,624 CosanIndustria 221,667 0.03

235 BlackRock Collective Investment Funds 236 Emerging Markets Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 93,136 Telecomunicacoes preference shares 1,115,183 0.16 Mexico – 5.40%; 2014 5.32% 310,096 Tim Participacoes 836,495 0.12 53,000 Aeroportuario del Pacifico 231,893 0.03 33,700 Totvs 261,662 0.04 699,830 Alfa series class ‘A’ shares 978,262 0.14 67,600 Tractabel Energia 510,956 0.07 94,000 Alpek 73,225 0.01 14,400 Transmissora Alianca de Energia Eletrica 67,978 0.01 9,354,568 America Movil 6,461,254 0.90 125,200 Ultrapar Participacoes 1,687,523 0.23 134,700 Arca Continental 552,924 0.08 54,900 Usiminas Siderúrgicas de Minas Gerais 182,633 0.03 3,851,159 Cemex 2,528,350 0.35 435,449 Vale 2,093,064 0.29 149,000 Coca-Cola Femsa 829,512 0.12 627,351 Vale ‘A’ preference shares 2,627,893 0.37 32,200 Comercial Chedraui 67,684 0.01 85,930 Weg 596,805 0.08 502,500 Compartamos 616,306 0.09 69,005,172 9.61 50,000 Controladora Comercial Mexicana 103,260 0.01 747,600 Fibra Uno Administracion 1,352,078 0.19 Chile – 1.36%; 2014 1.60% 713,844 Fomento Economico Mexicano 4,384,678 0.61 28,481 Banco de Chile ADR (each representing 600 89,700 Genomma Lab Internacional 63,315 0.01 ordinary shares) 1,288,409 0.18 82,200 Gruma 652,355 0.09 98,238 Banco Santander-Chile ADR (each representing 71,200 Grupo Aeroportuario del Sureste 630,412 0.09 400 ordinary shares) 1,334,928 0.19 664,963 Grupo Bimbo 1,203,488 0.17 68,130 Empresa Nacional de Electricidad ADS (each 139,429 Grupo Carso 409,113 0.06 representing 30 ordinary shares) 1,996,640 0.28 14,514 Grupo Elektra 312,185 0.04 201,006 Enersis ADR (each representing 50 ordinary shares) 2,140,908 0.30 719,427 Grupo Financiero Banorte 2,515,074 0.35 216,934 Latam Airlines ADR (each representing 1 ordinary 673,940 Grupo Financiero Inbursa 1,213,902 0.17 share) 1,483,753 0.21 515,500 Grupo Financiero Santander Mexico 733,089 0.10 18,700 Latam Airlines BDR (each representing 1 ordinary 151,900 Grupo LALA 195,703 0.03 share) 122,724 0.02 1,246,946 Grupo Mexico 2,449,987 0.34 76,428 Sociedad Quimica y Minera de Chile ADR 864,267 Grupo Televisa 3,809,136 0.53 (each representing 1 share) 1,270,998 0.18 85,000 Industrias CH 248,230 0.03 9,638,360 1.36 41,479 Industrias Penoles 566,821 0.08 Colombia – 0.64%; 2014 0.97% 85,000 Infraestructura Energetica Nova 289,172 0.04 70,288 Almacenes Exito 450,411 0.06 336,676 Kimberly Clark de Mexico 441,047 0.06 536,339 Aval Accione preference shares 170,454 0.02 371,396 Mexichem 698,212 0.10 144,478 Bancolombia preference shares 967,058 0.13 151,487 Minera Frisco 129,283 0.02 127,196 Cementos Argos 295,344 0.04 173,200 OHL Mexico 231,390 0.03 63,000 CEMEX LatAm 242,552 0.03 89,200 Organizacion Soriana series ‘B’ shares 135,884 0.02 28,655 Corficolombiana 278,781 0.04 64,400 Promotora y Operadora de Infraestructura 499,469 0.07 1,670,496 Ecopetrol 901,447 0.13 177,900 Sanborns 178,849 0.02 519 Financiera Colombiana 4,995 0.00 1,859,614 Wal-Mart de Mexico 2,945,534 0.41 73,721 Grupo de Inversiones Suramericana 670,172 0.09 38,731,076 5.40 102,158 Interconexión Eléctrica 206,993 0.03 Peru – 0.23%; 2014 0.28% 25,934 Inversiones Suramericana preference shares 234,815 0.03 11,060 Credicorp 1,041,303 0.14 381,315 ISAGEN 288,867 0.04 82,341 Minas Buenaventura sponsored ADR 4,711,889 0.64 (each representing 1 preference share) 615,932 0.09 1,657,235 0.23

237 BlackRock Collective Investment Funds 238 Emerging Markets Equity Tracker Portfolio Statement continued Emerging Markets Equity Tracker Statement of Total Return for the year ended 28 February 2015

Holding or Underlying Market % of For the period Nominal Exposure – Derivatives Value Total For the year from 1.2.2013 Value Investment £ £ Net Assets to 28.2.2015 to 28.2.2014 Notes £ £ £ £ MIDDLE EAST – 0.87%; 2014 0.64% Income EQUITIES – 0.87%; 2014 0.64% Net capital gains/(losses) United Arab Emirates – 0.87%; 2014 0.64% during the year/period 2 86,262,813 (86,235,531) 300,000 Abu Dhabi Commercial Bank 399,059 0.06 Revenue 3 20,845,132 14,166,949 746,604 Air Arabia 214,411 0.03 Expenses 4 (1,674,516) (1,207,172) 1,025,735 Aldar Properties 475,291 0.07 Finance costs: Interest 6 (22,973) (55,247) 994,337 Arabtec 551,840 0.08 1,055,903 Dana Gas 83,715 0.01 Net revenue before taxation 19,147,643 12,904,530 49,940 DP World 685,083 0.10 Taxation 5 (2,133,808) (1,286,401) 537,059 Dubai Financial Market 186,405 0.03 Net revenue after taxation 202,107 Dubai Investments 88,308 0.01 for the year/period 17,013,835 11,618,129 185,851 Dubai Islamic Bank 219,386 0.03 Total return before distributions 103,276,648 (74,617,402) 350,000 Emaar Malls 176,978 0.02 Finance costs: Distributions 6 (15,970,076) (10,434,539) 1,171,458 Emaar Properties 1,558,270 0.22 335,657 First Gulf Bank 1,055,609 0.15 Change in net assets 259,884 Union National Bank 270,147 0.04 attributable to unitholders 311,094 Waha Capital 163,334 0.02 from investment activities £87,306,572 £(85,051,941) 6,127,836 0.87 Emerging Markets Equity Tracker Statement of Change in Net NORTH AMERICA – 2.35%; 2014 0.00% Assets Attributable to Unitholders EQUITIES – 2.35%; 2014 0.00% for the year ended 28 February 2015 Cayman Islands – 2.35%; 2014 0.00% 1,492,600 Tencent 16,924,498 2.35 For the period For the year from 1.2.2013 DERIVATIVES – 0.02%; 2014 0.00% to 28.2.2015 to 28.2.2014 Futures – 0.02%; 2014 0.00% £ £ £ £ 124 Mini MSCI Emerging Markets March 2015 3,979,410 16,391 0.00 Opening net assets attributable 3,026 SGX CNX Nifty March 2015 34,830,133 108,583 0.02 to unitholders 532,725,908 362,577,944 38,809,543 124,974 0.02 Amounts received on creation of units 238,069,168 411,155,039 Amounts paid on cancellation of units (155,018,967) (167,562,296)

Portfolio of investments 680,638,604 94.57 83,050,201 243,592,743 Net other assets 39,078,678 5.43 Change in net assets attributable to Total net assets £719,717,282 100.00 unitholders from investment activities 87,306,572 (85,051,941) Retained distribution on Unless otherwise stated, all holdings are quoted in ordinary shares and are listed on a recognised exchange. Note: comparative figures show percentages for each category of holding at 28 February 2014. accumulation units 16,634,601 11,607,162 * Suspended security. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) Closing net assets attributable and represents the market value of an equivalent position in the assets underlying each financial derivative investment. to unitholders £719,717,282 £532,725,908

239 BlackRock Collective Investment Funds 240 Emerging Markets Equity Tracker Balance Sheet Emerging Markets Equity Tracker Notes to Financial Statements at 28 February 2015 for the year ended 28 February 2015

28.2.2015 28.2.2014 1. Accounting and Distribution Policies Notes £ £ £ £ Please see pages 6-8 of the Aggregated Notes to Financial Statements. Assets: 2. Net Capital Gains/(Losses) During the Year/Period Investment assets 680,638,604 506,442,511 – Debtors 7 8,054,143 20,066,044 For the period For the year from 1.2.2013 – Cash and bank balances 8 39,511,294 17,838,759 to 28.2.2015 to 28.2.2014 Total other assets 47,565,437 37,904,803 £ £ Total assets 728,204,041 544,347,314 The net capital gains/(losses) comprise: Liabilities: Gains/(losses) on non-derivative securities 79,739,081 (84,696,674) Investment liabilities – (109,846) Gains/(losses) on derivative contracts 4,703,131 (938,898) – Creditors 9 (8,473,814) (11,510,682) Gains on forward currency contracts 68,708 24,291 – Bank overdraft (38) (878) Currency gains/(losses) 1,833,154 (499,592) – Distribution payable on Custodian transaction costs (81,261) (124,658) income units (12,907) – Net capital gains/(losses) £86,262,813 £(86,235,531) Total other liabilities (8,486,759) (11,511,560) Total liabilities (8,486,759) (11,621,406) 3. Revenue Net assets attributable For the period to unitholders £719,717,282 £532,725,908 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £

N C D Hall (Director) Interest from UK bank deposits 15,699 17,517 E E Tracey (Director) Overseas dividends 19,442,660 12,818,315 BlackRock Fund Managers Limited Overseas REIT dividends 148,220 45,647 30 April 2015 Securities lending revenue 192,244 99,780 Stock dividends 1,046,309 1,185,690 Total revenue £20,845,132 £14,166,949

241 BlackRock Collective Investment Funds 242 Emerging Markets Equity Tracker Notes to Financial Statements continued

4. Expenses (b) Factors affecting the current tax charge for the year/period For the period The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an For the year from 1.2.2013 authorised unit trust. The differences are explained below: to 28.2.2015 to 28.2.2014 For the period £ £ For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 1,285,271 948,997 £ £ – Registrar’s fees 8,201 9,258 Net revenue before taxation 19,147,643 12,904,530 1,293,472 958,255 Corporation tax at 20% (28 February 2014: 20%) 3,829,529 2,580,906 Payable to the Trustee or associates of the Trustee: Effects of: – Trustee’s fees 52,136 35,793 Double taxation relief (425,882) (33,276) 52,136 35,793 Irrecoverable overseas tax 2,133,808 1,286,401 Other expenses: Non taxable overseas dividends (3,194,385) (2,310,492) – ADR fee 98,687 54,448 Non taxable stock dividends (209,262) (237,13 8) – Audit fee 8,028 6,637 Total current tax charge for the year/period [see note 5(a)] £2,133,808 £1,286,401 – FCA fee 153 165 At 28 February 2015, the Fund had no surplus management expenses (28 February 2014: £Nil). – Legal & professional fees 1,080 1,003 – Safe custody fees 220,960 150,871 6. Finance Costs 328,908 213,124 For the period Total expenses £1,674,516 £1,207,172 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ 5. Taxation Interim distribution 12,853,336 7,980,866 (a) Analysis of tax charge for the year/period Final distribution 3,827,413 3,626,296 For the period For the year from 1.2.2013 16,680,749 11,607,162 to 28.2.2015 to 28.2.2014 Add: Amounts deducted on cancellation of units 916,954 984,479 £ £ Less: Amounts received on creation of units (1,627,627) (2,15 7,102) Corporation tax 425,882 33,276 Net distribution for the year/period 15,970,076 10,434,539 Double taxation relief (425,882) (33,276) Finance costs: Interest 22,973 55,247 Irrecoverable overseas tax 2,133,808 1,286,401 Finance costs £15,993,049 £10,489,786 Total current tax charge for the year/period [see Note 5(b)] £2,133,808 £1,286,401 Net revenue after taxation for the year/period 17,013,835 11,618,129 Add: Equalisation on conversions 2,550 2,10 0 Less: Non distributable stock dividends (1,046,309) (1,185,690) Net distribution for the year/period £15,970,076 £10,434,539

Details of the interim and final distributions per unit are set out in the tables on page 257.

243 BlackRock Collective Investment Funds 244 Emerging Markets Equity Tracker Notes to Financial Statements continued

7. Debtors 10. Derivatives and Other Financial Instruments (a) The Fund’s financial instruments comprise securities and other investments, cash balances and 28.2.2015 28.2.2014 £ £ debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for cancellation of Accrued revenue 494,783 503,300 units and debtors for accrued revenue. Amounts receivable for creation of units 2,533,567 17,328,448 The Manager shall take the risks it deems reasonable to meet the investment objective. These Currency sales awaiting settlement 5,012,609 2,224,208 risks include the following: Overseas tax recoverable 13,184 10,088 Total debtors £8,054,143 £20,066,044 Risk Impact of risk Foreign The risk of changes to foreign currency rates materially affecting the Sterling 8. Cash and Bank Balances currency equivalent value of non-Sterling denominated assets and liabilities accounted for by the Fund. 28.2.2015 28.2.2014 £ £ The Fund is accounted for in Sterling and holds financial assets and financial Amounts held at futures clearing houses and brokers 1,802,095 652,633 liabilities denominated in other international currencies. Cash and bank balances 37,70 9,19 9 17,18 6 ,126 To manage the risk, the Fund may enter into forward currency contracts for the purposes of efficient portfolio management. As at 28 February 2015, the Fund has Total cash and bank balances £39,511,294 £17,838,759 no open forward currency contracts (28 February 2014: £(35,055)). 9. Creditors Market price The valuation of the Fund’s investments is calculated with reference to market prices quoted by financial agencies and brokers. Movements to those market prices may 28.2.2015 28.2.2014 materially affect the value of the Fund’s investments, which may move down as well £ £ as up. Accrued Audit fee 8,026 8,026 To manage the risk, the Manager undertakes research in order to achieve the best Accrued FCA fee 601 447 price for any transactions entered into on behalf of the Fund. Accrued Manager’s charge 327,023 254,663 Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the ability Accrued Registrar’s fee 3,139 2,111 of the Fund to trade financial instruments at values previously indicated Accrued Safe custody fees 5 6 ,167 52,927 by financial brokers. Accrued Trustee’s fee 13,820 10,15 9 All stocks are valued daily. Stocks identified as being illiquid are reviewed for pricing Amounts payable for cancellation of units 2,944,948 1,129,423 accuracy as the need arises and on a formal monthly basis by the BlackRock Pricing Bank interest payable – 391 Committee. Currency purchases awaiting settlement 5,017,645 2,219,146 The Fund invests primarily in emerging economies, the securities of which may, in the short term, experience lower trading volumes and greater price volatility than Custodian transaction costs 1,898 33,390 securities issued by companies established in developed countries. Purchases awaiting settlement 100,547 7,799,999 To manage the risk, the Investment Manager undertakes research of investment Total creditors £8,473,814 £11,510,682 opportunities to select opportunities congruent with the Fund’s investment objective. Counterparty The risk of entering an arrangement with a counterparty, which is itself subject to financial risks which may affect its ability to trade as a going concern. The Manager maintains a list of approved counterparties. This list is regularly monitored and revised for changes based on the counterparty’s credit-worthiness, market reputation and expectations of future financial performance. Transactions will only be opened with financial intermediaries on the approved counterparties list. The Fund’s use of exchange traded derivatives are considered to be free of counterparty risk if the derivative is traded on an exchange where the clearing house is backed by an appropriate performance guarantee and it is characterised by a daily mark-to-market valuation of the derivative position and at least daily margining.

245 BlackRock Collective Investment Funds 246 Emerging Markets Equity Tracker Notes to Financial Statements continued

(b) Currency Exposures Risk Impact of risk A proportion of the net assets of the Fund are denominated in currencies other than Sterling, Counterparty At 28 February 2015, the market value of the exchange traded derivatives held by the with the effect that the Balance Sheet and Statement of Total Return can be affected by Continued Fund was £124,974 (28 February 2014: £(20,715)). currency movements. The Fund trades derivative contracts with a range of counterparties. Exchange traded The currency profile held at 28 February 2015 was as follows: derivatives are primarily traded with the following counterparty: Goldman Sachs. Margin is paid or received on derivatives to cover any exposure by the counterparty Currency Net Assets/(Liabilities) to the Fund or by the Fund to the counterparty. Margin receivable from the Fund’s Monetary Non-monetary clearing brokers and various counterparties is included in “Cash and bank balances” Exposures Exposures Total on the Balance Sheet. Margin payable to the Fund’s clearing brokers and various 28.2.2015 28.2.2015 28.2.2015 Currency £ £ £ counterparties is included in “Amounts held at futures clearing houses and brokers” on the Balance Sheet. Brazilian real 255,755 69,211,047 69,466,802 Columbian peso 3 4,712,982 4,712,985 At 28 February 2015, the Fund had provided margin of £1,802,095 (28 February 2014: £652,633) to counterparties relating to derivatives. Czech koruna 32,594 1,638,618 1,671,212 Credit During the year, the Fund engaged in securities lending activities which exposed the Egyptian pound 270,361 2,388,088 2,658,449 Fund to credit risk. The maximum exposure of the Fund is equal to the value of the Euro 20,621 333,781 354,402 securities loaned disclosed in Note 12. Hong Kong dollar 10,247 175,492,811 175,503,058 Use of The Fund may use derivatives for the purposes of efficient portfolio management Hungarian forint 3,124 1,529,933 1,533,057 derivatives in order to reduce risk within the portfolio, reduce investment costs and generate Indonesian rupiah – 21,087,350 21,087,350 additional income. Israeli shekel 3 – 3 The use of derivatives will impact the value of the Fund and may expose the Fund to a Malaysian ringgit 24,922 31,629,179 31,654,101 higher degree of risk. In particular, derivative contracts can be highly volatile and the Mexican peso 54,392 38,731,073 38,785,465 amount of initial margin is generally small relative to the size of the contract so that Moroccan dirham 2,860 93,557 96,417 transactions may be leveraged in terms of market exposure. A relatively small market Peruvian sol (38) – (38) movement may have a potentially larger impact on derivatives than on standard bonds or equities. Leveraged derivative positions can therefore increase fund volatility. Phillipines peso 624 13,415,957 13,416,581 Polish zloty 896 11,655,302 11,656,198 As at 28 February 2015, the Manager uses a methodology known as the “Commitment Approach” in order to measure the global exposure from financial derivative South African rand 22,373 69,139,748 6 9,162,121 instruments of the Fund and manage the potential loss to it due to market risk. The Taiwan dollar 79,456 103,847,103 103,926,559 Commitment Approach is a methodology that aggregates the underlying market or Thai baht 3,434 21,744,069 21,747,503 notional values of derivative instruments to determine the degree of global exposure Turkish lira 7,009 12,172,240 12,179,249 of a Fund to derivative instruments. In accordance with COLL, the global exposure for UK sterling 81,405 (148,951) (67,546) a Fund must not exceed 100% of that Fund’s net asset value. United Arab Emirate dirham 100,547 5,342,208 5,442,755 Any exposure to financial derivative instruments at year end is marked on the Portfolio US dollar 38,540,668 96,189,931 134,730,599 Statement. Total £39,511,256 £680,206,026 £719,717,282 These risks are monitored by the Manager in pursuance of the investment objective and policy as set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the Investment Report and Portfolio Statement.

247 BlackRock Collective Investment Funds 248 Emerging Markets Equity Tracker Notes to Financial Statements continued

Monetary Non-monetary Floating Rate Fixed Rate Financial Assets Exposures Exposures Total Financial Financial not Carrying 28.2.2014 28.2.2014 28.2.2014 Assets Assets Interest Total Currency £ £ £ Currency £ £ £ £ Brazilian real 7,107 63,930,292 63,937,399 Brazilian real 255,755 – 69,457,030 69,712,785 Chinese yuan (1) – (1) Columbian peso 3 – 4,712,982 4,712,985 Columbian peso 4 5,282,114 5,282,118 Czech koruna 32,594 – 1,638,618 1,671,212 Czech koruna 6,881 1,528,882 1,535,763 Egyptian pound 270,361 – 2,388,088 2,658,449 Egyptian pound 242,873 2,152,238 2,395,111 Euro 20,621 – 333,781 354,402 Euro 19,855 2,009,817 2,029,672 Hong Kong dollar 10,247 – 175,492,811 175,503,058 Hong Kong dollar 55,852 110,279,242 110,335,094 Hungarian forint 3,124 – 1,529,933 1,533,057 Hungarian forint 1,15 4 1,520,691 1,521,845 Indonesian rupiah – – 21,087,350 21,087,350 Indonesian rupiah – 15,098,162 15,098,162 Israeli shekel 3 – – 3 Israeli shekel 3 – 3 Malaysian ringgit 24,922 – 31,629,179 31,654,101 Malaysian ringgit 29,885 25,256,276 25,286,161 Mexican peso 54,392 – 38,731,073 38,785,465 Mexican peso 17,098 27,411,362 27,428,460 Moroccan dirham 2,860 – 93,557 96,417 Moroccan dirham 3,114 190,447 193,561 Phillipines peso 624 – 13,415,957 13,416,581 Peruvian sol (38) 53,109 53,071 Polish zloty 896 – 11,655,302 11,656,198 Philippines peso 566 7,894,986 7,895,552 South African rand 22,373 – 69,139,748 6 9,162,121 Polish zloty 9,021 9,759,800 9,768,821 Taiwan dollar 79,456 – 103,847,103 103,926,559 South African rand 85,013 49,386,259 49,471,272 Thai baht 3,434 – 21,744,069 21,747,503 Taiwan dollar 76,236 71,730,315 71,806,551 Turkish lira 7,009 – 12,172,240 12,179,249 Thai baht (839) 14,138,808 14,137,969 UK sterling 81,405 – 5,389,578 5,470,983 Turkish lira 15,232 7,850,879 7,866,111 United Arab Emirate UK sterling 197,301 18,071,848 18,269,149 dirham 100,547 – 5,442,755 5,543,302 United Arab Emirate dirham – 2,835,859 2,835,859 US dollar 38,540,668 – 98,791,593 137,332,261 US dollar 17,071,564 78,506,641 95,578,205 Total £39,511,294 £0 £688,692,747 £728,204,041 Total £17,837,881 £514,888,027 £532,725,908 Floating Rate Financial Financial Liabilities not Liabilities Carrying Interest Total Currency £ £ £ Brazilian real – (245,983) (245,983) Peruvian sol (38) – (38) UK sterling – (5,538,529) (5,538,529) United Arab Emirate dirham – (100,547) (100,547) US dollar – (2,601,662) (2,601,662) Total £(38) £(8,486,721) £(8,486,759)

There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates.

249 BlackRock Collective Investment Funds 250 Emerging Markets Equity Tracker Notes to Financial Statements continued

The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: Floating Rate Financial Floating Rate Fixed Rate Financial Assets Financial Liabilities not Financial Financial not Carrying Liabilities Carrying Interest Total Assets Assets Interest Total Currency £ £ £ Currency £ £ £ £ Brazilian real – (2,486,462) (2,486,462) Brazilian real 7,107 – 66,416,754 66,423,861 Chinese yuan (1) – (1) Columbian peso 4 – 5,512,791 5,512,795 Columbian peso – (230,677) (230,677) Czech koruna 6,881 – 1,692,696 1,699,577 Czech koruna – (163,814) (163,814) Egyptian pound 242,873 – 2,152,238 2,395,111 Hong Kong dollar – (12,708) (12,708) Euro 19,855 – 2,009,817 2,029,672 Hungarian forint – (121,825) (121,825) Hong Kong dollar 55,852 – 110,291,950 110,347,802 Malaysian ringgit – (15,833) (15,833) Hungarian forint 1,15 4 – 1,642,516 1,643,670 Mexican peso – (915,156) (915,156) Indonesian rupiah – – 15,098,162 15,098,162 Peruvian sol (38) – (38) Israeli shekel 3 – – 3 Polish zloty – (269,245) (269,245) Malaysian ringgit 29,885 – 25,272,109 25,301,994 South African rand – (1,684,302) (1,684,302) Mexican peso 17,098 – 28,326,518 28,343,616 Thai baht (839) – (839) Moroccan dirham 3,114 – 190,447 193,561 Turkish lira – (147,275) (147,275) Peruvian sol – – 53,109 53,109 UK sterling – (1,491,538) (1,491,538) Philippines peso 566 – 7,894,986 7,895,552 US dollar – (4,081,693) (4,081,693) Polish zloty 9,021 – 10,029,045 10,038,066 Total £(878) £(11,620,528) £(11,621,406) South African rand 85,013 – 51,070,561 51,155,574 The floating rate financial assets and liabilities include: Taiwan dollar 76,236 – 71,730,315 71,806,551 Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two Thai baht – – 14,138,808 14,138,808 week LIBID rates and overdraft interest based on 3% over the base rate. Turkish lira 15,232 – 7,998,154 8,013,386 All overseas deposits and loans bear interest at rates determined by the relevant Authority. UK sterling 197,301 – 19,563,386 19,760,687 The bank overdraft at the reporting date is on a temporary basis and is not persistent. United Arab Emirate dirham – – 2,835,859 2,835,859 (d) Fair Value of Financial Assets and Financial Liabilities US dollar 17,071,564 – 82,588,334 99,659,898 There is no material difference between the value of the financial assets and liabilities, as shown Total £17,838,759 £0 £526,508,555 £544,347,314 in the Balance Sheet and their fair value.

11. Contingent Assets and Liabilities There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil).

251 BlackRock Collective Investment Funds 252 Emerging Markets Equity Tracker Notes to Financial Statements continued

12. Efficient Portfolio Management Techniques 14. Related Parties The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Parties are considered to be related if one party has the ability to control the other party or Please see further disclosures in Note 10(a). exercise significant influence over the other party in making financial or operational decisions. During the year, the Fund engaged in securities lending, subject to the conditions and within the The following entities were related parties of the Fund during the year ended 28 February 2015: limits laid down by the Financial Conduct Authority. Manager/Registrar: BlackRock Fund Managers Limited The Fund receives securities as collateral for a value in excess of the market value of the securities Investment Manager: BlackRock Investment Management (UK) Limited loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the Securities lending agent: BlackRock Advisors (UK) Limited following collateral agents and central securities depositories: JP Morgan Chase and BNY Mellon. Trustee: BNY Mellon Trust & Depositary (UK) Limited As at 28 February 2015, the Fund had securities on loan to the following counterparties: Barclays The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. Capital, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Morgan (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. Stanley, Société Générale, The Bank of Nova Scotia and UBS. (“PNC”) is a substantial shareholder in BlackRock. The Investment Manager monitors the fair value of the securities loaned and additional collateral The Manager acts as either principal or agent for the Trustee in respect of all transactions of is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a units of the Fund. The aggregate monies received through creation and paid through cancellation regulated market. of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational the year end in respect of these fees are shown in Note 9. costs are borne out of the securities lending agent’s share. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing 28.2.2015 28.2.2014 arrangements with related parties (including, without limitation, brokers who are affiliated to the £ £ BlackRock Group), which may result in the Fund benefiting from research or execution services Revenue earned during the year/period 192,244 99,780 which the Investment Manager believes are useful in the investment decision-making or trade Value of securities on loan at the year/period end 22,971,014 15,724,634 execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and Value of collateral held on behalf of the Fund at the the provision of economic and financial information and analysis. Due to the bundled nature of year/period end 25,727,742 17,397,688 these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into 13. Investment Management these arrangements with brokers who are not affiliated to the BlackRock Group. Please see page 16. Securities Lending The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited, which is a related party to the Fund. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly related to securities loan transactions as well as the cost of indemnification against borrower default. See further information in Note 12.

253 BlackRock Collective Investment Funds 254 Emerging Markets Equity Tracker Notes to Financial Statements continued

Material Unitholders 16. Unitholders’ Funds The following investor held more than 20% of the voting units in issue in the Fund and as a result is Accumulation and Income units are currently available as specified in the Prospectus. The net considered to be a related party of the Fund. asset value of each unit class, net asset value per unit and the number of units in issue are given in As at 28 February 2015: the “Performance Record”. The types of units currently in issue and the Manager’s annual charge for each unit class are % of voting units shown below: Held by: in issue No. of units held Nutraco Nominees Limited 29% 177,738,731 Class 28.2.2015 28.2.2014 A Accumulation 0.50% 0.50% As at 28 February 2014: L Income≈ 0.20% N/A % of voting units L Accumulation 0.20% 0.20% Held by: in issue No. of units held X Accumulation◊ 0.00% 0.00% Nutraco Nominees Limited 34% 177,738,731 D Accumulation 0.20% 0.20% All related party transactions were carried out at arm’s length in the ordinary course of business. H Accumulation 0.18% 0.18% The terms and returns received by the related parties in making the investments above were no more favourable than those received by other investors investing into the same unit classes. ≈ L Income class commenced April 2014. ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or their affiliates. 15. Portfolio Transaction Costs Summary of total purchase costs: In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the For the period For the period remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue For the year For the year from 1.2.2013 from 1.2.2013 is allocated each day pro rata to the capital value of assets attributable to each class and taxation is to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 computed by reference to the net revenue after expenses attributable to each class. The distribution £ £ £ £ per unit class is given in the distribution tables. All unit classes have the same rights on winding up. Purchases before transaction costs 151,787,002 364,746,310 17. Non Adjusting Post Balance Sheet Event Commissions and other costs Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as (including stamp duty) 150,905 389,893 shown below: Total purchase costs 150,905 389,893 Bid prices as at Bid prices as at Rise Gross purchases total £151,937,907 £365,136,203 Class 23.4.2015 28.2.2015 (%) A Accumulation 127.0p 117.3p 8.3 Summary of total sale costs: L Income 118.6p 110.1p 7.7 For the period For the period L Accumulation 129.3p 119.4p 8.3 For the year For the year from 1.2.2013 from 1.2.2013 X Accumulation 120.1p 110.9p 8.3 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ D Accumulation 127.5p 117.8p 8.2 Gross sales before H Accumulation 126.9p 117.3p 8.2 transaction costs 58,315,914 129,509,897 Commissions and other costs (54,721) (157,261) Total sale costs (54,721) (157,261) Total sales net of transaction costs £58,261,193 £129,352,636

255 BlackRock Collective Investment Funds 256 Emerging Markets Equity Tracker Distribution Tables BlackRock Global Property Securities Equity Tracker Fund for the year ended 28 February 2015 Final Distribution in Pence per Unit BlackRock Global Property Securities Equity Tracker Fund Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 Investment Objective & Policy

A Accumulation L Income L Accumulation X Accumulation D Accumulation H Accumulation The aim of the BlackRock Global Property Securities Equity Tracker Fund (the “Fund”) is to seek to Units Units Units Units Units Units÷ achieve capital growth for investors by tracking closely the performance of the FTSE EPRA/NAREIT Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Developed Index by investing in companies in the Index. Investment will be made directly into constituent Net revenue (dividend) 0.4509 0 .142 6 0.5874 0.5874 0.6285 0.2029 0.6792 0.2373 0.6206 0.2144 0.6333 0.2358 companies and via other transferable securities giving exposure to such companies. The Fund may also † Equalisation –- 0.3083 – 0.0000 – 0.4256 – 0.4419 – 0.4062 – 0.3975 invest in permitted money-market instruments, permitted deposits and units in collective investment Distribution payable 30.4.2015 0.4509 0.4509 0.5874 0.5874 0.6285 0.6285 0.6792 0.6792 0.6206 0.6206 0.6333 0.6333 schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio Distribution paid 30.4.2014 0.4826 0.4826 N/A N/A 0.6892 0.6892 0.7352 0.7352 0.6799 0.6799 0.0000 0.0000 management.

The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Interim Distribution in Pence per Unit under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Group 1 – Units purchased prior to 1 March 2014 Sourcebook”). The Fund was authorised by the FCA on 3 June 2010 and established on 15 November Group 2 – Units purchased 1 March 2014 to 31 August 2014 2010. A Accumulation L Income L Accumulation X Accumulation D Accumulation H Accumulation Units Units≈ Units Units Units Units÷

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Net revenue (dividend) 1.8760 1.2869 1.5129 1.2899 2.0562 1.0915 1.9898 1.2921 2.0261 1.0800 1.9094 1.0608

Equalisation† – 0.5891 – 0.2230 – 0.9647 – 0.6977 – 0.9461 – 0.8486

Distribution paid 31.10.2014 1.8760 1.8760 1.5129 1.5129 2.0562 2.0562 1.9898 1.9898 2.0261 2.0261 1.9094 1.9094

Distribution paid 31.10.2013 1.8985 1.8985 N/A N/A 2 .14 4 3 2 .14 4 3 2.0894 2.0894 2.1113 2.1113 N/A N/A

† Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. ≈ L Income class commenced April 2014. For the Interim distribution, Group 1 units purchased 24 April 2014. Group 2 units purchased 25 April 2014 to 31 August 2014. ÷ H Accumulation class commenced February 2014.

257 BlackRock Collective Investment Funds 258 Global Property Securities Equity Tracker Fund

All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. D Income Performance returns are cumulative. All returns are in Sterling. The final distribution payable on 30 April 2015 is 1.4043p net per income unit (30 April 2014: 1.2107p * Figures from Datastream. Please note that the Fund’s benchmark index, the FTSE EPRA/NAREIT Developed Index was previously referred to as the FTSE EPRA/NAREIT Global Real Estate Series Developed Index. This is a clarificatory update and does not represent a net per income unit). change in the Fund’s benchmark index. # D Accumulation class was renamed as L Accumulation class during June 2012. § As a result of windfall gains made following an inadvertent under-investment of subscriptions to the Fund in September 2011, the D Accumulation Fund outperformed its benchmark by 60 basis points to the period ending 31 January 2012. The final accumulation distribution payable on 30 April 2015 is 1.4782p net per accumulation unit (30 April 2014: 1.2426p net per accumulation unit). All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. H Income÷ Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is The final distribution payable on 30 April 2015 is 1.0564p net per income unit (30 April 2014: N/A). not a guide to future performance and should not be the sole factor of consideration when selecting a product. H Accumulation÷ The final accumulation distribution payable on 30 April 2015 is 1.0709p net per accumulation unit Annual performance to most recent quarter end (30 April 2014: N/A).

31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 ÷ H Income and H Accumulation classes commenced September 2014. to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 BlackRock Global Property Securities Equity Tracker Fund A +22.4% +1.7% +20.8% -5.5% N/A§ BlackRock Global Property Securities Equity Tracker Fund L# +22.9% +2.1% +21.2% -5.2% N/A§

259 BlackRock Collective Investment Funds 260 Global Property Securities Equity Tracker Fund continued

Tracking Difference Tracking Error Tracking difference is defined as the difference in returns between a fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index. Tracking error shows the consistency of the returns relative Cash management, efficient portfolio management techniques including securities lending and to the benchmark index over a defined period of time. transaction costs from rebalancing can have an impact on tracking difference. Anticipated tracking error is based on the expected volatility of differences between the returns of a The Fund may use sampling techniques resulting in differences between fund holdings and index fund and the returns of its benchmark index. constituents which may impact tracking difference. The impact can be either positive or negative depending on the underlying circumstances. The Fund may use sampling techniques resulting in differences between fund holdings and index constituents which may impact tracking error. Cash management, efficient portfolio management The table below compares the realised Fund performance against the performance of the relevant techniques including securities lending and transaction costs from rebalancing can also have an benchmark index during the year ended 28 February 2015. An explanation for the difference is impact on tracking error as well as the return differential between the Fund and the benchmark provided: index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. Fund return Benchmark return for the year for the year Tracking The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking The Fund underperformed its benchmark error is annualised and calculated using data from the preceding 36 month observation period. index as a result of (a) the stock market on which the benchmark index operates Anticipated Realised being closed at the Fund’s valuation Tracking Error Tracking Error Explanation for difference point. This results in a temporary The Fund has tracked its benchmark index within its anticipated mismatch on days when units are created Up to1.50%* 1.10 %* tracking error. or redeemed, (b) temporary divergences * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. in the calculation when the Index provider calculates index values during UK bank holidays while the Fund is closed and (c) +25.2%* +25.4% -0.2% income from securities lending activity.

* Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

261 BlackRock Collective Investment Funds 262 Global Property Securities Equity Tracker Performance Record

Net Asset Value Income (Net Distributions/Net Accumulations)

A Income A Accumulation L Accumulation X Accumulation D Income D Accumulation H Income H Accumulation Net Asset Value Unitsπ Units Units# Units± Units¤ Unitsπ Units÷ Units÷ Net Asset Value per Unit Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Units in Issue £ p 2015* 1.16 81 1.2410 1.5013 1.4954 1.4043 1.4782 1.0564 1.0709 A Income 2014 2.6885 2.8916 3.3789 3.3026 3.2300 3.3370 N/A N/A 28 February 2015 57,821 84,605 146.3 2013 2.7018 2.7512 3.2830 3.2326 2.6429 3.2553 N/A N/A 28 February 2014 113,501 135,763 119.6 2012 0.2207 2.4692 2.8860 0.9107 N/A 0.2478 N/A N/A 31 January 2013* 1,762,912 2,199,586 124.8 2011‡ N/A 1.7843 2.0576 N/A N/A N/A N/A N/A A Accumulation t* To 30 April. 28 February 2015 5,201,989 8 ,127,325 156.2 ‡ Fund launched November 2010. π A Income and D Accumulation classes commenced June 2012. 28 February 2014 5,771,201 7,212,381 125.0 # D Accumulation class was renamed as L Accumulation class during June 2012. ± X Accumulation class commenced April 2012. 31 January 2013* 6,978,386 8,874,271 127.2 ¤ D Income class commenced October 2012. L Accumulation ÷ H Income and H Accumulation classes commenced September 2014. 28 February 2015 205,238,399 325,516,581 158.6 28 February 2014 225 ,167,174 284,729,646 126.5 Capital (Unit Prices)

31 January 2013*# 73,593,603 94,408,177 128.3 A Income A Accumulation L Accumulation X Accumulation D Income D Accumulation H Income H Accumulation Unitsπ Units Units# Units± Units¤ Unitsπ Units÷ Units÷ X Accumulation Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest 28 February 2015 66,343,360 96,022,309 144.7 Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Calendar Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price 28 February 2014 65,194,702 75 ,0 91,19 8 115.2 Year p p p p p p p p p p p p p p p p 31 January 2013* 193,575 225,811 116.7 2015* 163.5 141.5 173.2 149.9 167.4 152 .1 152.7 138.8 156.8 142.6 165.2 150.2 124.6 108.0 124.6 107.9 D Income 2014 149.7 116.6 158.6 120.9 153.2 122.3 139.8 111.3 143.6 117.6 151.3 120.7 114 .1 94.75 114 .1 94.74 28 February 2015 102,6 0 6 ,161 151,14 6 ,523 147.3 2013 152.7 116 .1 156.0 120.3 150.0 121.6 136.4 110.7 146.6 117.0 148.0 12 0 .1 N/A N/A N/A N/A 28 February 2014 51,306,987 61,780,332 120.4 2012 126.2 111.0 127.9 9 9 .18 122.8 99.64 111.6 95.37 120.6 113.8 121.3 111.5 N/A N/A N/A N/A 31 January 2013* 9,416,067 11,820,129 125.5 2011 N/A N/A 117.9 89.74 112.6 90.00 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A D Accumulation 2010‡ N/A N/A 111.7 98.46 106.4 98.46 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 28 February 2015 122,836,877 192,381,345 156.6 * To 28 February. ‡ Fund launched November 2010. 28 February 2014 63,124,235 78,827,446 124.9 π A Income and D Accumulation classes commenced June 2012. # D Accumulation class was renamed as L Accumulation class during June 2012. 31 January 2013*π 19,457,206 24,651,539 126.7 ± X Accumulation class commenced April 2012. ¤ D Income class commenced October 2012. H Income ÷ H Income and H Accumulation classes commenced September 2014. 28 February 2015÷ 1,665 1,857 111.5 H Accumulation 28 February 2015÷ 71,656 80,616 112.5

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. # D Accumulation class was renamed as L Accumulation class during June 2012. π D Accumulation class commenced June 2012. ÷ H Income and H Accumulation classes commenced September 2014.

263 BlackRock Collective Investment Funds 264 Global Property Securities Equity Tracker Performance Record continued

Risk and Reward Profile Ongoing Charges Detailed in the following table are the charges used to meet the costs of running the Fund, which Lower risk Higher risk include the costs of marketing and distribution. These charges reduce the potential growth of your Typically lower rewards Typically higher rewards investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, Unit Class except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective A Income 1 2 3 4 5 6 7 investment scheme (if any). A Accumulation 1 2 3 4 5 6 7 1.3.2014 1.2.2013 L Accumulation 1 2 3 4 5 6 7 Unit Class to 28.2.2015 to 28.2.2014† X Accumulation 1 2 3 4 5 6 7 A Income 0.57% 0.60% D Income 1 2 3 4 5 6 7 A Accumulation 0.57% 0.60% D Accumulation 1 2 3 4 5 6 7 L Accumulation 0.22% 0.25% H Income 1 2 3 4 5 6 7 X Accumulation 0.02% 0.05% H Accumulation 1 2 3 4 5 6 7 D Income 0.22% 0.25%

`` The risk indicator was calculated incorporating historical or simulated historical data and may not D Accumulation 0.22% 0.25% be a reliable indication of the future risk profile of each unit class. H Income÷ 0.20%* N/A `` The risk category shown is not guaranteed and may change over time. H Accumulation÷ 0.20%* N/A

` † Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ` The lowest category does not mean risk free. ÷ H Income and H Accumulation classes commenced September 2014. * Ongoing charges figures are based on annualised expenses for the period ended 28 February 2015. `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund.

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

265 BlackRock Collective Investment Funds 266 Global Property Securities Equity Tracker Investment Report Global Property Securities Equity Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 25.2%*, compared Nominal Value Total Net with its benchmark, the FTSE EPRA/NAREIT Developed Index, which returned 25.4%. The Fund Value Investment £ Assets underperformed its benchmark index as a result of (a) the stock market on which the benchmark EQUITIES – 99.01%; 2014 99.79% index operates being closed at the Fund’s valuation point. This results in a temporary mismatch on days when units are created or redeemed, (b) temporary divergences in the calculation when the index United Kingdom – 6.16%; 2014 6.59% provider calculates index values during UK bank holidays while the Fund is closed and (c) income from 124,039 Big Yellow 781,446 0.10 securities lending activity. Over the six month period to 28 February 2015, the Fund returned 13.2%* 923,316 British Land 7,645,056 0.99 compared with its benchmark which returned 13.4%. 658,044 Capital & Counties Properties 2,658,498 0.34 4,335 Daejan 259,016 0.03 Fund Manager’s Commentary 83,325 Derwent London 2,791,387 0.36 The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. 104,352 Development Securities 261,141 0.03 Recovery continued apace in the US and UK, but weak economic growth and worries about deflation 454,383 F&C Commercial Property Trust 650,222 0.08 in Europe finally saw the European Central Bank launch a programme of spending in support of its 207,120 F&C UK Real Estate Investment Trust 208,673 0.03 economy (what is known as quantitative easing) that surprised many with its scale. In Japan, Prime 368,497 Grainger Trust 773,844 0.10 Minister Shinzo Abe won a snap election in November and with it the mandate to abandon a second 312,263 Great Portland Estates 2,496,543 0.32 sales tax hike. Policymakers will be hoping that the economy can now feel the full effect of the central 714,309 Hammerson 4,825,157 0.62 bank’s huge quantitative easing programme. There was a similar divergence in emerging markets, as a 617,503 Hansteen 728,036 0.09 steep decline in the oil price proved a boon to some, notably importers like India, but had more serious 83,749 Helical Bar 334,787 0.04 repercussions for oil exporters like Russia as revenues slumped. 837,046 Intu Properties 2,958,121 0.38 718,425 Land Securities 9,023,418 1.17 The global property sector flourished over the period as a growing global economy attracted investors 529,238 London & Stamford Property 854,190 0.11 to an area they felt was well-priced and offered attractive growth or income potential. The first half of 283,404 MedicX Fund 237,351 0.03 the year was very strong as the US economy in particular recovered strongly. The sector experienced 391,932 Picton Property Income 279,252 0.04 more ups and downs between September and the end of 2014, as the global economy appeared more 95,592 Primary Health 367,551 0.05 fragile and people started worrying about what would happen once the US Federal Reserve finally 416,959 Quintain Estates & Development 400,281 0.05 decided to raise interest rates. Overall, however, returns in 2014 were significantly better than those of 727,483 Redefine International 407,390 0.05 most other risk assets. 184,850 Safestore 517,118 0.07 393,939 Schroder Real Estate 239,318 0.03 The Fund is structured to closely track the FTSE EPRA/NAREIT Developed Index. The portfolio remains 676,136 Segro 2,910,765 0.38 positioned so that its risk characteristics are similar to those of the Index. 249,051 Shaftesbury 2,021,049 0.26 160,073 St. Modwen Properties 775,874 0.10 March 2015 175,597 Standard Life Investment Property Trust 143,989 0.02 391,920 UK Commercial Property Trust 349,005 0.05 * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net 178,575 Unite 980,377 0.13 asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. 100,102 Workspace 860,377 0.11 47,739,232 6.16 Australia – 5.94%; 2014 6.49% 431,366 BWP Trust 648,901 0.08 279,450 Charter Hall Office REIT 617,115 0.08 1,289,249 Cromwell Property 760,744 0.10 827,792 Dexus Property (Stapled) 3,270,331 0.42 1,279,832 Federation Centres 1,918,759 0.25 1,560,452 Goodman 4,923,958 0.64 1,615,196 GPT 3,795,938 0.49

267 BlackRock Collective Investment Funds 268 Global Property Securities Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 529,518 Investa Office Fund 1,048,657 0.14 50,599 Conwert Immobilien 449,141 0.06 3,324,197 Mirvac 3,451,568 0.45 212,224 Deutsche Annington 5,291,737 0.68 2,026,823 Novion Property 2,515,114 0.33 40,766 Deutsche Euroshop 1,345,799 0.17 4,727,090 Scentre 9,217,867 1.19 262,258 Deutsche Wohnen 4,691,064 0.61 2,100,073 Stockland Trust 4,978,014 0.64 30,213 DIC Asset 211,851 0.03 1,764,634 Westfield 8,750,104 1.13 54,426 DO Deutsche Office 155,441 0.02 45,897,070 5.94 25,170 Eurobank Properties Real Estate Investment 160,761 0.02 37,102 Eurocommercial 1,117,530 0.14 Canada – 3.10%; 2014 4.09% 30,267 Foncière des Régions 2,028,271 0.26 69,680 Allied Properties Real Estate Investment Trust 1,460,657 0.19 192,156 GAGFAH 2,889,732 0.37 119,018 Artis Real Estate 945,532 0.12 31,072 Gecina 2,648,720 0.34 37,605 Boardwalk Real Estate Investment Trust 1,150,766 0.15 38,443 Hamborner Real Estate Investment Trust 262,751 0.03 95,878 Calloway Real Estate 1,510,477 0.20 31,913 Icade 1,853,446 0.24 100,599 Canadian Apartment Properties 1,473,287 0.19 245,555 IMM Grande 150,598 0.02 65,585 Canadian Real Estate Investment Trust 1,583,842 0.20 1,520,156 Inmobiliaria Colonial 722,676 0.09 154,091 Chartwell Retirement Residences 1,019,740 0.13 6,513 Intervest Offices 123,850 0.02 143,862 Cominar Real Estate Investment Trust 1,468,702 0.19 161,148 Klepierre 5,109,999 0.66 74,945 Crombie Real Estate 520,826 0.07 1,641 Leasinvest Real Estate 114,613 0.01 78,319 Dream Global Real Estate Investment Trust 385,578 0.05 52,446 LEG Immobilien 2,792,070 0.36 97,394 Dream Office Real Estate Investment Trust 1,379,914 0.18 36,580 Mercialys 583,294 0.08 73,253 Extendicare 262,316 0.03 112,871 Merlin Properties 979,777 0.13 80,158 First Capital Realty 815,434 0.11 112,001 Nieuwe Steen Investments 347,839 0.05 42,113 Granite Real Estate 979,905 0.13 218,011 Sponda 706,977 0.09 248,183 H&R Real Estate 3,093,204 0.40 100,100 TAG Immobilien 870,008 0.11 82,021 Innvest Real Estate 249,933 0.03 80,048 Technopolis 255,052 0.03 43,478 Killam Properties 244,693 0.03 28,423 TLG Immobilien 300,259 0.04 27,773 Morguard Real Estate 255,472 0.03 88,981 Unibail-Rodamco 16,636,308 2.15 27,752 Northern Property Real Estate Investment Trust 369,039 0.05 15,961 VastNed Retail 536,474 0.07 158,727 Pure Industrial Real Estate Trust 416,220 0.05 11,912 Warehouses De Pauw 635,716 0.08 289,460 RioCan Real Estate Investment Trust 4,386,189 0.57 31,162 Wereldhave 1,389,149 0.18 23,971,726 3.10 1,777 Wereldhave Belgium 137,679 0.02 Europe – 7.91%; 2014 7.12% 61,232,984 7.91 7,976 Aedifica 349,768 0.05 Hong Kong – 7.25%; 2014 7.33% 4,862 Affine 66,659 0.01 2,102,000 Champion Real Estate Investment Trust 668,206 0.09 60,439 Alstria Office Real Estate Investment Trust 540,872 0.07 1,155,000 Fortune Real Estate Investment Trust 847,970 0.11 5,877 ANF Immobilier 103,822 0.01 2,028,881 Hang Lung Property 3,715,729 0.48 15,391 Befimmo 720,622 0.09 1,031,680 Henderson Land Development 4,549,282 0.59 987,617 Beni Stabili 524,703 0.07 1,070,381 Hong Kong Land 5,229,311 0.68 46,383 BUWOG 668,241 0.09 566,000 Hysan Development 1,754,398 0.23 74,511 CA Immobilien Anlagen 982,898 0.13 568,471 Kerry Properties 1,226,088 0.16 237,876 Citycon 545,571 0.07 2,085,000 Link Real Estate Investment Trust 8,593,813 1.11 15,373 Cofinimmo 1,231,246 0.16 4,568,813 New World Development 3,472,759 0.45

269 BlackRock Collective Investment Funds 270 Global Property Securities Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 2,712,594 Sino Land 2,865,309 0.37 823 Tokyu Real Estate Investment Trust 701,184 0.09 1,408,893 Sun Hung Kai Properties 14,259,087 1.84 138 Top Real Estate Investment Trust 380,958 0.05 1,068,281 Swire Properties 2,286,261 0.30 2,268 United Urban Investment 2,379,165 0.31 1,380,341 Wharf 6,507,104 0.84 87,940,862 11.38 55,975,317 7.25 New Zealand – 0.08%; 2014 0.09% Israel – 0.10%; 2014 0.11% 901,032 Kiwi Property 580,201 0.08 31,914 Azrieli 776,818 0.10 Norway – 0.08%; 2014 0.06% Japan – 11.38%; 2014 12.93% 56,866 Entra 409,915 0.05 219 Activia Properties 1,255,358 0.16 243,263 Norwegian Property 220,740 0.03 1,145 Advance Residence Investment 1,850,644 0.24 630,655 0.08 105,100 Aeon Mall 1,314,711 0.17 220 Daiwa Office Investment 813,338 0.11 Singapore – 3.19%; 2014 3.77% 229 Daiwahouse REIT 709,021 0.09 1,785,900 Ascendas Real Estate Investment Trust 2,090,163 0.27 568 Daiwahouse Residential 824,276 0.11 1,817,900 CapitaCommercial 1,526,521 0.20 424 Frontier Real Estate 1,282,937 0.17 2,316,002 CapitaLand 3,955,682 0.51 554 Fukuoka REIT 678,613 0.09 2,350,300 CapitaMall Trust 2,359,357 0.31 1,788 GLP J-REIT 1,263,007 0.16 527,000 CDL Hospitality Trusts 440,023 0.06 265,400 Hulic 1,874,731 0.24 540,054 City Developments 2,628,456 0.34 267 Industrial & Infrastructure Fund 848,354 0.11 2,729,000 Global Logistic Properties 3,362,724 0.43 963 Japan Excellent 816,292 0.11 639,200 Keppel Land 1,380,640 0.18 2,429 Japan Hotel REIT Investment 1,039,996 0.13 1,580,000 Keppel Real Estate Investment Trust 928,351 0.12 721 Japan Logistics Fund 949,522 0.12 1,163,000 Mapletree Commercial Trust 860,395 0.11 720 Japan Prime Realty Investment 1,671,927 0.22 1,066,000 Mapletree Industrial Real Estate Investment Trust 781,027 0.10 1,142 Japan Real Estate 3,677,991 0.48 1,251,000 Mapletree Logistics Trust 732,066 0.09 2,208 Japan Retail Fund Investment 3,057,224 0.40 2,223,900 Suntec Real Estate Investment Trust 2,063,183 0.27 323 Kenedix Realty Investment 1,190,631 0.15 423,654 UOL 1,582,228 0.20 1,157,000 Mitsubishi Estate 17,494,829 2.26 24,690,816 3.19 867,000 Mitsui Fudosan 15,399,945 1.99 Sweden – 1.08%; 2014 1.11% 1,179 Mori Hills REIT Investment 1,079,796 0.14 149,099 Castellum 1,651,797 0.21 892 Mori Trust Sogo 1,244,731 0.16 41,684 Dios Fastigheter 238,498 0.03 385 Nippon Accommodations Fund 948,200 0.12 120,214 Fabege 1,179,776 0.15 1,234 Nippon Building Fund 3,987,651 0.52 81,398 Fastighets AB Balder 930,819 0.12 1,319 Nippon Prologis 1,969,095 0.25 35,892 Hemfosa Fastigheter 587,535 0.08 108,000 Nomura Real Estate 1,234,654 0.16 100,457 Hufvudstaden 952,369 0.12 1,477 Nomura Real Estate Master Fund 1,174,438 0.15 31,310 Klovern class ‘A’ shares 26,720 0.00 310 Nomura Real Estate Office Fund 1,000,082 0.13 313,105 Klovern class ‘B’ shares 252,625 0.03 98,000 NTT Urban Development 649,285 0.08 159,374 Kungsleden 843,867 0.11 1,924 Orix Jreit 1,781,898 0.23 89,859 Wallenstam class ‘B’ shares 1,033,150 0.13 226 Premier Investment 814,724 0.11 58,017 Wihlborge Fast 789,926 0.10 396,000 Sumitomo Realty & Development 8,801,198 1.14 8,487,082 1.08 370,000 Tokyo Tatemono 1,780,456 0.23

271 BlackRock Collective Investment Funds 272 Global Property Securities Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Switzerland – 0.93%; 2014 0.99% 38,572 Education Realty Trust 874,821 0.11 8,733 Allreal 870,886 0.11 73,521 Empire State Realty 841,586 0.11 5,441 Mobimo 835,248 0.11 51,418 EPR Properties 2,029,570 0.26 36,344 PSP Swiss Property 2,453,446 0.32 116,176 Equity Commonwealth 1,989,140 0.26 50,469 Swiss Prime Site 2,988,421 0.39 69,337 Equity Lifestyle Properties 2,417,866 0.31 7,148,001 0.93 55,290 Equity One 955,965 0.12 326,012 Equity Residential 16,249,970 2.10 United States of America – 51.81%; 2014 49.11% 57,983 Essex Property Trust 8,341,763 1.08 57,207 Acadia Realty Trust 1,264,151 0.16 50,620 Excel 448,420 0.06 14,128 Agree Realty 300,131 0.04 99,415 Extra Space Storage 4,231,603 0.55 1,847 Alexander’s 519,739 0.07 61,780 Federal Realty Investment Trust 5,676,292 0.73 65,175 Alexandria Real Estate 4,045,287 0.52 109,048 FelCor Lodging Trust 759,257 0.10 17,688 American Assets Trust 469,498 0.06 97,622 First Industrial Realty Trust 1,343,613 0.17 95,358 American Campus Communities 2,546,541 0.33 49,238 First Potomac Realty 380,420 0.05 137,040 American Homes 4 Rent 1,479,117 0.19 135,308 Forest City class ‘A’ shares 2,211,648 0.29 843,391 American Realty Capital Properties 5,348,280 0.69 79,558 Franklin Street Properties 648,655 0.08 132,256 Apartment Investment & Management 3,223,815 0.42 460,043 General Growth Properties 8,635,853 1.12 86,048 Ashford Hospitality Trust 592,993 0.08 20,018 Getty Realty 233,418 0.03 50,349 Associated Estates Realty 780,289 0.10 61,091 Government Properties Income 924,627 0.12 120,202 Avalonbay Communications 13,075,682 1.69 418,715 HCP 11,477,137 1.49 22,664 Aviv 527,663 0.07 296,385 Health Care REIT 14,784,729 1.91 180,002 BioMed Realty Trust 2,589,261 0.34 88,541 Healthcare Realty Trust 1,634,577 0.21 138,639 Boston Properties 12,327,155 1.59 112,322 Healthcare Trust of America 2,015,458 0.26 160,209 Brandywine Realty Trust 1,642,106 0.21 154,382 Hersha Hospitality Trust 670,314 0.09 135,365 Brixmor Property 2,223,090 0.29 83,245 Highwoods Properties 2,456,304 0.32 78,982 Camden Property Trust 3,718,093 0.48 51,758 Home Properties 2,235,568 0.29 55,139 Campus Crest Communities 277,586 0.04 131,884 Hospitality Properties 2,628,463 0.34 152,322 CBL & Associates Properties 1,973,267 0.26 690,824 Host Hotels & Resorts 9,387,410 1.21 69,088 Cedar Shopping Centers 334,398 0.04 57,118 Hudson Pacific Properties 1,180,133 0.15 213,704 Chambers Street Properties 1,131,163 0.15 77,424 Inland Real Estate 535,565 0.07 33,240 Chatham Lodging Trust 623,976 0.08 107,057 Investors Real Estate Trust 530,644 0.07 49,603 Chesapeake Lodging Real Estate Investment Trust 1,141,376 0.15 76,528 Kilroy Realty 3,661,499 0.47 83,083 Corporate Office Properties Trust 1,580,588 0.21 376,639 Kimco Realty 6,404,861 0.83 188,721 Cousins Properties 1,310,325 0.17 72,741 Kite Realty Group Trust 1,332,534 0.17 145,713 CubeSmart 2,183,715 0.28 94,084 LaSalle Hotel Properties 2,368,233 0.31 78,883 DCT Industrial Trust 1,838,596 0.24 210,787 Lexington Realty 1,475,809 0.19 277,959 DDR 3,410,187 0.44 133,786 Liberty Property Trust 3,222,153 0.42 176,115 DiamondRock Hospitality 1,649,013 0.21 31,506 LTC Properties 910,278 0.12 123,435 Digital Realty Trust 5,302,737 0.69 144,225 Macerich 7,805,732 1.01 120,346 Douglas Emmett 2,248,213 0.29 78,635 Mack Cali Realty 956,605 0.12 309,016 Duke Realty 4,271,115 0.55 68,463 Mid-America Apartment Communities 3,209,175 0.42 58,381 Dupont Fabros Technology 1,183,184 0.15 30,490 National Health Investors 1,403,755 0.18 28,515 EastGroup Properties 1,162,447 0.15

273 BlackRock Collective Investment Funds 274 Global Property Securities Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure – Derivatives Value Total Value Investment £ Assets Value Investment £ £ Net Assets 118,529 National Retail Properties 3,085,558 0.40 153,122 Vornado Realty Trust 10,906,004 1.41 144,142 New York REIT 968,160 0.13 58,674 Washington Real Estate Investment Trust 1,075,981 0.14 116,132 Omega Healthcare Investors 3,010,384 0.39 99,783 Weingarten Realty Investors 2,338,644 0.30 129,326 Paramount 1,536,447 0.20 26,495 Winthrop Realty Trust 275,854 0.04 70,314 Parkway Properties 801,236 0.10 79,939 WP Carey 3,544,338 0.46 64,137 Pebblebrook Hotel Real Estate Investment Trust 2,014,916 0.26 165,561 WP Glimcher 1,857,660 0.24 58,943 Pennsylvania Real Estate Investment Trust 868,088 0.11 400,660,237 51.81 58,076 Physicians Realty Trust 617,438 0.08 139,691 Piedmont Office Realty Trust 1,655,972 0.21 DERIVATIVES – 0.04%; 2014 0.00% 48,592 Post Properties 1,786,591 0.23 Futures – 0.04%; 2014 0.00% 455,525 Prologis 12,589,280 1.63 18 FTSE 100 March 2015 1,245,600 48,595 0.01 17,680 PS Business Parks 950,126 0.12 7 Hang Seng March 2015 724,047 (976) 0.00 132,664 Public Storage 16,937,108 2.19 89 S&P500 EMINI March 2015 6,054,897 94,451 0.01 66,845 Ramco-Gershenson Properties Trust 808,853 0.10 10 SPI 200 March 2015 748,854 40,507 0.01 202,157 Realty Income 6,545,837 0.85 19 TOPIX March 2015 1,568,894 105,091 0.01 84,783 Regency Centers 3,599,465 0.47 10,342,292 287,668 0.04 82,349 Retail Opportunity Real Estate Investment Trust 892,549 0.12 215,126 Retail Properties of America 2,203,601 0.28 Portfolio of Investments 766,018,669 99.05 118,459 RLJ Lodging Trust 2,438,321 0.32 Net other assets 7,342,492 0.95 31,396 Rouse Properties 351,057 0.05 Total net assets 773,361,161 100.00 43,792 Ryman Hospitality 1,702,770 0.22 Unless otherwise stated, all holdings are quoted in ordinary shares and are listed on a recognised exchange 48,887 Sabra Health Care Real Estate Investment Trust 1,032,846 0.13 Note: comparative figures show percentages for each category of holding at 28 February 2014. 10,982 Saul Centers 382,814 0.05 Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. 60,752 Select Income REIT 970,994 0.13 208,909 Senior Housing Properties Trust 3,022,651 0.39 32,398 Silver Bay Realty Trust 338,571 0.04 287,778 Simon Property 35,449,914 4.58 88,143 SL Green Realty 7,233,270 0.94 30,100 Sovran Self Storage 1,792,288 0.23 348,840 Spirit Realty Capital 2,765,168 0.36 57,632 STAG 930,078 0.12 239,289 Strategic Hotels & Resorts 2,031,495 0.26 72,577 Sumit Hotel Properties 616,627 0.08 41,099 Sun Communities 1,796,452 0.23 187,622 Sunstone Hotel 2,118,548 0.27 85,585 Tanger Factory Outlet Centers 1,962,684 0.25 56,431 Taubman Centers 2,641,894 0.34 233,238 UDR 4,819,004 0.62 4,891 Universal Health Realty Income Trust 160,523 0.02 75,116 Urban Edge Properties 1,163,146 0.15 23,321 Urstadt Biddle Properties class ‘A’ shares 342,405 0.04 289,499 Ventas 13,950,427 1.80

275 BlackRock Collective Investment Funds 276 Global Property Securities Equity Tracker Statement of Global Property Securities Equity Tracker Balance Sheet Total Return for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 766,019,645 506,693,241 Income – Debtors 7 4,364,885 3,449,698 Net capital gains/(losses) – Cash and bank balances 8 8,715,425 2,662,660 during the year/period 2 125,664,778 (20,765,171) Total other assets 13,080,310 6,112,358 Revenue 3 21,356,073 10,172,761 Total assets 779,099,955 512,805,599 Expenses 4 (1,211,209) (670,812) Liabilities: Finance costs: Interest 6 (4,614) (3,951) Investment liabilities (976) (1,044) Net revenue before taxation 20,140,250 9,497,998 – Creditors 9 (4,240,497) (4,405,615) Taxation 5 (3,549,407) (1,793,264) Net revenue after taxation – Amount held at futures clearing houses and brokers (55,678) – for the year/period 16,590,843 7,704,734 – Distribution payable on Total return before distributions 142,255,621 (13,060,437) income units (1,441,643) (622,174) Finance costs: Distributions 6 (16,034,268) (7,474,563) Total other liabilities (5,737,818) (5,027,789) Change in net assets Total liabilities (5,738,794) (5,028,833) attributable to unitholders from investment activities £126,221,353 £(20,535,000) Net assets attributable to unitholders £773,361,161 £507,776,766 Global Property Securities Equity Tracker Statement of Change in Net Assets Attributable to Unitholders N C D Hall (Director) for the year ended 28 February 2015 E E Tracey (Director) BlackRock Fund Managers Limited For the period 30 April 2015 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 507,776,766 142,179,513 Amounts received on creation of units 223,348,059 416,515,772 Amounts paid on cancellation of units (98,091,381) (38,850,982) 125,256,678 377,664,790

Stamp duty reserve tax (6,188) (15,944) Change in net assets attributable to unitholders from investment activities 126,221,353 (20,535,000) Retained distribution on accumulation units 14,112,552 8,483,407 Closing net assets attributable to unitholders £773,361,161 £507,776,766

277 BlackRock Collective Investment Funds 278 Global Property Securities Equity Tracker Notes to Financial Statements for the year ended 28 February 2015

1. Accounting and Distribution Policies 4. Expenses Please see pages 6-8 of the Aggregated Notes to Financial Statements. For the period For the year from 1.2.2013 2. Net Capital Gains/(Losses) During the Year/Period to 28.2.2015 to 28.2.2014 £ £ For the period For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 1,104,257 612,247 £ £ – Registrar’s fees 6,599 6,331 The net capital gains/(losses) comprise: 1,110,856 618,578 Gains/(losses) on non-derivative securities 122,460,880 (21,586,152) Payable to the Trustee or associates of the Trustee: Gains on derivative contracts 492,737 171,698 – Trustee’s fees 47,943 23,825 Gains on forward currency contracts 1,678 10,477 47,943 23,825 Currency gains/(losses) 318 ,19 5 (118,428) Other expenses: US REIT dividends 2,444,460 856,569 – Audit fee 8,028 6,637 Custodian transaction costs (53,172) (99,335) – FCA fee 153 165 Net capital gains/(losses) £125,664,778 £(20,765,171) – Legal & professional fees – 132 – Safe custody fees 44,229 21,475 3. Revenue 52,410 28,409 For the period Total expenses £1,211,209 £670,812 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ 5. Taxation Interest from UK bank deposits 8,621 2,316 (a) Analysis of tax charge for the year/period Overseas dividends 2,806,133 1,346,311 For the period For the year from 1.2.2013 Overseas REIT dividends 6,395,146 3,803,949 to 28.2.2015 to 28.2.2014 Securities lending revenue 23,086 1,465 £ £ Stock dividends 558,120 233,693 Corporation tax 3,225,949 1,579,209 UK dividends 218,971 8 6 ,170 Double taxation relief (2,229,035) (1,118,721) UK REIT dividends 494,257 193,473 Irrecoverable overseas tax 2,530,247 1,325,517 US REIT dividends 10,851,739 4,505,384 Total current tax charge for the year/period [see Note 5(b)] £3,527,161 £1,786,005 Total revenue £21,356,073 £10,172,761 Deferred tax movement for the year/period [see Note 5(c)] 22,246 7,259 Total tax for the year/period £3,549,407 £1,793,264

279 BlackRock Collective Investment Funds 280 Global Property Securities Equity Tracker Notes to Financial Statements continued

(b) Factors affecting the current tax charge for the year/period 6. Finance Costs The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an For the period authorised unit trust. The differences are explained below: For the year from 1.2.2013 For the period to 28.2.2015 to 28.2.2014 For the year from 1.2.2013 £ £ to 28.2.2015 to 28.2.2014 Interim distribution 9,640,619 4,635,798 £ £ Final distribution 7,396,257 5,120,379 Net revenue before taxation 20,140,250 9,497,998 17,036,876 9,756,177 Corporation tax at 20% (28 February 2014: 20%) 4,028,050 1,899,600 Add: Amounts deducted on cancellation of units 391,302 384,034 Effects of: Less: Amounts received on creation of units (1,393,910) (2,665,648) Capitalised income from US REITs 488,892 171,314 Net distribution for the year/period 16,034,268 7,474,563 Double taxation relief (2,229,035) (1,118,721) Finance costs: Interest 4,614 3,951 Franked investment revenue at 20% (43,794) (17,234) Finance costs £16,038,882 £7,478,514 Irrecoverable overseas tax 2,530,247 1,325,517 Movement in revenue accruals not taxable (42,18 4) (48,241) Net revenue after taxation for the year/period 16,590,843 7,704,734 Non taxable overseas dividends (1,093,391) (379,491) Add: Equalisation on conversions 1,545 3,522 Non taxable stock dividends (111,624) (46,739) Less: Non distributable stock dividends (558,120) (233,693) Total current tax charge for the year/period [see note 5(a)] £3,527,161 £1,786,005 Net distribution for the year/period £16,034,268 £7,474,563

Details of the interim and final distributions per unit are set out in the tables on page 294. (c) Analysis of deferred tax charge for the period/year

For the period 7. Debtors For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 28.2.2015 28.2.2014 £ £ £ £ Opening deferred tax balance 52,672 45,413 Accrued revenue 807,059 5 51,136 Deferred tax movement for the period/year [see Note 5(a)] 22,246 7,259 Amounts receivable for creation of units 1,788,350 1,343,726 Closing deferred tax balance £74,918 £52,672 Currency sales awaiting settlement 1,764,367 1,548,901 Overseas tax recoverable 4,957 3,387 Sales awaiting settlement 152 2,548 Total debtors £4,364,885 £3,449,698

8. Cash and Bank Balances

28.2.2015 28.2.2014 £ £ Amounts held at futures clearing houses and brokers 188,677 144,954 Cash and bank balances 8,526,748 2,517,706 Total cash and bank balances £8,715,425 £2,662,660

281 BlackRock Collective Investment Funds 282 Global Property Securities Equity Tracker Notes to Financial Statements continued

9. Creditors Risk Impact of risk 28.2.2015 28.2.2014 Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the £ £ ability of the Fund to trade financial instruments at values previously indicated Accrued Audit fee 8,026 8,026 by financial brokers. Accrued FCA fee 754 601 All stocks are valued daily. Stocks identified as being illiquid are reviewed Accrued Manager’s charge 329,690 190,242 for pricing accuracy as the need arises and on a formal monthly basis by the Accrued Registrar’s fee 2,856 1,405 BlackRock Pricing Committee. Accrued Safe custody fees 10,552 8,439 The Fund invests primarily in medium and larger real estate companies Accrued Trustee’s fee 14,081 8 ,142 incorporated or listed in Continental Europe, the Pacific Basin, the US and the Amounts payable for cancellation of units 15 6 ,14 9 2,202,489 UK. These territories are typically considered to be a operating with high levels of liquidity. From time to time, however, market liquidity may be affected by economic Corporation tax payable 434,340 365,554 events and socio-political events. Currency purchases awaiting settlement 1,762,709 1,546,236 To manage the risk, the Investment Manager undertakes research of investment Custodian transaction costs 8,569 21,809 opportunities to select opportunities congruent with the Fund’s investment Deferred taxation 74,918 52,672 objective. Purchases awaiting settlement 1,437,853 – Counterparty The risk of entering an arrangement with a counterparty, which is itself subject Total creditors £4,240,497 £4,405,615 to financial risks which may affect its ability to trade as a going concern. The Manager maintains a list of approved counterparties. This list is regularly 10. Derivatives and Other Financial Instruments monitored and revised for changes based on the counterparty’s credit-worthiness, (a) The Fund’s financial instruments comprise securities and other investments, cash balances and market reputation and expectations of future financial performance. Transactions debtors and creditors that arise directly from its operations, for example, in respect of sales and will only be opened with financial intermediaries on the approved counterparties purchases awaiting settlement, amounts receivable for creations and payable for cancellation of list. units and debtors for accrued revenue. The Fund’s use of exchange traded derivatives are considered to be free of The Manager shall take the risks it deems reasonable to meet the investment objective. These counterparty risk if the derivative is traded on an exchange where the clearing risks include the following: house is backed by an appropriate performance guarantee and it is characterised Risk Impact of risk by a daily mark-to-market valuation of the derivative position and at least daily Foreign currency The risk of changes to foreign currency rates materially affecting the Sterling margining. equivalent value of non-Sterling denominated assets and liabilities accounted At 28 February 2015, the market value of the exchange traded derivatives held for by the Fund. by the Fund was £287,668 (28 February 2014: £28,412). Exchange traded The Fund is accounted for in Sterling and holds financial assets and financial derivatives are primarily traded with the following counterparty: Goldman Sachs. liabilities denominated in other international currencies. Margin is paid or received on derivatives to cover any exposure by the counterparty To manage the risk, the Fund may enter into forward currency contracts for the to the Fund or by the Fund to the counterparty. Margin receivable from the purposes of efficient portfolio management. At 28 February 2015, the Fund has Fund’s clearing brokers and various counterparties is included in “Cash and bank no open forward currency contracts (28 February 2014: £Nil). balances” on the Balance Sheet. Margin payable to the Fund’s clearing brokers and various counterparties is included in “Amounts held at futures clearing houses and Market price The valuation of the Fund’s investments is calculated with reference to market brokers” on the Balance Sheet. prices quoted by financial agencies and brokers. Movements to those market prices may materially affect the value of the Fund’s investments, which may At 28 February 2015, the Fund had received margin of £55,678 (28 February 2014: move down as well as up. £Nil) from counterparties and had provided margin of £188,677 (28 February 2014: £144,954) to counterparties relating to derivatives. To manage the risk, the Manager undertakes research in order to achieve the best price for any transactions entered into on behalf of the Fund.

283 BlackRock Collective Investment Funds 284 Global Property Securities Equity Tracker Notes to Financial Statements continued

(b) Currency Exposures Risk Impact of risk A proportion of the net assets of the Fund are denominated in currencies other than Sterling, Credit During the year, the Fund engaged in securities lending activities which exposed with the effect that the Balance Sheet and Statement of Total Return can be affected by the Fund to credit risk. The maximum exposure of the Fund is equal to the value of currency movements. the securities loaned disclosed in Note 12. The currency profile held at 28 February 2015 was as follows: Use of The Fund may use derivatives for the purposes of efficient portfolio management derivatives in order to reduce risk within the portfolio, reduce investment costs and generate Currency Net Assets additional income. Monetary Non-monetary The use of derivatives will impact the value of the Fund and may expose the Exposures Exposures Total Fund to a higher degree of risk. In particular, derivative contracts can be highly 28.2.2015 28.2.2015 28.2.2015 Currency £ £ £ volatile and the amount of initial margin is generally small relative to the size of the contract so that transactions may be leveraged in terms of market exposure. Australian dollar 1,211,242 45,648,327 46,859,569 A relatively small market movement may have a potentially larger impact on Canadian dollar 18,297 24,047,384 24,065,681 derivatives than on standard bonds or equities. Leveraged derivative positions Euro 5,925 61,279,870 61,285,795 can therefore increase fund volatility. Hong Kong dollar 529,857 56,001,500 56,531,357 As at 28 February 2015, the Manager uses a methodology known as the Israeli shekel 2,10 6 777,867 779,973 “Commitment Approach” in order to measure the global exposure from financial Japanese yen 1,424,841 87,945,889 89,370,730 derivative instruments of the Fund and manage the potential loss to it due to New Zealand dollar 13,899 580,201 594,100 market risk. The Commitment Approach is a methodology that aggregates the Norwegian krone 3,353 6 31,15 5 634,508 underlying market or notional values of derivative instruments to determine the degree of global exposure of a Fund to derivative instruments. In accordance with Singapore dollar 368,229 24,470,184 24,838,413 COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net Swedish krona 5,404 8,487,082 8,492,486 asset value. Swiss franc 2,265 7,148,001 7,150,266 Any exposure to financial derivative instruments at year end is marked on the UK sterling 1,296,850 45,350,241 46,647,091 Portfolio Statement. US dollar 3,777,479 402,333,713 4 0 6 ,111,192

These risks are monitored by the Manager in pursuance of the investment objective and policy as Total £8,659,747 £764,701,414 £773,361,161 set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the Investment Report and Portfolio Statement.

285 BlackRock Collective Investment Funds 286 Global Property Securities Equity Tracker Notes to Financial Statements continued

The currency profile held at 28 February 2014 was as follows: (c) Interest Rate Risk Profile of Financial Assets and Liabilities Currency Net Assets The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows:

Monetary Non-monetary Floating Rate Fixed Rate Financial Assets Exposures Exposures Total Financial Financial not Carrying 28.2.2014 28.2.2014 28.2.2014 Assets Assets Interest Total Currency £ £ £ Currency £ £ £ £ Australian dollar 700,549 33,010,488 33,711,037 Australian dollar 1,218,827 – 46,021,465 47,240,292 Canadian dollar 73,725 20,844,532 20,918,257 Canadian dollar 18,297 – 24,047,384 24,065,681 Euro 49,624 36 ,12 9,18 9 36,178,813 Euro 5,925 – 61,279,870 61,285,795 Hong Kong dollar 57,569 37,167,84 4 37,225,413 Hong Kong dollar 529,857 – 56,002,476 56,532,333 Israeli shekel 4,905 543,931 548,836 Israeli shekel 2,10 6 – 777,867 779,973 Japanese yen 201,733 65,938,884 66,140,617 Japanese yen 1,472,934 – 88,681,353 90,154,287 New Zealand dollar 6,316 451,789 4 5 8 ,10 5 New Zealand dollar 13,899 – 580,201 594,100 Norwegian krone 2,110 311,990 314 ,10 0 Norwegian krone 3,353 – 6 31,15 5 634,508 Singapore dollar 138,237 19,157,082 19,295,319 Singapore dollar 368,229 – 24,726,997 25,095,226 Swedish krona 13,571 5,664,822 5,678,393 Swedish krona 5,404 – 8,487,082 8,492,486 Swiss franc 7,13 0 5,067,839 5,074,969 Swiss franc 2,265 – 7,148,001 7,150,266 UK sterling 136,281 32,061,841 32,19 8 ,122 UK sterling 1,296,850 – 49,594,528 50,891,378 US dollar 1,270,910 248,763,875 250,034,785 US dollar 3,777,479 – 402,406,151 406,183,630 Total £2,662,660 £5 0 5 ,114 ,10 6 £507,776,766 Total £8,715,425 £0 £770,384,530 £779,099,955

Floating Rate Financial Financial Liabilities not Liabilities Carrying Interest Total Currency £ £ £ Australian dollar (7,585) (373,138) (380,723) Hong Kong dollar – (976) (976) Japanese yen (48,093) (735,464) (783,557) Singapore dollar – (256,813) (256,813) UK sterling – (4,244,287) (4,244,287) US dollar – (72,438) (72,438) Total £(55,678) £(5,683,116) £(5,738,794)

There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates.

287 BlackRock Collective Investment Funds 288 Global Property Securities Equity Tracker Notes to Financial Statements continued

The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: 11. Contingent Assets and Liabilities There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying Assets Assets Interest Total 12. Efficient Portfolio Management Techniques Currency £ £ £ £ The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Australian dollar 700,549 – 33,011,532 33,712,081 Please see further disclosures in Note 10(a). Canadian dollar 73,725 – 20,844,532 20,918,257 During the year, the Fund engaged in securities lending, subject to the conditions and within the Euro 49,624 – 36 ,12 9,18 9 36,178,813 limits laid down by the Financial Conduct Authority. Hong Kong dollar 57,569 – 37,167,84 4 37,225,413 The Fund receives securities as collateral for a value in excess of the market value of the securities Israeli shekel 4,905 – 543,931 548,836 loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the Japanese yen 201,733 – 65,938,884 66,140,617 following collateral agents and central securities depositories: JP Morgan Chase and BNY Mellon. As at 28 February 2015, the Fund had securities on loan to the following counterparties: Barclays New Zealand dollar 6,316 – 451,789 4 5 8 ,10 5 Capital, Citigroup, Morgan Stanley and The Bank of Nova Scotia. Norwegian krone 2,110 – 311,990 314 ,10 0 The Investment Manager monitors the fair value of the securities loaned and additional collateral Singapore dollar 138,237 – 19,157,082 19,295,319 is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a Swedish krona 13,571 – 5,664,822 5,678,393 regulated market. Swiss franc 7,13 0 – 5,067,839 5,074,969 The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock UK sterling 136,281 – 35,943,394 36,079,675 Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund US dollar 1,270,910 – 249,910,111 251,181,021 and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue Total £2,662,660 £0 £510,142,939 £512,805,599 is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational costs are borne out of the securities lending agent’s share.

Floating Rate Financial 28.2.2015 28.2.2014 Financial Liabilities not £ £ Liabilities Carrying Interest Total Revenue earned during the year/period 23,086 1,465 Currency £ £ £ Value of securities on loan at the year/period end 6,943,238 4,806,261 Australian dollar – (1,044) (1,044) Value of collateral held on behalf of the Fund at the UK sterling – (3,881,553) (3,881,553) year/period end 7,830,726 6,857,486 US dollar – (1,146,236) (1,146,236) Total £0 £(5,028,833) £(5,028,833) 13. Investment Management Please see page 16. The floating rate financial assets and liabilities include: Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two week LIBID rates and overdraft interest based on 3% over the base rate. All overseas deposits and loans bear interest at rates determined by the relevant Authority. The amount held at futures clearing houses and brokers at the reporting date is on a temporary basis and is not persistent.

(d) Fair Value of Financial Assets and Financial Liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet and their fair value.

289 BlackRock Collective Investment Funds 290 Global Property Securities Equity Tracker Notes to Financial Statements continued

14. Related Parties Material Unitholders Parties are considered to be related if one party has the ability to control the other party or At the balance sheet date there were no material unitholders in the Fund. (28 February 2014: £Nil). exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 28 February 2015: 15. Portfolio Transaction Costs Summary of total purchase costs: Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited For the period For the period Securities lending agent: BlackRock Advisors (UK) Limited For the year For the year from 1.2.2013 from 1.2.2013 Trustee: BNY Mellon Trust & Depositary (UK) Limited to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. Purchases before (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. transaction costs 204,392,710 429,169,508 (“PNC”) is a substantial shareholder in BlackRock. Commissions and other costs The Manager acts as either principal or agent for the Trustee in respect of all transactions of (including stamp duty) 126,038 301,496 units of the Fund. The aggregate monies received through creation and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and Total purchase costs 126,038 301,496 Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. Gross purchases total £204,518,748 £429,471,004 Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at Summary of total sale costs: the year end in respect of these fees are shown in Note 9. For the period For the period The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing For the year For the year from 1.2.2013 from 1.2.2013 arrangements with related parties (including, without limitation, brokers who are affiliated to the to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 BlackRock Group), which may result in the Fund benefiting from research or execution services £ £ £ £ which the Investment Manager believes are useful in the investment decision-making or trade Gross sales before execution process. Such research or execution services may include, without limitation and to the transaction costs 69,306,197 42,136,896 extent permitted by applicable law: research reports on companies, industries and securities; and Commissions and other costs (25,947) (15,083) the provision of economic and financial information and analysis. Due to the bundled nature of Total sale costs (25,947) (15,083) these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Total sales net of transaction costs £69,280,250 £42,121,813 these arrangements with brokers who are not affiliated to the BlackRock Group. The Fund’s investments in other BlackRock related products are detailed on the Portfolio Statement. Securities Lending The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited, which is a related party to the Fund. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly related to securities loan transactions as well as the cost of indemnification against borrower default. See further information in Note 12.

291 BlackRock Collective Investment Funds 292 Global Property Securities Equity Tracker Notes to Financial Statements Global Property Securities Equity Tracker Distribution Tables continued for the year ended 28 February 2015

16. Unitholders’ Funds Final Distribution in Pence per Unit Accumulation and Income units are currently available as specified in the Prospectus. The net Group 1 – Units purchased prior to 1 September 2014 asset value of each unit class, net asset value per unit and the number of units in issue are given in Group 2 – Units purchased 1 September 2014 to 28 February 2015 the “Performance Record”. A Income A Accumulation L Accumulation X Accumulation D Income D Accumulation H Income H Accumulation The types of units currently in issue and the Manager’s annual charge for each unit class are Units Units Units Units Units Units Units÷ Units÷ shown below: Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 1.1681 0.7806 1.2410 0.7361 1.5013 0.7245 1.4954 0.6770 1.4043 0.7362 1.4782 0.8029 1.0564 0 .13 51 1.0709 0.2905

Class 28.2.2015 28.2.2014 Equalisation† – 0.3875 – 0.5049 – 0.7768 – 0.8184 – 0.6681 – 0.6753 – 0.9213 – 0.7804

A Income 0.50% 0.50% Distribution payable 30.4.2015 1.1681 1.1681 1.2410 1.2410 1.5013 1.5013 1.4954 1.4954 1.4043 1.4043 1.4782 1.4782 1.0564 1.0564 1.0709 1.0709 A Accumulation 0.50% 0.50% Distribution paid 30.4.2014 0.8756 0.8756 1.0120 1.0120 1.2592 1.2592 1.2581 1.2581 1.2107 1.2107 1.2426 1.2426 N/A N/A N/A N/A L Accumulation 0.20% 0.20% Interim Distribution in Pence per Unit X Accumulation◊ 0.00% 0.00% Group 1 – Units purchased prior to 1 March 2014 D Income 0.20% 0.20% Group 2 – Units purchased 1 March 2014 to 31 August 2014 D Accumulation 0.20% 0.20% ÷ A Income A Accumulation L Accumulation X Accumulation D Income D Accumulation H Income 0.18% N/A Units Units Units Units Units Units ÷ H Accumulation 0.18% N/A Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or Net revenue (dividend) 1.8129 1.4667 1.8796 1.0322 2 .1197 1.0255 2.0445 1.3823 2.0193 0.9672 2.0944 0.9286 their affiliates. ÷ H Income and H Accumulation classes commenced September 2014. Equalisation† – 0.3462 – 0.8474 – 1.0942 – 0.6622 – 1.0521 – 1.1658

Distribution paid 31.10.2014 1.8129 1.8129 1.8796 1.8796 2 .119 7 2 .119 7 2.0445 2.0445 2.0193 2.0193 2.0944 2.0944 In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the Distribution paid 31.10.2013 1.7870 1.7870 1.8443 1.8443 2 .12 8 8 2 .12 8 8 2.0813 2.0813 2.0853 2.0853 2 .10 2 8 2 .10 2 8 remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to is allocated each day pro rata to the capital value of assets attributable to each class and taxation is income tax but must be deducted from the cost of units for capital gains tax purposes. computed by reference to the net revenue after expenses attributable to each class. The distribution ÷ H Income and H Accumulation classes commenced September 2014. For the Final distribution, Group 1 units purchased 1 September 2014. Group 2 units purchased 2 September 2014 to 28 February 2015. per unit class is given in the distribution tables. All unit classes have the same rights on winding up.

17. Non Adjusting Post Balance Sheet Event Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as shown below:

Bid prices as at Bid prices as at Rise Class 23.4.2015 28.2.2015 (%) A Income 15 0.1p 147.4p 1.8 A Accumulation 160.3p 156.2p 2.6 L Accumulation 162.8p 158.5p 2.7 X Accumulation 148.6p 144.7p 2.7 D Income 151.2p 148.7p 1.7 D Accumulation 160.7p 156.6p 2.6 H Income 114.5p 112.5p 1.8 H Accumulation 115.5p 112.5p 2.7

293 BlackRock Collective Investment Funds 294 BlackRock Index Linked Gilt Tracker Fund Index Linked Gilt Tracker Fund

BlackRock Index Linked Gilt Tracker Fund This Annual Report covers the year ended 28 February 2015. The first six months were commented on in the Interim Report to 31 August 2014. For a copy, please contact us. Investment Objective & Policy Performance Table The aim of the BlackRock Index Linked Gilt Tracker Fund (the “Fund”) is to seek to achieve a total return for investors by tracking closely the performance of the FTSE Actuaries UK Index Linked Gilts Over Period of Report Since Launch One Year 29.6.2012 5 Years Index by investing in fixed income securities contained in the Index. Investment will be made to 28.2.2015 to 28.2.2015 directly into constituent issues and via other transferable securities giving exposure to such issues. The Fund may also invest in permitted money-market instruments, permitted deposits and units in TOTAL Return (with net income reinvested) collective investment schemes. Derivatives and forward transactions may be used for the purposes of Class A Accumulation Units efficient portfolio management. BlackRock Index Linked Gilt Tracker Fund +17.9% +21.7% The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established under FTSE Actuaries UK Index Linked Gilts Over 5 Years Index* +18.2% +23.1% the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Sourcebook”). TOTAL Return (with net income reinvested) The Fund was authorised by the FCA on 25 May 2012 and was established on 29 June 2012. Class D Accumulation Units BlackRock Index Linked Gilt Tracker Fund +18.2% +22.8% FTSE Actuaries UK Index Linked Gilts Over 5 Years Index* +18.2% +23.1%

All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. * Figures from Datastream. Please note that the Fund’s benchmark index, the FTSE Actuaries UK Index Linked Gilts Over 5 Years Index was previously referred to as the FTSE Actuaries UK Index Linked Gilt Over 5 Year Index. This is a clarificatory update and does not represent a change in the Fund’s benchmark index.

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

295 BlackRock Collective Investment Funds 296 Index Linked Gilt Tracker Fund continued

Annual performance to most recent quarter end Tracking Difference

BlackRock Index Linked A fund’s tracking difference may be affected if the times at which a fund and its benchmark index are § § § Gilt Tracker Fund D +21.5% +0.4% N/A N/A N/A priced are different. As the Fund is valued at midday, but the benchmark index is valued at the time All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. the relevant markets close for business, the tracking difference of the Fund at its valuation point may Performance is calculated net of fees. Performance is shown for complete 12 month periods only. § Performance data does not exist for the relevant periods. Fund launched on 29 June 2012. appear to be higher than if the Fund and the benchmark index were priced at the same time.

The table below compares the realised Fund performance against the performance of the relevant Distributions Payable benchmark index during the year ended 28 February 2015. An explanation for the difference is provided: A Accumulation The final accumulation distribution payable on 30 April 2015 is0.13 82p net per accumulation unit Fund return Benchmark return (30 April 2014: £Nil). for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference L Accumulation The Fund performed in line with the The final accumulation distribution payable on 30 April 2015 is0.2850p net per accumulation unit +18.2%* +18.2% 0.0% benchmark index.

(30 April 2014: 0.3091p net per accumulation unit). * Performance is calculated net of fees and reported for the Fund’s class D Accumulation Units.

X Income The final distribution payable on 30 April 2015 is0.3740p net per income unit. (30 April 2014: 0.3865p net per income unit).

X Accumulation The final accumulation distribution payable on 30 April 2015 is0.3812p net per accumulation unit (30 April 2014: 0.3910p net per accumulation unit).

D Accumulation The final accumulation distribution payable on 30 April 2015 is0.3101p net per accumulation unit. (30 April 2014: 0.3301p net per accumulation unit).

H Accumulation÷ The final accumulation distribution payable on 30 April 2015 is0.2441p net per accumulation unit (30 April 2014: N/A).

÷ H Accumulation class commenced September 2014.

297 BlackRock Collective Investment Funds 298 Index Linked Gilt Tracker Fund continued Index Linked Gilt Tracker Performance Record

Tracking Error Net Asset Value Realised tracking error is the annualised standard deviation of the difference in monthly returns Net Asset Value between a fund and its benchmark index. Tracking error shows the consistency of the returns relative Net Asset Value per Unit to the benchmark index over a defined period of time. Units in Issue £ p

A Accumulation Anticipated tracking error is based on the expected volatility of differences between the returns of a 28 February 2015 297,899 361,933 121.5 fund and the returns of its benchmark index. 28 February 2014 108,224 111,848 103.3 Cash management, efficient portfolio management techniques including securities lending and 31 January 2013* 7,864,593 8,343,375 10 6 .1 transaction costs from rebalancing can have an impact on tracking error as well as the return L Accumulation differential between the Fund and the benchmark index. Importantly, these impacts can be either 28 February 2015 31,177,656 38,071,036 122.1 positive or negative depending on the underlying circumstances. 28 February 2014 33,009,334 34,205,064 103.6 A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced 31 January 2013* 7,517,612 7,960,471 105.9 are different. As the Fund is valued at midday, but the benchmark index is valued at the time the X Income relevant markets close for business, the tracking error of the Fund at its valuation point may appear to 28 February 2015 5,637,298 6,757,672 119.9 be higher than if the Fund and the benchmark index were priced at the same time. 28 February 2014 6,518,277 6,663,537 102.2 The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an 31 January 2013* 8,317,965 8,747,990 105.2 ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking X Accumulation error is annualised and calculated using data since inception as the Fund has been trading for fewer 28 February 2015 111,989,042 137,221,286 122.5 than 36 months. A return history of fewer than 36 months is not considered statistically significant. 28 February 2014 113,514,714 117,842,325 103.8 Anticipated Realised 31 January 2013* 1,000 1,060 106.0 Tracking Error Tracking Error Explanation for difference D Accumulation The Fund’s return history is too short to be statistically 28 February 2015 143,532,089 176,008,151 122.6 Up to 1.20%* 1.49%* significant. 28 February 2014 166,782,532 173,485,085 104.0 * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class D Accumulation Units. 31 January 2013* 11,9 3 0,14 3 12,675,899 106.3 H Accumulation 28 February 2015÷ 7,94 4 8,557 107.7

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. ÷ H Accumulation class commenced September 2014.

299 BlackRock Collective Investment Funds 300 Index Linked Gilt Tracker Performance Record continued

Income (Net Distributions/Net Accumulations) Risk and Reward Profile

A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation Lower risk Higher risk Units Units^ Units≠ Units Units Units÷ Typically lower rewards Typically higher rewards Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Unit Class 2015* 0.13 82 0.2850 0.3740 0.3812 0.3101 0.2441 A Accumulation 1 2 3 4 5 6 7 2014 0.18 01 0.6154 0.7739 0.7845 0.6592 N/A L Accumulation 1 2 3 4 5 6 7 2013 1.13 8 0 1.0809 1.5485 1.4146 1.4406 N/A X Income 1 2 3 4 5 6 7 2012‡ 0.0180 N/A N/A 0.0000 0.0426 N/A X Accumulation 1 2 3 4 5 6 7 * To 30 April. ‡ Fund launched on 29 June 2012. D Accumulation 1 2 3 4 5 6 7 ^ L Accumulation class commenced November 2012. ≠ X Income class commenced August 2012. H Accumulation 1 2 3 4 5 6 7 ÷ H Accumulation class commenced September 2014. `` The risk indicator was calculated incorporating historical or simulated historical data and may not Capital (Unit Prices) be a reliable indication of the future risk profile of each unit class.

A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation `` The risk category shown is not guaranteed and may change over time. Units Units^ Units≠ Units Units Units÷

Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest `` The lowest category does not mean risk free. Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Price Price Price Price Price Price Price Price Price Price Price Price `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree Calendar Year p p p p p p p p p p p p of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based 2015* 136.7 119.8 130.8 120.4 128.9 118.5 131.3 120.8 131.4 120.9 121.1 106.2 and can increase the size of losses and gains, resulting in greater fluctuations in the value of the 2014 131.2 100.6 125.5 100.8 123.7 99.79 126.0 101.0 12 6 .1 101.2 116.2 96.41 Fund. 119.8 98.04 113.9 97.84 113.3 97.97 114.0 98.01 114.3 9 8 .17 N/A N/A 2013 `` During the year, the risk indicator of each unit class changed from level 5 to 4 due to a decline in 2012‡ 107.3 95.56 102.0 9 6 .17 102.4 95.60 102.2 95.59 102.4 95.63 N/A N/A market volatility.

* To 28 February. ‡ Fund launched on 29 June 2012. ^ L Accumulation class commenced November 2012. ≠ X Income class commenced August 2012. ÷ H Accumulation class commenced September 2014.

301 BlackRock Collective Investment Funds 302 Index Linked Gilt Tracker Performance Record continued Index Linked Gilt Tracker Investment Report

For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which Summary of Performance over the Period are available at www.blackrock.com. During the period from 1 March 2014 to 28 February 2015, the Fund returned 18.2%*, compared with its benchmark, the FTSE Actuaries UK Index Linked Gilts Over 5 Years Index, which also returned18.2%. Ongoing Charges The Fund performed in line with the benchmark index. Over the six month period to 28 February 2015, Detailed in the following table are the charges used to meet the costs of running the Fund, which the Fund returned 7.8%* compared with its benchmark which returned 7.4%. include the costs of marketing and distribution. These charges reduce the potential growth of your investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, Fund Manager’s Commentary except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective Global bonds rather defied expectations to deliver strong returns over the period under review, even investment scheme (if any). with signs of economic recovery strengthening in some major markets like the US and UK. Yields on many developed world government bonds hit new lows (so prices were very high) in a year in which 1.3.2014 1.2.2013 Japan and Europe undertook massive spending programmes to try to stimulate their economies and Unit Class to 28.2.2015 to 28.2.2014† potential interest rate rises in the US and UK were delayed. Yields were also depressed by ongoing A Accumulation 0.51% 0.52% concerns about deflationary pressures in the global economy. L Accumulation 0.21% 0.22% X Income 0.01% 0.02% Index-linked gilts (“ILGs”) were among the best-performing asset classes of 2014. In November, the consumer price index reached its lowest level for 12 years. Against this backdrop, real yields on ILGs X Accumulation 0.01% 0.02% continued to fall and their prices continued to rise. The returns from the asset class overtook those D Accumulation 0.16 % 0.17% of conventional gilts as the long duration of many ILG issues continued to prove attractive to pension H Accumulation÷ 0.10 %* N/A funds wishing to match their inflation-linked liabilities.

† Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ÷ H Accumulation class commenced September 2014. The portfolio remains positioned so that its risk characteristics are similar to those of FTSE Actuaries * Ongoing charges figure is based on annualised expenses for the period ended 28 February 2015. UK Index Linked Gilts Over 5 Years Index.

March 2015

303 BlackRock Collective Investment Funds 304 Index Linked Gilt Tracker Portfolio Statement Index Linked Gilt Tracker Statement of Total Return at 28 February 2015 for the year ended 28 February 2015

Holding or Market % of For the period Nominal Value Total Net For the year from 1.2.2013 Value Investment £ Assets to 28.2.2015 to 28.2.2014 Notes £ £ £ £ UK Sterling Denominated Fixed Rate Government Bonds – 99.76%; 2014 99.64% £12,361,000 Treasury 0.125% Index Linked Gilts 22/3/2024 14,253,278 3.98 Income £11,889,441 Treasury 0.125% Index Linked Gilts 22/3/2029 14,426,353 4.02 Net capital gains/(losses) £13,018,117 Treasury 0.125% Index Linked Gilts 22/3/2044 17,348,873 4.84 during the year/period 2 56,656,800 (3,217,471) £6,595,000 Treasury 0.125% Index Linked Gilts 22/3/2058 9,278,705 2.59 Revenue 3 4,664,774 5,105,020 £8,269,249 Treasury 0.125% Index Linked Gilts 22/3/2068 13,026,708 3.63 Expenses 4 (391,212) (142,292) £9,998,275 Treasury 0.25% Index Linked Gilts 22/3/2052 14,784,880 4.12 Finance costs: Interest 6 – (18) £10,379,380 Treasury 0.375% Index Linked Gilts 22/3/2062 18,075,224 5.04 Net revenue before taxation 4,273,562 4,962,710 £10,229,911 Treasury 0.5% Index Linked Gilts 22/3/2050 18,144,536 5.06 £10,365,404 Treasury 0.625% Index Linked Gilts 22/3/2040 16,767,587 4.68 Taxation 5 – – £10,231,000 Treasury 0.625% Index Linked Gilts 22/11/2042 17,477,479 4.88 Net revenue after taxation £12,078,900 Treasury 0.75% Index Linked Gilts 22/3/2034 17,265,811 4.82 for the year/period 4,273,562 4,962,710 £9,695,451 Treasury 0.75% Index Linked Gilts 22/11/2047 18,386,091 5.13 UK income tax withheld (534,105) (258,952) £10,137,152 Treasury 1.125% Index Linked Gilts 22/11/2037 18,728,002 5.22 Total return before distributions 60,396,257 1,486,287 £11,839,566 Treasury 1.25% Index Linked Gilts 22/11/2027 19,882,527 5.55 Finance costs: Distributions 6 (2,136,453) (941,946) £11,097,705 Treasury 1.25% Index Linked Gilts 22/11/2032 18,087,317 5.05 Change in net assets £8,701,597 Treasury 1.25% Index Linked Gilts 22/11/2055 22,401,476 6.25 attributable to unitholders £12,825,000 Treasury 1.875% Index Linked Gilts 22/11/2022 19,657,119 5.48 from investment activities £58,259,804 £544,341 £7,590,000 Treasury 2% Index Linked Gilts 26/1/2035 17,489,447 4.88 £5,306,417 Treasury 2.5% Index Linked Gilts 16/4/2020 19,267,467 5.38 £5,699,655 Treasury 2.5% Index Linked Gilts 17/7/2024 19,575,323 5.46 Index Linked Gilt Tracker Statement of Change in Net Assets £3,948,385 Treasury 4.125% Index Linked Gilts 22/7/2030 13,254,630 3.70 Attributable to Unitholders Portfolio of investments 357,578,833 99.76 for the year ended 28 February 2015 Net other assets 849,802 0.24 For the period Total net assets £358,428,635 100.00 For the year from 1.2.2013

Note: comparative figures show percentages for each category of holding at 28 February 2014. to 28.2.2015 to 28.2.2014 All securities in the portfolio at 28 February 2015 are investment grade. £ £ £ £

Opening net assets attributable to unitholders 332,307,859 37,728,795 Amounts received on creation of units 47,782,377 430,209,348 Amounts paid on cancellation of units (81,988,607) (137,842,819) (34,206,230) 292,366,529 Change in net assets attributable to unitholders from investment activities 58,259,804 544,341 Retained distribution on accumulation units 2,067,202 1,668,194 Closing net assets attributable to unitholders £358,428,635 £332,307,859

305 BlackRock Collective Investment Funds 306 Index Linked Gilt Tracker Balance Sheet Index Linked Gilt Tracker Notes to Financial Statements at 28 February 2015 for the year ended 28 February 2015

28.2.2015 28.2.2014 1. Accounting and Distribution Policies Notes £ £ £ £ Please see pages 6-8 of the Aggregated Notes to Financial Statements. Assets: 2. Net Capital Gains/(Losses) During the Year/period Investment assets 357,578,833 331,096,224 – Debtors 7 921,775 2,476,039 For the period For the year from 1.2.2013 – Cash and bank balances 8 687,168 429,434 to 28.2.2015 to 28.2.2014 Total other assets 1,608,943 2,905,473 £ £ Total assets 359,187,776 334,001,697 The net capital gains/(losses) comprise: Liabilities: Gains/(losses) on non-derivative securities 56,658,410 (3,216,365) – Creditors 9 (738,060) (1,668,645) Losses on derivative contracts – (4) – Distribution payable on Custodian transaction costs (1,610) (1,102) income units (21,081) (25,193) Net capital gains/(losses) £56,656,800 £(3,217,471) Total other liabilities (759,141) (1,693,838) Total liabilities (759,141) (1,693,838) 3. Revenue Net assets attributable For the period to unitholders £358,428,635 £332,307,859 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ N C D Hall (Director) Interest from UK bank deposits 997 629 E E Tracey (Director) Interest from UK fixed interest securities 4,663,777 5,104,391 BlackRock Fund Managers Limited Total revenue £4,664,774 £5,105,020 30 April 2015

307 BlackRock Collective Investment Funds 308 Index Linked Gilt Tracker Notes to Financial Statements continued

4. Expenses (b) Factors affecting the current tax charge for the year/period For the period The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an For the year from 1.2.2013 authorised unit trust. The differences are explained below: to 28.2.2015 to 28.2.2014 For the period £ £ For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 346,778 118,593 £ £ – Registrar’s fees 854 4,202 Net revenue before taxation 4,273,562 4,962,710 347,632 122,795 Corporation tax at 20% (28 February 2014: 20%) 854,712 992,542 Payable to the Trustee or associates of the Trustee: Effects of: – Trustee’s fees 27,393 10,558 Effective interest rate tax adjustment (320,607) (733,593) 27,393 10,558 Excess expenses for which no tax relief taken – 460,898 Other expenses: Excess expenses utilised (213,498) – – Audit fee 6,690 5,946 Indexation relief on index linked gilts (320,607) (719,847) – FCA fee 158 183 Total current tax charge for the year/period [see note 5(a)] £0 £0 – Safe custody fees 9,339 2,810 At 28 February 2015, the Fund had surplus management expenses of £1,237,000 (28 February 2014: £2,304,488). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £247,400 16,187 8,939 (28 February 2014: £460,898) has not been recognised. Although the potential deferred tax asset has been reduced no deferred tax asset has been recognised, as of February 2012, brought forward surplus expenses are utilised in preference to deductions for current Total expenses £391,212 £142,292 period interest distributions.

5. Taxation 6. Finance Costs (a) Analysis of tax charge for the year/period For the period For the period For the year from 1.2.2013 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 to 28.2.2015 to 28.2.2014 £ £ £ £ Interim distribution 1,129,699 605,878 Corporation tax – – Final distribution 982,344 1,121,530 Total current tax charge for the year/period [see Note 5(b)] £0 £0 2,112,043 1,727,408 Add: Amounts deducted on cancellation of units 105,720 428,047 Less: Amounts received on creation of units (81,310) (1,213,509) Net distribution for the year/period 2,136,453 941,946 Finance costs: Interest – 18 Finance costs £2,136,453 £941,964

Net revenue after taxation for the year/period 4,273,562 4,962,710 Add/(less): Equalisation on conversions 33 (93,848) Less: Effective Interest Rate adjustment (1,603,037) (3,667,964) Less: UK income tax withheld (5 3 4 ,10 5 ) (258,952) Net distribution for the year/period £2,136,453 £941,946

Details of the interim and final distributions per unit are set out in the tables on page 319.

309 BlackRock Collective Investment Funds 310 Index Linked Gilt Tracker Notes to Financial Statements continued

8. Cash and Bank Balances Risk Impact of risk 28.2.2015 28.2.2014 Foreign currency The risk of changes to foreign currency rates materially affecting the Sterling £ £ equivalent value of non-Sterling denominated assets and liabilities accounted Cash and bank balances 687,168 429,434 for by the Fund. Total cash and bank balances £687,168 £429,434 The Fund’s investments at the balance sheet date wholly comprises of UK Government bonds denominated in Sterling. The Fund therefore has no exposure 9. Creditors to foreign currency risk.

28.2.2015 28.2.2014 Market price The valuation of the Fund’s investments are calculated with reference to market £ £ prices quoted by financial agencies and brokers. Movements to those market Accrued Audit fee 6,690 6,690 prices may materially affect the value of the Fund’s investments, which may move Accrued FCA fee 495 337 down as well as up. Accrued Manager’s charge 91,222 60,583 To manage the risk, the Manager undertakes research in order to achieve the best price for any transactions entered into on behalf of the Fund. Accrued Registrar’s fee 350 357 Accrued Safe custody fees 2,175 1,241 Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the ability of the Fund to trade financial instruments at values previously indicated Accrued Trustee’s fee 7,257 5 ,16 5 by financial brokers. Amounts payable for cancellation of units 371,491 38,864 All bonds are valued daily. Bonds identified as being illiquid are reviewed for Custodian transaction costs 361 229 pricing accuracy as the need arises and on a formal monthly basis by the Income tax payable 258,019 196,920 BlackRock Pricing Committee. Purchases awaiting settlement – 1,358,259 The BlackRock Pricing Committee will also review significant market events Total creditors £738,060 £1,668,645 which may impact liquidity of bonds in the portfolio. The Fund invests primarily in government bonds issued in the UK, which is typically considered to be a market operating with high levels of liquidity. From time to time, however, market liquidity may be affected by economic events. A security may be deemed illiquid due to a lack of trading volume in the security or if the security is privately placed and not traded in any public market or is otherwise restricted from trading. To manage the risk, the Investment Manager undertakes research of investment opportunities to select opportunities congruent with the Fund’s investment objective.

311 BlackRock Collective Investment Funds 312 Index Linked Gilt Tracker Notes to Financial Statements continued

Risk Impact of risk Risk Impact of risk Counterparty The risk of entering an arrangement with a counterparty, which is itself subject Use of derivatives The Fund may use derivatives for the purposes of efficient portfolio management to financial risks which may affect its ability to trade as a going concern. in order to reduce risk within the portfolio, reduce investment costs and generate The Manager maintains a list of approved counterparties. This list is regularly additional income. monitored and revised for changes based on the counterparty’s credit-worthiness, The use of derivatives will impact the value of the Fund and may expose the market reputation and expectations of future financial performance. Transactions Fund to a higher degree of risk. In particular, derivative contracts can be highly will only be opened with financial intermediaries on the approved counterparties list. volatile and the amount of initial margin is generally small relative to the size of Interest rate Interest rates are determined by factors such as supply and demand in the the contract so that transactions may be leveraged in terms of market exposure. international money markets, which are influenced by macro economic factors, A relatively small market movement may have a potentially larger impact on speculation and central bank and government intervention. Fluctuations in short derivatives than on standard bonds or equities. Leveraged derivative positions and long term interest rates on money market and cash deposits may affect the can therefore increase fund volatility. revenue of the Fund. As at 28 February 2015, the Manager uses a methodology known as the Revenue is generated by the holding of bonds, which contractually oblige the “Commitment Approach” in order to measure the global exposure from financial borrower to pay the Fund interest under specific terms. derivative instruments of the Fund and manage the potential loss to it due to market risk. The Commitment Approach is a methodology that aggregates the Changes to interest rates may affect the cash inflows and outflows calculated underlying market or notional values of derivative instruments to determine the with reference to financial assets and financial liabilities held by the Fund. degree of global exposure of a Fund to derivative instruments. In accordance with The Manager undertakes research to minimise the impact of such movements COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net against the Fund’s investment objective. asset value. Credit The Fund holds bonds issued by the UK Government in order to achieve its Any exposure to financial derivative instruments at year end is marked on the investment objective. Portfolio Statement. The borrower receives from the Fund a principal amount. The Fund will then These risks are monitored by the Manager in pursuance of the investment objective and policy as receive interest based on the coupon rate of the bond and repayment of the initial set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing principal amount on the bond’s maturity date. powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Any impairment to the borrower’s ability to pay amounts due may result in Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security changes to the tradable value of the bond and the amount to be received upon or issuer. Further information on the investment portfolio is set out in the Investment Report and maturity of the bond. The ability of the borrower to pay not only the principal value Portfolio Statement. but also any interest due on the bond, referred to as the borrower’s credit rating, is monitored by the Manager. The credit rating profile of the Fund’s portfolio at (b) Currency Exposures 28 February 2015 is shown on the Portfolio Statement on page 305. The net assets of the Fund are denominated wholly in Sterling, therefore the Balance Sheet and Statement of Total Return will not be directly affected by currency movements. As at 28 February 2015, 5.38% (28 February 2014: 1.01%) of the investments held are due to mature within 5 years, 14.92% (28 February 2014: 16.87%) are due to (c) Interest Rate Risk Profile of Financial Assets and Liabilities mature within 6 to 10 years, 9.57% (28 February 2014: 17.62%) are due to mature The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: within 11 to 15 years and 69.89% (28 February 2014: 64.14%) are due to mature after 16 years. Floating Rate Fixed Rate Financial Assets The Manager may undertake its own research of the borrower’s financial position Financial Financial not Carrying in order to assess the ability of the borrower to repay amounts due. Assets Assets Interest Total Currency £ £ £ £ UK sterling 687,168 357,578,833 921,775 359,187,776 Total £687,168 £357,578,833 £921,775 £359,187,776

313 BlackRock Collective Investment Funds 314 Index Linked Gilt Tracker Notes to Financial Statements continued

(d) Fair Value of Financial Assets and Financial Liabilities Floating Rate Financial Financial Liabilities not There is no material difference between the value of the financial assets and liabilities, as shown Liabilities Carrying Interest Total in the Balance Sheet and their fair value. Currency £ £ £ UK sterling – (75 9,141) (75 9,141) 11. Contingent Assets and Liabilities Total £0 £(759,141) £(759,141) There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil).

12. Efficient Portfolio Management Techniques Fixed Rate Financial Assets There were no securities on loan or related collateral outstanding at the balance sheet date Weighted Weighted (28 February 2014: £Nil). Total Average Average Period Market Value Interest Rate for which Rate Currency £ Equivalent % is Fixed 13. Investment Management UK sterling 357,578,833 0.97 24.34 years Please see page 16.

This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund. 14. Related Parties Parties are considered to be related if one party has the ability to control the other party or The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: exercise significant influence over the other party in making financial or operational decisions.

Floating Rate Fixed Rate Financial Assets The following entities were related parties of the Fund during the year ended 28 February 2015: Financial Financial not Carrying Manager/Registrar: BlackRock Fund Managers Limited Assets Assets Interest Total Investment Manager: BlackRock Investment Management (UK) Limited Currency £ £ £ £ Trustee: BNY Mellon Trust & Depositary (UK) Limited UK sterling 429,434 331,096,224 2,476,039 334,001,697 The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. Total £429,434 £331,096,224 £2,476,039 £334,001,697 (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock. Floating Rate Financial The Manager acts as either principal or agent for the Trustee in respect of all transactions of Financial Liabilities not units of the Fund. The aggregate monies received through creation and paid through cancellation Liabilities Carrying Interest Total Currency £ £ £ of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. UK sterling – (1,693,838) (1,693,838) Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s Total £0 £(1,693,838) £(1,693,838) fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at the year end in respect of these fees are shown in Note 9. Fixed Rate Financial Assets The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing Weighted Weighted arrangements with related parties (including, without limitation, brokers who are affiliated to the Total Average Average Period BlackRock Group), which may result in the Fund benefiting from research or execution services Market Value Interest Rate for which Rate which the Investment Manager believes are useful in the investment decision-making or trade Currency £ Equivalent % is Fixed execution process. Such research or execution services may include, without limitation and to the UK sterling 331,096,224 1.04 23.31 years extent permitted by applicable law: research reports on companies, industries and securities; and This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund. the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, The floating rate financial assets and liabilities include: it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two these arrangements with brokers who are not affiliated to the BlackRock Group. week LIBID rates and overdraft interest based on 3% over the base rate. All overseas deposits and loans bear interest at rates determined by the relevant Authority.

315 BlackRock Collective Investment Funds 316 Index Linked Gilt Tracker Notes to Financial Statements continued

Material Unitholders 16. Unitholders’ Funds The following investors held more than 20% of the voting units in issue in the Fund and as a result Accumulation and Income units are currently available as specified in the Prospectus. The net are considered to be a related party of the Fund. asset value of each unit class, net asset value per unit and the number of units in issue are given in As at 28 February 2015: the “Performance Record”. The types of units currently in issue and the Manager’s annual charge for each unit class are % of voting units shown below: Held by: in issue No. of units held Nutraco Nominees Limited 44% 129,450,223 Class 28.2.2015 28.2.2014 State Street Nominees 37% 107,101,470 A Accumulation 0.45% 0.45% L Accumulation 0.20% 0.20% As at 28 February 2014: X Income◊ 0.00% 0.00% % of voting units X Accumulation◊ 0.00% 0.00% Held by: in issue No. of units held D Accumulation 0.15% 0.15% Nutraco Nominees Limited 50% 160,021,915 H Accumulation÷ 0.10 % n/a State Street Nominees 34% 109,060,433 ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or All related party transactions were carried out at arm’s length in the ordinary course of business. their affiliates. The terms and returns received by the related parties in making the investments above were no ÷ H Income class commenced September 2014. more favourable than those received by other investors investing into the same unit classes. In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the 15. Portfolio Transaction Costs remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue Summary of total purchase costs: is allocated each day pro rata to the capital value of assets attributable to each class and taxation is For the period For the period computed by reference to the net revenue after expenses attributable to each class. The distribution For the year For the year from 1.2.2013 from 1.2.2013 per unit class is given in the distribution tables. All unit classes have the same rights on winding up. to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ 17. Non Adjusting Post Balance Sheet Event Purchases before Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as transaction costs 76,930,597 341,511,217 shown below:

Commissions and other costs Bid prices as at Bid prices as at Rise (including stamp duty) – – Class 23.4.2015 28.2.2015 (%) Total purchase costs – – A Accumulation 126.3p 121.5p 4.0 Gross purchases total £76,930,597 £341,511,217 L Accumulation 127.0p 122.1p 4.0 X Income 124.7p 120.2p 3.7 Summary of total sale costs: X Accumulation 127.5p 122.5p 4 .1 For the period For the period D Accumulation 127.6p 122.6p 4 .1 For the year For the year from 1.2.2013 from 1.2.2013 H Accumulation 112.0p 107.7p 4.0 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ Gross sales before transaction costs 108,709,411 48,688,681 Commissions and other costs – – Total sale costs – – Total sales net of transaction costs £108,709,411 £48,688,681

317 BlackRock Collective Investment Funds 318 Index Linked Gilt Tracker Distribution Tables BlackRock Japan Equity Tracker Fund for the year ended 28 February 2015 Final Distribution in Pence per Unit BlackRock Japan Equity Tracker Fund Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 Investment Objective & Policy

A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation The aim of the BlackRock Japan Equity Tracker Fund (the “Fund”) is to seek to achieve capital growth Units Units Units Units Units Units÷ for investors by tracking closely the performance of the FTSE Japan Index by investing in companies Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 in the Index. Investment will be made directly into constituent companies and via other transferable Gross Revenue 0 .172 8 0.0881 0.3563 0 .15 6 0 0.4675 0.4395 0.4765 0 .13 6 8 0.3876 0 .15 3 4 0.3051 0.0626 securities giving exposure to such companies. The Fund may also invest in permitted money-market Income tax 0.0346 0.0176 0.0713 0.0312 0.0935 0.0879 0.0953 0.0274 0.0775 0.0307 0.0610 0.0125 instruments, permitted deposits and units in collective investment schemes. Derivatives and forward Net revenue (interest) 0 .13 82 0.0705 0.2850 0 .124 8 0.3740 0.3516 0.3812 0 .10 9 4 0.3101 0 .12 2 7 0.2441 0.0501 transactions may be used for the purposes of efficient portfolio management. Equalisation† – 0.0677 – 0 .16 0 2 – 0.0224 – 0.2718 – 0 .1874 – 0 .19 4 0 The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Distribution paid 30.4.2015 0 .13 8 2 0 .13 8 2 0.2850 0.2850 0.3740 0.3740 0.3812 0.3812 0.3101 0.3101 0.2441 0.2441 under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Distribution paid 30.4.2014 0.0000 0.0000 0.3091 0.3091 0.3865 0.3865 0.3910 0.3910 0.3301 0.3301 N/A N/A Sourcebook”). The Fund was established and authorised by the FCA on 21 June 2005. The Fund was

previously known as Merrill Lynch Japan Equity Tracker Fund. It adopted its present name with effect Interim Distribution in Pence per Unit from 28 April 2008. Group 1 – Units purchased prior to 1 March 2014 Group 2 – Units purchased 1 March 2014 to 31 August 2014

A Accumulation L Accumulation X Income X Accumulation D Accumulation Units Units Units Units Units

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Gross Revenue 0.2251 0.1339 0.3829 0 .15 0 8 0.4843 0.4764 0.4919 0.2565 0.4114 0.2133 Income tax 0.0450 0.0268 0.0766 0.0302 0.0969 0.0953 0.0984 0.0513 0.0823 0.0427 Net revenue (interest) 0 .18 01 0 .1071 0.3063 0 .12 0 6 0.3874 0.3811 0.3935 0.2052 0.3291 0 .170 6 Equalisation† – 0.0730 – 0 .18 5 7 – 0.0063 – 0 .18 8 3 – 0 .15 8 5 Distribution paid 31.10.2014 0 .18 01 0 .18 01 0.3063 0.3063 0.3874 0.3874 0.3935 0.3935 0.3291 0.3291 Distribution paid 31.10.2013 0.2299 0.2299 0.3775 0.3775 0.4737 0.4737 0.3986 0.3986 0.4033 0.4033

† Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. ÷ H Accumulation class commenced September 2014. For the Final distribution, Group 1 units purchased 1 September 2014. Group 2 units purchased 2 September 2014 to 28 February 2015.

319 BlackRock Collective Investment Funds 320 Japan Equity Tracker Fund

All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. The final distribution payable on 30 April 2015 is 0.9087p net per income unit. (30 April 2014: N/A). Performance returns are cumulative. All returns are in Sterling. * Figures from BlackRock/Factset. Net of withholding tax. ◊ TSE 1st Section (TOPIX) Index used prior to 1.11.2005. Please note that the Fund’s benchmark index, the FTSE Japan Index was L Accumulation previously referred to as the FTSE All-World Japan Index. This is a clarificatory update and does not represent a change in the Fund’s The final accumulation distribution payable on 30 April 2015 is 0.9087p net per accumulation unit benchmark index. # D Accumulation class was renamed as L Accumulation class during June 2012. (30 April 2014: 0.8632p net per accumulation unit). § Performance data does not exist for the relevant periods. † Since launch figures are from 1.9.2010 and 15.7.2005 for A and L class respectively. X Income The final distribution payable on 30 April 2015 is 0.9382p net per income unit (30 April 2014: 0.9065p All financial investments involve an element of risk. Therefore, the value of your investment and net per income unit). the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is X Accumulation not a guide to future performance and should not be the sole factor of consideration when selecting The final accumulation distribution payable on 30 April 2015 is 0.9728p net per accumulation unit a product. (30 April 2014: 0.9240p net per accumulation unit).

D Accumulation The final accumulation distribution payable on 30 April 2015 is 0.9319p net per accumulation unit (30 April 2014: 0.8835p net per accumulation unit).

H Accumulation The final accumulation distribution payable on 30 April 2015 is 0.7654p net per accumulation unit (30 April 2014: £Nil).

≈ L Income class commenced April 2014.

321 BlackRock Collective Investment Funds 322 Japan Equity Tracker Fund continued

Tracking Difference Tracking Error Tracking difference is defined as the difference in returns between a fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index. Tracking error shows the consistency of the returns relative Cash management, efficient portfolio management techniques including securities lending and to the benchmark index over a defined period of time. transaction costs from rebalancing can have an impact on tracking difference. Anticipated tracking error is based on the expected volatility of differences between the returns of a The table below compares the realised Fund performance against the performance of the relevant fund and the returns of its benchmark index. benchmark index during the year ended 28 February 2015. An explanation for the difference is provided: Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking error as well as the return Fund return Benchmark return differential between the Fund and the benchmark index. Importantly, these impacts can be either for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference positive or negative depending on the underlying circumstances. The Fund underperformed its benchmark The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an index as a result of (a) the stock market ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking on which the benchmark index operates error is annualised and calculated using data from the preceding 36 month observation period. being closed at the Fund’s valuation point. This results in a temporary Anticipated Realised mismatch on days when units are Tracking Error Tracking Error Explanation for difference created or redeemed, (b) temporary The Fund’s tracking error exceeded its anticipated tracking divergences in the calculation when the error due to the stock market on which the benchmark index Index provider calculates index values operates being closed at the Fund’s valuation point. This results during UK bank holidays while the Fund in a temporary mismatch on days when units are created or is closed and (c) income from securities Up to 2.50%* 2.64%* redeemed. +18.6%* +18.8% -0.2% lending activity. * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. * Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

323 BlackRock Collective Investment Funds 324 Japan Equity Tracker Performance Record

Net Asset Value Income (Net Distributions/Net Accumulations)

Net Asset Value A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation Units~ Units≈ Units# Units≠ Units± Unitsπ Units÷ Net Asset Value per Unit Units in Issue £ p Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit 2015* 0.6983 0.9087 0.9087 0.9382 0.9728 0.9319 0.7654 A Accumulation 2014 1.5577 0.0742 1.9518 2.0073 2.0550 1.9898 0.7837 28 February 2015 1,584,486 2,364,550 149.2 2013 1.6015 N/A 2.0601 2.136 3 2.14 5 0 2.0981 N/A 28 February 2014 2,507,042 3,156,235 125.9 2012 1.8433 N/A 2.2077 N/A 1.2199 0.0011 N/A 31 January 2013* 1,891,841 2,15 8 ,716 114 .1 2011 1.5720 N/A 1.9529 N/A N/A N/A N/A L Income 2010 N/A N/A 0.6470 N/A N/A N/A N/A 28 February 2015≈ 100 122 122.0 * To 30 April. L Accumulation ~ A Accumulation class commenced September 2010. 28 February 2015 591,574,293 890,754,669 150.6 ≈ L Income class commenced April 2014. # D Accumulation class was renamed as L Accumulation class during June 2012. 28 February 2014 525,606,643 665,654,910 126.6 ≠ X Income class commenced August 2012. ± X Accumulation class commenced January 2012. 31 January 2013*# 417,4 37,012 477,371,913 114.4 π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced February 2014. X Income

28 February 2015 7,121,0 92 9,563,081 134.3 Capital (Unit Prices) 28 February 2014 7,672,415 8,790,344 114.6 A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation ~ ≈ # ≠ ± π ÷ 31 January 2013* 7,244,048 7,618,824 105.2 Units Units Units Units Units Units Units Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest X Accumulation Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Price Price Price Price Price Price Price Price Price Price Price Price Price Price 28 February 2015 32,650,396 45,783,282 140.2 Calendar Year p p p p p p p p p p p p p p 28 February 2014 30,278,701 35,639,648 117.7 2015* 157.5 136.3 124.0 112.6 151.4 137.4 136.0 123.4 141.0 128.0 149.8 136 .1 124.6 107.8 31 January 2013* 5,281,250 5,606,607 106.2 2014 146.5 119.3 115 .1 98.50 140.7 12 0 .1 126.3 108.6 130.9 111.6 139.2 118.8 115.8 94.09 D Accumulation 2013 155.1 108.5 N/A N/A 148.3 108.8 136.4 100.9 137.6 100.8 146.7 107.6 N/A N/A 28 February 2015 19,774,543 29,483,478 14 9.1 2012 120.3 99.63 N/A N/A 114.5 99.76 100.9 92.46 106.0 92.46 107.6 98.69 N/A N/A 28 February 2014 9,829,091 12,320,861 125.4 2011 130.0 10 0 .1 N/A N/A 123.5 99.87 N/A N/A N/A N/A N/A N/A N/A N/A π 31 January 2013* 399,095 451,834 113.2 2010 128.7 104.9 N/A N/A 122.9 102.5 N/A N/A N/A N/A N/A N/A N/A N/A

H Accumulation * To 28 February. 28 February 2015 5,890,953 6,956,957 118 .1 ~ A Accumulation class commenced September 2010. ≈ L Income class commenced April 2014. 28 February 2014÷ 100 99 99.00 # D Accumulation class was renamed as L Accumulation class during June 2012. ≠ X Income class commenced August 2012. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to ± X Accumulation class commenced January 2012. consolidate the publication of the reports. π D Accumulation class commenced June 2012. ≈ L Income class commenced April 2014. ÷ H Accumulation class commenced February 2014. # D Accumulation class was renamed as L Accumulation class during June 2012. π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced February 2014.

325 BlackRock Collective Investment Funds 326 Japan Equity Tracker Performance Record continued

Risk and Reward Profile Ongoing Charges Detailed in the following table are the charges used to meet the costs of running the Fund, which Lower risk Higher risk include the costs of marketing and distribution. These charges reduce the potential growth of your Typically lower rewards Typically higher rewards investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, Unit Class except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective A Accumulation 1 2 3 4 5 6 7 investment scheme (if any). L Income 1 2 3 4 5 6 7 1.3.2014 1.2.2013 L Accumulation 1 2 3 4 5 6 7 Unit Class to 28.2.2015 to 28.2.2014† X Income 1 2 3 4 5 6 7 A Accumulation 0.52% 0.52% X Accumulation 1 2 3 4 5 6 7 L Income≈ 0.22%* N/A D Accumulation 1 2 3 4 5 6 7 L Accumulation 0.22% 0.22% H Accumulation 1 2 3 4 5 6 7 X Income 0.02% 0.02%

`` The risk indicator was calculated incorporating historical or simulated historical data and may not X Accumulation 0.02% 0.02% be a reliable indication of the future risk profile of each unit class. D Accumulation 0.17% 0.17% ÷ `` The risk category shown is not guaranteed and may change over time. H Accumulation 0.12% 0.12%

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

327 BlackRock Collective Investment Funds 328 Japan Equity Tracker Investment Report Japan Equity Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 18.6%*, compared Nominal Value Total Net with its benchmark, the FTSE Japan Index, which returned 18.8%. The Fund underperformed its Value Investment £ Assets benchmark index as a result of (a) the stock market on which the benchmark index operates being EQUITIES– 98.04%; 2014 99.93% closed at the Fund’s valuation point. This results in a temporary mismatch on days when units are created or redeemed, (b) temporary divergences in the calculation when the Index provider calculates JAPAN– 98.04%; 2014 99.93% index values during UK bank holidays while the Fund is closed and (c) income from securities lending Automobiles & Parts– 13.80%; 2014 14.01% activity. Over the six month period to 28 February 2015, the Fund returned 13.5%* compared with its 93,400 Aisin Seiki 2,221,946 0.23 benchmark which returned 13.7%. 312,556 Bridgestone 7,754,481 0.79 71,000 Calsonic Kansei 273,631 0.03 Fund Manager’s Commentary 96,400 Daihatsu Motors 892,801 0.09 The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. 223,716 Denso 6,797,039 0.69 Recovery continued apace in the US and UK, but weak economic growth and worries about deflation in 12,100 Exedy 183,061 0.02 Europe finally saw the European Central Bank (“ECB”) launch a programme of spending in support of 293,400 Fuji Heavy Industries 6,440,687 0.65 its economy (what is known as quantitative easing) that surprised many with its scale. In Japan, Prime 184,000 GS Yuasa 537,823 0.05 Minister Shinzo Abe won a snap election in November and with it the mandate to abandon a second 840,620 Honda Motor 17,941,310 1.82 sales tax hike. Policymakers will be hoping that the economy can now feel the full effect of the central 105,109 JTEKT 1,065,627 0.11 bank’s huge quantitative easing programme. There was a similar divergence in emerging markets, as a 57,700 Koito Manufacturing 1,194,634 0.12 steep decline in the oil price proved a boon to some, notably importers like India, but had more serious 98,000 KYB 244,012 0.02 repercussions for oil exporters like Russia as revenues slumped. 249,100 Mazda Motor 3,445,698 0.35 293,300 Mitsubishi Motors 1,678,088 0.17 The Japanese economy experienced mixed fortunes in 2014, but ultimately delivered very strong 103,800 NGK Spark Plug 1,901,883 0.19 returns. The country continues to spend very freely in support of its economy and it was this support 86,900 NHK Spring 584,210 0.06 which was one of the major attractions of its stockmarket. Aside from this ‘stimulus’ spending, 1,188,521 Nissan Motor 8,125,271 0.83 investors were also drawn to prices that still looked reasonable (even after such a strong run), and to 39,500 Nissan Shatai 338,031 0.03 companies that were increasing their dividend payouts to their shareholders. Corporate reforms were 53,100 NOK 1,005,982 0.10 also a key driver as companies improved their governance and stewardship standards. 226,000 NSK 2,038,032 0.21 71,500 Stanley Electric 1,094,880 0.11 The Fund is structured to closely track the FTSE Japan Index so its portfolio remains positioned so that 358,675 Sumitomo Electric 3,009,265 0.31 the risk characteristics are similar to those of the Index. 17,200 Sumitomo Riko 96,453 0.01 82,930 Sumitomo Rubber 927,854 0.09 March 2015 195,831 Suzuki Motor 4,006,300 0.41 14,807 Takata 109,563 0.01 * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for 23,800 Tokai Rika 327,605 0.03 the Fund’s class L Accumulation Units. 45,900 Toyo Tire & Rubber 670,817 0.07 35,255 Toyoda Gosei 504,175 0.05 26,700 Toyota Boshoku 219,242 0.02 79,400 Toyota Industries 2,896,730 0.29 1,241,598 Toyota Motor 54,188,275 5.50 25,400 TS Tech 457,831 0.05 132,683 Yamaha Motor 2,133,042 0.22 107,007 Yokohama Rubber 703,167 0.07 136,009,446 13.80

329 BlackRock Collective Investment Funds 330 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Banks – 9.48%; 2014 10.11% Beverages – 1.12%; 2014 1.18% 171,000 77th Bank 672,912 0.07 201,624 Asahi Breweries 4,034,229 0.41 532,894 Aozora 1,240,329 0.13 27,100 Coca-Cola East Japan 308,927 0.03 106,963 Awa Bank 400,652 0.04 28,500 Coca-Cola West Japan 277,835 0.03 167,000 Bank of Kyoto 1,057,621 0.11 28,658 ITO EN 385,478 0.04 592,085 Bank of Yokohama 2,374,495 0.24 33,400 Kagome 326,326 0.03 337,000 Chiba Bank 1,641,724 0.17 415,761 Kirin Brewery 3,518,595 0.36 82,617 Chugoku Bank 821,945 0.08 162,697 Sapporo 415,670 0.04 172,000 Daishi 416,163 0.04 58,600 Suntory Beverage & Food 1,422,616 0.14 393,900 Fukuoka Financial 1,364,563 0.14 88,500 Takara 395,207 0.04 219,012 Gunma Bank 1,013,589 0.10 11,084,883 1.12 227,000 Hachijuni Bank 1,097,248 0.11 90,000 Higo Bank 359,036 0.04 Chemicals – 4.39%; 2014 4.06% 279,000 Hiroshima Bank 990,685 0.10 81,411 Air Water 921,435 0.09 129,000 Hokkoku Bank 303,743 0.03 624,000 Asahi Kasei 4,171,375 0.42 617,000 Hokuhoku Financial 941,807 0.10 145,000 Daicel Chemical 1,218,112 0.12 105,000 Hyakugo Bank 330,212 0.03 213,881 Denki Kagaku Kogyo 539,493 0.05 137,000 Hyakujushi Bank 315,164 0.03 386,330 DIC 717,266 0.07 145,900 Iyo Bank 1,175,130 0.12 48,300 Hitachi Chemical 689,422 0.07 312,000 Joyo Bank 1,082,531 0.11 90,285 JSR 1,068,789 0.11 175,000 Juroku Bank 443,314 0.05 162,000 Kaneka 694,493 0.07 83,113 Kagoshima Bank 372,051 0.04 106,000 Kansai Paint 1,235,315 0.13 117,000 Keiyo Bank 444,581 0.05 159,551 Kuraray 1,418,942 0.14 6,627,676 Mitsubishi UFJ Financial 27,813,697 2.82 640,821 Mitsubishi Chemical 2,309,448 0.23 11,206,000 Mizuho Financial 13,362,656 1.36 201,023 Mitsubishi Gas Chemical 672,453 0.07 16,800 Musashino Bank 392,390 0.04 436,000 Mitsui Chemicals 868,484 0.09 121,483 Nanto Bank 282,098 0.03 60,300 Nagase 505,588 0.05 328,400 Nishi-Nippon City Bank 679,038 0.07 84,000 Nippon Kayaku 712,031 0.07 138,900 North Pacific Bank 351,865 0.04 86,400 Nippon Paint 1,940,839 0.20 882,247 Resona 3,204,831 0.33 76,000 Nippon Shokubai 704,691 0.07 80,000 San-In Godo Bank 444,288 0.05 70,283 Nissan Chemical Industries 886,789 0.09 96,800 Senshu Ikeda 294,469 0.03 77,362 Nitto Denko 3,174,129 0.32 301,100 Seven Bank 943,663 0.10 193,215 Shin-Etsu Chemical 8,576,998 0.87 126,000 Shiga Bank 487,646 0.05 669,000 Showa Denko 579,394 0.06 816,540 Shinsei Bank 1,012,140 0.10 729,986 Sumitomo Chemical 2,208,788 0.22 276,172 Shizuoka Bank 1,829,737 0.19 80,000 Taiyo Nippon Sanso 796,342 0.08 629,308 Sumitomo Mitsui Financial 16,198,959 1.64 458,523 Teijin 1,005,180 0.10 1,790,000 Sumitomo Mitsui Trust 4,796,074 0.49 726,000 Toray 3,899,485 0.40 88,630 Suruga Bank 1,204,634 0.12 277,000 Tosoh 898,120 0.09 116,000 Yamaguchi Financial 882,190 0.09 496,000 UBE 520,848 0.05 94,442 Zeon 573,058 0.06 93,039,870 9.48 43,507,307 4.39

331 BlackRock Collective Investment Funds 332 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Construction & Materials – 1.84%; 2014 1.92% 2,172,850 Hitachi 9,617,261 0.98 489,517 Asahi Glass 1,992,569 0.20 198,146 Hoya 5,176,608 0.53 52,800 Comsys 413,552 0.04 56,800 Ibiden 618,899 0.06 35,900 Daito Trust Construction 2,511,613 0.26 32,000 Japan Aviation Electronics 494,173 0.05 131,300 Haseko 791,731 0.08 21,300 Keyence 7,031,790 0.71 391,122 Kajima 1,200,392 0.12 151,600 Kyocera 4,953,089 0.50 41,000 Kandenko 153,130 0.02 25,622 Mabuchi Motor 840,453 0.09 1,000 Katsumura Construction* - 0.00 166,743 Minebea 1,628,215 0.17 54,000 Kinden 436,396 0.04 93,967 Murata Manufacturing 7,492,138 0.76 134,900 LIXIL 2,078,869 0.21 133,477 NGK Insulators 1,683,410 0.17 28,000 Maeda Road Construction 285,388 0.03 107,800 Nidec 4,707,738 0.48 24,000 Nippo 232,277 0.02 184,000 Nippon Electric Glass 594,593 0.06 377,000 Nippon Sheet Glass 251,000 0.03 103,100 Omron 2,946,594 0.30 314,000 Obayashi 1,388,607 0.14 53,700 Taiyo Yuden 421,183 0.04 300,000 Shimizu 1,385,154 0.14 58,020 TDK 2,641,201 0.27 169,000 Sumitomo Osaka Cement 335,722 0.03 55,000 Toshiba Tec 216,136 0.02 563,876 Taiheiyo Cement 1,217,823 0.12 61,000 Ushio 494,287 0.05 501,623 Taisei 1,957,674 0.20 119,000 Yokogawa Electric 816,115 0.08 105,000 Toda 271,104 0.03 58,273,446 5.91 144,431 Toto 1,299,329 0.13 Fixed Line Telecommunications – 0.70%; 2014 0.77% 18,202,330 1.84 172,166 Nippon Telegraph & Telephone 6,914,789 0.70 Electricity – 1.42%; 2014 1.75% Food & Drug Retailers – 0.50%; 2014 0.44% 334,203 Chubu Electricity Power 2,665,558 0.27 4,100 Cosmos Pharmaceutical 405,240 0.04 143,000 Chugoku Electricity Power 1,218,340 0.12 29,200 Familymart 851,921 0.09 69,900 Electric Power Development 1,509,655 0.15 30,900 Lawson 1,307,955 0.13 87,200 Hokkaido Electric Power 439,906 0.04 19,496 Matsumotokiyoshi Holdings 421,062 0.04 87,316 Hokuriku Electric Power 753,373 0.08 21,100 Sugi 661,285 0.07 365,259 Kansai Electric Power 2,121,428 0.22 17,000 Sundrug 540,150 0.05 213,100 Kyushu Electric Power 1,190,394 0.12 17,300 Tsuruha Holdings 756,633 0.08 74,968 Shikoku Electric Power 622,485 0.06 226,648 Tohoku Electric Power 1,716,316 0.17 4,944,246 0.50 736,485 Tokyo Electric Power 1,865,681 0.19 Food Producers – 1.86%; 2014 1.53% 14,103,136 1.42 263,000 Ajinomoto 3,268,551 0.33 34,700 Calbee 848,976 0.09 Electronic & Electrical Equipment – 5.91%; 2014 5.84% 25,400 Ezaki Glico 716,307 0.07 81,894 Alps Electric 1,191,098 0.12 34,400 House Foods 465,134 0.05 34,200 Azbil 593,310 0.06 51,639 Kewpie 796,059 0.08 287,455 Fuji Electric 896,231 0.09 91,000 Kikkoman 1,701,834 0.17 162,000 Fujikura 433,181 0.04 33,508 Meiji Holdings 2,588,214 0.26 339,000 Furukawa Electric 387,177 0.04 6,300 Mitsubishi Shokuhin 85,048 0.01 32,589 Hamamatsu Photonics 1,174,824 0.12 142,000 Nichirei 472,706 0.05 14,400 Hirose Electric 1,223,742 0.12 90,000 Nippon Meat Packers 1,325,558 0.13

333 BlackRock Collective Investment Funds 334 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 122,530 Nisshin Seifun 946,442 0.10 General Industrials – 1.29%; 2014 1.44% 36,100 Nissin Food Products 1,156,795 0.12 11,000 FP 246,502 0.03 45,953 Toyo Suisan Kaisha 1,060,866 0.11 671,000 IHI 2,019,412 0.21 51,600 Yakult Honsha 2,117,125 0.22 26,700 Lintec 412,181 0.04 66,434 Yamazaki Baking 715,242 0.07 572,000 Mitsubishi Materials 1,275,619 0.13 18,264,857 1.86 114,488 Rengo 341,460 0.03 564,680 Sojitz 559,347 0.06 Forestry & Paper – 0.18%; 2014 0.23% 1,925,607 Toshiba 5,148,993 0.52 51,700 Nippon Paper Industries 582,638 0.06 76,200 Toyo Seikan 675,198 0.07 433,780 Oji 1,185,738 0.12 107,500 Toyota Tsusho 1,926,035 0.20 1,768,376 0.18 12,604,747 1.29 Gas, Water & Multiutilities – 0.78%; 2014 0.81% General Retailers – 4.13%; 2014 3.55% 930,942 Osaka Gas 2,484,765 0.25 337,000 Aeon 2,332,160 0.24 240,834 Toho Gas 874,718 0.09 27,200 Aoyama Trading 586,712 0.06 1,109,322 Tokyo Gas 4,367,758 0.44 36,900 Autobacs Seven 378,498 0.04 7,727,241 0.78 36,878 Benesse 760,536 0.08 Financial Services – 2.69%; 2014 2.67% 52,400 Dena 405,030 0.04 202,301 Acom 420,491 0.04 25,998 Don Quijote 1,305,917 0.13 49,426 Aeon Credit Service 733,853 0.07 24,832 Fast Retailing 6,222,622 0.63 123,900 Aiful 304,477 0.03 37,200 Gree 141,555 0.01 59,600 Aplus Financial 43,552 0.00 42,700 H2O Retailing 529,287 0.05 75,800 Credit Saison 933,012 0.09 173,178 Isetan Mitsukoshi 1,712,612 0.17 818,916 Daiwa Securities 4,267,791 0.43 18,100 Izumi 428,142 0.04 19,300 Hitachi Capital 256,470 0.03 116,700 J Front Retailing 1,081,440 0.11 74,100 Iida 663,008 0.07 63,400 Kakaku.com 680,175 0.07 16,173 JAFCO 403,570 0.04 13,800 Komeri 212,291 0.02 176,400 Japan Display 465,957 0.05 20,600 K’s Holdings 410,896 0.04 129,800 Japan Exchange 2,357,192 0.24 121,900 Marui 923,761 0.09 55,000 Matsui Securities 331,647 0.03 35,000 Nitori 1,498,553 0.15 231,100 Mitsubishi UFJ 721,778 0.07 47,800 Park 24 583,448 0.06 1,643,220 Nomura 6,537,485 0.66 364,700 Rakuten 3,929,394 0.40 92,000 Okasan Securities 461,631 0.05 82,100 Recruit 1,662,044 0.17 173,800 Orient 186,270 0.02 11,200 Ryohin Keikaku 944,524 0.10 607,100 Orix 5,570,031 0.57 365,522 Seven & I 9,041,852 0.92 101,000 SBI 815,130 0.08 23,100 Shimachu 393,242 0.04 110,400 Tokai Tokyo Financial 524,078 0.05 12,700 Shimamura 796,049 0.08 31,100 Zenkoku Hosho 655,685 0.07 24,600 Start Today 387,619 0.04 132,000 Takashimaya 798,095 0.08 26,653,108 2.69 109,400 UNY 408,596 0.04 100,500 USS 1,148,914 0.12 395,204 Yamada Denki 1,108,099 0.11 40,812,063 4.13

335 BlackRock Collective Investment Funds 336 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Healthcare Equipment & Services – 1.04%; 2014 0.82% 925,665 Mitsubishi Electric 7,014,707 0.71 18,500 Nihon Kohden 613,847 0.06 1,501,661 Mitsubishi Heavy Industries 5,384,997 0.55 53,400 Nipro 327,202 0.03 325,336 Mitsui Engineering & Shipbuilding 368,049 0.04 139,512 Olympus 3,273,620 0.33 56,300 Nabtesco 978,230 0.10 72,300 Sysmex 2,512,471 0.26 250,981 NTN 811,041 0.08 171,600 Terumo 3,060,556 0.31 78,000 Okuma 486,379 0.05 36,100 Topcon 486,558 0.05 136,117 Shimadzu 951,925 0.10 10,274,254 1.04 29,000 SMC 5,220,146 0.53 259,000 Sumitomo Heavy Industries 1,040,235 0.11 Household Goods & Home Construction – 1.19%; 2014 1.32% 57,000 Tadano 477,610 0.05 302,660 Daiwa House 3,854,005 0.39 54,600 THK 851,459 0.09 59,800 Makita 1,835,320 0.19 118,555 Yaskawa Electric 1,070,394 0.11 35,000 Panahome 147,392 0.02 68,382,846 6.98 17,898 Rinnai 813,788 0.08 29,900 Sanrio 568,885 0.06 Industrial Metals – 1.88%; 2014 1.95% 203,451 Sekisui Chemical 1,689,324 0.17 172,478 Daido Steel 506,945 0.05 266,840 Sekisui House 2,327,603 0.24 114,000 Dowa Mining 609,045 0.06 56,900 Sumitomo Forestry 384,374 0.04 88,547 Hitachi Metals 923,119 0.09 11,620,691 1.19 240,785 JFE 3,893,071 0.40 1,357,000 Kobe Steel 1,726,137 0.18 Industrial Engineering – 6.98%; 2014 7.42% 31,479 Maruichi Steel Tube 485,446 0.05 173,300 Amada 1,059,059 0.11 269,291 Mitsui Mining & Smelting 395,020 0.04 23,200 Century Tokyo Leasing 388,666 0.04 3,963,000 Nippon Steel & Sumitomo Metal 6,810,758 0.69 83,116 Chiyoda 436,399 0.04 41,900 Nisshin Steel 377,848 0.04 124,900 Daikin 5,270,623 0.54 235,107 Sumitomo Metal Mining 2,400,131 0.24 11,400 Disco 677,540 0.07 21,163 Yamato Kogyo 368,859 0.04 48,200 DMG Mori Seiki 451,619 0.05 18,496,379 1.88 217,000 Ebara 597,868 0.06 91,976 Fanuc 11,415,797 1.16 Industrial Transportation – 1.14%; 2014 1.09% 123,700 Hino Motors 1,219,291 0.12 76,000 Fukuyama Transporting 264,516 0.03 50,800 Hitachi Construction Machinery 607,967 0.06 18,200 Hitachi Transport System 174,567 0.02 22,800 Hoshizaki Electric 873,767 0.09 26,600 Japan Airport Terminal 842,297 0.09 275,400 Isuzu Motors 2,587,118 0.26 112,000 Kamigumi 706,271 0.07 174,000 Japan Steel Works 462,443 0.05 430,000 Kawasaki Kisen Kaisha 844,895 0.09 102,000 JGC 1,353,505 0.14 66,489 Mitsubishi Logistics 660,410 0.07 729,000 Kawasaki Heavy Industries 2,233,426 0.23 514,000 Mitsui OSK Lines 1,182,442 0.12 446,205 Komatsu 6,010,350 0.61 431,647 Nippon Express 1,560,748 0.16 586,099 Kubota 6,165,711 0.63 750,000 Nippon Yusen KK 1,453,356 0.15 54,700 Kurita Water Industries 876,409 0.09 75,827 Seino 558,611 0.06 40,200 Misumi 1,040,116 0.11 180,500 Yamato 2,732,734 0.28 10,980,847 1.14

337 BlackRock Collective Investment Funds 338 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Leisure Goods – 3.29%; 2014 3.19% Non-Life Insurance – 1.63%; 2014 1.46% 109,100 Casio Computer 1,235,418 0.13 254,412 MS&AD Insurance 4,545,805 0.46 44,000 Konami 575,648 0.06 180,800 NKSJ 3,641,546 0.37 89,305 Namco Bandai 1,048,487 0.11 334,024 Tokio Marine 7,859,501 0.80 65,500 Nexon 438,570 0.04 16,046,852 1.63 161,100 Nikon 1,345,517 0.14 49,689 Nintendo 3,434,621 0.35 Oil Equipment, Services & Distribution – 0.05%; 2014 0.00% 996,101 Panasonic 8,055,298 0.82 47,100 Idemitsu Kosan 535,897 0.05 84,096 Sega Sammy 827,555 0.08 Oil & Gas Producers – 0.84%; 2014 1.13% 727,025 Sharp 995,629 0.10 273,148 Cosmo Oil 252,826 0.03 36,900 Shimano 3,589,237 0.36 430,800 Inpex 3,303,086 0.34 537,930 Sony 9,933,420 1.01 12,800 Japan Petroleum Exploration 277,832 0.03 81,900 Yamaha 897,268 0.09 1,136,400 JX 2,982,710 0.30 32,376,668 3.29 89,900 Showa Shell Sekiyu 557,177 0.06 132,000 TonenGeneral Sekiyu 805,955 0.08 Life Insurance – 0.88%; 2014 0.86% 529,200 Dai-Ichi 5,177,568 0.53 8,179,586 0.84 79,196 Sony Financial 775,907 0.08 Personal Goods – 1.87%; 2014 1.61% 310,930 T&D 2,613,736 0.27 10,500 ABC-Mart 381,932 0.04 8,567,211 0.88 86,800 ASICS 1,470,590 0.15 157,400 Citizen 771,047 0.08 Media – 0.93%; 2014 0.95% 246,454 Kao 7,135,693 0.72 13,300 Asatsu 235,051 0.02 15,500 Kose 510,109 0.05 296,620 Dai Nippon Printing 1,860,048 0.19 129,437 Lion 477,126 0.05 105,424 Dentsu 2,973,068 0.30 68,000 Nisshinbo Industries 447,211 0.05 19,900 Fuji Media 182,148 0.02 59,000 Onward Kashiyama 251,336 0.03 114,100 Hakuhodo 815,243 0.08 17,600 Pigeon 789,759 0.08 82,200 M3 1,181,310 0.12 9,700 Pola Orbis 299,803 0.03 20,290 Nippon Television Network 217,238 0.02 186,091 Shiseido 2,107,747 0.21 56,000 Shochiku 339,798 0.03 443,875 Toyobo 401,241 0.04 102,900 SKY Perfect JSAT 403,257 0.04 165,500 Uni-Charm 2,962,958 0.30 56,100 Toho 882,138 0.09 56,000 Wacoal 385,266 0.04 17,526 Tokyo Broadcasting System 134,425 0.01 9,800 TV Asahi 97,923 0.01 18,391,818 1.87 9,321,647 0.93 Pharmaceuticals & Biotechnology – 5.61%; 2014 5.68% 90,500 Alfresa 815,135 0.08 Mobile Telecommunications – 3.67%; 2014 4.44% 1,034,400 Astellas Pharmaceuticals 10,632,641 1.08 5,800 Hikari Tsushin 242,995 0.02 105,700 Chugai Pharmaceutical 2,082,591 0.21 290,000 KDDI 13,013,083 1.32 325,500 Daiichi Sankyo 3,293,852 0.33 462,600 NTT DoCoMo 5,319,735 0.54 78,600 Dainippon Sumitomo Pharmaceuticals 554,789 0.06 440,967 Softbank 17,579,499 1.79 129,100 Eisai 4,361,221 0.44 36,155,312 3.67 39,800 Hisamitsu Pharmaceutical 959,751 0.10 32,000 Kaken Pharmaceutical 612,304 0.06

339 BlackRock Collective Investment Funds 340 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 17,449 Kissei Pharmaceutical 321,127 0.03 24,200 Otsuka 620,900 0.06 16,100 Kobayashi Pharmaceuticals 713,736 0.07 21,900 SCSK 388,817 0.04 25,800 Kyorin 373,569 0.04 33,300 Square-Enix 440,888 0.04 125,000 Kyowa Hakko Kogyo 976,347 0.10 48,600 Trend Micro 1,069,361 0.11 82,200 MediPAL 674,971 0.07 613,500 Yahoo Japan 1,593,982 0.16 27,742 Miraca 860,439 0.09 8,480,052 0.86 105,100 Mitsubishi Tanabe Pharma 1,145,750 0.12 5,500 Mochida Pharmaceutical 217,922 0.02 Support Services – 3.55%; 2014 4.09% 29,000 Nippon Shinyaku 631,032 0.06 29,100 Glory 505,622 0.05 43,603 Ono Pharmaceutical 2,801,527 0.28 740,423 Itochu 5,364,459 0.54 180,296 Otsuka 3,497,206 0.36 780,000 Marubeni 3,100,243 0.31 49,900 Rohto Pharmaceutical 401,102 0.04 661,969 Mitsubishi 8,560,152 0.87 38,100 Santen Pharmaceutical 1,651,905 0.17 811,236 Mitsui 7,295,839 0.74 16,200 Sawai Pharmaceutical 650,649 0.07 97,099 Secom 3,910,347 0.40 149,700 Shionogi 2,844,177 0.29 33,300 Sohgo Security Services 675,932 0.07 35,735 Suzuken 728,260 0.07 527,221 Sumitomo 3,748,439 0.38 22,400 Taisho Pharmaceutical 986,961 0.10 21,000 Temp 456,955 0.05 362,668 Takeda Pharmaceutical 12,008,130 1.22 17,900 Toppan Forms 121,210 0.01 32,638 Tsumura 520,456 0.05 279,000 Toppan Printing 1,294,234 0.13 55,317,550 5.61 35,033,432 3.55 Real Estate Investment & Services – 2.65%; 2014 3.13% Technology Hardware & Equipment – 3.66%; 2014 3.86% 56,200 Aeon Mall 703,014 0.07 76,300 Advantest 653,369 0.07 119,000 Daikyo 113,367 0.01 71,500 Anritsu 330,128 0.03 136,900 Hulic 967,034 0.10 115,700 Brother Industries 1,261,306 0.13 591,627 Mitsubishi Estate 8,945,906 0.91 486,409 Canon 10,232,646 1.04 444,116 Mitsui Fudosan 7,888,537 0.80 22,900 Canon Marketing Japan 284,104 0.03 56,668 Nomura Real Estate 647,828 0.07 105,000 Dainippon Screen Manufacturing 464,911 0.05 47,300 NTT Urban Development 313,379 0.03 214,587 Fujifilm 4,787,834 0.49 6,200 Sumitomo Real Estate 107,391 0.01 834,159 Fujitsu 3,251,843 0.33 202,715 Sumitomo Realty & Development 4,505,391 0.46 30,700 Hitachi High-Technologies 614,848 0.06 188,000 Tokyo Tatemono 904,664 0.09 221,342 Konica Minolta 1,461,677 0.15 233,500 Tokyu Fudosan 1,030,083 0.10 1,226,000 NEC 2,408,933 0.24 331,294 Ricoh 2,129,486 0.22 26,126,594 2.65 45,117 Rohm 1,880,436 0.19 Software & Computer Services – 0.86%; 2014 1.06% 66,400 Seiko Epson 1,576,033 0.16 21,918 Capcom 250,566 0.03 30,500 Shinko Electric Industries 145,281 0.01 10,700 Itochu Techno-Solutions 271,634 0.03 48,000 Sumco 624,342 0.06 46,700 Nomura Research Institute 1,057,889 0.11 80,351 Tokyo Electron 3,910,017 0.40 5,600 NS Solutions 101,394 0.01 36,017,194 3.66 57,900 NTT Data 1,543,521 0.16 30,500 OBIC 732,185 0.07 Tobacco – 1.02%; 2014 1.27% 14,500 Oracle Japan 408,915 0.04 493,500 Japan Tobacco 10,062,605 1.02

341 BlackRock Collective Investment Funds 342 Japan Equity Tracker Portfolio Statement continued Japan Equity Tracker Statement of Total Return for the year ended 28 February 2015

Holding or Underlying Market % of For the period Nominal Exposure – Derivatives Value Total For the year from 1.2.2013 Value Investment £ £ Net Assets to 28.2.2015 to 28.2.2014 Notes £ £ £ £ Travel & Leisure – 5.21%; 2014 4.29% 538,931 ANA 946,911 0.10 Income 88,800 Central Japan Railway 10,682,734 1.08 Net capital gains 177,914 East Japan Railway 9,663,961 0.98 during the year/period 2 135,604,868 35,586,023 18,600 H.I.S. 403,724 0.04 Revenue 3 14,710,944 11,502,776 595,600 Hankyu 2,434,049 0.25 Expenses 4 (1,598,595) (1,480,833) 18,400 Heiwa 250,486 0.03 Finance costs: Interest 6 (2,479) (1,620) 55,800 Japan Airlines 1,109,990 0.11 Net revenue before taxation 13,109,870 10,020,323 241,000 Keihan Electric Railway 979,681 0.10 227,000 Keikyu 1,194,317 0.12 Taxation 5 (1,460,172) (839,921) 278,000 Keio 1,494,245 0.15 Net revenue after taxation 132,000 Keisei Electric Railway 1,156,059 0.12 for the year/period 11,649,698 9,180,402 841,000 Kintetsu 2,107,680 0.21 Total return before distributions 147,254,566 44,766,425 401,000 Nagoya Railroad 1,098,304 0.11 Finance costs: Distributions 6 (11,649,899) (9,181,757) 236,000 Nankai Electric Railway 675,764 0.07 Change in net assets 184,000 Nishi-Nippon Railroad 535,831 0.05 attributable to unitholders 296,569 Odakyu Electric Railway 2,000,191 0.20 from investment activities £135,604,667 £35,584,668 24,696 Oriental Land 4,307,049 0.44 30,000 Resorttrust 468,646 0.05 25,800 Sankyo 629,831 0.06 Japan Equity Tracker Statement of Change in Net Assets 65,600 Seibu 1,079,456 0.11 Attributable to Unitholders for the year ended 28 February 2015 204,000 Sotetsu Holdings 649,285 0.07 482,000 Tobu Railway 1,547,139 0.16 For the period 596,000 Tokyu 2,613,117 0.27 For the year from 1.2.2013 89,087 West Japan Railway 3,283,894 0.33 to 28.2.2015 to 28.2.2014 £ £ £ £ 51,312,344 5.21 Opening net assets attributable DERIVATIVES – 0.10%; 2014 0.01% to unitholders 725,562,097 493,207,894 Futures – 0.10%; 2014 0.01% Amounts received on creation of units 199,132,782 277,938,001 237 TSE TOPIX March 2015 19,569,883 983,980 0.10 Amounts paid on cancellation of units (87,590,373) (91,437,124) Portfolio of investments 966,573,604 98.14 111,542,409 186,500,877 Net other assets 18,332,535 1.86 Change in net assets attributable to Total net assets £984,906,139 100.00 unitholders from investment activities 135,604,667 35,584,668

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. Retained distribution on Note: comparative figures show percentages for each category of holding at 28 February 2014. accumulation units 12,196,966 10,268,658 * Delisted. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) Closing net assets attributable and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. to unitholders £984,906,139 £725,562,097

343 BlackRock Collective Investment Funds 344 Japan Equity Tracker Balance Sheet Japan Equity Tracker Notes to Financial Statements at 28 February 2015 for the year ended 28 February 2015

28.2.2015 28.2.2014 1. Accounting and Distribution Policies Notes £ £ £ £ Please see pages 6-8 of the Aggregated Notes to Financial Statements. Assets: 2. Net Capital Gains During the Year/period Investment assets 966,573,604 725,143,196 – Debtors 7 1,669,779 6,855,764 For the period For the year from 1.2.2013 – Cash and bank balances 8 18,314,443 5,652,451 to 28.2.2015 to 28.2.2014 Total other assets 19,984,222 12,508,215 £ £ Total assets 986,557,826 737,651,411 The net capital gains comprise: Liabilities: Gains on non-derivative securities 132,593,058 34,689,428 – Creditors 9 (1,390,463) (12,019,767) Gains on derivative contracts 4,330,728 2,15 0,74 4 – Amount held at futures Losses on forward currency contracts (46,988) (2,181) clearing houses and brokers (194,415) – Currency losses (1,261,515) (1,225,526) – Distribution payable on Custodian transaction costs (10,415) (26,442) income units (66,809) (69,547) Net capital gains £135,604,868 £35,586,023 Total other liabilities (1,651,687) (12,089,314) Total liabilities (1,651,687) (12,089,314) 3. Revenue

Net assets attributable For the period to unitholders £984,906,139 £725,562,097 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ N C D Hall (Director) Interest from UK bank deposits 285 1,483 E E Tracey (Director) Overseas dividends 14,601,958 11,413,066 BlackRock Fund Managers Limited Securities lending revenue 108,701 88,227 30 April 2015 Total revenue £14,710,944 £11,502,776

345 BlackRock Collective Investment Funds 346 Japan Equity Tracker Notes to Financial Statements continued

4. Expenses (b) Factors affecting the current tax charge for the year/period For the period The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an For the year from 1.2.2013 authorised unit trust. The differences are explained below: to 28.2.2015 to 28.2.2014 For the period £ £ For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 1,469,707 1,343,651 £ £ – Registrar’s fees 3,218 3,568 Net revenue before taxation 13,109,870 10,020,323 1,472,925 1,347,219 Corporation tax at 20% (28 February 2014: 20%) 2,621,974 2,004,065 Payable to the Trustee or associates of the Trustee: Effects of: – Trustee’s fees 59,943 52,519 Excess expenses for which no tax relief taken 298,418 278,548 59,943 52,519 Irrecoverable overseas tax 1,460,172 839,921 Other expenses: Non taxable overseas dividends (2,920,392) (2,282,613) – Audit fee 6,690 5,925 Total current tax charge for the year/period [see note 5(a)] £1,460,172 £839,921 – FCA fee 153 168 At 28 February 2015, the Fund had surplus management expenses of £5,733,172 (28 February 2014: £3,656,092). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £1,146,634 – Legal & professional fees 5,343 25 ,14 8 (28 February 2014: £731,218) has not been recognised. – Risk monitoring fees – 840 – Safe custody fees 53,541 49,014 6. Finance Costs 65,727 81,095 For the period Total expenses £1,598,595 £1,480,833 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 5. Taxation £ £ Interim distribution 6,352,375 5,431,696 (a) Analysis of tax charge for the year/period Final distribution 6,000,424 4,989,908 For the period For the year from 1.2.2013 12,352,799 10,421,604 to 28.2.2015 to 28.2.2014 Add: Amounts deducted on cancellation of units 489,551 535,945 £ £ Less: Amounts received on creation of units (1,192,451) (1,775,792) Irrecoverable overseas tax 1,460,172 839,921 Net distribution for the year/period 11,649,899 9,181,757 Total current tax charge for the year/period [see Note 5(b)] £1,460,172 £839,921 Finance costs: Interest 2,479 1,620 Finance costs £11,652,378 £9,183,377

Net revenue after taxation for the year/period 11,649,698 9,180,402 Add: Equalisation on conversions 201 1,355 Net distribution for the year/period £11,649,899 £9,181,757

Details of the interim and final distributions per unit are set out in the tables on page 358.

347 BlackRock Collective Investment Funds 348 Japan Equity Tracker Notes to Financial Statements continued

28.2.2015 28.2.2014 Market price The valuation of the Fund’s investments is calculated with reference to market £ £ prices quoted by financial agencies and brokers. Movements to those market Accrued Audit fee 6,690 6,690 prices may materially affect the value of the Fund’s investments, which may move down as well as up. Accrued FCA fee 601 447 Accrued Manager’s charge 406,562 337,679 To manage the risk, the Manager undertakes research in order to achieve the best price for any transactions entered into on behalf of the Fund. Accrued Registrar’s fee 1,215 830 Accrued Safe custody fees 13,667 16,628 Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the ability of the Fund to trade financial instruments at values previously indicated Accrued Trustee’s fee 15,375 13,913 by financial brokers. Amounts payable for cancellation of units 766,291 6,206,722 All stocks are valued daily. Stocks identified as being illiquid are reviewed Currency purchases awaiting settlement 179,363 5,427,024 for pricing accuracy as the need arises and on a formal monthly basis by the Custodian transaction costs 699 9,834 BlackRock Pricing Committee. Total creditors £1,390,463 £12,019,767 The Fund invests primarily in companies based in Japan, which is typically considered to be a territory operating with high levels of liquidity. From time to time, however, market liquidity may be affected by economic events and socio- political events. To manage the risk, the Investment Manager undertakes research of investment opportunities to select opportunities congruent with the Fund’s investment objective.

349 BlackRock Collective Investment Funds 350 Japan Equity Tracker Notes to Financial Statements continued

Risk Impact of risk Risk Impact of risk Counterparty The risk of entering an arrangement with a counterparty, which is itself subject Use of derivatives As at 28 February 2015, the Manager uses a methodology known as the to financial risks which may affect its ability to trade as a going concern. Continued “Commitment Approach” in order to measure the global exposure from financial The Manager maintains a list of approved counterparties. This list is regularly derivative instruments of the Fund and manage the potential loss to it due to market monitored and revised for changes based on the counterparty’s credit-worthiness, risk. The Commitment Approach is a methodology that aggregates the underlying market reputation and expectations of future financial performance. Transactions market or notional values of derivative instruments to determine the degree of will only be opened with financial intermediaries on the approved counterparties global exposure of a Fund to derivative instruments. In accordance with COLL, the list. global exposure for a Fund must not exceed 100% of that Fund’s net asset value. The Fund’s use of exchange traded derivatives are considered to be free of Any exposure to financial derivative instruments at year end is marked on the counterparty risk if the derivative is traded on an exchange where the clearing Portfolio Statement. house is backed by an appropriate performance guarantee and it is characterised These risks are monitored by the Manager in pursuance of the investment objective and policy as by a daily mark-to-market valuation of the derivative position and at least daily set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing margining. powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment At 28 February 2015, the market value of the exchange traded derivatives held by the Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security Fund was £983,980 (28 February 2014: £96,575). Exchange traded derivatives are or issuer. Further information on the investment portfolio is set out in the Investment Report and primarily traded with the following counterparty: Goldman Sachs. Portfolio Statement. Margin is paid or received on derivatives to cover any exposure by the counterparty (b) Currency Exposures to the Fund or by the Fund to the counterparty. Margin receivable from the A proportion of the net assets of the Fund are denominated in currencies other than Sterling, Fund’s clearing brokers and various counterparties is included in “Cash and bank with the effect that the Balance Sheet and Statement of Total Return can be affected by balances” on the Balance Sheet. Margin payable to the Fund’s clearing brokers and currency movements. various counterparties is included in “Amounts held at futures clearing houses and brokers” on the Balance Sheet. The currency profile held at 28 February 2015 was as follows: At 28 February 2015, the Fund had received margin of £194,415 (28 February 2014: Currency Net Assets/(Liabilities) £Nil) from counterparties and had provided margin of £Nil (28 February 2014: Monetary Non-monetary £52,851) to counterparties relating to derivatives. Exposures Exposures Total Credit During the year, the Fund engaged in securities lending activities which exposed 28.2.2015 28.2.2015 28.2.2015 the Fund to credit risk. The maximum exposure of the Fund is equal to the value of Currency £ £ £ the securities loaned disclosed in Note 12. Japanese yen 17,935,579 967,438,458 985,374,037 Use of derivatives The Fund may use derivatives for the purposes of efficient portfolio management UK sterling 18 4 ,126 (652,347) (468,221) in order to reduce risk within the portfolio, reduce investment costs and generate US dollar 323 – 323 additional income. Total £18,120,028 £966,786,111 £984,906,139 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. In particular, derivative contracts can be highly The currency profile held at 28 February 2014 was as follows: volatile and the amount of initial margin is generally small relative to the size of Currency Net Assets/(Liabilities) the contract so that transactions may be leveraged in terms of market exposure. Monetary Non-monetary A relatively small market movement may have a potentially larger impact on Exposures Exposures Total derivatives than on standard bonds or equities. Leveraged derivative positions can 28.2.2014 28.2.2014 28.2.2014 therefore increase fund volatility. Currency £ £ £ Japanese yen 5,597,081 720,393,932 725,991,013 UK sterling 55,072 (484,286) (429,214) US dollar 298 – 298 Total £5,652,451 £719,909,646 £725,562,097

351 BlackRock Collective Investment Funds 352 Japan Equity Tracker Notes to Financial Statements continued

(c) Interest Rate Risk Profile of Financial Assets and Liabilities The floating rate financial assets and liabilities include: The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two week LIBID rates and overdraft interest based on 3% over the base rate. Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying All overseas deposits and loans bear interest at rates determined by the relevant Authority. Assets Assets Interest Total The amount held at futures clearing houses and brokers at the reporting date is on a temporary basis Currency £ £ £ £ and is not persistent. Japanese yen 18,129,994 – 967,617,821 985,747,815 UK sterling 18 4 ,126 – 625,562 809,688 (d) Fair Value of Financial Assets and Financial Liabilities US dollar 323 – – 323 There is no material difference between the value of the financial assets and liabilities, as shown Total £18,314,443 £0 £968,243,383 £986,557,826 in the Balance Sheet and their fair value.

11. Contingent Assets and Liabilities Floating Rate Financial There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Financial Liabilities not Liabilities Carrying Interest Total Currency £ £ £ 12. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Japanese yen (194,415) (179,363) (373,778) Please see further disclosures in Note 10(a). UK sterling – (1,277,909) (1,277,909) During the year, the Fund engaged in securities lending, subject to the conditions and within the Total £(194,415) £(1,457,272) £(1,651,687) limits laid down by the Financial Conduct Authority. There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates. The Fund receives securities as collateral for a value in excess of the market value of the securities loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: following collateral agents and central securities depositories: JP Morgan Chase and BNY Mellon. Floating Rate Fixed Rate Financial Assets As at 28 February 2015, the Fund had securities on loan to the following counterparties: BNP Financial Financial not Carrying Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Assets Assets Interest Total Morgan Stanley and UBS. Currency £ £ £ £ The Investment Manager monitors the fair value of the securities loaned and additional collateral Japanese yen 5,597,081 – 725,820,955 731,418,036 is obtained if necessary. The collateral consists of equities admitted to or dealt in on a regulated UK sterling 55,072 – 6,178,005 6,233,077 market. US dollar 298 – – 298 The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock Total £5,652,451 £0 £731,998,960 £737,651,411 Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue Floating Rate Financial is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational Financial Liabilities not costs are borne out of the securities lending agent’s share. Liabilities Carrying Interest Total Currency £ £ £ 28.2.2015 28.2.2014 £ £ Japanese yen – (5,427,024) (5,427,024) Revenue earned during the year/period 108,701 88,227 UK sterling – (6,662,290) (6,662,290) Value of securities on loan at the year/period end 79,480,468 29,211,220 Total £0 £(12,089,314) £(12,089,314) Value of collateral held on behalf of the Fund at the year/period end 88,860,434 32,215,281

13. Investment Management Please see page 16.

353 BlackRock Collective Investment Funds 354 Japan Equity Tracker Notes to Financial Statements continued

14. Related Parties Material Unitholders Parties are considered to be related if one party has the ability to control the other party or The following investor held more than 20% of the voting units in issue in the Fund and as a result is exercise significant influence over the other party in making financial or operational decisions. considered to be a related party of the Fund. The following entities were related parties of the Fund during the year ended 28 February 2015: As at 28 February 2015:

Manager/Registrar: BlackRock Fund Managers Limited % of voting units Investment Manager: BlackRock Investment Management (UK) Limited Held by: in issue No. of units held Securities lending agent: BlackRock Advisors (UK) Limited Nutraco Nominees Limited 36% 240,037,292 Trustee: BNY Mellon Trust & Depositary (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. As at 28 February 2014: (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. % of voting units (“PNC”) is a substantial shareholder in BlackRock. Held by: in issue No. of units held The Manager acts as either principal or agent for the Trustee in respect of all transactions of Nutraco Nominees Limited 36% 204,445,555 units of the Fund. The aggregate monies received through creation and paid through cancellation All related party transactions were carried out at arm’s length in the ordinary course of business. of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and The terms and returns received by the related parties in making the investments above were no Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. more favourable than those received by other investors investing into the same unit classes. Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at 15. Portfolio Transaction Costs the year end in respect of these fees are shown in Note 9. Summary of total purchase costs: The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the For the period For the period For the year For the year from 1.2.2013 from 1.2.2013 BlackRock Group), which may result in the Fund benefiting from research or execution services to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 which the Investment Manager believes are useful in the investment decision-making or trade £ £ £ £ execution process. Such research or execution services may include, without limitation and to the Purchases before extent permitted by applicable law: research reports on companies, industries and securities; and transaction costs 148,864,020 270,955,599 the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, Commissions and other costs it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into (including stamp duty) 36 ,127 71,308 these arrangements with brokers who are not affiliated to the BlackRock Group. Total purchase costs 36 ,127 71,308 Securities Lending Gross purchases total £148,900,147 £271,026,907 The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited, which is a related party to the Fund. Summary of total sale costs:

The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity For the period For the period allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly For the year For the year from 1.2.2013 from 1.2.2013 related to securities loan transactions as well as the cost of indemnification against borrower to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 default. £ £ £ £ See further information in Note 12. Gross sales before transaction costs 40,951,088 72,549,979 Commissions and other costs (9,637) (11,523) Total sale costs (9,637) (11,523) Total sales net of transaction costs £40,941,451 £72,538,456

355 BlackRock Collective Investment Funds 356 Japan Equity Tracker Notes to Financial Statements continued Japan Equity Tracker Distribution Tables for the year ended 28 February 2015

16. Unitholders’ Funds Final Distribution in Pence per Unit Accumulation and Income units are currently available as specified in the Prospectus. The net Group 1 – Units purchased prior to 1 September 2014 asset value of the each class, net asset value per unit and the number of units in issue are given in Group 2 – Units purchased 1 September 2014 to 28 February 2015 the “Performance Record”. A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation The types of units currently in issue and the Manager’s annual charge for each unit class are Units Units≈ Units Units Units Units Units÷ shown below: Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 0.6983 0.3631 0.9087 0.9087 0.9087 0.0973 0.9382 0 .16 0 5 0.9728 0.2254 0.9319 0.2473 0.7654 0.2100 Class 28.2.2015 28.2.2014 Equalisation† – 0.3352 – 0.0000 – 0.8114 – 0.7777 – 0.7474 – 0.6846 – 0.5554

A Accumulation 0.45% 0.45% Distribution payable 30.4.2015 0.6983 0.6983 0.9087 0.9087 0.9087 0.9087 0.9382 0.9382 0.9728 0.9728 0.9319 0.9319 0.7654 0.7654

L Income≈ 0.20% N/A Distribution paid 30.4.2014 0.6681 0.6681 N/A N/A 0.8632 0.8632 0.9065 0.9065 0.9240 0.9240 0.8835 0.8835 0.0000 0.0000 L Accumulation 0.20% 0.20% X Income◊ 0.00% 0.00% Interim Distribution in Pence per Unit Group 1 – Units purchased prior to 1 March 2014 X Accumulation◊ 0.00% 0.00% Group 2 – Units purchased 1 March 2014 to 31 August 2014 D Accumulation 0.15% 0.15% A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation H Accumulation 0.10 % 0.10 % Units Units≈ Units Units Units Units Units÷

≈ L Income class commenced April 2014. Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or their affiliates. Net revenue (dividend) 0.8896 0 .142 2 0.0742 0.0424 1.0886 0.2628 1.10 0 8 0.5252 1.1310 0 .172 6 1.10 6 3 0 .15 3 4 0.7837 0 .12 71 Equalisation† – 0.7474 – 0.0318 – 0.8258 – 0.5756 – 0.9584 – 0.9529 – 0.6566

In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Distribution paid 31.10.2014 0.8896 0.8896 0.0742 0.0742 1.0886 1.0886 1.10 0 8 1.10 0 8 1.1310 1.1310 1.10 6 3 1.10 6 3 0.7837 0.7837

Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the Distribution paid 31.10.2013 0.8266 0.8266 N/A N/A 1.0850 1.0850 1.13 7 3 1.13 7 3 1.1477 1.1477 1.10 2 5 1.10 2 5 N/A N/A remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included is allocated each day pro rata to the capital value of assets attributable to each class and taxation is in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. computed by reference to the net revenue after expenses attributable to each class. The distribution ≈ L Income class commenced April 2014. For the Interim distribution, Group 1 units purchased 24 April 2014. Group 2 units purchased per unit class is given in the distribution tables. All unit classes have the same rights on winding up. 25 April 2014 to 31 August 2014. ÷ H Accumulation class commenced February 2014. 17. Non Adjusting Post Balance Sheet Event Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as shown below:

Bid prices as at Bid prices as at Rise Class 23.4.2015 28.2.2015 (%) A Accumulation 164.5p 149.2p 10.3 L Income 135 .1p 123.3p 9.6 L Accumulation 16 6 .1p 150.5p 10.4 X Income 148.2p 135.2p 9.6 X Accumulation 154.7p 140.2p 10.3 D Accumulation 164.5p 149.1p 10.3 H Accumulation 130.3p 118 .1p 10.3

357 BlackRock Collective Investment Funds 358 BlackRock Mid Cap UK Equity Tracker Fund Mid Cap UK Equity Tracker Fund

BlackRock Mid Cap UK Equity Tracker Fund This Annual Report covers the year ended 28 February 2015. The first six months were commented on in the Interim Report to 31 August 2014. For a copy, please contact us. Investment Objective & Policy Performance Table The aim of the BlackRock Mid Cap UK Equity Tracker Fund (the “Fund”) is to seek to achieve capital growth for investors by tracking closely the performance of the FTSE 250 Index by investing in Period of Report Since Launch companies in the Index. Investment will be made directly into constituent companies and via other One Year 29.6.2012 to 28.2.2015 to 28.2.2015 transferable securities giving exposure to such companies. The Fund may also invest in permitted money-market instruments, permitted deposits and units in collective investment schemes. TOTAL Return (with net income reinvested) Derivatives and forward transactions may be used for the purposes of efficient portfolio management. Class A Accumulation Units The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established under BlackRock Mid Cap UK Equity Tracker Fund +6.0% +65.7% the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Sourcebook”). FTSE 250 Index* +6.6% +69.5% The Fund was authorised by the FCA on 25 May 2012 and was established on 29 June 2012. TOTAL Return (with net income reinvested) Class D Accumulation Units BlackRock Mid Cap UK Equity Tracker Fund +6.3% +67.9% FTSE 250 Index* +6.6% +69.5%

359 BlackRock Collective Investment Funds 360 Mid Cap UK Equity Tracker Fund continued

Annual performance to most recent quarter end Tracking Difference

BlackRock Mid Cap UK The table below compares the realised Fund performance against the performance of the relevant § § § Equity Tracker Fund D +3.4% +31.7% N/A N/A N/A benchmark index during the year ended 28 February 2015. An explanation for the difference is All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is provided: calculated net of fees. Performance is shown for complete 12 month periods only. § Performance data does not exist for the relevant periods. Fund launched on 29 June 2012. Fund return Benchmark return for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference Distributions Payable The Fund underperformed its benchmark A Accumulation index as a result of (a) the stock market The final accumulation distribution payable on 30 April 2015 is1.4356p net per accumulation unit on which the benchmark index operates (30 April 2014: 0.9971p net per accumulation unit). being closed at the Fund’s valuation point. This results in a temporary L Accumulation mismatch on days when units are The final accumulation distribution payable on 30 April 2015 is1.6567p net per accumulation unit created or redeemed, (b) temporary (30 April 2014: 1.2074p net per accumulation unit). divergences in the calculation when the Index provider calculates index values X Accumulation during UK bank holidays while the Fund The final accumulation distribution payable on 30 April 2015 is1.8255p net per accumulation unit is closed and (c) income from securities (30 April 2014: 1.3641p net per accumulation unit). +6.3%* +6.6% -0.3% lending activity.

* Performance is calculated net of fees and reported for the Fund’s class D Accumulation Units. D Income¤ The final distribution payable on 30 April 2015 is1.6933p net per income unit (30 April 2014: N/A).

D Accumulation The final accumulation distribution payable on 30 April 2015 is1.7170p net per accumulation unit (30 April 2014: 1.2593p net per accumulation unit).

¤ D Income class commenced July 2014.

361 BlackRock Collective Investment Funds 362 Mid Cap UK Equity Tracker Fund continued Mid Cap UK Equity Tracker Performance Record

A Accumulation Anticipated tracking error is based on the expected volatility of differences between the returns of a 28 February 2015 11,463,201 18,898,230 164.9 fund and the returns of its benchmark index. 28 February 2014 7,649,870 11,960,219 156.3 Cash management, efficient portfolio management techniques including securities lending and 31 January 2013* 1,000 1,19 9 119.9 transaction costs from rebalancing can have an impact on tracking error as well as the return L Accumulation differential between the Fund and the benchmark index. Importantly, these impacts can be either 28 February 2015 5 0,15 7,9 07 82,6 5 9,147 164.8 positive or negative depending on the underlying circumstances. 28 February 2014 62,620,409 97,573,384 155.8 The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an 31 January 2013* 906 1,082 119.4 ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking X Accumulation error is annualised and calculated using data since inception as the Fund has been trading for fewer 28 February 2015 5,669,882 9,451,728 166.7 than 36 months. A return history fewer than 36 months is not considered statistically significant. 28 February 2014 6,458,283 10,15 9,111 157.3 Anticipated Realised 31 January 2013* 1,000 1,197 119.7 Tracking Error Tracking Error Explanation for difference D Income The Fund’s return history is too short to be statistically 28 February 2015¤ 11,658,578 18,949,554 162.5 Up to 0.25%* 0.26%* significant. D Accumulation * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class D Accumulation Units. 28 February 2015 71,488,147 119,459,786 167.1 28 February 2014 66,955,868 105,736,981 157.9 31 January 2013* 40,007,647 48,107,852 120.2

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. ¤ D Income class commenced July 2014.

Income (Net Distributions/Net Accumulations)

A Accumulation L Accumulation X Accumulation D Income D Accumulation Units Units^ Units Units¤ Units Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit 2015* 1.4356 1.6567 1.8255 1.6933 1.7170 2014 3.2673 3.6981 4.0308 0.6138 3.8221 2013 2.7052 2.1513 3.2487 N/A 3.7016 2012‡ 0.14 3 0 N/A 0.1070 N/A 0.1818

* To 30 April. ‡ Fund launched on 29 June 2012. ^ L Accumulation class commenced November 2012. ¤ D Income class commenced July 2014.

363 BlackRock Collective Investment Funds 364 Mid Cap UK Equity Tracker Performance Record continued

Capital (Unit Prices) Ongoing Charges Detailed in the following table are the charges used to meet the costs of running the Fund, which A Accumulation L Accumulation X Accumulation D Income D Accumulation Units Units^ Units Units¤ Units include the costs of marketing and distribution. These charges reduce the potential growth of your investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective Price Price Price Price Price Price Price Price Price Price investment scheme (if any). Calendar Year p p p p p p p p p p 2015* 173.9 150.4 165.7 150.3 167.5 152.0 16 5 .1 149.7 167.9 152.4 1.3.2014 1.2.2013 Unit Class to 28.2.2015 to 28.2.2014† 2014 164.8 135.4 156.5 135.2 158.0 136.6 153.9 134.6 158.6 137.0 A Accumulation 0.52% 0.54% 2013 15 7.1 116 .1 14 9.1 115.4 150.4 115.9 n/a n/a 151.1 116.4 L Accumulation 0.22% 0.24% 2012‡ 120.8 99.22 114.5 106.4 114.9 9 9.19 n/a n/a 115.4 99.25 X Accumulation 0.02% 0.04% * To 28 February. ‡ Fund launched on 29 June 2012. D Income¤ 0.17% * N/A ^ L Accumulation class commenced November 2012. ¤ D Income class commenced July 2014. D Accumulation 0.17% 0.19%

† Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. Risk and Reward Profile ¤ D Income class commenced July 2014. * Ongoing charges figure is based on annualised expenses for the period ended 28 February 2015. Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class A Accumulation 1 2 3 4 5 6 7 L Accumulation 1 2 3 4 5 6 7 X Accumulation 1 2 3 4 5 6 7 D Income 1 2 3 4 5 6 7 D Accumulation 1 2 3 4 5 6 7

`` The risk indicator was calculated incorporating historical or simulated historical data and may not be a reliable indication of the future risk profile of each unit class.

`` The risk category shown is not guaranteed and may change over time.

`` The lowest category does not mean risk free.

`` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund.

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

365 BlackRock Collective Investment Funds 366 Mid Cap UK Equity Tracker Investment Report Mid Cap UK Equity Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 6.3%*, compared with its Nominal Value Total Net benchmark, the FTSE 250 Index, which returned 6.6%. The Fund underperformed its benchmark index Value Investment £ Assets as a result of (a) the stock market on which the benchmark index operates being closed at the Fund’s EQUITIES – 98.11%; 2014 99.78% valuation point. This results in a temporary mismatch on days when units are created or redeemed, (b) temporary divergences in the calculation when the Index provider calculates index values during UNITED KINGDOM – 98.11%; 2014 99.78% UK bank holidays while the Fund is closed and (c) income from securities lending activity. Over the Aerospace & Defence – 2.27%; 2014 2.24% six month period to 28 February 2015, the Fund returned 9.5%* compared with its benchmark which 823,333 Cobham 2,808,389 1.13 returned 9.7%. 457,731 QinetiQ 913,173 0.37 301,941 Senior 1,026,599 0.41 Fund Manager’s Commentary 50,363 Ultra Electronics 906,534 0.36 The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. 5,654,695 2.27 Recovery continued apace in the US, but weak economic growth and worries about deflation in Europe finally saw the European Central Bank launch a programme of spending in support of its economy Banks – 0.34%; 2014 0.19% (what is known as quantitative easing) that surprised many with its scale. The picture in the UK was 21,934 Bank of Georgia 377,045 0.15 more nuanced, with further evidence of recovery somewhat offset by concerns over the downward 182,886 TSB Banking 476,784 0.19 trajectory of inflation. 853,829 0.34 Beverages – 0.69%; 2014 0.72% UK stocks endured considerable ups and downs in the last quarter of 2014, but small-cap and mid-cap 62,321 A.G. Barr 418,797 0.17 stocks outperformed their larger peers to finish the 12 months under review up by just over 6%. The 169,133 Britvic 1,293,867 0.52 market more broadly was held back by its considerable exposure to mining and commodity stocks, which sold off as the oil price slumped. Conflicting messages from the Bank of England over its interest 1,712,664 0.69 rate policy also had an effect. Nevertheless, strengthening economic data still suggests that the UK Chemicals – 2.33%; 2014 2.84% will follow the US in raising rates at some point. 153,691 Alent 540,992 0.22 97,545 Croda 2,662,003 1.07 The portfolio remains positioned so that its risk characteristics are similar to those of the FTSE 250 332,114 Elementis 953,499 0.38 Index. 191,793 Synthomer 560,227 0.22 57,700 Victrex 1,088,799 0.44 March 2015 5,805,520 2.33 * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net Construction & Materials – 0.97%; 2014 1.58% asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s class D Accumulation Units. 496,712 Balfour Beatty 1,244,264 0.50 50,131 Keller 506,824 0.20 38,391 Kier 668,771 0.27 2,419,859 0.97 Electricity – 0.53%; 2014 1.00% 291,447 Drax 1,204,259 0.48 66,390 Infinis Energy 132,846 0.05 1,337,105 0.53

367 BlackRock Collective Investment Funds 368 Mid Cap UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Electronic & Electrical Equipment – 2.63%; 2014 3.06% 1,161 Personal Assets Trust 411,575 0.17 82,158 Domino Printing Sciences 630,563 0.25 94,065 Polar Capital Technology Trust 548,399 0.22 271,010 Halma 1,930,946 0.77 91,749 RIT Capital Partners 1,396,420 0.56 151,502 Hellermanntyton 496,169 0.20 32,334 Riverstone Energy 307,011 0.12 206,514 Morgan Advanced Materials 679,018 0.27 77,077 Scottish Investment Trust 482,502 0.19 37,693 Oxford Instruments 285,148 0.11 885,664 Scottish Mortgage Investment Trust 2,285,899 0.92 26,423 Renishaw 689,640 0.28 48,606 Temple Bar Investment Trust 575,981 0.23 85,407 Spectris 1,858,456 0.75 232,931 Templeton Emerging Markets Investment Trust 1,323,048 0.53 6,569,940 2.63 231,029 TR Property Investment Trust 734,672 0.29 137,387 Witan Investment Trust 1,081,236 0.43 Equity Investment Instruments – 12.47%; 2014 12.78% 34,936 Worldwide Healthcare Trust 655,050 0.26 425,682 3i Infrastructure 672,152 0.27 31,116,824 12.47 68,648 Aberforth Smaller Companies Investment Trust 750,323 0.30 402,028 Alliance Trust 1,986,420 0.80 Financial Services – 10.73%; 2014 11.72% 81,329 Bankers Investment Trust 500,173 0.20 280,490 Ashmore 858,580 0.34 27,946 BH Macro 598,324 0.24 190,309 Brewin Dolphin 600,425 0.24 128,968 BlackRock World Mining Trust* 409,215 0.16 74,995 Brit 228,360 0.09 283,304 BlueCrest Allblue Fund 533,461 0.21 107,152 Close Brothers 1,758,364 0.71 101,059 British Empire Securities & General Investment Trust 533,592 0.21 763,621 Henderson 1,997,633 0.80 23,252 Caledonia Investments 537,121 0.22 386,482 ICAP 2,069,611 0.83 213,003 City of London Investment Trust 852,864 0.34 262,954 IG 1,922,194 0.77 141,921 Edinburgh Investment Trust 962,934 0.39 197,334 IMI 2,725,183 1.09 25,587 Electra Investment Trust 802,152 0.32 280,207 Intermediate Capital 1,374,696 0.55 407,181 F&C Investment Trust 1,856,745 0.74 167,570 International Personal Finance 724,238 0.29 406,438 Fidelity China Special Situations Investment Trust 538,937 0.22 367,865 Investec 2,126,260 0.85 297,837 Fidelity European Values 516,449 0.21 330,401 IP 819,394 0.33 96,144 Genesis Emerging Markets Fund 508,121 0.20 300,219 Jupiter Fund Management 1,252,814 0.50 900,113 HICL Infrastructure 1,398,776 0.56 128,173 Just Retirement 225,456 0.09 599,677 International Public Partnership 823,956 0.33 1,138,234 Man 2,179,718 0.87 506,867 John Laing Infastructure Fund 639,666 0.26 221,151 Paragon 950,286 0.38 202,269 JP Morgan American Investment Trust 583,546 0.23 105,724 Provident Financial 2,902,124 1.16 91,814 JP Morgan Emerging Markets Investment Trust 562,361 0.23 34,319 Rathbone Brothers 770,118 0.31 83,878 Law Debenture 448,328 0.18 144,621 SVG Capital 710,957 0.29 71,499 Mercantile Investment Trust 1,118,959 0.45 169,837 Tullett Prebon 591,542 0.24 161,035 Monks Investment Trust 664,752 0.27 26,787,953 10.73 92,332 Murray International Trust 959,329 0.38 903,937 NB Global Floating Rate Income Fund 865,068 0.35 Fixed Line Telecommunications – 1.30%; 2014 1.54% 168,941 Perpetual Income & Growth Investment Trust 691,307 0.28 2,011,508 Cable & Wireless 1,172,709 0.47 228,196 Colt Telecom 341,609 0.14 377,129 Talktalk Telecom 1,277,713 0.51 43,567 Telecom Plus 454,839 0.18 3,246,870 1.30

369 BlackRock Collective Investment Funds 370 Mid Cap UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Food & Drug Retailers – 1.75%; 2014 1.79% Healthcare Equipment & Services – 1.12%; 2014 0.42% 1,173,955 Booker 1,884,198 0.76 38,610 Al Noor Hospitals 359,073 0.14 73,994 Greggs 648,187 0.26 46,763 NMC Health 274,499 0.11 290,053 Ocado 1,068,555 0.43 148,848 Spire Healthcare 468,871 0.19 264,514 SSP 758,362 0.30 41,124 Synergy Healthcare 875,530 0.35 4,359,302 1.75 174,802 UDG Healthcare 814,403 0.33 2,792,376 1.12 Food Producers – 1.60%; 2014 0.90% 35,035 Cranswick 500,650 0.20 Household Goods & Home Construction- 2.92%; 2014 5.09% 99,456 Dairy Crest 494,097 0.20 88,419 Bellway 1,759,538 0.71 294,727 Greencore 997,651 0.40 90,875 Berkeley 2,377,290 0.95 335,953 Tate & Lyle 2,000,600 0.80 96,521 Bovis Homes 932,875 0.37 3,992,998 1.60 176,612 Crest Nicholson 780,095 0.31 58,742 Galliford Try 879,368 0.35 Gas, Water & Multiutilities – 0.98%; 2014 0.85% 155,469 Redrow 565,441 0.23 288,627 Pennon 2,454,773 0.98 7,294,607 2.92 General Industrials – 2.93%; 2014 1.33% Industrial Engineering – 2.67%; 2014 2.14% 678,487 DS Smith 2,488,690 1.00 138,740 Bodycote 1,071,073 0.43 504,855 Rexam 2,806,994 1.13 773,412 Melrose 144,628 0.06 180,707 RPC 1,058,040 0.42 718,168 Melrose 2,153,786 0.86 197,540 Vesuvius 944,439 0.38 62,198 Rotork 1,526,339 0.61 7,298,163 2.93 54,831 Spirax-Sarco Engineering 1,761,172 0.71 General Retailers – 4.35%; 2014 4.43% 6,656,998 2.67 128,028 Card Factory 364,752 0.15 Industrial Metals & Mining – 0.29%; 2014 0.57% 887,866 Debenhams 722,279 0.29 372,598 Evraz 732,900 0.29 35,563 Dignity 687,433 0.28 66,272 Dunelm 607,383 0.24 Industrial Transportation – 0.62%; 2014 0.67% 60,386 Game Digital 158,513 0.06 342,044 BBA Aviation 1,184,840 0.48 144,341 Halfords 642,173 0.26 29,619 James Fisher & Sons 347,727 0.14 596,380 Home Retail 1,207,073 0.48 1,532,567 0.62 327,104 Inchcape 2,405,850 0.96 42,460 JD Sports Fashion 206,823 0.08 Life Insurance – 0.56%; 2014 0.48% 199,812 Just Eat 718,124 0.29 162,132 Phoenix 1,391,093 0.56 109,323 N Brown 490,423 0.20 Media – 3.19%; 2014 3.18% 151,807 Pets at Home 361,301 0.15 145,023 Entertainment One 435,069 0.17 129,157 Poundland 497,125 0.20 28,093 Euromoney Institutional Investor 292,729 0.12 226,909 Saga 416,605 0.17 468,103 Informa 2,588,610 1.04 81,660 WH Smith 1,095,877 0.44 317,835 Moneysupermarket.com 869,914 0.35 129,839 Zoopla Property 238,774 0.10 67,581 Rightmove 2,045,677 0.82 10,820,508 4.35 317,591 UBM 1,722,931 0.69 7,954,930 3.19

371 BlackRock Collective Investment Funds 372 Mid Cap UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Mining – 1.49%; 2014 1.90% Pharmaceuticals & Biotechnology – 2.56%; 2014 1.66% 108,192 African Barrick Gold 297,744 0.12 260,093 BTG 1,972,805 0.79 786,948 Centamin 517,812 0.21 64,130 Dechra Pharmaceuticals 598,012 0.24 189,004 Kazakhmys 478,369 0.19 43,982 Genus 599,475 0.24 313,741 Lonmin 493,201 0.20 97,043 Hikma Pharmaceuticals 2,396,962 0.96 311,208 Petra Diamonds 583,826 0.23 465,715 Indivior 813,604 0.33 155,983 Polymetal International 886,763 0.36 6,380,858 2.56 73,646 Vedanta Resources 436,721 0.18 Real Estate Investment & Services – 3.02%; 2014 2.59% 3,694,436 1.49 526,092 Capital & Counties Properties 2,125,412 0.85 Mobile Telecommunications – 1.08%; 2014 0.92% 11,840 CLS 193,702 0.08 307,952 Inmarsat 2,696,120 1.08 110,270 Countrywide 582,226 0.23 3,515 Daejan 210,021 0.08 Non-Life Insurance – 3.48%; 2014 4.23% 375,745 F&C Commercial Property Trust 537,691 0.22 361,175 Amlin 1,910,616 0.77 297,478 Grainger Trust 624,704 0.25 373,581 Beazley 1,080,023 0.43 85,564 Kennedy Wilson Europe Real Estate 921,524 0.37 243,911 Catlin 1,668,351 0.67 90,283 Savills 656,809 0.26 176,658 eSure 423,273 0.17 127,959 St. Modwen Properties 620,217 0.25 230,382 Hiscox 1,822,322 0.73 319,833 UK Commercial Property Trust 284,811 0.11 87,780 Jardine Lloyd Thompson 841,371 0.34 145,230 Unite 797,313 0.32 135,089 Lancashire 928,737 0.37 7,554,430 3.02 8,674,693 3.48 Real Estate Investment Trusts – 4.47%; 2014 4.36% Oil & Gas Producers – 1.11%; 2014 2.65% 103,310 Big Yellow 650,853 0.26 797,531 Afren 68,628 0.03 66,747 Derwent London 2,236,025 0.90 415,006 Cairn Energy 841,217 0.34 247,617 Great Portland Estates 1,979,698 0.79 43,894 Nostrum Oil & Gas 265,559 0.11 497,136 Hansteen 586,123 0.24 359,639 Ophir Energy 500,617 0.20 422,613 London & Stamford Property 682,097 0.27 370,141 Premier Oil 623,688 0.25 628,097 Redefine International 351,734 0.14 158,060 SOCO International 443,042 0.18 535,481 Segro 2,305,246 0.92 2,742,751 1.11 201,642 Shaftesbury 1,636,325 0.66 Oil Equipment, Services & Distribution – 1.54%; 2014 1.45% 83,940 Workspace 721,464 0.29 100,634 Hunting 481,131 0.19 11,149,565 4.47 260,408 John Wood 1,731,713 0.69 Software & Computer Services – 2.00%; 2014 1.65% 186,980 Petrofac 1,644,489 0.66 56,121 Allied Minds 333,078 0.13 3,857,333 1.54 129,415 AO World 232,300 0.09 45,998 AVEVA 733,208 0.29 Personal Goods – 0.63%; 2014 0.50% 56,021 Computacenter 40,279 0.02 83,323 Jimmy Choo 145,399 0.06 49,430 Computacenter 365,535 0.15 217,188 PZ Cussons 733,227 0.29 27,487 Fidessa 637,149 0.26 23,731 SuperGroup 231,021 0.09 119,264 Micro Focus International 1,291,629 0.52 18,845 Ted Baker 482,997 0.19 146,881 Telecity 1,357,915 0.54 1,592,644 0.63 4,991,093 2.00

373 BlackRock Collective Investment Funds 374 Mid Cap UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure – Derivatives Value Total Value Investment £ Assets Value Investment £ £ Net Assets Support Services – 10.58%; 2014 10.22% 661,102 Ladbrokes 784,728 0.31 278,525 AMEC 2,452,413 0.98 414,379 Marston’s 631,514 0.25 123,829 Berendsen 1,362,119 0.55 400,847 Merlin Entertainments 1,687,566 0.68 310,689 Carillion 1,121,277 0.45 108,192 Millennium & Copthorne Hotels 613,449 0.25 60,534 DCC 2,339,034 0.94 169,438 Mitchells & Butlers 789,073 0.32 72,684 De La Rue 419,750 0.17 303,118 National Express 859,340 0.34 82,331 Diploma 655,355 0.26 137,887 Playtech 1,057,593 0.42 317,206 Electrocomponents 711,176 0.29 85,880 Rank 161,454 0.07 187,711 Essentra 1,909,021 0.77 143,829 Restaurant Group 1,060,739 0.43 154,239 Grafton 1,155,250 0.46 477,188 Spirit Pub 567,854 0.23 1,012,909 Hays 1,549,751 0.62 306,590 Stagecoach 1,035,048 0.42 198,296 HomeServe 668,456 0.27 1,049,004 Thomas Cook 1,312,304 0.53 449,233 Howden Joinery 2,083,543 0.84 628,832 William Hill 2,375,098 0.95 104,892 Interserve 658,197 0.26 19,741,523 7.93 218,551 Michael Page International 1,094,941 0.44 265,305 Mitie 802,282 0.32 DERIVATIVES – 0.15%; 2014 0.00% 96,610 Northgate 600,431 0.24 Futures – 0.15%; 2014 0.00% 47,648 PayPoint 409,296 0.16 145 FTSE 250 Index March 2015 4,993,800 382,606 0.15 262,042 Premier Farnell 452,547 0.18 457,811 Regus 1,082,723 0.43 Portfolio of investments 245,083,785 98.26 1,301,465 Rentokil Initial 1,758,279 0.71 Net other assets 4,334,660 1.74 155,691 RPS 412,114 0.17 Total net assets £249,418,445 100.00 397,277 Serco 883,147 0.35 Unless otherwise stated, all holdings are quoted in ordinary shares and are listed on a recognised exchange. 405,796 SIG 803,070 0.32 Note: comparative figures show percentages for each category of holding at 28 February 2014. * Managed by a related party. The Fund will not be subject to any initial subscription or redemption fees on its investment into an 72,811 WS Atkins 993,870 0.40 underlying fund managed by a related party. The Fund may indirectly incur management charges by investing in an underlying fund. The Fund invests, where possible, in a share class of an underlying fund that is not subject to management charges. Alternatively, where this 26,378,042 10.58 is not possible, the Manager will rebate management charges to the Fund. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) Technology Hardware & Equipment – 0.98%; 2014 1.37% and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. 119,069 CSR 1,031,733 0.41 193,746 Laird 678,305 0.27 224,702 Pace 751,179 0.30 2,461,217 0.98 Travel & Leisure – 7.93%; 2014 6.76% 59,144 Betfair 1,030,288 0.41 512,436 Bwin.Party Digital Entertainment 436,852 0.18 141,787 Cineworld 641,161 0.26 98,327 Domino’s Pizza 710,413 0.29 367,990 Enterprise Inns 385,286 0.15 875,177 FirstGroup 921,561 0.37 30,673 Go-Ahead 799,338 0.32 157,472 Greene King 1,373,156 0.55 62,067 J D Wetherspoon 507,708 0.20

375 BlackRock Collective Investment Funds 376 Mid Cap UK Equity Tracker Statement of Total Return Mid Cap UK Equity Tracker Balance Sheet for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 245,083,785 224,937,024 Income – Debtors 7 375,057 364,170 Net capital gains during the – Cash and bank balances 8 4,546,042 315,969 year/period 2 5,868,511 32,498,206 Total other assets 4,921,099 680,139 Revenue 3 6,370,062 3,392,590 Total assets 250,004,884 225,617,163 Expenses 4 (417,931) (274,424) Liabilities: Finance costs: Interest 6 – (183) – Creditors 9 (215,157) (187,468) Net revenue before taxation 5,952,131 3,117,983 Taxation 5 (1,411) (540) – Amount held at futures clearing houses and brokers (173,866) – Net revenue after taxation for the year/period 5,950,720 3,117,443 – Distribution payable on income units (197,416) – Total return before distributions 11,819,231 35,615,649 Total other liabilities (586,439) (187,468) Finance costs: Distributions 6 (5,872,685) (3,034,742) Total liabilities (586,439) (187,468) Change in net assets Net assets attributable attributable to unitholders to unitholders £249,418,445 £225,429,695 from investment activities £5,946,546 £32,580,907

Mid Cap UK Equity Tracker Statement of Change in Net Assets N C D Hall (Director) Attributable to Unitholders E E Tracey (Director) for the year ended 28 February 2015 BlackRock Fund Managers Limited 30 April 2015 For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 225,429,695 48,111,330 Amounts received on creation of units 63,441,965 150,056,523 Amounts paid on cancellation of units (51,139,572) (9,310,639) 12,302,393 140,745,884

Stamp duty reserve tax (31,803) (27,331) Change in net assets attributable to unitholders from investment activities 5,946,546 32,580,907 Retained distribution on accumulation units 5,771,614 4,018,905 Closing net assets attributable to unitholders £249,418,445 £225,429,695

377 BlackRock Collective Investment Funds 378 Mid Cap UK Equity Tracker Notes to Financial Statements for the year ended 28 February 2015

379 BlackRock Collective Investment Funds 380 Mid Cap UK Equity Tracker Notes to Financial Statements continued

(b) Factors affecting the current tax charge for the year/period 7. Debtors The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an 28.2.2015 28.2.2014 authorised unit trust. The differences are explained below: £ £ For the period Accrued Manager’s charge rebate 309 1,709 For the year from 1.2.2013 Accrued revenue 192,940 206,290 to 28.2.2015 to 28.2.2014 £ £ Amounts receivable for creation of units 162,234 135,947 Income tax recoverable – 347 Net revenue before taxation 5,952,131 3,117,983 Overseas tax recoverable 19,574 19,877 Corporation tax at 20% (28 February 2014: 20%) 1,190,426 623,597 Total debtors £375,057 £364,170 Effects of: Excess expenses for which no tax relief taken 54,859 37,124 8. Cash and Bank Balances Franked investment revenue at 20% (1,101,697) (559,490) 28.2.2015 28.2.2014 Irrecoverable overseas tax 1,411 540 £ £ Non taxable overseas dividends (127,980) (91,014) Amounts held at futures clearing houses and brokers – 14,470 Non taxable stock dividends (15,608) (10,217) Cash and bank balances 4,546,042 301,499 Total current tax charge for the year/period [see note 5(a)] £1,411 £540 Total cash and bank balances £4,546,042 £315,969 At 28 February 2015, the Fund had surplus management expenses of £500,060 (28 February 2014: £225,772). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £100,012 (28 February 2014: £45,154) has not been recognised. 9. Creditors 28.2.2015 28.2.2014 6. Finance Costs £ £ Accrued Audit fee 6,690 6,690 For the period For the year from 1.2.2013 Accrued FCA fee 495 337 to 28.2.2015 to 28.2.2014 Accrued Manager’s charge 101,631 92,834 £ £ Accrued Registrar’s fee 2,982 1,545 Interim distribution 3,448,333 2,255,323 Accrued Safe custody fees 1,15 7 1,579 Final distribution 2,523,905 1,763,582 Accrued Trustee’s fee 4,234 3,946 5,972,238 4,018,905 Amounts payable for cancellation of units 12,477 5,133 Add: Amounts deducted on cancellation of units 401,779 64,899 Custodian transaction costs 751 14,701 Less: Amounts received on creation of units (501,332) (1,049,062) Purchases awaiting settlement 84,740 60,703 Net distribution for the year/period 5,872,685 3,034,742 Total creditors £215,157 £187,468 Finance costs: Interest – 183 Finance costs £5,872,685 £3,034,925

Net revenue after taxation for the year/period 5,950,720 3,117,443 Add/(less): Equalisation on conversions 3 (31,618) Less: Non distributable stock dividends (78,038) (51,083) Net distribution for the year/period £5,872,685 £3,034,742

Details of the interim and final distributions per unit are set out in the tables on page 391.

381 BlackRock Collective Investment Funds 382 Mid Cap UK Equity Tracker Notes to Financial Statements continued

383 BlackRock Collective Investment Funds 384 Mid Cap UK Equity Tracker Notes to Financial Statements continued

COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates. asset value.

Any exposure to financial derivative instruments at year end is marked on the The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: Portfolio Statement. Floating Rate Fixed Rate Financial Assets These risks are monitored by the Manager in pursuance of the investment objective and policy as Financial Financial not Carrying set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing Assets Assets Interest Total Currency £ £ £ £ powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security Euro 10,746 – 22,524 33,270 or issuer. Further information on the investment portfolio is set out in the Investment Report and Uk sterling 304,605 – 225,277,864 225,582,469 Portfolio Statement. US dollar 618 – 806 1,424 Total £315,969 £0 £225,301,194 £225,617,163 (b) Currency Exposures The net assets of the Fund are denominated mainly in Sterling, therefore the Balance Sheet and Statement of Total Return are unlikely to be directly affected by currency movements. As at Floating Rate Financial 28 February 2015 the exposure to non-GBP currency equated to 0.0% (28 February 2014 – 0.0%), Financial Liabilities not hence no currency table has been provided. Liabilities Carrying Interest Total Currency £ £ £ Uk sterling – (187,468) (187,468) Total £0 £(187,468) £(187,468)

385 BlackRock Collective Investment Funds 386 Mid Cap UK Equity Tracker Notes to Financial Statements continued

(d) Fair Value of Financial Assets and Financial Liabilities 14. Related Parties There is no material difference between the value of the financial assets and liabilities, as shown Parties are considered to be related if one party has the ability to control the other party or in the Balance Sheet and their fair value. exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 28 February 2015: 11. Contingent Assets and Liabilities Manager/Registrar: BlackRock Fund Managers Limited There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Investment Manager: BlackRock Investment Management (UK) Limited Securities lending agent: BlackRock Advisors (UK) Limited 12. Efficient Portfolio Management Techniques Trustee: BNY Mellon Trust & Depositary (UK) Limited The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Please see further disclosures in Note 10(a). The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. During the year, the Fund engaged in securities lending, subject to the conditions and within the (“PNC”) is a substantial shareholder in BlackRock. limits laid down by the Financial Conduct Authority. The Manager acts as either principal or agent for the Trustee in respect of all transactions of The Fund receives securities as collateral for a value in excess of the market value of the securities units of the Fund. The aggregate monies received through creation and paid through cancellation loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and following collateral agents and central securities depositories: JP Morgan Chase and BNY Mellon. Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. As at 28 February 2015, the Fund had securities on loan to the following counterparties: Citigroup, Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s HSBC and The Bank of Nova Scotia. fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at The Investment Manager monitors the fair value of the securities loaned and additional collateral the year end in respect of these fees are shown in Note 9. is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing regulated market. arrangements with related parties (including, without limitation, brokers who are affiliated to the The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock BlackRock Group), which may result in the Fund benefiting from research or execution services Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund which the Investment Manager believes are useful in the investment decision-making or trade and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue execution process. Such research or execution services may include, without limitation and to the is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational extent permitted by applicable law: research reports on companies, industries and securities; and costs are borne out of the securities lending agent’s share. the provision of economic and financial information and analysis. Due to the bundled nature of 28.2.2015 28.2.2014 these services and the application of such benefits across a number of BlackRock managed funds, £ £ it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Revenue earned during the year/period 10,720 64 these arrangements with brokers who are not affiliated to the BlackRock Group. Value of securities on loan at the year/period end 9,14 9,10 9 – The Fund's investments in other BlackRock related products are detailed on the Portfolio Statement. Value of collateral held on behalf of the Fund at the Securities Lending year/period end 10,340,587 – The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited, which is a related party to the Fund. 13. Investment Management The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity Please see page 16. allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly related to securities loan transactions as well as the cost of indemnification against borrower default. See further information in Note 12.

387 BlackRock Collective Investment Funds 388 Mid Cap UK Equity Tracker Notes to Financial Statements continued

Material Unitholders 16. Unitholders’ Funds The following investor held more than 20% of the voting units in issue in the Fund and as a result is Accumulation and Income units are currently available as specified in the Prospectus. The net considered to be a related party of the Fund. asset value of each unit class, net asset value per unit and the number of units in issue are given in As at 28 February 2015: the “Performance Record”. The types of units currently in issue and the Manager’s annual charge for each unit class are % of voting units shown below: Held by: in issue No. of units held Nutraco Nominees Limited 29% 44,190,057 Class 28.2.2015 28.2.2014 A Accumulation 0.45% 0.45% As at 28 February 2014: L Accumulation 0.20% 0.20% % of voting units X Accumulation◊ 0.00% 0.00% Held by: in issue No. of units held D Income¤ 0.15% N/A Nutraco Nominees Limited 31% 44,190,057 D Accumulation 0.15% 0.15% All related party transactions were carried out at arm’s length in the ordinary course of business. ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or The terms and returns received by the related parties in making the investments above were no their affiliates. more favourable than those received by other investors investing into the same unit classes. ¤ D Income class commenced July 2014. In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. 15. Portfolio Transaction Costs Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the Summary of total purchase costs: remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue For the period For the period is allocated each day pro rata to the capital value of assets attributable to each class and taxation is For the year For the year from 1.2.2013 from 1.2.2013 computed by reference to the net revenue after expenses attributable to each class. The distribution to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 per unit class is given in the distribution tables. All unit classes have the same rights on winding up. £ £ £ £ Purchases before 17. Non Adjusting Post Balance Sheet Event transaction costs 77,226,341 163,917,292 Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as Commissions and other costs shown below: (including stamp duty) 359,041 788,454 Bid prices as at Bid prices as at Rise Total purchase costs 359,041 788,454 Class 23.4.2015 28.2.2015 (%) Gross purchases total £77,585,382 £164,705,746 A Accumulation 168.7p 164.8p 2.4 L Accumulation 168.8p 164.8p 2.4 Summary of total sale costs: X Accumulation 170.8p 166.7p 2.5 For the period For the period D Income 166.5p 164.2p 1.4 For the year For the year from 1.2.2013 from 1.2.2013 D Accumulation 171.1p 167.1p 2.4 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ Gross sales before transaction costs 63,930,471 19,830,592 Commissions and other costs (9,511) (2,433) Total sale costs (9,511) (2,433) Total sales net of transaction costs £63,920,960 £19,828,159

389 BlackRock Collective Investment Funds 390 Mid Cap UK Equity Tracker Distribution Tables BlackRock North American Equity Tracker Fund for the year ended 28 February 2015 Final Distribution in Pence per Unit BlackRock North American Equity Tracker Fund Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 Investment Objective & Policy

A Accumulation L Accumulation X Accumulation D Income D Accumulation The aim of the BlackRock North American Equity Tracker Fund (the “Fund”) is to seek to achieve capital ¤ Units Units Units Units Units growth for investors by tracking closely the performance of the FTSE World North America Index by Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 investing in companies in the Index. Investment will be made directly into constituent companies Net revenue (dividend) 1.4356 0.3441 1.6567 1.0156 1.8255 1.0655 1.6933 0.4467 1.7170 0.8154 and via other transferable securities giving exposure to such companies. The Fund may also invest in Equalisation† – 1.0915 – 0.6411 – 0.7600 – 1.2466 – 0.9016 permitted money-market instruments, permitted deposits and units in collective investment schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. Distribution payable 30.4.2015 1.4356 1.4356 1.6567 1.6567 1.8255 1.8255 1.6933 1.6933 1.7170 1.7170 Distribution paid 30.4.2014 0.9971 0.9971 1.2074 1.2074 1.3641 1.3641 N/A N/A 1.2593 1.2593 The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Interim Distribution in Pence per Unit Sourcebook”). The Fund was established and authorised by the FCA on 21 June 2005. The Fund was Group 1 – Units purchased prior to 1 March 2014 previously known as Merrill Lynch North American Equity Tracker Fund. It adopted its present name Group 2 – Units purchased 1 March 2014 to 31 August 2014 with effect from 28 April 2008.

A Accumulation L Accumulation X Accumulation D Income D Accumulation Units Units Units Units¤ Units

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Net revenue (dividend) 2.2702 1.9284 2.4907 1.4668 2.6667 1.1251 0.6138 0.2462 2.5628 0.8539 Equalisation† – 0.3418 – 1.0239 – 1.5416 – 0.3676 – 1.7089 Distribution paid 31.10.2014 2.2702 2.2702 2.4907 2.4907 2.6667 2.6667 0.6138 0.6138 2.5628 2.5628 Distribution paid 31.10.2013 1.6122 1.6122 1.6567 1.6567 2.3457 2.3457 N/A N/A 2.3459 2.3459

† Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. ¤ D Income class commenced July 2014. For the Interim distribution, Group 1 units purchased 10 July 2014. Group 2 units purchased 11 July 2014 to 31 August 2014.

391 BlackRock Collective Investment Funds 392 North American Equity Tracker Fund

All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. X Accumulation * Figures from FTSE. ◊ S&P 500 Composite (Net) Index used prior to 1.11.2005. In September 2010 the benchmark of this Fund changed from FTSE World The final accumulation distribution payable on 30 April 2015 is 1.4067p net per accumulation unit Americas (Net) Index to the FTSE World North America (Net) Index. (30 April 2014: 1.1611p net per accumulation unit). # D Accumulation class was renamed as L Accumulation class during June 2012. § Performance data does not exist for the relevant periods. † Since launch figures are from 1.9.2010 and 15.7.2005 for A and L class respectively. D Accumulation The final accumulation distribution payable on 30 April 2015 is 1.7117p net per accumulation unit All financial investments involve an element of risk. Therefore, the value of your investment and (30 April 2014: 1.4096p net per accumulation unit). the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is H Accumulation÷ not a guide to future performance and should not be the sole factor of consideration when selecting The final accumulation distribution payable on 30 April 2015 is 0.8791p net per accumulation unit a product. (30 April 2014: N/A).

÷ H Accumulation class commenced September 2014.

393 BlackRock Collective Investment Funds 394 North American Equity Tracker Fund continued

Tracking Difference Tracking Error Tracking difference is defined as the difference in returns between a fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index. Tracking error shows the consistency of the returns relative Cash management, efficient portfolio management techniques including securities lending and to the benchmark index over a defined period of time. transaction costs from rebalancing can have an impact on tracking difference. Anticipated tracking error is based on the expected volatility of differences between the returns of a The table below compares the realised Fund performance against the performance of the relevant fund and the returns of its benchmark index. benchmark index during the year ended 28 February 2015. An explanation for the difference is provided: Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking error as well as the return Fund return Benchmark return differential between the Fund and the benchmark index. Importantly, these impacts can be either for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference positive or negative depending on the underlying circumstances. The Fund underperformed its benchmark The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an index as a result of (a) the stock market ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking on which the benchmark index operates error is annualised and calculated using data from the preceding 36 month observation period. being closed at the Fund’s valuation point. This results in a temporary Anticipated Realised mismatch on days when units are created Tracking Error Tracking Error Explanation for difference or redeemed, (b) temporary divergences The Fund has tracked its benchmark index within its anticipated in the calculation when the Index provider Up to 2.50%* 2.05%* tracking error. calculates index values during UK bank holidays while the Fund is closed and (c) * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. +23.5%* +23.7% -0.2% income from securities lending activity.

* Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

395 BlackRock Collective Investment Funds 396 North American Equity Tracker Performance Record

Net Asset Value Income (Net Accumulations)

Net Asset Value A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation ~ # ± π ÷ Net Asset Value per Unit Units Units Units Units Units Units in Issue £ p Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit A Accumulation 2015* 1.3336 1.6699 1.4067 1.7117 0.8791 28 February 2015 7,76 9,13 8 17,050,330 219.5 2014 2.2763 2.8536 2.4076 2.9239 N/A 28 February 2014 13,115,200 23,439,562 178.7 2013 2.4581 3.0959 2.5668 3.1827 N/A 31 January 2013* 12,337,567 18,706,417 151.6 2012 1.7359 2.19 82 0.9567 0.13 32 N/A L Accumulation 2011 1.2300 1.7958 N/A N/A N/A 28 February 2015 1,131,668,351 2,526,827,471 223.3 2010 N/A 1.7387 N/A N/A N/A

28 February 2014 1,073,400,235 1,945,947,044 181.3 * To 30 April. ~ A Accumulation class commenced September 2010. 31 January 2013*# 890,857,820 1,365,319,767 153.3 # D Accumulation class was renamed as L Accumulation class during June 2012. ± X Accumulation class commenced January 2012. X Accumulation π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced September 2014. 28 February 2015 15 0,167,4 42 252,039,170 167.8 28 February 2014 136,835,510 18 6 ,112,0 3 4 136.0 Capital (Unit Prices) 31 January 2013* 61,276,099 70,308,429 114.7 A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation D Accumulation Units~ Units# Units± Unitsπ Units÷ 28 February 2015 62,935,812 139,734,774 222.0 Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest 28 February 2014 16,204,221 29,200,124 180.2 Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Price Price Price Price Price Price Price Price Price Price 31 January 2013*π 411,584 626,538 152.2 Calendar Year p p p p p p p p p p H Accumulation 2015* 232.4 210.6 225.2 214.2 169.3 161.0 223.9 213.0 118.3 107.1 28 February 2015÷ 1,314,651 1,468,460 111.7 2014 227.5 171.7 220.3 174 .1 165.5 130.6 219.0 173 .1 115.7 93.88

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to 2013 18 9.1 142.5 182.3 144.0 136.6 107.8 181.1 14 3 .1 N/A N/A consolidate the publication of the reports. # D Accumulation class was renamed as L Accumulation class during June 2012. 2012 152.6 129.6 146.8 130.5 109.8 98.53 145.7 136.9 N/A N/A π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced September 2014. 2011 142 .1 109.2 136 .1 109.8 N/A N/A N/A N/A N/A N/A 2010 136.7 108.0 130.6 104.8 N/A N/A N/A N/A N/A N/A

* To 28 February. ~ A Accumulation class commenced September 2010. # D Accumulation class was renamed as L Accumulation class during June 2012. ± X Accumulation class commenced January 2012. π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced September 2014.

397 BlackRock Collective Investment Funds 398 North American Equity Tracker Performance Record continued North American Equity Tracker Investment Report

Risk and Reward Profile Summary of Performance over the Period During the period from 1 March 2014 to 28 February 2015, the Fund returned 23.5%*, compared with Lower risk Higher risk its benchmark, the FTSE World North America Index, which returned 23.7%. The Fund underperformed Typically lower rewards Typically higher rewards its benchmark index as a result of (a) the stock market on which the benchmark index operates being Unit Class closed at the Fund’s valuation point. This results in a temporary mismatch on days when units are A Accumulation 1 2 3 4 5 6 7 created or redeemed, (b) temporary divergences in the calculation when the index provider calculates L Accumulation 1 2 3 4 5 6 7 index values during UK bank holidays while the Fund is closed and (c) income from securities lending X Accumulation 1 2 3 4 5 6 7 activities. Over the six month period to 28 February 2015, the Fund returned 12.9%* compared with its benchmark which returned 13.0%. D Accumulation 1 2 3 4 5 6 7 H Accumulation 1 2 3 4 5 6 7 Fund Manager’s Commentary The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. `` The risk indicator was calculated incorporating historical or simulated historical data and may not Recovery continued apace in the US and UK, but weak economic growth and worries about deflation be a reliable indication of the future risk profile of each unit class. in Europe finally saw the European Central Bank launch a programme of spending in support of its `` The risk category shown is not guaranteed and may change over time. economy (what is known as quantitative easing) that surprised many with its scale.

` ` The lowest category does not mean risk free. US stocks made very strong gains over what was largely a very positive year for the US economy, as it `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree finally became strong enough to stand on its own two feet, enabling the US Federal Reserve to bring of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based quantitative easing to an end. Third-quarter Gross Domestic Product growth of 5% was its strongest and can increase the size of losses and gains, resulting in greater fluctuations in the value of the showing for more than a decade, while unemployment fell to 5.8% towards the end of the year. It is also Fund. one of the world’s few major economies expected to accelerate in 2015.

` ` During the year, the risk indicator of each unit class changed from level 6 to 5 due to a decline in The portfolio remains positioned so that its risk characteristics are similar to those of the FTSE World market volatility. North America Index. For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which are available at www.blackrock.com. March 2015

* Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net Ongoing Charges asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for Detailed in the following table are the charges used to meet the costs of running the Fund, which the Fund’s class L Accumulation Units. include the costs of marketing and distribution. These charges reduce the potential growth of your investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective investment scheme (if any).

1.3.2014 1.2.2013 Unit Class to 28.2.2015 to 28.2.2014† A Accumulation 0.51% 0.51% L Accumulation 0.21% 0.21% X Accumulation 0.01% 0.01% D Accumulation 0.15% 0.16 % H Accumulation÷ 0.11%* N/A

† Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ÷ H Accumulation commenced September 2014. * Ongoing charges figure is based on annualised expenses for the period ended 28 February 2015.

399 BlackRock Collective Investment Funds 400 North American Equity Tracker Portfolio Statement at 28 February 2015

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets EQUITIES – 99.55%; 2014 99.69% Food & Drug Retailers – 0.17%; 2014 0.19% 87,111 Alimentation Couche-Tard class ‘B’ shares 2,172,301 0.07 Canada – 5.46%; 2014 6.37% 12,623 George Weston 690,466 0.02 Aerospace & Defence – 0.01%; 2014 0.03% 46,788 Loblaw 1,546,709 0.05 9,178 Bombardier class ‘A’ shares 12,842 0.00 50,031 Metro class ‘A’ voting shares 899,944 0.03 326,201 Bombardier class ‘B’ shares 434,450 0.01 5,309,420 0.17 447,292 0.01 Food Producers – 0.03%; 2014 0.03% Automobiles & Parts – 0.11%; 2014 0.11% 49,932 Saputo 938,271 0.03 44,226 Magna International class ‘A’ shares 3,112,883 0.11 Gas, Water & Multiutilities – 0.08%; 2014 0.09% Banks – 1.49%; 2014 1.78% 40,913 Canadian Utilities class ‘A’ shares 879,047 0.03 138,044 Bank of Montreal 5,534,923 0.19 65,763 Pembina Pipeline 1,362,529 0.05 256,593 Bank of Nova Scotia 8,882,654 0.30 2,241,576 0.08 84,802 Canadian Imperial Bank of Commerce 4,201,317 0.14 68,038 National Bank of Canada 1,692,444 0.06 General Retailers – 0.04%; 2014 0.03% 304,996 Royal Bank of Canada 12,360,111 0.42 15,865 Canadian Tire class ‘A’ shares 1,081,153 0.04 391,185 Toronto-Dominion Bank 11,099,100 0.38 Industrial Engineering – 0.02%; 2014 0.02% 43,770,549 1.49 40,939 Finning International 533,152 0.02 Chemicals – 0.22%; 2014 0.22% Industrial Metals & Mining – 0.11%; 2014 0.19% 31,364 Agrium 2,341,024 0.08 83,694 Cameco 834,489 0.03 177,205 Potash Corporation of Saskatchewan 4,114,106 0.14 121,408 First Quantum Minerals 997,236 0.03 6,455,130 0.22 101,373 Teck Resources class ‘B’ shares 1,053,315 0.04 177,079 Turquoise Hill Resources 357,893 0.01 Construction & Materials – 0.02%; 2014 0.04% 3,242,933 0.11 29,676 SNC-Lavalin 604,393 0.02 Industrial Transportation – 0.38%; 2014 0.36% Electricity – 0.05%; 2014 0.05% 154,645 Canadian National Railway 6,919,415 0.24 55,543 Fortis 1,138,406 0.04 33,653 Canadian Pacific Railway 4,081,123 0.14 60,324 Transalta 367,012 0.01 11,000,538 0.38 1,505,418 0.05 Life Insurance – 0.37%; 2014 0.43% Financial Services – 0.23%; 2014 0.20% 59,619 Great-West Lifeco 1,089,094 0.04 120,274 Brookfield Asset Management class ‘A’ shares 4,229,052 0.14 393,231 Manulife Financial 4,436,369 0.15 48,221 CI Financial 877,382 0.03 79,026 Power Corp of Canada 1,380,544 0.05 34,397 Franco Nevada 1,175,771 0.04 54,775 Power Financial 1,057,378 0.04 20,581 IGM Financial 471,636 0.02 126,416 Sun Life Financial 2,521,572 0.09 6,753,841 0.23 10,484,957 0.37 Fixed Line Telecommunications – 0.09%; 2014 0.10% Media – 0.11%; 2014 0.12% 61,535 BCE 1,744,658 0.06 84,477 Shaw Communications class ‘B’ shares 1,268,698 0.04 31,916 Telus 735,028 0.03 79,347 Thomson Reuters 2,016,108 0.07 2,479,686 0.09 3,284,806 0.11

401 BlackRock Collective Investment Funds 402 North American Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Mining – 0.27%; 2014 0.44% Personal Goods – 0.00%; 2014 0.03% 41,013 Agnico Eagle Mines 852,503 0.03 Pharmaceuticals & Biotechnology – 0.28%; 2014 0.23% 256,512 Barrick Gold 2,161,472 0.07 65,600 Valeant Pharmaceuticals 8,362,967 0.28 158,904 Eldorado Gold 593,734 0.02 167,090 Goldcorp 2,378,650 0.08 Real Estate Investment Trusts – 0.03%; 2014 0.02% 207,971 Kinross Gold 379,373 0.01 64,937 RioCan Real Estate Investment Trust 983,991 0.03 75,146 Silver Wheaton 1,049,509 0.04 Software & Computer Services – 0.05%; 2014 0.04% 187,888 Yamana Gold 516,055 0.02 55,959 CGI class ‘A’ shares 1,516,967 0.05 7,931,296 0.27 Technology Hardware & Equipment – 0.02%; 2014 0.03% Mobile Telecommunications – 0.06%; 2014 0.07% 102,231 BlackBerry 715,217 0.02 76,396 Rogers Communications class ‘B’ shares 1,750,300 0.06 Travel & Leisure – 0.04%; 2014 0.04% Non-Life Insurance – 0.09%; 2014 0.09% 43,973 Restaurant Brands International 1,258,058 0.04 4,547 Fairfax Financial Holdings 1,541,076 0.05 United States – 93.96%; 2014 93.21% 26,772 Intact Financial 1,243,251 0.04 Aerospace & Defence – 2.25%; 2014 2.25% 2,784,327 0.09 23,153 B/E Aerospace 951,799 0.03 Oil & Gas Producers – 0.73%; 2014 1.04% 140,936 Boeing 13,757,083 0.47 66,029 ARC Resources 825,341 0.03 68,692 General Dynamics 6,168,679 0.21 232,276 Canadian Natural Resources 4,376,729 0.15 11,576 KLX 299,175 0.01 104,726 Canadian Oil Sands 607,847 0.02 19,378 L-3 Communications 1,622,942 0.06 158,330 Cenovus Energy 1,769,843 0.06 67,443 Lockheed Martin 8,730,408 0.30 85,214 Crescent Point Energy 1,361,463 0.05 45,296 Northrop Grumman 4,856,995 0.17 164,125 Encana 1,382,983 0.05 30,851 Precision Castparts 4,318,022 0.15 62,314 Husky Energy 906,785 0.03 66,854 Raytheon 4,705,390 0.16 56,539 Imperial Oil 1,413,145 0.05 28,199 Rockwell Collins 1,624,900 0.06 33,706 MEG Energy 364,894 0.01 58,982 Textron 1,690,761 0.06 72,267 Pacific Rubiales Energy 139,692 0.00 10,805 Transdigm 1,516,364 0.05 116,539 Penn West Petroleum 150,985 0.01 195,569 United Technologies 15,425,071 0.52 313,993 Suncor Energy 6,106,888 0.21 65,667,589 2.25 223,156 Talisman Energy 1,119,452 0.04 35,481 Tourmaline Oil 713,058 0.02 Automobiles & Parts – 1.25%; 2014 1.25% 19,246 Autoliv 1,401,045 0.05 21,239,105 0.73 50,306 BorgWarner 2,000,651 0.07 Oil Equipment, Services & Distribution – 0.36%; 2014 0.35% 64,597 Delphi Automotive 3,295,893 0.11 177,049 Enbridge 5,319,774 0.18 822,622 Ford Motor 8,692,518 0.30 66,320 Inter Pipeline 1,140,017 0.04 276,976 General Motors 6,688,718 0.23 149,191 TransCanada 4,232,999 0.14 70,092 Gentex 799,159 0.03 10,692,790 0.36 31,879 Genuine Parts 1,982,175 0.07

403 BlackRock Collective Investment Funds 404 North American Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 45,995 Harley-Davidson 1,892,003 0.06 Chemicals – 1.94%; 2014 2.02% 141,137 Johnson Controls 4,640,333 0.16 44,999 Air Products & Chemicals 4,544,742 0.15 58,340 LKQ 927,536 0.03 12,636 Airgas 958,370 0.03 19,778 Tesla Motors 2,601,702 0.09 17,204 Ashland 1,420,605 0.05 23,931 TRW Automotive 1,613,879 0.05 19,717 Avery Dennison 683,091 0.02 36,535,612 1.25 32,095 Celanese 1,186,065 0.04 10,370 CF Industries 2,053,265 0.07 Banks – 5.34%; 2014 5.69% 255,968 Dow Chemical 8,155,729 0.28 2,278,534 Bank of America 23,295,482 0.79 199,181 Du Pont de Nemours 10,031,226 0.34 152,753 BB&T 3,761,001 0.13 31,060 Eastman Chemical 1,496,524 0.05 657,061 Citigroup 22,283,271 0.76 57,654 Ecolab 4,310,433 0.15 9,917 City National 579,593 0.02 28,117 FMC 1,153,499 0.04 40,348 Comerica 1,195,245 0.04 19,047 International Flavors & Fragrances 1,502,783 0.05 19,936 Commerce Bancshares 535,359 0.02 91,230 LyondellBasell Industries class ‘A’ shares 5,071,547 0.17 175,185 Fifth Third Bancorp 2,193,497 0.07 72,392 Mosaic 2,495,824 0.08 92,344 Hudson City Bancorp 582,005 0.02 29,446 PPG Industries 4,485,494 0.15 163,131 Huntington Bancshares 1,153,761 0.04 63,499 Praxair 5,255,288 0.18 808,213 JP Morgan Chase 32,053,433 1.09 24,927 Sigma-Aldrich 2,226,720 0.08 179,524 KeyCorp 1,617,040 0.06 7,720 Westlake Chemical 333,498 0.01 25,977 M&T Bank 2,033,582 0.07 57,364,703 1.94 95,623 New York Community Bancorp 1,027,140 0.03 63,445 People’s United Financial 621,148 0.02 Construction & Materials – 0.36%; 2014 0.38% 116,992 PNC Financial Services* 6,960,926 0.24 22,884 Chicago Bridge & Iron 683,233 0.02 283,993 Regions Financial 1,764,160 0.06 35,221 Fluor 1,321,642 0.04 88,448 SLM 541,997 0.02 37,175 Fortune Brands Home & Security 1,114,240 0.04 112,507 SunTrust Banks 2,984,850 0.10 27,809 Jacobs Engineering 797,885 0.03 387,711 US Bancorp 11,191,787 0.38 78,490 Masco 1,330,175 0.05 1,125,102 Wells Fargo 39,896,201 1.36 45,420 MDU Resources 655,701 0.02 38,578 Zions Bancorporation 667,264 0.02 17,067 Sherwin-Williams 3,149,675 0.11 156,938,742 5.34 29,028 Vulcan Materials 1,558,278 0.05 10,610,829 0.36 Beverages – 1.98%; 2014 1.93% 29,000 Brown-Forman class ‘B’ shares 1,720,034 0.06 Electricity – 2.04%; 2014 2.02% 899,651 Coca-Cola 25,206,994 0.86 146,431 AES 1,227,996 0.04 50,938 Coca-Cola Enterprises 1,522,141 0.05 26,119 Alliant Energy 1,074,574 0.04 35,360 Constellation Brands class ‘A’ shares 2,624,429 0.09 103,493 American Electric Power 3,855,372 0.13 40,700 Dr Pepper Snapple 2,075,031 0.07 70,080 Calpine 961,367 0.03 29,082 Molson Coors Brewing 1,427,942 0.05 61,060 CMS Energy 1,387,620 0.05 30,424 Monster Beverage 2,778,006 0.09 64,360 Consolidated Edison 2,629,123 0.09 326,014 PepsiCo 20,882,701 0.71 122,751 Dominion Resources 5,724,514 0.19 58,237,278 1.98 38,628 DTE Energy 2,050,128 0.07

405 BlackRock Collective Investment Funds 406 North American Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 69,310 Edison International 2,881,563 0.10 109,360 Capital One 5,569,901 0.19 38,970 Entergy 2,004,481 0.07 234,585 Charles Schwab 4,452,166 0.15 64,875 Eversource Energy 2,172,015 0.07 40,391 CIT 1,208,280 0.04 182,092 Exelon 3,996,739 0.14 70,120 CME 4,352,213 0.15 91,533 FirstEnergy 2,071,842 0.07 101,341 Discover Financial Services 3,998,819 0.14 92,469 NextEra Energy 6,190,529 0.21 27,119 Equifax 1,638,476 0.06 70,906 NRG Energy 1,100,250 0.04 61,113 FNF 1,451,305 0.05 54,645 Pepco 959,311 0.03 23,818 FNFV 229,642 0.01 103,397 PG&E 3,594,876 0.12 89,020 Franklin Resources 3,100,781 0.11 25,834 Pinnacle West Capital 1,071,039 0.04 89,419 Goldman Sachs 10,984,986 0.37 142,967 PPL 3,153,711 0.11 24,090 Intercontinental Exchange 3,668,215 0.12 105,826 Public Service Enterprise 2,880,187 0.10 89,793 Invesco 2,339,824 0.08 189,440 Southern 5,611,857 0.19 25,254 Legg Mason 935,872 0.03 53,309 Teco Energy 676,452 0.02 14,493 Liberty TripAdvisor 309,760 0.01 111,190 Xcel Energy 2,536,922 0.09 28,135 Liberty Ventures 731,321 0.02 59,812,468 2.04 215,532 MasterCard class ‘A’ shares 12,570,143 0.43 57,644 McGraw Hill Financial 3,845,669 0.13 Electronic & Electrical Equipment – 0.86%; 2014 1.12% 45,024 Moody’s 2,824,561 0.10 70,413 Agilent Technologies 1,922,757 0.07 298,341 Morgan Stanley 6,909,295 0.24 22,568 Allegion 842,905 0.03 92,966 Navient 1,286,750 0.04 50,123 AMETEK 1,723,525 0.06 52,675 Northern Trust 2,380,157 0.08 67,668 Amphenol class ‘A’ shares 2,472,198 0.08 23,840 SEI Investments 663,491 0.02 19,839 Arrow Electronics 795,280 0.03 92,219 State Street 4,442,672 0.15 30,172 Avnet 894,383 0.03 31,648 Synchrony Financial 654,299 0.02 153,994 Emerson Electric 5,769,544 0.20 53,218 T Rowe Price 2,844,102 0.10 15,693 First Solar 606,639 0.02 46,106 TD Ameritrade 1,081,495 0.04 133,031 Flextronics International 1,048,478 0.04 107,163 Visa 18,820,441 0.64 39,206 Jabil Circuit 557,368 0.02 44,627 Voya Financial 1,275,800 0.04 35,206 Keysight Technologies 854,521 0.03 105,955 Western Union 1,338,321 0.05 21,676 Roper Industries 2,350,361 0.08 135,025,593 4.61 87,155 TE Connectivity 4,067,873 0.14 56,685 Trimble Navigation 958,811 0.03 Fixed Line Telecommunications – 2.06%; 2014 2.13% 24,864,643 0.86 1,126,042 AT&T 25,181,837 0.86 122,245 CenturyLink 2,995,612 0.10 Financial Services – 4.61%; 2014 4.32% 228,080 Frontier Communications 1,179,215 0.04 12,045 Affiliated Managers 1,686,877 0.06 57,248 Level 3 Communications 1,995,567 0.07 79,422 Ally Financial 1,067,937 0.04 888,700 Verizon Communications 28,442,540 0.97 196,025 American Express 10,347,948 0.35 127,288 Windstream Communications 649,866 0.02 40,696 Ameriprise Financial 3,518,964 0.12 60,444,637 2.06 241,166 Bank of New York Mellon 6,104,836 0.21 26,585 BlackRock* 6,390,274 0.22

407 BlackRock Collective Investment Funds 408 North American Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Food & Drug Retailers – 1.80%; 2014 1.61% 70,461 Nisource 1,955,528 0.07 49,821 AmerisourceBergen 3,313,126 0.11 44,727 ONEOK 1,280,684 0.04 72,356 Cardinal Health 4,119,713 0.14 43,182 Questar 653,011 0.02 248,313 CVS Caremark 16,689,706 0.57 26,597 SCANA 980,134 0.03 100,912 Kroger 4,645,974 0.16 51,674 Sempra Energy 3,617,247 0.12 48,992 McKesson 7,250,841 0.25 141,585 Spectra Energy 3,251,489 0.11 19,514 Omnicare 968,881 0.03 51,016 Wisconsin Energy 1,682,597 0.06 122,474 Sysco 3,089,191 0.10 25,212,104 0.85 192,659 Walgreens Boots Alliance 10,353,520 0.35 68,596 Whole Foods Market 2,506,990 0.09 General Industrials – 2.73%; 2014 2.71% 139,383 3M 15,210,912 0.52 52,937,942 1.80 29,919 Ball 1,388,502 0.05 Food Producers – 1.80%; 2014 1.86% 24,658 Bemis 778,640 0.03 139,967 Archer Daniels Midland 4,335,590 0.15 128,986 Danaher 7,285,614 0.25 32,788 Bunge 1,735,086 0.06 104,608 Eaton 4,806,661 0.16 41,583 Campbell Soup 1,253,356 0.04 2,152,463 General Electric 36,199,375 1.23 94,636 ConAgra Foods 2,142,078 0.07 168,550 Honeywell International 11,209,764 0.38 130,606 General Mills 4,547,631 0.15 37,253 MeadWestvaco 1,279,050 0.04 22,084 Herbalife 443,709 0.02 39,524 Owens-Illinois 669,049 0.02 34,374 Hershey Foods 2,308,356 0.08 48,755 Sealed Air 1,486,879 0.05 28,459 Hormel Foods 1,077,111 0.04 80,314,446 2.73 22,232 JM Smucker 1,658,984 0.06 50,682 Kellogg 2,114,647 0.07 General Retailers – 5.13%; 2014 4.84% 27,010 Keurig Green Mountain 2,229,627 0.08 14,736 Advance Auto Parts 1,477,605 0.05 125,114 Kraft Foods class ‘A’ shares 5,185,422 0.18 79,956 Amazon 19,673,915 0.67 66,020 Leucadia National 1,014,181 0.03 9,818 AutoNation 390,649 0.01 26,021 McCormick & Co 1,269,227 0.04 7,070 AutoZone 2,942,326 0.10 42,700 Mead Johnson 2,894,836 0.10 44,242 Bed Bath & Beyond 2,137,380 0.07 361,324 Mondelez International 8,634,461 0.29 60,612 Best Buy 1,494,317 0.05 107,026 Monsanto 8,340,327 0.28 45,069 CarMax 1,957,151 0.07 66,569 Tyson Foods 1,779,021 0.06 95,400 Costco Wholesale 9,070,840 0.31 61,324 Dollar General 2,881,680 0.10 52,963,650 1.80 45,867 Dollar Tree 2,364,581 0.08 Forestry & Paper – 0.11%; 2014 0.12% 241,542 eBay 9,051,182 0.31 90,915 International Paper 3,318,568 0.11 21,063 Family Dollar Stores 1,072,913 0.04 2,136 Veritiv 70,021 0.00 31,192 Foot Locker 1,133,924 0.04 3,388,589 0.11 25,407 GameStop 607,966 0.02 54,898 Gap 1,477,777 0.05 Gas, Water & Multiutilities – 0.85%; 2014 0.96% 61,175 H&R Block 1,351,835 0.05 54,686 Ameren 1,500,379 0.05 288,741 Home Depot 21,452,855 0.73 38,898 American Water Works 1,361,455 0.05 43,549 Kohl’s 2,079,103 0.07 97,199 CenterPoint Energy 1,306,972 0.04 45,022 L Brands 2,676,149 0.09 149,987 Duke Energy 7,622,608 0.26 215,311 Lowe’s 10,321,107 0.35

409 BlackRock Collective Investment Funds 410 North American Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 77,842 Macy’s 3,210,592 0.11 209,207 UnitedHealth 15,382,549 0.52 12,078 Netflix 3,710,777 0.13 18,499 Universal Health Services class ‘B’ shares 1,356,960 0.05 32,535 Nordstrom 1,693,277 0.06 23,861 Varian Medical Systems 1,435,458 0.05 22,293 O’Reilly Automotive 3,002,357 0.10 17,660 Waters 1,375,409 0.05 20,361 PetSmart 1,092,227 0.04 37,267 Zimmer 2,903,180 0.10 45,206 Ross Stores 3,095,151 0.11 110,600,355 3.77 6,516 Sears 158,452 0.01 16,314 Signet Jewelers 1,265,195 0.04 Household Goods & Home Construction – 1.71%; 2014 1.71% 139,724 Staples 1,515,319 0.05 30,969 Church & Dwight 1,705,960 0.06 137,926 Target 6,857,030 0.23 29,027 Clorox 2,040,568 0.07 25,936 Tiffany 1,480,403 0.05 65,840 DR Horton 1,163,511 0.04 150,501 TJX 6,684,605 0.23 13,243 Energizer 1,146,744 0.04 24,532 Tractor Supply Company 1,398,676 0.05 30,903 Leggett & Platt 900,854 0.03 22,784 Urban Outfitters 574,392 0.02 39,359 Lennar class ‘A’ shares 1,278,773 0.04 347,730 Wal-Mart Stores 18,880,564 0.64 13,456 Mohawk Industries 1,605,073 0.05 55,554 Newell Rubbermaid 1,412,396 0.05 150,234,272 5.13 871 NVR 749,599 0.03 Healthcare Equipment & Services – 3.77%; 2014 3.42% 583,354 Procter & Gamble 32,115,801 1.09 75,975 Aetna 4,894,080 0.17 67,458 Pulte Homes 984,763 0.03 59,772 Anthem 5,665,074 0.19 34,497 Stanley Black & Decker 2,195,182 0.07 115,160 Baxter International 5,153,660 0.18 36,521 Toll Brothers 905,345 0.03 40,928 Becton Dickinson 3,885,697 0.13 17,390 Whirlpool 2,384,908 0.08 272,164 Boston Scientific 2,974,537 0.10 50,589,477 1.71 46,203 CareFusion 1,795,621 0.06 56,309 Cigna 4,431,774 0.15 Industrial Engineering – 1.30%; 2014 1.57% 16,761 CR Bard 1,834,122 0.06 21,769 Babcock & Wilcox 437,239 0.01 47,896 DaVita 2,309,570 0.08 135,395 Caterpillar 7,262,127 0.25 28,438 Dentsply International 975,107 0.03 22,177 Colfax 755,975 0.03 23,384 Edwards Lifesciences 2,013,378 0.07 38,832 Cummins 3,573,881 0.12 161,739 Express Scripts 8,873,981 0.30 73,783 Deere 4,324,618 0.15 10,008 Halyard Health 298,090 0.01 36,263 Dover 1,690,427 0.06 72,741 HCA 3,367,813 0.11 30,724 Flowserve 1,234,606 0.04 19,390 Henry Schein 1,757,195 0.06 78,203 Illinois Tool Works 5,002,684 0.17 32,189 Humana 3,424,690 0.12 57,247 Ingersoll-Rand 2,488,952 0.08 7,999 Intuitive Surgical 2,587,537 0.09 21,374 Joy Global 612,839 0.02 18,130 Laboratory Corp of America Holdings 1,443,103 0.05 74,485 Paccar 3,086,592 0.11 299,188 Medtronic 15,023,288 0.51 24,390 Pall 1,590,700 0.05 16,958 Patterson 549,319 0.02 31,589 Parker-Hannifin 2,507,865 0.09 30,862 Quest Diagnostics 1,400,712 0.05 28,420 Rockwell Automation 2,152,189 0.07 59,022 St Jude Medical 2,546,646 0.09 9,228 SPX 532,398 0.02 59,779 Stryker 3,664,723 0.12 39,450 Xylem 911,072 0.03 86,541 Thermo Fisher Scientific 7,277,082 0.25 38,164,164 1.30

411 BlackRock Collective Investment Funds 412 North American Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Industrial Metals & Mining – 0.30%; 2014 0.40% Media – 3.85%; 2014 4.05% 253,702 Alcoa 2,426,372 0.08 46,542 Cablevision Systems class ‘A’ shares 565,587 0.02 22,376 Allegheny Technologies 487,366 0.02 102,995 CBS class ‘B’ shares 3,936,123 0.13 220,556 Freeport McMoRan 3,086,985 0.11 16,101 Charter Communications 1,880,985 0.06 70,412 Nucor 2,142,796 0.07 460,529 Comcast class ‘A’ shares 17,695,232 0.60 31,644 United States Steel 490,201 0.02 93,991 Comcast class ‘A’ special shares 3,584,722 0.12 8,633,720 0.30 107,066 DirecTV class ‘A’ shares 6,136,169 0.21 29,198 Discovery Communications class ‘A’ shares 610,260 0.02 Industrial Transportation – 1.64%; 2014 1.52% 60,462 Discovery Communications class ‘C’ shares 1,193,669 0.04 17,015 AerCap 489,839 0.02 47,046 DISH Network class ‘A’ shares 2,284,109 0.08 32,051 CH Robinson Worldwide 1,540,953 0.05 6,714 Dun & Bradstreet 575,560 0.02 221,898 CSX 4,926,440 0.17 50,732 Gannett 1,161,774 0.04 40,362 Expeditors International of Washington 1,261,215 0.04 15,497 IHS 1,178,570 0.04 58,546 FedEx 6,704,718 0.23 100,109 Interpublic 1,444,565 0.05 20,751 JB Hunt Transport Services 1,148,059 0.04 4,334 Liberty Broadband class ‘A’ shares 145,411 0.00 22,485 Kansas City Southern 1,685,429 0.06 13,171 Liberty Broadband class ‘C’ shares 443,352 0.02 65,656 Norfolk Southern 4,637,215 0.16 51,145 Liberty Global class ‘A’ shares 1,789,115 0.06 11,470 Ryder System 697,671 0.02 138,071 Liberty Global class ‘B’ shares 4,661,035 0.16 192,966 Union Pacific 15,016,236 0.51 95,957 Liberty Interactive 1,832,956 0.06 151,960 United Parcel Service class ‘B’ shares 10,003,165 0.34 17,339 Liberty Media 432,634 0.01 48,110,940 1.64 40,721 Liberty Media class ‘C’ shares 1,016,839 0.03 Leisure Goods – 0.33%; 2014 0.25% 82,661 News Corporation class ‘A’ shares 923,745 0.03 146,790 Activision Blizzard 2,215,053 0.08 18,059 News Corporation class ‘B’ shares 196,786 0.01 66,973 Electronic Arts 2,477,576 0.08 64,734 Nielsen 1,894,184 0.06 14,445 Harman International 1,289,806 0.04 53,845 Omnicom 2,771,342 0.09 26,634 Hasbro 1,073,874 0.04 16,688 Scripps Networks Interactive 780,516 0.03 68,778 Mattel 1,170,926 0.04 604,449 Sirius XM 1,517,576 0.05 13,436 Polaris Industries 1,333,080 0.05 15,157 Starz 325,914 0.01 184,877 Time Warner 9,790,561 0.33 9,560,315 0.33 59,051 Time Warner Cable 5,886,759 0.20 Life Insurance – 0.78%; 2014 0.89% 301,412 Twenty-First Century class ‘A’ shares 6,824,386 0.23 91,470 Aflac 3,684,488 0.13 90,804 Twenty-First Century class ‘B’ shares 2,000,109 0.07 14,969 Assurant 593,471 0.02 80,523 Viacom New class ‘B’ non-voting shares 3,642,136 0.12 97,911 Genworth Financial class ‘A’ shares 491,012 0.02 369,461 Walt Disney 24,875,383 0.85 57,973 Lincoln National 2,162,640 0.07 113,998,064 3.85 192,830 MetLife 6,344,898 0.22 62,341 Principal Financial 2,064,183 0.07 Mining – 0.11%; 2014 0.14% 98,594 Prudential Financial 5,158,098 0.18 53,245 CONSOL Energy 1,109,414 0.04 28,959 Torchmark 997,468 0.03 108,751 Newmont Mining 1,852,159 0.06 58,470 Unum Group 1,269,360 0.04 59,094 Peabody Energy 301,703 0.01 22,765,618 0.78 3,263,276 0.11

413 BlackRock Collective Investment Funds 414 North American Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Mobile Telecommunications – 0.14%; 2014 0.45% 137,943 Chesapeake Energy 1,487,971 0.05 27,747 SBA Communications 2,238,756 0.08 407,711 Chevron 28,144,564 0.96 155,983 Sprint 517,790 0.02 17,998 Cimarex Energy 1,277,702 0.04 59,813 T-Mobile 1,278,390 0.04 64,741 Cobalt International Energy 428,562 0.01 4,034,936 0.14 23,403 Concho Resources 1,649,901 0.06 264,991 ConocoPhillips 11,178,183 0.38 Non-Life Insurance – 3.24%; 2014 3.05% 18,572 Continental Resources 534,663 0.02 72,064 ACE 5,316,900 0.18 80,954 Denbury Resources 440,548 0.01 307,498 AIG 11,009,360 0.37 85,864 Devon Energy 3,422,003 0.12 3,300 Alleghany 1,009,069 0.03 115,451 EOG Resources 6,701,895 0.23 92,267 Allstate 4,215,122 0.14 33,859 EQT 1,748,819 0.06 62,051 Aon 4,029,661 0.14 910,353 Exxon Mobil 52,156,500 1.78 28,293 Arch Capital 1,082,362 0.04 22,216 Helmerich & Payne 963,882 0.03 33,833 Arthur J Gallagher 1,028,739 0.04 59,626 Hess 2,897,575 0.10 22,687 Axis Capital 760,735 0.03 44,990 Hollyfrontier 1,280,355 0.04 108 Berkshire Hathaway convertible class ‘A’ shares 15,451,534 0.53 143,728 Marathon Oil 2,591,085 0.09 238,186 Berkshire Hathaway convertible class ‘B’ shares 22,713,518 0.77 60,960 Marathon Petroleum 4,141,840 0.14 25,667 Brown & Brown 533,636 0.02 35,158 Murphy Oil 1,157,752 0.04 51,798 Chubb 3,366,836 0.11 26,328 Newfield Exploration 562,711 0.02 33,332 Cincinnati Financial 1,137,740 0.04 75,918 Noble Energy 2,319,689 0.08 7,689 CNA Financial 207,972 0.01 166,854 Occidental Petroleum 8,404,242 0.29 9,379 Everest Re 1,076,880 0.04 120,953 Phillips 66 6,140,787 0.21 93,765 Hartford Financial Services 2,484,584 0.08 30,317 Pioneer Natural Resources 2,990,895 0.10 63,102 Loews 1,674,118 0.06 41,182 QEP Resources 572,402 0.02 2,567 Markel 1,236,558 0.04 37,721 Range Resources 1,208,956 0.04 117,191 Marsh & McLennan 4,314,091 0.15 71,124 Southwestern Energy 1,154,258 0.04 50,307 Old Republic International 493,500 0.02 29,556 Ultra Petroleum 311,166 0.01 10,899 PartnerRe 807,516 0.03 113,199 Valero Energy 4,518,731 0.15 119,771 Progressive 2,065,418 0.07 23,929 Whiting Petroleum 523,669 0.02 7,152 RenaissanceRe 474,501 0.02 48,107 WPX Energy 335,261 0.01 73,596 The Travelers Companies 5,115,146 0.17 165,494,318 5.64 39,895 Willis 1,231,907 0.04 24,017 WR Berkley 775,339 0.03 Oil Equipment, Services & Distribution – 1.76%; 2014 2.14% 55,370 XL 1,297,007 0.04 92,931 Baker Hughes 3,759,574 0.13 94,909,749 3.24 45,345 Cameron International 1,381,124 0.05 9,569 Core Laboratories 680,616 0.02 Oil & Gas Producers – 5.64%; 2014 6.71% 17,012 Diamond Offshore Drilling 334,318 0.01 106,529 Anadarko Petroleum 5,804,845 0.20 47,447 Ensco 751,280 0.03 10,709 Antero Resources 273,373 0.01 52,168 FMC Technologies 1,347,915 0.05 81,962 Apache 3,491,897 0.12 179,617 Halliburton 4,990,782 0.17 93,540 Cabot Oil & Gas 1,755,313 0.06 378,570 Kinder Morgan 10,048,493 0.34 66,741 California Resources 309,218 0.01 57,826 Nabors Industries 479,326 0.02 49,837 Cheniere Energy 2,613,105 0.09 93,824 National Oilwell Varco 3,299,686 0.11

415 BlackRock Collective Investment Funds 416 North American Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 55,478 Noble 596,997 0.02 328,703 Gilead Sciences 22,018,464 0.75 25,461 NOW 349,936 0.01 36,571 Hospira 2,071,347 0.07 23,075 Oceaneering International 814,060 0.03 30,444 Illumina 3,850,317 0.13 22,076 Paragon Offshore 29,284 0.00 29,545 Incyte 1,639,944 0.06 34,649 Patterson-UTI Energy 418,819 0.01 10,930 Jazz Pharmaceuticals 1,202,484 0.04 29,836 Rowan class ‘A’ shares 417,017 0.01 589,988 Johnson & Johnson 39,135,285 1.33 280,351 Schlumberger 15,267,465 0.52 617,376 Merck & Co 23,390,297 0.80 11,656 Seventy Seven Energy 36,203 0.00 76,690 Mylan Laboratories 2,844,487 0.10 171,566 Weatherford International 1,406,588 0.05 27,527 Perrigo 2,751,631 0.09 162,477 Williams Companies 5,156,915 0.18 1,365,488 Pfizer 30,324,543 1.03 51,566,398 1.76 16,443 Regeneron Pharmaceuticals 4,403,136 0.15 51,204 Vertex Pharmaceuticals 3,956,763 0.13 Personal Goods – 1.39%; 2014 1.32% 108,126 Zoetis 3,224,749 0.11 101,180 Avon 557,819 0.02 260,572,707 8.86 58,816 Coach 1,657,459 0.06 196,978 Colgate-Palmolive 9,026,778 0.31 Real Estate Investment & Services – 0.06%; 2014 0.04% 48,228 Estee Lauder class ‘A’ shares 2,579,608 0.09 64,610 CBRE 1,432,758 0.05 11,263 Fossil 626,775 0.02 18,803 Urban Edge Properties 291,158 0.01 19,966 Hanesbrands 1,647,899 0.06 1,723,916 0.06 80,064 Kimberly-Clark 5,681,259 0.19 20,129 Lululemon Athletica 891,048 0.03 Real Estate Investment Trusts – 2.56%; 2014 1.98% 40,704 Michael Kors 1,775,763 0.06 71,279 American Capital 988,423 0.03 121,698 Nike class ‘B’ shares 7,647,271 0.26 183,110 American Realty Capital Properties 1,161,174 0.04 12,640 Nu Skin Enterprises 443,144 0.02 84,284 American Tower class ‘A’ shares 5,407,505 0.18 16,291 PVH 1,123,525 0.04 215,980 Annaly Capital Management 1,484,216 0.05 13,929 Ralph Lauren class ‘A’ shares 1,238,504 0.04 27,058 Avalonbay Communications 2,943,394 0.10 39,219 Under Armour 1,954,098 0.07 32,260 Boston Properties 2,868,414 0.10 73,744 VF 3,658,092 0.12 71,025 Crown Castle International 3,967,638 0.14 28,101 Digital Realty Trust 1,207,212 0.04 40,509,042 1.39 68,290 Duke Realty 943,881 0.03 Pharmaceuticals & Biotechnology – 8.86%; 2014 8.19% 11,337 Equinix 1,644,063 0.06 319,033 Abbott Laboratories 9,779,082 0.33 75,392 Equity Residential 3,757,892 0.13 343,041 AbbVie 13,429,520 0.46 14,668 Essex Property Trust 2,110,222 0.07 55,819 Actavis 10,510,399 0.36 14,818 Federal Realty Investment Trust 1,361,465 0.05 42,047 Alexion Pharmaceuticals 4,907,479 0.17 112,799 General Growth Properties 2,117,445 0.07 66,566 Allergan 10,027,543 0.34 101,769 HCP 2,789,527 0.09 162,304 Amgen 16,562,276 0.56 64,410 Health Care REIT 3,212,998 0.11 51,114 Biogen Idec 13,547,161 0.46 36,450 Hospitality Properties 726,453 0.02 31,152 BioMarin Pharmaceutical 2,158,103 0.07 160,482 Host Hotels & Resorts 2,180,744 0.07 355,351 Bristol-Myers Squibb 14,008,013 0.48 41,984 Iron Mountain 998,662 0.03 172,572 Celgene 13,569,917 0.46 87,600 Kimco Realty 1,489,665 0.05 214,440 Eli Lilly 9,735,415 0.33 33,882 Liberty Property Trust 816,027 0.03 27,546 Endo International 1,524,352 0.05 32,090 Macerich 1,736,772 0.06

417 BlackRock Collective Investment Funds 418 North American Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 34,688 Plum Creek Timber 975,053 0.03 118,653 Salesforce.com 5,327,638 0.18 104,370 Prologis 2,884,459 0.10 8,816 Servicenow 434,981 0.01 31,831 Public Storage 4,063,839 0.14 150,010 Symantec 2,441,278 0.08 23,978 Rayonier 425,286 0.01 34,349 Synopsys 1,031,537 0.04 45,616 Realty Income 1,477,045 0.05 36,759 Teradata 1,058,956 0.04 21,558 Regency Centers 915,246 0.03 87,128 Twitter 2,710,699 0.09 65,998 Simon Property 8,129,959 0.28 29,432 VeriSign 1,219,065 0.04 20,381 SL Green Realty 1,672,524 0.06 16,934 VMware 931,951 0.03 69,066 Ventas 3,328,164 0.11 19,110 Workday 1,057,023 0.04 37,607 Vornado Realty Trust 2,678,531 0.09 191,539 Yahoo! 5,488,124 0.19 24,724 Weingarten Realty Investors 579,464 0.02 52,924 Yandex class ‘A’ shares 563,007 0.02 116,599 Weyerhaeuser 2,649,017 0.09 214,837,725 7.31 75,692,379 2.56 Support Services – 1.87%; 2014 1.53% Software & Computer Services – 7.31%; 2014 7.70% 135,061 Accenture 7,869,091 0.27 106,605 Adobe Systems 5,456,487 0.19 39,976 ADT 1,014,791 0.03 37,675 Akamai Technologies 1,693,352 0.06 12,345 Alliance Data Systems 2,224,640 0.08 36,019 Amdocs 1,223,630 0.04 102,300 Auto Data Process 5,880,231 0.20 17,075 Ansys 949,876 0.03 24,332 Broadridge Financial Solutions 837,938 0.03 51,008 Autodesk 2,119,667 0.07 34,100 CDK Global 1,032,223 0.04 67,493 CA 1,420,262 0.05 22,563 Cintas 1,218,379 0.04 46,986 Catamaran 1,518,921 0.05 56,195 Fastenal 1,510,509 0.05 65,151 Cerner 3,037,907 0.10 61,880 Fidelity National Information Services 2,705,598 0.09 29,189 Check Point Software Technologies 1,576,931 0.05 53,665 Fiserv 2,711,031 0.09 36,943 Citrix Systems 1,522,040 0.05 15,526 FleetCor Technologies 1,542,152 0.05 128,309 Cognizant Technology 5,187,490 0.18 23,553 Linkedin class ‘A’ shares 4,070,795 0.14 29,439 Computer Sciences 1,351,367 0.05 16,913 Manpower 880,343 0.03 8,947 DST Systems 615,360 0.02 68,193 Paychex 2,198,821 0.07 455,571 Facebook 23,273,800 0.79 60,279 Republic Services 1,596,102 0.05 61,191 Google class ‘A’ shares 22,277,262 0.76 30,859 Robert Half International 1,236,636 0.04 60,444 Google class ‘C’ shares 21,839,864 0.74 18,302 Stericycle 1,598,316 0.05 15,167 IAC Interactive 661,679 0.02 33,768 Total System Services 834,695 0.03 215,011 IBM 22,530,660 0.77 15,565 Towers Watson 1,323,438 0.05 55,325 Intuit 3,494,776 0.12 96,869 Tyco International 2,645,814 0.09 1,597,290 Microsoft 45,312,019 1.54 17,407 United Rentals 1,048,092 0.04 59,146 Nuance Communications 547,294 0.02 30,874 Verisk Analytics 1,434,620 0.05 735,346 Oracle 20,850,823 0.71 104,140 Waste Management 3,671,248 0.12 39,294 Pentair 1,689,586 0.06 13,405 WW Grainger 2,055,682 0.07 21,454 Rackspace Hosting 689,404 0.02 239,974 Xerox 2,119,610 0.07 38,747 Red Hat 1,733,009 0.06 55,260,795 1.87

419 BlackRock Collective Investment Funds 420 North American Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Technology Hardware & Equipment – 8.50%; 2014 7.27% Tobacco – 1.37%; 2014 1.27% 23,411 3D Systems 460,979 0.02 426,476 Altria 15,534,059 0.53 62,966 Altera 1,507,533 0.05 76,153 Lorillard 3,371,547 0.11 69,023 Analog Devices 2,614,602 0.09 337,305 Philip Morris International 18,107,171 0.62 1,261,492 Apple 104,868,563 3.57 66,259 Reynolds American 3,241,349 0.11 255,117 Applied Materials 4,135,292 0.14 40,254,126 1.37 55,359 Avago Technologies 4,566,920 0.16 112,933 Broadcom class ‘A’ shares 3,305,267 0.11 Travel & Leisure – 2.36%; 2014 2.40% 1,104,072 Cisco Systems 21,082,674 0.72 36,309 American Airlines 1,125,405 0.04 276,361 Corning 4,363,407 0.15 92,094 Carnival 2,621,467 0.09 26,675 Cree 677,318 0.02 6,516 Chipotle Mexican Grill 2,804,570 0.10 444,180 EMC 8,317,956 0.28 30,541 Darden Restaurants 1,264,801 0.04 15,301 F5 Networks 1,169,407 0.04 47,227 Delta Air Lines 1,359,908 0.05 25,280 Garmin 811,532 0.03 22,524 Expedia 1,337,244 0.05 24,831 Harris 1,247,816 0.04 92,583 Hertz Global 1,382,095 0.05 403,796 Hewlett-Packard 9,103,308 0.31 89,042 Hilton Worldwide 1,628,845 0.06 1,051,371 Intel 22,634,343 0.77 49,161 International Game Technology 567,511 0.02 98,238 Juniper Networks 1,519,911 0.05 88,368 Las Vegas Sands 3,254,188 0.11 37,033 KLA-Tencor 1,556,421 0.05 48,945 Marriott International class ‘A’ shares 2,631,578 0.09 33,023 Lam Research 1,762,053 0.06 213,136 McDonald’s 13,641,311 0.46 52,814 Linear Technology 1,646,550 0.06 83,634 MGM Resorts International 1,175,985 0.04 93,634 Marvell Technology 976,692 0.03 11,319 Priceline.com 9,064,429 0.31 63,923 Maxim Integrated Products 1,422,487 0.05 34,929 Royal Caribbean Cruises 1,727,238 0.06 42,927 Microchip Technology 1,423,863 0.05 37,606 Southwest Airlines 1,051,965 0.04 227,480 Micron Technology 4,513,095 0.15 157,105 Starbucks 9,503,155 0.32 50,395 Motorola Solutions 2,214,197 0.08 43,662 Starwood Hotels and Resorts Worldwide 2,270,119 0.08 35,172 NCR 669,119 0.02 22,819 TripAdvisor 1,317,844 0.04 68,171 NetApp 1,704,937 0.06 19,880 United Continental Holdings 838,089 0.03 105,926 Nvidia 1,511,368 0.05 25,863 Wyndham Worldwide 1,530,794 0.05 362,595 Qualcomm 17,012,918 0.58 18,114 Wynn Resorts 1,670,159 0.06 47,621 SanDisk 2,462,709 0.08 93,934 Yum! Brands 4,930,107 0.17 65,311 Seagate Technology 2,582,603 0.09 68,698,807 2.36 37,861 Skyworks Solutions 2,149,066 0.07 Israel – 0.00%; 2014 0.01% 229,536 Texas Instruments 8,733,478 0.30 48,825 Western Digital 3,379,901 0.12 Technology Hardware & Equipment – 0.00%; 2014 0.01% 56,944 Xilinx 1,561,225 0.05 Netherlands – 0.10%; 2014 0.07% 249,669,510 8.50

421 BlackRock Collective Investment Funds 422 North American Equity Tracker Portfolio Statement continued North American Equity Tracker Statement of Total Return for the year ended 28 February 2015

Holding or Underlying Market % of For the period Nominal Exposure – Derivatives Value Total For the year from 1.2.2013 Value Investment £ £ Net Assets to 28.2.2015 to 28.2.2014 Notes £ £ £ £ Technology Hardware & Equipment – 0.10%; 2014 0.07% 55,561 NXP Semiconductors 3,052,008 0.10 Income Net capital gains during the Mexico – 0.03%; 2014 0.03% year/period 2 526,896,252 249,238,632 Industrial Metals & Mining – 0.03%; 2014 0.03% Revenue 3 56,230,949 42,109,438 39,163 Southern Copper 754,421 0.03 Expenses 4 (5,304,177) (3,915,044) DERIVATIVES – 0.01%; 2014 0.00% Finance costs: Interest 6 (5,056) (2,173) Futures – 0.01%; 2014 0.00% Net revenue before taxation 50,921,716 38,192,221 127 S&P 500 E-mini March 2015 8,640,339 57,299 0.00 Taxation 5 (7,905,639) (6,058,154) 40 S&P/TSX 60 Index March 2015 3,686,050 307,654 0.01 Net revenue after taxation 12,326,389 364,953 0.01 for the year/period 43,016,077 32,134,067 Total return before distributions 569,912,329 281,372,699 Portfolio of investments 2,924,115,832 99.56 Finance costs: Distributions 6 (42,960,997) (32,116,757) Net other assets 13,004,373 0.44 Change in net assets Total net assets £2,937,120,205 100.00 attributable to unitholders Unless otherwise stated, all holdings are quoted in ordinary shares and are listed on a recognised exchange. from investment activities £526,951,332 £249,255,942 Note: comparative figures show percentages for each category of holding at 28 February 2014. * Related party to the Fund. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. North American Equity Tracker Statement of Change in Net Assets Attributable to Unitholders for the year ended 28 February 2015

For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 2,184,698,764 1,454,961,151 Amounts received on creation of units 830,111,230 651,201,474 Amounts paid on cancellation of units (646,228,328) (204,783,047) 183,882,902 446,418,427

Stamp duty reserve tax (636) (4,406) Change in net assets attributable to unitholders from investment activities 526,951,332 249,255,942 Retained distribution on accumulation units 41,587,843 34,067,650 Closing net assets attributable to unitholders £2,937,120,205 £2,184,698,764

423 BlackRock Collective Investment Funds 424 North American Equity Tracker Balance Sheet North American Equity Tracker Notes to Financial Statements at 28 February 2015 for the year ended 28 February 2015

28.2.2015 28.2.2014 1. Accounting and Distribution Policies Notes £ £ £ £ Please see pages 6-8 of the Aggregated Notes to Financial Statements. Assets: 2. Net Capital Gains During the Year/Period Investment assets 2,924,115,832 2,177,820,115 – Debtors 7 15,146,192 41,330,156 For the period For the year from 1.2.2013 – Cash and bank balances 8 4,396,144 3,785,080 to 28.2.2015 to 28.2.2014 Total other assets 19,542,336 45,115,236 £ £ Total assets 2,943,658,168 2,222,935,351 The net capital gains comprise: Liabilities: Gains on non-derivative securities 523,467,558 247,520,168 – Creditors 9 (6,401,843) (38,236,587) Gains on derivative contracts 1,744,581 1,297,488 – Amount held at futures Currency gains 1,181,586 73,525 clearing houses and brokers (136,120) – US REIT dividends 520,14 8 361,701 Total other liabilities (6,537,963) (38,236,587) Custodian transaction costs (17,621) (14,250) Total liabilities (6,537,963) (38,236,587) Net capital gains £526,896,252 £249,238,632 Net assets attributable to unitholders £2,937,120,205 £2,184,698,764 3. Revenue

For the period For the year from 1.2.2013 N C D Hall (Director) to 28.2.2015 to 28.2.2014 E E Tracey (Director) £ £ BlackRock Fund Managers Limited Interest from overseas fixed interest securities – 22,736 30 April 2015 Interest from UK bank deposits 17,479 3,955 Overseas dividends 53,104,329 40,572,119 Overseas REIT dividends 36,426 24,235 Securities lending revenue 467,840 144,275 Stock dividends 58,911 24,701 US REIT dividends 2,545,964 1,317,417 Total revenue £56,230,949 £42,109,438

425 BlackRock Collective Investment Funds 426 North American Equity Tracker Notes to Financial Statements continued

4. Expenses (b) Factors affecting the current tax charge for the year/period For the period The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an For the year from 1.2.2013 authorised unit trust. The differences are explained below: to 28.2.2015 to 28.2.2014 For the period £ £ For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 4,953,590 3,642,483 £ £ – Registrar’s fees 12,631 14,525 Net revenue before taxation 50,921,716 38,192,221 4,966,221 3,657,008 Corporation tax at 20% (28 February 2014: 20%) 10,184,343 7,638,444 Payable to the Trustee or associates of the Trustee: Effects of: – Trustee’s fees 207,666 145,903 Capitalised income from US REITs 104,030 72,341 207,666 145,903 Excess expenses for which no tax relief taken 344,275 450,385 Other expenses: Franked investment revenue at 20% – 866 – ADR fee 128 – Irrecoverable overseas tax 7,905,639 6,058,154 – Audit fee 6,690 5,925 Movement in revenue accruals not taxable – 2,834 – FCA fee 153 165 Non taxable overseas dividends (10,620,866) (8,115,065) – Legal & professional fees 12,494 25 ,14 8 Non taxable stock dividends (11,782) (4,940) – Risk monitoring fees – 973 Overseas tax expensed – (44,865) – Safe custody fees 110,825 79,922 Total current tax charge for the year/period [see note 5(a)] £7,905,639 £6,058,154 130,290 112,13 3 At 28 February 2015, the Fund had surplus management expenses of £10,284,365 (28 February 2014: £6,676,165). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £2,056,873 Total expenses £5,304,177 £3,915,044 (28 February 2014: £1,335,233) has not been recognised.

5. Taxation (a) Analysis of tax charge for the year/period For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ Irrecoverable overseas tax 7,905,639 6,058,154 Total current tax charge for the year/period [see Note 5(b)] £7,905,639 £6,058,154

427 BlackRock Collective Investment Funds 428 North American Equity Tracker Notes to Financial Statements continued

6. Finance Costs 9. Creditors

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 £ £ to 28.2.2015 to 28.2.2014 Accrued Audit fee 6,690 6,690 £ £ Accrued FCA fee 601 447 Interim distribution 19,385,268 17,331,129 Accrued Manager’s charge 1,301,705 944,481 Final distribution 22,202,575 16,736,521 Accrued Registrar’s fee 4,739 3,241 41,587,843 34,067,650 Accrued Safe custody fees 28,120 27,16 8 Add: Amounts deducted on cancellation of units 3,780,950 818,795 Accrued Trustee’s fee 5 5 ,16 5 39,142 Less: Amounts received on creation of units (2,407,796) (2,769,688) Amounts payable for cancellation of units 37,821 148,532 Net distribution for the year/period 42,960,997 32,116,757 Currency purchases awaiting settlement 4,966,778 18,933,758 Finance costs: Interest 5,056 2,173 Custodian transaction costs 224 3,818 Finance costs £42,966,053 £32,118,930 Purchases awaiting settlement – 18,129,310 Total creditors £6,401,843 £38,236,587 Net revenue after taxation for the year/period 43,016,077 32,134,067 Add: Equalisation on conversions 3,831 7,391 10. Derivatives and Other Financial Instruments Less: Non distributable stock dividends (58,911) (24,701) (a) The Fund’s financial instruments comprise securities and other investments, cash balances and Net distribution for the year/period £42,960,997 £32,116,757 debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for cancellation of Details of the interim and final distributions per unit are set out in the tables on page 439. units and debtors for accrued revenue. The Manager shall take the risks it deems reasonable to meet the investment objective. These 7. Debtors risks include the following: 28.2.2015 28.2.2014 £ £ Risk Impact of risk Accrued revenue 5,200,103 3,948,935 Foreign currency The risk of changes to foreign currency rates materially affecting the Sterling Amounts receivable for creation of units 4,968,274 18,497,772 equivalent value of non-Sterling denominated assets and liabilities accounted for by the Fund. Currency sales awaiting settlement 4,966,371 18,872,677 Overseas tax recoverable 11,444 10,772 The Fund is accounted for in Sterling and holds financial assets and financial liabilities denominated in other international currencies. Total debtors £15 ,14 6 ,192 £41,330,156 To manage the risk, the Fund may enter into forward currency contracts for the 8. Cash and Bank Balances purposes of efficient portfolio management. At 28 February 2015, the Fund has no open forward currency contracts (28 February 2014: £Nil). 28.2.2015 28.2.2014 £ £ Market price The valuation of the Fund’s investments is calculated with reference to market Amounts held at futures clearing houses and brokers 198,349 744,795 prices quoted by financial agencies and brokers. Movements to those market prices may materially affect the value of the Fund’s investments, which may move Cash and bank balances 4 ,197,79 5 3,040,285 down as well as up. Total cash and bank balances £4,396,144 £3,785,080 To manage the risk, the Manager undertakes research in order to achieve the best price for any transactions entered into on behalf of the Fund.

429 BlackRock Collective Investment Funds 430 North American Equity Tracker Notes to Financial Statements continued

Risk Impact of risk Risk Impact of risk Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the Use of derivatives The Fund may use derivatives for the purposes of efficient portfolio management ability of the Fund to trade financial instruments at values previously indicated in order to reduce risk within the portfolio, reduce investment costs and generate by financial brokers. additional income. All stocks are valued daily. Stocks identified as being illiquid are reviewed The use of derivatives will impact the value of the Fund and may expose the for pricing accuracy as the need arises and on a formal monthly basis by the Fund to a higher degree of risk. In particular, derivative contracts can be highly BlackRock Pricing Committee. volatile and the amount of initial margin is generally small relative to the size of The Fund invests primarily in companies based in the US and Canada, which are the contract so that transactions may be leveraged in terms of market exposure. typically considered to be territories operating with high levels of liquidity. From A relatively small market movement may have a potentially larger impact on time to time, however, market liquidity may be affected by economic events. derivatives than on standard bonds or equities. Leveraged derivative positions can therefore increase fund volatility. To manage the risk, the Investment Manager undertakes research of investment opportunities to select opportunities congruent with the Fund’s investment As at 28 February 2015, the Manager uses a methodology known as the objective. “Commitment Approach” in order to measure the global exposure from financial derivative instruments of the Fund and manage the potential loss to it due to Counterparty The risk of entering an arrangement with a counterparty, which is itself subject market risk. The Commitment Approach is a methodology that aggregates the to financial risks which may affect its ability to trade as a going concern. underlying market or notional values of derivative instruments to determine the The Manager maintains a list of approved counterparties. This list is regularly degree of global exposure of a Fund to derivative instruments. In accordance with monitored and revised for changes based on the counterparty’s credit-worthiness, COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net market reputation and expectations of future financial performance. Transactions asset value. will only be opened with financial intermediaries on the approved counterparties Any exposure to financial derivative instruments at year end is marked on the list. Portfolio Statement. The Fund’s use of exchange traded derivatives are considered to be free of counterparty risk if the derivative is traded on an exchange where the clearing These risks are monitored by the Manager in pursuance of the investment objective and policy as house is backed by an appropriate performance guarantee and it is characterised set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing by a daily mark-to-market valuation of the derivative position and at least daily powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment margining. Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the Investment Report and At 28 February 2015, the market value of the exchange traded derivatives held by Portfolio Statement. the Fund was £364,953 (28 February 2014: £47,368). Exchange traded derivatives are primarily traded with the following counterparty: Goldman Sachs. Margin is paid or received on derivatives to cover any exposure by the counterparty to the Fund or by the Fund to the counterparty. Margin receivable from the Fund’s clearing brokers and various counterparties is included in “Cash and bank balances” on the Balance Sheet. Margin payable to the Fund’s clearing brokers and various counterparties is included in “Amounts held at futures clearing houses and brokers” on the Balance Sheet. At 28 February 2015, the Fund had received margin of £136,120 (28 February 2014: £Nil) from counterparties and had provided margin of £198,349 (28 February 2014: £744,795) to counterparties relating to derivatives. Credit During the year, the Fund engaged in securities lending activities which exposed the Fund to credit risk. The maximum exposure of the Fund is equal to the value of the securities loaned disclosed in Note 12.

431 BlackRock Collective Investment Funds 432 North American Equity Tracker Notes to Financial Statements continued

(b) Currency Exposures Floating Rate Financial A proportion of the net assets of the Fund are denominated in currencies other than Sterling, Financial Liabilities not with the effect that the Balance Sheet and Statement of Total Return can be affected by Liabilities Carrying Interest Total currency movements. Currency £ £ £ The currency profile held at 28 February 2015 was as follows: Canadian dollar (136,120) – (136,120) UK sterling – (6,401,843) (6,401,843) Currency Net Assets/(Liabilities) Total £(136,120) £(6,401,843) £(6,537,963) Monetary Non-monetary Exposures Exposures Total There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates. 28.2.2015 28.2.2015 28.2.2015 Currency £ £ £ The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: Canadian dollar 2,258,062 162,949,475 165,207,537 Floating Rate Fixed Rate Financial Assets UK sterling 242,004 (1,397,712) (1,15 5 ,70 8) Financial Financial not Carrying US dollar 1,759,958 2,771,308,418 2,773,068,376 Assets Assets Interest Total Total £4,260,024 £2,932,860,181 £2,937,120,205 Currency £ £ £ £ Canadian dollar 1,144,882 – 140,618,733 141,763,615 The currency profile held at 28 February 2014 was as follows: UK sterling 199,667 – 19,107,225 19,306,892 Currency Net Assets/(Liabilities) US dollar 2,440,531 – 2,059,424,313 2,061,864,844 Total £3,785,080 £0 £2,219,150,271 £2,222,935,351 Monetary Non-monetary Exposures Exposures Total 28.2.2014 28.2.2014 28.2.2014 Floating Rate Financial Currency £ £ £ Financial Liabilities not Canadian dollar 1,144,882 139,843,572 140,988,454 Liabilities Carrying Interest Total UK sterling 199,667 (408,500) (208,833) Currency £ £ £ US dollar 2,440,531 2,041,478,612 2,043,919,143 Canadian dollar – (7 75 ,161) (7 75 ,161) UK sterling – (19,515,725) (19,515,725) Total £3,785,080 £2,180,913,684 £2,184,698,764 US dollar – (17,945,701) (17,945,701) (c) Interest Rate Risk Profile of Financial Assets and Liabilities Total £0 £(38,236,587) £(38,236,587) The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: The floating rate financial assets and liabilities include: Floating Rate Fixed Rate Financial Assets Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two Financial Financial not Carrying week LIBID rates and overdraft interest based on 3% over the base rate. Assets Assets Interest Total Currency £ £ £ £ All overseas deposits and loans bear interest at rates determined by the relevant Authority. Canadian dollar 2,394,182 – 162,949,475 165,343,657 The amounts held at futures clearing houses and brokers at the reporting date is on a temporary basis UK sterling 242,004 – 5,004,131 5,246,135 and is not persistent. US dollar 1,759,958 – 2,771,308,418 2,773,068,376 Total £4,396,144 £0 £2,939,262,024 £2,943,658,168 (d) Fair Value of Financial Assets and Financial Liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet and their fair value.

433 BlackRock Collective Investment Funds 434 North American Equity Tracker Notes to Financial Statements continued

11. Contingent Assets and Liabilities The Manager acts as either principal or agent for the Trustee in respect of all transactions of There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). units of the Fund. The aggregate monies received through creation and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and 12. Efficient Portfolio Management Techniques Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s Please see further disclosures in Note 10(a). fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at During the year, the Fund engaged in securities lending, subject to the conditions and within the the year end in respect of these fees are shown in Note 9. limits laid down by the Financial Conduct Authority. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing The Fund receives securities as collateral for a value in excess of the market value of the securities arrangements with related parties (including, without limitation, brokers who are affiliated to the loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the BlackRock Group), which may result in the Fund benefiting from research or execution services following collateral agents and central securities depositories: JP Morgan Chase and BNY Mellon. which the Investment Manager believes are useful in the investment decision-making or trade As at 28 February 2015, the Fund had securities on loan to the following counterparties: BNP execution process. Such research or execution services may include, without limitation and to the Paribas, Citigroup, Credit Suisse, Deutche Bank, Goldman Sachs, HSBC, JP Morgan Chase, Merrill extent permitted by applicable law: research reports on companies, industries and securities; and Lynch, Morgan Stanley, Société Générale and UBS. the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, The Investment Manager monitors the fair value of the securities loaned and additional collateral it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a these arrangements with brokers who are not affiliated to the BlackRock Group. regulated market. The Fund’s investments in other BlackRock related products are detailed on the Portfolio Statement. The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund Securities Lending and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue The securities lending agent appointed pursuant to the securities lending agreement is BlackRock is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational Advisors (UK) Limited, which is a related party to the Fund. costs are borne out of the securities lending agent’s share. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly 28.2.2015 28.2.2014 related to securities loan transactions as well as the cost of indemnification against borrower £ £ default. Revenue earned during the year/period 467,840 144,275 See further information in Note 12. Value of securities on loan at the year/period end 133,019,940 36,856,868 Material Unitholders Value of collateral held on behalf of the Fund at the The following investor held more than 20% of the voting units in issue in the Fund and as a result is year/period end 147,618,644 43,848,987 considered to be a related party of the Fund. 13. Investment Management As at 28 February 2015: Please see page 16. % of voting units Held by: in issue No. of units held 14. Related Parties Nutraco Nominees Limited 30% 406,858,148 Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. As at 28 February 2014: The following entities were related parties of the Fund during the year ended 28 February 2015: % of voting units Manager/Registrar: BlackRock Fund Managers Limited Held by: in issue No. of units held Investment Manager: BlackRock Investment Management (UK) Limited Nutraco Nominees Limited 32% 398,349,725 Securities lending agent: BlackRock Advisors (UK) Limited Trustee: BNY Mellon Trust & Depositary (UK) Limited All related party transactions were carried out at arm’s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. more favourable than those received by other investors investing into the same unit classes. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock.

435 BlackRock Collective Investment Funds 436 North American Equity Tracker Notes to Financial Statements continued

15. Portfolio Transaction Costs 16. Unitholders’ Funds Summary of total purchase costs: Accumulation units are currently available as specified in the Prospectus. The net asset value of each unit class, net asset value per unit and the number of units in issue are given in the For the period For the period “Performance Record”. For the year For the year from 1.2.2013 from 1.2.2013 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 The types of units currently in issue and the Manager’s annual charge for each unit class are £ £ £ £ shown below: Purchases before Class 28.2.2015 28.2.2014 transaction costs 655,181,080 625,755,076 A Accumulation 0.45% 0.45% Commissions and other costs L Accumulation 0.20% 0.20% (including stamp duty) 76,230 126,317 X Accumulation◊ 0.00% 0.00% Total purchase costs 76,230 126,317 D Accumulation 0.15% 0.15% Gross purchases total £655,257,310 £625,881,393 H Accumulation÷ 0.10 % N/A

Summary of total sale costs: ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or their affiliates. ÷ H Accumulation class commenced September 2014. For the period For the period For the year For the year from 1.2.2013 from 1.2.2013 In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue Gross sales before is allocated each day pro rata to the capital value of assets attributable to each class and taxation is transaction costs 432,845,540 148,977,574 computed by reference to the net revenue after expenses attributable to each class. The distribution Commissions and other costs (69,089) (31,529) per unit class is given in the distribution tables. All unit classes have the same rights on winding up. Total sale costs (69,089) (31,529) Total sales net of 17. Non Adjusting Post Balance Sheet Event transaction costs £432,776,451 £148,946,045 Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as shown below:

Bid prices as at Bid prices as at Rise Class 23.4.2015 28.2.2015 (%) A Accumulation 227.2p 219.4p 3.6 L Accumulation 231.2p 223.2p 3.6 X Accumulation 173.9p 167.8p 3.6 D Accumulation 229.9p 222.0p 3.6 H Accumulation 115.7p 111.7p 3.6

437 BlackRock Collective Investment Funds 438 North American Equity Tracker Distribution Tables BlackRock Overseas Corporate Bond Tracker Fund for the year ended 28 February 2015 Final Distribution in Pence per Unit BlackRock Overseas Corporate Bond Tracker Fund Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 Investment Objective & Policy

A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation The aim of the BlackRock Overseas Corporate Bond Tracker Fund (the “Fund”) is to seek to achieve ÷ Units Units Units Units Units a total return for investors by tracking closely the performance of the Barclays Global Aggregate Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Corporate ex GBP Index by investing in fixed income securities contained in the Index. Investment Net revenue (dividend) 1.3336 0.6679 1.6699 1.13 0 8 1.4067 0.6041 1.7117 1.0327 0.8791 0.0510 will be made directly into constituent issues and via other transferable securities giving exposure to Equalisation† – 0.6657 – 0.5391 – 0.8026 – 0.6790 – 0.8281 such issues. The Fund may also invest in permitted money-market instruments, permitted deposits and units in collective investment schemes. Derivatives and forward transactions may be used for the Distribution payable 30.4.2015 1.3336 1.3336 1.6699 1.6699 1.4067 1.4067 1.7117 1.7117 0.8791 0.8791 purposes of efficient portfolio management. Distribution paid 30.4.2014 1.10 01 1.10 01 1.3765 1.3765 1.1611 1.1611 1.4096 1.4096 N/A N/A The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Interim Distribution in Pence per Unit under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Group 1 – Units purchased prior to 1 March 2014 Sourcebook”). The Fund was authorised by the FCA on 28 April 2010 and established on 28 January 2011. Group 2 – Units purchased 1 March 2014 to 31 August 2014

A Accumulation L Accumulation X Accumulation D Accumulation Units Units Units Units Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 1.1762 0.8260 1.4771 0.9377 1.2465 0.7987 1.5143 0.7329 Equalisation† – 0.3502 – 0.5394 – 0.4478 – 0.7814 Distribution paid 31.10.2014 1.1762 1.1762 1.4771 1.4771 1.2465 1.2465 1.5143 1.5143 Distribution paid 31.10.2013 1.3558 1.3558 1.7025 1.7025 1.4170 1.4170 1.7387 1.7387

† Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. ÷ H Accumulation class commenced September 2014. Group 1 units purchased 2 September 2014. Group 2 units purchased 3 September 2014 to 28 February 2015.

439 BlackRock Collective Investment Funds 440 Overseas Corporate Bond Tracker Fund

This Annual Report covers the year ended 28 February 2015. The first six months were commented on Distributions Payable in the Interim Report to 31 August 2014. For a copy, please contact us. A Accumulation Performance Table The final accumulation distribution payable on 30 April 2015 is 1.0993p net per accumulation unit (30 April 2014: 1.1214p net per accumulation unit). Period of Report Since Launch One Year 28 .1.2011 L Accumulation to 28.2.2015 to 28.2.2015 The final accumulation distribution payable on 30 April 2015 is 1.2496p net per accumulation unit TOTAL Return (with net income reinvested) (30 April 2014: 1.2651p net per accumulation unit). Class A Accumulation Units X Income BlackRock Overseas Corporate Bond Tracker Fund +7.4% +16.6% The final distribution payable on 30 April 2015 is 1.2175p net per income unit (30 April 2014: 1.2550p Barclays Global Aggregate Corporate ex GBP Index* +8.7% +20.7% net per income unit). TOTAL Return (with net income reinvested) Class L Accumulation Units# X Accumulation The final accumulation distribution payable on 30 April 2015 is 1.2824p net per accumulation unit BlackRock Overseas Corporate Bond Tracker Fund +7.7% +17.7% (30 April 2014: 1.2902p net per accumulation unit). Barclays Global Aggregate Corporate ex GBP Index* +8.7% +20.7% ¤ All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. D Income Performance returns are cumulative. All returns are in Sterling. The final distribution payable on 30 April 2015 is 1.2475p net per income unit (30 April 2014: N/A). # D Accumulation class was renamed as L Accumulation class during June 2012. * Figures from Datastream. Please note that the Fund’s benchmark index, the Barclays Global Aggregate Corporate ex GBP Index was previously referred to as the Barclays Capital Global Aggregate Corporate ex UK Index. This is a clarificatory update and does not D Accumulation represent a change in the Fund’s benchmark index. The final accumulation distribution payable on 30 April 2015 is 1.2583p net per accumulation unit (30 April 2014: 1.2721p net per accumulation unit). All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. H Income÷ Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is The final distribution payable on 30 April 2015 is 1.1621p net per income unit (30 April 2014: N/A). not a guide to future performance and should not be the sole factor of consideration when selecting a product. H Accumulation÷ The final accumulation distribution payable on 30 April 2015 is 1.2122p net per accumulation unit Annual performance to most recent quarter end (30 April 2014: N/A). 31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 ¤ D Income class commenced July 2014. to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 ÷ H Income and H Accumulation classes commenced September 2014. BlackRock Overseas Corporate Bond Tracker Fund A +8.4% -3.3% +5.0% N/A§ N/A§ BlackRock Overseas Corporate Bond Tracker Fund L# +8.7% -3.0% +5.2% N/A§ N/A§

441 BlackRock Collective Investment Funds 442 Overseas Corporate Bond Tracker Fund continued

The table below compares the realised Fund performance against the performance of the relevant A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced benchmark index during the year ended 28 February 2015. An explanation for the difference is are different. As the Fund is valued at midday, but the benchmark index is valued at the time the provided: relevant markets close for business, the tracking error of the Fund at its valuation point may appear to be higher than if the Fund and the benchmark index were priced at the same time. Fund return Benchmark return for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking Before costs and after adjusting for a) the error is annualised and calculated using data from the preceding 36 month observation period. difference in valuation point of the Fund and the pricing point of the benchmark Anticipated Realised index b) the tax incurred by the Fund Tracking Error Tracking Error Explanation for difference which is not included in the benchmark The Fund has tracked its benchmark index within its anticipated index, the performance of the Fund Up to 4.00%* 1.63%* tracking error. relative to the benchmark index has +7.7%* +8.7% -1.0% been in line with expectations. * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units.

* Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

443 BlackRock Collective Investment Funds 444 Overseas Corporate Bond Tracker Performance Record

Net Asset Value Income (Net Distributions/Net Accumulations)

A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Net Asset Value Units Units# Units≠ Units± Units¤ Unitsπ Units÷ Units÷ Net Asset Value per Unit Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Units in Issue £ p 2015* 1.0993 1.2496 1.2175 1.2824 1.2475 1.2583 1.1621 1.2122 A Accumulation 2014 2.2196 2.5013 2.4705 2.5552 0.3686 2.5184 N/A N/A 28 February 2015 659,590 764,863 116.0 2013 2.5964 2.8958 2.8252 2.9431 N/A 2.9344 N/A N/A 28 February 2014 781,723 841,233 107.6 2012 2.118 4 2.7546 N/A 0.6972 N/A 0.2343 N/A N/A 31 January 2013* 1,284,064 1,440,405 112.2 2011‡ 1.3200 1.3942 N/A N/A N/A N/A N/A N/A L Accumulation * To 30 April. 28 February 2015 679,0 6 6 ,161 794,835,764 117.0 ‡ Fund launched January 2011. # D Accumulation class was renamed as L Accumulation class during June 2012. 28 February 2014 555,795,992 602,289,657 108.4 ≠ X Income class commenced August 2012. # ± X Accumulation class commenced April 2012. 31 January 2013* 376,990,555 423,986,737 112.5 ¤ D Income class commenced July 2014. π D Accumulation class commenced June 2012. X Income ÷ H Income and H Accumulation classes commenced September 2014. 28 February 2015 26,269,305 27,589,823 105.0 28 February 2014 26,334,689 26 ,170,76 9 99.38 Capital (Unit Prices)

31 January 2013* 27,890,291 29,581,723 10 6 .1 A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Units Units# Units≠ Units± Units¤ Unitsπ Units÷ Units÷ X Accumulation Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest 28 February 2015 10,240,144 11,462,449 111.9 Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Calendar Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price 28 February 2014 8,399,946 8 ,6 91,147 103.5 Year p p p p p p p p p p p p p p p p 31 January 2013* 462,820 483,361 104.4 2015* 126.7 115.4 121.8 116.5 110.6 105.8 116.5 111.4 119.2 114 .1 120.6 115.5 113.5 103.4 113.6 103.5 D Income 2014 122.0 106.4 117.2 107.1 106.4 98.82 112 .1 102.3 114.8 106.2 116 .1 10 6 .1 109.4 98.68 109.4 98.68 28 February 2015¤ 17,623,347 19,986,631 113.4 2013 124.4 106.4 119.0 107.1 112 .1 99.46 113.5 102.3 N/A N/A 117.8 10 6 .1 N/A N/A N/A N/A D Accumulation 2012 117.7 104.3 112.5 104.6 107.1 102.6 107.2 99.52 N/A N/A 111.3 106.7 N/A N/A N/A N/A 28 February 2015 17,4 6 9,137 20,265,585 116.0 2011‡ 112.0 97.61 106.8 97.62 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 28 February 2014 8,632,587 9,268,256 107.4 * To 28 February. ‡ Fund launched January 2011. 31 January 2013* 95,973 106,929 111.4 # D Accumulation class was renamed as L Accumulation class during June 2012. ≠ X Income class commenced August 2012. H Income ± X Accumulation class commenced April 2012. ¤ D Income class commenced July 2014. 28 February 2015÷ 491 505 102.9 π D Accumulation class commenced June 2012. ÷ H Income and H Accumulation classes commenced September 2014. H Accumulation 28 February 2015÷ 9,755 10,141 104.0

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. # D Accumulation class was renamed as L Accumulation class during June 2012. ¤ D Income class commenced July 2014. ÷ H Income and H Accumulation classes commenced September 2014.

445 BlackRock Collective Investment Funds 446 Overseas Corporate Bond Tracker Performance Record continued

Risk and Reward Profile Ongoing Charges Detailed in the following table are the charges used to meet the costs of running the Fund, which Lower risk Higher risk include the costs of marketing and distribution. These charges reduce the potential growth of your Typically lower rewards Typically higher rewards investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, Unit Class except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective A Accumulation 1 2 3 4 5 6 7 investment scheme (if any). L Accumulation 1 2 3 4 5 6 7 1.3.2014 1.2.2013 X Income 1 2 3 4 5 6 7 Unit Class to 28.2.2015 to 28.2.2014† X Accumulation 1 2 3 4 5 6 7 A Accumulation 0.52% 0.52% D Income 1 2 3 4 5 6 7 L Accumulation 0.22% 0.22% D Accumulation 1 2 3 4 5 6 7 X Income 0.02% 0.02% H Income 1 2 3 4 5 6 7 X Accumulation 0.02% 0.02% H Accumulation 1 2 3 4 5 6 7 D Income¤ 0.17%* N/A `` The risk indicator was calculated incorporating historical or simulated historical data and may not D Accumulation 0.17% 0.17% be a reliable indication of the future risk profile of each unit class. H Income÷ 0.11%* N/A `` The risk category shown is not guaranteed and may change over time. H Accumulation÷ 0.11%* N/A

` † Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ` The lowest category does not mean risk free. ¤ D Income class commenced July 2014. * Ongoing charges figures are based on annualised expenses for the period ended 28 February 2015. `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree ÷ H Income and H Accumulation classes commenced September 2014. of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund.

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

447 BlackRock Collective Investment Funds 448 Overseas Corporate Bond Tracker Investment Report Overseas Corporate Bond Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 7.7%*, compared with its Nominal Value Total Net benchmark, the Barclays Global Aggregate Corporate ex GBP Index, which returned 8.7%. Before costs Value Investment £ Assets and after adjusting for (a) the difference in valuation point of the Fund and the pricing point of the BONDS – 98.53%; 2014 98.13% benchmark index, and (b) the tax incurred by the Fund which is not included in the benchmark index, the performance of the Fund relative to the benchmark index has been in line with expectations. AUSTRALIAN DOLLAR – 0.54%; 2014 0.55% Australian Dollar Denominated Fixed Rate Corporate Bonds – 0.54%; 2014 0.55% Over the six month period to 28 February 2015, the Fund returned 4.5%* compared with its benchmark AU$500,000 BNP Paribas 4.5% Senior Notes 4/10/2017 262,670 0.03 which returned 4.8%. AU$400,000 Commonwealth Bank of Australia 3.75% Bonds 18/10/2019 208,559 0.02 Fund Manager’s Commentary AU$500,000 Commonwealth Bank of Australia 6.5% Guaranteed Global bonds rather defied expectations to deliver strong returns over the period under review, even Notes 21/7/2015 257,155 0.03 with signs of economic recovery strengthening in some major markets like the US and UK. Yields on AU$500,000 Crown Finance 4.5% Medium Term Notes 18/11/2019 259,476 0.03 many developed world government bonds hit new lows (so prices were very high) in a year in which AU$500,000 GE Capital Australia Funding 4.5% Guaranteed Bonds Japan and Europe undertook massive spending programmes to try to stimulate their economies and 30/1/2018 264,639 0.03 potential interest rate rises in the US and UK were delayed. Yields were also depressed by ongoing AU$750,000 Goldman Sachs 4.7% Medium Term Notes 8/9/2021 397,810 0.05 concerns about deflationary pressures in the global economy. AU$300,000 Goldman Sachs 7.75% Senior Bonds 23/11/2016 163,956 0.02 AU$400,000 HSBC 6.75% Guaranteed Senior Notes 12/3/2015 202,781 0.02 This environment also helped to create a positive period for investors in bonds issued by companies. AU$500,000 ING Bank 7% Senior Notes 22/3/2016 264,470 0.03 Demand stayed strong given yields on traditional government bonds remained so low, meaning many AU$300,000 JP Morgan Chase 4.65% Senior Notes 7/11/2017 158,650 0.02 investors were willing (or had) to take more risk to generate more income from their bond investments. AU$500,000 JP Morgan Chase 7% Senior Notes 16/3/2016 264,295 0.03 Thankfully, companies were in general in good shape and default risk (the risk that they might not be AU$500,000 Morgan Stanley 4.75% Senior Notes 16/11/2018 264,010 0.03 able to pay back what they owe) was relatively low. Although there were some more pronounced ups AU$500,000 National Australia Bank 4% Senior Bonds 23/5/2018 263,069 0.03 and downs in the latter part of the year, the asset class ended the period significantly higher. AU$500,000 Rabobank Nederland 7.25% Senior Notes 20/4/2018 286,019 0.03 AU$300,000 SGSP Australia Assets Pty 6.25% Guaranteed Notes The Fund is structured to closely track the Barclays Global Aggregate Corporate ex GBP Index, 21/2/2017 160,765 0.02 therefore its portfolio is positioned so that its risk characteristics are similar to those of the Index. AU$250,000 Telstra 4.5% Guaranteed Notes 13/11/2018 134,399 0.02 AU$400,000 Total Capital International 4.25% Medium Term Notes March 2015 26/11/2021 210,955 0.02 AU$400,000 Wesfarmers 4.75% Guaranteed Bonds 12/3/2020 217,155 0.02 * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for AU$500,000 Westpac Banking 6% Senior Bonds 20/2/2017 270,170 0.03 the Fund’s class L Accumulation Units. AU$500,000 Westpac Banking 7.25% Guaranteed Senior Notes 18/11/2016 273,346 0.03 4,784,349 0.54 CANADIAN DOLLAR – 3.08%; 2014 3.40% Canadian Dollar Denominated Certificates of Deposit – 0.09%; 2014 0.00% CA$500,000 Bank of Nova Scotia 1.8% Bonds 9/5/2016 261,185 0.03 CA$500,000 Royal Bank of Canada 2.86% Bonds 4/3/2021 275,770 0.03 CA$500,000 Toronto-Dominion 2.171% Notes 2/4/2018 266,432 0.03 803,387 0.09

449 BlackRock Collective Investment Funds 450 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Canadian Dollar Denominated Fixed Rate Corporate Bonds – 2.58%; 2014 2.82% CA$250,000 Canadian Natural Resources 3.05% Guaranteed Senior CA$200,000 407 International 4.45% Senior Bonds 15/11/2041 123,674 0.01 Notes 19/6/2019 135,324 0.02 CA$100,000 407 International 5.75% Guaranteed Bonds 14/2/2036 67,433 0.01 CA$500,000 Canadian Natural Resources 3.55% Bonds 3/6/2024 269,474 0.03 CA$500,000 AltaLink 3.668% Guaranteed Notes 6/11/2023 291,869 0.03 CA$250,000 Canadian Pacific Railway 6.45% Senior Notes 17/11/2039 184,799 0.02 CA$500,000 American Express Canada Credit 2.31% Guaranteed CA$250,000 Canadian Utilities 3.805% Guaranteed Senior Bonds Bonds 29/3/2018 266,382 0.03 10/9/2042 141,058 0.02 CA$300,000 Bank of Montreal 1.89% Bonds 5/10/2015 156,261 0.02 CA$500,000 Caterpillar Financial Services 2.2% Guaranteed Bonds CA$750,000 Bank of Montreal 2.24% Bonds 11/12/2017 399,127 0.05 1/6/2015 259,832 0.03 CA$500,000 Bank of Montreal 2.39% Guaranteed Notes 12/7/2017 266,144 0.03 CA$400,000 Caterpillar Financial Services 2.29% Bonds 1/6/2018 213,498 0.02 CA$500,000 Bank of Montreal 3.12% Bonds 19/9/2024 269,391 0.03 CA$250,000 Citigroup 3.39% Bonds 18/11/2021 137,105 0.02 CA$600,000 Bank of Montreal 3.4% Bonds 23/4/2021 340,426 0.04 CA$500,000 CU 4.085% Bonds 2/9/2044 296,790 0.03 CA$450,000 Bank of Montreal 3.49% Guaranteed Notes 10/6/2016 240,155 0.03 CA$750,000 Daimler Canada Finance 2.23% Guaranteed Bonds CA$400,000 Bank of Montreal 3.93% Guaranteed Notes 27/4/2015 208,193 0.02 18/4/2016 392,916 0.04 CA$300,000 Bank of Montreal 5.18% Guaranteed Notes 10/6/2015 157,194 0.02 CA$300,000 Enbridge 4.24% Senior Bonds 27/8/2042 155,696 0.02 CA$300,000 Bank of Nova 3.27% Bonds 11/1/2021 168,679 0.02 CA$250,000 Enbridge 5.17% Guaranteed Senior Notes 19/5/2016 135,223 0.02 CA$500,000 Bank of Nova Scotia 2.25% Notes 8/5/2015 259,697 0.03 CA$500,000 Enbridge Gas 5.21% Medium Term Notes 25/2/2036 330,000 0.04 CA$600,000 Bank of Nova Scotia 2.37% Guaranteed Notes 11/1/2018 320,682 0.04 CA$400,000 Enbridge Pipelines 4.45% Senior Notes 6/4/2020 235,543 0.03 CA$500,000 Bank of Nova Scotia 2.873% Bonds 4/6/2021 275,441 0.03 CA$300,000 Fairfax Financial 7.5% Senior Bonds 19/8/2019 181,258 0.02 CA$350,000 Bank of Nova Scotia 3.61% Guaranteed Notes 22/2/2016 185,918 0.02 CA$500,000 Ford Credit Canada 2.634% Guaranteed Bonds CA$100,000 Bank of Nova Scotia 4.1% Guaranteed Notes 8/6/2017 55,157 0.01 21/11/2016 263,771 0.03 CA$750,000 Bell Canada 3.15% Bonds 29/9/2021 410,830 0.05 CA$250,000 GE Capital Canada Funding 3.55% Guaranteed Bonds CA$300,000 Bell Canada 3.25% Guaranteed Bonds 17/6/2020 165,192 0.02 11/6/2019 140,750 0.02 CA$400,000 Bell Canada 3.35% Bonds 18/6/2019 220,884 0.03 CA$700,000 GE Capital Canada Funding 5.68% Guaranteed Bonds CA$500,000 Bell Canada 4.7% Guaranteed Bonds 11/9/2023 298,567 0.03 10/9/2019 428,608 0.05 CA$200,000 Bell Canada 6.17% Bonds 26/2/2037 133,451 0.01 CA$300,000 GE Capital Canada Funding 5.73% Guaranteed Bonds CA$200,000 Bell Canada 7.3% Senior Bonds 23/2/2032 143,465 0.02 22/10/2037 212,659 0.02 CA$500,000 BP Capital Markets 3.497% Guaranteed Bonds CA$200,000 George Weston 3.78% Senior Bonds 25/10/2016 107,624 0.01 9/11/2020 277,431 0.03 CA$500,000 Great West Lifeco 4.65% Guaranteed Senior Bonds CA$500,000 Brookfield Asset Management 3.95% Senior Bonds 13/8/2020 296,725 0.03 9/4/2019 278,294 0.03 CA$250,000 Greater Toronto Airports 7.05% Guaranteed Senior CA$300,000 Brookfield Asset Management 5.04% Senior Notes Bonds 12/6/2030 194,919 0.02 8/3/2024 175,756 0.02 CA$250,000 Great-West Lifeco Finance Delaware LP II 7.127% CA$200,000 BRP Finance 4.79% Guaranteed Bonds 7/2/2022 115,708 0.01 Bonds 26/6/2068 152,678 0.02 CA$250,000 Caisse Centrale Desjardn 3.788% Notes 8/6/2015 130,482 0.01 CA$750,000 HSBC Canada 2.491% Bonds 13/5/2019 403,324 0.05 CA$200,000 Cameco 5.67% Senior Bonds 2/9/2019 118,016 0.01 CA$400,000 HSBC Canada 2.901% Notes 13/1/2017 213,539 0.02 CA$400,000 Canadian Imperial Bank of Commerce 1.75% Bonds CA$400,000 HSBC Canada 2.938% Bonds 14/1/2020 219,945 0.03 1/6/2016 208,931 0.02 CA$150,000 Husky Energy 5% Guaranteed Senior Bonds 12/3/2020 87,526 0.01 CA$650,000 Canadian Imperial Bank of Commerce 3.4% Guaranteed CA$300,000 IBM 2.2% Senior Notes 10/2/2017 158,261 0.02 Notes 14/1/2016 343,767 0.04 CA$500,000 Inter Pipeline 4.967% Guaranteed Bonds 2/2/2021 296,787 0.03 CA$500,000 Canadian Imperial Bank of Commerce 3.95% Guaranteed CA$500,000 Loblaw 4.86% Senior Notes 12/9/2023 300,220 0.03 Notes 14/7/2017 275,553 0.03 CA$150,000 Loblaw 5.9% Senior Bonds 18/1/2036 95,622 0.01

451 BlackRock Collective Investment Funds 452 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets CA$300,000 Manulife Financial 7.768% Senior Notes 8/4/2019 192,176 0.02 CA$100,000 TransCanada Pipelines 8.05% Guaranteed Senior CA$250,000 Metro 5.97% Guaranteed Bonds 15/10/2035 154,944 0.02 Bonds 17/2/2039 85,902 0.01 CA$300,000 Morgan Stanley 4.85% Notes 3/2/2016 160,283 0.02 CA$200,000 Union Gas 4.88% Senior Bonds 21/6/2041 128,526 0.01 CA$500,000 Morgan Stanley 4.9% Senior Notes 23/2/2017 276,255 0.03 CA$500,000 Wells Fargo Canada 2.78% Guaranteed Bonds CA$400,000 National Bank of Canada 2.404% Bonds 28/10/2019 214,943 0.02 15/11/2018 272,181 0.03 CA$500,000 National Bank of Canada 2.689% Bonds 21/8/2017 268,093 0.03 CA$500,000 Wells Fargo Canada 3.04% Guaranteed Bonds CA$250,000 NAV Canada 5.304% Senior Bonds 17/4/2019 150,380 0.02 29/1/2021 276,923 0.03 CA$250,000 Nova Scotia Power 4.5% Senior Notes 20/7/2043 154,597 0.02 CA$400,000 Wells Fargo Finance Canada 2.944% Guaranteed CA$300,000 Pembina Pipeline 4.75% Bonds 30/4/2043 163,396 0.02 Notes 25/7/2019 219,907 0.03 CA$300,000 Rogers 6.56% Notes 22/3/2041 207,838 0.02 22,862,907 2.58 CA$400,000 Rogers Communications 3% Guaranteed Notes 6/6/2017 214,404 0.02 Canadian Dollar Denominated Variable Rate Corporate Bonds – 0.41%; 2014 0.58% CA$200,000 Rogers Communications 5.34% Guaranteed Bonds CA$250,000 Bank of Montreal 3.979% Subordinated Floating Rate 22/3/2021 121,840 0.01 Bonds 8/7/2021 133,936 0.01 CA$300,000 Rogers Communications 5.8% Guaranteed Notes CA$600,000 Bank of Nova Scotia 2.898% Guaranteed Subordinated 26/5/2016 163,817 0.02 Floating Rate Notes 3/8/2022 320,331 0.04 CA$300,000 Rogers Communications 6.11% Guaranteed Bonds CA$300,000 Canadian Imperial Bank of Commerce 6% Subordinated 25/8/2040 196,539 0.02 Floating Rate Bonds 6/6/2023 176,490 0.02 CA$1,100,000 Royal Bank of Canada 2.07% Bonds 17/6/2016 576,904 0.07 CA$250,000 Capital Desjardins 4.954% Guaranteed Senior Floating CA$500,000 Royal Bank of Canada 2.26% Bonds 12/3/2018 266,512 0.03 Rate Bonds 15/12/2026 149,953 0.02 CA$700,000 Royal Bank of Canada 2.35% Bonds 9/12/2019 375,573 0.04 CA$450,000 Manufacturers Life Insurance 4.165% Guaranteed CA$600,000 Royal Bank of Canada 2.98% Guaranteed Notes Floating Rate Bonds 1/6/2022 247,027 0.03 7/5/2019 330,060 0.04 CA$300,000 Manulife Finance Delaware 5.059% Guaranteed Floating CA$500,000 Royal Bank of Canada 3.45% Bonds 29/9/2026 272,772 0.03 Rate Notes 15/12/2041 179,854 0.02 CA$1,050,000 Royal Bank of Canada 3.66% Guaranteed Notes CA$100,000 Manulife Financial Capital Trust 7.405% Guaranteed 25/1/2017 568,937 0.06 Subordinated Floating Rate Bonds 31/12/2108 64,355 0.01 CA$143,756 Royal Office Finance 5.209% Guaranteed Senior CA$500,000 Merrill Lynch 5.29% Subordinated Floating Rate Notes Bonds 12/11/2037 95,904 0.01 30/5/2022 273,708 0.03 CA$400,000 Shaw Communications 5.65% Guaranteed Senior CA$350,000 National Bank of Canada 3.261% Guaranteed Floating Notes 1/10/2019 240,937 0.03 Rate Notes 11/4/2022 187,093 0.02 CA$300,000 Shaw Communications 6.75% Senior Bonds 9/11/2039 203,616 0.02 CA$500,000 Royal Bank of Canada 2.99% Guaranteed Subordinated CA$750,000 Suncor Energy 3.1% Bonds 26/11/2021 411,117 0.05 Floating Rate Bonds 6/12/2024 271,811 0.03 CA$400,000 Telus 3.65% Senior Notes 25/5/2016 213,228 0.02 CA$400,000 Royal Bank of Canada 3.04% Subordinated Floating Rate CA$600,000 Telus 3.75% Bonds 17/1/2025 333,748 0.04 Notes 17/7/2024 215,332 0.02 CA$200,000 Telus 5.05% Senior Notes 4/12/2019 119,239 0.01 CA$300,000 Scotiabank Capital Trust 5.65% Subordinated Floating CA$300,000 Telus 5.15% Senior Notes 26/11/2043 179,087 0.02 Rate Notes 31/12/2056 205,452 0.02 CA$250,000 Teranets 4.807% Senior Bonds 16/12/2020 146,698 0.02 CA$350,000 Sun Life Financial 4.95% Guaranteed Senior Floating CA$350,000 Thomson Reuters 4.35% Guaranteed Bonds 30/9/2020 201,948 0.02 Rate Bonds 1/6/2036 189,114 0.02 CA$500,000 Toronto-Dominion Bank 2.948% Notes 2/8/2016 265,763 0.03 CA$400,000 Sun Life Financial 5.59% Subordinated Floating Rate CA$700,000 Toronto-Dominion Bank 3.226% Notes 24/7/2024 390,976 0.04 Notes 30/1/2023 230,682 0.03 CA$100,000 TransCanada Pipelines 3.65% Senior Bonds 15/11/2021 57,320 0.01

453 BlackRock Collective Investment Funds 454 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets CA$500,000 TD Capital Trust 7.243% Guaranteed Perpetual €200,000 Accor 2.625% Senior Notes 5/2/2021 157,102 0.02 Subordinated Floating Rate Bonds 310,805 0.04 €100,000 Achmea 2.5% Senior European Medium Term Notes CA$400,000 Toronto-Dominion Bank 5.763% Floating Rate Bonds 19/11/2020 79,212 0.01 18/12/2106 230,875 0.03 €100,000 Achmea 4.25% Perpetual European Medium Term Notes 77,775 0.01 CA$300,000 Toronto-Dominion Bank 5.828% Subordinated Floating €200,000 Achmea Hypotheekbank 2% Guaranteed Senior Rate Notes 9/7/2023 176,421 0.02 European Medium Term Notes 23/1/2018 151,169 0.02 3,563,239 0.41 €110,000 Adecco International Financial 4.75% Guaranteed European Medium Term Notes 13/4/2018 90,251 0.01 EURO – 23.46%; 2014 25.84% €100,000 Aeroporti di Roma 3.25% Senior European Medium Term Euro Denominated Fixed Rate Corporate Bonds – 21.60%; 2014 23.61% Notes 20/2/2021 82,241 0.01 €250,000 2i Rete Gas 1.125% European Medium Term Notes €250,000 Air Liquide 2.908% Guaranteed European Medium Term 2/1/2020 183,917 0.02 Notes 12/10/2018 198,758 0.02 €125,000 2i Rete Gas 1.75% Senior European Medium Term Notes €500,000 Air Liquide Finance 1.875% Guaranteed European 16/7/2019 94,553 0.01 Medium Term Notes 5/6/2024 399,877 0.05 €150,000 2i Rete Gas 3% Senior European Medium Term Notes €175,000 Air Products & Chemicals 1% Bonds 12/2/2025 126,888 0.01 16/7/2024 123,494 0.01 €150,000 Air Products & Chemicals 2% Senior Bonds 7/8/2020 117,702 0.01 €175,000 3M 1.5% European Medium Term Notes 9/11/2026 134,232 0.01 €400,000 Airbus Finance 2.375% Guaranteed European Medium €300,000 3M 1.875% Senior Notes 15/11/2021 236,957 0.03 Term Notes 2/4/2024 328,524 0.04 €500,000 Abbey National Treasury Services 0.875% European €100,000 Airbus Finance 5.5% Guaranteed European Medium Medium Term Notes 13/1/2020 367,579 0.04 Term Bonds 25/9/2018 86,000 0.01 €600,000 Abbey National Treasury Services 1.125% European €300,000 Akzo Nobel Sweden Finance 7.25% Guaranteed Notes Medium Term Notes 14/1/2022 444,485 0.05 27/3/2015 218,755 0.02 €400,000 Abbey National Treasury Services 2% Guaranteed €500,000 Albemarle 1.875% Bonds 8/12/2021 372,115 0.04 European Medium Term Notes 14/1/2019 306,750 0.04 €200,000 ALD International 2% Senior European Medium Term €100,000 Abbey National Treasury Services 2.625% Guaranteed Notes 26/5/2017 149,670 0.02 European Medium Term Notes 16/7/2020 80,055 0.01 €100,000 Alfa Laval Treasury International 1.375% European €100,000 Abertis Infraestructuras 2.5% Senior Notes 27/2/2025 80,658 0.01 Medium Term Notes 12/9/2022 75,173 0.01 €250,000 Abertis Infraestructuras 4.625% Guaranteed Senior €300,000 Allianz Finance 3.5% Guaranteed European Medium Notes 14/10/2016 193,949 0.02 Term Bonds 14/2/2022 260,462 0.03 €150,000 Abertis Infraestructuras 5.125% Senior Bonds 12/6/2017 120,300 0.01 €600,000 Allianz Finance II 1.375% Guaranteed European Medium €250,000 ABN AMRO 2.5% Senior European Medium Term Notes Term Notes 13/3/2018 451,154 0.05 29/11/2023 206,416 0.02 €100,000 Allianz Finance II 3% Guaranteed Bonds 13/3/2028 89,708 0.01 €100,000 ABN AMRO 3.625% Guaranteed Senior European €200,000 Alstom 2.875% Guaranteed Senior Notes 5/10/2015 147,400 0.02 Medium Term Notes 6/10/2017 78,865 0.01 €300,000 Alstom 3.625% Guaranteed Notes 5/10/2018 240,913 0.03 €150,000 ABN AMRO 4.125% Senior European Medium Term €150,000 Alstom 4.125% Guaranteed Senior Notes 1/2/2017 116,610 0.01 Notes 28/3/2022 134,649 0.02 €500,000 America Movil 1% Senior Notes 4/6/2018 369,811 0.04 €600,000 ABN AMRO 4.25% Guaranteed Senior European €400,000 America Movil 3% Senior Notes 12/7/2021 329,772 0.04 Medium Term Notes 11/4/2016 455,088 0.05 €100,000 America Movil 4.125% European Medium Term Notes €400,000 ABN AMRO 6.375% Bonds 27/4/2021 371,490 0.04 25/10/2019 84,374 0.01 €124,000 ABN AMRO 7.125% European Medium Term Notes €400,000 America Movil 4.75% Guaranteed Bonds 28/6/2022 369,485 0.04 6/7/2022 122,609 0.01 €100,000 American Honda Finance 1.875% Senior European €100,000 Accor 2.5% Senior Bonds 21/3/2019 77,597 0.01 Medium Term Notes 4/9/2019 77,466 0.01

455 BlackRock Collective Investment Funds 456 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €300,000 Amgen 2.125% Guaranteed Senior Notes 13/9/2019 232,980 0.03 €150,000 AT&T 1.45% Bonds 1/6/2022 111,684 0.01 €50,000 Anglian Water 6.25% Senior European Medium Term €450,000 AT&T 1.875% Guaranteed Senior Notes 4/12/2020 346,577 0.04 Notes 27/6/2016 39,157 0.00 €200,000 AT&T 2.45% Notes 15/3/2035 147,600 0.02 €200,000 Anglo American Capital 1.75% Guaranteed European €400,000 AT&T 2.6% Bonds 17/12/2029 314,861 0.04 Medium Term Notes 3/4/2018 149,775 0.02 €100,000 AT&T 2.65% Senior Notes 17/12/2021 80,290 0.01 €500,000 Anglo American Capital 2.875% Guaranteed European €400,000 AT&T 3.375% Senior Notes 15/3/2034 340,659 0.04 Medium Term Notes 20/11/2020 395,262 0.05 €100,000 AT&T 3.5% Senior Notes 17/12/2025 86,403 0.01 €200,000 Anglo American Capital 3.25% Guaranteed European €200,000 AT&T 3.55% Senior Notes 17/12/2032 174,844 0.02 Medium Term Notes 3/4/2023 162,244 0.02 €100,000 AT&T 6.125% Guaranteed Senior Notes 2/4/2015 72,924 0.01 €100,000 Anglo American Capital 3.5% Guaranteed European €100,000 Atlantia 2.875% Guaranteed European Medium Term Medium Term Bonds 28/3/2022 82,261 0.01 Notes 26/2/2021 81,560 0.01 €200,000 Anglo American Capital 5.875% Guaranteed European €150,000 Atlantia 3.375% Guaranteed European Medium Term Medium Term Notes 17/4/2015 146,152 0.02 Notes 18/9/2017 117,392 0.01 €200,000 Anheuser-Busch InBev 2.25% Guaranteed European €150,000 Atlantia 4.375% Guaranteed European Medium Term Medium Term Notes 24/9/2020 159,187 0.02 Bonds 16/9/2025 143,642 0.02 €500,000 Anheuser-Busch InBev 2.7% European Medium Term €250,000 Atlantia 4.375% Guaranteed Medium Term Notes Notes 31/3/2026 418,751 0.05 16/3/2020 215,162 0.02 €500,000 Anheuser-Busch InBev 2.875% Guaranteed Medium €500,000 Atlantia 4.5% Guaranteed European Medium Term Term Notes 25/9/2024 427,679 0.05 Notes 8/2/2019 419,400 0.05 €250,000 Anheuser-Busch InBev 4% Guaranteed European €200,000 Atlas Copco 2.625% Senior European Medium Term Medium Term Bonds 2/6/2021 219,729 0.03 Notes 15/3/2019 158,876 0.02 €125,000 Aon 2.875% Guaranteed Notes 14/5/2026 104,251 0.01 €100,000 Atrium European Real Estate 3.625% Bonds 17/10/2022 77,191 0.01 €500,000 AP Moeller-Maersk 4.375% Senior European Medium €200,000 Atrium European Real Estate 4% Senior Notes Term Notes 24/11/2017 401,641 0.05 20/4/2020 159,666 0.02 €750,000 Apple 1% European Medium Term Notes 10/11/2022 560,398 0.06 €100,000 Aurizon Network 2% European Medium Term Notes €200,000 Apple 1.625% Bonds 10/11/2026 154,080 0.02 18/9/2024 75,390 0.01 €200,000 Arkema 1.5% European Medium Term Notes 20/1/2025 146,815 0.02 €100,000 Ausnet Services 1.5% Subordinated European Medium €250,000 ASF 5.625% Senior European Medium Term Bonds Term Notes 26/2/2027 73,103 0.01 4/7/2022 242,348 0.03 €200,000 Ausnet Services 2.375% Guaranteed European Medium €350,000 ASF 7.375% Guaranteed Senior European Medium Term Term Notes 24/7/2020 157,251 0.02 Notes 20/3/2019 324,292 0.04 €150,000 Australia & New Zealand Banking 5.125% Subordinated €150,000 ASML 3.375% Senior Notes 19/9/2023 130,131 0.01 European Medium Term Notes 10/9/2019 129,565 0.01 €200,000 ASR Nederland 5% Perpetual Bonds 157,876 0.02 €500,000 Australia (Commonwealth) 1.625% Bonds 4/2/2019 380,327 0.04 €200,000 Assicurazioni Generali 2.875% Senior European €200,000 Australia Pacific Airports Melbourne 1.75% European Medium Term Notes 14/1/2020 160,735 0.02 Medium Term Notes 15/10/2024 153,106 0.02 €100,000 Assicurazioni Generali 4.125% Senior Subordinated €300,000 Autoroutes du Sud de la France 2.95% Senior European European Medium Term Notes 4/5/2026 83,430 0.01 Medium Term Notes 17/1/2024 252,345 0.03 €450,000 Assicurazioni Generali 5.125% European Medium Term €600,000 Autoroutes du Sud de la France 4% Senior European Notes 16/9/2024 436,784 0.05 Medium Term Notes 24/9/2018 490,406 0.06 €125,000 AstraZeneca 0.875% European Medium Term Notes €200,000 Autoroutes Paris-Rhin-Rhone 4.875% Guaranteed 24/11/2021 92,255 0.01 Senior European Medium Term Notes 21/1/2019 169,466 0.02 €175,000 AT&T 1.3% Bonds 5/9/2023 127,472 0.01 €300,000 AXA 3.941% Perpetual European Medium Term Notes 239,536 0.03

457 BlackRock Collective Investment Funds 458 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €500,000 BAA Funding 4.375% Guaranteed Senior Notes 25/1/2019 390,749 0.04 €200,000 Barclays 6.625% Guaranteed Subordinated European €200,000 Babcock International Group 1.75% European Medium Medium Term Bonds 30/3/2022 191,581 0.02 Term Notes 6/10/2022 151,693 0.02 €400,000 BASF 1.5% Senior European Medium Term Notes €100,000 Bacardi 2.75% Guaranteed Bonds 3/7/2023 81,587 0.01 1/10/2018 304,069 0.03 €400,000 Bank of America 2.375% Senior European Medium Term €150,000 BASF 1.875% Guaranteed Senior European Medium Notes 19/6/2024 321,353 0.04 Term Notes 4/2/2021 118,218 0.01 €100,000 Bank of America 2.5% Senior European Medium Term €100,000 BASF 2% Guaranteed Senior Notes 5/12/2022 80,351 0.01 Notes 27/7/2020 79,374 0.01 €200,000 BASF 2.5% Senior European Medium Term Notes €200,000 Bank of America 4.625% European Medium Term Notes 22/1/2024 166,612 0.02 7/2/2017 156,084 0.02 €350,000 BAT International Finance 3.625% Guaranteed European €300,000 Bank of America 4.625% Guaranteed Senior European Medium Term Notes 9/11/2021 302,827 0.03 Medium Term Notes 7/8/2017 240,296 0.03 €200,000 BAT International Finance 5.375% Guaranteed European €500,000 Bank of America 4.75% Senior European Medium Term Medium Term Bonds 29/6/2017 162,420 0.02 Notes 3/4/2017 396,147 0.05 €100,000 Bayer 1.875% Senior European Medium Term Notes €1,000,000 Bank of America 7% Senior European Medium Term 25/1/2021 78,395 0.01 Notes 15/6/2016 788,402 0.09 €100,000 Bayer Capital 1.25% European Medium Term Notes €100,000 Bankinter 1.75% Bonds 10/6/2019 75,589 0.01 13/11/2023 75,757 0.01 €400,000 Banque Fédérative du Crédit Mutuel 1.625% European €400,000 BBVA Senior Finance 2.375% Guaranteed European Medium Term Notes 11/1/2018 301,089 0.03 Medium Term Notes 22/1/2019 311,180 0.04 €300,000 Banque Fédérative du Crédit Mutuel 2.625% Senior €300,000 BBVA Senior Finance 3.75% Guaranteed European European Medium Term Notes 24/2/2021 242,321 0.03 Medium Term Notes 17/1/2018 238,738 0.03 €200,000 Banque Fédérative du Crédit Mutuel 2.625% Senior €200,000 BBVA Senior Finance 4.875% Guaranteed European European Medium Term Notes 18/3/2024 165,482 0.02 Medium Term Notes 15/4/2016 152,518 0.02 €500,000 Banque Fédérative du Crédit Mutuel 2.875% Senior €100,000 Belfius Bank 2.25% Senior European Medium Term European Medium Term Notes 21/6/2017 384,700 0.04 Notes 26/9/2018 76,691 0.01 €500,000 Banque Fédérative du Crédit Mutuel 3% Senior €300,000 Berlin Hyp 1.625% Senior European Medium Term European Medium Term Notes 28/11/2023 426,056 0.05 Notes 29/1/2019 228,146 0.03 €125,000 Banque Fédérative du Crédit Mutuel 3% Subordinated €200,000 Bertelsmann 1.75% European Medium Term Notes European Medium Term Notes 21/5/2024 99,860 0.01 14/10/2024 153,650 0.02 €250,000 Banque Fédérative du Crédit Mutuel 4% Subordinated €150,000 Bertelsmann 4.75% Guaranteed Senior Bonds 26/9/2016 116,573 0.01 European Medium Term Bonds 22/10/2020 211,260 0.02 €200,000 BG Energy Capital 1.25% European Medium Term €300,000 Banque Fédérative du Crédit Mutuel 4.125% European Notes 21/11/2022 148,178 0.02 Medium Term Bonds 20/7/2020 258,935 0.03 €200,000 BG Energy Capital 2.25% European Medium Term €200,000 Banque Fédérative du Crédit Mutuel 4.375% Senior Notes 21/11/2029 156,787 0.02 European Medium Term Bonds 31/5/2016 152,751 0.02 €100,000 Bharti Airtel International Netherlands 3.375% €600,000 Barclays 1.5% European Medium Term Notes 1/4/2022 444,812 0.05 Guaranteed Bonds 20/5/2021 79,837 0.01 €500,000 Barclays 2.125% Senior European Medium Term Notes €200,000 Bharti Airtel International Netherlands 4% Guaranteed 24/2/2021 394,791 0.05 Bonds 10/12/2018 159,502 0.02 €400,000 Barclays 4% Senior European Medium Term Notes €400,000 BHP Billiton Finance 2.125% Guaranteed European 20/1/2017 310,872 0.04 Medium Term Notes 29/11/2018 309,639 0.04 €650,000 Barclays 6% Subordinated European Medium Term €500,000 BHP Billiton Finance 2.25% Guaranteed European Bonds 23/1/2018 540,200 0.06 Medium Term Notes 25/9/2020 397,209 0.05

459 BlackRock Collective Investment Funds 460 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €100,000 BHP Billiton Finance 3.125% Guaranteed European €300,000 BP Capital Markets 1.109% European Medium Term Medium Term Notes 29/4/2033 91,842 0.01 Notes 16/2/2023 219,880 0.03 €250,000 BHP Billiton Finance 3.25% European Medium Term €300,000 BP Capital Markets 1.573% European Medium Term Bonds 24/9/2027 224,609 0.03 Notes 16/2/2027 221,568 0.03 €750,000 BMW Finance 1% Guaranteed European Medium Term €200,000 BP Capital Markets 2.177% Guaranteed European Notes 24/10/2016 551,858 0.06 Medium Term Notes 16/2/2016 147,904 0.02 €100,000 BMW Finance 2.375% Guaranteed Notes 24/1/2023 82,124 0.01 €150,000 BP Capital Markets 2.177% Senior European Medium €500,000 BMW Finance 2.625% Guaranteed European Medium Term Notes 28/9/2021 118,286 0.01 Term Notes 17/1/2024 420,017 0.05 €400,000 BP Capital Markets 2.213% European Medium Term €350,000 BMW Finance 3.25% Guaranteed European Medium Notes 25/9/2026 317,248 0.04 Term Notes 14/1/2019 282,418 0.03 €500,000 BP Capital Markets 2.517% European Medium Term €250,000 BMW Finance 3.625% Guaranteed European Medium Notes 17/2/2021 400,131 0.05 Term Notes 29/1/2018 199,194 0.02 €200,000 BP Capital Markets 2.994% Guaranteed European €500,000 BMW Finance 3.875% European Medium Term Notes Medium Term Notes 18/2/2019 159,395 0.02 18/1/2017 387,992 0.04 €300,000 BP Capital Markets 3.472% Guaranteed European €100,000 BMW US Capital 1% Guaranteed European Medium Medium Term Notes 1/6/2016 226,474 0.03 Term Notes 18/7/2017 73,944 0.01 €500,000 BPCE 1.375% Senior European Medium Term Notes €400,000 BNP Paribas 1.5% Senior European Medium Term Notes 22/5/2019 376,136 0.04 12/3/2018 300,740 0.03 €400,000 BPCE 2% Senior European Medium Term Notes €150,000 BNP Paribas 2.375% European Medium Term Notes 24/4/2018 305,319 0.03 17/2/2025 110,736 0.01 €400,000 BPCE 3% Senior European Medium Term Notes €300,000 BNP Paribas 2.375% Senior European Medium Term 19/7/2024 344,651 0.04 Notes 20/5/2024 244,455 0.03 €1,450,000 BPCE 3.75% Senior European Medium Term Notes €350,000 BNP Paribas 2.5% European Medium Term Notes 21/7/2017 1,139,120 0.13 23/8/2019 276,942 0.03 €300,000 BPCE 4.25% European Medium Term Bonds 6/2/2023 273,305 0.03 €100,000 BNP Paribas 2.875% European Medium Term Notes €100,000 BPCE 4.625% Subordinated Bonds 18/7/2023 87,176 0.01 24/10/2022 83,503 0.01 €125,000 Brambles Finance 2.375% Guaranteed Bonds €800,000 BNP Paribas 2.875% Senior European Medium Term 12/6/2024 100,093 0.01 Notes 26/9/2023 676,409 0.08 €100,000 BRFkredit 2.5% Guaranteed Senior European Medium €300,000 BNP Paribas 2.875% Senior Notes 27/11/2017 233,147 0.03 Term Notes 31/1/2018 76,507 0.01 €650,000 BNP Paribas 3.75% Guaranteed Senior European €400,000 British American Tobacco Netherlands 4% Bonds Medium Term Bonds 25/11/2020 554,703 0.06 7/7/2020 343,693 0.04 €500,000 BNP Paribas 5.431% Subordinated European Medium €200,000 Brussels Airport 3.25% Senior European Medium Term Term Bonds 7/9/2017 406,264 0.05 Notes 1/7/2020 163,143 0.02 €200,000 BNP Paribas Cardif 4.032% Perpetual Bonds 155,574 0.02 €150,000 Caisse Centrale du Credit Immobilier 4% Guaranteed €400,000 BNP Paribas Fortis 5.757% Guaranteed Subordinated Senior European Medium Term Notes 12/1/2018 118,476 0.01 European Medium Term Bonds 4/10/2017 327,621 0.04 €300,000 CaixaBank 3.125% Senior Bonds 14/5/2018 235,168 0.03 €200,000 BNZ International Funding 1.25% Guaranteed European €100,000 Cap Gemini Sogeti 5.25% Senior Notes 29/11/2016 78,759 0.01 Medium Term Notes 23/5/2018 148,743 0.02 €100,000 Cargill 2.5% Senior European Medium Term Notes €200,000 Bouygues 3.625% Senior Notes 16/1/2023 174,572 0.02 15/2/2023 81,837 0.01 €250,000 Bouygues 3.641% Guaranteed Senior Notes 29/10/2019 206,579 0.02 €500,000 Carlsberg Breweries 2.5% Senior European Medium €400,000 Bouygues 4% Guaranteed Senior Notes 12/2/2018 320,601 0.04 Term Notes 28/5/2024 385,796 0.04

461 BlackRock Collective Investment Funds 462 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €300,000 Carlsberg Breweries 2.625% European Medium Term €250,000 Coca-Cola 0.75% Bonds 9/3/2023 181,304 0.02 Notes 3/7/2019 234,504 0.03 €400,000 Coca-Cola 1.125% Senior Bonds 9/3/2027 287,804 0.03 €50,000 Carlsberg Breweries 3.375% Guaranteed Senior €125,000 Coca-Cola 1.875% Bonds 22/9/2026 98,175 0.01 European Medium Term Notes 13/10/2017 38,995 0.00 €400,000 Coca-Cola Enterprises 2.375% Senior Bonds 7/5/2025 315,980 0.04 €100,000 Carrefour 1.25% European Medium Term Notes 3/6/2025 73,419 0.01 €100,000 Coca-Cola Enterprises 2.625% Senior European Medium €700,000 Carrefour 1.75% Senior European Medium Term Notes Term Notes 6/11/2023 81,622 0.01 22/5/2019 536,441 0.06 €100,000 Coca-Cola Finance 2.375% Guaranteed European €100,000 Carrefour 1.75% Senior European Medium Term Notes Medium Term Notes 18/6/2020 77,482 0.01 15/7/2022 77,289 0.01 €100,000 Coface 4.125% Guaranteed Bonds 27/3/2024 84,057 0.01 €100,000 Carrefour 3.875% Senior European Medium Term Bonds €200,000 Commerzbank 3.625% Senior European Medium Term 25/4/2021 86,399 0.01 Notes 10/7/2017 156,426 0.02 €100,000 Carrefour 4.375% Senior European Medium Term Bonds €30,000 Commerzbank 3.875% Senior European Medium Term 2/11/2016 77,638 0.01 Notes 22/3/2017 23,364 0.00 €300,000 Casino Guichard Perrachon 2.33% European Medium €200,000 Commerzbank 4% Guaranteed Senior European Medium Term Notes 7/2/2025 231,416 0.03 Term Bonds 16/9/2020 170,952 0.02 €100,000 Casino Guichard Perrachon 2.798% Senior European €200,000 Commonwealth Bank of Australia 4.25% Guaranteed Medium Term Notes 5/8/2026 79,727 0.01 Senior European Medium Term Notes 6/4/2018 162,871 0.02 €300,000 Casino Guichard-Perrachon 3.157% European Medium €300,000 Commonwealth Bank of Australia 5.5% Subordinate Term Notes 6/8/2019 241,820 0.03 European Medium Term Notes 6/8/2019 261,765 0.03 €400,000 Casino Guichard-Perrachon 3.311% European Medium €175,000 Compass 1.875% Senior European Medium Term Notes Term Notes 25/1/2023 333,870 0.04 27/1/2023 137,086 0.02 €200,000 Casino Guichard-Perrachon 3.994% European Medium €100,000 Compass 3.125% European Medium Term Bonds Term Notes 9/3/2020 168,318 0.02 13/2/2019 80,438 0.01 €50,000 Casino Guichard-Perrachon 4.481% Guaranteed Senior €200,000 Conti-Gummi Finance 2.5% Guaranteed European Notes 12/11/2018 41,562 0.00 Medium Term Notes 20/3/2017 151,778 0.02 €100,000 Casino Guichard-Perrachon 4.726% Senior European €200,000 Continental 3.125% Guaranteed European Medium Term Medium Term Bonds 26/5/2021 88,895 0.01 Notes 9/9/2020 164,073 0.02 €100,000 CaxiaBank 2.375% Senior Notes 9/5/2019 76,194 0.01 €200,000 Corio 3.25% Guaranteed European Medium Term Notes €500,000 Citigroup 1.75% Bonds 28/1/2025 376,018 0.04 26/2/2021 165,917 0.02 €300,000 Citigroup 2.125% European Medium Term Notes €100,000 Coventry Building Society 2.5% Senior Notes 18/11/2020 79,288 0.01 10/9/2026 232,481 0.03 €200,000 Crédit Agricole 0.875% Senior European Medium Term €300,000 Citigroup 2.375% Senior European Medium Term Notes Bonds 19/1/2022 145,851 0.02 22/5/2024 238,816 0.03 €300,000 Credit Agricole 1.75% Senior European Medium Term €750,000 Citigroup 4% Senior European Medium Term Notes Notes 12/3/2018 227,227 0.03 26/11/2015 559,595 0.06 €300,000 Credit Agricole 2.375% European Medium Term Notes €200,000 Citigroup 4.375% Guaranteed Senior European Medium 27/11/2020 238,816 0.03 Term Bonds 30/1/2017 156,510 0.02 €1,000,000 Credit Agricole 2.375% Senior European Medium Term €200,000 Citigroup 7.375% Guaranteed Senior European Medium Notes 20/5/2024 813,471 0.09 Term Bonds 4/9/2019 188,843 0.02 €200,000 Credit Agricole 3.125% Senior European Medium Term €200,000 Citycon 3.75% Senior Bonds 24/6/2020 163,305 0.02 Notes 17/7/2023 171,171 0.02 €200,000 Citycon Treasury 2.5% Bonds 1/10/2024 153,464 0.02 €400,000 Credit Agricole 3.875% Senior European Medium Term Notes 13/2/2019 329,191 0.04

463 BlackRock Collective Investment Funds 464 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €250,000 Credit Agricole 5.875% Subordinated European Medium €800,000 Deutsche Bank 1.25% European Medium Term Notes Term Notes 11/6/2019 219,480 0.03 8/9/2021 598,912 0.07 €600,000 Credit Agricole 5.971% Subordinated European Medium €900,000 Deutsche Bank 2.375% European Medium Term Notes Term Bonds 1/2/2018 501,539 0.06 11/1/2023 733,763 0.08 €200,000 Credit Agricole Assurances 4.25% Perpetual Bonds 154,792 0.02 €75,000 Deutsche Bank 2.75% European Medium Term Notes €300,000 Credit Agricole Assurances 4.5% Perpetual Bonds 236,932 0.03 17/2/2025 55,613 0.01 €500,000 Credit Mutuel Arkea 1% European Medium Term Notes €200,000 Deutsche Bank 5% Guaranteed Subordinated European 26/1/2023 367,517 0.04 Medium Term Bonds 24/6/2020 170,833 0.02 €600,000 Credit Suisse 0.625% European Medium Term Notes €550,000 Deutsche Bank 5.125% Senior European Medium Term 20/11/2018 438,642 0.05 Bonds 31/8/2017 446,970 0.05 €100,000 Credit Suisse 1.375% Bonds 31/1/2022 75,584 0.01 €150,000 Deutsche Boerse 1.125% Senior Bonds 26/3/2018 111,977 0.01 €800,000 Credit Suisse 1.375% Senior Notes 29/11/2019 603,774 0.07 €300,000 Deutsche Pfandbriefbank 2.25% Senior European €700,000 Credit Suisse London 4.75% Guaranteed Senior Medium Term Notes 11/9/2017 226,971 0.03 European Medium Term Notes 5/8/2019 601,894 0.07 €400,000 Deutsche Post 2.875% European Medium Term Bonds €600,000 CRH Finance Germany 1.75% European Medium Term 11/12/2024 340,659 0.04 Notes 16/7/2021 457,033 0.05 €300,000 Deutsche Post Finance 2.95% Guaranteed European €350,000 CRH Finland Services 2.75% Guaranteed European Medium Term Bonds 27/6/2022 253,267 0.03 Medium Term Notes 15/10/2020 279,822 0.03 €400,000 Deutsche Telekom International Finance 2.125% €500,000 Daimler 2% European Medium Term Notes 25/6/2021 394,615 0.05 Guaranteed Senior Notes 18/1/2021 318,566 0.04 €500,000 Daimler 2% Senior European Medium Term Notes €800,000 Deutsche Telekom International Finance 3.25% 5/5/2017 376,978 0.04 Guaranteed European Medium Term Notes 17/1/2028 716,737 0.08 €500,000 Daimler 2.25% Senior European Medium Term Notes €150,000 Deutsche Telekom International Finance 4.5% 24/1/2022 402,526 0.05 Guaranteed European Medium Term Bonds 28/10/2030 151,057 0.02 €200,000 Daimler 2.625% Senior European Medium Term Notes €700,000 Deutsche Telekom International Finance 6% 2/4/2019 158,656 0.02 Guaranteed European Medium Term Notes 20/1/2017 563,377 0.06 €200,000 Daimler 4.125% Guaranteed Senior European Medium €100,000 Diageo Finance 1.125% Guaranteed Bonds 20/5/2019 75,061 0.01 Term Notes 19/1/2017 155,915 0.02 €150,000 Diageo Finance 1.75% European Medium Term Notes €300,000 Danfoss 1.375% European Medium Term Notes 23/9/2024 117,091 0.01 23/2/2022 224,648 0.03 €100,000 DirecTV Financing 2.75% Guaranteed Bonds 19/5/2023 80,981 0.01 €100,000 Danone 1.125% European Medium Term Notes €125,000 Discovery Communications 2.375% Guaranteed Bonds 14/1/2025 72,921 0.01 7/3/2022 97,937 0.01 €100,000 Danone 2.6% Senior European Medium Term Notes €400,000 DNB Bank 3.875% Senior European Medium Term Notes 28/6/2023 82,675 0.01 29/6/2020 342,285 0.04 €250,000 Danone 3.6% Senior European Medium Term Bonds €100,000 DNB Bank 4.25% European Medium Term Bonds 23/11/2020 212,078 0.02 18/1/2022 89,685 0.01 €400,000 Danske Bank 3.875% Senior European Medium Term €800,000 DNB Bank 4.375% Senior European Medium Term Notes 18/5/2016 303,304 0.03 Bonds 24/2/2021 706,930 0.08 €200,000 Delhaize 3.125% Guaranteed Notes 27/2/2020 162,757 0.02 €200,000 DVB Bank 1.625% Senior European Medium Term €275,000 Deutsche Annington Finance 2.125% European Medium Notes 28/5/2018 150,878 0.02 Term Notes 9/7/2022 214,942 0.02 €750,000 E.ON International Finance 5.5% European Medium €200,000 Deutsche Annington Finance 3.125% Guaranteed Bonds Term Notes 2/10/2017 617,889 0.07 25/7/2019 160,676 0.02

465 BlackRock Collective Investment Funds 466 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €200,000 E.ON International Finance 5.5% Guaranteed European €500,000 Eni 4.75% Senior European Medium Term Notes Medium Term Notes 19/1/2016 152,001 0.02 14/11/2017 405,574 0.05 €250,000 E.ON International Finance 5.75% Guaranteed European €100,000 Eni 5% Guaranteed Senior European Medium Term Medium Term Bonds 7/5/2020 229,189 0.03 Notes 28/1/2016 75,721 0.01 €500,000 EDP Finance 2.625% Senior Bonds 18/1/2022 391,236 0.04 €200,000 EP Energy 4.375% Senior Bonds 1/5/2018 153,843 0.02 €500,000 EDP Finance 5.75% Medium Term Notes 21/9/2017 408,038 0.05 €100,000 Ericsson 5.375% Senior European Medium Term Bonds €100,000 Elia System 5.625% Guaranteed Senior Notes 27/6/2017 81,052 0.01 22/4/2016 77,028 0.01 €400,000 Erste Bank 4.25% Guaranteed European Medium Term €100,000 Elia System Operator 3.25% Senior European Medium Notes 12/4/2016 302,073 0.03 Term Notes 4/4/2028 89,130 0.01 €200,000 Erste Bank 7.125% Subordinated European Medium €100,000 Enagas Financiaciones 1.25% European Medium Term Term Notes 10/10/2022 172,739 0.02 Notes 6/2/2025 72,584 0.01 €400,000 Eutelsat 2.625% Senior Notes 13/1/2020 315,953 0.04 €200,000 Enagas Financiaciones 2.5% Guaranteed European €100,000 Eutelsat 4.125% Guaranteed Senior Notes 27/3/2017 78,175 0.01 Medium Term Notes 11/4/2022 160,923 0.02 €200,000 Eutelsat 5% Guaranteed Senior Notes 14/1/2019 169,589 0.02 €200,000 Enagas Financiaciones 4.25% European Medium Term €100,000 Everything Everywhere 3.25% Medium Term Notes Notes 5/10/2017 160,031 0.02 3/8/2018 79,161 0.01 €50,000 Enel 5.625% European Medium Term Bonds 21/6/2027 52,469 0.01 €100,000 Evonik 1.875% Bonds 8/4/2020 77,544 0.01 €100,000 Enel Finance 4.125% Guaranteed European Medium €175,000 Evonik Industries 1% European Medium Term Notes Term Notes 12/7/2017 79,039 0.01 23/1/2023 127,648 0.01 €150,000 Enel Finance 5% Guaranteed European Medium Term €125,000 EXOR 2.5% Bonds 8/10/2024 98,404 0.01 Bonds 14/9/2022 140,191 0.02 €150,000 F Van Lanschot Bankiers 2.875% European Medium €626,000 Enel Finance International 1.966% European Medium Term Notes 17/10/2016 112,691 0.01 Term Notes 27/1/2025 473,814 0.05 €100,000 F Van Lanschot Bankiers 3.125% Senior European €500,000 Enel Finance International 3.625% Guaranteed Medium Term Notes 5/6/2018 77,457 0.01 European Medium Term Notes 17/4/2018 398,849 0.05 €100,000 FCE Bank 1.75% Senior European Medium Term Notes €250,000 Enel Finance International 4.625% Guaranteed 21/5/2018 75,353 0.01 European Medium Term Notes 24/6/2015 183,850 0.02 €750,000 FCE Bank 1.875% European Medium Term Notes €250,000 Enel Finance International 4.875% Guaranteed 18/4/2019 570,475 0.07 European Medium Term Notes 11/3/2020 218,729 0.02 €200,000 Ferrovial Emisiones 3.375% Guaranteed Notes €500,000 Enel Finance International 4.875% Guaranteed 30/1/2018 156,955 0.02 European Medium Term Notes 17/4/2023 469,299 0.05 €350,000 FGA Capital Ireland 2% European Medium Term Notes €580,000 Enel Finance International 5.75% Guaranteed 23/10/2019 263,579 0.03 European Medium Term Notes 24/10/2018 500,986 0.06 €150,000 FGA Capital Ireland 2.625% Guaranteed European €150,000 Enel-Societa Per Azioni 5.25% Senior European Medium Term Notes 17/4/2019 115,679 0.01 Medium Term Bonds 20/5/2024 146,277 0.02 €100,000 FGA Capital Ireland 4% Guaranteed European Medium €600,000 Eni 3.5% Senior European Medium Term Notes Term Notes 17/10/2018 80,251 0.01 29/1/2018 474,441 0.05 €300,000 Fonciere Des Regions 1.75% Bonds 10/9/2021 221,584 0.03 €250,000 Eni 3.625% European Medium Term Notes 29/1/2029 227,500 0.03 €100,000 Fonciere Lyonnaise 3.5% Guaranteed Senior Notes €400,000 Eni 3.75% Senior European Medium Term Notes 28/11/2017 78,297 0.01 12/9/2025 361,165 0.04 €200,000 Gas Natural 2.875% Guarateed Bonds 11/3/2024 167,557 0.02 €400,000 Eni 4% Senior European Medium Term Bonds €450,000 Gas Natural 4.375% Guaranteed European Medium 29/6/2020 340,911 0.04 Term Notes 2/11/2016 348,567 0.04

467 BlackRock Collective Investment Funds 468 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €250,000 Gas Natural Capital 4.5% European Medium Term €100,000 Gecina 1.5% European Medium Term Notes 20/1/2025 74,285 0.01 Notes 27/1/2020 215,343 0.02 €100,000 Gecina 1.75% Senior European Medium Term Notes €200,000 Gas Natural Capital 5.375% Guaranteed European 30/7/2021 76,500 0.01 Medium Term Notes 24/5/2019 174,249 0.02 €300,000 Gecina 4.25% European Bonds 3/2/2016 225,707 0.03 €300,000 Gas Natural Capital Markets 5.625% Guaranteed €100,000 Gecina 4.75% Senior European Medium Term Notes European Medium Term Notes 9/2/2017 239,816 0.03 11/4/2019 84,594 0.01 €300,000 Gas Natural Fenosa Finance 3.5% Guaranteed €200,000 GELF Bond Issuer I 1.75% European Medium Term European Medium Term Notes 15/4/2021 252,769 0.03 Notes 22/11/2021 150,081 0.02 €100,000 Gas Natural Fenosa Finance 3.875% Guaranteed €100,000 General Electric 4.125% European Medium Term Notes European Medium Term Notes 11/4/2022 87,179 0.01 19/9/2035 97,474 0.01 €500,000 GDF Suez 1.375% Senior European Medium Term Notes €500,000 General Mills 2.1% Senior Notes 16/11/2020 391,984 0.04 19/5/2020 381,060 0.04 €100,000 Gerresheimer 5% Notes 19/5/2018 82,065 0.01 €200,000 GDF Suez 2.375% Senior European Medium Term Notes €150,000 GIE Suez Alliance 5.75% Guaranteed Senior European 19/5/2026 166,447 0.02 Medium Term Bonds 24/6/2023 152,243 0.02 €500,000 GDF Suez 3% Senior European Medium Term Notes €750,000 GlaxoSmithKline Capital 0.625% European Medium 1/2/2023 430,560 0.05 Term Notes 2/12/2019 551,378 0.06 €100,000 GDF Suez 3.125% Senior European Medium Term Notes €300,000 GlaxoSmithKline Capital 3.875% Guaranteed European 21/1/2020 82,512 0.01 Medium Term Notes 6/7/2015 220,539 0.03 €550,000 GDF Suez 3.5% Senior European Medium Term Bonds €250,000 GlaxoSmithKline Capital 5.625% European Medium 18/10/2022 485,451 0.06 Term Notes 13/12/2017 208,837 0.02 €350,000 GDF Suez 5.125% Senior European Medium Term Notes €400,000 Glencore Finance Dubai 1.75% Guaranteed European 19/2/2018 291,717 0.03 Medium Term Notes 19/5/2016 294,713 0.03 €50,000 GDF Suez 6.875% Guaranteed Senior European Medium €100,000 Glencore Finance Europe 1.625% European Medium Term Bonds 24/1/2019 45,562 0.01 Term Notes 18/1/2022 73,858 0.01 €150,000 GE Capital 4.125% Guaranteed European Medium Term €400,000 Glencore Finance Europe 3.375% Guaranteed European Bonds 27/10/2016 115,935 0.01 Medium Term Notes 30/9/2020 324,604 0.04 €250,000 GE Capital 4.625% European Medium Term Notes €150,000 Glencore Finance Europe 4.625% Guaranteed Notes 22/2/2027 253,020 0.03 3/4/2018 121,510 0.01 €500,000 GE Capital 5.375% Guaranteed European Medium Term €150,000 Glencore Finance Europe 5.25% European Medium Term Notes 16/1/2018 415,306 0.05 Notes 22/3/2017 119,028 0.01 €500,000 GE Capital European 0.8% European Medium Term €100,000 Global Switch 5.5% Guaranteed European Medium Term Notes 21/1/2022 365,433 0.04 Notes 18/4/2018 83,720 0.01 €400,000 GE Capital European Funding 1% Guaranteed European €200,000 Goldman Sachs 2.625% Senior European Medium Term Medium Term Notes 2/5/2017 295,137 0.03 Notes 19/8/2020 159,225 0.02 €600,000 GE Capital European Funding 2.25% Guaranteed €500,000 Goldman Sachs 2.875% Senior European Medium Term European Medium Term Notes 20/7/2020 475,162 0.05 Notes 3/6/2026 416,243 0.05 €500,000 GE Capital European Funding 2.625% Guaranteed €250,000 Goldman Sachs 3.25% Senior European Medium Term European Medium Term Bonds 15/3/2023 414,973 0.05 Notes 1/2/2023 210,571 0.02 €300,000 GE Capital European Funding 2.875% Guaranteed €1,100,000 Goldman Sachs 4.375% Senior European Medium Term European Medium Term Notes 18/6/2019 240,556 0.03 Notes 16/3/2017 863,442 0.10 €250,000 GE Capital European Funding 3.75% Guaranteed €250,000 Goldman Sachs 4.5% Guaranteed Senior Bonds European Medium Term Notes 4/4/2016 188,598 0.02 23/5/2016 190,705 0.02

469 BlackRock Collective Investment Funds 470 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €150,000 Goldman Sachs 4.75% Subordinated Bonds 12/10/2021 130,392 0.01 €1,100,000 HSBC 6.25% Guaranteed Subordinated European €250,000 Goldman Sachs 5.125% Senior European Medium Term Medium Term Notes 19/3/2018 926,346 0.11 Notes 23/10/2019 218,827 0.02 €600,000 HSBC France 1.875% Senior European Medium Term €200,000 Grand City Properties 2% Bonds 29/10/2021 150,498 0.02 Notes 16/1/2020 464,567 0.05 €250,000 Great-West Lifeco 2.5% Senior Notes 18/4/2023 202,054 0.02 €100,000 HSE NETZ 6.125% Senior Bonds 23/4/2041 105,407 0.01 €100,000 Groupe Auchan 2.375% European Medium Term Notes €200,000 Hutchison Whampoa Europe Finance 3.625% 12/12/2022 81,260 0.01 Guaranteed Notes 6/6/2022 172,333 0.02 €500,000 Groupe Auchan 3% European Medium Term Notes €600,000 Hutchison Whampoa Finance 09 4.75% Guaranteed 2/12/2016 380,912 0.04 Bonds 14/11/2016 468,336 0.05 €100,000 Groupe Auchan 3.625% Guaranteed Senior European €500,000 Hutchison Whampoa Finance 14 1.375% Bonds Medium Term Notes 19/10/2018 81,329 0.01 31/10/2021 372,896 0.04 €100,000 Groupe Auchan 4.75% Senior European Medium Term €200,000 Iberdrola Finanzas 4.125% Guaranteed European Notes 15/4/2015 72,964 0.01 Medium Term Notes 23/3/2020 170,504 0.02 €100,000 Hammerson 2% Senior Notes 1/7/2022 77,763 0.01 €200,000 Iberdrola Finanzas 4.625% Senior European Medium €100,000 Hammerson 2.75% Guaranteed Senior Notes 26/9/2019 79,497 0.01 Term Notes 7/4/2017 158,326 0.02 €300,000 Hannover Rueck 3.375% Perpetual Bonds 232,164 0.03 €200,000 Iberdrola International 1.875% European Medium Term €300,000 Heathrow Funding 1.5% European Medium Term Notes Notes 8/10/2024 154,615 0.02 11/2/2030 214,357 0.02 €400,000 Iberdrola International 2.5% Guaranteed European €100,000 Heathrow Funding 1.875% Senior European Medium Medium Term Notes 24/10/2022 323,617 0.04 Term Notes 23/5/2024 77,944 0.01 €300,000 Iberdrola International 3.5% Guaranteed European €100,000 Heathrow Funding 4.6% Guaranteed Senior European Medium Term Notes 1/2/2021 252,165 0.03 Medium Term Notes 15/2/2020 81,587 0.01 €700,000 Iberdrola International 4.5% European Medium Term €600,000 Heineken 2% European Medium Term Notes 6/4/2021 471,110 0.05 Notes 21/9/2017 562,314 0.06 €250,000 Heineken 2.125% Bonds 4/8/2020 196,585 0.02 €100,000 IBM 1.875% Senior Notes 6/11/2020 78,149 0.01 €50,000 Heineken 2.5% Senior European Medium Term Notes €100,000 IBM 2.875% Senior European Medium Term Notes 19/3/2019 39,509 0.00 7/11/2025 85,970 0.01 €150,000 Heineken 3.5% Senior European Medium Term Bonds €100,000 Icade 2.25% Senior Notes 30/1/2019 77,085 0.01 19/3/2024 132,538 0.01 €100,000 Icade 2.25% Senior Notes 16/4/2021 77,886 0.01 €100,000 Hella 1.25% Senior Notes 7/9/2017 74,150 0.01 €100,000 Icade 3.375% Senior Notes 29/9/2023 85,613 0.01 €100,000 Hella 2.375% Guaranteed Senior Notes 24/1/2020 78,494 0.01 €100,000 ICAP 3.125% Senior European Medium Term Notes €500,000 HIT Finance 5.75% Guaranteed Bonds 9/3/2018 419,430 0.05 6/3/2019 75,055 0.01 €350,000 Holding d’Infrastructures 4.875% Guaranteed Bonds €250,000 Illinois Tool Works 1.75% Senior European Medium 27/10/2021 318,208 0.04 Term Notes 20/5/2022 193,892 0.02 €200,000 Holding d’Infrastructures de Transport 2.25% Bonds €100,000 Imerys 2.5% Senior European Medium Term Notes 24/3/2025 155,422 0.02 26/11/2020 79,225 0.01 €250,000 HSBC 3.125% Guaranteed Senior European Medium €150,000 Imperial Tobacco Finance 2.25% Guaranteed European Term Notes 15/11/2017 195,715 0.02 Medium Term Notes 26/2/2021 116,976 0.01 €200,000 HSBC 3.875% Senior European Medium Term Notes €500,000 Imperial Tobacco Finance 4.5% Guaranteed European 24/10/2018 164,262 0.02 Medium Term Notes 5/7/2018 411,206 0.05 €150,000 HSBC 6% Subordinated European Medium Term Notes €250,000 Imperial Tobacco Finance 8.375% Guaranteed European 10/6/2019 130,806 0.01 Medium Term Notes 17/2/2016 195,492 0.02 €200,000 Infra Foch 1.25% Bonds 16/10/2020 148,512 0.02

471 BlackRock Collective Investment Funds 472 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €100,000 ING Bank 0.7% European Medium Term Notes €300,000 KBC Groep 2.375% European Medium Term Notes 16/4/2020 73,135 0.01 25/11/2024 226,244 0.03 €650,000 ING Bank 1.25% Senior Notes 13/12/2019 489,222 0.06 €100,000 KBC IFMA 4.5% Guaranteed European Medium Term €450,000 ING Bank 3.875% European Medium Term Notes Notes 27/3/2017 78,872 0.01 24/5/2016 341,240 0.04 €250,000 KBC IFMA 5% European Medium Term Notes 16/3/2016 190,464 0.02 €250,000 ING Bank 4.25% Senior European Medium Term Notes €125,000 Kellogg’s 1.75% Senior European Medium Term Notes 13/1/2017 194,967 0.02 24/5/2021 95,853 0.01 €400,000 ING Bank 4.75% Guaranteed Senior European Medium €100,000 Kering 2.5% Senior European Medium Term Notes Term Bonds 31/5/2017 318,935 0.04 15/7/2020 79,881 0.01 €500,000 ING Bank 4.875% Senior Notes 18/1/2021 452,660 0.05 €100,000 Kering 3.75% European Medium Term Notes 8/4/2015 72,760 0.01 €500,000 International Business Machines 1.25% Bonds €300,000 Klepierre 2.75% Senior European Medium Term Notes 26/5/2023 374,888 0.04 17/9/2019 239,403 0.03 €450,000 Intesa SanPaolo 3% Senior European Medium Term €150,000 Klepierre 4% Guaranteed Senior European Medium Notes 28/1/2019 354,435 0.04 Term Notes 13/4/2017 117,504 0.01 €200,000 Intesa SanPaolo 4% Guaranteed Senior Notes 8/11/2018 162,201 0.02 €350,000 Koninklijke DSM 2.375% Senior European Medium Term €100,000 Intesa SanPaolo 4% Senior European Medium Term Notes 3/4/2024 286,290 0.03 Notes 30/10/2023 88,679 0.01 €100,000 Koninklijke DSM 5.25% Guaranteed Senior European €300,000 Intesa SanPaolo 4.125% Senior European Medium Term Medium Term Bonds 17/10/2017 82,101 0.01 Notes 19/9/2016 229,845 0.03 €150,000 Koninklijke KPN 4.25% European Medium Term Notes €900,000 Intesa SanPaolo 4.375% European Medium Term Notes 1/3/2022 133,506 0.01 15/10/2019 756,815 0.09 €500,000 Koninklijke KPN 4.75% Guaranteed Senior European €500,000 Intesa SanPaolo 4.75% Guaranteed Senior Bonds Medium Term Bonds 17/1/2017 393,344 0.03 15/6/2017 396,961 0.05 €300,000 Koninklijke KPN 5.625% Medium Term Notes 30/9/2024 302,253 0.03 €200,000 Intesa SanPaolo 5% Guaranteed Senior European €250,000 La Mondiale 5.05% Perpetual Bonds 199,594 0.02 Medium Term Notes 28/2/2017 157,831 0.02 €150,000 Lanxess Finance 2.625% European Medium Term Notes €350,000 Investor 4.875% Guaranteed Senior European Medium 21/11/2022 120,429 0.01 Term Bonds 18/11/2021 323,581 0.04 €150,000 LeasePlan 2.375% Senior European Medium Term Notes €200,000 JAB Holdings 1.5% Guaranteed Senior Notes 24/11/2021 149,078 0.02 23/4/2019 116,707 0.01 €400,000 Jefferies 2.375% Senior European Medium Term Notes €200,000 LeasePlan 2.5% Senior European Medium Term Notes 20/5/2020 297,750 0.03 19/9/2016 150,007 0.02 €300,000 JP Morgan Chase 2.625% Senior European Medium €100,000 Leeds Building Society 2.625% Senior European Term Notes 23/4/2021 242,169 0.03 Medium Term Notes 1/4/2021 78,879 0.01 €150,000 JP Morgan Chase 2.75% Guaranteed Senior European €100,000 Legrand 4.375% Guaranteed Senior European Medium Medium Term Notes 1/2/2023 123,778 0.01 Term Notes 21/3/2018 81,295 0.01 €350,000 JP Morgan Chase 2.75% Senior European Medium Term €100,000 Linde 1.75% European Medium Term Notes 17/9/2020 78,197 0.01 Notes 24/8/2022 287,839 0.03 €500,000 Linde Finance 1.75% Guaranteed European Medium €325,000 JP Morgan Chase 3% Senior European Medium Term Term Notes 11/6/2019 385,832 0.04 Notes 19/2/2026 280,300 0.03 €200,000 Linde Finance 1.875% Guaranteed European Medium €600,000 JP Morgan Chase 3.875% Senior European Medium Term Notes 22/5/2024 161,366 0.02 Term Notes 23/9/2020 511,903 0.06 €100,000 Linde Finance 4.75% Guaranteed European Medium €200,000 JP Morgan Chase 1.375% European Medium Term Notes Term Bonds 24/4/2017 79,732 0.01 16/9/2021 150,595 0.02

473 BlackRock Collective Investment Funds 474 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €150,000 Linde Finance 6.75% Guaranteed European Medium €200,000 Metropolitan Life Global Funding I 2.375% European Term Notes 8/12/2015 114,385 0.01 Medium Term Notes 30/9/2019 157,614 0.02 €125,000 Lloyds Bank 1% European Medium Term Notes €150,000 Metropolitan Life Global Funding I 2.375% European 19/11/2021 92,380 0.01 Medium Term Notes 11/1/2023 121,704 0.01 €750,000 Lloyds TSB 1.25% Senior European Medium Term Bonds €250,000 Metso 2.75% European Medium Term Notes 4/10/2019 197,853 0.02 13/1/2025 550,700 0.06 €300,000 Microsoft 2.125% Senior Notes 6/12/2021 240,405 0.03 €1,000,000 Lloyds TSB 1.875% Senior European Medium Term Notes €300,000 Microsoft 3.125% Senior Notes 6/12/2028 272,822 0.03 10/10/2018 764,044 0.09 €125,000 Molnlycke Holding 1.5% Bonds 28/2/2022 94,806 0.01 €150,000 Lloyds TSB 5.375% Guaranteed Senior European €100,000 Mondelez International 1% Bonds 7/3/2022 72,856 0.01 Medium Term Notes 3/9/2019 133,182 0.01 €200,000 Mondelez International 1.125% Senior Notes 26/1/2017 147,220 0.02 €250,000 Lloyds TSB 6.5% Subordinated European Medium Term €200,000 Mondelez International 1.625% Senior Bonds 8/3/2027 144,372 0.02 Notes 24/3/2020 226,259 0.03 €175,000 Mondelez International 2.375% European Medium Term €200,000 Luxottica 2.625% Guaranteed European Medium Term Notes 6/3/2035 127,446 0.01 Notes 10/2/2024 165,862 0.02 €200,000 Mondelez International 2.375% Senior Notes 26/1/2021 157,904 0.02 €100,000 LVMH Moet Hennessy 1.25% Senior European Medium €400,000 Mondi Finance 3.375% Senior Medium Term Notes Term Notes 4/11/2019 75,867 0.01 28/9/2020 327,082 0.04 €500,000 LVMH Moet Hennessy Louis Vuitton 1% European €525,000 Morgan Stanley 1.75% European Medium Term Notes Medium Term Notes 24/9/2021 375,345 0.04 30/1/2025 393,380 0.03 €200,000 Macquarie Bank 1.125% European Medium Term Notes €500,000 Morgan Stanley 3.75% Guaranteed European Medium 20/1/2022 147,568 0.02 Term Notes 21/9/2017 393,850 0.04 €600,000 Macquarie Bank 2.5% Senior European Medium Term €600,000 Morgan Stanley 4.5% Guaranteed European Medium Notes 18/9/2018 465,176 0.05 Term Notes 23/2/2016 453,506 0.05 €50,000 Macquarie Bank 6% European Medium Term Bonds €300,000 Morgan Stanley 5.375% Medium Term Notes 10/8/2020 270,398 0.03 21/9/2020 44,146 0.00 €500,000 Morgan Stanley 6.5% Senior European Medium Term €150,000 Manpowergroup 4.5% Senior Notes 22/6/2018 121,678 0.01 Notes 28/12/2018 444,930 0.05 €200,000 McDonald’s 2% European Medium Term Notes 1/6/2023 159,317 0.02 €350,000 NASDAQ OMX 3.875% Senior Bonds 7/6/2021 293,345 0.03 €500,000 McDonald’s 2.875% Senior Notes 17/12/2025 431,285 0.05 €500,000 National Australia Bank 0.875% European Medium Term €500,000 Mediobanca 0.875% European Medium Term Notes Notes 20/1/2022 367,262 0.04 14/11/2017 363,228 0.04 €250,000 National Australia Bank 2.75% European Medium Term €125,000 Mediobanca 2.25% Senior European Medium Term Notes 8/8/2022 207,777 0.02 Notes 18/3/2019 95,215 0.01 €300,000 National Australia Bank 4% European Medium Term €200,000 Mediobanca 3.75% Senior European Medium Term Bonds 13/7/2020 258,412 0.03 Notes 2/2/2016 149,577 0.02 €150,000 National Australia Bank 4.625% Notes 10/2/2020 128,411 0.01 €200,000 Mercialys 1.787% Bonds 31/3/2023 150,434 0.02 €200,000 National Grid 0.75% European Medium Term Notes €100,000 Merck 2.5% Bonds 15/10/2034 85,475 0.01 11/2/2022 144,663 0.02 €250,000 Merck Financial Services 3.375% Guaranteed European €250,000 National Grid 4.375% Senior European Medium Term Medium Term Notes 24/3/2015 181,498 0.02 Notes 10/3/2020 216,434 0.02 €200,000 Merck Financial Services 4.5% Guaranteed European €150,000 National Grid 5% Senior European Medium Term Bonds Medium Term Bonds 24/3/2020 173,930 0.02 2/7/2018 125,450 0.01 €250,000 Metro 1.375% European Medium Term Notes 28/10/2021 186,218 0.02 €125,000 Nationwide 1.25% Senior Bonds 3/3/2025 91,282 0.01 €350,000 Metro 7.625% Guaranteed Senior European Medium €100,000 Nationwide Building Society 3.125% Senior European Term Notes 5/3/2015 254,134 0.03 Medium Term Notes 3/4/2017 76,833 0.01

475 BlackRock Collective Investment Funds 476 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €100,000 Nationwide Building Society 6.75% Guaranteed €100,000 Orange 1.875% Senior European Medium Term Notes Subordinated European Medium Term Bonds 3/9/2018 76,513 0.01 22/7/2020 92,210 0.01 €500,000 Orange 1.875% Senior European Medium Term Notes €200,000 Nestlé 1.75% European Medium Term Notes 12/9/2022 159,078 0.02 2/10/2019 386,413 0.04 €500,000 Nestle Finance International 0.75% Guaranteed €600,000 Orange 3% European Medium Term Notes 15/6/2022 505,066 0.06 European Medium Term Notes 17/10/2016 366,976 0.04 €100,000 Orange 3.125% Senior European Medium Term Notes €200,000 Nestlé Finance International 1.25% Guaranteed 9/1/2024 85,535 0.01 European Medium Term Notes 4/5/2020 152,809 0.02 €400,000 Orange 3.375% European Medium Term Notes €200,000 NET4GAS 2.5% Senior European Medium Term Notes 16/9/2022 345,530 0.04 Bonds 28/7/2021 153,106 0.02 €300,000 Orange 3.875% Senior European Medium Term Bonds €250,000 New York Life Insurance 4.375% Medium Term Notes 9/4/2020 254,468 0.03 19/1/2017 195,692 0.02 €450,000 Orange 4.75% Guaranteed Senior European Medium €100,000 Nomura Europe Finance 1.5% European Medium Term Term Bonds 21/2/2017 355,659 0.04 Notes 12/5/2021 74,464 0.01 €200,000 Orange 8.125% European Medium Term Notes €500,000 Nomura Europe Finance 1.875% Guaranteed European 28/1/2033 271,108 0.03 Medium Term Notes 29/5/2018 376,470 0.04 €125,000 Orange SA 4% Perpetual European Medium Term Notes 98,692 0.01 €500,000 Nordea Bank 1.375% Senior European Medium Term €100,000 Origin Energy Finance 2.5% Guaranteed European Notes 12/4/2018 375,519 0.04 Medium Term Notes 23/10/2020 77,061 0.01 €400,000 Nordea Bank 2% Senior European Medium Term Notes €150,000 Origin Energy Finance 2.875% European Medium Term 17/2/2021 314,069 0.04 Notes 11/10/2019 117,503 0.01 €400,000 Nordea Bank 2.75% Senior European Medium Term €200,000 Origin Energy Finance 3.5% Guaranteed Bonds Notes 11/8/2015 293,677 0.03 4/10/2021 162,573 0.02 €200,000 Nordea Bank 3.25% Senior European Medium Term €150,000 Orlen Capital 2.5% Notes 30/6/2021 111,896 0.01 Notes 5/7/2022 171,989 0.02 €400,000 Pearson Funding Five 1.875% Guaranteed Bonds €400,000 Nordea Bank 3.75% Senior European Medium Term 19/5/2021 308,676 0.04 Notes 24/2/2017 310,697 0.04 €150,000 PepsiCo 1.75% Senior European Medium Term Notes €150,000 Nordea Bank 4% Subordinated European Medium Term 28/4/2021 116,349 0.01 Bonds 29/3/2021 127,949 0.01 €100,000 PepsiCo 2.625% Senior European Medium Term Notes €100,000 Nordea Bank 4.5% Guaranteed Subordinated European 28/4/2026 84,250 0.01 Medium Term Bonds 26/3/2020 85,230 0.01 €300,000 Pernod-Ricard 5% Guaranteed Senior Notes 15/3/2017 238,375 0.03 €200,000 Novartis Finance 4.25% Guaranteed European Medium €150,000 Pfizer 4.55% Guaranteed Senior Bonds 15/5/2017 119,375 0.01 Term Notes 15/6/2016 152,951 0.02 €300,000 Pfizer 4.75% Senior Notes 3/6/2016 230,422 0.03 €300,000 Nykredit Realkredit 1.75% Guaranteed European €300,000 Pfizer 5.75% Bonds 3/6/2021 286,868 0.03 Medium Term Notes 2/5/2018 226,579 0.03 €100,000 Philip Morris International 1.75% Senior Bonds €550,000 OMV 0.6% European Medium Term Notes 19/11/2018 402,312 0.05 19/3/2020 77,167 0.01 €300,000 OMV 2.625% European Medium Term Notes 27/9/2022 245,914 0.03 €100,000 Philip Morris International 1.875% Senior European €100,000 OMV 4.375% Guaranteed Senior European Medium Term Medium Term Notes 3/3/2021 77,823 0.01 Notes 10/2/2020 85,926 0.01 €500,000 Philip Morris International 2.125% Senior Notes €300,000 Oracle 2.25% Senior European Medium Term Notes 30/5/2019 390,165 0.04 10/1/2021 239,186 0.03 €100,000 Philip Morris International 2.75% Bonds 19/3/2025 83,668 0.01 €100,000 Oracle 3.125% Senior European Medium Term Notes €100,000 Philip Morris International 2.875% Senior Bonds 10/7/2025 87,415 0.01 30/5/2024 84,444 0.01

477 BlackRock Collective Investment Funds 478 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €475,000 Philip Morris International 2.875% Senior European €800,000 Rabobank Nederland 4% Guaranteed Senior European Medium Term Notes 3/3/2026 403,636 0.05 Medium Term Bonds 11/1/2022 707,574 0.08 €100,000 Philip Morris International 3.125% Senior Bonds €300,000 Rabobank Nederland 4.125% European Medium Term 3/6/2033 89,607 0.01 Notes 14/9/2022 256,735 0.03 €200,000 PKO Finance 2.324% Senior European Medium Term €350,000 Rabobank Nederland 4.75% Guaranteed Senior Notes 23/1/2019 151,419 0.02 European Medium Term Bonds 15/1/2018 285,985 0.03 €300,000 Pohjola Bank 2% Senior European Medium Term Notes €600,000 Rabobank Nederland 4.75% Guaranteed Senior 3/3/2021 235,419 0.03 European Medium Term Bonds 6/6/2022 555,699 0.06 €100,000 Pohjola Bank 2.625% Senior European Medium Term €300,000 Rabobank Nederland 5.875% Guaranteed Senior Notes 20/3/2017 76,194 0.01 Subordinated European Medium Term Notes €100,000 Pohjola Bank 3% Guaranteed Senior European Medium 20/5/2019 261,734 0.03 Term Notes 8/9/2017 77,681 0.01 €200,000 Raiffeisen Bank International 2.875% European €400,000 Pohjola Bank 3.125% European Medium Term Notes Medium Term Notes 6/3/2015 145,144 0.02 25/3/2015 290,838 0.03 €400,000 RCI Banque 1.75% European Medium Term Notes €100,000 PostNL 5.375% Guaranteed Senior Bonds 14/11/2017 81,674 0.01 6/7/2016 295,649 0.03 €200,000 Praxair 1.5% Senior European Medium Term Notes €200,000 RCI Banque 2.875% Senior European Medium Term 11/3/2020 152,423 0.02 Notes 22/1/2018 155,189 0.02 €225,000 Priceline 1.8% Senior Bonds 3/3/2027 162,345 0.02 €250,000 RCI Banque 4% Guaranteed Senior European Medium €300,000 Priceline 2.375% Bonds 23/9/2024 235,368 0.03 Term Notes 25/1/2016 187,356 0.02 €500,000 Procter & Gamble 2% Guaranteed Bonds 5/11/2021 398,400 0.05 €200,000 RCI Banque 4.25% Senior European Medium Term €100,000 Procter & Gamble 2% Guaranteed Senior Notes Notes 27/4/2017 157,078 0.02 16/8/2022 80,045 0.01 €50,000 Red Electrica 3.5% Guaranteed Notes 7/10/2016 38,117 0.00 €100,000 Procter & Gamble 4.875% Guaranteed Senior Bonds €300,000 Red Electrica de Espana Finance 3.875% Guaranteed 11/5/2027 104,387 0.01 Senior European Medium Term Notes 25/1/2022 261,903 0.03 €500,000 Prologis 3% Guaranteed Bonds 2/6/2026 412,705 0.05 €200,000 Red Electrica Financiaciones 4.75% Senior Medium €100,000 Prologis 3.375% Guaranteed Notes 20/2/2024 84,686 0.01 Term Notes 16/2/2018 163,563 0.02 €150,000 Prologis International Funding II 2.75% Guaranteed €200,000 REN Finance 4.75% Senior European Medium Term European Medium Term Notes 23/10/2018 116,485 0.01 Notes 16/10/2020 172,849 0.02 €200,000 Prologis International Funding II 2.875% Guaranteed €100,000 Rentokil Initial 3.25% Guaranteed European Medium European Medium Term Notes 4/4/2022 159,474 0.02 Term Notes 7/10/2021 83,052 0.01 €200,000 Publicis Groupe 1.125% Bonds 16/12/2021 148,583 0.02 €400,000 Repsol 4.375% European Medium Term Notes €200,000 Publicis Groupe 1.625% Bonds 16/12/2024 151,940 0.02 20/2/2018 322,285 0.04 €750,000 Rabobank Nederland 1.75% Senior European Medium €100,000 Repsol International Finance 2.625% Guaranteed Term Notes 22/1/2019 572,815 0.07 European Medium Term Notes 28/5/2020 78,657 0.01 €350,000 Rabobank Nederland 3.375% Guaranteed Senior €400,000 Repsol International Finance 3.625% Guaranteed European Medium Term Notes 21/4/2017 270,946 0.03 European Medium Term Notes 7/10/2021 336,114 0.04 €850,000 Rabobank Nederland 3.5% European Medium Term €200,000 Repsol International Finance 4.875% Guaranteed Notes 17/10/2018 685,774 0.08 European Medium Term Notes 19/2/2019 168,486 0.02 €200,000 Rabobank Nederland 3.75% Subordinated European €100,000 Rio Tinto 2% European Medium Term Notes 11/5/2020 77,711 0.01 Medium Term Notes 9/11/2020 164,160 0.02 €200,000 Rio Tinto 2.875% European Medium Term Bonds €500,000 Rabobank Nederland 3.875% Subordinated Notes 11/12/2024 168,360 0.02 25/7/2023 425,606 0.05

479 BlackRock Collective Investment Funds 480 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €250,000 Robert Bosch 5.125% Senior European Medium Term €400,000 Sanofi 1.875% Senior European Medium Term Notes Notes 12/6/2017 202,152 0.02 4/9/2020 313,775 0.04 €100,000 Robert Bosch Investment Nederland 2.625% €200,000 Sanofi 4.5% Guaranteed Senior European Medium Term Guaranteed European Medium Term Notes 24/5/2028 86,021 0.01 Notes 18/5/2016 152,918 0.02 €700,000 Robert Bosch Nederland 1.625% Guaranteed Senior €300,000 Santander 4% European Medium Term Notes 24/1/2020 253,266 0.03 Notes 24/5/2021 544,992 0.06 €700,000 Santander Consumer Finance 1.45% Senior Notes €550,000 Roche 5.625% Guaranteed European Medium Term 29/1/2016 513,369 0.06 Notes 4/3/2016 421,411 0.05 €1,300,000 Santander International Debt 4.625% Guaranteed €200,000 Roche 6.5% Guaranteed European Medium Term Bonds 21/3/2016 986,143 0.11 Bonds 4/3/2021 197,039 0.02 €150,000 SAP 1.125% European Medium Term Notes 20/2/2023 112,523 0.01 €400,000 Roche Finance Europe 2% Guaranteed European €525,000 SAP 1.75% European Medium Term Notes 22/2/2027 406,779 0.05 Medium Term Notes 25/6/2018 307,766 0.04 €300,000 Scentre 3.25% European Medium Term Notes 11/9/2023 255,298 0.03 €100,000 Rolls Royce 2.125% Guaranteed European Medium Term €250,000 Scentre Management 2.25% European Medium Term Notes 18/6/2021 78,959 0.01 Notes 16/7/2024 197,737 0.02 €800,000 Royal Bank of Scotland 1.5% Senior European Medium €500,000 Schneider Electric 2.5% Senior European Medium Term Term Notes 28/11/2016 591,319 0.07 Notes 6/9/2021 407,643 0.05 €200,000 Royal Bank of Scotland 1.625% Senior European €150,000 Schneider Electric 4% Senior European Medium Term Medium Term Notes 25/6/2019 149,586 0.02 Bonds 11/8/2017 118,885 0.01 €250,000 Royal Bank of Scotland 4.75% Senior European Notes €200,000 Securitas 2.25% Senior European Medium Term Notes 18/5/2016 191,118 0.02 14/3/2018 152,899 0.02 €100,000 Royal Bank of Scotland 5.375% Senior European €100,000 SES 4.625% Guaranteed European Medium Term Bonds Medium Term Notes 30/9/2019 88,302 0.01 9/3/2020 86,740 0.01 €100,000 Royal Bank of Scotland 5.5% Senior European Medium €142,000 SES 4.75% Guaranteed European Medium Term Bonds Term Notes 23/3/2020 90,077 0.01 11/3/2021 127,038 0.01 €100,000 RWE Finance 5.125% Guaranteed European Medium €100,000 Severn Trent 5.25% Guaranteed European Medium Term Term Bonds 23/7/2018 84,366 0.01 Notes 11/3/2016 76,249 0.01 €300,000 RWE Finance 6.25% Guaranteed European Medium €300,000 SGSP Australia Assets 2% European Medium Term Term Notes 20/4/2016 232,762 0.03 Notes 30/6/2022 230,041 0.03 €250,000 RWE Finance 6.5% Guaranteed European Medium €200,000 Shell International Finance 1.625% Guaranteed Term Bonds 10/8/2021 246,653 0.03 European Medium Term Notes 24/3/2021 154,482 0.02 €250,000 RWE Finance 6.625% Guaranteed European Medium €250,000 Shell International Finance 2.5% Guaranteed European Term Bonds 31/1/2019 224,728 0.03 Medium Term Notes 24/3/2026 209,083 0.02 €400,000 Saint-Gobain 4% Senior European Medium Term Notes €300,000 Shell International Finance 4.375% Guaranteed Bonds 8/10/2018 326,869 0.04 14/5/2018 247,084 0.03 €200,000 Saint-Gobain 4.5% European Medium Term Notes €300,000 Shell International Finance 4.5% Guaranteed Medium 30/9/2019 170,848 0.02 Term Notes 9/2/2016 226,859 0.03 €250,000 Saint-Gobain 4.75% Guaranteed Senior European €500,000 Siemens Financieringsmaatschappij 1.5% Guaranteed Medium Term Bonds 11/4/2017 198,233 0.02 European Medium Term Notes 10/3/2020 384,599 0.04 €125,000 Sampo 1.5% European Medium Term Notes 16/9/2021 93,960 0.01 €400,000 Siemens Financieringsmaatschappij 1.75% Guaranteed €200,000 Sanofi 1% European Medium Term Notes 14/11/2017 148,643 0.02 European Medium Term Notes 12/3/2021 313,852 0.04 €400,000 Sanofi 1.125% European Medium Term Notes 10/3/2022 301,836 0.03 €200,000 Siemens Financieringsmaatschappij 5.125% Medium €500,000 Sanofi 1.75% European Medium Term Notes 10/9/2026 391,121 0.04 Term Notes 20/2/2017 159,402 0.02

481 BlackRock Collective Investment Funds 482 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €300,000 Siemens Financieringsmaatschappij 5.625% €200,000 Société Générale 4% Subordinated European Medium Guaranteed European Medium Term Notes 11/6/2018 256,444 0.03 Term Notes 7/6/2023 165,989 0.02 €100,000 Simon Property 2.375% Senior Notes 2/10/2020 79,304 0.01 €150,000 Société Générale 6.125% Subordinated European €400,000 Skandinaviska Enskilda Banken 2% Senior European Medium Term Notes 20/8/2018 128,928 0.01 Medium Term Notes 18/3/2019 308,956 0.04 €100,000 Sodexo 2.5% Senior Notes 24/6/2026 82,632 0.01 €400,000 Skandinaviska Enskilda Banken 2.5% Bonds 28/5/2026 305,676 0.03 €150,000 Solvay 5% Guaranteed Senior Notes 12/6/2015 110,307 0.01 €500,000 Skandinaviska Enskilda Banken 3.875% Senior €100,000 SpareBank 2% European Medium Term Notes 14/5/2018 75,940 0.01 European Medium Term Notes 12/4/2017 390,931 0.04 €200,000 SpareBank 2.125% European Medium Term Notes €100,000 SKF 1.875% Guaranteed Senior Notes 11/9/2019 76,869 0.01 3/2/2020 155,236 0.02 €100,000 SKF 2.375% Senior Notes 29/10/2020 79,133 0.01 €500,000 SpareBank 2.125% European Medium Term Notes €100,000 SKF 3.875% Guaranteed Notes 25/5/2018 80,573 0.01 14/4/2021 388,990 0.04 €175,000 Sky 1.5% European Medium Term Notes 15/9/2021 130,160 0.01 €100,000 SpareBank 2.125% Senior European Medium Term €500,000 Sky 1.875% European Medium Term Notes 24/11/2023 384,462 0.04 Notes 21/2/2018 76,183 0.01 €450,000 Sky 2.5% European Medium Term Notes 15/9/2026 363,559 0.04 €50,000 SpareBank 3.5% Guaranteed Senior Notes 21/4/2016 37,658 0.00 €100,000 Smiths 4.125% Guaranteed Notes 5/5/2017 77,869 0.01 €100,000 SSE 2% Senior European Medium Term Notes €100,000 Snam 2.375% Senior European Medium Term Notes 17/6/2020 77,689 0.01 30/6/2017 75,896 0.01 €100,000 SSE 2.375% Subordinated Bonds 29/12/2049 73,362 0.01 €250,000 Snam 3.25% Senior European Medium Term Notes €400,000 Standard Chartered 1.625% European Medium Term 22/1/2024 213,102 0.02 Notes 13/6/2021 305,501 0.03 €100,000 Snam 3.375% Senior European Medium Term Notes €400,000 Standard Chartered 1.75% Senior European Medium 29/1/2021 82,922 0.01 Term Notes 29/10/2017 301,511 0.03 €400,000 Snam 3.875% European Medium Term Notes 19/3/2018 319,671 0.04 €300,000 Standard Chartered 3.625% Subordinated European €304,000 Snam 5% Senior European Medium Term Notes Medium Term Notes 23/11/2022 241,515 0.03 18/1/2019 257,930 0.03 €250,000 Standard Chartered 3.875% Senior Notes 20/10/2016 192,190 0.02 €200,000 Snam 5.25% European Medium Bonds 19/9/2022 189,276 0.02 €100,000 Standard Chartered 4.125% Senior European Medium €100,000 Societa Iniziative Autostradali e Servizi 3.375% Senior Term Notes 18/1/2019 82,835 0.01 European Medium Term Notes 13/2/2024 84,682 0.01 €250,000 Standard Chartered 5.875% Subordinated European €500,000 Societe Des Autoroutes 1.875% European Medium Term Medium Term Notes 26/9/2017 204,856 0.02 Notes 15/1/2025 386,800 0.04 €100,000 Suez Environnement 2.75% Senior European Medium €400,000 Societe Fonciere Lyonnaise 1.875% Bonds 26/11/2021 299,073 0.03 Term Notes 9/10/2023 83,931 0.01 €500,000 Société Générale 2.25% Senior European Medium Term €200,000 Suez Environnement 4.078% Senior European Medium Notes 23/1/2020 393,958 0.04 Term Bonds 17/5/2021 176,046 0.02 €500,000 Société Générale 2.375% European Medium Term Notes €250,000 Suez Environnement 6.25% European Medium Term 13/7/2015 365,825 0.04 Notes 8/4/2019 225,332 0.03 €400,000 Société Générale 2.375% European Medium Term Notes €225,000 Sumitomo Mitsui Banking 1% Bonds 19/1/2022 163,896 0.02 28/2/2018 307,563 0.04 €250,000 Svenska Cellulosa 0.5% European Medium Term Notes €300,000 Société Générale 2.625% Subordinated Medium Term 5/3/2020 181,284 0.02 Notes 27/2/2025 220,815 0.03 €150,000 Svenska Cellulosa 1.125% Senior Bonds 5/3/2025 108,364 0.01 €100,000 Société Générale 3.75% European Medium Term Notes €300,000 Svenska Cellulosa 2.5% Senior European Medium Term 1/3/2017 77,624 0.01 Notes 9/6/2023 245,694 0.03 €300,000 Société Générale 4% Senior European Medium Term €400,000 Svenska Handelsbanken 2.25% Senior European Notes 20/4/2016 227,123 0.03 Medium Term Notes 14/6/2018 309,421 0.04

483 BlackRock Collective Investment Funds 484 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €100,000 Svenska Handelsbanken 2.25% Senior European €300,000 TeliaSonera 3.625% Senior European Medium Term Medium Term Notes 27/8/2020 79,329 0.01 Notes 14/2/2024 266,697 0.03 €250,000 Svenska Handelsbanken 3.375% Senior European €150,000 TeliaSonera 3.875% Senior European Medium Term Medium Term Notes 17/7/2017 195,311 0.02 Bonds 1/10/2025 138,152 0.02 €250,000 Svenska Handelsbanken 4.375% European Medium €200,000 TeliaSonera 4% Senior European Medium Term Bonds Term Bonds 20/10/2021 225,704 0.03 22/3/2022 177,365 0.02 €150,000 Swedbank 1.5% Senior European Medium Term Notes €100,000 Telstra 2.5% Guaranteed European Medium Term Notes 18/3/2019 114,106 0.01 15/9/2023 82,473 0.01 €400,000 Swedbank 1.75% Senior European Medium Term Notes €300,000 Telstra 3.5% Senior European Medium Term Bonds 18/6/2015 291,685 0.03 21/9/2022 261,002 0.03 €300,000 Sydney Airport Finance 2.75% Senior European Medium €200,000 Telstra 4.25% Guaranteed Senior European Medium Term Notes 23/4/2024 244,147 0.03 Term Bonds 23/3/2020 172,630 0.02 €200,000 Syngenta Finance 1.875% Guaranteed European €600,000 Telstra 4.75% Guaranteed European Medium Term Medium Term Notes 2/11/2021 156,376 0.02 Notes 21/3/2017 475,907 0.05 €100,000 Talanx 2.5% Senior Notes 23/7/2026 81,623 0.01 €100,000 Teollisuuden Voima 2.5% Senior European Medium Term €250,000 TDC 1.75% SEuropean Medium Term Notes 27/2/2027 181,359 0.02 Notes 17/3/2021 76,401 0.01 €100,000 TDC 4.375% Guaranteed Senior European Medium Term €100,000 Terna 2.875% European Medium Term Notes 16/2/2018 77,718 0.01 Notes 23/2/2018 80,875 0.01 €250,000 Terna 4.75% European Medium Term Bonds 15/3/2021 224,632 0.03 €500,000 Telefonica Emisiones 2.242% Guaranteed European €400,000 Terna 4.875% 3/10/2019 346,262 0.04 Medium Term Notes 27/5/2022 396,139 0.05 €100,000 Terna 4.9% Guaranteed Senior Bonds 28/10/2024 96,908 0.01 €200,000 Telefonica Emisiones 2.736% Guaranteed European €150,000 Teva Pharmaceutical 2.875% Guaranteed European Medium Term Notes 29/5/2019 158,673 0.02 Medium Term Notes 15/4/2019 119,429 0.01 €700,000 Telefonica Emisiones 2.932% European Medium Term €100,000 Thales 1.625% Senior European Medium Term Notes Notes 17/10/2029 587,892 0.07 20/3/2018 75,367 0.01 €250,000 Telefonica Emisiones 3.661% Guaranteed European €200,000 Thermo Fisher Scientific 2% Bonds 15/4/2025 154,236 0.02 Medium Term Notes 18/9/2017 196,527 0.02 €475,000 Total 2.25% Subordinated Bonds 29/12/2049 349,879 0.04 €100,000 Telefonica Emisiones 3.961% European Medium Term €450,000 Total 2.625% Subordinated Bonds 29/12/2049 332,160 0.04 Notes 26/3/2021 86,365 0.01 €700,000 Total Capital 1.875% European Medium Term Notes €500,000 Telefonica Emisiones 3.987% European Medium Term 9/7/2020 545,536 0.06 Bonds 23/1/2023 443,932 0.05 €300,000 Total Capital 2.875% Guaranteed European Medium €400,000 Telefonica Emisiones 4.693% Guaranteed Notes Term Notes 19/11/2025 257,278 0.03 11/11/2019 345,668 0.04 €50,000 Total Capital 3.125% Guaranteed European Medium €400,000 Telefonica Emisiones 4.797% Guaranteed European Term Bonds 16/9/2022 42,575 0.00 Medium Term Notes 21/2/2018 327,972 0.04 €300,000 Total Capital 4.875% Guaranteed European Medium €350,000 Telekom 6.375% Guaranteed Notes 29/1/2016 268,202 0.03 Term Notes 28/1/2019 257,453 0.03 €100,000 Telekom Finanzmanagement 3.125% Guaranteed €500,000 Total Capital Canada 2.125% European Medium Term European Medium Term Notes 3/12/2021 83,479 0.01 Notes 18/9/2029 399,093 0.05 €500,000 TeliaSonera 1.375% Senior European Medium Term €200,000 Total Capital International 1.375% European Medium Notes 18/2/2019 378,379 0.04 Term Notes 19/3/2025 149,955 0.02 €175,000 TeliaSonera 1.625% European Medium Term Notes €300,000 Total Capital International 2.5% European Medium Term 23/2/2035 124,296 0.01 Notes 25/3/2026 249,171 0.03

485 BlackRock Collective Investment Funds 486 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €600,000 Toyota Motor Credit 1.25% Guaranteed Senior European €425,000 Unione di Banche Italiane 2.875% Senior European Medium Term Notes 1/8/2017 447,379 0.05 Medium Term Notes 18/2/2019 330,845 0.04 €100,000 Toyota Motor Credit 2.375% Guaranteed Senior €100,000 United Utilities Water 4.25% Guaranteed Senior European Medium Term Notes 1/2/2023 82,058 0.01 European Medium Term Bonds 24/1/2020 85,288 0.01 €200,000 Toyota Motor Credit 6.625% Guaranteed Senior €250,000 Vale 3.75% European Medium Term Bonds 10/1/2023 199,594 0.02 European Medium Term Notes 3/2/2016 153,898 0.02 €100,000 Valeo 3.25% Senior European Medium Term Notes €150,000 Transurban Finance 1.875% European Medium Term 22/1/2024 85,960 0.01 Notes 16/9/2024 114,555 0.01 €100,000 Valeo 4.875% Guaranteed Senior European Medium €400,000 Turkiye Garanti Bankasi 3.375% Bonds 8/7/2019 297,576 0.03 Term Notes 11/5/2018 82,565 0.01 €100,000 TVO 4.625% Senior European Medium Term Notes €500,000 Vallourec 2.25% Bonds 30/9/2024 367,170 0.04 4/2/2019 81,819 0.01 €300,000 Veolia Environnement 4.247% Senior European Medium €225,000 Tyco 1.1% Bonds 1/3/2023 163,639 0.02 Term Notes 6/1/2021 263,115 0.03 €275,000 Tyco International Finance 1.375% Guaranteed Senior €100,000 Veolia Environnement 4.625% Senior European Medium Bonds 25/2/2025 199,071 0.02 Term Bonds 30/3/2027 97,983 0.01 €400,000 UBS 1.25% European Medium Term Notes 3/9/2021 302,281 0.03 €200,000 Veolia Environnement 5.125% Guaranteed Senior €450,000 UBS London 6% Guaranteed Senior European Medium European Medium Term Bonds 24/5/2022 188,503 0.02 Term Notes 18/4/2018 384,705 0.04 €250,000 Veolia Environnement 6.125% Senior European Medium €300,000 Unibail-Rodamco 2.25% European Medium Term Notes Term Notes 25/11/2033 301,268 0.03 1/8/2018 232,120 0.03 €300,000 Veolia Environnement 6.75% Senior European Medium €350,000 Unibail-Rodamco 2.375% Senior European Medium Term Notes 24/4/2019 274,655 0.03 Term Notes 25/2/2021 280,373 0.03 €150,000 Verizon Communications 2.375% Senior European €200,000 Unibail-Rodamco 2.5% Senior European Medium Term Medium Term Notes 17/2/2022 119,775 0.01 Notes 12/6/2023 164,899 0.02 €925,000 Verizon Communications 3.25% Senior European €125,000 Unibail-Rodamco 2.5% Senior European Medium Term Medium Term Notes 17/2/2026 804,759 0.09 Notes 26/2/2024 103,780 0.01 €125,000 Vienna 3.75% Bonds 2/3/2046 93,045 0.01 €650,000 Unibail-Rodamco 3.875% Guaranteed Senior European €400,000 Vier Gas Transport 2% Senior European Medium Term Medium Term Bonds 5/11/2020 560,437 0.06 Notes 12/6/2020 311,710 0.04 €500,000 UniCredit 2.25% Senior European Medium Term Notes €150,000 Vier Gas Transport GMBH 2.875% Senior European 16/12/2016 373,022 0.04 Medium Term Notes 12/6/2025 127,014 0.01 €400,000 UniCredit 3.25% Senior European Medium Term Notes €100,000 Vinci 3.375% Senior European Medium Term Notes 14/1/2021 326,071 0.04 30/3/2020 82,755 0.01 €150,000 UniCredit 3.625% Senior European Medium Term Notes €100,000 Vinci 4.125% European Medium Term Notes 20/2/2017 78,078 0.01 24/1/2019 120,268 0.01 €650,000 Vivendi 4% Guaranteed European Medium Term Notes €400,000 UniCredit 4.875% European Medium Term Notes 31/3/2017 508,895 0.06 7/3/2017 314,343 0.04 €300,000 Vodafone 4.65% Senior European Medium Term Bonds €500,000 UniCredit Bank Austria 2.5% Senior European Medium 20/1/2022 273,215 0.03 Term Notes 27/5/2019 380,079 0.04 €500,000 Vodafone 5% European Medium Term Notes 4/6/2018 417,767 0.05 €150,000 Unilever 0.5% Bonds 3/2/2022 108,509 0.01 €350,000 Vodafone 6.25% Guaranteed Senior European Medium €100,000 Unilever 1.75% Guaranteed European Medium Term Term Notes 15/1/2016 267,471 0.03 Notes 5/8/2020 77,968 0.01 €200,000 Vodafone Group 1.875% European Medium Term Notes €100,000 Unilever 3.375% Guaranteed European Medium Term 11/9/2025 152,939 0.02 Notes 29/9/2015 73,965 0.01

487 BlackRock Collective Investment Funds 488 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €500,000 Volkswagen International Finance 0.875% European €125,000 WP Carey 2% Bonds 20/1/2023 92,491 0.01 Medium Term Notes 16/1/2023 366,563 0.04 €150,000 WPP Finance 2.25% European Medium Term Notes €250,000 Volkswagen International Finance 1.625% European 22/9/2026 119,242 0.01 Medium Term Notes 16/1/2030 188,353 0.02 €100,000 WPP Finance 2013 3% Guaranteed European Medium €400,000 Volkswagen International Finance 1.875% Guaranteed Term Notes 20/11/2023 85,008 0.01 European Medium Term Notes 15/5/2017 300,827 0.03 €50,000 Wuerth Finance 1.75% Guaranteed European Medium €200,000 Volkswagen International Finance 3.25% European Term Notes 21/5/2020 38,873 0.00 Medium Term Notes 21/1/2019 161,504 0.02 €50,000 Wuerth Finance 3.75% Guaranteed Notes 25/5/2018 40,347 0.00 €600,000 Volkswagen Leasing 2.125% Guaranteed European €100,000 Yorkshire Building Society 2.125% Senior European Medium Term Notes 4/4/2022 479,634 0.05 Medium Term Notes 18/3/2019 76,269 0.01 €500,000 Volkswagen Leasing 2.375% Guaranteed European 188,041,841 21.60 Medium Term Notes 6/9/2022 407,280 0.05 €80,000 Volkswagen Leasing 2.625% Guaranteed Bonds Euro Denominated Variable Rate Corporate Bonds – 1.86%; 2014 2.23% 15/1/2024 66,709 0.01 €150,000 Achmea 6% Subordinated Floating Rate Notes 4/4/2043 131,732 0.01 €250,000 Volkswagen Leasing 2.75% Medium Term Notes €250,000 Aegon 4% Subordinated Floating Rate European 13/7/2015 183,152 0.02 Medium Term Notes 25/4/2044 202,996 0.02 €300,000 Volkswagen Leasing GBMH 3.375% Guaranteed €200,000 AIG 4.875% Subordinated Floating Rate Notes 15/3/2037 151,244 0.02 European Medium Term Notes 3/6/2016 226,426 0.03 €500,000 Allianz 4.75% Perpetual Subordinated Floating Rate €100,000 Volkswagen Leasing GMBH 1.5% Guaranteed European European Medium Term Notes 429,320 0.05 Medium Term Notes 15/9/2015 73,106 0.01 €300,000 Allianz 5.625% Guaranteed Subordinated Floating Rate €150,000 Volvo Treasury 2.375% European Medium Term Notes Bonds 17/10/2042 275,069 0.03 26/11/2019 117,441 0.01 €200,000 Allianz Finance 4.375% Guaranteed Perpetual €500,000 Votorantim Cimentos 3.25% Senior Notes 25/4/2021 369,422 0.04 Subordinated Floating Rate Bonds 154,416 0.02 €250,000 Votorantim Cimentos 5.25% Guaranteed Bonds €300,000 Allianz Finance 5.75% Guaranteed Floating Rate 28/4/2017 194,910 0.02 European Medium Term Bonds 8/7/2041 269,260 0.03 €275,000 Walgreens Boots Alliance 2.125% Bonds 20/11/2026 213,012 0.02 €300,000 Allianz SE 3.375% Perpetual Floating Rate Notes 235,833 0.03 €150,000 Wal-Mart Stores 4.875% Guaranteed Senior Bonds €200,000 America Movil 6.375% Subordinated Floating Rate 21/9/2029 162,123 0.02 Notes 6/9/2073 177,471 0.02 €100,000 Wells Fargo 2.25% Senior European Medium Term €350,000 America Movil B de 5.125% Variable Subordinate Notes Notes 2/5/2023 80,270 0.01 6/9/2073 277,234 0.03 €800,000 Wells Fargo 2.625% Senior European Medium Term €200,000 Aquarius Plus Investments 4.25% Floating Rate Notes 16/8/2022 657,395 0.08 European Medium Term Notes 2/10/2043 170,999 0.02 €300,000 Wells Fargo 4.125% Senior Notes 3/11/2016 232,066 0.03 €200,000 Assicurazioni Generali 7.75% Subordinated Floating €200,000 Wendel 4.375% Senior Notes 9/8/2017 158,064 0.02 Rate European Medium Term Bonds 12/12/2042 189,432 0.02 €300,000 Wendel 5.875% Senior Notes 17/9/2019 265,510 0.03 €100,000 Assicurazioni Generali 10.125% Floating Rate European €450,000 Westpac Securities 3.875% Guaranteed European Medium Term Bonds 10/7/2042 104,696 0.01 Medium Term Notes 20/3/2017 350,875 0.04 €100,000 Aviva 6.125% Subordinated Floating Rate European €100,000 Wolters Kluwer 2.5% Senior Notes 13/5/2024 81,600 0.01 Medium Term Notes 5/7/2043 93,083 0.01 €100,000 Wolters Kluwer 2.875% Senior Bonds 21/3/2023 83,561 0.01 €150,000 Aviva 6.875% Subordinated Floating Rate European €100,000 Wolters Kluwer 6.375% Guaranteed Senior Notes Medium Term Bonds 22/5/2038 128,136 0.01 10/4/2018 85,911 0.01 €325,000 AXA 3.875% Perpetual Subordinated Floating Rate European Medium Term Notes 259,844 0.03

489 BlackRock Collective Investment Funds 490 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €350,000 AXA 5.125% Subordinated Floating Rate European €100,000 GDF Suez 4.75% Perpetual Subordinated Floating Rate Medium Term Notes 4/7/2043 314,131 0.04 Notes 83,387 0.01 €350,000 AXA 5.25% Guaranteed Subordinated Floating Rate €300,000 GE Capital 4.625% Guaranteed Subordinated Floating European Medium Term Bonds 16/4/2040 297,703 0.03 Rate Bonds 15/9/2066 226,660 0.03 €350,000 Bayer 3% Subordinated Floating Rate European Medium €250,000 General Electric Capital 5.5% Subordinated Floating Term Notes 1/7/2075 269,958 0.03 Rate Notes 15/9/2067 197,822 0.02 €300,000 Bayer 3.75% Subordinated Floating Rate Notes 1/7/2074 240,927 0.03 €100,000 Hannover Finance 5.75% Guaranteed Floating Rate €500,000 BBVA Subordinated Capital 3.5% Guaranteed Floating Notes 14/9/2040 87,552 0.01 Rate Notes 11/4/2024 383,628 0.04 €300,000 HSBC Capital Funding 5.13% Guaranteed Perpetual €500,000 BNP Paribas 2.875% Subordinated Floating Rate Floating Rate Bonds 225,359 0.03 European Medium Term Notes 20/3/2026 382,153 0.04 €500,000 Hutchison Whampoa Europe Finance 13 3.75% €400,000 Citigroup 4.25% Guaranteed Subordinated Floating Guaranteed Perpetual Floating Rate Notes 376,960 0.04 Rate European Medium Term Bonds 25/2/2030 339,672 0.04 €400,000 ING Bank 3.5% Subordinated Floating Rate European €400,000 Cloverie Zurich Insurance 7.5% Floating Rate Notes Medium Term Notes 21/11/2023 311,511 0.04 24/7/2039 359,665 0.04 €300,000 ING Bank 3.625% Subordinated Floating Rate European €300,000 CNP Assurances 4.25% Subordinated Floating Rate Medium Term Notes 25/2/2026 240,255 0.03 Notes 5/6/2045 242,778 0.03 €100,000 Intesa Sanpaolo Vita SpA 4.75% Perpetual Variable Rate €100,000 CNP Assurances 4.75% Guaranteed Perpetual Bonds 79,427 0.01 Subordinated Floating Rate Bonds 76,041 0.01 €200,000 JP Morgan Chase 4.375% Guaranteed Subordinated €300,000 CNP Assurances 6% Guaranteed Subordinated Floating Floating Rate Bonds 30/11/2021 152,780 0.02 Rate European Medium Term Bonds 14/9/2040 261,286 0.03 €100,000 Linde Finance 7.375% Guaranteed Floating Rate Bonds €100,000 Danske Bank 3.875% Subordinated Floating Rate Notes 14/7/2066 78,858 0.01 4/10/2023 78,966 0.01 €400,000 Lloyds TSB 11.875% Subordinated Floating Rate €200,000 Delta Lloyd 4.375% Perpetual Subordinated Floating European Medium Term Bonds 16/12/2021 345,623 0.04 Rate European Medium Term Notes 146,611 0.02 €175,000 Merck 2.625% Variable Rate Bonds 12/12/2074 131,936 0.01 €100,000 Delta Lloyd Levensverzek 9% Guaranteed Subordinated €100,000 MUFG Capital Finance 2 4.85% Guaranteed Perpetual Floating Rate Bonds 29/8/2042 96,057 0.01 Floating Rate Notes 75,483 0.01 €200,000 Deutsche Annington Finance 4% Perpetual Variable €50,000 MUFG Capital Finance 4 5.271% Perpetual Subordinated Rate Bonds 154,231 0.02 Floating Rate Notes 38,558 0.00 €100,000 DNB Bank 3% Subordinated Floating Rate European €300,000 Munich Re 5.767% Guaranteed Subordinated Perpetual Medium Term Notes 26/9/2023 76,727 0.01 Floating Rate Bonds 240,111 0.03 €100,000 DNB Bank 4.75% Floating Rate European Medium Term €100,000 Munich Re 6% Floating Rate Bonds 26/5/2041 91,232 0.01 Notes 8/3/2022 77,929 0.01 €300,000 Munich Re 6.25% Subordinated Floating Rate European €400,000 ELM 5.252% Guaranteed Perpetual Floating Rate Bonds 304,834 0.03 Medium Term Bonds 26/5/2042 284,611 0.03 €100,000 ELM 5.849% Guaranteed Perpetual Floating Rate Notes 77,626 0.01 €400,000 Nationwide Building Society 4.125% Floating Rate Notes €200,000 GDF Suez 3% Perpetual Subordinated Floating Rate 20/3/2023 314,124 0.04 Notes 152,185 0.02 €400,000 NGG Finance 4.25% Guaranteed Floating Rate Bonds €100,000 GDF Suez 3.875% Perpetual Subordinated Floating Rate 18/6/2076 320,090 0.04 Notes 77,733 0.01 €200,000 NN 4.5% Perpetual Subordinated Floating Rate Notes 159,675 0.02 €200,000 GDF Suez 3.875% Perpetual Subordinated Variable Rate €250,000 NN 4.625% Subordinated Floating Rate Notes 8/4/2044 206,852 0.02 Notes 159,893 0.02 €300,000 Nordea Bank 4.625% Subordinated Floating Rate European Medium Term Notes 15/2/2022 233,873 0.03

491 BlackRock Collective Investment Funds 492 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €100,000 OMV 6.75% Guaranteed Perpetual Subordinated JAPANESE YEN – 2.27%; 2014 2.80% Floating Rate European Medium Term Bonds 81,652 0.01 Japanese Yen Denominated Fixed Rate Corporate Bonds – 0.64%; 2014 1.08% €125,000 Orange 5% Perpetual Floating Rate European Medium ¥285,000,000 Bank Nederlandse Gemeenten 1.85% Guaranteed Term Notes 105,437 0.01 Senior European Medium Term Bonds 7/11/2016 1,580,138 0.18 €400,000 Orange 5.25% Perpetual Subordinated Floating Rate ¥100,000,000 Citigroup 2.38% Bonds 22/6/2017 566,365 0.06 Notes 341,182 0.04 ¥105,000,000 KFW 2.6% Guaranteed Bonds 20/6/2037 736,863 0.08 €600,000 Rabobank Nederland 2.5% Subordinated Floating Rate ¥80,000,000 Pfizer 1.8% Guaranteed Senior Notes 22/2/2016 439,265 0.05 Notes 26/5/2026 453,547 0.05 ¥100,000,000 Posco 1.35% Senior Notes 11/12/2018 551,697 0.06 €100,000 Santos Finance 8.25% Guaranteed Floating Rate ¥100,000,000 Rabobank Nederland 0.434% Bonds 22/5/2019 543,267 0.06 European Medium Term Bonds 22/9/2070 79,220 0.01 ¥240,000,000 Rabobank Nederland 1.85% Guaranteed Senior €100,000 Siemens Financieringsmaatschappij 5.25% Floating European Medium Term Bonds 12/4/2017 1,342,089 0.15 Rate Guaranteed Subordinated Notes 14/9/2066 77,207 0.01 €500,000 Snam 3.5% European Medium Term Notes 13/2/2020 410,963 0.05 5,759,684 0.64 €300,000 Sogecap 4.125% Perpetual Variable Rate Bonds 226,312 0.03 Japanese Yen Denominated Fixed Rate Government Bonds – 1.60%; 2014 1.72% €100,000 Solvay Finance 5.425% Guaranteed Perpetual Floating ¥310,000,000 Japan (Government) 0.2% Bonds 20/12/2017 1,686,839 0.19 Rate Notes 84,011 0.01 ¥150,000,000 Japan (Government) 0.6% Bonds 20/3/2024 835,451 0.10 €100,000 Standard Chartered 4% Subordinated Floating Rate ¥250,000,000 Japan (Government) 1% Bonds 20/9/2020 1,423,318 0.16 European Medium Term Notes 21/10/2025 79,997 0.01 ¥100,000,000 Japan (Government) 1.1% Bonds 20/9/2021 576,996 0.07 €200,000 Suez Environnement 3% Perpetual Subordinated ¥250,000,000 Japan (Government) 1.2% Bonds 20/6/2015 1,358,048 0.16 Floating Rate Notes 150,949 0.02 ¥200,000,000 Japan (Government) 1.4% Bonds 20/9/2019 1,148,223 0.13 €300,000 Svenska Handelsbanken 2.656% Subordinated Floating ¥400,000,000 Japan (Government) 1.5% Bonds 20/12/2017 2,255,352 0.26 Rate Notes 15/1/2024 229,030 0.03 ¥300,000,000 Japan (Government) 1.7% Bonds 20/12/2016 1,673,293 0.19 €100,000 Swedbank 3% Variable Rate European Medium Term ¥150,000,000 Japan (Government) 1.9% Bonds 20/6/2017 847,184 0.10 Notes 5/12/2022 76,768 0.01 ¥320,000,000 Japan Finance Organization for Municipalities 1.9% €100,000 Talanx Finance 8.3673% Guaranteed Floating Rate Guaranteed Notes 22/6/2018 1,836,040 0.21 European Medium Term Bonds 15/6/2042 98,073 0.01 ¥50,000,000 Japan Finance Organization for Municipalities 2% €200,000 UNIQA Insurance 6.875% Subordinated Floating Rate Guaranteed Bonds 9/5/2016 276,905 0.03 European Medium Term Notes 31/7/2043 164,755 0.02 13,917,649 1.60 €300,000 Volkswagen International Finance 3.75% Guaranteed Perpetual Floating Rate Notes 237,766 0.03 Japanese Yen Denominated Variable Rate Corporate Bonds – 0.03%; 2014 0.00% €150,000 Volkswagen International Finance 3.875% Guaranteed ¥50,000,000 GE Capital 2% Senior Bonds 22/2/2017 280,051 0.03 Perpetual Floating Rate Notes 116,370 0.01 NEW ZEALAND DOLLAR – 0.02%; 2014 0.00% €445,000 Volkswagen International Finance 4.625% Guaranteed New Zealand Dollar Denominated Fixed Rate Corporate Bonds – 0.02%; 2014 0.00% Perpetual Floating Rate Notes 371,837 0.04 NZ$350,000 Citigroup 6.25% Senior Bonds 29/6/2017 178,368 0.02 €200,000 Volkswagen International Finance 5.125% Guaranteed Perpetual Floating Rate Notes 172,534 0.02 SINGAPORE DOLLAR – 0.02%; 2014 0.00% €250,000 Willow No.2 For Zurich I 3.375% Senior European Singapore Dollar Denominated Variable Rate Corporate Bonds – 0.02%; 2014 0.00% Medium Term Notes 27/6/2022 214,268 0.02 SG$250,000 DBS Bank 3.3% Subordinated Floating Rate Notes 16,096,116 1.86 21/2/2022 121,462 0.01 SG$250,000 United Overseas Bank 3.15% Subordinated Floating Rate European Medium Term Notes 11/7/2022 121,126 0.01 242,588 0.02

493 BlackRock Collective Investment Funds 494 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets SWISS FRANC – 0.78%; 2014 0.88% CHF 200,000 Total Capital 3.125% Guaranteed Bonds 29/9/2015 138,871 0.02 CHF 350,000 Toyota Motor Credit 2.875% European Medium Term Swiss Franc Denominated Fixed Rate Corporate Bonds – 0.75%; 2014 0.85% Bonds 20/9/2016 250,606 0.03 CHF 300,000 ABB 2.25% Senior Bonds 11/10/2021 228,327 0.03 CHF 550,000 UBS Jersey Branch 2.375% Guaranteed Subordinated CHF 250,000 ABN AMRO 2.375% Guaranteed Senior European Notes 30/6/2015 377,323 0.04 Medium Term Notes 2/2/2016 174,555 0.02 CHF 200,000 Zurich Insurance 1.5% European Medium Term Notes CHF 300,000 Adecco 1.875% Senior Bonds 18/12/2017 214,297 0.02 25/6/2019 143,429 0.02 CHF 500,000 Apple 0.375% Senior Bonds 25/11/2024 342,555 0.04 CHF 350,000 BMW (UK) Capital 2.125% Guaranteed European 6,606,686 0.75 Medium Term Notes 29/6/2015 240,832 0.03 Swiss Franc Denominated Variable Rate Corporate Bonds – 0.03%; 2014 0.03% CHF 300,000 GE Capital 2.25% Guaranteed Senior Notes 19/12/2016 214,394 0.02 CHF 200,000 Rabobank Nederland 5.5% Perpetual Subordinated CHF 400,000 GE Capital 2.875% Senior Bonds 27/2/2017 289,688 0.03 Floating Rate Notes 150,484 0.02 CHF 350,000 Glencore Finance Europe 1.25% European Medium CHF 100,000 Zurich Insurance 4.25% Subordinated Perpetual Term Notes 1/12/2020 247,223 0.03 Floating Rate European Medium Term Bonds 70,508 0.01 CHF 250,000 Glencore Finance Europe 3.625% European Medium 220,992 0.03 Term Notes 6/4/2016 177,521 0.02 CHF 200,000 Holcim 2.375% Senior European Medium Term Notes US DOLLAR – 68.36%; 2014 64.66% 7/6/2016 140,054 0.02 US Dollar Denominated Fixed Rate Corporate Bonds – 67.28%; 2014 63.48% CHF 300,000 HSBC Finance 3.25% Senior European Medium Term $700,000 21st Century Fox 4% Guaranteed Bonds 1/10/2023 486,936 0.06 Notes 14/7/2016 213,279 0.02 $250,000 21st Century Fox 4.5% Guaranteed Notes 15/2/2021 178,232 0.02 CHF 225,000 LGT Bank 1.5% Senior Notes 10/5/2021 163,389 0.02 $300,000 21st Century Fox 5.4% Guaranteed Notes 1/10/2043 237,566 0.03 CHF 300,000 Macquarie Bank 2.125% Senior European Medium Term $250,000 21st Century Fox 6.15% Guaranteed Bonds 1/3/2037 208,192 0.02 Notes 29/11/2018 218,706 0.02 $150,000 21st Century Fox 6.15% Guaranteed Bonds 15/2/2041 127,017 0.01 CHF 600,000 National Australia Bank 1% Senior European Medium $450,000 21st Century Fox 6.2% Guaranteed Bonds 15/12/2034 375,896 0.04 Term Notes 17/4/2020 430,867 0.05 $350,000 21st Century Fox 6.9% Guaranteed Notes 1/3/2019 268,374 0.03 CHF 150,000 National Australia Bank 4.25% Senior European $150,000 21st Century Fox 6.9% Guaranteed Senior Bonds Medium Term Notes 24/6/2015 103,695 0.01 15/8/2039 135,509 0.02 CHF 300,000 New York Life Global 0.375% European Medium Term $150,000 21st Century Fox 7.75% Guaranteed Bonds 1/12/2045 148,352 0.02 Notes 2/2/2022 207,789 0.02 $300,000 21st Century Fox America 4.75% Bonds 15/9/2044 218,700 0.02 CHF 400,000 Nordea Bank 1.125% European Medium Term Notes $250,000 3M 2% Notes 26/6/2022 158,823 0.02 2/10/2020 288,046 0.03 $350,000 3M 3.875% Medium Term Notes 15/6/2044 241,391 0.03 CHF 300,000 Nordea Bank 1.5% Senior European Medium Term $200,000 ABB Finance USA 4.375% Guaranteed Bonds 8/5/2042 144,348 0.02 Notes 29/9/2017 213,388 0.02 $500,000 ABB Treasury Center 4% Senior European Medium Term CHF 400,000 Novartis 0.625% Bonds 13/11/2029 274,246 0.03 Notes 15/6/2021 351,598 0.04 CHF 200,000 Philip Morris International 2% Bonds 6/12/2021 149,196 0.02 $400,000 ABB Treasury Center USA 2.5% Senior Notes 15/6/2016 263,936 0.03 CHF 295,000 Rabobank Nederland 1.125% Bonds 8/4/2021 210,250 0.02 $300,000 Abbey National Treasury Services 4% Bonds 13/3/2024 209,027 0.02 CHF 300,000 Rabobank Nederland 3.625% Senior European Medium $450,000 Abbey National Treasury Services 4% Guaranteed Term Notes 2/7/2019 235,193 0.03 Notes 27/4/2016 301,027 0.03 CHF 300,000 Roche Kapitalmarkt 4.5% Guaranteed Notes 23/3/2017 224,113 0.03 $264,000 Abbott Laboratories 5.125% Senior Bonds 1/4/2019 192,298 0.02 CHF 250,000 Royal Bank of Canada 0.75% Senior European Medium $250,000 Abbott Laboratories 5.3% Guaranteed Senior Bonds Term Notes 23/10/2018 174,684 0.02 27/5/2040 202,343 0.02 CHF 450,000 Teva Pharmaceutical 1.5% Guaranteed Notes $1,350,000 AbbVie 1.75% Senior Bonds 6/11/2017 880,433 0.10 25/10/2018 320,170 0.04 $700,000 AbbVie 2% Senior Bonds 6/11/2018 454,813 0.05

495 BlackRock Collective Investment Funds 496 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $200,000 AbbVie 2.9% Senior Notes 6/11/2022 129,487 0.01 $1,000,000 Alibaba 2.5% Bonds 28/11/2019 642,786 0.07 $600,000 AbbVie 4.4% Senior Bonds 6/11/2042 408,185 0.05 $400,000 Alibaba 4.5% Bonds 28/11/2034 264,416 0.03 $200,000 Abengoa Transmision Sur 6.875% Senior Notes $450,000 Alibaba Group Holding 3.125% Senior Bonds 28/11/2021 292,833 0.03 30/4/2043 145,205 0.02 $200,000 Alleghany 4.95% Senior Bonds 27/6/2022 143,846 0.02 $1,250,000 ABN AMRO 2.5% Senior Notes 30/10/2018 822,305 0.09 $500,000 Allergan 3.375% Senior Notes 15/9/2020 331,344 0.04 $350,000 ACE Ina 2.6% Guaranteed Notes 23/11/2015 229,725 0.03 $500,000 Allstate 4.5% Senior Notes 15/6/2043 367,559 0.04 $200,000 ACE Ina 4.15% Guaranteed Bonds 13/3/2043 138,746 0.02 $100,000 Allstate 5.2% Senior Bonds 15/1/2042 78,991 0.01 $150,000 ACE Ina 5.8% Guaranteed Bonds 15/3/2018 109,343 0.01 $400,000 Altera 2.5% Senior Notes 15/11/2018 264,933 0.03 $500,000 Actavis 1.875% Guaranteed Senior Notes 1/10/2017 323,025 0.04 $600,000 Altria 2.95% Bonds 2/5/2023 385,961 0.04 $200,000 Actavis 4.625% Guaranteed Senior Bonds 1/10/2042 128,950 0.01 $600,000 Altria 4% Guaranteed Bonds 31/1/2024 415,823 0.05 $500,000 Actavis Funding 3.85% Bonds 15/6/2024 330,436 0.04 $250,000 Altria 4.25% Bonds 9/8/2042 162,863 0.02 $300,000 Actavis Funding 4.85% Bonds 15/6/2044 200,140 0.02 $600,000 Altria 5.375% Guaranteed Bonds 31/1/2044 457,773 0.05 $500,000 Adobe Systems 3.25% Bonds 1/2/2025 325,902 0.04 $66,000 Altria 9.25% Guaranteed Bonds 6/8/2019 54,932 0.01 $300,000 Advance Auto Parts 5.75% Guaranteed Bonds 1/5/2020 218,665 0.02 $458,000 Altria 9.7% Guaranteed Notes 10/11/2018 381,235 0.04 $400,000 Aetna 2.75% Senior Notes 15/11/2022 259,323 0.03 $113,000 Altria 9.95% Guaranteed Bonds 10/11/2038 127,322 0.01 $150,000 Aetna 4.75% Bonds 15/3/2044 111,406 0.01 $500,000 Amazon 1.2% Guaranteed Senior Notes 29/11/2017 322,253 0.04 $150,000 Aetna 6.625% Guaranteed Senior Bonds 15/6/2036 131,660 0.01 $400,000 Amazon 4.8% Bonds 5/12/2034 279,072 0.03 $150,000 Aetna 6.75% Senior Bonds 15/12/2037 133,958 0.01 $350,000 Amazon 4.95% Bonds 5/12/2044 243,216 0.03 $150,000 Aflac 6.45% Guaranteed Senior Bonds 15/8/2040 129,187 0.01 $350,000 Amazon.com 3.3% Bonds 5/12/2021 235,046 0.03 $500,000 Aflac 8.5% Senior Notes 15/5/2019 408,388 0.05 $500,000 Ameren Illinois 3.25% Bonds 1/3/2025 336,272 0.04 $400,000 AGL Capital 5.875% Guaranteed Bonds 15/3/2041 334,248 0.04 $250,000 America Movil 2.375% Guaranteed Notes 8/9/2016 164,343 0.02 $250,000 Agrium 4.9% Senior Bonds 1/6/2043 177,598 0.02 $300,000 America Movil 3.125% Notes 16/7/2022 197,508 0.02 $100,000 Agrium 6.125% Senior Bonds 15/1/2041 80,701 0.01 $200,000 America Movil 4.375% Senior Bonds 16/7/2042 131,946 0.01 $200,000 AIA 1.75% Senior European Medium Term Notes $500,000 America Movil 6.125% Guaranteed Bonds 30/3/2040 408,289 0.05 13/3/2018 128,106 0.01 $250,000 America Movil 6.375% Guaranteed Bonds 1/3/2035 207,743 0.02 $300,000 AIA 4.875% Senior Notes 11/3/2044 224,183 0.03 $732,672 American Airlines 2013-2 Class A Pass Through Trust $700,000 AIG 4.875% Senior Notes 1/6/2022 517,614 0.06 4.95% Notes 15/7/2024 517,063 0.06 $200,000 AIG 5.45% Guaranteed Senior Bonds 18/5/2017 140,940 0.02 $300,000 American Electric Power 2.95% Senior Bonds $300,000 AIG 5.85% Senior Bonds 16/1/2018 217,616 0.02 15/12/2022 194,634 0.02 $100,000 AIG 6.25% Subordinated Debentures 15/3/2087 72,932 0.01 $500,000 American Express 1.55% Senior Notes 22/5/2018 323,208 0.04 $200,000 AIG 6.4% Bonds 15/12/2020 157,667 0.02 $202,000 American Express 4.05% Senior Bonds 3/12/2042 132,605 0.01 $500,000 Air Lease 3.75% Bonds 1/2/2022 328,503 0.04 $500,000 American Express 6.15% Guaranteed Senior Bonds $750,000 Air Lease 5.625% Senior Notes 1/4/2017 519,283 0.06 28/8/2017 360,512 0.04 $250,000 Air Products & Chemicals 3% Senior Bonds 3/11/2021 166,707 0.02 $750,000 American Express Credit 1.3% Senior Notes 29/7/2016 487,885 0.06 $400,000 Airvessel Finance 3.25% Notes 11/8/2019 259,073 0.03 $1,250,000 American Express Credit 1.55% Medium Term Notes $300,000 Akbank 5% Guaranteed Senior Notes 24/10/2022 197,328 0.02 22/9/2017 812,434 0.09 $150,000 Alabama Power 3.85% Guaranteed Senior Bonds $500,000 American Express Credit 2.125% Senior Notes 1/12/2042 100,892 0.01 18/3/2019 325,607 0.04 $300,000 Alabama Power 4.15% Bonds 15/8/2044 212,732 0.02 $300,000 American Express Credit 2.75% Senior Notes 15/9/2015 196,444 0.02 $150,000 Alabama Power 6.125% Senior Bonds 15/5/2038 132,970 0.01 $400,000 American Express FSB 6% Senior Bonds 13/9/2017 287,698 0.03 $750,000 Alexandria Real Estate Equities 2.75% Bonds 15/1/2020 484,431 0.06 $300,000 American Honda Finance 1% Bonds 11/8/2015 194,695 0.02 $400,000 Alfa 5.25% Senior Notes 25/3/2024 277,598 0.03 $600,000 American Honda Finance 1.5% Bonds 11/9/2017 391,242 0.04

497 BlackRock Collective Investment Funds 498 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $500,000 American Honda Finance 1.6% Senior Bonds 16/2/2018 325,379 0.04 $1,000,000 Anheuser-Busch InBev 1.25% Guaranteed Bonds $750,000 American Honda Finance 2.25% Medium Term Notes 17/1/2018 647,122 0.07 15/8/2019 493,775 0.06 $300,000 Anheuser-Busch InBev 3.75% Bonds 15/7/2042 185,526 0.02 $500,000 American Honda Finance 2.6% Senior Notes 20/9/2016 332,368 0.04 $400,000 Anheuser-Busch InBev 4% Guaranteed Bonds $1,450,000 American International 2.3% Senior Notes 16/7/2019 949,591 0.11 17/1/2043 255,475 0.03 $500,000 American International 4.5% Senior Notes 16/7/2044 346,193 0.04 $350,000 Anheuser-Busch InBev 4.625% Guaranteed Notes $200,000 American Tower 3.5% Guaranteed Senior Bonds 1/2/2044 244,963 0.03 31/1/2023 126,296 0.01 $800,000 Anheuser-Busch InBev 5.375% Senior Notes 15/1/2020 594,884 0.07 $250,000 American Tower 4.5% Guaranteed Senior Notes $300,000 Anheuser-Busch InBev 6.45% Guaranteed Bonds 15/1/2018 172,491 0.02 1/9/2037 254,305 0.03 $250,000 American Tower 4.7% Senior Bonds 15/3/2022 172,821 0.02 $500,000 Anheuser-Busch InBev 6.875% Guaranteed Notes $500,000 American Tower 5% Senior Notes 15/2/2024 352,962 0.04 15/11/2019 390,762 0.04 $300,000 American Transmission Systems 5% Bonds 1/9/2044 222,161 0.03 $250,000 Anheuser-Busch InBev 7.75% Guaranteed Notes $350,000 American Water Capital 4.3% Senior Notes 1/12/2042 246,467 0.03 15/1/2019 195,685 0.02 $500,000 Ameriprise Financial 4% Bonds 15/10/2023 347,634 0.04 $200,000 Anheuser-Busch InBev 8.2% Guaranteed Bonds $200,000 Ameriprise Financial 5.3% Senior Bonds 15/3/2020 148,291 0.02 15/1/2039 200,620 0.02 $300,000 AmerisourceBergen 3.5% Guaranteed Bonds 15/11/2021 203,613 0.02 $400,000 Anthem 5.1% Bonds 15/1/2044 300,538 0.03 $350,000 Amgen 2.125% Senior Notes 15/5/2017 230,667 0.03 $150,000 Anthem 6.375% Senior Bonds 15/6/2037 126,770 0.01 $1,000,000 Amgen 2.2% Senior Notes 22/5/2019 650,913 0.07 $250,000 ANZ International 3.125% Senior Notes 10/8/2015 163,699 0.02 $750,000 Amgen 3.45% Senior Notes 1/10/2020 513,446 0.06 $300,000 Aon 4.6% Guaranteed Bonds 14/6/2044 207,137 0.02 $400,000 Amgen 3.875% Senior Bonds 15/11/2021 277,780 0.03 $250,000 Aon 5% Guaranteed Senior Bonds 30/9/2020 182,685 0.02 $250,000 Amgen 4.95% Senior Notes 1/10/2041 181,273 0.02 $150,000 Aon 6.25% Guaranteed Senior Bonds 30/9/2040 126,194 0.01 $300,000 Amgen 5.15% Senior Bonds 15/11/2041 222,968 0.03 $650,000 Apache 3.25% Senior Bonds 15/4/2022 424,954 0.05 $300,000 Amgen 5.375% Bonds 15/5/2043 231,852 0.03 $450,000 Apache 4.75% Senior Bonds 15/4/2043 305,072 0.03 $200,000 Amgen 5.65% Guaranteed Senior Bonds 15/6/2042 159,454 0.02 $150,000 Apache 5.1% Senior Bonds 1/9/2040 103,573 0.01 $350,000 Amgen 6.4% Guaranteed Senior Bonds 1/2/2039 294,725 0.03 $450,000 Apache 5.25% Senior Bonds 1/2/2042 318,878 0.04 $200,000 Amgen 6.9% Senior Bonds 1/6/2038 175,312 0.02 $150,000 Apache 5.625% Guaranteed Senior Notes 15/1/2017 104,505 0.01 $500,000 Amphenol 2.55% Senior Notes 30/1/2019 329,821 0.04 $300,000 Apollo Management 4% Guaranteed Bonds 30/5/2024 198,459 0.02 $300,000 Anadarko Petroleum 3.45% Bonds 15/7/2024 196,833 0.02 $300,000 Appalachi 7% Bonds 1/4/2038 277,670 0.03 $400,000 Anadarko Petroleum 4.5% Senior Notes 15/7/2044 266,113 0.03 $250,000 Appalachian Power 4.6% Senior Bonds 30/3/2021 181,090 0.02 $300,000 Anadarko Petroleum 6.375% Guaranteed Senior Notes $1,250,000 Apple 1% Senior European Medium Term Notes 15/9/2017 217,287 0.02 3/5/2018 802,405 0.09 $650,000 Anadarko Petroleum 6.45% Senior Bonds 15/9/2036 536,477 0.06 $700,000 Apple 2.1% Bonds 6/5/2019 461,880 0.05 $200,000 Anadarko Petroleum 6.95% Senior Bonds 15/6/2019 151,248 0.02 $200,000 Apple 2.15% Bonds 9/2/2022 127,755 0.01 $400,000 Anglo American Capital 2.625% Guaranteed Notes $1,000,000 Apple 2.4% Bonds 3/5/2023 641,294 0.07 3/4/2017 261,036 0.03 $300,000 Apple 2.5% Bonds 9/2/2025 190,566 0.02 $500,000 Anglo American Capital 2.625% Guaranteed Notes $400,000 Apple 3.45% Bonds 9/2/2045 244,571 0.03 27/9/2017 325,824 0.04 $700,000 Apple 3.45% Senior Notes 6/5/2024 482,596 0.06 $250,000 Anheuser-Busch InBev 0.8% Guaranteed Bonds $500,000 Apple 3.85% Bonds 4/5/2043 326,977 0.04 15/1/2016 162,226 0.02 $300,000 Apple 4.45% Senior Notes 6/5/2044 215,767 0.02 $500,000 Anheuser-Busch InBev 0.8% Guaranteed Notes $150,000 Applied Materials 5.85% Senior Bonds 15/6/2041 118,019 0.01 15/7/2015 324,017 0.04 $250,000 Arch Capital US 5.144% Guaranteed Notes 1/11/2043 186,535 0.02

499 BlackRock Collective Investment Funds 500 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $200,000 Archer Daniels Midland 4.016% Senior Bonds 16/4/2043 132,342 0.01 $500,000 Avalonbay Communications 2.95% Bonds 15/9/2022 321,024 0.04 $100,000 Archer Daniels Midland 4.535% Senior Bonds 26/3/2042 73,677 0.01 $500,000 Axis Bank 5.125% European Medium Term Notes $150,000 Archer Daniels Midland 5.45% Guaranteed Senior 5/9/2017 345,578 0.04 Bonds 15/3/2018 108,632 0.01 $500,000 Azure Orbit II International Finance 3.375% Guaranteed $100,000 Archer Daniels Midland 5.765% Bonds 1/3/2041 83,898 0.01 European Medium Term Notes 25/4/2019 329,151 0.04 $200,000 Arizona Public Service 4.5% Senior Bonds 1/4/2042 145,642 0.02 $300,000 BAE Systems 3.5% Senior Notes 11/10/2016 200,723 0.02 $150,000 Arrow Electronics 4% Notes 1/4/2025 96,567 0.01 $200,000 BAE Systems 5.8% Senior Bonds 11/10/2041 160,043 0.02 $200,000 Asciano Finance 5% Guaranteed Notes 7/4/2018 139,091 0.02 $100,000 BAE Systems 6.375% Guaranteed Notes 1/6/2019 74,879 0.01 $350,000 Associates Corporation of North America 6.95% Senior $400,000 Baidu 2.75% Bonds 9/6/2019 259,106 0.03 Bonds 1/11/2018 264,646 0.03 $500,000 Baidu 3.25% Senior Notes 6/8/2018 333,182 0.04 $400,000 Assurant 2.5% Senior Bonds 15/3/2018 262,179 0.03 $350,000 Baker Hughes 5.125% Guaranteed Senior Bonds $300,000 Assured Guaranty US 5% Notes 1/7/2024 208,838 0.02 15/9/2040 260,333 0.03 $200,000 AstraZeneca 1.95% Guaranteed Senior Notes 18/9/2019 130,542 0.01 $250,000 Baker Hughes 7.5% Senior Bonds 15/11/2018 191,971 0.02 $300,000 AstraZeneca 5.9% Senior Bonds 15/9/2017 217,582 0.02 $250,000 Banco Bradesco (Cayman) 4.1% Guaranteed Senior $600,000 AstraZeneca 6.45% Senior Bonds 15/9/2037 534,465 0.06 Notes 23/3/2015 161,868 0.02 $1,250,000 AT&T 0.9% Senior Notes 12/2/2016 808,826 0.09 $350,000 Banco Bradesco (Cayman) 4.5% Guaranteed Senior $900,000 AT&T 2.4% Senior Notes 15/8/2016 591,876 0.07 Notes 12/1/2017 236,670 0.03 $239,000 AT&T 2.5% Senior Notes 15/8/2015 155,937 0.02 $350,000 Banco Bradesco (Cayman) 5.9% Subordinated Bonds $1,000,000 AT&T 2.95% Senior Notes 15/5/2016 660,663 0.08 16/1/2021 240,776 0.03 $1,200,000 AT&T 3% Bonds 15/2/2022 768,913 0.09 $200,000 Banco BTG Pactual 4% Senior Bonds 16/1/2020 119,645 0.01 $1,000,000 AT&T 4.3% Senior Bonds 15/12/2042 606,350 0.07 $200,000 Banco de Bogota 5.375% Notes 19/2/2023 134,269 0.01 $650,000 AT&T 4.35% Senior Bonds 15/6/2045 397,700 0.05 $328,000 Banco de Credito del Peru 4.25% Senior Bonds 1/4/2023 218,186 0.02 $250,000 AT&T 4.45% Guaranteed Senior Bonds 15/5/2021 174,943 0.02 $400,000 Banco Inbursa SA Institucion de Banca Multiple 4.125% $350,000 AT&T 4.8% Senior Notes 15/6/2044 229,030 0.03 Bonds 6/6/2024 257,461 0.03 $850,000 AT&T 5.35% Guaranteed Senior Bonds 1/9/2040 585,982 0.07 $250,000 Banco Santander 4.125% Guaranteed Senior Notes $500,000 AT&T 5.5% Guaranteed Senior Bonds 1/2/2018 355,790 0.04 9/11/2022 166,171 0.02 $250,000 AT&T 5.55% Senior Bonds 15/8/2041 176,294 0.02 $300,000 Banco Santander Brasil 4.625% Senior Notes $350,000 AT&T 6.3% Senior Bonds 15/1/2038 266,717 0.03 13/2/2017 201,928 0.02 $350,000 AT&T 6.5% Guaranteed Senior Bonds 1/9/2037 272,805 0.03 $300,000 Banco Votorantim 7.375% Subordinated Notes $200,000 Atmos Energy 4.125% Bonds 15/10/2044 139,186 0.02 21/1/2020 205,384 0.02 $100,000 Atmos Energy 5.5% Guaranteed Senior Bonds 15/6/2041 82,598 0.01 $150,000 Bancolombia 5.95% Senior Notes 3/6/2021 107,011 0.01 $750,000 Australia & New Zealand Banking 0.9% Senior Notes $200,000 Bangkok Bank (HK) 4.8% Senior Bonds 18/10/2020 142,258 0.02 12/2/2016 487,133 0.06 $400,000 Bangkok Bank 3.875% Senior Bonds 27/9/2022 270,985 0.03 $1,250,000 Australia & New Zealand Banking 2.25% Senior Notes $1,500,000 Bank of America 1.5% Senior Notes 9/10/2015 974,146 0.11 13/6/2019 817,247 0.09 $800,000 Bank of America 2% Guaranteed Senior Notes $550,000 Australia & New Zealand Banking 3.25% Guaranteed 11/1/2018 520,848 0.06 Senior Notes 1/3/2016 364,928 0.04 $1,600,000 Bank of America 2.6% Senior Notes 15/1/2019 1,051,743 0.12 $100,000 Australia & New Zealand Banking 4.875% Senior Bonds $500,000 Bank of America 3.3% Senior Bonds 11/1/2023 328,425 0.04 12/1/2021 73,403 0.01 $400,000 Bank of America 3.625% Guaranteed Senior Notes $500,000 AutoZone 1.3% Senior Notes 13/1/2017 324,557 0.04 17/3/2016 265,950 0.03 $100,000 AutoZone 3.7% Senior Notes 15/4/2022 67,411 0.01 $600,000 Bank of America 4% Medium Term Notes 22/1/2025 392,613 0.04 $300,000 Aval 4.75% Guaranteed Notes 26/9/2022 195,823 0.02 $600,000 Bank of America 4% Notes 1/4/2024 410,132 0.05

501 BlackRock Collective Investment Funds 502 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $500,000 Bank of America 4.1% Senior Notes 24/7/2023 347,724 0.04 $400,000 Bank of New York Mellon 3% Medium Term Notes $900,000 Bank of America 4.2% Medium Term Notes 26/8/2024 603,031 0.07 24/2/2025 261,230 0.03 $600,000 Bank of America 4.875% Senior Notes 1/4/2044 444,993 0.05 $200,000 Bank of New York Mellon 3.55% Senior Bonds 23/9/2021 137,331 0.02 $750,000 Bank of America 5% Senior Notes 21/1/2044 558,999 0.06 $1,000,000 Bank of Nova Scotia 1.3% Senior Notes 21/7/2017 647,859 0.07 $100,000 Bank of America 5.25% Subordinated Bonds 1/12/2015 66,625 0.01 $500,000 Bank of Nova Scotia 1.375% Senior Notes 18/12/2017 323,508 0.04 $350,000 Bank of America 5.3% Subordinated Bonds 15/3/2017 243,114 0.03 $400,000 Bank of Nova Scotia 1.45% Senior Bonds 25/4/2018 256,996 0.03 $300,000 Bank of America 5.49% Subordinated Bonds 15/3/2019 215,147 0.02 $500,000 Bank of Nova Scotia 2.05% Senior Notes 30/10/2018 326,471 0.04 $500,000 Bank of America 5.625% Guaranteed Senior Notes $600,000 Bank of Nova Scotia 2.55% Senior Notes 12/1/2017 399,149 0.05 14/10/2016 345,245 0.04 $200,000 Bank of Nova Scotia 4.375% Guaranteed Senior Bonds $450,000 Bank of America 5.625% Senior Bonds 1/7/2020 334,953 0.04 13/1/2021 142,971 0.02 $1,500,000 Bank of America 5.65% Guaranteed Senior Notes $800,000 Bank of Tokyo-Mitsubishi 2.35% Senior Notes 23/2/2017 526,794 0.06 1/5/2018 1,078,104 0.12 $500,000 Bank of Tokyo-Mitsubishi 3.75% Senior Notes 10/3/2024 339,928 0.04 $150,000 Bank of America 5.7% Senior Bonds 24/1/2022 113,160 0.01 $750,000 Banque Fédérative du Crédit Mutuel 2.5% Senior Notes $400,000 Bank of America 5.75% Senior Notes 1/12/2017 286,286 0.03 29/10/2018 494,282 0.06 $250,000 Bank of America 5.875% Senior Bonds 7/2/2042 207,126 0.02 $200,000 Barclays 10.179% Subordinated Notes 12/6/2021 178,010 0.02 $400,000 Bank of America 6% Subordinated Notes 15/10/2036 331,137 0.04 $500,000 Barclays 2.75% Senior Medium Term Notes 8/11/2019 327,272 0.04 $600,000 Bank of America 6.05% Subordinated Bonds 16/5/2016 409,368 0.05 $900,000 Barclays 3.75% Senior Notes 15/5/2024 616,671 0.07 $150,000 Bank of America 6.11% Subordinated Bonds 29/1/2037 118,402 0.01 $750,000 Barclays 5% Senior Notes 22/9/2016 514,368 0.06 $350,000 Bank of America 6.22% Guaranteed Subordinated $450,000 Barclays 5.125% Guaranteed Senior Notes 8/1/2020 329,760 0.04 Bonds 15/9/2026 265,127 0.03 $400,000 Barclays 5.14% Guaranteed Subordinated Bonds $1,900,000 Bank of America 6.5% Guaranteed Senior Notes 14/10/2020 287,379 0.03 1/8/2016 1,318,305 0.15 $500,000 Barclays 6.05% Bonds 4/12/2017 356,878 0.04 $750,000 Bank of America 6.875% Senior Medium Term Notes $150,000 Barrick Australia Finance 5.95% Guaranteed Bonds 25/4/2018 556,148 0.06 15/10/2039 100,926 0.01 $300,000 Bank of America 7.625% Senior Notes 1/6/2019 234,573 0.03 $400,000 Barrick Gold 4.1% Senior Notes 1/5/2023 257,637 0.03 $400,000 Bank of America 7.75% Subordinated Bonds 14/5/2038 374,895 0.04 $350,000 Barrick Gold 5.25% Senior Bonds 1/4/2042 222,356 0.03 $400,000 Bank of China Hong Kong 3.75% Senior Notes 8/11/2016 266,886 0.03 $650,000 Barrick North America Finance 4.4% Guaranteed $400,000 Bank of China Hong Kong 5.55% Guaranteed Notes Notes 30/5/2021 437,810 0.05 11/2/2020 285,406 0.03 $250,000 Barrick North America Finance 5.75% Guaranteed $400,000 Bank of Communications 4.5% Bonds 3/10/2024 260,027 0.03 Bonds 1/5/2043 171,408 0.02 $400,000 Bank of East Asia 2.375% Senior European Medium $300,000 BAT International Finance 9.5% Guaranteed Senior Term Notes 24/4/2017 260,613 0.03 Notes 15/11/2018 245,136 0.03 $800,000 Bank of Montreal 2.375% Medium Term Notes $800,000 Baxter International 1.85% Senior Notes 15/1/2017 525,109 0.06 25/1/2019 526,401 0.06 $300,000 Baxter International 2.4% Guaranteed Senior Bonds $550,000 Bank of Montreal 2.5% Senior Notes 11/1/2017 365,513 0.04 15/8/2022 188,023 0.02 $400,000 Bank of Montreal 2.55% Senior Bonds 6/11/2022 257,724 0.03 $400,000 Baxter International 3.2% Senior Bonds 15/6/2023 262,008 0.03 $400,000 Bank of New York Mellon 1.3% Guaranteed Senior $100,000 Baxter International 6.25% Guaranteed Senior Bonds Notes 25/1/2018 258,118 0.03 1/12/2037 85,753 0.01 $750,000 Bank of New York Mellon 2.1% Senior Notes 15/1/2019 490,969 0.06 $1,000,000 Bayer US Finance 3% Bonds 8/10/2021 668,769 0.08 $400,000 Bank of New York Mellon 2.15% Bonds 24/2/2020 259,436 0.03 $500,000 Bayer US Finance 3.375% Bonds 8/10/2024 337,106 0.04 $600,000 Bank of New York Mellon 2.2% Senior Notes 15/5/2019 393,379 0.03 $400,000 BB&T 2.15% Senior Notes 22/3/2017 263,606 0.03 $300,000 Bank of New York Mellon 2.95% Senior Notes 18/6/2015 195,579 0.02 $300,000 BB&T 3.2% Senior Notes 15/3/2016 198,683 0.02

503 BlackRock Collective Investment Funds 504 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $200,000 BB&T 5.25% Guaranteed Subordinated Bonds $500,000 Bharti Airtel International Netherlands 5.35% 1/11/2019 145,700 0.02 Guaranteed Bonds 20/5/2024 358,021 0.04 $250,000 BBVA 6.75% Guaranteed Subordinated Bonds $250,000 BHP Billiton Finance 4.125% Guaranteed Bonds 30/9/2022 183,868 0.02 24/2/2042 169,106 0.02 $400,000 BBVA Banco Continental 3.25% Senior Bonds 8/4/2018 265,744 0.03 $200,000 BHP Billiton Finance USA 1.875% Guaranteed Notes $400,000 BBVA US Senior 4.664% Guaranteed Notes 9/10/2015 264,715 0.03 21/11/2016 131,671 0.01 $36,000 Beam 5.375% Guaranteed Senior Bonds 15/1/2016 24,176 0.00 $200,000 BHP Billiton Finance USA 3.25% Guaranteed Bonds $750,000 Becton Dickinson 1.8% Bonds 15/12/2017 489,410 0.06 21/11/2021 135,603 0.02 $300,000 Becton Dickinson 3.125% Senior Bonds 8/11/2021 198,537 0.02 $500,000 BHP Billiton Finance USA 3.85% Guaranteed Bonds $800,000 Becton Dickinson 3.734% Bonds 15/12/2024 542,745 0.06 30/9/2023 348,839 0.04 $300,000 Becton Dickinson 4.685% Bonds 15/12/2044 212,736 0.02 $500,000 BHP Billiton Finance USA 5% Guaranteed Bonds $400,000 Bed Bath & Beyond 4.915% Senior Notes 1/8/2034 277,954 0.03 30/9/2043 379,673 0.04 $500,000 Berkshire Hathaway 1.55% Senior Notes 9/2/2018 326,860 0.04 $150,000 BHP Billiton Finance USA 5.4% Guaranteed Bonds $400,000 Berkshire Hathaway Energy 5.15% Senior Notes 29/3/2017 105,696 0.01 15/11/2043 313,218 0.04 $150,000 BHP Billiton Finance USA 6.5% Guaranteed Bonds $100,000 Berkshire Hathaway Energy 5.75% Senior Notes 1/4/2019 114,490 0.01 1/4/2018 72,743 0.01 $300,000 Bimbo 4.875% Guaranteed Bonds 30/6/2020 214,938 0.02 $300,000 Berkshire Hathaway Energy 5.95% Guaranteed Senior $500,000 BlackRock 3.375% Senior Notes 1/6/2022* 337,773 0.04 Bonds 15/5/2037 252,580 0.03 $250,000 BlackRock 5% Guaranteed Senior Notes 10/12/2019* 183,649 0.02 $250,000 Berkshire Hathaway Energy 6.125% Guaranteed Senior $350,000 Blackstone Finance 4.75% Guaranteed Bonds 15/2/2023 248,823 0.03 Bonds 1/4/2036 214,054 0.02 $750,000 BNP Paribas 1.375% Medium Term Notes 17/3/2017 485,731 0.06 $250,000 Berkshire Hathaway Energy 6.5% Senior Notes $900,000 BNP Paribas 3.25% Guaranteed Notes 11/3/2015 582,711 0.07 15/9/2037 222,399 0.03 $400,000 BNP Paribas 3.25% Senior Notes 3/3/2023 266,345 0.03 $400,000 Berkshire Hathaway Finance 1.3% Guaranteed Bonds $750,000 BNP Paribas 3.6% Guaranteed Bonds 23/2/2016 498,283 0.06 15/5/2018 259,133 0.03 $850,000 BNP Paribas 5% Guaranteed Notes 15/1/2021 625,223 0.07 $300,000 Berkshire Hathaway Finance 1.9% Senior Notes $400,000 Boardwalk Pipelines 3.375% Guaranteed Bonds 31/1/2017 198,383 0.02 1/2/2023 240,091 0.03 $250,000 Berkshire Hathaway Finance 2.2% Senior Notes $500,000 Boeing 095% Bonds 15/5/2018 319,194 0.04 15/8/2016 165,191 0.02 $200,000 Boeing 4.875% Guaranteed Senior Bonds 15/2/2020 148,437 0.02 $250,000 Berkshire Hathaway Finance 4.25% Guaranteed Bonds $150,000 Boeing 5.875% Senior Bonds 15/2/2040 130,329 0.01 15/1/2021 180,676 0.02 $300,000 Boeing 6.875% Senior Notes 15/3/2039 288,915 0.03 $250,000 Berkshire Hathaway Finance 4.3% Guaranteed Bonds $200,000 Boston Gas Company 4.487% Senior Bonds 15/2/2042 144,840 0.02 15/5/2043 178,723 0.02 $400,000 Boston Properties 3.85% Senior Bonds 1/2/2023 272,772 0.03 $200,000 Berkshire Hathaway Finance 5.4% Guaranteed Notes $1,000,000 Boston Properties 4.125% Guaranteed Senior Bonds 15/5/2018 146,227 0.02 15/5/2021 697,068 0.08 $200,000 Berkshire Hathaway Finance 5.75% Guaranteed Bonds $600,000 Boston Scientific 4.125% Senior Notes 1/10/2023 407,029 0.05 15/1/2040 171,076 0.02 $500,000 BP Capital Markets 1.375% Guaranteed Notes 6/11/2017 323,510 0.04 $400,000 Berkshire Hathway 4.5% Bonds 11/2/2043 293,322 0.03 $500,000 BP Capital Markets 1.846% Guaranteed Notes 5/5/2017 327,873 0.04 $900,000 BG Energy Capital 4% Guaranteed Bonds 15/10/2021 614,018 0.07 $350,000 BP Capital Markets 2.5% Bonds 6/11/2022 220,562 0.03 $250,000 Bharti Airtel International Netherlands 5.125% $500,000 BP Capital Markets 3.125% Guaranteed Bonds Guaranteed Bonds 11/3/2023 175,793 0.02 1/10/2015 328,232 0.04 $900,000 BP Capital Markets 3.245% Guaranteed Notes 6/5/2022 597,883 0.07

505 BlackRock Collective Investment Funds 506 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $300,000 BP Capital Markets 3.875% Guaranteed Senior Bonds $500,000 Burlington Northern Santa Fe 3% Senior Notes 10/3/2015 194,244 0.02 15/3/2023 329,138 0.04 $500,000 BP Capital Markets 3.994% Guaranteed Bonds $200,000 Burlington Northern Santa Fe 3.45% Senior Bonds 26/9/2023 343,720 0.04 15/9/2021 136,989 0.02 $300,000 BP Capital Markets 4.742% Guaranteed Bonds $250,000 Burlington Northern Santa Fe 4.375% Bonds 1/9/2042 171,781 0.02 11/3/2021 216,014 0.02 $800,000 Burlington Northern Santa Fe 4.4% Senior Notes $750,000 BP Capital Markets 4.75% Guaranteed Bonds 15/3/2042 548,862 0.06 10/3/2019 534,410 0.06 $500,000 Burlington Northern Santa Fe 4.7% Senior Bonds $500,000 BPCE 2.5% Guaranteed Bonds 10/12/2018 328,756 0.04 1/10/2019 362,529 0.04 $500,000 BPCE 4.5% Bonds 15/3/2025 330,838 0.04 $300,000 Burlington Northern Santa Fe 4.9% Senior Notes $400,000 BPCE 4.625% Subordinated Notes 11/7/2024 267,222 0.03 1/4/2044 222,379 0.03 $400,000 BPCE 5.15% Subordinated Notes 21/7/2024 277,028 0.03 $200,000 Burlington Northern Santa Fe 4.95% Senior Bonds $300,000 BPCE 5.7% Subordinated Notes 22/10/2023 215,429 0.02 15/9/2041 147,636 0.02 $1,100,000 Branch Banking & Trust 2.3% Senior Notes 15/10/2018 726,163 0.08 $250,000 Burlington Northern Santa Fe 6.15% Guaranteed Senior $500,000 Branch Banking & Trust 3.8% Bonds 30/10/2026 341,164 0.04 Bonds 1/5/2037 216,360 0.02 $250,000 Braskem Finance 5.375% Guaranteed Notes 2/5/2022 156,513 0.02 $200,000 Burlington Resources Finance 7.2% Guaranteed Bonds $250,000 Braskem Finance 5.75% Guaranteed Bonds 15/4/2021 162,240 0.02 15/8/2031 179,008 0.02 $300,000 Braskem Finance 6.45% Guaranteed Notes 3/2/2024 196,085 0.02 $100,000 Caisse Centrale Desjardin 2.65% Guaranteed Senior $300,000 BRF 4.75% Senior Notes 22/5/2024 191,455 0.02 Notes 16/9/2015 65,435 0.01 $200,000 BRF 5.875% Guaranteed Notes 6/6/2022 139,472 0.02 $500,000 Caisse Centrale Desjardins 1.55% Bonds 12/9/2017 323,473 0.04 $500,000 Bristol-Myers Squibb 0.875% Guaranteed Bonds $250,000 Campbell Soup 4.25% Senior Bonds 15/4/2021 175,244 0.02 1/8/2017 322,056 0.04 $500,000 Canadian Imperial Bank of Commerce 0.9% Guaranteed $500,000 Bristol-Myers Squibb 1.75% Senior Notes 1/3/2019 323,669 0.04 Senior Notes 1/10/2015 324,444 0.04 $300,000 Bristol-Myers Squibb 4.5% Senior Notes 1/3/2044 218,813 0.02 $200,000 Canadian National Railway 2.85% Senior Bonds $100,000 Bristol-Myers Squibb 6.125% Guaranteed Senior Bonds 15/12/2021 132,632 0.01 1/5/2038 86,014 0.01 $250,000 Canadian National Railway 5.55% Guaranteed Senior $200,000 British Sky Broadcasting 3.125% Guaranteed Notes Bonds 15/5/2018 181,806 0.02 26/11/2022 129,265 0.01 $250,000 Canadian National Railway 6.2% Senior Notes 1/6/2036 218,058 0.02 $150,000 British Sky Broadcasting 6.1% Guaranteed Bonds $150,000 Canadian Natural Resources 3.45% Senior Notes 15/2/2018 108,063 0.01 15/11/2021 97,987 0.01 $500,000 British Telecommunications 1.625% Senior Notes $400,000 Canadian Natural Resources 6.25% Guaranteed Senior 28/6/2016 325,930 0.04 Bonds 15/3/2038 305,526 0.03 $250,000 British Telecommunications 2% Guaranteed Senior $200,000 Canadian Natural Resources 7.2% Guaranteed Senior Notes 22/6/2015 162,424 0.02 Bonds 15/1/2032 156,920 0.02 $500,000 British Telecommunications 5.95% Senior Bonds $150,000 Canadian Oil Sands 6% Senior Bonds 1/4/2042 86,977 0.01 15/1/2018 360,919 0.04 $100,000 Canadian Pacific 7.125% Guaranteed Senior Bonds $500,000 British Telecommunications 9.625% Senior Bonds 15/10/2031 89,481 0.01 15/12/2030 524,956 0.06 $500,000 Capital One 1.5% Senior Notes 22/3/2018 320,837 0.04 $400,000 Broadcom 2.5% Senior Bonds 15/8/2022 252,421 0.03 $750,000 Capital One 2.95% Senior Notes 23/7/2021 491,339 0.06 $300,000 Buckeye Partners 5.85% Senior Notes 15/11/2043 192,820 0.02 $700,000 Capital One 3.15% Senior Notes 15/7/2016 464,751 0.05 $300,000 Bunge Limited Finance 4.1% Guaranteed Notes $500,000 Capital One USA 2.25% Senior Notes 13/2/2019 324,515 0.04 15/3/2016 199,664 0.02 $300,000 Capital One USA 3.375% Subordinated Notes 15/2/2023 195,515 0.02

507 BlackRock Collective Investment Funds 508 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $300,000 Cardinal Health 3.2% Senior Bonds 15/3/2023 197,686 0.02 $150,000 Charles Schwab 3.225% Bonds 1/9/2022 99,792 0.01 $500,000 CareFusion 3.875% Senior Notes 15/5/2024 336,419 0.04 $200,000 Chevron 1.104% Guaranteed Senior Notes 5/12/2017 129,383 0.01 $750,000 Cargill 1.9% Senior Notes 1/3/2017 493,628 0.06 $400,000 Chevron 1.365% Bonds 2/3/2018 258,775 0.03 $250,000 Cargill 3.25% Senior Bonds 15/11/2021 169,699 0.02 $1,200,000 Chevron 1.718% Senior Bonds 24/6/2018 783,938 0.09 $300,000 Cargill 4.307% Senior Notes 14/5/2021 215,785 0.02 $400,000 Chevron 2.411% Senior Notes 3/3/2022 258,242 0.03 $150,000 Cargill 6.625% Guaranteed Senior Bonds 15/9/2037 133,801 0.01 $750,000 Chevron 2.427% Senior Notes 24/6/2020 497,364 0.06 $150,000 Carlyle II Finance 5.625% Senior Bonds 30/3/2043 111,340 0.01 $550,000 Chevron 3.191% Senior Bonds 24/6/2023 371,838 0.04 $400,000 Carnival 3.95% Guaranteed Bonds 15/10/2020 274,540 0.03 $150,000 Chevron 4.95% Guaranteed Senior Notes 3/3/2019 109,204 0.01 $500,000 Caterpillar 2.6% Senior Notes 26/6/2022 324,440 0.04 $200,000 China Overseas Finance 5.35% Guaranteed Bonds $459,000 Caterpillar 3.803% Bonds 15/8/2042 298,262 0.03 15/11/2042 122,961 0.01 $400,000 Caterpillar 3.9% Senior Bonds 27/5/2021 282,899 0.03 $200,000 China Overseas Finance Cayman III 3.375% Notes $400,000 Caterpillar 4.75% Senior Notes 15/5/2064 285,449 0.03 29/10/2018 130,647 0.01 $750,000 Caterpillar Financial Services 1% Medium Term Notes $200,000 China Overseas Finance Cayman III 6.375% Guaranteed 3/3/2017 486,092 0.06 Bonds 29/10/2043 140,159 0.02 $500,000 Caterpillar Financial Services 2.05% Senior Notes $250,000 China Overseas Finance Cayman VI 5.95% Guaranteed 1/8/2016 329,703 0.04 Bonds 8/5/2024 180,746 0.02 $250,000 Caterpillar Financial Services 7.15% Guaranteed Senior $200,000 China Overseas Finance IV 4.875% Guaranteed Notes Bonds 15/2/2019 193,307 0.02 15/2/2017 135,133 0.02 $500,000 Catholic Health Initiatives 2.95% Bonds 1/11/2022 319,340 0.04 $500,000 China Shipping Overseas Finance 4.25% Bonds $300,000 CBQ Finance 3.375% Guaranteed European Medium 28/1/2019 337,065 0.04 Term Notes 11/4/2017 201,524 0.02 $200,000 China Taiping Insurance 5.45% Perpetual Bonds 133,791 0.01 $500,000 CBS 3.375% Guaranteed Notes 1/3/2022 327,611 0.04 $200,000 Chubb 6% Senior Bonds 11/5/2037 170,602 0.02 $400,000 CBS 3.7% Bonds 15/8/2024 265,611 0.03 $300,000 Cia Brasileira de Aluminio 4.75% Bonds 17/6/2024 183,448 0.02 $400,000 CBS 4.6% Bonds 15/1/2045 261,824 0.03 $250,000 Cielo USA 3.75% Guaranteed Notes 16/11/2022 149,638 0.02 $200,000 CBS 4.85% Guaranteed Bonds 1/7/2042 135,017 0.02 $200,000 Cigna 4.5% Guaranteed Senior Bonds 15/3/2021 142,503 0.02 $500,000 Celgene 1.9% Guaranteed Senior Notes 15/8/2017 327,508 0.04 $300,000 Cigna 5.375% Senior Bonds 15/2/2042 238,053 0.03 $400,000 Celgene 3.25% Senior Notes 15/8/2022 264,306 0.03 $200,000 Cincinnati Financial 6.92% Senior Bonds 15/5/2028 165,527 0.02 $400,000 Celgene 4.625% Senior Notes 15/5/2044 282,632 0.03 $1,000,000 Cisco Systems 1.1% Senior Notes 3/3/2017 650,298 0.07 $300,000 Celulosa Arauco 4.75% Bonds 11/1/2022 205,324 0.02 $1,150,000 Cisco Systems 4.45% Senior Bonds 15/1/2020 832,269 0.10 $300,000 Cencosud 4.875% Guaranteed Bonds 20/1/2023 196,436 0.02 $700,000 Cisco Systems 5.5% Guaranteed Senior Bonds $300,000 Cenovus Energy 5.2% Senior Notes 15/9/2043 194,175 0.02 15/1/2040 567,376 0.06 $250,000 Cenovus Energy 5.7% Senior Notes 15/10/2019 179,719 0.02 $350,000 Cisco Systems 5.5% Guaranteed Senior Notes $150,000 Cenovus Energy 6.75% Senior Bonds 15/11/2039 117,102 0.01 22/2/2016 237,473 0.03 $100,000 CenterPoint Energy 5.85% Senior Bonds 15/1/2041 84,411 0.01 $200,000 Cisco Systems 5.9% Senior Bonds 15/2/2039 167,831 0.02 $300,000 CenterPoint Energy Houston Electric 4.5% Notes $500,000 CITIC 6.375% Senior Medium Term Notes 10/4/2020 364,695 0.04 1/4/2044 225,912 0.03 $500,000 Citic 6.8% Medium Term Notes 17/1/2023 380,322 0.04 $500,000 CenterPoint Energy Resources 4.5% Senior Notes $750,000 Citigroup 1.3% Bonds 1/4/2016 486,767 0.06 15/1/2021 359,188 0.04 $470,000 Citigroup 1.3% Bonds 15/11/2016 303,677 0.03 $400,000 Centrica 4% Senior Notes 16/10/2023 270,504 0.03 $500,000 Citigroup 1.7% Bonds 25/7/2016 325,683 0.04 $250,000 CF Industries 3.45% Guaranteed Bonds 1/6/2023 163,834 0.02 $750,000 Citigroup 1.75% Senior Notes 1/5/2018 482,604 0.06 $400,000 CF Industries 5.375% Guaranteed Bonds 15/3/2044 295,416 0.03 $300,000 Citigroup 3.5% Bonds 15/5/2023 193,614 0.02 $400,000 CF Industries 6.875% Guaranteed Notes 1/5/2018 295,020 0.03 $600,000 Citigroup 4.3% Bonds 20/11/2026 398,973 0.05

509 BlackRock Collective Investment Funds 510 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $350,000 Citigroup 4.45% Senior Notes 10/1/2017 238,818 0.03 $500,000 Comcast 4.75% Guaranteed Bonds 1/3/2044 376,129 0.04 $450,000 Citigroup 4.875% Subordinated Bonds 7/5/2015 293,395 0.03 $300,000 Comcast 5.15% Guaranteed Bonds 1/3/2020 222,592 0.03 $600,000 Citigroup 4.95% Senior Notes 7/11/2043 447,316 0.05 $600,000 Comcast 5.9% Guaranteed Bonds 15/3/2016 409,134 0.05 $500,000 Citigroup 5.375% Guaranteed Senior Bonds 9/8/2020 368,738 0.04 $300,000 Comcast 6.3% Guaranteed Bonds 15/11/2017 220,105 0.03 $150,000 Citigroup 5.875% Guaranteed Subordinated Bonds $400,000 Comcast 6.4% Guaranteed Bonds 1/3/2040 360,359 0.04 22/2/2033 112,955 0.01 $250,000 Comcast 6.45% Guaranteed Bonds 15/3/2037 220,373 0.03 $250,000 Citigroup 5.875% Senior Bonds 30/1/2042 208,357 0.02 $450,000 Comcast 6.5% Guaranteed Bonds 15/11/2035 402,202 0.05 $750,000 Citigroup 6% Guaranteed Senior Bonds 15/8/2017 535,262 0.06 $500,000 Comcast 6.95% Guaranteed Bonds 15/8/2037 462,954 0.05 $350,000 Citigroup 6% Subordinated Bonds 31/10/2033 267,201 0.03 $500,000 Comerica 3% Senior Bonds 16/9/2015 327,589 0.04 $1,800,000 Citigroup 6.125% Guaranteed Senior Bonds 15/5/2018 1,313,271 0.15 $250,000 Commonwealth Bank of Australia 1.95% Senior Notes $400,000 Citigroup 6.125% Subordinated Notes 25/8/2036 312,400 0.04 16/3/2015 161,862 0.02 $350,000 Citigroup 6.675% Subordinated Notes 13/9/2043 300,802 0.03 $1,300,000 Commonwealth Bank of Australia 2.5% Senior Notes $200,000 Citigroup 6.875% Senior Notes 5/3/2038 176,788 0.02 20/9/2018 867,112 0.10 $500,000 Citigroup 8.125% Guaranteed Senior Bonds 15/7/2039 503,348 0.06 $350,000 Commonwealth Bank of Australia 5% Senior Notes $450,000 Citigroup 8.5% Guaranteed Notes 22/5/2019 362,400 0.04 19/3/2020 255,458 0.03 $400,000 Clorox 3.8% Senior Bonds 15/11/2021 278,775 0.03 $500,000 Commonwealth Bank of Australia 5% Subordinate $400,000 CLP Power HK Finance 4.25% Bonds 29/5/2049 263,426 0.03 European Medium Term Notes 15/10/2019 363,134 0.04 $200,000 CLP Power HK Financing 2.875% European Medium $500,000 Commonwealth Edison 2.15% Bonds 15/1/2019 326,735 0.04 Term Bonds 26/4/2023 126,245 0.01 $400,000 Commonwealth Edison 4.6% Bonds 15/8/2043 300,961 0.03 $200,000 CME 5.3% Senior Notes 15/9/2043 158,917 0.02 $350,000 Commonwealth Edison 4.7% Bonds 15/1/2044 267,868 0.03 $250,000 CMS Energy 5.05% Senior Notes 15/3/2022 182,274 0.02 $150,000 Commonwealth Edison 5.9% Bonds 15/3/2036 128,622 0.01 $400,000 CNA Financial 3.95% Bonds 15/5/2024 267,577 0.03 $150,000 Commonwealth Edison 5.95% Guaranteed Notes $100,000 CNA Financial 5.75% Guaranteed Senior Bonds 15/8/2016 103,687 0.01 15/8/2021 74,618 0.01 $200,000 Computer Sciences 6.5% Senior Notes 15/3/2018 142,630 0.02 $200,000 CNP Assurances 6.875% Perpetual Bonds 142,733 0.02 $600,000 ConAgra Foods 1.9% Guaranteed Senior Notes $500,000 Coca-Cola 0.75% Guaranteed Senior Notes 13/3/2015 323,578 0.04 25/1/2018 387,674 0.04 $400,000 Coca-Cola 1.5% Senior Notes 15/11/2015 261,002 0.03 $100,000 ConAgra Foods 4.65% Guaranteed Senior Bonds $750,000 Coca-Cola 1.8% Senior Notes 1/9/2016 494,103 0.06 25/1/2043 65,024 0.01 $400,000 Coca-Cola 2.5% Bonds 1/4/2023 258,711 0.03 $200,000 ConAgra Foods 6.625% Senior Notes 15/8/2039 162,139 0.02 $300,000 Coca-Cola 3.15% Senior Bonds 15/11/2020 205,766 0.02 $250,000 ConAgra Foods 7% Guaranteed Senior Bonds 15/4/2019 187,994 0.02 $600,000 Coca-Cola 3.2% Senior Notes 1/11/2023 408,610 0.05 $500,000 ConocoPhillips 1.05% Guaranteed Bonds 15/12/2017 322,053 0.04 $600,000 Coca-Cola Femsa 2.375% Guaranteed Bonds $300,000 ConocoPhillips 2.4% Guaranteed Bonds 15/12/2022 191,446 0.02 26/11/2018 394,262 0.05 $500,000 ConocoPhillips 4.3% Bonds 15/11/2044 345,195 0.04 $250,000 Colbun 6% Guaranteed Senior Notes 21/1/2020 181,283 0.02 $700,000 ConocoPhillips 5.75% Guaranteed Bonds 1/2/2019 518,711 0.06 $500,000 Colgate-Palmolive 1.75% Senior Notes 15/3/2019 324,927 0.04 $250,000 ConocoPhillips 5.9% Guaranteed Bonds 15/10/2032 204,301 0.02 $400,000 Colgate-Palmolive 1.95% Guaranteed Senior Bonds $400,000 ConocoPhillips 5.9% Guaranteed Bonds 15/5/2038 330,489 0.04 1/2/2023 247,381 0.03 $650,000 ConocoPhillips 6.5% Guaranteed Bonds 1/2/2039 573,242 0.07 $150,000 Colonial Pipeline 4.2% Senior Bonds 15/4/2043 91,656 0.01 $400,000 ConocoPhillips Canada 5.625% Guaranteed Bonds $500,000 Comcast 3.6% Bonds 1/3/2024 347,273 0.04 15/10/2016 278,409 0.03 $500,000 Comcast 4.2% Notes 15/8/2034 350,606 0.04 $700,000 Consolidated Edison 3.95% Senior Bonds 1/3/2043 467,131 0.05 $500,000 Comcast 4.25% Guaranteed Bonds 15/1/2033 348,484 0.04 $300,000 Consolidated Edison 4.625% Bonds 1/12/2054 218,660 0.02 $100,000 Comcast 4.65% Guaranteed Bonds 15/7/2042 73,083 0.01

511 BlackRock Collective Investment Funds 512 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $300,000 Consolidated Edison 5.5% Guaranteed Senior Bonds $400,000 Credit Suisse New York 5.4% Subordinated Notes 1/12/2039 241,953 0.03 14/1/2020 291,029 0.03 $300,000 Consolidated Edison 5.85% Senior Notes 1/4/2018 219,380 0.03 $250,000 Credit Suisse New York 6% Guaranteed Subordinated $300,000 Consolidated Edison 7.125% Guaranteed Senior Notes Notes 15/2/2018 179,060 0.02 1/12/2018 230,165 0.03 $700,000 Credit Suisse USA 5.85% Guaranteed Bonds 16/8/2016 484,681 0.06 $400,000 Consumers Energy 2.85% Bonds 15/5/2022 263,874 0.03 $350,000 CSX 4.1% Senior Notes 15/3/2044 233,120 0.03 $150,000 Consumers Energy 5.65% Guaranteed Bonds 15/4/2020 112,664 0.01 $100,000 CSX 4.25% Guaranteed Senior Bonds 1/6/2021 70,822 0.01 $185,234 Continental Airlines 4.15% Bonds 11/10/2025 126,979 0.01 $100,000 CSX 4.4% Senior Bonds 1/3/2043 69,022 0.01 $309,861 Continental Airlines 7.25% Guaranteed Bonds 10/5/2021 234,466 0.03 $300,000 CSX 4.75% Senior Bonds 30/5/2042 217,954 0.02 $500,000 Continental Resources 3.8% Bonds 1/6/2024 301,628 0.03 $400,000 CSX 6% Guaranteed Bonds 1/1/2036 330,415 0.04 $600,000 Continental Resources 5% Guaranteed Bonds 15/9/2022 384,366 0.04 $350,000 CSX 7.375% Guaranteed Senior Bonds 1/2/2019 271,738 0.03 $250,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank $500,000 Cummins 3.65% Senior Notes 1/10/2023 345,783 0.04 5.75% Bonds 1/12/2043 200,618 0.02 $500,000 CVS Caremark 2.25% Senior Notes 5/12/2018 331,008 0.04 $100,000 Corning 4.75% Senior Bonds 15/3/2042 70,064 0.01 $250,000 CVS Caremark 4.125% Guaranteed Senior Bonds $500,000 Costco Wholesale 1.125% Bonds 15/12/2017 324,216 0.04 15/5/2021 177,651 0.02 $500,000 Costco Wholesale 1.7% Guaranteed Senior Notes $400,000 CVS Caremark 5.3% Senior Notes 5/12/2043 317,571 0.04 15/12/2019 322,803 0.04 $200,000 CVS Caremark 6.125% Guaranteed Senior Bonds $200,000 Countrywide Financial 6.25% Guaranteed Subordinated 15/9/2039 171,213 0.02 Notes 15/5/2016 136,722 0.02 $500,000 CVS Health 2.25% Bonds 12/8/2019 328,665 0.04 $400,000 Coventry Health Care 5.45% Senior Notes 15/6/2021 299,612 0.03 $350,000 CVS Health 4% Bonds 5/12/2023 245,634 0.03 $400,000 Coventry Health Care 5.95% Senior Bonds 15/3/2017 283,375 0.03 $200,000 Dai-ichi Life Insurance 5.1% Perpetual Bonds 138,152 0.02 $500,000 Covidien International Finance 1.35% Guaranteed $500,000 Daimler 2.25% Bonds 2/3/2020 324,764 0.04 Bonds 29/5/2015 324,216 0.04 $400,000 Daimler Finance North America 1.875% Guaranteed $150,000 Covidien International Finance 3.2% Guaranteed Bonds 11/1/2018 261,367 0.03 Bonds 15/6/2022 100,367 0.01 $500,000 Daimler Finance North America 2.25% Guaranteed $150,000 Covidien International Finance 6.55% Guaranteed Notes 31/7/2019 326,118 0.04 Bonds 15/10/2037 135,966 0.02 $500,000 Daimler Finance North America 2.4% Guaranteed $500,000 Cox Communications 3.25% Senior Notes 15/12/2022 326,602 0.04 Bonds 10/4/2017 331,373 0.04 $250,000 Cox Communications 4.5% Senior Bonds 30/6/2043 159,644 0.02 $150,000 Daimler Finance North America 3% Guaranteed Notes $500,000 Cox Communications 4.8% Bonds 1/2/2035 339,912 0.04 28/3/2016 99,296 0.01 $550,000 Cox Communications 6.25% Guaranteed Senior Notes $500,000 Daimler Finance North America 3.25% Bonds 1/8/2024 336,002 0.04 1/6/2018 401,307 0.05 $250,000 Daimler Finance North America 8.5% Guaranteed $150,000 Cox Communications 8.375% Senior Bonds 1/3/2039 138,548 0.02 Bonds 18/1/2031 252,321 0.03 $600,000 Credit Agricole 2.125% Senior Bonds 17/4/2018 391,274 0.04 $250,000 Danaher 2.3% Senior Notes 23/6/2016 165,379 0.02 $400,000 Credit Agricole 3% Guaranteed Notes 1/10/2017 267,439 0.03 $250,000 Danaher 5.4% Guaranteed Senior Notes 1/3/2019 183,772 0.02 $250,000 Credit Suisse 1.75% Bonds 29/1/2018 161,940 0.02 $750,000 Danone 3% Senior Notes 15/6/2022 491,690 0.06 $500,000 Credit Suisse 3% Bonds 29/10/2021 329,722 0.04 $500,000 Danske Bank 3.875% Senior Notes 14/4/2016 333,306 0.04 $500,000 Credit Suisse 3.5% Senior Notes 23/3/2015 324,079 0.04 $51,000 Darden Restaurants 3.35% Guaranteed Senior Bonds $400,000 Credit Suisse 3.625% Medium Term Notes 9/9/2024 269,267 0.03 1/11/2022 31,176 0.00 $200,000 Credit Suisse 7.125% Senoir Bonds 15/7/2032 181,443 0.02 $400,000 DBS Bank Singapore 2.35% Guaranteed Senior Notes $800,000 Credit Suisse New York 4.375% Guaranteed Senior 28/2/2017 264,247 0.03 Bonds 5/8/2020 569,054 0.06

513 BlackRock Collective Investment Funds 514 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $150,000 DCP Midstream 6.75% Guaranteed Senior Bonds $200,000 Diageo Investment 4.25% Guaranteed Bonds 11/5/2042 136,110 0.02 15/9/2037 93,551 0.01 $250,000 Diamond Offshore Drilling 4.875% Senior Notes $250,000 DCP Midstream Operating 4.75% Guaranteed Senior 1/11/2043 141,212 0.02 Bonds 30/9/2021 152,677 0.02 $250,000 Digital Reality 3.625% Notes 1/10/2022 161,222 0.02 $300,000 DCP Midstream Operating 5.6% Guaranteed Bonds $400,000 DirecTV 4.6% Guaranteed Notes 15/2/2021 281,531 0.03 1/4/2044 167,857 0.02 $250,000 DirecTV 6.35% Guaranteed Bonds 15/3/2040 187,692 0.02 $400,000 DDR 3.375% Bonds 15/5/2023 255,511 0.03 $450,000 DirecTV Financing 3.125% Guaranteed Notes 15/2/2016 297,027 0.03 $250,000 Deere 3.9% Guaranteed Senior Bonds 9/6/2042 168,406 0.02 $250,000 DirecTV Financing 3.55% Guaranteed Notes 15/3/2015 161,923 0.02 $100,000 Deere 4.375% Guaranteed Senior Notes 16/10/2019 71,363 0.01 $200,000 DirecTV Financing 3.8% Guaranteed Notes 15/3/2022 133,678 0.01 $500,000 Delek & Avner Tamar Bond 5.082% Senior Notes $600,000 DirecTV Financing 4.45% Guaranteed Notes 1/4/2024 414,318 0.05 30/12/2023 328,688 0.04 $300,000 DirecTV Financing 5% Guaranteed Notes 1/3/2021 215,275 0.02 $150,000 Delhaize 5.7% Guaranteed Bonds 1/10/2040 105,355 0.01 $100,000 DirecTV Financing 5.2% Guaranteed Notes 15/3/2020 72,756 0.01 $400,000 Delphi 6.125% Guaranteed Bonds 15/5/2021 282,084 0.03 $200,000 DirecTV Financing 6% Guaranteed Bonds 15/8/2040 145,948 0.02 $432,417 Delta Air Lines 2012-1A 4.75% Guaranteed Notes $300,000 DirecTV Financing 6.375% Guaranteed Bonds 1/3/2041 228,043 0.03 7/11/2021 299,921 0.03 $250,000 Discover Bank 4.2% Senior Notes 8/8/2023 172,873 0.02 $60,512 Delta Air Lines 6.821% Guaranteed Bonds 10/2/2024 46,180 0.01 $750,000 Discover Financial Services 3.85% Senior Bonds $250,000 Detroit Edison 5.6% Guaranteed Senior Bonds 21/11/2022 499,280 0.06 15/6/2018 182,484 0.02 $400,000 Discovery Communications 3.25% Guaranteed Notes $500,000 Deutsche Bank 3.25% Senior Notes 11/1/2016 330,056 0.04 1/4/2023 256,618 0.03 $300,000 Deutsche Bank 3.7% Senior Notes 30/5/2024 203,545 0.02 $350,000 Discovery Communications 4.375% Guaranteed Notes $1,000,000 Deutsche Bank 6% Guaranteed Senior Bonds 1/9/2017 718,481 0.08 15/6/2021 242,504 0.03 $600,000 Deutsche Telekom International Finance 2.25% $200,000 Discovery Communications 4.875% Guaranteed Bonds Bonds 6/3/2017 395,578 0.05 1/4/2043 137,145 0.02 $250,000 Deutsche Telekom International Finance 3.125% $250,000 Discovery Communications 5.05% Guaranteed Notes Guaranteed Notes 11/4/2016 165,515 0.02 1/6/2020 179,813 0.02 $250,000 Deutsche Telekom International Finance 4.875% $300,000 DNB Bank 3.2% Senior Notes 3/4/2017 201,290 0.02 Guaranteed Bonds 6/3/2042 181,899 0.02 $250,000 Dollar General 3.25% Bonds15/4/2023 156,189 0.02 $500,000 Deutsche Telekom International Finance 6% Bonds $400,000 Dominion Gas Holdings 4.6% Bonds 15/12/2044 282,931 0.03 8/7/2019 378,306 0.04 $700,000 Dominion Resources 3.625% Bonds 1/12/2024 470,243 0.05 $550,000 Deutsche Telekom International Finance 8.75% $350,000 Dominion Resources 4.9% Guaranteed Senior Bonds Guaranteed Bonds 15/6/2030 539,658 0.06 1/8/2041 257,400 0.03 $500,000 Devon Energy 3.25% Bonds 15/5/2022 331,918 0.04 $500,000 Dominion Resources 5.2% Guaranteed Senior Bonds $250,000 Devon Energy 4% Senior Bonds 15/7/2021 173,553 0.02 15/8/2019 364,302 0.04 $150,000 Devon Energy 5.6% Senior Bonds 15/7/2041 115,393 0.01 $200,000 Dominion Resources 6.4% Guaranteed Senior Notes $150,000 Devon Energy 6.3% Guaranteed Senior Bonds 15/1/2019 111,997 0.01 15/6/2018 148,578 0.02 $300,000 Devon Energy 7.95% Senior Notes 15/4/2032 274,957 0.03 $200,000 Dover 4.3% Guaranteed Senior Bonds 1/3/2021 144,017 0.02 $400,000 Devon Financing 7.875% Guaranteed Bonds 30/9/2031 362,042 0.04 $750,000 Dow Chemical 4.125% Senior Bonds 15/11/2021 524,497 0.06 $500,000 Diageo Capital 1.125% Guaranteed Bonds 29/4/2018 319,938 0.04 $600,000 Dow Chemical 4.25% Senior Notes 15/11/2020 424,761 0.05 $200,000 Diageo Capital 3.875% Guaranteed Notes 29/4/2043 128,684 0.01 $250,000 Dow Chemical 4.375% Guaranteed Senior Bonds $200,000 Diageo Capital 5.75% Guaranteed Notes 23/10/2017 144,046 0.02 15/11/2042 161,295 0.02 $550,000 Diageo Finance 5.3% Guaranteed Notes 28/10/2015 366,848 0.04 $500,000 Dow Chemical 4.625% Bonds 1/10/2044 333,889 0.04 $300,000 Diageo Investment 2.875% Guaranteed Notes 11/5/2022 196,734 0.02 $300,000 Dow Chemical 5.25% Senior Bonds 15/11/2041 220,340 0.03

515 BlackRock Collective Investment Funds 516 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $550,000 Dow Chemical 8.55% Guaranteed Senior Bonds $500,000 EDP Finance 6% Senior Bonds 2/2/2018 355,866 0.04 15/5/2019 444,553 0.05 $300,000 EI du Pont 4.9% Guaranteed Bonds 15/1/2041 216,310 0.02 $250,000 Dr Pepper Snapple 2.9% Guaranteed Notes 15/1/2016 164,745 0.02 $250,000 El Paso Natural Gas 5.95% Guaranteed Senior Notes $500,000 DTE Electric 3.375% Notes 1/3/2025 341,633 0.04 15/4/2017 173,071 0.02 $750,000 Duke Energy 2.1% Senior Notes 15/6/2018 493,926 0.06 $100,000 El Paso Pipeline Partners 5% Bonds 1/10/2021 70,022 0.01 $150,000 Duke Energy 3% Bonds 15/9/2021 101,042 0.01 $400,000 El Paso Pipeline Partners 6.5% Guaranteed Bonds $900,000 Duke Energy 3.95% Senior Notes 15/10/2023 631,369 0.07 1/4/2020 297,567 0.03 $200,000 Duke Energy 5.3% Guaranteed Bonds 15/2/2040 165,230 0.02 $150,000 El Paso Pipeline Partners 7.5% Guaranteed Bonds $150,000 Duke Energy 5.65% Guaranteed Bonds 1/4/2040 128,615 0.01 15/11/2040 123,622 0.01 $250,000 Duke Energy 6.35% Guaranteed Bonds 15/9/2037 229,777 0.03 $500,000 Eli Lilly 2.75% Senior Notes 1/6/2025 323,469 0.04 $50,000 Duke Energy Carolinas 3.9% Bonds 15/6/2021 35,544 0.00 $400,000 Eli Lilly 4.65% Senior Notes 15/6/2044 296,976 0.03 $300,000 Duke Energy Carolinas 4% Bonds 30/9/2042 208,578 0.02 $350,000 Eli Lilly 5.2% Senior Bonds 15/3/2017 245,893 0.03 $150,000 Duke Energy Carolinas 6% Guaranteed Bonds $150,000 Eli Lilly 7.125% Guaranteed Senior Bonds 1/6/2025 131,607 0.01 15/1/2038 131,517 0.01 $300,000 Embarq 7.082% Senior Bonds 1/6/2016 207,578 0.02 $300,000 Duke Energy Carolinas 6.05% Bonds 15/4/2038 263,731 0.03 $300,000 Embarq 7.995% Guaranteed Senior Bonds 1/6/2036 227,126 0.03 $800,000 Duke Energy Carolinas 7% Guaranteed Notes $700,000 EMC 2.65% Senior Bonds 1/6/2020 460,517 0.05 15/11/2018 613,460 0.07 $750,000 EMC Corp 1.875% Bonds 1/6/2018 487,780 0.06 $150,000 Duke Energy Progress 4.15% Bonds 1/12/2044 107,928 0.01 $400,000 Emerson Electric 4.875% Senior Bonds 15/10/2019 290,259 0.03 $500,000 Duke Energy Progress 4.375% Bonds 30/3/2044 365,161 0.04 $300,000 Empresa Bras De Aeronau 5.15% Guaranteed Senior $300,000 Duke Realty 3.875% Guaranteed Bonds 15/10/2022 201,992 0.02 Notes 15/6/2022 203,588 0.02 $250,000 E.CL 4.5% Bonds 29/1/2025 168,841 0.02 $500,000 Empresa Electrica Angamos 4.875% Bonds 25/5/2029 322,570 0.04 $500,000 E.I. DuPont 3.625% Guaranteed Bonds 15/1/2021 345,281 0.04 $300,000 Enable Midstream Partners 5% Senior Notes 15/5/2044 190,366 0.02 $250,000 E.I. DuPont 4.15% Senior Bonds 15/2/2043 165,468 0.02 $400,000 Enbridge 4% Senior Notes 1/10/2023 262,742 0.03 $400,000 E.I. DuPont 5.25% Guaranteed Senior Bonds 15/12/2016 278,871 0.03 $250,000 Enbridge 5.875% Guaranteed Senior Notes 15/12/2016 173,537 0.02 $200,000 E.ON International Finance 5.8% Guaranteed Bonds $150,000 Enbridge Energy Partners 4.2% Senior Bonds 15/9/2021 101,229 0.01 30/4/2018 144,439 0.02 $150,000 Enbridge Energy Partners 7.5% Guaranteed Senior $350,000 E.ON International Finance 6.65% Guaranteed Bonds Bonds 15/4/2038 120,899 0.01 30/4/2038 299,280 0.03 $500,000 Encana 3.9% Senior Notes 15/11/2021 333,738 0.04 $300,000 EADS Finance 2.7% Guaranteed Bonds 17/4/2023 193,396 0.02 $250,000 Encana 6.5% Guaranteed Senior Bonds 15/8/2034 184,335 0.02 $600,000 Eastman Chemical 2.7% Bonds 15/1/2020 393,469 0.04 $450,000 Encana 6.625% Senior Bonds 15/8/2037 333,193 0.04 $400,000 Eastman Chemical 3.6% Senior Notes 15/8/2022 267,531 0.03 $250,000 Enel Finance 6% Guaranteed Bonds 7/10/2039 197,687 0.02 $150,000 Eastman Chemical 4.8% Senior Bonds 1/9/2042 105,374 0.01 $400,000 Enel Finance International 6.25% Guaranteed Notes $1,000,000 Eaton 2.75% Guaranteed Bonds 2/11/2022 652,125 0.07 15/9/2017 288,232 0.03 $150,000 Eaton 4% Guaranteed Bonds 2/11/2032 100,578 0.01 $200,000 Enel Finance International 6.8% Guaranteed Bonds $100,000 eBay 1.625% Guaranteed Senior Notes 15/10/2015 65,094 0.01 15/9/2037 170,889 0.02 $200,000 eBay 2.6% Senior Notes 15/7/2022 123,112 0.01 $500,000 Energy Transfer Partners 3.6% Senior Notes 1/2/2023 321,953 0.04 $400,000 eBay 2.875% Senior Notes 1/8/2021 255,768 0.03 $500,000 Energy Transfer Partners 4.15% Senior Notes 1/10/2020 338,375 0.04 $400,000 eBay 3.45% Bonds 1/8/2024 253,287 0.03 $150,000 Energy Transfer Partners 4.65% Senior Bonds 1/6/2021 103,944 0.01 $150,000 eBay 4% Senior Notes 15/7/2042 83,733 0.01 $300,000 Energy Transfer Partners 5.2% Guaranteed Senior $400,000 Ecolab 3% Senior Notes 8/12/2016 267,161 0.03 Bonds 1/2/2022 213,677 0.02 $300,000 Ecolab 4.35% Guaranteed Senior Bonds 8/12/2021 212,629 0.02 $250,000 Energy Transfer Partners 5.95% Senior Notes 1/10/2043 185,674 0.02 $300,000 Ecolab 5.5% Bonds 8/12/2041 235,933 0.03

517 BlackRock Collective Investment Funds 518 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $150,000 Energy Transfer Partners 6.5% Guaranteed Senior $400,000 ERP Operating 4.75% Senior Bonds 15/7/2020 286,800 0.03 Bonds 1/2/2042 116,045 0.01 $500,000 Essex Portfolio 3.625% Guaranteed Bonds 15/8/2022 331,670 0.04 $150,000 Energy Transfer Partners 7.5% Guaranteed Senior $121,000 Exelon Generation 4.25% Senior Bonds 15/6/2022 82,081 0.01 Bonds 1/7/2038 125,089 0.01 $400,000 Exelon Generation 5.2% Guaranteed Senior Bonds $500,000 EnLink Midstream Partners 4.4% Senior Notes 1/4/2024 344,181 0.04 1/10/2019 286,236 0.03 $200,000 Ensco 3.25% Guaranteed Senior Notes 15/3/2016 131,633 0.01 $400,000 Exelon Generation 5.6% Senior Bonds 15/6/2042 298,007 0.03 $400,000 Ensco 4.7% Senior Notes 15/3/2021 265,943 0.03 $250,000 Exelon Generation 6.2% Senior Bonds 1/10/2017 179,390 0.02 $350,000 Ensco 5.75% Bonds 1/10/2044 235,775 0.03 $100,000 Expedia 5.95% Guaranteed Notes 15/8/2020 72,679 0.01 $500,000 ENTEL Chile 4.75% Bonds 1/8/2026 334,258 0.04 $200,000 Experian Finance 2.375% Guaranteed Notes 15/6/2017 130,096 0.01 $250,000 Entergy 5.125% Guaranteed Senior Notes 15/9/2020 178,996 0.02 $1,000,000 Express Scripts 2.25% Notes 15/6/2019 647,342 0.07 $250,000 Entergy Gulf States 5.59% Guaranteed Bonds 1/10/2024 193,498 0.02 $200,000 Express Scripts 3.9% Guaranteed Notes 15/2/2022 136,928 0.02 $150,000 Entergy Louisiana 4.05% Notes 1/9/2023 105,213 0.01 $200,000 Express Scripts 4.75% Guaranteed Notes 15/11/2021 144,393 0.02 $250,000 Enterprise Products 4.85% Guaranteed Bonds $100,000 Express Scripts 6.125% Guaranteed Bonds 15/11/2041 82,639 0.01 15/8/2042 178,409 0.02 $600,000 Express Scripts 7.25% Guaranteed Bonds 15/6/2019 466,242 0.05 $500,000 Enterprise Products 5.25% Guaranteed Bonds $800,000 Exxon Mobil 3.176% Senior Notes 15/3/2024 547,971 0.06 31/1/2020 365,172 0.04 $200,000 FBG Finance 5.875% Guaranteed Bonds 15/6/2035 160,716 0.02 $250,000 Enterprise Products 5.7% Guaranteed Bonds 15/2/2042 199,544 0.02 $500,000 FedEx 2.3% Bonds 1/2/2020 326,542 0.04 $400,000 Enterprise Products 6.3% Guaranteed Bonds 15/9/2017 289,854 0.03 $200,000 FedEx 3.875% Guaranteed Bonds 1/8/2042 126,142 0.01 $100,000 Enterprise Products 6.45% Guaranteed Bonds 1/9/2040 83,870 0.01 $400,000 FedEx 3.9% Bonds 1/2/2035 261,573 0.03 $500,000 Enterprise Products Operating 2.55% Bonds 15/10/2019 327,144 0.04 $500,000 FedEx 4.9% Guaranteed Bonds 15/1/2034 367,705 0.04 $300,000 Enterprise Products Operating 3.75% Bonds 15/2/2025 201,626 0.02 $300,000 Fidelty National Information Services 3.5% Bonds $500,000 Enterprise Products Operating 3.9% Bonds 15/2/2024 341,082 0.04 15/4/2023 194,368 0.02 $450,000 Enterprise Products Operating 4.85% Guaranteed $600,000 Fifth Third 1.15% Senior Notes 18/11/2016 388,912 0.04 Bonds 15/3/2044 323,098 0.04 $200,000 Fifth Third 4.3% Subordinated Notes 16/1/2024 138,127 0.02 $200,000 Enterprise Products Operating 4.95% Bonds 15/10/2054 142,688 0.02 $400,000 Fifth Third 4.5% Subordinated Bonds 1/6/2018 278,979 0.03 $200,000 Enterprise Products Operating 5.1% Guaranteed $100,000 Fifth Third 8.25% Guaranteed Subordinated Bonds Bonds 15/2/2045 148,078 0.02 1/3/2038 97,417 0.01 $600,000 EOG Resources 2.45% Senior Notes 1/4/2020 391,026 0.04 $1,000,000 Fifth Third Bank 2.375% Bonds 25/4/2019 655,236 0.07 $250,000 EOG Resources 2.95% Senior Notes 1/6/2015 162,708 0.02 $600,000 First Gulf Bank PJSC 3.25% Senior European Medium $350,000 EOG Resources 5.875% Guaranteed Senior Bonds Term Notes 14/1/2019 400,586 0.05 15/9/2017 250,881 0.03 $150,000 FirstEnergy 6.8% Guaranteed Senior 15/8/2039 103,980 0.01 $200,000 EQT 4.875% Senior Bonds 15/11/2021 135,697 0.02 $300,000 FirstEnergy Solutions 6.05% Guaranteed Bonds $300,000 Erac (USA) Finance 2.75% Guaranteed Notes 15/3/2017 199,299 0.02 15/8/2021 215,727 0.02 $500,000 Erac (USA) Finance 2.8% Bonds 1/11/2018 332,201 0.04 $500,000 Fiserv 3.5% Bonds 1/10/2022 332,262 0.04 $500,000 Erac (USA) Finance 3.3% Guaranteed Notes 15/10/2022 326,004 0.04 $200,000 Fiserv 6.8% Guaranteed Bonds 20/11/2017 146,280 0.02 $200,000 Erac (USA) Finance 5.625% Guaranteed Bonds $500,000 Florida Gas Transmission 7.9% Senior Notes 15/5/2019 385,890 0.04 15/3/2042 148,653 0.02 $500,000 Florida Power & Light 4.05% Guaranteed Bonds $100,000 Erac (USA) Finance 5.9% Guaranteed Notes 15/11/2015 66,968 0.01 1/6/2042 351,736 0.04 $150,000 Erac (USA) Finance 7% Guaranteed Bonds 15/10/2037 130,210 0.01 $150,000 Florida Power & Light 4.125% Bonds 1/2/2042 106,274 0.01 $300,000 ERP Operating 4.5% Senior Bond 1/7/2044 207,240 0.02 $200,000 Florida Power & Light 5.25% Bonds 1/2/2041 163,213 0.02 $300,000 ERP Operating 4.625% Guaranteed Senior Bonds $150,000 Florida Power & Light 5.85% Bonds 1/5/2037 129,173 0.01 15/12/2021 215,600 0.02

519 BlackRock Collective Investment Funds 520 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $200,000 Florida Power & Light 5.96% Guaranteed Bonds $400,000 GE Capital 4.125% Guaranteed Senior Bonds 9/10/2042 275,743 0.03 1/4/2039 176,314 0.02 $1,200,000 GE Capital 4.625% Guaranteed Senior Bonds 7/1/2021 874,874 0.10 $200,000 Florida Power & Light 6.2% Bonds 1/6/2036 178,531 0.02 $150,000 GE Capital 4.65% Senior Bonds 17/10/2021 110,064 0.01 $250,000 FMR 6.5% Senior Bonds 14/12/2040 214,791 0.02 $1,150,000 GE Capital 5.25% Senior Bonds 6/12/2017 825,718 0.09 $300,000 Fomento Economico Mexicano 4.375% Senior Notes $700,000 GE Capital 5.3% Subordinated Bonds 11/2/2021 522,116 0.06 10/5/2043 186,634 0.02 $400,000 GE Capital 5.5% Guaranteed Senior Notes 8/1/2020 299,551 0.03 $250,000 Ford Motor 7.4% Bonds 1/11/2046 240,420 0.03 $700,000 GE Capital 5.625% Senior Bonds 1/5/2018 509,287 0.06 $550,000 Ford Motor 7.45% Senior Bonds 16/7/2031 497,102 0.06 $1,000,000 GE Capital 5.875% Senior Bonds 14/1/2038 840,606 0.10 $500,000 Ford Motor Credit 1.7% Senior Bonds 9/5/2016 325,397 0.04 $850,000 GE Capital 6.75% Guaranteed Senior Bonds 15/3/2032 762,439 0.09 $500,000 Ford Motor Credit 2.145% Bonds 9/1/2018 327,048 0.04 $750,000 GE Capital 6.875% Guaranteed Senior Bonds 10/1/2039 704,421 0.08 $500,000 Ford Motor Credit 2.375% Senior Bonds 16/1/2018 329,234 0.04 $400,000 General Dynamics 2.25% Guaranteed Bonds 15/11/2022 251,191 0.03 $1,000,000 Ford Motor Credit 2.5% Senior Notes 15/1/2016 655,584 0.07 $500,000 General Electric 4.5% Senior Notes 11/3/2044 366,349 0.04 $300,000 Ford Motor Credit 3% Senior Notes 12/6/2017 200,676 0.02 $800,000 General Electric Capital 3.15% Senior Notes 7/9/2022 539,066 0.06 $400,000 Ford Motor Credit 4.25% Guaranteed Senior Notes $2,000,000 General Electric Capital 3.45% Senior Notes 15/5/2024 1,364,308 0.16 20/9/2022 281,044 0.03 $1,000,000 General Electric Capital 3.8% Senior Notes 18/6/2019 690,595 0.08 $500,000 Ford Motor Credit 4.75% Guaranteed Senior Bonds $250,000 General Electric Capital 4.625% Senior European 15/1/2043 356,086 0.04 Medium Term Notes 30/1/2043 166,263 0.02 $300,000 Ford Motor Credit 5.875% Senior Bonds 2/8/2021 229,307 0.03 $300,000 General Electric Capital 6.15% Senior Notes 7/8/2037 259,078 0.03 $500,000 Ford Motor Credit 6.625% Senior Notes 15/8/2017 361,669 0.04 $100,000 General Mills 3.15% Senior Bonds 15/12/2021 66,607 0.01 $350,000 Ford Motor Credit 8.125% Guaranteed Senior Bonds $300,000 General Mills 3.65% Bonds 15/2/2024 202,044 0.02 15/1/2020 284,002 0.03 $100,000 General Mills 4.15% Guaranteed Senior Bonds $400,000 Ford Motor Credit 12% Guaranteed Senior Notes 15/2/2043 65,311 0.01 15/5/2015 264,630 0.03 $350,000 General Mills 5.2% Guaranteed Senior Notes 17/3/2015 226,876 0.03 $700,000 Forest Laboratories 4.875% Bonds 15/2/2021 494,134 0.06 $400,000 Georgia Power 4.25% Senior Notes 1/12/2019 286,410 0.03 $400,000 Freeport-McMoRan 2.3% Bonds 14/11/2017 255,201 0.03 $200,000 Georgia Power 4.3% Senior Bonds 15/3/2042 141,953 0.02 $400,000 Freeport-McMoRan 5.4% Bonds 14/11/2034 232,781 0.03 $300,000 Georgia Power 4.3% Senior Bonds 15/3/2043 213,686 0.02 $825,000 Freeport-McMoRan Copper & Gold 3.1% Guaranteed $300,000 Georgia Power 5.7% Guaranteed Senior Notes 1/6/2017 213,687 0.02 Bonds 15/3/2020 512,500 0.06 $700,000 Georgia-Pacific 8% Senior Bonds 15/1/2024 601,131 0.07 $350,000 Freeport-McMoRan Copper & Gold 3.55% Senior Bonds $150,000 Georgia-Pacific 8.875% Senior Bonds 15/5/2031 149,190 0.02 1/3/2022 207,280 0.02 $400,000 Gerdau Trade 5.75% Guaranteed Notes 30/1/2021 267,892 0.03 $700,000 Freeport-McMoRan Copper & Gold 3.875% Guaranteed $750,000 Gilead Sciences 2.35% Bonds 1/2/2020 494,340 0.06 Bonds 15/3/2023 415,449 0.05 $750,000 Gilead Sciences 3.7% Senior Notes 1/4/2024 518,018 0.06 $200,000 Freeport-McMoRan Copper & Gold 5.45% Guaranteed $150,000 Gilead Sciences 4.4% Senior Notes 1/12/2021 107,898 0.01 Bonds 15/3/2043 113,822 0.01 $500,000 Gilead Sciences 4.5% Bonds 1/2/2045 357,994 0.04 $150,000 Gap 5.95% Senior Bonds 12/4/2021 110,977 0.01 $300,000 Gilead Sciences 4.8% Senior Notes 1/4/2044 222,300 0.03 $250,000 GATX 5.2% Senior Notes 15/3/2044 179,781 0.02 $150,000 Gilead Sciences 5.65% Senior Bonds 1/12/2041 122,598 0.01 $300,000 GDF Suez 2.875% Guaranteed Senior Notes 10/10/2022 196,895 0.02 $750,000 GlaxoSmithKline Capital 2.8% Guaranteed Bonds $1,000,000 GE Capital 1.6% Guaranteed Senior Notes 20/11/2017 654,855 0.07 18/3/2023 486,988 0.06 $300,000 GE Capital 1.625% Guaranteed Senior Notes 2/7/2015 194,956 0.02 $250,000 GlaxoSmithKline Capital 2.85% Guaranteed Notes $600,000 GE Capital 2.7% Guaranteed Senior Notes 9/10/2022 395,837 0.05 8/5/2022 164,328 0.02 $1,100,000 GE Capital 2.95% Senior Notes 9/5/2016 730,978 0.08 $250,000 GlaxoSmithKline Capital 4.2% Guaranteed Bonds $450,000 GE Capital 3.35% Senior Notes 17/10/2016 302,924 0.03 18/3/2043 172,443 0.02

521 BlackRock Collective Investment Funds 522 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $500,000 GlaxoSmithKline Capital 5.65% Guaranteed Bonds $550,000 Goldman Sachs 6.25% Guaranteed Bonds 1/2/2041 465,134 0.05 15/5/2018 365,700 0.04 $1,000,000 Goldman Sachs 6.25% Guaranteed Senior Bonds $400,000 GlaxoSmithKline Capital 6.375% Guaranteed Bonds 1/9/2017 719,476 0.08 15/5/2038 351,745 0.04 $200,000 Goldman Sachs 6.45% Subordinated Bonds 1/5/2036 161,103 0.02 $200,000 Glencore Finance Canada 2.05% Guaranteed Notes $750,000 Goldman Sachs 6.75% Guaranteed Subordinated Bonds 23/10/2015 130,107 0.01 1/10/2037 627,777 0.07 $100,000 Glencore Finance Canada 2.7% Guaranteed Notes $550,000 Goldman Sachs 7.5% Notes 15/2/2019 425,120 0.05 25/10/2017 65,736 0.01 $250,000 Goldman Sachs Capital I 6.345% Notes 15/2/2034 197,485 0.02 $500,000 Glencore Finance Canada 4.25% Guaranteed Notes $750,000 Goldman Sachs Group 3.5% Bonds 23/1/2025 490,199 0.06 25/10/2022 329,840 0.04 $250,000 Goodman Funding 6% Guaranteed Notes 22/3/2022 185,625 0.02 $250,000 Glencore Finance Canada 5.55% Guaranteed Bonds $950,000 Google 3.625% Guaranteed Senior Bonds 19/5/2021 669,293 0.08 25/10/2042 174,295 0.02 $300,000 Greenland Global Investment 5.875% Notes 3/7/2024 195,949 0.02 $200,000 Glencore Finance Canada 5.8% Guaranteed Bonds $600,000 Grupo Bimbo SAB de CV 3.875% Bonds 27/6/2024 401,232 0.05 15/11/2016 138,256 0.02 $500,000 GS Caltex 3.25% Senior Notes 1/10/2018 329,194 0.04 $150,000 Glencore Finance Canada 6% Guaranteed Bonds $941,000 GTL Trade Finance 5.893% Guaranteed Bonds 15/11/2041 108,298 0.01 29/4/2024 613,471 0.07 $800,000 Glencore Funding 1.7% Guaranteed Bonds 27/5/2016 519,559 0.06 $150,000 Guardian Life Insurance of America 4.875% $400,000 Glencore Funding 4.125% Guaranteed Bonds 30/5/2023 264,876 0.03 Subordinated Notes 19/6/2064 105,513 0.01 $300,000 GNL Quintero 4.634% Senior Notes 31/7/2029 201,721 0.02 $1,000,000 Halliburton 3.5% Senior Bonds 1/8/2023 675,510 0.08 $300,000 Goldcorp 3.7% Senior Bonds 15/3/2023 194,913 0.02 $150,000 Halliburton 4.5% Guaranteed Senior Bonds 15/11/2041 103,611 0.01 $750,000 Goldman Sachs 1.6% Notes 23/11/2015 488,323 0.06 $200,000 Halliburton 4.75% Bonds 1/8/2043 144,170 0.02 $500,000 Goldman Sachs 2.375% Senior Notes 22/1/2018 329,450 0.04 $250,000 Halliburton 6.15% Guaranteed Senior Bonds 15/9/2019 189,182 0.02 $750,000 Goldman Sachs 2.625% Bonds 31/1/2019 493,720 0.06 $100,000 Halliburton 7.45% Guaranteed Senior Bonds 15/9/2039 93,160 0.01 $1,000,000 Goldman Sachs 2.9% Senior Notes 19/7/2018 666,038 0.08 $500,000 Hana 4.375% Bonds 30/9/2024 341,492 0.04 $500,000 Goldman Sachs 3.625% Guaranteed Senior Notes $200,000 Hana Bank 4% Guaranteed Senior Notes 3/11/2016 134,804 0.02 22/1/2023 334,606 0.04 $300,000 Harley-Davidson 3.875% Guaranteed Notes 15/3/2016 200,283 0.02 $500,000 Goldman Sachs 3.625% Senior Notes 7/2/2016 331,494 0.04 $500,000 Harley-Davidson Financial Services 1.55% Bonds $250,000 Goldman Sachs 3.7% Guaranteed Senior Notes 17/11/2017 325,253 0.04 1/8/2015 163,695 0.02 $300,000 Harris 6.375% Guaranteed Senior Bonds 15/6/2019 223,691 0.03 $1,000,000 Goldman Sachs 3.85% Senior Notes 8/7/2024 676,051 0.08 $350,000 Hartford Financial Services 6% Guaranteed Senior $400,000 Goldman Sachs 4% Senior Notes 3/3/2024 273,629 0.03 Bonds 15/1/2019 258,277 0.03 $400,000 Goldman Sachs 4.8% Medium Term Notes 8/7/2044 285,888 0.03 $100,000 Hartford Financial Services 6.625% Senior Bonds $750,000 Goldman Sachs 5.25% Guaranteed Senior Bonds 15/4/2042 88,616 0.01 27/7/2021 551,006 0.06 $100,000 Harvard University 4.875% Bonds 15/10/2040 79,638 0.01 $100,000 Goldman Sachs 5.375% Guaranteed Senior Bonds $300,000 Hasbro 5.1% Senior Notes 15/5/2044 203,192 0.02 15/3/2020 73,288 0.01 $100,000 HBOS 6% Subordinated Notes 1/11/2033 75,795 0.01 $500,000 Goldman Sachs 5.625% Guaranteed Subordinated $700,000 HCP 4.25% Senior Notes 15/11/2023 479,594 0.05 Bonds 15/1/2017 347,612 0.04 $250,000 HCP 5.375% Senior Bonds 1/2/2021 181,410 0.02 $600,000 Goldman Sachs 5.75% Senior Bonds 1/10/2016 415,798 0.05 $250,000 HCP 6.3% Guaranteed Senior Notes 15/9/2016 174,120 0.02 $800,000 Goldman Sachs 5.75% Senior Bonds 24/1/2022 605,241 0.07 $250,000 Health Care REIT 3.75% Guaranteed Senior Bonds $900,000 Goldman Sachs 5.95% Subordinated Bonds 15/1/2027 686,865 0.08 15/3/2023 166,434 0.02 $300,000 Goldman Sachs 6.125% Senior Notes 15/2/2033 246,063 0.03

523 BlackRock Collective Investment Funds 524 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $400,000 Health Care REIT 4.125% Senior Notes 1/4/2019 277,249 0.03 $300,000 HSBC 6.1% Bonds 14/1/2042 258,978 0.03 $250,000 Health Care REIT 5.25% Guaranteed Senior Bonds $500,000 HSBC 6.5% Guaranteed Subordinated Bonds 15/1/2022 181,356 0.02 15/9/2037 417,392 0.05 $175,000 Heathrow Funding 4.875% Senior Bonds 15/7/2023 125,945 0.01 $350,000 HSBC 6.5% Subordinated Bonds 2/5/2036 291,958 0.03 $250,000 Heineken 1.4% Senior Notes 1/10/2017 162,185 0.02 $500,000 HSBC 6.676% Guaranteed Senior Subordinated Notes $500,000 Heineken 2.75% Guaranteed Bonds 1/4/2023 318,650 0.04 15/1/2021 386,855 0.04 $350,000 Hess 3.5% Bonds 15/7/24 224,833 0.03 $600,000 HSBC 6.8% Subordinated Notes 1/6/2038 518,285 0.06 $250,000 Hess 5.6% Senior Notes 15/2/2041 179,360 0.02 $1,100,000 HSBC Finance 5.5% Guaranteed Senior Notes 19/1/2016 739,613 0.08 $250,000 Hess 6% Guaranteed Senior Bonds 15/1/2040 188,255 0.02 $500,000 HSBC USA 3.5% Bonds 23/6/2024 339,484 0.04 $500,000 Hess 8.125% Senior Notes 15/2/2019 387,629 0.04 $250,000 HSBC USA 5.625% Guaranteed Subordinated Bonds $500,000 Hewlett-Packard 2.65% Senior Notes 1/6/2016 330,075 0.04 15/8/2035 199,844 0.02 $1,000,000 Hewlett-Packard 2.75% Senior Notes 14/1/2019 662,601 0.08 $300,000 Humana 3.15% Guaranteed Senior Notes 1/12/2022 192,847 0.02 $200,000 Hewlett-Packard 3.3% Senior Notes 9/12/2016 134,171 0.01 $350,000 Humana 4.625% Bonds 1/12/2042 234,211 0.03 $250,000 Hewlett-Packard 4.05% Guaranteed Senior Bonds $600,000 Huntington National 2.2% Senior Notes 1/4/2019 388,489 0.04 15/9/2022 170,334 0.02 $950,000 Husky Energy 3.95% Senior Bonds 15/4/2022 626,492 0.07 $500,000 Hewlett-Packard 4.3% Senior Notes 1/6/2021 348,650 0.04 $500,000 Hutchison Whampoa 3.5% Guaranteed Notes 13/1/2017 334,372 0.04 $450,000 Hewlett-Packard 4.65% Senior Bonds 9/12/2021 319,274 0.04 $200,000 Hutchison Whampoa 4.625% Guaranteed Bonds $150,000 Hewlett-Packard 6% Senior Bonds 15/9/2041 110,023 0.01 13/1/2022 141,620 0.02 $250,000 Historic TW 6.625% Guaranteed Bonds 15/5/2029 207,601 0.02 $177,000 Hutchison Whampoa 4.625% Guaranteed Notes $500,000 Holcim Finance 6% Guaranteed Bonds 30/12/2019 371,661 0.04 11/9/2015 116,798 0.01 $300,000 Home Depot 4.2% Senior Bonds 1/4/2043 209,468 0.02 $700,000 Hutchison Whampoa 5.75% Guaranteed Notes $600,000 Home Depot 4.4% Senior Bonds 1/4/2021 438,813 0.05 11/9/2019 516,984 0.06 $400,000 Home Depot 4.4% Senior Notes 15/3/2045 289,807 0.03 $350,000 Hutchison Whampoa 7.625% Guaranteed Notes $300,000 Home Depot 4.875% Senior Notes 15/2/2044 231,427 0.03 9/4/2019 272,204 0.03 $1,300,000 Home Depot 5.4% Guaranteed Senior Notes 1/3/2016 882,026 0.10 $500,000 Hutchison Whampoa International 14 3.625% Bonds $250,000 Home Depot 5.875% Guaranteed Senior Bonds 31/10/2024 331,629 0.04 16/12/2036 213,253 0.02 $400,000 Hyundai Capital America 2.875% Bonds 9/8/2018 264,962 0.03 $200,000 Home Depot 5.95% Guaranteed Senior Bonds 1/4/2041 172,640 0.02 $200,000 Hyundai Capital America 4% Guaranteed Notes 8/6/2017 136,016 0.02 $500,000 Honeywell International 4.25% Senior Notes 1/3/2021 363,099 0.04 $500,000 Hyundai Capital Services 3.5% Guaranteed Senior $150,000 Honeywell International 5.375% Bonds 1/3/2041 124,385 0.01 Notes 13/9/2017 335,039 0.04 $300,000 Honeywell International 5.7% Senior Notes 15/3/2037 250,262 0.03 $350,000 Iberdrola Finance Ireland 5% Guaranteed Notes $300,000 Hongkong Land Finance 4.5% Guaranteed European 11/9/2019 252,635 0.03 Medium Term Notes 1/6/2022 209,420 0.02 $500,000 IBM 1.625% Senior Bonds 15/5/2020 318,843 0.04 $200,000 Hospitality Properties Trust 5% Guaranteed Senior $500,000 IBM 1.875% Senior Notes 15/5/2019 327,074 0.04 Notes 15/8/2022 137,626 0.02 $750,000 IBM 1.875% Senior Notes 1/8/2022 461,682 0.05 $300,000 Host Hotels & Resorts 5.25% Senior Bonds 15/3/2022 213,966 0.02 $300,000 IBM 2.9% Senior Bonds 1/11/2021 200,664 0.02 $900,000 HSBC 1.5% Senior Bonds 15/5/2018 579,071 0.07 $218,000 IBM 4% Notes 20/6/2042 141,803 0.02 $500,000 HSBC 4.25% Subordinated Notes 14/3/2024 341,113 0.04 $211,000 IBM 5.6% Guaranteed Senior Bonds 30/11/2039 166,284 0.02 $500,000 HSBC 4.75% Senior Bonds 19/1/2021 364,781 0.04 $700,000 IBM 5.7% Guaranteed Senior Bonds 14/9/2017 505,379 0.06 $400,000 HSBC 4.875% Senior Notes 14/1/2022 292,233 0.03 $300,000 IBM 5.875% Senior Notes 29/11/2032 245,799 0.03 $250,000 HSBC 5.875% Guaranteed Subordinated Bonds $1,000,000 IBM 7.625% Senior Notes 15/10/2018 782,350 0.09 1/11/2034 205,393 0.02 $900,000 ICICI Bank 5.75% Senior Bonds 16/11/2020 663,073 0.08

525 BlackRock Collective Investment Funds 526 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $400,000 ICICI Bank Dubai 4.7% Guaranteed Senior Notes $200,000 Itau Unibanco 5.65% Notes 19/3/2022 133,144 0.01 21/2/2018 275,608 0.03 $600,000 Itau Unibanco 5.75% Subordinated Bonds 22/1/2021 404,264 0.05 $150,000 Illinois Tool Works 3.375% Senior Notes 15/9/2021 102,872 0.01 $200,000 Itau Unibanco 6.2% Subordinated Notes 21/12/2021 137,343 0.02 $500,000 Illinois Tool Works 3.5% Senior Notes 1/3/2024 341,215 0.04 $500,000 ITC 3.65% Senior Notes 15/6/2024 334,175 0.04 $250,000 Illinois Tool Works 3.9% Guaranteed Senior Bonds $300,000 Jabil Circuit 5.625% Senior Bonds 15/12/2020 211,110 0.02 1/9/2042 163,990 0.02 $100,000 Jefferies 5.125% Guaranteed Senior Bonds 20/1/2023 68,477 0.01 $450,000 Imperial Tobacco Finance 3.5% Bonds 11/2/2023 295,388 0.03 $150,000 Jefferies 5.125% Senior Notes 13/4/2018 102,565 0.01 $100,000 Indiana Michigan Power 6.05% Guaranteed Senior $150,000 Jefferies 6.5% Senior Bonds 20/1/2043 99,483 0.01 Bonds 15/3/2037 83,197 0.01 $200,000 Jefferies 8.5% Guaranteed Senior Bonds 15/7/2019 154,561 0.02 $250,000 ING Bank 1.375% Senior Notes 7/3/2016 162,463 0.02 $300,000 Jersey Central Power & Light 4.7% Senior Notes $500,000 ING Bank 2.5% Bonds 1/10/2019 329,301 0.04 1/4/2024 212,704 0.02 $250,000 ING Bank 3.75% Notes 7/3/2017 169,344 0.02 $600,000 John Deere 1.2% Guaranteed Notes 10/10/2017 388,908 0.04 $327,000 ING Bank 4% Senior Notes 15/3/2016 217,981 0.02 $100,000 John Deere 2.25% Notes 17/4/2019 65,718 0.01 $300,000 ING Bank 5.8% Subordinated Notes 25/9/2023 222,844 0.03 $400,000 John Deere 2.75% Bonds 15/3/22 261,616 0.03 $400,000 Ingersoll-Rand Global 2.875% Guaranteed Bonds $200,000 John Deere 2.8% Bonds 27/1/2023 130,774 0.01 15/1/2019 264,352 0.03 $300,000 John Deere 3.9% Senior Bonds 12/7/2021 210,895 0.02 $300,000 Ingersoll-Rand Luxembourg Finance 4.65% Bonds $1,000,000 John Deere Capital 1.05% Senior Notes 11/10/2016 649,977 0.07 1/11/2044 206,414 0.02 $700,000 John Deere Capital 2.3% Medium Term Notes 16/9/2019 461,191 0.05 $750,000 Intel 1.35% Senior Notes 15/12/2017 488,111 0.06 $500,000 Johnson & Johnson 2.15% Guaranteed Senior Notes $100,000 Intel 1.95% Guaranteed Senior Notes 1/10/2016 66,031 0.01 15/5/2016 330,184 0.04 $750,000 Intel 2.7% Guaranteed Senior Bonds 15/12/2022 489,325 0.06 $400,000 Johnson & Johnson 3.375% Bonds 5/12/2023 279,350 0.03 $300,000 Intel 3.3% Senior Bonds 1/10/2021 205,631 0.02 $500,000 Johnson & Johnson 4.5% Senior Notes 5/12/2043 383,351 0.04 $350,000 Intel 4.8% Guaranteed Senior Bonds 1/10/2041 253,245 0.03 $100,000 Johnson & Johnson 4.85% Senior Bonds 15/5/2041 78,688 0.01 $200,000 IntercontinentalExchange 4% Guaranteed Bonds $250,000 Johnson & Johnson 4.95% Senior Bonds 15/5/2033 197,984 0.02 15/10/2023 139,206 0.02 $500,000 Johnson & Johnson 5.15% Bonds 15/7/2018 364,602 0.04 $200,000 International Lease Finance 6.75% Guaranteed Senior $100,000 Johnson & Johnson 5.85% Guaranteed Senior Bonds Notes 1/9/2016 137,505 0.02 15/7/2038 89,244 0.01 $350,000 International Lease Finance 7.125% Guaranteed Senior $400,000 Johnson Controls 4.25% Guaranteed Senior Bonds Notes 1/9/2018 257,619 0.03 1/3/2021 279,407 0.03 $700,000 International Paper 4.75% Senior Bonds 15/2/2022 501,557 0.06 $200,000 Johnson Controls 4.95% Senior Notes 2/7/2064 136,662 0.02 $300,000 International Paper 4.8% Senior Notes 15/6/2044 203,036 0.02 $50,000 Johnson Controls 5.7% Senior Bonds 1/3/2041 39,125 0.00 $150,000 International Paper 7.3% Senior Bonds 15/11/2039 130,414 0.01 $1,750,000 JP Morgan Chase 1.35% Senior Notes 15/2/2017 1,135,248 0.13 $300,000 Interpublic 3.75% Guaranteed Senior Bonds 15/2/2023 198,524 0.02 $2,000,000 JP Morgan Chase 1.625% Senior Notes 15/5/2018 1,289,638 0.15 $500,000 Intesa SanPaolo 3.625% Guaranteed Notes 12/8/2015 327,180 0.04 $500,000 JP Morgan Chase 2% Senior Notes 15/8/2017 328,010 0.04 $600,000 Intesa SanPaolo 3.875% Guaranteed Bonds 15/1/2019 407,937 0.05 $750,000 JP Morgan Chase 2.25% Bonds 23/1/2020 482,640 0.06 $400,000 Intesa Sanpaolo 5.25% Guaranteed Notes 12/1/2024 291,761 0.03 $750,000 JP Morgan Chase 2.6% Senior Notes 15/1/2016 492,895 0.06 $250,000 Intesa Sanpaolo 6.5% Senior Bonds 24/2/2021 191,516 0.02 $1,250,000 JP Morgan Chase 3.15% Senior Notes 5/7/2016 831,339 0.09 $200,000 Inversiones 4.75% Bonds 15/9/2024 135,978 0.02 $400,000 JP Morgan Chase 3.2% Senior Bonds 25/1/2023 263,323 0.03 $400,000 Inversiones CMPC 4.375% Bonds 15/5/2023 265,288 0.03 $750,000 JP Morgan Chase 3.25% Senior Notes 23/9/2022 495,704 0.06 $600,000 Invesco Finance 4% Guaranteed Bonds 30/1/2024 411,800 0.05 $750,000 JP Morgan Chase 3.375% Bonds 1/5/2023 484,552 0.06 $300,000 Itau Unibanco 5.125% Guaranteed Bonds 13/5/2023 191,154 0.02 $1,200,000 JP Morgan Chase 3.45% Guaranteed Senior Notes $250,000 Itau Unibanco 5.5% Guaranteed Notes 6/8/2022 164,197 0.02 1/3/2016 796,618 0.09

527 BlackRock Collective Investment Funds 528 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $750,000 JP Morgan Chase 3.625% Senior Notes 13/5/2024 503,305 0.06 $500,000 Kinder Morgan Energy 3.95% Senior Bonds 1/9/2022 331,300 0.04 $900,000 JP Morgan Chase 3.875% Bonds 10/9/2024 594,156 0.07 $250,000 Kinder Morgan Energy 5% Senior Bonds 1/3/2043 162,297 0.02 $1,000,000 JP Morgan Chase 4.4% Guaranteed Senior Bonds $300,000 Kinder Morgan Energy 5.3% Senior Bonds 15/9/2020 215,210 0.02 22/7/2020 710,696 0.08 $300,000 Kinder Morgan Energy 5.5% Senior Notes 1/3/2044 207,150 0.02 $1,050,000 JP Morgan Chase 4.5% Senior Bonds 24/1/2022 751,147 0.09 $300,000 Kinder Morgan Energy 5.95% Senior Bonds 15/2/2018 213,718 0.02 $500,000 JP Morgan Chase 4.85% Senior Notes 1/2/2044 370,517 0.04 $250,000 Kinder Morgan Energy 6.375% Senior Notes 1/3/2041 185,702 0.02 $250,000 JP Morgan Chase 5.4% Bonds 6/1/2042 194,659 0.02 $200,000 Kinder Morgan Energy 6.85% Senior Notes 15/2/2020 151,516 0.02 $300,000 JP Morgan Chase 5.5% Senior Bonds 15/10/2040 235,976 0.03 $250,000 Kinder Morgan Energy 6.95% Guaranteed Senior Bonds $250,000 JP Morgan Chase 5.6% Guaranteed Senior Bonds 15/1/2038 196,201 0.02 15/7/2041 200,100 0.02 $150,000 Kinder Morgan Energy 7.4% Senior Bonds 15/3/2031 116,561 0.01 $800,000 JP Morgan Chase 5.625% Subordinated Notes $300,000 Kinder Morgan Energy Partners 5% Senior Notes 16/8/2043 620,174 0.07 15/8/2042 194,890 0.02 $700,000 JP Morgan Chase 6% Guaranteed Senior Bonds $400,000 Kinross Gold 5.95% Bonds 15/3/2024 258,975 0.03 15/1/2018 507,400 0.06 $200,000 KKR Group Finance 5.5% Guaranteed Bonds 1/2/2043 146,180 0.02 $350,000 JP Morgan Chase 6% Guaranteed Subordinated Bonds $500,000 KLA-Tencor 4.65% Bonds 1/11/2024 341,669 0.04 5/7/2017 249,599 0.03 $150,000 Kohl’s 4% Senior Bonds 1/11/2021 102,714 0.01 $700,000 JP Morgan Chase 6.3% Senior Notes 23/4/2019 526,181 0.06 $150,000 Kohl’s 6.875% Senior Bonds 15/12/2037 125,281 0.01 $300,000 JP Morgan Chase 6.4% Guaranteed Senior Bonds $250,000 Koninklijke KPN 8.375% Senior Notes 1/10/2030 230,459 0.03 15/5/2038 258,835 0.03 $300,000 Koninklijke Philips Electronics 3.75% Senior Bonds $400,000 Juniper Networks 4.5% Senior Notes 15/3/2024 262,250 0.03 15/3/2022 206,051 0.02 $500,000 Kansas City Power & Light 7.15% Bonds 1/4/2019 387,612 0.04 $150,000 Koninklijke Philips Electronics 6.875% Senior Bonds $50,000 Kansas City Power 5.3% Senior Bonds 1/10/2041 39,120 0.00 11/3/2038 132,513 0.01 $750,000 Kellogg’s 2.75% Senior Notes 1/3/2023 480,264 0.05 $400,000 Kookmin Bank 1.625% Bonds 14/7/2017 258,009 0.03 $150,000 Kellogg’s 4% Senior Bonds 15/12/2020 104,419 0.01 $400,000 Korea Exchange Bank 3.125% Senior Bonds 26/6/2017 266,363 0.03 $300,000 Kellogg’s 4.45% Senior Notes 30/5/2016 202,376 0.02 $350,000 Kraft Foods 3.5% Guaranteed Senior Notes 6/6/2022 233,183 0.03 $400,000 Kentucky Utilities 3.25% 1 Mortgage Bonds 1/11/2020 270,687 0.03 $350,000 Kraft Foods 5% Guaranteed Senior Bonds 4/6/2042 244,962 0.03 $250,000 Kerr-McGee 6.95% Guaranteed Bonds 1/7/2024 202,589 0.02 $600,000 Kraft Foods 6.125% Guaranteed Senior Notes $400,000 KeyBank 5.45% Subordinated Bonds 3/3/2016 270,393 0.03 23/8/2018 441,212 0.05 $500,000 KeyCorp 2.3% Senior Notes 13/12/2018 328,250 0.04 $400,000 Kraft Foods 6.5% Senior Notes 9/2/2040 316,852 0.04 $350,000 KeyCorp 5.1% Senior Bonds 24/3/2021 257,063 0.03 $500,000 Kroger 2.3% Senior Notes 15/1/2019 327,238 0.04 $250,000 Keysight Technologies 3.3% Bonds 30/10/2019 162,452 0.02 $500,000 Kroger 3.3% Senior Notes 15/1/2021 335,924 0.04 $400,000 Keyspan Gas East 5.819% Guaranteed Senior Bonds $350,000 Kroger 3.9% Guaranteed Notes 1/10/2015 230,677 0.03 1/4/2041 341,049 0.04 $300,000 Kroger 5% Senior Bonds 15/4/2042 220,275 0.03 $250,000 Kimberly Clark Corp 5.3% Senior Notes 1/3/2041 202,301 0.02 $150,000 Kroger 6.15% Guaranteed Bonds 15/1/2020 113,384 0.01 $350,000 Kimberly-Clark 2.4% Senior Bonds 1/3/2022 225,519 0.03 $150,000 Kuwait Projects 8.875% Guaranteed European Medium $150,000 Kimberly-Clark 6.625% Guaranteed Senior Bonds Term Notes 17/10/2016 106,992 0.01 1/8/2037 139,893 0.02 $750,000 L-3 Communications 3.95% Guaranteed Notes $400,000 Kimco Realty 6.875% Senior Notes 1/10/2019 307,250 0.04 28/5/2024 495,022 0.06 $800,000 Kinder 5.3% Bonds 1/12/2034 548,682 0.06 $250,000 L-3 Communications 5.2% Guaranteed Notes $1,000,000 Kinder Morgan 3.05% Bonds 1/12/2019 653,252 0.07 15/10/2019 179,424 0.02 $800,000 Kinder Morgan 4.3% Bonds 1/6/2025 540,027 0.06 $250,000 Laboratory Corp of America 3.6% Bonds 1/2/2025 163,462 0.02 $350,000 Kinder Morgan Energy 3.5% Bonds 1/9/2023 224,152 0.03 $350,000 Laboratory Corp of America 4.7% Bonds 1/2/2045 232,763 0.03

529 BlackRock Collective Investment Funds 530 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $500,000 Laboratory Corporation of America 2.2% Guaranteed $200,000 LYB International Finance 4.875% Guaranteed Bonds Senior Notes 23/8/2017 327,762 0.04 15/3/2044 139,034 0.02 $250,000 Lasmo 7.3% Guaranteed Bonds 15/11/2027 216,296 0.02 $400,000 LyondellBasell Industries 5% Bonds 15/4/2019 285,576 0.03 $200,000 Legg Mason 5.625% Senior Notes 15/1/2044 151,572 0.02 $700,000 LyondellBasell Industries 5.75% Senior Bonds $200,000 Legrand France 8.5% Guaranteed Senior Bonds 15/4/2024 537,060 0.06 15/2/2025 183,218 0.02 $500,000 Macquarie 7.625% Senior Notes 13/8/2019 389,502 0.04 $300,000 Leucadia National 5.5% Senior Notes 18/10/2023 200,135 0.02 $200,000 Macquarie Bank 2.6% Senior Notes 24/6/2019 131,318 0.01 $300,000 Lexmark International 5.125% Bonds 15/3/2020 207,867 0.02 $300,000 Macquarie Bank 5% Senior Notes 22/2/2017 207,377 0.02 $200,000 Liberty Mutual 5% Guaranteed Bonds 1/6/2021 143,580 0.02 $200,000 Macquarie Bank 6.625% Bonds 7/4/2021 151,970 0.02 $450,000 Liberty Mutual 6.5% Guaranteed Bonds 1/5/2042 367,787 0.04 $200,000 Macy’s Retail 3.875% Guaranteed Senior Bonds $300,000 Liberty Property 4.125% Senior Notes 15/6/2022 203,155 0.02 15/1/2022 137,159 0.02 $400,000 Life Technologies 6% Bonds 1/3/2020 297,431 0.03 $500,000 Macy’s Retail 4.375% Guaranteed Bonds 1/9/2023 351,487 0.04 $200,000 Lincoln National 6.15% Guaranteed Senior Bonds $200,000 Macy’s Retail 5.9% Guaranteed Bonds 1/12/2016 139,870 0.02 7/4/2036 163,476 0.02 $100,000 Macy’s Retail 6.375% Guaranteed Bonds 15/3/2037 84,937 0.01 $100,000 Lincoln National 6.3% Senior Bonds 9/10/2037 83,152 0.01 $400,000 Macy’s Retail Holdings 4.5% Bonds 15/12/2034 271,873 0.03 $200,000 Lincoln National 8.75% Senior Bonds 1/7/2019 162,217 0.02 $250,000 Magellan Midstream 4.25% Guaranteed Senior Bonds $400,000 Link Finance Cayman 2009 3.6% European Medium 1/2/2021 175,932 0.02 Term Notes 3/9/2024 264,717 0.03 $500,000 Manufacturers & Traders Trust 1.45% Senior Notes $200,000 Lloyds Banking Group 4.5% Bonds 4/11/2024 135,224 0.02 7/3/2018 322,663 0.04 $200,000 Lloyds TSB 4.2% Guaranteed Notes 28/3/2017 137,185 0.02 $500,000 Manufacturers & Traders Trust 2.25% Bonds 25/7/2019 325,533 0.04 $250,000 Lloyds TSB 5.8% Guaranteed Bonds 13/1/2020 188,625 0.02 $500,000 Marathon Oil 2.8% Guaranteed Senior Bonds 1/11/2022 316,060 0.04 $1,300,000 Lloyds TSB 6.5% Guaranteed Bonds 14/9/2020 987,816 0.11 $100,000 Marathon Oil 6% Guaranteed Senior Bonds 1/10/2017 71,951 0.01 $500,000 Lockheed Martin 2.125% Senior Notes 15/9/2016 329,957 0.04 $100,000 Marathon Oil 6.6% Senior Bonds 1/10/2037 78,639 0.01 $600,000 Lockheed Martin 2.9% Bonds 1/3/2025 391,155 0.04 $300,000 Marathon Petroleum 5% Bonds 15/9/2054 198,576 0.02 $550,000 Lockheed Martin 3.35% Senior Bonds 15/9/2021 376,887 0.04 $300,000 Marathon Petroleum 6.5% Senior Bonds 1/3/2041 238,245 0.03 $645,000 Lockheed Martin 4.07% Senior Bonds 15/12/2042 434,524 0.05 $300,000 Marathon Petroleum Corp 5.125% Senior Notes $350,000 Loews 2.625% Senior Bonds 15/5/2023 218,392 0.02 1/3/2021 218,295 0.02 $500,000 Lorillard Tobacco 2.3% Bonds 21/8/2017 326,613 0.04 $500,000 Marriott International 3.25% Bonds 15/9/2022 328,130 0.04 $100,000 Lorillard Tobacco 8.125% Guaranteed Notes 23/6/2019 78,949 0.01 $300,000 Marsh & McLennan 3.5% Senior Notes 3/6/2024 200,153 0.02 $450,000 Lowe’s 1.625% Senior Notes 15/4/2017 295,021 0.03 $100,000 Mass Mutual Life Insurance 8.875% Subordinated $100,000 Lowe’s 2.125% Guaranteed Senior Notes 15/4/2016 65,716 0.01 Bonds 1/6/2039 104,360 0.01 $150,000 Lowe’s 3.12% Senior Notes 15/4/2022 100,702 0.01 $400,000 Massachusetts Institute of Technology 4.678% Bonds $750,000 Lowe’s 3.75% Bonds 15/4/21 526,242 0.06 1/7/2114 299,062 0.03 $200,000 Lowe’s 4.65% Senior Bonds 15/4/2042 146,601 0.02 $500,000 MassMutual Global Funding II 2.1% Senior Notes $550,000 Lowe’s 5.8% Guaranteed Senior Bonds 15/4/2040 462,985 0.05 2/8/2018 328,428 0.04 $150,000 Lubrizol 6.5% Guaranteed Bonds 1/10/2034 131,341 0.01 $500,000 MassMutual Global Funding II 2.35% Bonds 9/4/2019 329,255 0.04 $500,000 Lukoil International Finance 4.563% Guaranteed Bonds $500,000 MasterCard 3.375% Senior Notes 1/4/2024 339,368 0.04 24/4/2023 268,539 0.03 $350,000 McDonald’s 3.625% Bonds 1/5/2043 220,109 0.03 $450,000 Lukoil International Finance 7.25% Guaranteed Notes $200,000 McDonald’s 3.7% Senior Bonds 15/2/2042 126,005 0.01 5/11/2019 289,003 0.03 $700,000 McDonald’s 5.35% Guaranteed Senior Bonds 1/3/2018 504,173 0.06 $100,000 LVMH Moet Hennessy 1.625% Guaranteed Senior Notes $100,000 McDonald’s 6.3% Senior Bonds 15/10/2037 85,926 0.01 29/6/2017 65,252 0.01 $1,000,000 McKesson 2.284% Senior Notes 15/3/2019 651,915 0.07

531 BlackRock Collective Investment Funds 532 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $50,000 McKesson 2.7% Guaranteed Senior Bonds 15/12/2022 32,147 0.00 $600,000 Metropolitan Life Global Funding I 2.5% Senior Notes $400,000 McKesson 3.25% Senior Bonds 1/3/2016 264,823 0.03 29/9/2015 392,643 0.04 $150,000 McKesson 6% Guaranteed Senior Bonds 1/3/2041 125,217 0.01 $250,000 Mexichem 4.875% Guaranteed Senior Notes 19/9/2022 173,580 0.02 $300,000 Mead Johnson Nutrition 4.9% Guaranteed Senior Notes $250,000 Mexichem SAB de 5.875% Bonds 17/9/2044 163,388 0.02 1/11/2019 215,029 0.02 $500,000 Microsoft 0.875% Senior Notes 15/11/2017 323,037 0.04 $750,000 Medtronic 1.375% Senior Notes 1/4/2018 484,980 0.06 $750,000 Microsoft 1% Bonds 1/5/2018 482,570 0.06 $100,000 Medtronic 2.625% Guaranteed Senior Notes 15/3/2016 66,072 0.01 $300,000 Microsoft 1.625% Senior Notes 25/9/2015 195,683 0.02 $100,000 Medtronic 3% Guaranteed Senior Notes 15/3/2015 64,751 0.01 $400,000 Microsoft 1.85% Bonds 12/2/2020 260,277 0.03 $200,000 Medtronic 3.125% Guaranteed Senior Notes 15/3/2022 133,644 0.01 $350,000 Microsoft 2.375% Bonds 12/2/2022 227,619 0.03 $1,000,000 Medtronic 3.15% Bonds 15/3/2022 669,885 0.08 $1,000,000 Microsoft 2.7% Bonds 12/2/2025 649,742 0.07 $1,000,000 Medtronic 3.5% Bonds 15/3/2025 675,402 0.08 $500,000 Microsoft 3.5% Bonds 12/2/2035 320,411 0.04 $400,000 Medtronic 4% Senior Bonds 1/4/2043 268,613 0.03 $450,000 Microsoft 3.75% Bonds 12/2/2045 290,240 0.03 $750,000 Medtronic 4.375% Bonds 15/3/2035 528,620 0.06 $250,000 Microsoft 4.2% Guaranteed Senior Bonds 1/6/2019 178,951 0.02 $1,000,000 Medtronic 4.625% Bonds 15/3/2045 733,629 0.08 $500,000 Microsoft 4.875% Senior Notes 15/12/2043 379,860 0.04 $100,000 Medtronic 5.55% Senior Bonds 15/3/2040 78,981 0.01 $100,000 Microsoft 5.2% Senior Bonds 1/6/2039 78,645 0.01 $200,000 Mega Advance Investments 5% Guaranteed Bonds $250,000 Microsoft 5.3% Senior Bonds 8/2/2041 200,695 0.02 12/5/2021 141,271 0.02 $500,000 MidAmerican Energy 2.4% Bonds 15/3/2019 331,312 0.04 $750,000 Merck & Co 0.7% Senior Notes 18/5/2016 486,543 0.06 $700,000 MidAmerican Energy 3.5% Bonds 15/10/2024 482,988 0.06 $500,000 Merck & Co 2.4% Guaranteed Senior Bonds 15/9/2022 322,175 0.04 $250,000 Mitsubishi 2.25% Senior Notes 14/9/2016 164,304 0.02 $200,000 Merck & Co 2.8% Senior Bonds 18/5/2023 131,299 0.01 $200,000 Mitsubishi 2.875% Senior Bonds 18/7/2018 133,105 0.01 $250,000 Merck & Co 3.6% Senior Notes 15/9/2042 158,494 0.02 $250,000 Mitsubishi Corporation 2.75% European Medium Term $750,000 Merck & Co 4.15% Senior Notes 18/5/2043 517,313 0.06 Notes 16/9/2015 163,278 0.02 $650,000 Merck & Co 5% Guaranteed Senior Bonds 30/6/2019 477,640 0.05 $1,000,000 Mizuho Bank 1.7% Bonds 25/9/2017 646,755 0.07 $250,000 Merck 1.85% Bonds 10/2/2020 161,317 0.02 $1,750,000 Mizuho Bank 2.45% Guaranteed Bonds 16/4/2019 1,141,917 0.13 $250,000 Merck 2.35% Bonds 10/2/2022 160,975 0.02 $500,000 Mizuho Bank 2.55% Guaranteed Notes 17/3/2017 330,078 0.04 $500,000 Merck 2.75% Bonds 10/2/2025 322,235 0.04 $250,000 Mizuho Financial 2 4.2% Guaranteed Notes 18/7/2022 171,564 0.02 $225,000 Merck 3.7% Bonds 10/2/2045 144,856 0.02 $500,000 Mizuho Financial Cayman 3 4.6% Guaranteed Bonds $500,000 MetLife 3.6% Senior Notes 10/4/2024 342,287 0.04 27/3/2024 344,457 0.04 $800,000 MetLife 4.125% Senior Notes 13/8/2042 535,565 0.06 $250,000 MMC Norilsk Nickel 5.55% Senior Notes 28/10/2020 151,255 0.02 $150,000 MetLife 5.7% Guaranteed Senior Bonds 15/6/2035 123,720 0.01 $150,000 Molson Coors Brewing 3.5% Guaranteed Notes 1/5/2022 99,461 0.01 $250,000 MetLife 5.875% Guaranteed Senior Bonds 6/2/2041 210,804 0.02 $150,000 Molson Coors Brewing 5% Guaranteed Bonds 1/5/2042 100,917 0.01 $300,000 MetLife 6.4% Subordinated Bonds 15/12/2066 227,126 0.03 $400,000 Mondelez International 4% Senior Notes 1/2/2024 280,256 0.03 $500,000 MetLife 7.717% Bonds 15/2/2019 393,545 0.04 $250,000 Mondelez International 4.125% Guaranteed Senior $300,000 MetLife Capital Trust X 9.25% Subordinated Bonds Notes 9/2/2016 166,602 0.02 8/4/2068 284,392 0.03 $350,000 Mondelez International 5.375% Guaranteed Senior $150,000 Metropolitan Life Global Funding 3.65% Guaranteed Bonds 10/2/2020 259,180 0.03 Notes 14/6/2018 103,105 0.01 $350,000 Mondelez International 6.125% Senior Bonds 23/8/2018 257,618 0.03 $750,000 Metropolitan Life Global Funding I 1.5% Guaranteed $300,000 Mondelez International 6.5% Guaranteed Senior Bonds Bonds 10/1/2018 486,218 0.06 9/2/2040 269,167 0.03 $750,000 Metropolitan Life Global Funding I 1.875% Guaranteed $100,000 Mondelez International 6.5% Senior Bonds 1/11/2031 87,103 0.01 Bonds 22/6/2018 487,548 0.06 $200,000 Mondelez International 7% Guaranteed Senior Bonds 11/8/2037 178,273 0.02

533 BlackRock Collective Investment Funds 534 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $1,000,000 Monsanto 2.75% Senior Notes 15/7/2021 656,164 0.07 $200,000 Nabors Industries 4.625% Guaranteed Notes 15/9/2021 125,027 0.01 $175,000 Monsanto 3.375% Senior Notes 15/7/2024 118,058 0.01 $500,000 Nabors Industries 6.15% Guaranteed Bonds 15/2/2018 339,363 0.04 $300,000 Monsanto 4.4% Senior Notes 15/7/2044 209,147 0.02 $50,000 Nabors Industries 9.25% Guaranteed Notes 15/1/2019 36,824 0.00 $400,000 Moody’s 4.875% Senior Notes 15/2/2024 286,469 0.03 $500,000 National Australia Bank 1.6% Guaranteed Senior Notes $1,250,000 Morgan 2.65% Bonds 27/1/2020 815,716 0.09 7/8/2015 325,381 0.04 $500,000 Morgan Stanley 2.125% Senior Notes 25/4/2018 325,919 0.04 $750,000 National Australia Bank 2.3% Senior Notes 25/7/2018 493,513 0.06 $500,000 Morgan Stanley 3.7% Bonds 23/10/2024 333,959 0.04 $500,000 National Australia Bank 2.75% Senior Bonds 9/3/2017 334,220 0.04 $250,000 Morgan Stanley 3.75% Bonds 25/2/2023 168,954 0.02 $1,000,000 National Australia Bank 3% Senior Notes 27/7/2016 666,123 0.08 $400,000 Morgan Stanley 4.1% Subordinated Bonds 22/5/2023 267,366 0.03 $250,000 National City Bank Cleveland 5.8% Subordinated Bonds $500,000 Morgan Stanley 4.3% Senior Bonds 27/1/2045 329,392 0.04 7/6/2017 176,820 0.02 $500,000 Morgan Stanley 4.35% Medium Term Notes 8/9/2026 337,192 0.04 $250,000 National Oilwell Varco I 3.95% Guaranteed Senior Bonds $250,000 Morgan Stanley 4.875% Guaranteed Subordinated 1/12/2042 154,204 0.02 Bonds 1/11/2022 175,724 0.02 $250,000 National Rural Utilities 10.375% Guaranteed Bonds $300,000 Morgan Stanley 5% Subordinated Notes 24/11/2025 213,902 0.02 1/11/2018 210,122 0.02 $1,000,000 Morgan Stanley 5.375% Senior Notes 15/10/2015 665,223 0.08 $150,000 National Rural Utilities 8% Senior Bonds 1/3/2032 146,354 0.02 $100,000 Morgan Stanley 5.5% Bonds 28/7/2021 74,797 0.01 $600,000 National Rural Utilities Cooperative Finance 1.9% Bonds $400,000 Morgan Stanley 5.5% Guaranteed Senior Notes 1/11/2015 392,069 0.04 26/1/2020 294,265 0.03 $300,000 National Rural Utilities Cooperative Finance 2% Bonds $950,000 Morgan Stanley 5.5% Senior Notes 24/7/2020 702,161 0.08 27/1/2020 192,779 0.02 $300,000 Morgan Stanley 5.625% Senior Notes 23/9/2019 220,390 0.03 $300,000 National Rural Utilities Cooperative Finance 2.85% $1,050,000 Morgan Stanley 5.75% Senior Bonds 18/10/2016 726,910 0.08 Bonds 27/1/2025 195,094 0.02 $1,000,000 Morgan Stanley 5.75% Senior Notes 25/1/2021 752,378 0.09 $750,000 Nationwide Building Society 2.35% Bonds 21/1/2020 487,544 0.06 $900,000 Morgan Stanley 5.95% Guaranteed Senior Bonds $150,000 Nationwide Building Society 9.375% Notes 15/8/2039 155,571 0.02 28/12/2017 647,620 0.07 $400,000 Nationwide Mutual Insurance 4.95% Subordinated $800,000 Morgan Stanley 6.25% Guaranteed Senior Bonds Notes 22/4/2044 276,181 0.03 9/8/2026 641,331 0.07 $150,000 Nationwide Mutual Insurance 8.25% Guaranteed $450,000 Morgan Stanley 6.375% Guaranteed Senior Bonds Subordinated Bonds 1/12/2031 139,529 0.02 24/7/2042 388,549 0.04 $500,000 NBCUniversal Enterprise 1.662% Guaranteed Notes $300,000 Morgan Stanley 7.25% Senior Notes 1/4/2032 270,207 0.03 15/4/2018 324,905 0.04 $900,000 Morgan Stanley 7.3% Guaranteed Senior Notes $500,000 NBCUniversal Enterprise 1.974% Guaranteed Bonds 13/5/2019 695,631 0.08 15/4/2019 324,485 0.04 $300,000 Mosaic 5.625% Senior Notes 15/11/2043 233,805 0.03 $750,000 NBCUniversal Media 2.875% Guaranteed Bonds $250,000 Motiva Enterprises 5.75% Bonds 15/1/2020 177,346 0.02 15/1/2023 490,022 0.06 $200,000 Motiva Enterprises 6.85% Senior Notes 15/1/2040 162,441 0.02 $400,000 NBCUniversal Media 4.375% Senior Notes 1/4/2021 287,339 0.03 $500,000 Motorola Solutions 3.75% Senior Notes 15/5/2022 329,943 0.04 $400,000 NBCUniversal Media 5.15% Guaranteed Senior Notes $600,000 MUFG Union Bank 1.5% Senior Notes 26/9/2016 390,670 0.04 30/4/2020 297,896 0.03 $250,000 MUFG Union Bank 3% Senior Notes 6/6/2016 165,696 0.02 $250,000 NBCUniversal Media 5.95% Guaranteed Senior Bonds $400,000 Murphy Oil 2.5% Guaranteed Senior Notes 1/12/2017 256,430 0.03 1/4/2041 212,609 0.02 $300,000 Murphy Oil 3.7% Senior Notes 1/12/2022 182,761 0.02 $100,000 Nestlé 1.375% Guaranteed European Medium Term $500,000 Mylan 2.6% Senior Bonds 24/6/2018 328,622 0.04 Notes 21/6/2017 65,127 0.01 $100,000 Mylan 3.125% Guaranteed Bonds 15/1/2023 63,656 0.01 $200,000 Nevada Power 6.75% Bonds 1/7/2037 185,327 0.02 $300,000 Mylan 5.4% Senior Notes 29/11/2043 220,932 0.03 $100,000 Nevada Power 7.125% Guaranteed Bonds 15/3/2019 77,292 0.01

535 BlackRock Collective Investment Funds 536 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $750,000 New Cingular Wireless 8.75% Guaranteed Senior Bonds $200,000 Noble Energy 8.25% Senior Bonds 1/3/2019 155,555 0.02 1/3/2031 720,253 0.08 $700,000 Nomura 5% Guaranteed Senior Notes 4/3/2015 452,674 0.05 $500,000 New York Life Global Funding 2.1% Guaranteed Notes $350,000 Nomura 6.7% Senior Bonds 4/3/2020 270,661 0.03 2/1/2019 327,116 0.04 $700,000 Nordea Bank 3.125% Senior Notes 20/3/2017 469,967 0.05 $500,000 New York Life Global Funding 2.15% Bonds 18/6/2019 325,073 0.04 $200,000 Nordea Bank 4.875% Guaranteed Senior Bonds $100,000 New York Life Insurance 5.875% Guaranteed 14/1/2021 145,250 0.02 Subordinated Bonds 15/5/2033 81,219 0.01 $500,000 Nordea Bank 4.875% Senior Bonds 27/1/2020 362,709 0.04 $100,000 New York Life Insurance 6.75% Subordinated Bonds $250,000 Nordea Bank 4.875% Subordinated Notes 13/5/2021 177,353 0.02 15/11/2039 92,747 0.01 $250,000 Nordstrom 4.75% Guaranteed Senior Bonds 1/5/2020 181,235 0.02 $200,000 Newcrest Finance 5.75% Guaranteed Bonds 15/11/2041 118,887 0.01 $400,000 Nordstrom 5% Senior Notes 15/1/2044 299,682 0.03 $500,000 Newell Rubbermaid 4% Bonds 1/12/2024 338,589 0.04 $300,000 Norfolk Southern 2.903% Senior Bonds 15/2/2023 194,944 0.02 $400,000 Newmont Mining 4.875% Guaranteed Bonds 15/3/2042 242,130 0.03 $200,000 Norfolk Southern 3.25% Senior Bonds 1/12/2021 134,607 0.02 $400,000 Newmont Mining 5.125% Guaranteed Bonds 1/10/2019 283,979 0.03 $400,000 Norfolk Southern 3.85% Senior Notes 15/1/2024 277,626 0.03 $100,000 Newmont Mining 6.25% Guaranteed Bonds 1/10/2039 68,073 0.01 $300,000 Norfolk Southern 4.8% Bonds 15/8/2043 222,500 0.03 $500,000 Nextera Energy Capital 1.2% Guaranteed Notes $111,000 Norfolk Southern 4.837% Senior Bonds 1/10/2041 82,274 0.01 1/6/2015 323,966 0.04 $150,000 Norfolk Southern 5.59% Senior Bonds 17/5/2025 116,443 0.01 $150,000 Nextera Energy Capital 4.5% Guaranteed Notes $350,000 Norfolk Southern 5.9% Senior Bonds 15/6/2019 261,530 0.03 1/6/2021 106,100 0.01 $100,000 Norfolk Southern 6% Senior Notes 23/5/2111 84,183 0.01 $300,000 Niagara Mohawk Power 2.721% Senior Notes $700,000 Northeast Utilities 2.8% Senior Notes 1/5/2023 446,551 0.05 28/11/2022 193,109 0.02 $500,000 Northern States Power 2.15% Guaranteed Bonds $100,000 Niagara Mohawk Power 4.119% Guaranteed Senior 15/8/2022 316,181 0.04 Bonds 28/11/2042 68,420 0.01 $500,000 Northern States Power 2.6% Notes 15/5/2023 325,769 0.04 $300,000 Niagara Mohawk Power 4.881% Senior Bonds $250,000 Northern States Power 3.4% Bonds 15/8/2042 158,983 0.02 15/8/2019 216,670 0.02 $500,000 Northern States Power 4.125% Bonds 15/5/2044 357,920 0.04 $250,000 Nike 2.25% Senior Bonds 1/5/2023 159,550 0.02 $500,000 Northern Trust 3.375% Senior Notes 23/8/2021 345,133 0.04 $500,000 Nippon Life Insurance 5.1% Bonds 16/10/2044 344,571 0.04 $150,000 Northern Trust 3.45% Guaranteed Senior Bonds $500,000 Nippon Telegraph & Telephone 2.15% Bonds 26/2/2020 324,652 0.04 4/11/2020 104,297 0.01 $200,000 NiSource Finance 5.25% Guaranteed Bonds 15/2/2043 155,047 0.02 $700,000 Northrop Grumman 3.25% Senior Bonds 1/8/2023 464,135 0.05 $300,000 NiSource Finance 5.65% Guaranteed Bonds 1/2/2045 246,508 0.03 $200,000 Northrop Grumman 4.75% Senior Notes 1/6/2043 144,145 0.02 $250,000 NiSource Finance 6.8% Guaranteed Bonds 15/1/2019 190,502 0.02 $400,000 Northwestern Mutual Life 6.063% Subordinated Bonds $500,000 Nissan Motor 1.8% Bonds 15/3/2018 324,466 0.04 30/3/2040 342,720 0.04 $500,000 Nissan Motor Acceptance 1.95% Guaranteed Senior $500,000 Novartis Capital 2.4% Guaranteed Notes 21/9/2022 325,172 0.04 Notes 12/9/2017 327,947 0.04 $1,000,000 Novartis Capital 3.4% Guaranteed Bonds 6/5/2024 688,976 0.08 $500,000 Noble 3.625% Bonds 20/3/2018 318,293 0.04 $500,000 Novartis Capital 4.4% Bonds 6/5/2044 370,155 0.04 $100,000 Noble 4.9% Guaranteed Bonds 1/8/2020 61,862 0.01 $300,000 Novartis Capital 4.4% Guaranteed Bonds 24/4/2020 217,777 0.02 $200,000 Noble 5.25% Bonds 15/3/2042 106,148 0.01 $250,000 Novartis Securities Investment 5.125% Guaranteed $150,000 Noble 6.2% Guaranteed Bonds 1/8/2040 86,342 0.01 Notes 10/2/2019 182,567 0.02 $100,000 Noble 6.75% Guaranteed Senior Bonds 29/1/2020 66,844 0.01 $250,000 Novatek Finance 4.422% Senior Bonds 13/12/2022 123,350 0.01 $200,000 Noble Energy 4.15% Guaranteed Senior Bonds $250,000 Nstar Electric 2.375% Guaranteed Senior Notes 15/12/2021 138,320 0.02 15/10/2022 158,430 0.02 $350,000 Noble Energy 5.05% Bonds 15/11/2044 241,611 0.03 $400,000 Nucor 4.125% Senior Bonds 15/9/2022 276,061 0.03 $250,000 Noble Energy 5.25% Senior Notes 15/11/2043 174,411 0.02 $300,000 Nucor 5.2% Senior Notes 1/8/2043 218,662 0.02

537 BlackRock Collective Investment Funds 538 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $150,000 Nucor 5.75% Guaranteed Senior Notes 1/12/2017 108,270 0.01 $200,000 Orange 8.75% Guaranteed Senior Bonds 1/3/2031 198,675 0.02 $400,000 NYSE Euronext 2% Senior Bonds 5/10/2017 262,508 0.03 $300,000 O’Reilly Automotive 3.85% Guaranteed Notes 15/6/2023 201,516 0.02 $300,000 Occidental Petroleum 3.125% Senior Bonds 15/2/2022 198,771 0.02 $200,000 Origin Energy Finance 3.5% Guaranteed Bonds $700,000 Occidental Petroleum 4.1% Guaranteed Senior Bonds 9/10/2018 131,563 0.01 1/2/2021 492,794 0.06 $250,000 Orix 4.71% Guaranteed Senior Notes 27/4/2015 162,687 0.02 $250,000 Occidental Petroleum 4.125% Senior Notes 1/6/2016 168,487 0.02 $400,000 Oversea-Chinese Banking 1.625% Senior Notes $500,000 Odebrecht Finance 5.25% Notes 27/6/2029 254,788 0.03 13/3/2015 258,903 0.03 $6,200 Odebrecht Offshore Drilling Finance 6.75% Senior $500,000 Owens Corning 4.2% Bonds 15/12/2022 339,692 0.04 Notes 1/10/2022 3,109 0.00 $100,000 Owens Corning 7% Guaranteed Bonds 1/12/2036 77,546 0.01 $150,000 Oglethorpe Power 5.375% Guaranteed Bonds 1/11/2040 117,235 0.01 $350,000 Paccar Financial 1.6% Senior Notes 15/3/2017 229,004 0.03 $300,000 Oglethorpe Power 5.95% Notes 1/11/2039 248,337 0.03 $700,000 Pacific Gas & Electric 2.45% Bonds 15/8/2022 446,666 0.05 $400,000 OJSC Novolipetsk Steel 4.45% Senior Notes 19/2/2018 237,142 0.03 $150,000 Pacific Gas & Electric 3.75% Guaranteed Senior Bonds $400,000 Omega Healthcare Investors 4.95% Bonds 1/4/2024 271,774 0.03 15/8/2042 95,780 0.01 $200,000 Omnicom 3.625% Senior Bonds 1/5/2022 136,280 0.02 $500,000 Pacific Gas & Electric 3.85% Senior Notes 15/11/2023 343,780 0.04 $300,000 Omnicom 4.45% Guaranteed Senior Bonds 15/8/2020 213,499 0.02 $250,000 Pacific Gas & Electric 4.3% Bonds 15/3/2045 176,394 0.02 $500,000 Omnicom Group 3.65% Bonds 1/11/2024 334,443 0.04 $150,000 Pacific Gas & Electric 4.45% Senior Bonds 15/4/2042 106,148 0.01 $200,000 Oncor Electric Delivery 5.3% Guaranteed Senior Bonds $250,000 Pacific Gas & Electric 4.6% Senior Notes 15/6/2043 180,519 0.02 1/6/2042 164,162 0.02 $100,000 Pacific Gas & Electric 5.4% Senior Bonds 15/1/2040 79,499 0.01 $400,000 Oncor Electric Delivery 6.8% Senior Notes 1/9/2018 301,896 0.03 $600,000 Pacific Gas & Electric 6.05% Guaranteed Senior Bonds $250,000 Oncor Electric Delivery 7% Guaranteed Senior Bonds 1/3/2034 509,215 0.06 1/9/2022 207,517 0.02 $200,000 Pacific Life 5.125% Senior Notes 30/1/2043 146,599 0.02 $500,000 ONE Gas 3.61% Bonds 1/2/2024 344,963 0.04 $400,000 Pacific Life 6% Bonds 10/2/2020 292,797 0.03 $300,000 ONEOK 3.375% Guaranteed Bonds 1/10/2022 183,619 0.02 $250,000 Pacific Life Insurance 9.25% Bonds 15/6/2039 260,115 0.03 $150,000 ONEOK 6.85% Guaranteed Bonds 15/10/2037 110,228 0.01 $500,000 PacifiCorp 2.95% Bonds 1/6/2023 331,481 0.04 $350,000 ONEOK 8.625% Guaranteed Bonds 1/3/2019 267,047 0.03 $500,000 PacifiCorp 5.65% Notes 15/7/2018 366,212 0.04 $150,000 ONEOK Partners 6.65% Guaranteed Bonds 1/10/2036 104,598 0.01 $250,000 PacifiCorp 5.75% Bonds 1/4/2037 213,010 0.02 $250,000 Optus Finance 4.625% Guaranteed European Medium $50,000 PacifiCorp 6% Bonds 15/1/2039 43,840 0.00 Term Notes 15/10/2019 176,961 0.02 $200,000 PacifiCorp 6.25% Bonds 15/10/2037 178,127 0.02 $400,000 Oracle 1.2% Guaranteed Senior Notes 15/10/2017 259,440 0.03 $400,000 Packaging Corporation of America 4.5% Senior Notes $750,000 Oracle 2.25% Bonds 8/10/2019 494,364 0.06 1/11/2023 277,316 0.03 $1,250,000 Oracle 2.375% Senior Notes 15/1/2019 829,799 0.09 $400,000 Parker-Hannifin 3.3% Medium Term Notes 21/11/2024 270,675 0.03 $400,000 Oracle 2.5% Bonds 15/10/2022 258,620 0.03 $400,000 Parker-Hannifin 4.2% Medium Term Notes 21/11/2034 281,804 0.03 $600,000 Oracle 3.4% Senior Notes 8/7/2024 410,301 0.05 $250,000 Pearson Funding 4% Guaranteed Notes 17/5/2016 167,182 0.02 $300,000 Oracle 3.875% Senior Notes 15/7/2020 211,208 0.02 $500,000 Penske Truck Leasing 2.5% Bonds 15/6/2019 322,366 0.04 $500,000 Oracle 4.3% Senior Notes 8/7/2034 352,090 0.04 $300,000 Penske Truck Leasing 3.375% Guaranteed Senior Notes $300,000 Oracle 4.5% Senior Notes 8/7/2044 218,239 0.02 15/3/2018 201,107 0.02 $350,000 Oracle 5.375% Guaranteed Senior Bonds 15/7/2040 279,625 0.03 $550,000 Penske Truck Leasing 4.875% Guaranteed Senior Notes $400,000 Oracle 6.5% Guaranteed Senior Bonds 15/4/2038 354,950 0.04 11/7/2022 385,642 0.04 $150,000 Orange 2.75% Senior Bonds 14/9/2016 99,469 0.01 $200,000 Pentair Finance 3.15% Guaranteed Bonds 15/9/2022 128,247 0.01 $750,000 Orange 4.125% Senior Notes 14/9/2021 528,576 0.06 $500,000 PepsiCo 0.75% Senior Notes 5/3/2015 323,544 0.04 $250,000 Orange 5.375% Senior Bonds 8/7/2019 183,656 0.02 $400,000 PepsiCo 1.25% Guaranteed Senior Notes 13/8/2017 259,837 0.03 $450,000 Orange 5.375% Senior Bonds 13/1/2042 336,755 0.04 $1,250,000 PepsiCo 2.25% Senior Notes 7/1/2019 828,557 0.09

539 BlackRock Collective Investment Funds 540 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $250,000 PepsiCo 2.5% Senior Notes 10/5/2016 165,314 0.02 $400,000 Pioneer Natural Resources 7.5% Senior Notes $450,000 PepsiCo 2.75% Senior Notes 5/3/2022 296,462 0.03 15/1/2020 307,944 0.04 $150,000 PepsiCo 3.125% Senior Bonds 1/11/2020 102,132 0.01 $600,000 Pitney Bowes 4.625% Senior Notes 15/3/2024 403,550 0.05 $200,000 PepsiCo 3.6% Senior Bonds 13/8/2042 123,053 0.01 $300,000 PKO Finance 4.63% Senior Bonds 26/9/2022 205,287 0.02 $450,000 PepsiCo 4% Senior Bonds 5/3/2042 293,199 0.03 $400,000 Plains All American Pipeline 2.85% Guaranteed Senior $150,000 PepsiCo 4.25% Bonds 22/10/2044 101,415 0.01 Bonds 31/1/2023 252,692 0.03 $100,000 PepsiCo 5.5% Guaranteed Senior Bonds 15/1/2040 79,345 0.01 $250,000 Plains All American Pipeline 3.65% Senior Bonds $50,000 PepsiCo 7.9% Senior Bonds 1/11/2018 39,352 0.00 1/6/2022 167,770 0.02 $250,000 Pernod-Ricard 4.45% Senior Bonds 15/1/2022 175,574 0.02 $250,000 Plains All American Pipeline 4.9% Bonds 15/2/2045 178,205 0.02 $150,000 Pernod-Ricard 5.5% Guaranteed Senior Bonds $200,000 Plains All American Pipeline 5% Guaranteed Bonds 15/1/2042 117,298 0.01 1/2/2021 144,447 0.02 $750,000 Pernod-Ricard 5.75% Senior Notes 7/4/2021 564,976 0.06 $250,000 Plains All American Pipeline 5.15% Senior Notes $500,000 Perrigo 4% Bonds 15/11/2023 338,858 0.04 1/6/2042 180,775 0.02 $300,000 Petro-Canada 6.05% Senior Notes 15/5/2018 218,269 0.02 $323,000 Plains Exploration & Production 6.75% Guaranteed $300,000 Petrofac 3.4% Guaranteed Bonds 10/10/2018 189,692 0.02 Bonds 1/2/2022 220,503 0.03 $400,000 Pfizer 4.3% Senior Notes 15/6/2043 278,872 0.03 $1,000,000 PNC 1.15% Senior Notes 1/11/2016* 649,823 0.07 $300,000 Pfizer 4.4% Senior Notes 15/5/2044 212,087 0.02 $250,000 PNC 5.125% Guaranteed Notes 8/2/2020* 183,834 0.02 $500,000 Pfizer 4.65% Senior Bonds 1/3/2018 354,966 0.04 $750,000 PNC Bank 2.25% Bonds 2/7/2019* 489,339 0.06 $1,250,000 Pfizer 6.2% Guaranteed Senior Notes 15/3/2019 944,051 0.11 $500,000 PNC Bank 2.7% Subordinated Bonds 1/11/2022* 319,959 0.04 $400,000 Pfizer 7.2% Senior Notes 15/3/2039 382,908 0.04 $250,000 PNC Bank 6% Guaranteed Subordinated Bonds $400,000 Philip Morris International 1.625% Notes 20/3/2017 262,633 0.03 7/12/2017* 180,277 0.02 $750,000 Philip Morris International 2.5% Senior Notes $500,000 PNC Financial Services 2.854% Bonds 9/11/2022* 325,368 0.04 16/5/2016 496,150 0.06 $250,000 PNC Funding 5.25% Guaranteed Bonds 15/11/2015* 166,711 0.02 $150,000 Philip Morris International 3.875% Bonds 21/8/2042 96,685 0.01 $250,000 Posco 4.25% Guaranteed Senior Bonds 28/10/2020 174,123 0.02 $250,000 Philip Morris International 4.125% Senior Notes $300,000 Potash Saskatchewan 3.75% Senior Notes 30/9/2015 197,177 0.02 4/3/2043 168,274 0.02 $100,000 Potash Saskatchewan 5.875% Guaranteed Senior $400,000 Philip Morris International 4.25% Bonds 10/11/2044 273,346 0.03 Bonds 1/12/2036 81,906 0.01 $200,000 Philip Morris International 4.375% Senior Bonds $400,000 Potomac Electric Power 3.6% Bonds 15/3/2024 272,900 0.03 15/11/2041 137,700 0.02 $150,000 PPG Industries 3.6% Guaranteed Senior Bonds $250,000 Philip Morris International 6.375% Guaranteed Senior 15/11/2020 102,118 0.01 Bonds 16/5/2038 217,307 0.02 $300,000 PPL Capital Funding 4.7% Guaranteed Bonds 1/6/2043 213,391 0.02 $850,000 Philip Morris International Bonds 2.9% 15/11/2021 563,411 0.06 $250,000 PPL Electric Utilities 3% Guaranteed Bonds 15/9/2021 167,856 0.02 $500,000 Phillips 4.65% Bonds 15/11/2034 347,993 0.04 $350,000 PPL Electric Utilities 6.25% Bonds 15/5/2039 315,873 0.04 $300,000 Phillips 4.875% Bonds 15/11/2044 209,924 0.02 $400,000 Praxair 1.25% Senior Bonds 7/11/2018 254,574 0.03 $500,000 Phillips 66 2.95% Guaranteed Notes 1/5/2017 335,084 0.04 $250,000 Praxair 3% Guaranteed Senior Notes 1/9/2021 167,898 0.02 $500,000 Phillips 66 4.3% Guaranteed Bonds 1/4/2022 353,582 0.04 $350,000 Praxair 4.625% Guaranteed Senior Notes 30/3/2015 227,195 0.03 $150,000 Phillips 66 5.875% Guaranteed Bonds 1/5/2042 118,064 0.01 $500,000 Precision Castparts 2.5% Guaranteed Senior Bonds $25,000 Phillips 66 Partners 2.646% Bonds 15/2/2020 16,270 0.00 15/1/2023 318,488 0.04 $50,000 Phillips 66 Partners 4.68% Bonds 15/2/2045 32,990 0.00 $300,000 President and Fellows of Harvard College 6.5% Bonds $200,000 Pioneer Natural Resource 6.875% Senior Bonds 15/1/2039 277,962 0.03 1/5/2018 145,863 0.02 $500,000 Pricoa Global Funding I 1.6% Senior Bonds 29/5/2018 322,193 0.04 $300,000 Principal Financial 3.3% Guaranteed Bonds 15/9/2022 196,110 0.02

541 BlackRock Collective Investment Funds 542 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $250,000 Principal Financial 4.625% Guaranteed Bonds $100,000 Qwest 6.5% Notes 1/6/2017 70,493 0.01 15/9/2042 174,222 0.02 $200,000 Qwest 6.875% Senior Notes 15/9/2033 130,609 0.01 $100,000 Principal Financial 6.05% Guaranteed Bonds $1,000,000 Rabobank Nederland 2.125% Guaranteed Notes 15/10/2036 81,460 0.01 13/10/2015 653,287 0.07 $350,000 Procter & Gamble 1.45% Senior Notes 15/8/2016 229,368 0.03 $1,500,000 Rabobank Nederland 3.875% Guaranteed Bonds $500,000 Procter & Gamble 3.1% Bonds 15/8/2023 339,202 0.04 8/2/2022 1,047,215 0.12 $400,000 Procter & Gamble 3.15% Guaranteed Senior Notes $500,000 Rabobank Nederland 4.5% Guaranteed Bonds 11/1/2021 360,618 0.04 1/9/2015 262,424 0.03 $300,000 Rabobank Nederland 5.25% Guaranteed Bonds $900,000 Procter & Gamble 5.55% Senior Bonds 5/3/2037 777,632 0.09 24/5/2041 237,703 0.03 $200,000 Progress Energy 6% Senior Bonds 1/12/2039 170,246 0.02 $400,000 Raytheon 2.5% Guaranteed Senior Bonds 15/12/2022 256,443 0.03 $300,000 Progress Energy 7.05% Guaranteed Senior Notes $700,000 Raytheon 3.125% Guaranteed Senior Notes 15/10/2020 470,955 0.05 15/3/2019 231,076 0.03 $300,000 Raytheon 4.2% Bonds 15/12/2044 207,470 0.02 $300,000 Progressive 3.75% Senior Bonds 23/8/2021 210,228 0.02 $250,000 RCI Banque 3.5% Senior Notes 3/4/2018 167,401 0.02 $300,000 Progressive 4.35% Senior Notes 25/4/2044 212,539 0.02 $250,000 Realty Income 4.65% Senior Bonds 1/8/2023 176,294 0.02 $500,000 Prologis 3.35% Guaranteed Bonds 1/2/2021 334,473 0.04 $400,000 Reed Elsevier 8.625% Guaranteed Bonds 15/1/2019 318,265 0.04 $150,000 Protective Life 8.45% Guaranteed Senior Bonds $250,000 Regions Financial 7.375% Notes 10/12/2037 215,696 0.02 15/10/2039 146,522 0.02 $300,000 Reinsurance Group of America 4.7% Medium Term $750,000 Prudential Financial 2.3% Senior Notes 15/8/2018 493,015 0.06 Notes 15/9/2023 210,683 0.02 $350,000 Prudential Financial 4.5% Senior Bonds 16/11/2021 250,666 0.03 $100,000 Reinsurance Group of America 5% Guaranteed Senior $550,000 Prudential Financial 4.6% Senior Notes 15/5/2044 378,262 0.04 Bonds 1/6/2021 72,023 0.01 $250,000 Prudential Financial 5.1% Senior Notes 15/8/2043 182,658 0.02 $250,000 Reliance 4.5% Guaranteed Bonds 19/10/2020 172,129 0.02 $350,000 Prudential Financial 6.625% Guaranteed Senior Bonds $250,000 Reliance 5.4% Guaranteed Bonds 14/2/2022 178,058 0.02 1/12/2037 301,657 0.03 $400,000 Reliance Industries 4.125% Bonds 28/1/2025 261,835 0.03 $400,000 PSA International 3.875% Senior European Medium $300,000 Republic Services 3.55% Guaranteed Bonds 1/6/2022 201,898 0.02 Term Bonds 11/2/2021 276,896 0.03 $350,000 Republic Services 3.8% Guaranteed Notes 15/5/2018 239,298 0.03 $250,000 PSEG Power 5.125% Guaranteed Notes 15/4/2020 180,542 0.02 $650,000 Republic Services 5.25% Guaranteed Bonds 15/11/2021 479,175 0.05 $250,000 PSEG Power 5.32% Guaranteed Notes 15/9/2016 172,209 0.02 $200,000 Reynolds American 4.75% Senior Notes 1/11/2042 131,247 0.01 $400,000 PTT Global Chemical 4.25% Guaranteed Senior Notes $300,000 Reynolds American 6.15% Guaranteed Bonds 15/9/2043 234,504 0.03 19/9/2022 268,094 0.03 $300,000 Reynolds American 6.75% Guaranteed Notes 15/6/2017 215,778 0.02 $200,000 PTTEP Canada International 6.35% Guaranteed Bonds $400,000 Rio Tinto 2.25% Guaranteed Notes 20/9/2016 263,104 0.03 12/6/2042 152,317 0.02 $600,000 Rio Tinto 2.875% Guaranteed Notes 21/8/2022 388,332 0.04 $500,000 PTTEP Canada International Finance 5.692% $100,000 Rio Tinto 3.75% Bonds 20/9/2021 68,050 0.01 Guaranteed Senior Notes 5/4/2021 365,026 0.04 $300,000 Rio Tinto Alcan 6.125% Guaranteed Senior Bonds $250,000 Public Service Electric & Gas 3.65% Bonds 1/9/2042 162,809 0.02 15/12/2033 240,931 0.03 $250,000 Public Service Electric & Gas 3.8% Guaranteed Bonds $300,000 Rio Tinto Finance USA 1.125% Guaranteed Notes 1/1/2043 167,047 0.02 20/3/2015 194,188 0.02 $300,000 Puget Energy 5.625% Bonds 15/7/2022 228,239 0.03 $1,000,000 Rio Tinto Finance USA 2.25% Guaranteed Bonds $250,000 Puget Sound Energy 5.638% Senior Bonds 15/4/2041 210,319 0.02 14/12/2018 652,570 0.07 $500,000 Quest Diagnostics 6.4% Guaranteed Notes 1/7/2017 359,083 0.04 $1,000,000 Rio Tinto Finance USA 3.5% Guaranteed Notes $200,000 Quest Diagnostics 6.95% Guaranteed Bonds 1/7/2037 163,156 0.02 22/3/2022 672,436 0.08 $300,000 QVC 4.45% Bonds 15/2/2025 196,084 0.02 $200,000 Rio Tinto Finance USA 4.75% Guaranteed Bonds $100,000 QVC 5.95% Senior Bonds 15/3/2043 67,909 0.01 22/3/2042 144,264 0.02

543 BlackRock Collective Investment Funds 544 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $1,000,000 Roche 2.875% Bonds 29/9/2021 667,623 0.08 $400,000 Schlumberger Investment 1.25% Guaranteed Bonds $416,000 Roche 6% Guaranteed Bonds 1/3/2019 311,421 0.04 1/8/2017 258,780 0.03 $1,000,000 Roche Holdings 4% Bonds 28/11/2044 698,756 0.08 $700,000 Schlumberger Investment 3.3% Guaranteed Bonds $500,000 Rock-Tenn 4.9% Guaranteed Notes 1/3/2022 352,428 0.04 14/9/2021 471,334 0.05 $300,000 Rogers Communications 5.45% Guaranteed Bonds $400,000 Schlumberger Investment 3.65% Guaranteed Bonds 1/10/2043 229,277 0.03 1/12/2023 276,573 0.03 $500,000 Rogers Communications 7.5% Guaranteed Bonds $400,000 Schlumberger Norge 1.95% Guaranteed Notes 15/3/2015 324,228 0.04 14/9/2016 263,191 0.03 $150,000 Rogers Communications 7.5% Guaranteed Bonds $350,000 Schneider Electric 2.95% Guaranteed Senior Notes 15/8/2038 139,370 0.02 27/9/2022 229,483 0.03 $500,000 Roper Industries 2.05% Senior Notes 1/10/2018 324,065 0.04 $400,000 Seagate HDD Cayman 3.75% Bonds 15/11/2018 268,539 0.03 $250,000 Rowan 5.85% Guaranteed Bonds 15/1/2044 145,370 0.02 $500,000 Seagate HDD Cayman 4.75% Guaranteed Bonds $250,000 Rowan Companies 4.875% Guaranteed Bonds 1/6/2022 156,236 0.02 1/1/2025 342,493 0.04 $500,000 Royal Bank of Canada 0.8% Senior Bonds 30/10/2015 324,238 0.04 $300,000 Sempra Energy 2.875% Senior Notes 1/10/2022 194,428 0.02 $500,000 Royal Bank of Canada 1.15% Senior Notes 13/3/2015 323,609 0.04 $100,000 Sempra Energy 6% Guaranteed Senior Bonds $750,000 Royal Bank of Canada 1.2% Senior Notes 23/1/2017 487,768 0.06 15/10/2039 84,755 0.01 $250,000 Royal Bank of Canada 2.625% Guaranteed Notes $300,000 SES Global Americas 5.3% Guaranteed Bonds 15/12/2015 164,510 0.02 25/3/2044 221,290 0.03 $400,000 Royal Bank of Scotland 3.95% Guaranteed Bonds $500,000 Shell International Finance 1.125% Guaranteed Bonds 21/9/2015 263,230 0.03 21/8/2017 324,220 0.04 $300,000 Royal Bank of Scotland 6.125% Guaranteed Bonds $750,000 Shell International Finance 2% Guaranteed Notes 11/1/2021 231,981 0.03 15/11/2018 493,780 0.06 $500,000 Royal Bank of Scotland 6.4% Senior Notes 21/10/2019 378,384 0.04 $500,000 Shell International Finance 3.4% Guaranteed Bonds $350,000 Ruby Pipeline 6% Senior Notes 1/4/2022 242,998 0.03 12/8/2023 344,257 0.04 $200,000 Ryder System 2.5% Senior Notes 1/3/2017 132,289 0.01 $250,000 Shell International Finance 4.3% Guaranteed Notes $500,000 Ryder System 2.55% Senior Notes 1/6/2019 326,732 0.04 22/9/2019 179,438 0.02 $500,000 SABMiller 2.45% Guaranteed Bonds 15/1/2017 330,980 0.04 $300,000 Shell International Finance 4.55% Guaranteed Bonds $500,000 SABMiller 3.75% Guaranteed Senior Notes 15/1/2022 338,040 0.04 12/8/2043 221,577 0.03 $300,000 SABMiller 4.95% Guaranteed Bonds 15/1/2042 214,164 0.02 $700,000 Shell International Finance 5.2% Guaranteed Bonds $400,000 SABMiller 6.5% Senior Bonds 15/7/2018 296,147 0.03 22/3/2017 491,767 0.06 $200,000 SACI 4.375% Bonds 27/1/2025 132,699 0.01 $850,000 Shell International Finance 6.375% Guaranteed Bonds $500,000 Samarco Mineracao 5.75% Senior Notes 24/10/2023 321,923 0.04 15/12/2038 767,396 0.09 $150,000 San Diego Gas & Electric 3% Guaranteed Notes $250,000 Shinhan Bank 1.875% Guaranteed Senior Notes 15/8/2021 100,847 0.01 30/7/2018 160,353 0.02 $400,000 San Diego Gas & Electric 3.6% Bonds 1/9/2023 276,992 0.03 $250,000 Shinhan Bank 4.375% Guaranteed Senior Notes $400,000 Sanofi 1.25% Senior Bonds 10/4/2018 258,576 0.03 15/9/2015 164,692 0.02 $250,000 Sanofi 4% Guaranteed Senior Bonds 29/3/2021 177,431 0.02 $200,000 Shinhan Bank 4.375% Guaranteed Senior Notes $250,000 Santander UK 5% Subordinated Notes 7/11/2023 175,289 0.02 27/7/2017 137,095 0.02 $200,000 Santander USA 3.45% Senior Bonds 27/8/2018 134,840 0.02 $300,000 Siam Commercial Bank 3.375% Senior European $250,000 Sasol Financing 4.5% Notes 14/11/2022 161,366 0.02 Medium Term Notes 19/9/2017 200,301 0.02 $300,000 SC Johnson & Son 4% Bonds 15/5/2043 195,155 0.02 $500,000 Siemens Financieringsmaatschappij 5.625% $500,000 SCANA 4.75% Senior Notes 15/5/2021 350,103 0.04 Guaranteed European Medium Term Notes 16/3/2016 339,289 0.04

545 BlackRock Collective Investment Funds 546 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $200,000 Siemens Financieringsmaatschappij 6.125% $200,000 Southwestern Electric Power 6.45% Senior Bonds Guaranteed Bonds 17/8/2026 164,307 0.02 15/1/2019 150,640 0.02 $500,000 Simon Property 2.15% Senior Notes 15/9/2017 330,669 0.04 $100,000 Southwestern Energy 4.1% Guaranteed Notes $500,000 Simon Property 2.2% Senior Notes 1/2/2019 327,648 0.04 15/3/2022 63,730 0.01 $800,000 Simon Property 3.375% Senior Bonds 15/3/2022 540,771 0.06 $750,000 Southwestern Energy 4.95% Bonds 23/1/2025 498,593 0.06 $400,000 Simon Property 4.125% Guaranteed Senior Bonds $200,000 SP Power Assets 2.7% Medium Term Notes 14/9/2022 129,074 0.01 1/12/2021 283,181 0.03 $500,000 Spectra Energy 4.75% Senior Notes 15/3/2024 360,319 0.04 $150,000 Simon Property 4.25% Bonds 1/10/2044 102,969 0.01 $250,000 Spectra Energy 5.65% Guaranteed Bonds 1/3/2020 178,354 0.02 $100,000 Simon Property 4.75% Senior Bonds 15/3/2042 73,539 0.01 $350,000 St. Jude Medical 3.25% Senior Bonds 15/4/2023 230,002 0.03 $200,000 Simon Property 5.65% Guaranteed Senior Bonds $1,000,000 Standard Chartered 1.5% Bonds 8/9/2017 646,663 0.07 1/2/2020 149,769 0.02 $400,000 Standard Chartered 3.2% Bonds 12/5/2016 265,124 0.03 $400,000 Singtel Treasury 2.375% Guaranteed European Medium $300,000 Standard Chartered 5.2% Subordinated Notes Term Notes 8/9/2017 263,576 0.03 26/1/2024 210,776 0.02 $200,000 Skandinaviska Enskilda Banken 1.75% Senior Bonds $200,000 Standard Chartered 5.3% Subordinated Notes 9/1/2043 135,929 0.02 19/3/2018 129,396 0.01 $300,000 Standard Chartered 5.7% Guaranteed Subordinated $750,000 Skandinaviska Enskilda Banken 2.375% Senior Notes Bonds 25/1/2022 215,446 0.02 20/11/2018 491,500 0.06 $400,000 Standard Chartered 5.7% Subordinated Notes $225,000 Sky 3.75% Bonds 16/9/2024 150,171 0.02 26/3/2044 285,975 0.03 $500,000 Société Générale 2.625% Guaranteed Bonds 1/10/2018 330,789 0.04 $400,000 Standard Chartered 5.875% Subordinated European $300,000 Société Générale 5% Subordinated Notes 17/1/2024 206,230 0.02 Medium Term Bonds 24/6/2020 293,496 0.03 $400,000 Société Générale 5.2% Senior Notes 15/4/2021 296,093 0.03 $400,000 Stanley Black & Decker I 2.9% Guaranteed Notes $200,000 Sonoco Products 5.75% Senior Bonds 1/11/2040 152,935 0.02 1/11/2022 261,909 0.03 $100,000 South Carolina Electric & Gas 4.5% Bonds 1/6/2064 70,924 0.01 $500,000 Starbucks 0.875% Senior Notes 5/12/2016 323,689 0.04 $300,000 South Carolina Electricity & Gas 6.05% Guaranteed $400,000 Starwood Hotels & Resorts Worldwide 4.5% Bonds Bonds 15/1/2038 252,531 0.03 1/10/2034 266,945 0.03 $750,000 Southern 2.45% Senior Notes 1/9/2018 498,330 0.06 $250,000 State Street 2.875% Guaranteed Senior Notes 7/3/2016 165,482 0.02 $500,000 Southern California Edison 3.9% Bonds 15/3/2043 339,227 0.04 $700,000 State Street 3.7% Senior Notes 20/11/2023 485,469 0.06 $250,000 Southern California Edison 4.05% Guaranteed Bonds $250,000 State Street 4.375% Guaranteed Senior Bonds 7/3/2021 179,646 0.02 15/3/2042 174,337 0.02 $100,000 Stryker 2% Senior Notes 30/9/2016 65,818 0.01 $200,000 Southern California Edison 5.5% Bonds 15/3/2040 168,026 0.02 $500,000 Stryker 3.375% Bonds 15/5/2024 331,931 0.04 $450,000 Southern California Edison 5.5% Guaranteed Notes $500,000 Sumitomo Mitsui Banking 1.45% Guaranteed Bonds 15/8/2018 328,866 0.04 19/7/2016 324,514 0.04 $250,000 Southern California Edison 6.05% Guaranteed Bonds $1,500,000 Sumitomo Mitsui Banking 1.8% Bonds 18/7/2017 975,117 0.11 15/3/2039 216,839 0.02 $750,000 Sumitomo Mitsui Banking 2.25% Bonds 11/7/2019 486,004 0.06 $300,000 Southern California Gas 3.75% Guaranteed Bonds $500,000 Sumitomo Mitsui Banking 3.15% Senior Notes 15/9/2042 202,370 0.02 22/7/2015 326,840 0.04 $400,000 Southern Copper 5.25% Guaranteed Senior Bonds $300,000 Sumitomo Mitsui Banking 3.95% Guaranteed Bonds 8/11/2042 233,902 0.03 12/1/2022 207,903 0.02 $200,000 Southern Copper 6.75% Notes 16/4/2040 136,211 0.02 $250,000 Sumitomo Mitsui Banking 3.95% Guaranteed Bonds $150,000 Southern Copper 7.5% Senior Bonds 27/7/2035 109,446 0.01 19/7/2023 172,558 0.02 $100,000 Southern Union 7.6% Guaranteed Senior Bonds $300,000 Sumitomo Mitsui Banking 4.85% Notes 1/3/2022 213,954 0.02 1/2/2024 82,611 0.01

547 BlackRock Collective Investment Funds 548 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $400,000 Sumitomo Mitsui Financial 4.436% Subordinated $200,000 Sysco 4.35% Bonds 2/10/2034 135,982 0.02 Notes 2/4/2024 274,820 0.03 $400,000 Sysco 4.5% Bonds 2/10/2044 276,406 0.03 $500,000 Sumitomo Mitsui Trust Bank 1.8% Guaranteed Bonds $500,000 Takeda Pharmaceuticals 1.625% Guaranteed Senior 28/3/2018 322,803 0.04 Notes 17/3/2017 326,047 0.04 $600,000 Sun Hung Kai 4.5% Guaranteed European Medium Term $400,000 Talent Yield Investments 4.5% Guaranteed Bonds Bonds 14/2/2022 417,731 0.05 25/4/2022 272,318 0.03 $250,000 Suncor Energy 6.1% Senior Notes 1/6/2018 183,067 0.02 $450,000 Talisman Energy 5.5% Senior Bonds 15/5/2042 297,464 0.03 $500,000 Suncor Energy 6.5% Guaranteed Senior Bonds $250,000 Talisman Energy 7.75% Guaranteed Senior Notes 15/6/2038 419,168 0.05 1/6/2019 187,605 0.02 $200,000 Suncor Energy 6.85% Senior Bonds 1/6/2039 172,886 0.02 $650,000 Target 2.9% Senior Bonds 15/1/2022 433,335 0.05 $250,000 Sunoco Logistics Partners Operations 3.45% $1,000,000 Target 3.5% Senior Notes 1/7/2024 689,945 0.08 Guaranteed Bonds 15/1/2023 160,865 0.02 $450,000 Target 4% Senior Bonds 1/7/2042 304,672 0.03 $250,000 Sunoco Logistics Partners Operations 4.25% $250,000 Target 5.375% Senior Bonds 1/5/2017 176,666 0.02 Guaranteed Bonds 1/4/2024 169,329 0.02 $300,000 Teachers Insurance & Annuity 6.85% Subordinated $350,000 Sunoco Logistics Partners Operations 5.35% Bonds Bonds 16/12/2039 271,056 0.03 15/5/2045 245,762 0.03 $400,000 Teachers Insurance & Annuity Association of America $700,000 Suntory 2.55% Bonds 29/9/2019 458,829 0.05 4.9% Bonds 15/9/2044 297,109 0.03 $250,000 SunTrust Banks 1.35% Senior Notes 15/2/2017 162,287 0.02 $500,000 Teck Resources 2.5% Guaranteed Notes 1/2/2018 317,271 0.04 $300,000 SunTrust Banks 2.35% Senior Notes 1/11/2018 196,853 0.02 $300,000 Teck Resources 5.2% Guaranteed Bonds 1/3/2042 166,624 0.02 $250,000 SunTrust Banks 3.6% Senior Notes 15/4/2016 166,456 0.02 $100,000 Teck Resources 5.4% Guaranteed Bonds 1/2/2043 57,889 0.01 $1,000,000 Svenska Handelsbanken 1.625% Senior Notes $300,000 Teck Resources 6.25% Guaranteed Bonds 15/7/2041 185,480 0.02 21/3/2018 645,735 0.07 $200,000 Telefonica Emisiones 3.992% Guaranteed Notes $400,000 Svenska Handelsbanken 2.875% Guaranteed Notes 16/2/2016 133,073 0.01 4/4/2017 267,388 0.03 $300,000 Telefonica Emisiones 4.57% Guaranteed Bonds $250,000 Svenska Handelsbanken 3.125% Guaranteed Notes 27/4/2023 216,497 0.02 12/7/2016 166,751 0.02 $500,000 Telefonica Emisiones 5.134% Guaranteed Notes $500,000 Svenska Handelsbanken 5.125% Senior Notes 27/4/2020 365,791 0.04 30/3/2020 368,554 0.04 $500,000 Telefonica Emisiones 6.221% Global 3/7/2017 359,188 0.04 $500,000 Swedbank 2.125% Guaranteed Senior Notes 29/9/2017 327,729 0.04 $600,000 Telefonica Emisiones 6.421% Guaranteed Bonds $200,000 Swire Pacific 6.25% Guaranteed European Medium 20/6/2016 414,207 0.05 Term Notes 18/4/2018 145,170 0.02 $150,000 Telefonica Emisiones 7.045% Guaranteed Bonds $400,000 Swire Pacific MTN Financing 4.5% European Medium 20/6/2036 132,503 0.01 Term Notes 28/2/2022 277,845 0.03 $250,000 Telefonica Europe 8.25% Guaranteed Bonds 15/9/2030 233,117 0.03 $250,000 Swiss Re Treasury (US) 4.25% Guaranteed Bonds $400,000 Televisa 5% Senior Notes 13/5/2045 269,900 0.03 6/12/2042 174,818 0.02 $400,000 Televisa 6.625% Guaranteed Senior Bonds 18/3/2025 318,170 0.04 $100,000 Sydney Airport Finance 3.9% Guaranteed Senior Bonds $200,000 Telstra 4.8% Senior Bonds 12/10/2021 146,321 0.02 22/3/2023 67,285 0.01 $600,000 Tencent 2% Senior European Medium Term Notes $100,000 Symantec 2.75% Senior Notes 15/6/2017 65,790 0.01 2/5/2017 388,748 0.04 $400,000 Symantec 3.95% Senior Notes 15/6/2022 262,223 0.03 $300,000 Tencent 3.375% Senior European Medium Term Notes $800,000 Synchrony Financial 3.75% Bonds 15/8/2021 536,326 0.06 2/5/2019 199,362 0.02 $200,000 Sysco 2.6% Guaranteed Notes 12/6/2022 128,172 0.01 $300,000 Tennessee Gas Pipeline 7% Senior Notes 15/10/2028 238,725 0.03 $225,000 Sysco 3% Bonds 2/10/2021 150,225 0.02 $91,000 Teva Pharmaceutical 3.65% Bonds 10/11/2021 62,136 0.01

549 BlackRock Collective Investment Funds 550 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $200,000 Teva Pharmaceutical 3.65% Guaranteed Bonds $400,000 Time Warner Cable 6.55% Guaranteed Bonds 1/5/2037 312,261 0.04 10/11/2021 136,563 0.02 $450,000 Time Warner Cable 6.75% Guaranteed Bonds 1/7/2018 334,516 0.04 $500,000 Teva Pharmaceutical Finance 2.95% Guaranteed Bonds $250,000 Time Warner Cable 6.75% Guaranteed Bonds 15/6/2039 200,300 0.02 18/12/2022 326,869 0.04 $300,000 Time Warner Cable 7.3% Guaranteed Bonds 1/7/2038 252,991 0.03 $350,000 Texas Eastern Transmission 2.8% Senior Notes $250,000 Time Warner Cable 8.25% Guaranteed Bonds 1/4/2019 197,593 0.02 15/10/2022 217,696 0.02 $100,000 TJX 2.5% Senior Bonds 15/5/2023 63,426 0.01 $500,000 Texas Instruments 1.65% Senior Notes 3/8/2019 320,202 0.04 $400,000 TJX 2.75% Bonds 15/6/2021 263,256 0.03 $300,000 Texas Instruments 2.375% Senior Notes 16/5/2016 198,477 0.02 $300,000 Toronto-Dominion Bank 1.4% Senior Bonds 30/4/2018 193,392 0.02 $200,000 Thai Oil 4.875% Guaranteed Senior Bonds 23/1/2043 124,027 0.01 $1,100,000 Toronto-Dominion Bank 2.375% Senior Notes $250,000 Thermo Fisher Scientific 3.15% Senior Bonds 15/1/2023 163,890 0.02 19/10/2016 729,751 0.08 $650,000 Thermo Fisher Scientific 3.2% Guaranteed Senior Notes $750,000 Toronto-Dominion Bank 2.5% Senior Notes 14/7/2016 496,632 0.06 1/3/2016 429,801 0.05 $200,000 Toronto-Dominion Bank 2.625% Senior Notes $400,000 Thermo Fisher Scientific 3.3% Bonds 15/2/2022 265,081 0.03 10/9/2018 133,519 0.01 $50,000 Thermo Fisher Scientific 3.6% Senior Notes 15/8/2021 33,868 0.00 $150,000 Total Capital 1.5% Guaranteed Notes 17/2/2017 98,264 0.01 $350,000 Thermo Fisher Scientific 5.3% Senior Notes 1/2/2044 268,029 0.03 $1,050,000 Total Capital 1.55% Guaranteed Notes 28/6/2017 686,431 0.08 $500,000 Thomson Reuters 1.65% Bonds 29/9/2017 324,038 0.04 $400,000 Total Capital 2.7% Guaranteed Bonds 25/1/2023 258,250 0.03 $400,000 Thomson Reuters 4.5% Senior Notes 23/5/2043 262,217 0.03 $250,000 Total Capital 2.875% Guaranteed Bonds 17/2/2022 164,564 0.02 $150,000 Thomson Reuters 5.85% Guaranteed Senior Bonds $350,000 Total Capital 3% Guaranteed Notes 24/6/2015 228,390 0.03 15/4/2040 117,514 0.01 $500,000 Total Capital 3.125% Guaranteed Bonds 2/10/2015 328,538 0.04 $250,000 Thomson Reuters 6.5% Guaranteed Bonds 15/7/2018 184,018 0.02 $750,000 Total Capital International 3.75% Guaranteed Notes $500,000 TIAA Asset Management Finance 4.125% Bonds 10/4/2024 519,625 0.06 1/11/2024 341,700 0.04 $300,000 Toyota Motor Credit 0.8% Senior Bonds 17/5/2016 194,732 0.02 $500,000 Time Warner 3.55% Guaranteed Bonds 1/6/2024 335,634 0.04 $750,000 Toyota Motor Credit 1.45% Medium Term Notes $500,000 Time Warner 4% Guaranteed Bonds 15/1/2022 344,555 0.04 12/1/2018 488,669 0.06 $250,000 Time Warner 4.125% Guaranteed Bonds 15/2/2021 172,161 0.02 $500,000 Toyota Motor Credit 2% Guaranteed Senior Notes $400,000 Time Warner 4.5% Guaranteed Bonds 15/9/2042 258,500 0.03 15/9/2016 329,791 0.04 $350,000 Time Warner 4.7% Guaranteed Bonds 15/1/2021 253,168 0.03 $500,000 Toyota Motor Credit 2% Senior Notes 24/10/2018 329,595 0.04 $500,000 Time Warner 4.875% Guaranteed Bonds 15/3/2020 363,234 0.04 $400,000 Toyota Motor Credit 2.05% Medium Term Notes $200,000 Time Warner 4.9% Guaranteed Bonds 15/6/2042 141,965 0.02 12/1/2017 264,690 0.03 $500,000 Time Warner 5% Bonds 1/2/2020 359,576 0.04 $500,000 Toyota Motor Credit 2.1% Senior Notes 17/1/2019 328,978 0.04 $300,000 Time Warner 5.35% Guaranteed Bonds 15/12/2043 227,292 0.03 $200,000 Toyota Motor Credit 3.2% Guaranteed Senior Notes $100,000 Time Warner 5.375% Guaranteed Bonds 15/10/2041 75,349 0.01 17/6/2015 130,468 0.01 $300,000 Time Warner 5.875% Guaranteed Bonds 15/11/2016 209,807 0.02 $250,000 Toyota Motor Credit 3.3% Senior Bonds 12/1/2022 171,298 0.02 $200,000 Time Warner 6.25% Bonds 29/3/2041 167,093 0.02 $500,000 Toyota Motor Credit 3.4% Medium Term Notes 15/9/2021 346,328 0.04 $450,000 Time Warner 6.5% Guaranteed Bonds 15/11/2036 379,089 0.04 $550,000 Toyota Motor Credit 4.5% Guaranteed Senior Bonds $350,000 Time Warner 6.95% Bonds 15/1/2028 290,075 0.03 17/6/2020 396,528 0.05 $150,000 Time Warner 7.7% Guaranteed Bonds 1/5/2032 139,077 0.02 $250,000 Trans-Allegheny Interstate Line 3.85% Bonds 1/6/2025 168,848 0.02 $500,000 Time Warner Cable 4% Guaranteed Bonds 1/9/2021 342,894 0.04 $250,000 Transalta 4.5% Guaranteed Senior Bonds 15/11/2022 160,291 0.02 $200,000 Time Warner Cable 5.5% Guaranteed Notes 1/9/2041 142,131 0.02 $200,000 Transatlantic Holdings 8% Senior Notes 30/11/2039 182,920 0.02 $300,000 Time Warner Cable 5.85% Notes 1/5/2017 211,647 0.02 $1,000,000 TransCanada Pipelines 2.5% Senior Notes 1/8/2022 633,244 0.07 $250,000 Time Warner Cable 5.875% Guaranteed Bonds $300,000 TransCanada Pipelines 3.4% Guaranteed Senior Notes 15/11/2040 184,201 0.02 1/6/2015 195,400 0.02

551 BlackRock Collective Investment Funds 552 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $200,000 TransCanada Pipelines 3.75% Senior Notes 16/10/2023 135,415 0.02 $200,000 Union Electric 3.9% Bonds 15/9/2042 137,848 0.02 $700,000 TransCanada Pipelines 3.8% Senior Bonds 1/10/2020 482,209 0.06 $150,000 Union Electric 5.3% Guaranteed Senior Bonds 1/8/2037 119,680 0.01 $250,000 TransCanada Pipelines 5% Senior Notes 16/10/2043 182,960 0.02 $300,000 Union Pacific 2.95% Senior Bonds 15/1/2023 198,051 0.02 $350,000 TransCanada Pipelines 6.1% Senior Bonds 1/6/2040 277,341 0.03 $500,000 Union Pacific 3.25% Bonds 15/1/2025 338,473 0.04 $150,000 TransCanada Pipelines 7.625% Guaranteed Senior $500,000 Union Pacific 3.375% Senior Bonds 1/2/2035 320,838 0.04 Bonds 15/1/2039 141,002 0.02 $50,000 Union Pacific 4% Guaranteed Senior Bonds 1/2/2021 35,725 0.00 $300,000 Transocean 3.8% Bonds 15/10/2022 150,689 0.02 $200,000 Union Pacific 4.3% Senior Bonds 15/6/2042 139,816 0.02 $230,000 Transocean 4.95% Guaranteed Notes 15/11/2015 150,625 0.02 $100,000 Union Pacific 4.75% Senior Bonds 15/9/2041 74,952 0.01 $250,000 Transocean 6% Senior Notes 15/3/2018 156,513 0.02 $150,000 Union Pacific 4.85% Senior Notes 15/6/2044 115,217 0.01 $650,000 Transocean 6.375% Guaranteed Bonds 15/12/2021 371,182 0.04 $250,000 United Overseas Bank 2.25% Senior Notes 7/3/2017 164,863 0.02 $150,000 Transocean 6.8% Guaranteed Senior Bonds 15/3/2038 77,650 0.01 $400,000 United Parcel Service 6.2% Senior Notes 15/1/2038 350,833 0.04 $400,000 Transportadora de Gas del Peru 4.25% Senior Notes $600,000 United Technologies 1.8% Senior Notes 1/6/2017 396,433 0.05 30/4/2028 257,215 0.03 $150,000 United Technologies 4.5% Guaranteed Senior Bonds $250,000 Transportdra de Gas International 5.7% Guaranteed 15/4/2020 108,651 0.01 Senior Notes 20/3/2022 173,450 0.02 $700,000 United Technologies 4.5% Senior Bonds 1/6/2042 502,500 0.06 $300,000 Travelers Companies 4.6% Senior Bonds 1/8/2043 221,957 0.03 $500,000 United Technologies 5.7% Senior Notes 15/4/2040 415,443 0.05 $100,000 Travelers Companies 5.75% Guaranteed Senior Bonds $300,000 United Technologies 6.125% Guaranteed Senior Bonds 15/12/2017 72,454 0.01 1/2/2019 226,793 0.03 $150,000 Travelers Companies 5.9% Senior Notes 2/6/2019 112,864 0.01 $200,000 United Technologies 6.125% Senior Bonds 15/7/2038 173,101 0.02 $300,000 Travelers Companies 6.25% Senior Bonds 15/6/2037 265,955 0.03 $600,000 UnitedHealth 0.85% Guaranteed Senior Notes $250,000 Trust F/1401 6.95% Senior Notes 30/1/2044 186,036 0.02 15/10/2015 389,324 0.04 $300,000 TSMC Global 1.625% Guaranteed Bonds 3/4/2018 191,371 0.02 $200,000 UnitedHealth 2.875% Senior Bonds 15/3/2022 132,658 0.01 $200,000 Turkiye Garanti Bankasi 4.75% Senior European $150,000 UnitedHealth 3.375% Senior Bonds 15/11/2021 102,938 0.01 Medium Term Notes 17/10/2019 131,736 0.01 $800,000 UnitedHealth 4.25% Senior Notes 15/3/2043 565,799 0.06 $200,000 Turkiye Garanti Bankasi 5.25% Guaranteed Senior $150,000 UnitedHealth 4.625% Senior Bonds 15/11/2041 110,653 0.01 Notes 13/9/2022 133,197 0.01 $250,000 UnitedHealth 5.95% Senior Bonds 15/2/2041 215,969 0.02 $300,000 Turkiye Is Bankasi 3.875% Senior Bonds 7/11/2017 196,190 0.02 $900,000 UnitedHealth 6% Guaranteed Senior Bonds 15/2/2018 659,765 0.08 $500,000 Turkiye Is Bankasi 5% Senior European Medium Term $250,000 UnitedHealth 6.875% Senior Bonds 15/2/2038 233,108 0.03 Notes 25/6/2021 326,708 0.04 $300,000 UPS 2.45% Guaranteed Senior Bonds 1/10/2022 193,301 0.02 $250,000 Tyco Electronics S 3.5% Guaranteed Bonds 3/2/2022 167,791 0.02 $300,000 UPS 3.125% Senior Bonds 15/1/2021 204,719 0.02 $300,000 Tyson Foods 4.5% Guaranteed Bonds 15/6/2022 213,339 0.02 $150,000 UPS 3.625% Guaranteed Senior Bonds 1/10/2042 97,176 0.01 $125,000 Tyson Foods 4.875% Notes 15/8/2034 90,704 0.01 $400,000 US Bancorp 1.65% Guaranteed Senior Notes 15/5/2017 262,460 0.03 $350,000 Tyson Foods 5.15% Bonds 15/8/2044 266,640 0.03 $500,000 US Bancorp 1.95% Senior Notes 15/11/2018 327,394 0.04 $71,232 UAL 2009-2A Pass 9.75% Guaranteed Notes 15/1/2017 51,134 0.01 $500,000 US Bancorp 2.2% Senior Notes 15/11/2016 330,732 0.04 $250,000 UBM 5.75% Guaranteed Bonds 3/11/2020 177,507 0.02 $100,000 US Bancorp 2.45% Guaranteed Senior Notes 27/7/2015 65,264 0.01 $750,000 UBS 2.375% Senior Notes 14/8/2019 491,156 0.06 $400,000 US Bancorp 2.95% Subordinated Notes 15/7/2022 260,832 0.03 $600,000 UBS 5.75% Senior Notes 25/4/2018 434,971 0.05 $250,000 US Bancorp 3% Senior Bonds 15/3/2022 166,622 0.02 $250,000 UBS Stamford 4.875% Guaranteed Senior Bonds $750,000 US Bank 2.125% Bonds 28/10/2019 490,496 0.06 4/8/2020 182,607 0.02 $700,000 Vale 5.625% Guaranteed Senior Bonds 11/9/2042 404,581 0.05 $350,000 UBS Stamford 5.875% Subordinated Notes 15/7/2016 241,111 0.03 $500,000 Vale Overseas 4.375% Guaranteed Bonds 11/1/2022 314,469 0.04 $250,000 Unilever 5.9% Guaranteed Bonds 15/11/2032 223,964 0.03 $350,000 Vale Overseas 5.625% Guaranteed Notes 15/9/2019 244,946 0.03 $750,000 Unilever Capital 2.75% Guaranteed Bonds 10/2/2016 496,107 0.06 $300,000 Vale Overseas 6.25% Guaranteed Bonds 11/1/2016 201,327 0.02

553 BlackRock Collective Investment Funds 554 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $550,000 Vale Overseas 6.875% Guaranteed Bonds 21/11/2036 354,293 0.04 $200,000 Viacom 4.375% Senior Bonds 15/3/2043 121,213 0.01 $200,000 Vale Overseas 8.25% Bonds 17/1/2034 144,833 0.02 $250,000 Viacom 5.25% Senior Notes 1/4/2044 172,023 0.02 $500,000 Valero Energy 6.625% Guaranteed Bonds 15/6/2037 404,897 0.05 $250,000 Viacom 5.85% Senior Bonds 1/9/2043 183,749 0.02 $400,000 Valero Energy 9.375% Guaranteed Notes 15/3/2019 324,057 0.04 $300,000 Viacom 6.125% Guaranteed Senior Bonds 5/10/2017 215,642 0.02 $300,000 Ventas Realty 2% Notes 15/2/2018 195,460 0.02 $150,000 Viacom 6.875% Guaranteed Senior Bonds 30/4/2036 121,857 0.01 $750,000 Ventas Realty 4.25% Guaranteed Bonds 1/3/2022 516,562 0.06 $300,000 Virginia Electric & Power 4.65% Bonds 15/8/2043 227,989 0.03 $300,000 Verizon Communications 2.45% Bonds 1/11/2022 186,584 0.02 $400,000 Virginia Electric and Power 2.75% Senior Notes $491,000 Verizon Communications 2.5% Senior Notes 15/9/2016 324,920 0.04 15/3/2023 261,785 0.03 $724,000 Verizon Communications 2.625% Senior Notes $100,000 Virginia Electric and Power 2.95% Senior Bonds 21/2/2020 472,739 0.05 15/1/2022 66,566 0.01 $1,100,000 Verizon Communications 3.5% Senior Notes 1/11/2021 740,541 0.08 $250,000 Virginia Electric and Power 6% Guaranteed Senior $1,350,000 Verizon Communications 3.65% Senior Notes 14/9/2018 925,902 0.11 Bonds 15/1/2036 215,012 0.02 $250,000 Verizon Communications 3.85% Senior Notes 1/11/2042 147,897 0.02 $300,000 Virginia Electric and Power 8.875% Senior Notes $400,000 Verizon Communications 4.15% Senior Notes 15/3/2024 278,158 0.03 15/11/2038 328,721 0.04 $500,000 Verizon Communications 4.4% Bonds 1/11/2034 329,813 0.04 $750,000 Vodafone 1.5% Bonds 19/2/2018 483,180 0.06 $400,000 Verizon Communications 4.5% Senior Notes 15/9/2020 284,716 0.03 $200,000 Vodafone 1.625% Senior Notes 20/3/2017 130,318 0.01 $50,000 Verizon Communications 4.75% Senior Bonds 1/11/2041 33,869 0.00 $250,000 Vodafone 2.5% Guaranteed Senior Notes 26/9/2022 155,465 0.02 $1,080,000 Verizon Communications 4.862% Senior Notes $200,000 Vodafone 4.375% Senior Notes 19/2/2043 128,318 0.01 21/8/2046 741,426 0.08 $600,000 Vodafone 5.45% Guaranteed Senior Notes 10/6/2019 440,207 0.05 $1,213,000 Verizon Communications 5.012% Senior Notes $550,000 Vodafone 6.15% Guaranteed Senior Bonds 27/2/2037 431,786 0.05 21/8/2054 821,674 0.09 $200,000 Volkswagen International Finance 2.375% Guaranteed $500,000 Verizon Communications 5.05% Senior Notes Notes 22/3/2017 132,355 0.01 15/3/2034 354,274 0.04 $1,000,000 Volkswagen of America Finance 2.125% Guaranteed $1,400,000 Verizon Communications 5.15% Senior Notes Bonds 23/5/2019 649,294 0.07 15/9/2023 1,038,933 0.12 $250,000 Volvo Treasury 5.95% Guaranteed Notes 1/4/2015 162,429 0.02 $650,000 Verizon Communications 5.85% Guaranteed Senior $250,000 Voya Financial 5.5% Bonds 15/7/2022 186,901 0.02 Bonds 15/9/2035 500,699 0.06 $750,000 VW Credit 1.875% Guaranteed European Medium Term $300,000 Verizon Communications 6% Guaranteed Senior Notes 13/10/2016 492,257 0.06 Bonds 1/4/2041 237,244 0.03 $500,000 Wachovia 5.625% Guaranteed Subordinated Notes $1,600,000 Verizon Communications 6.1% Guaranteed Senior 15/10/2016 347,035 0.04 Bonds 15/4/2018 1,170,274 0.13 $400,000 Wachovia 5.75% Guaranteed Senior Bonds 15/6/2017 285,747 0.03 $300,000 Verizon Communications 6.35% Guaranteed Senior $100,000 Wachovia Bank 5.5% Subordinated Bonds 1/8/2035 76,624 0.01 Bonds 1/4/2019 225,895 0.03 $750,000 Wachovia Bank 5.75% Senior Notes 1/2/2018 542,937 0.06 $200,000 Verizon Communications 6.4% Guaranteed Senior $500,000 Walgreen 1.8% Senior Notes 15/9/2017 327,001 0.04 Bonds 15/2/2038 162,902 0.02 $250,000 Walgreen 3.1% Guaranteed Senior Bonds 15/9/2022 163,926 0.02 $1,550,000 Verizon Communications 6.4% Senior Notes 15/9/2033 1,270,398 0.15 $200,000 Walgreen 4.4% Guaranteed Senior Bonds 15/9/2042 132,375 0.01 $1,738,000 Verizon Communications 6.55% Senior Notes $800,000 Walgreens Boots Alliance 3.3% Bonds 18/11/2021 533,039 0.06 15/9/2043 1,478,037 0.17 $500,000 Walgreens Boots Alliance 4.5% Bonds 18/11/2034 341,580 0.04 $350,000 Verizon Global Funding 7.75% Senior Bonds 1/12/2030 321,286 0.04 $500,000 Wal-Mart Stores 1.5% Guaranteed Senior Notes $150,000 Verizon Maryland 5.125% Senior Bonds 15/6/2033 102,902 0.01 25/10/2015 326,101 0.04 $500,000 Viacom 2.2% Senior Notes 1/4/2019 322,041 0.04 $100,000 Wal-Mart Stores 2.55% Bonds 11/4/2023 65,022 0.01 $500,000 Viacom 3.25% Senior Notes 15/3/2023 318,326 0.04 $550,000 Wal-Mart Stores 2.8% Senior Notes 15/4/2016 364,860 0.04

555 BlackRock Collective Investment Funds 556 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $1,250,000 Wal-Mart Stores 2.875% Senior Notes 1/4/2015 810,767 0.09 $200,000 WellPoint 4.35% Senior Bonds 15/8/2020 142,196 0.02 $750,000 Wal-Mart Stores 3.625% Bonds 8/7/2020 524,583 0.06 $300,000 WellPoint 4.625% Senior Bonds 15/5/2042 210,792 0.02 $400,000 Wal-Mart Stores 4% Senior Bonds 11/4/2043 273,890 0.03 $500,000 Wells Fargo 1.5% Guaranteed Senior Notes 1/7/2015 324,763 0.04 $500,000 Wal-Mart Stores 4.3% Senior Notes 22/4/2044 360,810 0.04 $700,000 Wells Fargo 2.125% 22/4/2019 456,631 0.05 $300,000 Wal-Mart Stores 4.75% Senior Notes 2/10/2043 227,717 0.03 $750,000 Wells Fargo 2.15% Medium Term Notes 30/1/2020 484,641 0.06 $250,000 Wal-Mart Stores 4.875% Bonds 8/7/2040 190,981 0.02 $500,000 Wells Fargo 2.625% Senior Notes 15/12/2016 333,384 0.04 $400,000 Wal-Mart Stores 5.25% Senior Notes 1/9/2035 319,370 0.04 $500,000 Wells Fargo 3% Bonds 19/2/2025 322,662 0.04 $300,000 Wal-Mart Stores 5.625% Guaranteed Senior Bonds $800,000 Wells Fargo 3.3% Medium Term Notes 9/9/2024 531,658 0.06 15/4/2041 252,726 0.03 $1,100,000 Wells Fargo 3.5% Senior Notes 8/3/2022 750,656 0.09 $550,000 Wal-Mart Stores 5.625% Senior Bonds 1/4/2040 459,746 0.05 $350,000 Wells Fargo 3.625% Senior Notes 15/4/2015 227,337 0.03 $400,000 Wal-Mart Stores 5.8% Guaranteed Senior Bonds $200,000 Wells Fargo 3.676% Guaranteed Senior Notes 15/2/2018 293,024 0.03 15/6/2016 134,254 0.01 $300,000 Wal-Mart Stores 6.2% Senior Bonds 15/4/2038 264,694 0.03 $500,000 Wells Fargo 4.1% Subordinated Notes 3/6/2026 338,633 0.04 $500,000 Wal-Mart Stores 6.5% Guaranteed Senior Bonds $500,000 Wells Fargo 4.125% Subordinated Notes 15/8/2023 345,246 0.04 15/8/2037 455,397 0.05 $258,000 Wells Fargo 4.48% Bonds 16/1/2024 182,090 0.02 $750,000 Walt Disney 1.35% Senior Notes 16/8/2016 490,780 0.06 $300,000 Wells Fargo 4.6% Guaranteed Senior Bonds 1/4/2021 216,795 0.02 $750,000 Walt Disney 1.85% Bonds 30/5/2019 488,674 0.06 $500,000 Wells Fargo 4.65% Medium Term Notes 4/11/2044 345,907 0.04 $300,000 Walt Disney 2.55% Senior Bonds 15/2/2022 194,655 0.02 $100,000 Wells Fargo 5.375% Guaranteed Senior Bonds 7/2/2035 78,368 0.01 $350,000 Walt Disney 3.75% Guaranteed Senior Bonds 1/6/2021 245,469 0.03 $300,000 Wells Fargo 5.375% Subordinated Notes 2/11/2043 229,811 0.03 $300,000 Walt Disney 4.375% Guaranteed Senior Bonds $300,000 Wells Fargo 5.606% Subordinated Notes 15/1/2044 236,796 0.03 16/8/2041 215,125 0.02 $350,000 Wells Fargo 5.75% Subordinated Bonds 16/5/2016 238,971 0.03 $200,000 Wanda Properties International 7.25% Guaranteed $150,000 Wells Fargo 5.95% Bonds 1/12/2086 99,537 0.01 Notes 29/1/2024 140,898 0.02 $750,000 Wells Fargo Bank 5.85% Guaranteed Subordinated $400,000 Waste Management 2.9% Bonds 15/9/2022 259,653 0.03 Bonds 1/2/2037 628,228 0.07 $500,000 Waste Management 3.5% Guaranteed Bonds 15/5/2024 336,881 0.04 $400,000 Wells Fargo Bank 6% Subordinated Notes 15/11/2017 290,171 0.03 $75,000 Waste Management 3.9% Bonds 1/3/2035 49,107 0.01 $250,000 Wesfarmers 2.983% Guaranteed Notes 18/5/2016 165,863 0.02 $250,000 Waste Management 4.6% Guaranteed Bonds 1/3/2021 179,475 0.02 $300,000 Westar Energy 4.125% Notes 1/3/2042 210,638 0.02 $100,000 Waste Management 6.125% Guaranteed Bonds $250,000 Western Gas Partners 4% Senior Bonds 1/7/2022 166,476 0.02 30/11/2039 89,364 0.01 $750,000 Western Union 3.65% Senior Notes 22/8/2018 505,460 0.06 $200,000 WEA Finance 2.7% Bonds 17/9/2019 130,557 0.01 $200,000 Western Union 5.253% Senior Notes 1/4/2020 143,690 0.02 $200,000 WEA Finance 4.75% Bonds 17/9/2044 141,566 0.02 $750,000 Westpac Banking 1.05% Senior Notes 25/11/2016 485,861 0.06 $350,000 Weatherford Bermuda 5.125% Guaranteed Notes $1,000,000 Westpac Banking 1.2% Senior Notes 19/5/2017 646,831 0.07 15/9/2020 215,223 0.02 $800,000 Westpac Banking 1.6% Guaranteed Senior Notes $200,000 Weatherford Bermuda 6.75% Guaranteed Bonds 12/1/2018 518,641 0.06 15/9/2040 121,393 0.01 $500,000 Westpac Banking 2.25% Senior Notes 17/1/2019 328,595 0.04 $250,000 Weatherford Bermuda 9.625% Guaranteed Bonds $250,000 Westpac Banking 4.875% Senior Notes 19/11/2019 181,253 0.02 1/3/2019 182,712 0.02 $200,000 Westvaco 8.2% Guaranteed Bonds 15/1/2030 181,738 0.02 $300,000 Weatherford International 6.5% Guaranteed Bonds $400,000 Weyerhaeuser 7.375% Senior Bonds 1/10/2019 308,978 0.04 1/8/2036 178,435 0.02 $375,000 Weyerhaeuser 7.375% Senior Bonds 15/3/2032 328,602 0.04 $400,000 WellPoint 1.875% Guaranteed Senior Notes 15/1/2018 260,000 0.03 $250,000 Wharf Finance 4.625% European Medium Term Bonds $250,000 WellPoint 3.125% Guaranteed Bonds 15/5/2022 164,049 0.02 8/2/2017 168,618 0.02 $700,000 WellPoint 3.3% Bonds 15/1/2023 464,267 0.05 $250,000 Williams 7.5% Senior Notes 15/1/2031 180,387 0.02

557 BlackRock Collective Investment Funds 558 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $100,000 Williams 8.75% Senior Bonds 15/3/2032 76,209 0.01 US Dollar Denominated Variable Rate Corporate Bonds – 1.08%; 2014 1.18% $500,000 Williams Partners 3.7% Senior Notes 15/1/2023 302,426 0.03 $300,000 ABN AMRO 6.25% Floating Rate European Medium Term $750,000 Williams Partners 4.125% Senior Bonds 15/11/2020 507,738 0.06 Notes 13/9/2022 212,197 0.02 $350,000 Williams Partners 4.9% Senior Notes 15/1/2045 222,348 0.03 $650,000 AIG 8.175% Floating Rate Bonds 15/5/2068 582,535 0.07 $300,000 Williams Partners 5.8% Senior Notes 15/11/2043 212,973 0.02 $200,000 Allstate 5.75% Subordinated Floating Rate Notes $150,000 Williams Partners 6.3% Guaranteed Senior Bonds 15/8/2053 139,899 0.02 15/4/2040 111,213 0.01 $100,000 Allstate 6.5% Subordinated Floating Rate Bonds $100,000 Williams Partners 7.25% Senior Notes 1/2/2017 71,244 0.01 15/5/2067 73,444 0.01 $300,000 Willis 5.75% Guaranteed Notes 15/3/2021 219,149 0.02 $150,000 American Express 6.8% Subordinated Floating Rate $300,000 Wisconsin Electric Power 2.95% Senior Bonds Bonds 1/9/2066 102,340 0.01 15/9/2021 200,736 0.02 $400,000 Australia & New Zealand Banking 3.45% Floating Rate $300,000 Wm. Wrigley Jr. 2.4% Senior Notes 21/10/2018 196,796 0.02 European Medium Term Notes 8/8/2022 266,165 0.03 $200,000 Wm. Wrigley Jr. 3.375% Senior Notes 21/10/2020 133,403 0.01 $100,000 AXA 6.379% Subordinate Perpetual Floating Rate Notes 72,053 0.01 $100,000 Woodside Finance 4.6% Guaranteed Bonds 10/5/2021 69,265 0.01 $300,000 AXA 6.463% Guaranteed Perpetual Subordinated $250,000 Woolworths 4.55% Guaranteed Bonds 12/4/2021 179,184 0.02 Floating Rate Bonds 207,325 0.02 $500,000 Woori Bank 4.75% Bonds 30/4/2024 343,461 0.04 $300,000 Banco Internacional del Peru 6.625% Subordinated $500,000 Woori Bank 4.75% Guaranteed Senior Notes 20/1/2016 333,053 0.04 Floating Rate Notes 19/3/2029 208,684 0.02 $500,000 WPP Finance 2010 3.625% Bonds 7/9/2022 335,903 0.04 $300,000 BG Energy Capital 6.5% Guaranteed Floating Rate $200,000 WPP Finance 5.125% Guaranteed Bonds 7/9/2042 142,582 0.02 Notes 30/11/2072 208,779 0.02 $200,000 WR Berkley 4.75% Bonds 1/8/2044 137,774 0.02 $150,000 CBA Capital Trust 6.024% Perpetual Floating Rate Bonds 100,459 0.01 $400,000 Wyeth 5.95% Guaranteed Bonds 1/4/2037 334,247 0.04 $400,000 China Construction Bank Asia 4.25% Subordinated $200,000 Wyeth 6% Guaranteed Bonds 15/2/2036 166,320 0.02 Floating Rate European Medium Term Notes $200,000 Wyndham Worldwide 3.9% Senior Bonds 1/3/2023 129,184 0.01 20/8/2024 262,715 0.03 $100,000 Xcel Energy 4.7% Guaranteed Senior Bonds 15/5/2020 71,995 0.01 $100,000 Chubb 6.375% Guaranteed Subordinated Floating Rate $150,000 Xcel Energy 6.5% Senior Bonds 1/7/2036 134,805 0.02 Bonds 29/3/2067 69,157 0.01 $500,000 Xerox 2.75% Senior Notes 15/3/2019 327,247 0.04 $200,000 Cloverie Zurich Insurance 8.25% Perpetual $250,000 Xerox 3.8% Senior Notes 15/5/2024 161,867 0.02 Subordinated Floating Rate European Medium Term $350,000 Xerox 6.35% Guaranteed Senior Bonds 15/5/2018 256,139 0.03 Bonds 148,667 0.02 $350,000 Xerox 6.4% Senior Notes 15/3/2016 239,057 0.03 $100,000 Dai-ichi Mutual Life 7.25% Perpetual Floating Rate $200,000 XL 6.5% Perpetual Subordinated Floating Rate Notes 113,886 0.01 Bonds 76,275 0.01 $500,000 XLIT 2.3% Guaranteed Bonds 15/12/2018 326,973 0.04 $300,000 DBS Bank Singapore 3.625% Subordinated Floating $100,000 XLIT 5.75% Guaranteed Bonds 1/10/2021 75,844 0.01 Rate Bonds 21/9/2022 201,070 0.02 $500,000 Yapi ve Kredi Bankasi 5.25% Senior Notes 3/12/2018 331,828 0.04 $400,000 Deutsche Bank 4.296% Subordinated Floating Rate $300,000 Yuexiu Property 4.5% Senior Notes 24/1/2023 181,714 0.02 Notes 24/5/2028 257,383 0.03 $400,000 Yum! Brands 3.875% Senior Notes 1/11/2023 267,917 0.03 $300,000 Enterprise Products 8.375% Floating Rate Notes $26,000 Yum! Brands 6.875% Guaranteed Senior Bonds 1/8/2066 205,596 0.02 15/11/2037 21,817 0.00 $300,000 Farmers Exchange Capital II 6.151% Subordinated $100,000 Zoetis 3.25% Senior Notes 1/2/2023 64,431 0.01 Floating Rate Notes 1/11/2053 220,176 0.03 $550,000 Zoetis 4.7% Senior Notes 1/2/2043 363,177 0.04 $300,000 GE Capital 6.375% Guaranteed Floating Rate Bonds 589,376,608 67.28 15/11/2067 211,353 0.02 $250,000 GE Capital 6.375% Guaranteed Subordinated Floating Rate Bonds 15/11/2067 175,958 0.02

559 BlackRock Collective Investment Funds 560 Overseas Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure – Derivatives Value Total Value Investment £ Assets Value Investment £ £ Net Assets $150,000 HSBC 10.176% Perpetual Floating Rate Bonds 146,321 0.02 $250,000 Sumitomo Life Insurance 6.5% Subordinated Floating $200,000 Hutchison Whampoa 6% Guaranteed Perpetual Floating Rate Notes 20/9/2073 186,440 0.02 Rate Bonds 137,505 0.02 $150,000 TransCanada Pipelines 6.35% Guaranteed Subordinated $300,000 ING Bank 4.125% Subordinated Floating Rate European Floating Rate Bonds 15/5/2067 93,422 0.01 Medium Term Notes 21/11/2023 199,553 0.02 $200,000 United Overseas Bank 2.875% Subordinated Floating $300,000 Li & Fung 6% Guaranteed Perpetual Subordinated Rate European Medium Term Notes 17/10/2022 131,369 0.01 Floating Rate Bonds 205,414 0.02 $500,000 United Overseas Bank 3.75% Subordinated Floating $100,000 Lloyds TSB 9.875% Guaranteed Subordinated Floating Rate European Medium Term Notes 19/9/2024 330,020 0.04 Rate European Medium Term Bonds 16/12/2021 73,832 0.01 $750,000 United Technologies 3.1% Senior Notes 1/6/2022 505,405 0.06 $100,000 Mitsui Sumitomo Insurance 7% Subordinated Floating 9,350,920 1.08 Rate Bonds 15/3/2072 76,194 0.01 $500,000 MUFG Capital Finance 1 6.346% Guaranteed Perpetual DERIVATIVES – 0.00%; 2014 0.00% Floating Rate Notes 339,718 0.04 Forward Currency Contracts – 0.00%; 2014 0.00% $250,000 National Australia Bank 8% Guaranteed Subordinated KRW 1,590,000,000 South Korean won vs UK sterling 937,415 12,834 0.00 Perpetual Floating Rate Bonds 174,638 0.02 $200,000 Nippon Life Insurance 5% Guaranteed Floating Rate Portfolio of investments 862,098,219 98.53 Bonds 18/10/2042 137,828 0.02 Net other assets 12,817,542 1.47 $300,000 Oversea-Chinese Banking 4% Subordinated Floating Total net assets £874,915,761 100.00 Rate Notes 15/10/2024 200,734 0.02 Note: comparative figures show percentages for each category of holding at 28 February 2014. $250,000 Prudential Financial 5.625% Guaranteed Subordinated * Related party to the Fund. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) Floating Rate Bonds 15/6/2043 171,072 0.02 and represents the market value of an equivalent position in the assets underlying each financial derivative investment. $250,000 Prudential Financial 5.875% Guaranteed Subordinated Floating Rate Bonds 15/9/2042 174,324 0.02 $250,000 Prudential Financial 8.875% Subordinated Floating Rate Notes 15/6/2068 191,698 0.02 The credit rating profile of the portfolio at 28 February 2015 is shown below: $200,000 QBE Capital Funding II 7.25% Floating Rate Bonds % of Total Net Assets 24/5/2041 143,005 0.02 Investment grade 98.01 $250,000 QBE Insurance 6.75% Variable Rate Bonds 2/12/2044 173,038 0.02 $100,000 Rabobank Nederland 5.254% Guaranteed Perpetual Below investment grade 0.52 Floating Rate Bonds 66,973 0.01 Net other assets 1.47 $750,000 Rabobank Nederland 11% Guaranteed Subordinated Total net assets 100.00 Perpetual Floating Rate Bonds 628,023 0.07 $250,000 Resona 5.85% Guaranteed Subordinated Perpetual Floating Rate Bonds 168,241 0.02 $300,000 RWE 7% Subordinated Floating Rate Notes 12/10/2072 210,877 0.02 $200,000 Sompo Japan Insurance 5.325% Subordinated Floating Rate Notes 28/3/2073 139,284 0.02 $200,000 SSE 5.625% Variable Perpetual Bonds 137,181 0.02 $200,000 Standard Chartered 6.409% Guaranteed Perpetual Subordinated Floating Rate Bonds 134,755 0.02 $100,000 Standard Chartered 7.014% Guaranteed Perpetual Subordinated Floating Rate Bonds 71,826 0.01

561 BlackRock Collective Investment Funds 562 Overseas Corporate Bond Tracker Statement of Total Return Overseas Corporate Bond Tracker Balance Sheet for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 862,098,219 635,205,152 Income – Debtors 7 15,270,936 10,724,787 Net capital gains/(losses) – Cash and bank balances 8 13,045,073 10,335,425 during the year/period 2 38,853,068 (32,459,116) Total other assets 28,316,009 21,060,212 Revenue 3 22,219,758 16,988,574 Total assets 890,414,228 656,265,364 Expenses 4 (1,529,997) (1,101,916) Liabilities: Finance costs: Interest 6 (1,342) (5,746) Investment liabilities – (33,633) Net revenue before taxation 20,688,419 15,880,912 – Creditors 9 (14,958,785) (8,640,173) Taxation 5 (8,710) (12,752) Net revenue after taxation – Distribution payable on income units (539,682) (330,496) for the year/period 20,679,709 15,868,160 Total other liabilities (15,498,467) (8,970,669) UK income tax withheld (4,135,942) (3,173,632) Total liabilities (15,498,467) (9,004,302) Total return before distributions 55,396,835 (19,764,588) Net assets attributable Finance costs: Distributions 6 (16,544,734) (12,695,930) to unitholders £874,915,761 £647,261,062 Change in net assets attributable to unitholders from investment activities £38,852,101 £(32,460,518) N C D Hall (Director) E E Tracey (Director) Overseas Corporate Bond Tracker Statement of Change in BlackRock Fund Managers Limited Net Assets Attributable to Unitholders 30 April 2015 for the year ended 28 February 2015

For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 647,261,062 455,599,155 Amounts received on creation of units 234,769,458 294,897,835 Amounts paid on cancellation of units (62,382,229) (84,164,068) 172,387,229 210,733,767

Stamp duty reserve tax – (35) Change in net assets attributable to unitholders from investment activities 38,852,101 (32,460,518) Retained distribution on accumulation units 16,415,369 13,388,693 Closing net assets attributable to unitholders £874,915,761 £647,261,062

563 BlackRock Collective Investment Funds 564 Overseas Corporate Bond Tracker Notes to Financial Statements for the year ended 28 February 2015

1. Accounting and Distribution Policies 4. Expenses Please see pages 6-8 of the Aggregated Notes to Financial Statements. For the period For the year from 1.2.2013 2. Net Capital Gains/(Losses) During the Year/Period to 28.2.2015 to 28.2.2014 £ £ For the period For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 1,412,088 1,013,564 £ £ – Registrar’s fees 1,683 1,764 The net capital gains/(losses) comprise: 1,413,771 1,015,328 Gains/(losses) on non-derivative securities 38,684,763 (31,950,901) Payable to the Trustee or associates of the Trustee: Gains/(losses) on forward currency contracts 46,227 (21,19 0) – Trustee’s fees 57,349 40,981 Currency gains/(losses) 137,10 8 (477,337) 57,349 40,981 Custodian transaction costs (15,030) (9,688) Other expenses: Net capital gains/(losses) £38,853,068 £(32,459,116) – Audit fee 6,690 5,925 3. Revenue – FCA fee 153 165 – Safe custody fees 52,034 39,517 For the period For the year from 1.2.2013 58,877 45,607 to 28.2.2015 to 28.2.2014 Total expenses £1,529,997 £1,101,916 £ £ Interest from overseas fixed interest securities 20,916,595 15,921,342 5. Taxation Interest from UK bank deposits 5,091 12,859 (a) Analysis of tax charge for the year/period Interest from UK fixed interest securities 1,261,812 1,052,326 For the period Securities lending revenue 36,260 2,047 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 Total revenue £22,219,758 £16,988,574 £ £ Income tax prior year adjustment 441 – Irrecoverable overseas tax 8,269 12,752 Total current tax charge for the year/period [see Note 5(b)] £8,710 £12,752

565 BlackRock Collective Investment Funds 566 Overseas Corporate Bond Tracker Notes to Financial Statements continued

(b) Factors affecting the current tax charge for the year/period 7. Debtors The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an 28.2.2015 28.2.2014 authorised unit trust. The differences are explained below: £ £ For the period Accrued revenue 9,682,321 7,974,449 For the year from 1.2.2013 Amounts receivable for creation of units 559,833 2,552,737 to 28.2.2015 to 28.2.2014 £ £ Currency sales awaiting settlement 2,294,963 – Sales awaiting settlement 2,733,819 197,601 Net revenue before taxation 20,688,419 15,880,912 Total debtors £15,270,936 £10,724,787 Corporation tax at 20% (28 February 2014: 20%) 4,137,684 3,176 ,182 Effects of: 8. Cash and Bank Balances Income tax prior year adjustment 441 – 28.2.2015 28.2.2014 Income tax prior year adjustment at 20% (88) – £ £ Irrecoverable overseas tax 8,269 12,752 Cash and bank balances 13,045,073 10,335,425 Tax deductible interest distributions (4,135,942) (3,173,632) Total cash and bank balances £13,045,073 £10,335,425 Tax effect on overseas tax (1,654) (2,550) Total current tax charge for the year/period [see note 5(a)] £8,710 £12,752 9. Creditors 28.2.2015 28.2.2014 6. Finance Costs £ £ For the period Accrued Audit fee 6,690 6,690 For the year from 1.2.2013 Accrued FCA fee 754 601 to 28.2.2015 to 28.2.2014 £ £ Accrued Manager’s charge 400,962 272,609 Accrued Registrar’s fee 718 324 Interim distribution 7,915,670 6,548,005 Accrued Safe custody fees 13,111 11,817 Final distribution 9,384,079 7,589,111 Accrued Trustee’s fee 16,268 10,767 17,299,749 14 ,137,116 Amounts payable for cancellation of units 44,639 57,375 Add: Amounts deducted on cancellation of units 251,175 643,714 Corporation tax payable 88 – Less: Amounts received on creation of units (1,006,190) (2,084,900) Currency purchases awaiting settlement 2,294,968 – Net distribution for the year/period 16,544,734 12,695,930 Custodian transaction costs 4,929 1,821 Finance costs: Interest 1,342 5,746 Income tax payable 2,205,695 1,528,478 Finance costs £16,546,076 £12,701,676 Purchases awaiting settlement 9,969,963 6,749,691 Total creditors £14,958,785 £8,640,173 Net revenue after taxation for the year/period 20,679,709 15,868,160 Add: Equalisation on conversions 967 1,402 Less: UK income tax withheld (4,135,942) (3,173,632) Net distribution for the year/period £16,544,734 £12,695,930

Details of the interim and final distributions per unit are set out in the tables on page 579.

567 BlackRock Collective Investment Funds 568 Overseas Corporate Bond Tracker Notes to Financial Statements continued

10. Derivatives and Other Financial Instruments Risk Impact of risk (a) The Fund’s financial instruments comprise securities and other investments, cash balances and Counterparty The risk of entering an arrangement with a counterparty, which is itself subject to debtors and creditors that arise directly from its operations, for example, in respect of sales and financial risks which may affect its ability to trade as a going concern. purchases awaiting settlement, amounts receivable for creations and payable for cancellation of units and debtors for accrued revenue. The Manager maintains a list of approved counterparties. This list is regularly monitored and revised for changes based on the counterparty’s credit-worthiness, market The Manager shall take the risks it deems reasonable to meet the investment objective. These reputation and expectations of future financial performance. Transactions will only be risks include the following: opened with financial intermediaries on the approved counterparties list. Risk Impact of risk The Fund trades derivatives with a range of counterparties. Forward currency contracts are primarily traded with the following counterparty: HSBC. Foreign The risk of changes to foreign currency rates materially affecting the Sterling currency equivalent value of non-Sterling denominated assets and liabilities accounted for Interest rate Interest rates are determined by factors such as supply and demand in the international by the Fund. money markets, which are influenced by macro economic factors, speculation and The Fund is accounted for in Sterling and holds financial assets and financial central bank and government intervention. Fluctuations in short and long term interest rates on money market and cash deposits may affect the revenue of the Fund. liabilities denominated in other international currencies. Revenue is generated by the holding of bonds, which contractually oblige the borrower To manage the risk, the Fund may enter into forward currency contracts for the to pay the Fund interest under specific terms. purposes of efficient portfolio management. The market value of these transactions as Changes to interest rates may affect the cash inflows and outflows calculated with at 28 February 2015 (28 February 2014: £(30,907)) is shown in the Portfolio Statement reference to financial assets and financial liabilities held by the Fund. on page 562. The Manager undertakes research to minimise the impact of such movements against Market price The valuation of the Fund’s investments is calculated with reference to market prices the Fund’s investment objective. quoted by financial agencies and brokers. Movements to those market prices may materially affect the value of the Fund’s investments, which may move down as well Credit The Fund holds bonds issued by companies and international governments in order to achieve its investment objective. as up. The borrower receives from the Fund a principal amount. The Fund will then receive To manage the risk, the Manager undertakes research in order to achieve the best interest based on the coupon rate of the bond and repayment of the initial principal price for any transactions entered into on behalf of the Fund. amount on the bond’s maturity date. Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the ability Any impairment to the borrower’s ability to pay amounts due may result in changes of the Fund to trade financial instruments at values previously indicated by financial to the tradable value of the bond and the amount to be received upon maturity of brokers. the bond. The ability of the borrower to pay not only the principal value but also any All bonds are valued daily. Bonds identified as being illiquid are reviewed for pricing interest due on the bond, referred to as the borrower’s credit rating, is monitored by the accuracy as the need arises and on a formal monthly basis by the BlackRock Pricing Manager. The credit rating profile of the Fund’s portfolio at 28 February 2015 is shown Committee. on the Portfolio Statement on page 562. The BlackRock Pricing Committee will also review significant market events which The Manager may undertake its own research of the borrower’s financial position in may impact liquidity of bonds in the portfolio. order to assess the ability of the borrower to repay amounts due. During the year, the Fund engaged in securities lending activities which exposed the The Fund invests primarily in fixed interest securities issued by companies in Europe Fund to credit risk. The maximum exposure of the Fund is equal to the value of the and the US, which are typically considered to be territories operating with high levels securities loaned disclosed in Note 12. of liquidity. From time to time, however, market liquidity may be affected by economic events. A security may be deemed illiquid due to a lack of trading volume in the Use of The Fund may use derivatives for the purposes of efficient portfolio management security or if the security is privately placed and not traded in any public market or is derivatives in order to reduce risk within the portfolio, reduce investment costs and generate otherwise restricted from trading. additional income. To manage the risk, the Investment Manager undertakes research of investment The use of derivatives will impact the value of the Fund and may expose the Fund to a opportunities to select opportunities congruent with the Fund’s investment objective. higher degree of risk. In particular, derivative contracts can be highly volatile and the amount of initial margin is generally small relative to the size of the contract so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard bonds or equities. Leveraged derivative positions can therefore increase fund volatility.

569 BlackRock Collective Investment Funds 570 Overseas Corporate Bond Tracker Notes to Financial Statements continued

The currency profile held at 28 February 2014 was as follows: Risk Impact of risk Currency Net Assets/(Liabilities) Use of As at 28 February 2015, the Manager uses a methodology known as the “Commitment derivatives Approach” in order to measure the global exposure from financial derivative Monetary Non-monetary Continued instruments of the Fund and manage the potential loss to it due to market risk. The Exposures Exposures Total Commitment Approach is a methodology that aggregates the underlying market or 28.2.2014 28.2.2014 28.2.2014 Currency £ £ £ notional values of derivative instruments to determine the degree of global exposure of a Fund to derivative instruments. In accordance with COLL, the global exposure for a Australian dollar 416,346 3,707,951 4,124,297 Fund must not exceed 100% of that Fund’s net asset value. Canadian dollar 214,457 22,359,280 22,573,737 Any exposure to financial derivative instruments at year end is marked on the Portfolio Euro 1,273,680 170,588,059 171,861,739 Statement. Japanese yen 2,220,555 18,142,315 20,362,870 Korean won – (23,259) (23,259) These risks are monitored by the Manager in pursuance of the investment objective and policy as set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing New Zealand dollar 44,993 1,838 46,831 powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Singapore dollar 376,484 562 377,046 Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security Swiss franc 44,006 5,877,722 5,921,728 or issuer. Further information on the investment portfolio is set out in the Investment Report and UK sterling 1,265,776 (77,673) 1,18 8 ,10 3 Portfolio Statement. US dollar 4,479,128 416,348,842 420,827,970 (b) Currency Exposures Total £10,335,425 £636,925,637 £647,261,062 A proportion of the net assets of the Fund are denominated in currencies other than Sterling, with the effect that the Balance Sheet and Statement of Total Return can be affected by (c) Interest Rate Risk Profile of Financial Assets and Liabilities currency movements. The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows:

The currency profile held at 28 February 2015 was as follows: Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying Currency Net Assets/(Liabilities) Assets Assets Interest Total Monetary Non-monetary Currency £ £ £ £ Exposures Exposures Total Australian dollar 132,553 4,784,349 73,937 4,990,839 28.2.2015 28.2.2015 28.2.2015 Canadian dollar 3,742,047 23,666,294 231,050 27,639,391 Currency £ £ £ Euro 17,249,016 188,041,841 5,429,852 210,720,709 Australian dollar 132,553 4,858,286 4,990,839 Japanese yen 1,714,188 19,677,333 80,962 21,472,483 Canadian dollar 178,808 27,460,583 27,639,391 Korean won – – 12,834 12,834 Euro 1,152,900 205,860,168 207,013,068 New Zealand dollar 55,610 178,368 1,795 235,773 Japanese yen 1,434,137 19,513,285 20,947,422 Singapore dollar 630,487 – 568 631,055 Korean won – 12,834 12,834 Swiss franc 638,792 6,606,686 359,043 7,604,521 New Zealand dollar 55,610 180,163 235,773 UK sterling 1,567,894 – 1,088,585 2,656,479 Singapore dollar 387,899 243,156 631,055 US dollar 17,068,392 589,376,608 8 ,0 0 5 ,14 4 614,450,144 Swiss franc 417,800 6,569,102 6,986,902 Total £42,798,979 £832,331,479 £15,283,770 £890,414,228 UK sterling 1,567,894 (3,914,858) (2,346,964) US dollar 7,717,472 601,087,969 608,805,441 Total £13,045,073 £861,870,688 £874,915,761

571 BlackRock Collective Investment Funds 572 Overseas Corporate Bond Tracker Notes to Financial Statements continued

Floating Rate Financial Floating Rate Financial Financial Liabilities not Financial Liabilities not Liabilities Carrying Interest Total Liabilities Carrying Interest Total Currency £ £ £ Currency £ £ £ Euro – (3,707,641) (3,707,641) Australian dollar – (1) (1) Japanese yen – (525,061) (525,061) Euro – (2,311,833) (2,311,833) Swiss franc – (617,619) (617,619) Korean won – (23,259) (23,259) UK sterling – (5,003,443) (5,003,443) UK sterling – (2,712,981) (2,712,981) US dollar – (5,644,703) (5,644,703) US dollar – (3,956,228) (3,956,228) Total £0 £(15,498,467) £(15,498,467) Total £0 £(9,004,302) £(9,004,302)

There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates. Fixed Rate Financial Assets

Fixed Rate Financial Assets Weighted Weighted Total Average Average Period Weighted Weighted Market Value Interest Rate for which Rate Total Average Average Period Currency £ Equivalent % is Fixed Market Value Interest Rate for which Rate Australian dollar 2,332,922 5.99 2.34 years Currency £ Equivalent % is Fixed Canadian dollar 8,098,097 3.69 6.48 years Australian dollar 4,784,349 5.26 3.07 years Euro 96,213,050 3.85 5.48 years Canadian dollar 23,666,294 3.42 7.63 years Japanese yen 18,061,876 1.38 3.89 years Euro 188,041,841 2.88 6.01 years Swiss franc 2,005,290 2.44 2.07 years Japanses yen 19,677,333 1.38 3.84 years US dollar 219,520,523 4.42 9.52 years New Zealand dollar 178,368 6.01 2.33 years

Swiss franc 6,606,686 1.87 4.13 years The floating rate financial assets and liabilities include: US dollar 589,376,608 3.82 10.32 years Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund. week LIBID rates and overdraft interest based on 3% over the base rate. All overseas deposits and loans bear interest at rates determined by the relevant Authority. The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: (d) Fair Value of Financial Assets and Financial Liabilities Floating Rate Fixed Rate Financial Assets There is no material difference between the value of the financial assets and liabilities, as shown Financial Financial not Carrying in the Balance Sheet and their fair value. Assets Assets Interest Total Currency £ £ £ £ 11. Contingent Assets and Liabilities Australian dollar 1,732,655 2,332,922 58,721 4,124,298 There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Canadian dollar 14,280,395 8,098,097 195,245 22,573,737 Euro 75,043,452 96,213,050 2,917,070 174,173,572 Japanese yen 2,220,555 18,061,876 80,439 20,362,870 New Zealand dollar 44,993 – 1,838 46,831 Singapore dollar 376,484 – 562 377,046 Swiss franc 3,833,087 2,005,290 83,351 5,921,728 UK sterling 1,265,776 – 2,635,308 3,901,084 US dollar 200,508,696 219,520,523 4,754,979 424,784,198 Total £299,306,093 £346,231,758 £10,727,513 £656,265,364

573 BlackRock Collective Investment Funds 574 Overseas Corporate Bond Tracker Notes to Financial Statements continued

28.2.2015 28.2.2014 The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing £ £ arrangements with related parties (including, without limitation, brokers who are affiliated to the Revenue earned during the year/period 36,260 2,047 BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade Value of securities on loan at the year/period end 11,207,556 3,409,618 execution process. Such research or execution services may include, without limitation and to the Value of collateral held on behalf of the Fund at the extent permitted by applicable law: research reports on companies, industries and securities; and year/period end 12,412,439 3,707,436 the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, 13. Investment Management it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Please see page 16. these arrangements with brokers who are not affiliated to the BlackRock Group. The Fund’s investments in other BlackRock related products are detailed on the Portfolio Statement. Securities Lending The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited, which is a related party to the Fund. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly related to securities loan transactions as well as the cost of indemnification against borrower default. See further information in Note 12.

575 BlackRock Collective Investment Funds 576 Overseas Corporate Bond Tracker Notes to Financial Statements continued

Material Unitholders 16. Unitholders’ Funds The following investor held more than 20% of the voting units in issue in the Fund and as a result is Accumulation and Income units are currently available as specified in the Prospectus. The net considered to be a related party of the Fund. asset value of each unit class, net asset value per unit and the number of units in issue are given in As at 28 February 2015: the “Performance Record”. The types of units currently in issue and the Manager’s annual charge for each unit class are % of voting units shown below: Held by: in issue No. of units held Nutraco Nominees Limited 48% 361,833,379 Class 28.2.2015 28.2.2014 A Accumulation 0.45% 0.45% As at 28 February 2014: L Accumulation 0.20% 0.20% % of voting units X Income◊ 0.00% 0.00% Held by: in issue No. of units held X Accumulation◊ 0.00% 0.00% Nutraco Nominees Limited 57% 344,371,051 D Income¤ 0.15% N/A All related party transactions were carried out at arm’s length in the ordinary course of business. D Accumulation 0.15% 0.15% The terms and returns received by the related parties in making the investments above were no H Income÷ 0.10 % N/A more favourable than those received by other investors investing into the same unit classes. H Accumulation÷ 0.10 % N/A 15. Portfolio Transaction Costs ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or their affiliates. Summary of total purchase costs: ¤ D Income class commenced July 2014. ÷ H Income and H Accumulation classes commenced September 2014. For the period For the period For the year For the year from 1.2.2013 from 1.2.2013 In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the £ £ £ £ remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue Purchases before is allocated each day pro rata to the capital value of assets attributable to each class and taxation is transaction costs 280,378,715 317,951,298 computed by reference to the net revenue after expenses attributable to each class. The distribution Commissions and other costs per unit class is given in the distribution tables. All unit classes have the same rights on winding up. (including stamp duty) 623 305 Total purchase costs 623 305 17. Non Adjusting Post Balance Sheet Event Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as Gross purchases total £280,379,338 £317,951,603 shown below:

Summary of total sale costs: Bid prices as at Bid prices as at Rise Class 23.4.2015 28.2.2015 (%) For the period For the period A Accumulation 118.5p 116.0p 2.2 For the year For the year from 1.2.2013 from 1.2.2013 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 L Accumulation 119.6p 117.1p 2.1 £ £ £ £ X Income 107.4p 106.2p 1.1 Gross sales before X Accumulation 114.4p 111.9p 2.2 transaction costs 86,967,840 94,766,343 D Income 115.9p 114.7p 1.0 Commissions and other costs (198) (381) D Accumulation 118.6p 116.0p 2.2 Total sale costs (198) (381) H Income 105.0p 103.9p 1.1 Total sales net of H Accumulation 106.2p 104.0p 2.1 transaction costs £86,967,642 £94,765,962

577 BlackRock Collective Investment Funds 578 Overseas Corporate Bond Tracker Distribution Tables BlackRock Overseas Government Bond Tracker Fund for the year ended 28 February 2015 Final Distribution in Pence per Unit BlackRock Overseas Government Bond Tracker Fund Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 Investment Objective & Policy

A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation The aim of the BlackRock Overseas Government Bond Tracker Fund (the “Fund”) is to seek to achieve Units Units Units Units Units¤ Units Units÷ Units÷ a total return for investors by tracking closely the performance of the JP Morgan Global Government Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Bond Index ex UK by investing in fixed income securities contained in the Index. Investment will be Gross Revenue 1.3741 0.8845 1.5620 0.9403 1.5219 1.0096 1.6030 0.3610 1.5594 1.0011 1.5729 0.7185 1.4526 0.4071 1.5153 0.2636 made directly into constituent issues and via other transferable securities giving exposure to such Income tax 0.2748 0 .176 9 0.3124 0 .18 81 0.3044 0.2019 0.3206 0.0722 0.3119 0.2002 0.3146 0 .14 37 0.2905 0.0814 0.3031 0.0527 issues. The Fund may also invest in permitted money-market instruments, permitted deposits and Net revenue (interest) 1.0993 0.7076 1.2496 0.7522 1.2175 0.8077 1.2824 0.2888 1.2475 0.8009 1.2583 0.5748 1.1621 0.3257 1.2122 0.2109 units in collective investment schemes. Derivatives and forward transactions may be used for the Equalisation† – 0.3917 – 0.4974 – 0.4098 – 0.9936 – 0.4466 – 0.6835 – 0.8364 – 1.0013

Distribution payable 30.4.2015 1.0993 1.0993 1.2496 1.2496 1.2175 1.2175 1.2824 1.2824 1.2475 1.2475 1.2583 1.2583 1.1621 1.1621 1.2122 1.2122 purposes of efficient portfolio management. Distribution paid 30.4.2014 1.1214 1.1214 1.2651 1.2651 1.2550 1.2550 1.2902 1.2902 N/A N/A 1.2721 1.2721 N/A N/A N/A N/A The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established

under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Interim Distribution in Pence per Unit Sourcebook”). The Fund was authorised by the FCA on 28 April 2010 and established on 28 January 2011. Group 1 – Units purchased prior to 1 March 2014 Group 2 – Units purchased 1 March 2014 to 31 August 2014

A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Units Units Units Units Units¤ Units Units÷ Units÷

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Gross Revenue 1.3728 1.0608 1.5453 0.9659 1.5194 0.9366 1.5813 1.0453 0.4608 0.2390 1.5579 0.9099 N/A N/A N/A N/A

Income tax 0.2746 0.2122 0.3091 0 .19 32 0.3039 0 .1873 0.3163 0.2091 0.0922 0.0478 0.3116 0 .182 0 N/A N/A N/A N/A

Net revenue (interest) 1.0982 0.8486 1.2362 0.7727 1.2155 0.7493 1.2650 0.8362 0.3686 0 .1912 1.2463 0.7279 N/A N/A N/A N/A

Equalisation† – 0.2496 – 0.4635 – 0.4662 – 0.4288 – 0 .17 74 – 0.5184 N/A N/A N/A N/A

Distribution paid 31.10.2014 1.0982 1.0982 1.2362 1.2362 1.2155 1.2155 1.2650 1.2650 0.3686 0.3686 1.2463 1.2463 N/A N/A N/A N/A

Distribution paid 31.10.2013 1.4089 1.4089 1.5726 1.5726 1.5822 1.5822 1.6021 1.6021 N/A N/A 1.5855 1.5855 N/A N/A N/A N/A

† Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. ¤ D Income class commenced July 2014. For the Interim distribution, Group 1 units purchased 10 July 2014. Group 2 units purchased 11 July 2014 to 31 August 2014. ÷ H Income and H Accumulation classes commenced September 2014. For the Final distribution, Group 1 units purchased 2 September 2014, Group 2 units purchased 3 September 2014 to 28 February 2015.

579 BlackRock Collective Investment Funds 580 Overseas Government Bond Tracker Fund

This Annual Report covers the year ended 28 February 2015. The first six months were commented on Annual performance to most recent quarter end in the Interim Report to 31 August 2014. For a copy, please contact us. 31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 Performance Table BlackRock Overseas Period of Report Since Launch Government Bond Tracker One Year 28 .1.2011 Fund A +5.8% -7.6% -3.8% N/A§ N/A§ to 28.2.2015 to 28.2.2015 BlackRock Overseas TOTAL Return (with net income reinvested) Government Bond Tracker Class A Accumulation Units Fund L# +6 .1% -7.3% -3.6% N/A§ N/A§ BlackRock Overseas Government Bond Tracker Fund +3.5% +2.0% All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is calculated net of fees. Performance is shown for complete 12 month periods only. JP Morgan Global Government Bond Index ex UK* +4.5% +4.6% # D Accumulation class was renamed as L Accumulation class during June 2012. § Performance data does not exist for the relevant periods. Fund launched on 28 January 2011. TOTAL Return (with net income reinvested) Class L Accumulation Units# Distributions Payable BlackRock Overseas Government Bond Tracker Fund +3.8% +3.0% JP Morgan Global Government Bond Index ex UK* +4.5% +4.6% A Accumulation The final accumulation distribution payable on 30 April 2015 is 0.4075p net per accumulation unit All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. (30 April 2014: 0.4957p net per accumulation unit). # D Accumulation class was renamed as L Accumulation class during June 2012. * Figures from Datastream. L Accumulation The final accumulation distribution payable on 30 April 2015 is 0.5335p net per accumulation unit All financial investments involve an element of risk. Therefore, the value of your investment and (30 April 2014: 0.6234p net per accumulation unit). the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is X Accumulation not a guide to future performance and should not be the sole factor of consideration when selecting The final accumulation distribution payable on 30 April 2015 is 0.5920p net per accumulation unit a product. (30 April 2014: 0.6761p net per accumulation unit).

D Accumulation The final accumulation distribution payable on 30 April 2015 is 0.5488p net per accumulation unit (30 April 2014: 0.6420p net per accumulation unit).

H Accumulation÷ The final accumulation distribution payable on 30 April 2015 is 0.6376p net per accumulation unit (30 April 2014: N/A).

÷ H Accumulation class commenced September 2014.

581 BlackRock Collective Investment Funds 582 Overseas Government Bond Tracker Fund continued

The table below compares the realised Fund performance against the performance of the relevant A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced benchmark index during the year ended 28 February 2015. An explanation for the difference is are different. As the Fund is valued at midday, but the benchmark index is valued at the time the provided: relevant markets close for business, the tracking error of the Fund at its valuation point may appear to be higher than if the Fund and the benchmark index were priced at the same time. Fund return Benchmark return for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking Before costs and after adjusting for a) the error is annualised and calculated using data from the preceding 36 month observation period. difference in valuation point of the Fund and the pricing point of the benchmark Anticipated Realised index b) the tax incurred by the Fund Tracking Error Tracking Error Explanation for difference which is not included in the benchmark The Fund has tracked its benchmark index within its anticipated index, the performance of the Fund Up to 4.00%* 1.62%* tracking error. relative to the benchmark index has +3.8%* +4.5% -0.7% been in line with expectations. * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units.

* Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

583 BlackRock Collective Investment Funds 584 Overseas Government Bond Tracker Performance Record

Net Asset Value Income (Net Accumulations)

Net Asset Value A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation # ± π ÷ Net Asset Value per Unit Units Units Units Units Units Units in Issue £ p Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit A Accumulation 2015* 0.4075 0.5335 0.5920 0.5488 0.6376 28 February 2015 113,15 8 115 ,18 6 101.8 2014 0.9323 1.1814 1.2894 1.2164 N/A 28 February 2014 37,551 36,830 98.08 2013 1.0703 1.3409 1.4642 1.4190 N/A 31 January 2013* 39,779 41,843 105.2 2012 1.0638 1.3611 0.3400 0.10 47 N/A L Accumulation 2011‡ 0.6695 0.7388 N/A N/A N/A

28 February 2015 136,357,027 140,127,727 102.8 * To 30 April. ‡ Fund launched January 2011. 28 February 2014 138,679,612 136,990,734 98.78 # D Accumulation class was renamed as L Accumulation class during June 2012. ± X Accumulation class commenced April 2012. # 31 January 2013* 4 47,097,623 472,929,055 105.8 π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced September 2014. X Accumulation 28 February 2015 9,322,539 9,220,604 98.91 Capital (Unit Prices) 28 February 2014 7,277,002 6,907,392 94.92 31 January 2013* 782,614 794,506 101.5 A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation Units Units# Units± Unitsπ Units÷ D Accumulation Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest 28 February 2015 3,801,789 3,892,828 102.4 Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Price Price Price Price Price Price Price Price Price Price 28 February 2014 1,284,281 1,263,615 98.39 Calendar Year p p p p p p p p p p 31 January 2013* 1,161 1,223 105.3 2015* 111.7 101.7 107.3 102.6 103.3 98.77 107.0 102.3 111.8 101.9 H Accumulation 2014 108.4 96.68 104.2 97.33 100.2 93.50 103.8 96.94 108.5 98.56 ÷ 28 February 2015 1,479 1,508 102.0 2013 115.3 96.66 110.5 97.32 105.9 93.49 110.0 96.92 N/A N/A * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to 2012 116.4 103.9 111.2 10 4 .1 106.5 99.90 109.6 104.5 N/A N/A consolidate the publication of the reports. # D Accumulation class was renamed as L Accumulation class during June 2012. 2011‡ 116.8 96.99 111.4 97.00 N/A N/A N/A N/A N/A N/A ÷ H Accumulation class commenced September 2014. * To 28 February. ‡ Fund launched January 2011. # D Accumulation class was renamed as L Accumulation class during June 2012. ± X Accumulation class commenced April 2012. π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced September 2014.

585 BlackRock Collective Investment Funds 586 Overseas Government Bond Tracker Performance Record continued

`` The risk indicator was calculated incorporating historical or simulated historical data and may not X Accumulation 0.02% 0.02% be a reliable indication of the future risk profile of each unit class. D Accumulation 0.18% 0.17% `` The risk category shown is not guaranteed and may change over time. H Accumulation÷ 0.10 %* N/A

` † Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ` The lowest category does not mean risk free. ÷ H Accumulation class commenced September 2014. * Ongoing charges figure is based on annualised expenses for the period ended 28 February 2015. `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund.

`` During the year, the risk indicator of each unit class changed from level 5 to 4 due to a decline in market volatility.

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

587 BlackRock Collective Investment Funds 588 Overseas Government Bond Tracker Investment Report Overseas Government Bond Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 3.8%*, compared with its Nominal Value Total Net benchmark, the JP Morgan Global Government Bond Index ex UK, which returned 4.5%. Before costs Value Investment £ Assets and after adjusting for (a) the difference in valuation point of the Fund and the pricing point of the BONDS – 99.38%; 2014 99.31% benchmark index, and (b) the tax incurred by the Fund which is not included in the benchmark index, the performance of the Fund relative to the benchmark index has been in line with expectations. Australian Dollar Denominated Fixed Rate Government Bonds – 1.28%; 2014 1.15% AU$200,000 Australia (Commonwealth) 2.75% Bonds 21/10/2019 104,947 0.07 Over the six month period to 28 February 2015, the Fund returned 1.8%* compared with its benchmark AU$320,000 Australia (Commonwealth) 2.75% Bonds 21/4/2024 166,362 0.11 which returned 1.9%. AU$180,000 Australia (Commonwealth) 3.25% Bonds 21/10/2018 95,627 0.06 AU$100,000 Australia (Commonwealth) 3.25% Bonds 21/4/2025 54,036 0.04 Fund Manager’s Commentary AU$150,000 Australia (Commonwealth) 3.25% Bonds 21/4/2029 80,403 0.05 The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. AU$100,000 Australia (Commonwealth) 3.75% Bonds 21/4/2037 56,681 0.04 Recovery continued apace in the US and UK, but weak economic growth and worries about deflation AU$250,000 Australia (Commonwealth) 4.25% Bonds 21/7/2017 133,756 0.09 in Europe finally saw the European Central Bank launch a programme of spending in support of its AU$150,000 Australia (Commonwealth) 4.25% Bonds 21/4/2026 88,228 0.06 economy (what is known as quantitative easing) that surprised many with its scale. In Japan, Prime AU$310,000 Australia (Commonwealth) 4.5% Bonds 15/4/2020 176,060 0.11 Minister Shinzo Abe won a snap election in November 2014 and with it the mandate to abandon a AU$60,000 Australia (Commonwealth) 4.5% Bonds 21/4/2033 37,290 0.02 second sales tax hike. Policymakers will be hoping that the economy can now feel the full effect of AU$170,000 Australia (Commonwealth) 4.75% Bonds 15/6/2016 89,214 0.06 the central bank’s huge quantitative easing programme. There was a similar divergence in emerging AU$180,000 Australia (Commonwealth) 4.75% Bonds 21/4/2027 111,162 0.07 markets, as a steep decline in the oil price proved a boon to some, notably importers like India, but had AU$100,000 Australia (Commonwealth) 5.25% Bonds 15/3/2019 57,262 0.04 more serious repercussions for oil exporters like Russia as revenues slumped. AU$340,000 Australia (Commonwealth) 5.5% Bonds 21/1/2018 189,914 0.12 AU$150,000 Australia (Commonwealth) 5.5% Bonds 21/4/2023 93,592 0.06 Turmoil in Ukraine and disappointing data from the US and China led global government bond markets AU$210,000 Australia (Commonwealth) 5.75% Bonds 15/5/2021 128,643 0.08 to rise in the early part of 2014, as investors sought out lower-risk assets. Demand for the perceived AU$215,000 Australia (Commonwealth) 5.75% Bonds 15/7/2022 134,544 0.09 safety of government bonds continued as the timing of expected interest rate rises in the US and the AU$300,000 Australia (Commonwealth) 6% Bonds 15/2/2017 164,056 0.11 UK was delayed into 2015. Late in the year, the trend continued because of worries about growth in 1,961,777 1.28 China and expectations of bond purchases in the eurozone. Canadian Dollar Denominated Fixed Rate Government Bonds – 1.41%; 2014 1.45% CA$150,000 Canada (Government) 1% Debentures 1/8/2016 78,344 0.05 The Fund is structured to closely track the JP Morgan Global Government Bond Index ex UK, therefore CA$200,000 Canada (Government) 1.25% Debentures 1/2/2018 106,043 0.07 its portfolio is positioned so that the risk characteristics are similar to those of the Index. CA$120,000 Canada (Government) 1.5% Debentures 1/2/2017 63,404 0.04 CA$295,000 Canada (Government) 1.5% Debentures 1/3/2017 156,326 0.10 March 2015 CA$250,000 Canada (Government) 1.5% Debentures 1/9/2017 132,850 0.09

* Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net CA$200,000 Canada (Government) 1.75% Debentures 1/3/2019 108,567 0.07 asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for CA$340,000 Canada (Government) 1.75% Debentures 1/9/2019 184,876 0.12 the Fund’s class L Accumulation Units. CA$120,000 Canada (Government) 2.25% Debentures 1/6/2025 67,818 0.04 CA$220,000 Canada (Government) 2.5% Debentures 1/6/2024 127,015 0.08 CA$220,000 Canada (Government) 2.75% Debentures 1/6/2022 128,292 0.08 CA$30,000 Canada Government 2.75% Debentures 1/12/2064 19,787 0.01 CA$200,000 Canada (Government) 3.25% Debentures 1/6/2021 118,973 0.08 CA$85,000 Canada (Government) 3.5% Debentures 1/6/2020 50,316 0.03 CA$195,000 Canada (Government) 3.5% Debentures 1/12/2045 137,998 0.09 CA$220,000 Canada (Government) 3.75% Debentures 1/6/2019 129,315 0.08 CA$235,000 Canada (Government) 4% Debentures 1/6/2016 127,164 0.08 CA$190,000 Canada (Government) 4% Debentures 1/6/2041 140,528 0.09 CA$160,000 Canada (Government) 5% Debentures 1/6/2037 130,066 0.08

589 BlackRock Collective Investment Funds 590 Overseas Government Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets CA$80,000 Canada (Government) 5.75% Debentures 1/6/2029 63,479 0.04 €520,000 France (Government) 1.75% Bonds 25/5/2023 420,487 0.27 CA$105,000 Canada (Government) 5.75% Debentures 1/6/2033 88,110 0.06 €430,000 France (Government) 1.75% Bonds 25/11/2024 348,113 0.23 CA$45,000 Canada (Government) 8% Debentures 1/6/2027 40,620 0.03 €235,000 France (Government) 2.25% Bonds 25/10/2022 195,957 0.13 2,199,891 1.41 €295,000 France (Government) 2.25% Bonds 25/5/2024 248,487 0.16 €475,000 France (Government) 2.5% Bonds 25/10/2020 391,859 0.26 Danish Krone Denominated Fixed Rate Government Bonds – 0.55%; 2014 0.55% €280,000 France (Government) 2.5% Bonds 25/5/2030 247,535 0.16 DKK 1,100,000 Denmark (Kingdom) 1.5% Bonds 15/11/2023 119,206 0.08 €460,000 France (Government) 2.75% Bonds 25/10/2027 411,366 0.27 DKK 800,000 Denmark (Kingdom) 1.75% Bonds 15/11/2025 88,824 0.06 €395,000 France (Government) 3% Bonds 25/4/2022 343,204 0.22 DKK 550,000 Denmark (Kingdom) 2.5% Bonds 15/11/2016 56,393 0.04 €525,000 France (Government) 3.25% Bonds 25/4/2016 395,728 0.26 DKK 1,150,000 Denmark (Kingdom) 3% Bonds 15/11/2021 134,283 0.09 €355,000 France (Government) 3.25% Bonds 25/10/2021 310,181 0.20 DKK 250,000 Denmark (Kingdom) 4% Bonds 15/11/2017 27,312 0.02 €140,000 France (Government) 3.25% Bonds 25/5/2045 147,719 0.10 DKK 1,110,000 Denmark (Kingdom) 4% Bonds 15/11/2019 129,921 0.08 €370,000 France (Government) 3.5% Bonds 25/4/2020 316,208 0.21 DKK 1,350,000 Denmark (Kingdom) 4.5% Bonds 15/11/2039 236,377 0.15 €390,000 France (Government) 3.5% Bonds 25/4/2026 368,677 0.24 DKK 281,000 Denmark (Kingdom) 7% Bonds 10/11/2024 45,229 0.03 €450,000 France (Government) 3.75% Bonds 25/4/2017 353,719 0.23 837,545 0.55 €335,000 France (Government) 3.75% Bonds 25/10/2019 285,501 0.19 Euro Denominated Fixed Rate Government Bonds – 29.09%; 2014 30.10% €620,000 France (Government) 3.75% Bonds 25/4/2021 550,080 0.36 €100,000 Belgium (Kingdom) 0.8% Bonds 22/6/2025 74,333 0.05 €340,000 France (Government) 4% Bonds 25/4/2018 278,564 0.18 €230,000 Belgium (Kingdom) 1.25% Bonds 22/6/2018 174,243 0.11 €310,000 France (Government) 4% Bonds 25/10/2038 350,074 0.23 €190,000 Belgium (Kingdom) 2.25% Bonds 22/6/2023 159,509 0.10 €155,000 France (Government) 4% Bonds 25/4/2055 198,190 0.13 €190,000 Belgium (Kingdom) 2.6% Bonds 22/6/2024 164,942 0.11 €155,000 France (Government) 4% Bonds 25/4/2060 202,928 0.13 €180,000 Belgium (Kingdom) 3% Bonds 28/9/2019 148,597 0.10 €310,000 France (Government) 4.25% Bonds 25/10/2017 251,010 0.16 €70,000 Belgium (Kingdom) 3% Bonds 22/6/2034 67,767 0.04 €510,000 France (Government) 4.25% Bonds 25/10/2018 428,399 0.28 €50,000 Belgium (Kingdom) 3.25% Bonds 28/9/2016 38,222 0.02 €430,000 France (Government) 4.25% Bonds 25/4/2019 367,613 0.24 €240,000 Belgium (Kingdom) 3.5% Bonds 28/6/2017 188,926 0.12 €375,000 France (Government) 4.25% Bonds 25/10/2023 361,996 0.24 €200,000 Belgium (Kingdom) 3.75% Bonds 28/9/2020 175,246 0.11 €285,000 France (Government) 4.5% Bonds 25/4/2041 353,234 0.23 €50,000 Belgium (Kingdom) 3.75% Bonds 22/6/2045 58,085 0.04 €280,000 France (Government) 4.75% Bonds 25/4/2035 333,949 0.22 €170,000 Belgium (Kingdom) 4% Bonds 28/3/2017 133,968 0.09 €490,000 France (Government) 5% Bonds 25/10/2016 385,623 0.25 €190,000 Belgium (Kingdom) 4% Bonds 28/3/2018 155,277 0.10 €295,000 France (Government) 5.5% Bonds 25/4/2029 345,759 0.23 €150,000 Belgium (Kingdom) 4% Bonds 28/3/2019 126,758 0.08 €265,000 France (Government) 5.75% Bonds 25/10/2032 338,559 0.22 €160,000 Belgium (Kingdom) 4% Bonds 28/3/2022 147,455 0.10 €240,000 France (Government) 6% Bonds 25/10/2025 271,325 0.18 €120,000 Belgium (Kingdom) 4% Bonds 28/3/2032 128,561 0.08 €250,000 Germany (Federal Republic) 0% Bonds 16/9/2016 182,021 0.12 €200,000 Belgium (Kingdom) 4.25% Bonds 28/9/2021 184,562 0.12 €100,000 Germany (Federal Republic) 0% Bonds 17/4/2020 72,914 0.05 €170,000 Belgium (Kingdom) 4.25% Bonds 28/9/2022 160,556 0.10 €330,000 Germany (Federal Republic) 0.5% Bonds 7/4/2017 243,103 0.16 €160,000 Belgium (Kingdom) 4.25% Bonds 28/3/2041 194,147 0.13 €360,000 Germany (Federal Republic) 0.5% Bonds 23/2/2018 266,815 0.17 €80,000 Belgium (Kingdom) 4.5% Bonds 28/3/2026 82,162 0.05 €320,000 Germany (Federal Republic) 0.5% Bonds 12/4/2019 238,611 0.16 €200,000 Belgium (Kingdom) 5% Bonds 28/3/2035 247,660 0.16 €200,000 Germany (Federal Republic) 0.5% Bonds 15/2/2025 147,598 0.10 €210,000 Belgium (Kingdom) 5.5% Bonds 28/3/2028 242,768 0.16 €370,000 Germany (Federal Republic) 0.75% Bonds 24/2/2017 273,646 0.18 €200,000 France (Government) 0.5% Bonds 25/11/2019 148,535 0.10 €410,000 Germany (Federal Republic) 1% Bonds 12/10/2018 310,366 0.20 €150,000 France (Government) 1% Bonds 25/7/2017 111,774 0.07 €90,000 Germany (Federal Republic) 1% Bonds 22/2/2019 68,374 0.04 €360,000 France (Government) 1% Bonds 25/11/2018 271,610 0.18 €200,000 Germany (Federal Republic) 1% Bonds 15/8/2024 154,796 0.10 €550,000 France (Government) 1% Bonds 25/5/2019 416,404 0.27 €160,000 Germany (Federal Republic) 1.25% Bonds 14/10/2016 118,863 0.08 €700,000 France (Government) 1.75% Bonds 25/2/2017 526,824 0.34 €335,000 Germany (Federal Republic) 1.5% Bonds 4/9/2022 269,109 0.18

591 BlackRock Collective Investment Funds 592 Overseas Government Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €255,000 Germany (Federal Republic) 1.5% Bonds 15/2/2023 205,462 0.13 €180,000 Italy (Republic) 3.75% Bonds 15/4/2016 135,915 0.09 €280,000 Germany (Federal Republic) 1.5% Bonds 15/5/2023 225,988 0.15 €355,000 Italy (Republic) 3.75% Bonds 1/8/2016 270,697 0.18 €210,000 Germany (Federal Republic) 1.5% Bonds 15/5/2024 169,690 0.11 €420,000 Italy (Republic) 3.75% Bonds 1/3/2021 357,524 0.23 €305,000 Germany (Federal Republic) 1.75% Bonds 4/7/2022 248,886 0.16 €250,000 Italy (Republic) 3.75% Bonds 1/5/2021 212,917 0.14 €220,000 Germany (Federal Republic) 1.75% Bonds 15/2/2024 181,399 0.12 €250,000 Italy (Republic) 3.75% Bonds 1/9/2024 220,302 0.14 €85,000 Germany (Federal Republic) 2% Bonds 4/1/2022 70,059 0.05 €380,000 Italy (Republic) 4% Bonds 1/9/2020 324,903 0.21 €270,000 Germany (Federal Republic) 2% Bonds 15/8/2023 226,370 0.15 €330,000 Italy (Republic) 4% Bonds 1/2/2037 314,525 0.21 €100,000 Germany (Federal Republic) 2.25% Bonds 4/9/2020 81,947 0.05 €315,000 Italy (Republic) 4.25% Bonds 1/2/2019 262,647 0.17 €120,000 Germany (Federal Republic) 2.25% Bonds 4/9/2021 99,990 0.07 €560,000 Italy (Republic) 4.25% Bonds 1/9/2019 473,777 0.31 €290,000 Germany (Federal Republic) 2.5% Bonds 4/1/2021 241,912 0.16 €280,000 Italy (Republic) 4.25% Bonds 1/3/2020 239,593 0.16 €210,000 Germany (Federal Republic) 2.5% Bonds 4/7/2044 213,271 0.14 €330,000 Italy (Republic) 4.5% Bonds 1/3/2019 278,215 0.18 €95,000 Germany (Federal Republic) 2.5% Bonds 15/8/2046 97,147 0.06 €280,000 Italy (Republic) 4.5% Bonds 1/2/2020 241,646 0.16 €605,000 Germany (Federal Republic) 2.75% Bonds 8/4/2016 453,302 0.30 €225,000 Italy (Republic) 4.5% Bonds 1/5/2023 205,649 0.13 €305,000 Germany (Federal Republic) 3% Bonds 4/7/2020 258,019 0.17 €270,000 Italy (Republic) 4.5% Bonds 1/3/2024 249,259 0.16 €300,000 Germany (Federal Republic) 3.25% Bonds 4/1/2020 253,611 0.17 €230,000 Italy (Republic) 4.5% Bonds 1/3/2026 218,418 0.14 €235,000 Germany (Federal Republic) 3.25% Bonds 4/7/2021 206,045 0.13 €270,000 Italy (Republic) 4.75% Bonds 15/9/2016 209,602 0.14 €190,000 Germany (Federal Republic) 3.25% Bonds 4/7/2042 215,541 0.14 €140,000 Italy (Republic) 4.75% Bonds 1/5/2017 111,544 0.07 €470,000 Germany (Federal Republic) 3.5% Bonds 4/7/2019 395,604 0.26 €210,000 Italy (Republic) 4.75% Bonds 1/6/2017 167,816 0.11 €250,000 Germany (Federal Republic) 3.75% Bonds 4/1/2017 194,713 0.13 €305,000 Italy (Republic) 4.75% Bonds 1/9/2021 275,036 0.18 €280,000 Germany (Federal Republic) 4% Bonds 4/1/2018 227,640 0.15 €275,000 Italy (Republic) 4.75% Bonds 1/8/2023 256,566 0.17 €275,000 Germany (Federal Republic) 4% Bonds 4/1/2037 324,713 0.21 €260,000 Italy (Republic) 4.75% Bonds 1/9/2028 257,426 0.17 €380,000 Germany (Federal Republic) 4.25% Bonds 4/7/2018 316,974 0.21 €170,000 Italy (Republic) 4.75% Bonds 1/9/2044 187,753 0.12 €160,000 Germany (Federal Republic) 4.25% Bonds 4/7/2039 201,413 0.13 €300,000 Italy (Republic) 5% Bonds 1/3/2022 277,122 0.18 €160,000 Germany (Federal Republic) 4.75% Bonds 4/7/2028 179,242 0.12 €230,000 Italy (Republic) 5% Bonds 1/3/2025 223,632 0.15 €210,000 Germany (Federal Republic) 4.75% Bonds 4/7/2034 260,721 0.17 €210,000 Italy (Republic) 5% Bonds 1/8/2034 223,875 0.15 €170,000 Germany (Federal Republic) 4.75% Bonds 4/7/2040 230,977 0.15 €235,000 Italy (Republic) 5% Bonds 1/8/2039 258,795 0.17 €280,000 Germany (Federal Republic) 5.5% Bonds 4/1/2031 351,030 0.23 €226,000 Italy (Republic) 5% Bonds 1/9/2040 249,637 0.16 €100,000 Germany (Federal Republic) 5.625% Bonds 4/1/2028 118,986 0.08 €400,000 Italy (Republic) 5.25% Bonds 1/8/2017 325,232 0.21 €245,000 Germany (Federal Republic) 6% Bonds 20/6/2016 192,134 0.13 €260,000 Italy (Republic) 5.25% Bonds 1/11/2029 272,989 0.18 €150,000 Germany (Federal Republic) 6.25% Bonds 4/1/2024 167,201 0.11 €330,000 Italy (Republic) 5.5% Bonds 1/9/2022 315,826 0.21 €130,000 Germany (Federal Republic) 6.25% Bonds 4/1/2030 170,391 0.11 €370,000 Italy (Republic) 5.5% Bonds 1/11/2022 355,074 0.23 €150,000 Italy (Republic) 1.15% Bonds 15/5/2017 111,053 0.07 €175,000 Italy (Republic) 5.75% Bonds 1/2/2033 199,294 0.13 €250,000 Italy (Republic) 1.5% Bonds 15/12/2016 185,588 0.12 €410,000 Italy (Republic) 6% Bonds 1/5/2031 469,271 0.31 €190,000 Italy (Republic) 2.15% Bonds 15/12/2021 148,875 0.10 €300,000 Italy (Republic) 6.5% Bonds 1/11/2027 338,448 0.22 €400,000 Italy (Republic) 2.25% Bonds 15/5/2016 297,616 0.19 €200,000 Italy (Republic) 7.25% Bonds 1/11/2026 234,030 0.15 €300,000 Italy (Republic) 2.5% Bonds 1/5/2019 235,819 0.15 €40,000 Netherlands (Kingdom) 0% Bonds 15/4/2016 29,092 0.02 €320,000 Italy (Republic) 2.5% Bonds 1/12/2024 257,040 0.17 €180,000 Netherlands (Kingdom) 0% Bonds 15/4/2018 131,183 0.09 €100,000 Italy (Republic) 3.25% Bonds 1/9/2046 87,279 0.06 €200,000 Netherlands (Kingdom) 0.5% Bonds 15/4/2017 147,149 0.10 €400,000 Italy (Republic) 3.5% Bonds 1/11/2017 315,137 0.21 €250,000 Netherlands (Kingdom) 1.25% Bonds 15/1/2018 188,708 0.12 €550,000 Italy (Republic) 3.5% Bonds 1/6/2018 439,960 0.29 €250,000 Netherlands (Kingdom) 1.25% Bonds 15/1/2019 190,938 0.12 €310,000 Italy (Republic) 3.5% Bonds 1/12/2018 250,972 0.16 €80,000 Netherlands (Kingdom) 1.75% Bonds 15/7/2023 65,078 0.04 €170,000 Italy (Republic) 3.5% Bonds 1/3/2030 151,470 0.10 €240,000 Netherlands (Kingdom) 2% Bonds 15/7/2024 200,190 0.13

593 BlackRock Collective Investment Funds 594 Overseas Government Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets €230,000 Netherlands (Kingdom) 2.25% Bonds 15/7/2022 192,272 0.13 €250,000 Spain (Kingdom) 5.85% Bonds 31/1/2022 241,789 0.16 €220,000 Netherlands (Kingdom) 2.5% Bonds 15/1/2017 167,601 0.11 €170,000 Spain (Kingdom) 5.9% Bonds 30/7/2026 180,989 0.12 €140,000 Netherlands (Kingdom) 2.5% Bonds 15/1/2033 130,361 0.09 €200,000 Spain (Kingdom) 6% Bonds 31/1/2029 222,401 0.15 €80,000 Netherlands (Kingdom) 2.75% Bonds 15/1/2047 84,777 0.06 44,476,064 29.09 €300,000 Netherlands (Kingdom) 3.25% Bonds 15/7/2021 261,948 0.17 €200,000 Netherlands (Kingdom) 3.5% Bonds 15/7/2020 172,646 0.11 Japanese Yen Denominated Fixed Rate Government Bonds – 23.62%; 2014 26.93% €100,000 Netherlands (Kingdom) 3.75% Bonds 15/1/2023 92,580 0.06 ¥50,000,000 Japan (Government) 0.1% Bonds 15/9/2016 271,032 0.18 €185,000 Netherlands (Kingdom) 3.75% Bonds 15/1/2042 223,904 0.15 ¥70,000,000 Japan (Government) 0.1% Bonds 15/10/2016 379,469 0.25 €120,000 Netherlands (Kingdom) 4% Bonds 15/7/2016 92,075 0.06 ¥90,000,000 Japan (Government) 0.1% Bonds 20/12/2017 488,364 0.32 €100,000 Netherlands (Kingdom) 4% Bonds 15/7/2019 85,525 0.06 ¥95,000,000 Japan (Government) 0.1% Bonds 20/3/2018 515,580 0.34 €145,000 Netherlands (Kingdom) 4% Bonds 15/1/2037 170,522 0.11 ¥22,000,000 Japan (Government) 0.1% Bonds 20/6/2019 119,298 0.08 €270,000 Netherlands (Kingdom) 4.5% Bonds 15/7/2017 217,591 0.14 ¥35,000,000 Japan (Government) 0.1% Bonds 20/9/2019 189,764 0.12 €165,000 Netherlands (Kingdom) 5.5% Bonds 15/1/2028 192,339 0.13 ¥80,000,000 Japan (Government) 0.1% Bonds 20/12/2019 433,664 0.28 €295,000 Spain (Kingdom) 1.4% Bonds 31/1/2020 222,704 0.15 ¥60,000,000 Japan (Government) 0.1% Bonds 15/4/2016 325,085 0.21 €150,000 Spain (Kingdom) 1.6% Bonds 30/4/2025 111,608 0.07 ¥40,000,000 Japan (Government) 0.1% Bonds 15/5/2016 216,763 0.14 €295,000 Spain (Kingdom) 2.1% Bonds 30/4/2017 222,849 0.15 ¥40,000,000 Japan (Government) 0.2% Bonds 20/3/2017 217,401 0.14 €300,000 Spain (Kingdom) 2.75% Bonds 30/4/2019 238,334 0.16 ¥130,000,000 Japan (Government) 0.2% Bonds 20/6/2017 706,736 0.46 €200,000 Spain (Kingdom) 2.75% Bonds 31/10/2024 164,735 0.11 ¥101,000,000 Japan (Government) 0.2% Bonds 20/9/2017 549,333 0.36 €200,000 Spain (Kingdom) 3.25% Bonds 30/4/2016 150,435 0.10 ¥75,000,000 Japan (Government) 0.2% Bonds 20/12/2017 408,106 0.27 €440,000 Spain (Kingdom) 3.3% Bonds 30/7/2016 333,666 0.22 ¥30,000,000 Japan (Government) 0.2% Bonds 20/9/2018 163,378 0.11 €215,000 Spain (Kingdom) 3.75% Bonds 31/10/2018 175,135 0.11 ¥53,000,000 Japan (Government) 0.2% Bonds 20/12/2018 288,677 0.19 €250,000 Spain (Kingdom) 3.8% Bonds 31/1/2017 194,010 0.13 ¥70,000,000 Japan (Government) 0.2% Bonds 20/3/2019 381,318 0.25 €300,000 Spain (Kingdom) 3.8% Bonds 30/4/2024 266,242 0.17 ¥50,000,000 Japan (Government) 0.2% Bonds 20/6/2019 272,293 0.18 €140,000 Spain (Kingdom) 4% Bonds 30/4/2020 119,032 0.08 ¥67,000,000 Japan (Government) 0.2% Bonds 20/9/2019 364,907 0.24 €215,000 Spain (Kingdom) 4.1% Bonds 30/7/2018 175,903 0.11 ¥45,000,000 Japan (Government) 0.3% Bonds 20/9/2016 244,686 0.16 €230,000 Spain (Kingdom) 4.2% Bonds 31/1/2037 228,910 0.15 ¥43,000,000 Japan (Government) 0.3% Bonds 20/12/2016 233,974 0.15 €150,000 Spain (Kingdom) 4.25% Bonds 31/10/2016 116,284 0.08 ¥52,000,000 Japan (Government) 0.3% Bonds 20/3/2017 283,197 0.18 €260,000 Spain (Kingdom) 4.3% Bonds 31/10/2019 221,415 0.14 ¥60,000,000 Japan (Government) 0.3% Bonds 20/6/2018 327,763 0.21 €150,000 Spain (Kingdom) 4.4% Bonds 31/10/2023 137,907 0.09 ¥20,000,000 Japan (Government) 0.3% Bonds 20/12/2024 107,886 0.07 €280,000 Spain (Kingdom) 4.5% Bonds 31/1/2018 228,105 0.15 ¥70,000,000 Japan (Government) 0.4% Bonds 20/6/2016 380,795 0.25 €265,000 Spain (Kingdom) 4.6% Bonds 30/7/2019 226,793 0.15 ¥61,000,000 Japan (Government) 0.4% Bonds 20/9/2016 332,198 0.22 €110,000 Spain (Kingdom) 4.65% Bonds 30/7/2025 105,411 0.07 ¥40,000,000 Japan (Government) 0.4% Bonds 20/12/2016 218,040 0.14 €165,000 Spain (Kingdom) 4.7% Bonds 30/7/2041 179,560 0.12 ¥20,000,000 Japan (Government) 0.4% Bonds 20/3/2018 109,532 0.07 €320,000 Spain (Kingdom) 4.8% Bonds 31/1/2024 302,964 0.20 ¥61,000,000 Japan (Government) 0.5% Bonds 20/9/2024 335,966 0.22 €230,000 Spain (Kingdom) 4.85% Bonds 31/10/2020 205,374 0.13 ¥16,000,000 Japan (Government) 0.5% Bonds 20/12/2024 88,036 0.06 €150,000 Spain (Kingdom) 4.9% Bonds 30/7/2040 167,114 0.11 ¥75,000,000 Japan (Government) 0.6% Bonds 20/3/2023 418,750 0.27 €220,000 Spain (Kingdom) 5.15% Bonds 31/10/2028 226,947 0.15 ¥57,000,000 Japan (Government) 0.6% Bonds 20/12/2023 317,698 0.21 €70,000 Spain (Kingdom) 5.15% Bonds 31/10/2044 82,187 0.05 ¥60,000,000 Japan (Government) 0.6% Bonds 20/3/2024 334,180 0.22 €195,000 Spain (Kingdom) 5.4% Bonds 31/1/2023 188,059 0.12 ¥40,000,000 Japan (Government) 0.6% Bonds 20/6/2024 222,459 0.15 €280,000 Spain (Kingdom) 5.5% Bonds 30/7/2017 228,906 0.15 ¥42,000,000 Japan (Government) 0.8% Bonds 20/9/2020 236,603 0.15 €200,000 Spain (Kingdom) 5.5% Bonds 30/4/2021 186,330 0.12 ¥66,000,000 Japan (Government) 0.8% Bonds 20/6/2022 374,164 0.24 €205,000 Spain (Kingdom) 5.75% Bonds 30/7/2032 234,194 0.15 ¥57,000,000 Japan (Government) 0.8% Bonds 20/9/2022 323,090 0.21 ¥60,000,000 Japan (Government) 0.8% Bonds 20/12/2022 340,248 0.22

595 BlackRock Collective Investment Funds 596 Overseas Government Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets ¥65,000,000 Japan (Government) 0.8% Bonds 20/6/2023 368,471 0.24 ¥22,000,000 Japan (Government) 1.7% Bonds 20/12/2031 133,597 0.09 ¥50,000,000 Japan (Government) 0.8% Bonds 20/9/2023 283,407 0.18 ¥10,000,000 Japan (Government) 1.7% Bonds 20/3/2032 60,700 0.04 ¥33,000,000 Japan (Government) 0.9% Bonds 20/3/2022 188,468 0.12 ¥17,000,000 Japan (Government) 1.7% Bonds 20/6/2032 102,988 0.07 ¥40,000,000 Japan (Government) 0.9% Bonds 20/6/2022 228,330 0.15 ¥46,000,000 Japan (Government) 1.7% Bonds 20/9/2032 278,091 0.18 ¥45,000,000 Japan (Government) 1% Bonds 20/9/2020 256,197 0.17 ¥53,000,000 Japan (Government) 1.7% Bonds 20/12/2032 319,751 0.21 ¥64,000,000 Japan (Government) 1% Bonds 20/9/2021 367,021 0.24 ¥40,000,000 Japan (Government) 1.7% Bonds 20/6/2033 240,235 0.16 ¥54,500,000 Japan (Government) 1% Bonds 20/12/2021 312,973 0.20 ¥35,000,000 Japan (Government) 1.7% Bonds 20/9/2033 210,045 0.14 ¥50,000,000 Japan (Government) 1% Bonds 20/3/2022 287,450 0.19 ¥17,000,000 Japan (Government) 1.7% Bonds 20/12/2043 98,254 0.06 ¥94,700,000 Japan (Government) 1.1% Bonds 20/6/2020 540,651 0.35 ¥23,000,000 Japan (Government) 1.7% Bonds 20/3/2044 132,798 0.09 ¥28,000,000 Japan (Government) 1.1% Bonds 20/3/2021 161,005 0.10 ¥21,000,000 Japan (Government) 1.7% Bonds 20/6/2044 121,129 0.08 ¥15,000,000 Japan (Government) 1.1% Bonds 20/6/2021 86,403 0.06 ¥24,000,000 Japan (Government) 1.7% Bonds 20/9/2044 138,582 0.09 ¥52,000,000 Japan (Government) 1.1% Bonds 20/12/2021 300,518 0.20 ¥13,000,000 Japan (Government) 1.7% Bonds 20/3/2054 73,537 0.05 ¥10,000,000 Japan (Government) 1.1% Bonds 20/3/2033 54,868 0.04 ¥40,000,000 Japan (Government) 1.8% Bonds 20/6/2018 229,214 0.15 ¥109,000,000 Japan (Government) 1.2% Bonds 20/12/2020 628,762 0.41 ¥47,000,000 Japan (Government) 1.8% Bonds 20/6/2030 291,715 0.19 ¥68,000,000 Japan (Government) 1.2% Bonds 20/6/2021 394,003 0.26 ¥20,000,000 Japan (Government) 1.8% Bonds 20/9/2030 124,157 0.08 ¥46,000,000 Japan (Government) 1.2% Bonds 20/12/2034 250,719 0.16 ¥17,000,000 Japan (Government) 1.8% Bonds 20/6/2031 105,084 0.07 ¥50,000,000 Japan (Government) 1.3% Bonds 20/12/2019 286,577 0.19 ¥15,000,000 Japan (Government) 1.8% Bonds 20/12/2031 92,415 0.06 ¥42,000,000 Japan (Government) 1.3% Bonds 20/6/2020 242,183 0.16 ¥25,000,000 Japan (Government) 1.8% Bonds 20/12/2032 153,120 0.10 ¥60,000,000 Japan (Government) 1.3% Bonds 20/3/2021 348,924 0.23 ¥26,000,000 Japan (Government) 1.8% Bonds 20/3/2043 154,200 0.10 ¥60,000,000 Japan (Government) 1.4% Bonds 20/12/2018 341,723 0.22 ¥15,000,000 Japan (Government) 1.8% Bonds 20/9/2043 88,630 0.06 ¥25,400,000 Japan (Government) 1.4% Bonds 20/6/2019 145,399 0.09 ¥48,000,000 Japan (Government) 1.9% Bonds 20/6/2016 266,176 0.17 ¥92,000,000 Japan (Government) 1.4% Bonds 20/9/2019 528,182 0.34 ¥25,000,000 Japan (Government) 1.9% Bonds 20/6/2017 141,197 0.09 ¥25,000,000 Japan (Government) 1.4% Bonds 20/3/2020 144,417 0.09 ¥20,000,000 Japan (Government) 1.9% Bonds 22/3/2021 120,303 0.08 ¥45,000,000 Japan (Government) 1.4% Bonds 20/9/2034 254,748 0.17 ¥27,000,000 Japan (Government) 1.9% Bonds 20/12/2023 166,985 0.11 ¥90,000,000 Japan (Government) 1.5% Bonds 20/9/2018 512,598 0.33 ¥16,000,000 Japan (Government) 1.9% Bonds 20/3/2025 99,812 0.07 ¥20,000,000 Japan (Government) 1.5% Bonds 20/6/2019 114,952 0.07 ¥21,250,000 Japan (Government) 1.9% Bonds 20/6/2025 132,745 0.09 ¥12,000,000 Japan (Government) 1.5% Bonds 20/6/2032 70,543 0.05 ¥14,000,000 Japan (Government) 1.9% Bonds 20/3/2029 88,236 0.06 ¥20,000,000 Japan (Government) 1.5% Bonds 20/3/2033 116,703 0.08 ¥10,000,000 Japan (Government) 1.9% Bonds 20/9/2030 62,833 0.04 ¥40,000,000 Japan (Government) 1.5% Bonds 20/3/2034 231,252 0.15 ¥30,000,000 Japan (Government) 1.9% Bonds 20/3/2031 188,035 0.12 ¥30,000,000 Japan (Government) 1.5% Bonds 20/6/2034 172,942 0.11 ¥46,000,000 Japan (Government) 1.9% Bonds 20/9/2042 278,273 0.18 ¥25,000,000 Japan (Government) 1.5% Bonds 20/12/2044 137,629 0.09 ¥22,000,000 Japan (Government) 1.9% Bonds 20/6/2043 133,083 0.09 ¥30,000,000 Japan (Government) 1.6% Bonds 20/6/2030 181,485 0.12 ¥15,000,000 Japan (Government) 1.9% Bonds 20/3/2053 89,578 0.06 ¥20,000,000 Japan (Government) 1.6% Bonds 20/3/2032 119,619 0.08 ¥25,000,000 Japan (Government) 2% Bonds 21/3/2022 153,193 0.10 ¥20,000,000 Japan (Government) 1.6% Bonds 20/6/2032 119,543 0.08 ¥27,000,000 Japan (Government) 2% Bonds 20/12/2024 169,701 0.11 ¥42,000,000 Japan (Government) 1.6% Bonds 20/3/2033 248,937 0.16 ¥24,500,000 Japan (Government) 2% Bonds 20/6/2025 154,519 0.10 ¥33,000,000 Japan (Government) 1.6% Bonds 20/12/2033 194,436 0.13 ¥45,000,000 Japan (Government) 2% Bonds 20/12/2025 284,594 0.19 ¥115,000,000 Japan (Government) 1.7% Bonds 20/12/2016 641,429 0.42 ¥10,000,000 Japan (Government) 2% Bonds 20/6/2030 63,644 0.04 ¥99,000,000 Japan (Government) 1.7% Bonds 20/3/2017 554,404 0.36 ¥40,000,000 Japan (Government) 2% Bonds 20/12/2030 254,080 0.17 ¥52,800,000 Japan (Government) 1.7% Bonds 20/9/2017 298,108 0.19 ¥36,950,000 Japan (Government) 2% Bonds 20/9/2040 228,427 0.15 ¥46,000,000 Japan (Government) 1.7% Bonds 20/3/2018 261,781 0.17 ¥31,500,000 Japan (Government) 2% Bonds 20/9/2041 194,790 0.13 ¥75,000,000 Japan (Government) 1.7% Bonds 20/6/2018 428,439 0.28 ¥38,650,000 Japan (Government) 2% Bonds 20/3/2042 238,769 0.16 ¥11,000,000 Japan (Government) 1.7% Bonds 20/9/2031 66,923 0.04 ¥19,000,000 Japan (Government) 2% Bonds 20/3/2052 116,311 0.08

597 BlackRock Collective Investment Funds 598 Overseas Government Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets ¥33,000,000 Japan (Government) 2.1% Bonds 20/9/2024 208,647 0.14 Swedish Krona Denominated Fixed Rate Government Bonds – 0.34%; 2014 0.40% ¥12,000,000 Japan (Government) 2.1% Bonds 20/9/2025 76,452 0.05 SEK 990,000 Sweden (Kingdom) 1.5% Bonds 13/11/2023 82,769 0.05 ¥15,000,000 Japan (Government) 2.1% Bonds 20/12/2025 95,707 0.06 SEK 600,000 Sweden (Kingdom) 2.25% Bonds 1/6/2032 54,818 0.04 ¥18,000,000 Japan (Government) 2.1% Bonds 20/3/2026 115,127 0.08 SEK 250,000 Sweden (Kingdom) 2.5% Bonds 12/5/2025 22,774 0.01 ¥57,000,000 Japan (Government) 2.1% Bonds 20/12/2026 365,948 0.24 SEK 1,000,000 Sweden (Kingdom) 3% Bonds 12/7/2016 80,890 0.05 ¥30,000,000 Japan (Government) 2.1% Bonds 20/3/2027 192,571 0.13 SEK 500,000 Sweden (Kingdom) 3.5% Bonds 1/6/2022 47,503 0.03 ¥6,650,000 Japan (Government) 2.1% Bonds 20/6/2027 42,729 0.03 SEK 350,000 Sweden (Kingdom) 3.5% Bonds 30/3/2039 39,479 0.03 ¥22,500,000 Japan (Government) 2.1% Bonds 20/12/2027 144,804 0.09 SEK 900,000 Sweden (Kingdom) 4.25% Bonds 12/3/2019 81,764 0.05 ¥20,000,000 Japan (Government) 2.1% Bonds 20/9/2028 128,773 0.08 SEK 1,300,000 Sweden (Kingdom) 5% Bonds 1/12/2020 128,483 0.08 ¥50,000,000 Japan (Government) 2.1% Bonds 20/3/2029 322,532 0.21 538,480 0.34 ¥52,000,000 Japan (Government) 2.1% Bonds 20/9/2029 335,121 0.22 ¥29,000,000 Japan (Government) 2.1% Bonds 20/12/2029 186,893 0.12 US Dollar Denominated Fixed Rate Government Bonds – 43.09%; 2014 38.73% ¥48,000,000 Japan (Government) 2.1% Bonds 20/3/2030 309,274 0.20 $300,000 US Treasury 0.25% Notes 15/4/2016 193,988 0.13 ¥40,000,000 Japan (Government) 2.1% Bonds 20/12/2030 257,493 0.17 $900,000 US Treasury 0.25% Notes 15/5/2016 581,646 0.38 ¥20,000,000 Japan (Government) 2.2% Bonds 20/3/2026 129,066 0.08 $1,075,000 US Treasury 0.5% Notes 30/6/2016 696,618 0.45 ¥20,000,000 Japan (Government) 2.2% Bonds 20/6/2026 129,263 0.08 $650,000 US Treasury 0.5% Notes 30/9/2016 420,751 0.27 ¥22,000,000 Japan (Government) 2.2% Bonds 20/9/2027 143,056 0.09 $1,100,000 US Treasury 0.5% Notes 30/11/2016 711,373 0.46 ¥17,000,000 Japan (Government) 2.2% Bonds 20/6/2029 110,893 0.07 $450,000 US Treasury 0.5% Notes 31/7/2017 288,957 0.19 ¥10,000,000 Japan (Government) 2.2% Bonds 20/12/2029 65,173 0.04 $1,380,000 US Treasury 0.625% Notes 15/8/2016 895,310 0.58 ¥20,000,000 Japan (Government) 2.2% Bonds 20/9/2039 128,124 0.08 $200,000 US Treasury 0.625% Notes 15/11/2016 129,619 0.08 ¥32,000,000 Japan (Government) 2.2% Bonds 20/3/2041 205,637 0.13 $900,000 US Treasury 0.625% Notes 31/12/2016 582,942 0.38 ¥22,000,000 Japan (Government) 2.2% Bonds 20/3/2049 141,527 0.09 $850,000 US Treasury 0.625% Notes 31/8/2017 546,840 0.36 ¥27,000,000 Japan (Government) 2.2% Bonds 20/3/2051 173,506 0.11 $1,200,000 US Treasury 0.625% Notes 30/9/2017 771,281 0.50 ¥8,000,000 Japan (Government) 2.3% Bonds 20/3/2026 52,085 0.03 $400,000 US Treasury 0.625% Notes 30/4/2018 255,132 0.17 ¥8,000,000 Japan (Government) 2.3% Bonds 20/6/2026 52,173 0.03 $440,000 US Treasury 0.75% Notes 15/1/2017 285,595 0.19 ¥8,000,000 Japan (Government) 2.3% Bonds 20/9/2026 52,254 0.03 $730,000 US Treasury 0.75% Notes 15/3/2017 473,366 0.31 ¥30,000,000 Japan (Government) 2.3% Bonds 20/6/2027 196,757 0.13 $400,000 US Treasury 0.75% Notes 30/6/2017 258,610 0.17 ¥30,000,000 Japan (Government) 2.3% Bonds 20/6/2028 197,322 0.13 $950,000 US Treasury 0.75% Notes 31/10/2017 611,942 0.40 ¥22,000,000 Japan (Government) 2.3% Bonds 20/3/2035 143,112 0.09 $400,000 US Treasury 0.75% Notes 31/12/2017 257,175 0.17 ¥33,000,000 Japan (Government) 2.3% Bonds 20/12/2035 214,310 0.14 $800,000 US Treasury 0.75% Notes 31/3/2018 512,731 0.33 ¥9,650,000 Japan (Government) 2.3% Bonds 20/12/2036 62,666 0.04 $600,000 US Treasury 0.875% Notes 31/1/2017 390,296 0.25 ¥29,500,000 Japan (Government) 2.3% Bonds 20/3/2039 191,957 0.13 $500,000 US Treasury 0.875% Notes 28/2/2017 325,070 0.21 ¥37,000,000 Japan (Government) 2.3% Bonds 20/3/2040 241,271 0.16 $800,000 US Treasury 0.875% Notes 15/4/2017 519,687 0.34 ¥11,600,000 Japan (Government) 2.4% Bonds 20/12/2034 76,597 0.05 $400,000 US Treasury 0.875% Notes 15/5/2017 259,722 0.17 ¥23,000,000 Japan (Government) 2.4% Bonds 20/3/2037 151,592 0.10 $380,000 US Treasury 0.875% Notes 15/6/2017 246,525 0.16 ¥26,000,000 Japan (Government) 2.4% Bonds 20/9/2038 172,045 0.11 $1,000,000 US Treasury 0.875% Notes 15/8/2017 647,688 0.42 ¥21,000,000 Japan (Government) 2.5% Bonds 20/6/2034 140,748 0.09 $250,000 US Treasury 0.875% Notes 15/10/2017 161,644 0.11 ¥15,000,000 Japan (Government) 2.5% Bonds 20/9/2035 100,419 0.07 $500,000 US Treasury 0.875% Notes 15/11/2017 323,010 0.21 ¥19,000,000 Japan (Government) 2.5% Bonds 20/3/2036 127,164 0.08 $900,000 US Treasury 0.875% Notes 31/1/2018 580,326 0.38 ¥17,000,000 Japan (Government) 2.5% Bonds 20/9/2037 113,982 0.07 $300,000 US Treasury 0.875% Notes 31/7/2019 189,575 0.12 ¥22,000,000 Japan (Government) 2.5% Bonds 20/3/2038 147,642 0.10 $900,000 US Treasury 1% Notes 31/8/2016 587,128 0.38 $550,000 US Treasury 1% Notes 31/10/2016 358,787 0.23 36,209,493 23.62

599 BlackRock Collective Investment Funds 600 Overseas Government Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $600,000 US Treasury 1% Notes 31/3/2017 390,888 0.25 $500,000 US Treasury 1.875% Notes 30/6/2020 328,697 0.21 $400,000 US Treasury 1% Notes 15/9/2017 259,682 0.17 $300,000 US Treasury 1.875% Notes 30/11/2021 195,034 0.13 $720,000 US Treasury 1% Notes 31/5/2018 464,079 0.30 $400,000 US Treasury 2% Notes 31/7/2020 264,373 0.17 $250,000 US Treasury 1% Notes 30/11/2019 158,206 0.10 $400,000 US Treasury 2% Notes 30/9/2020 264,009 0.17 $300,000 US Treasury 1.125% Notes 31/5/2019 192,001 0.13 $500,000 US Treasury 2% Notes 30/11/2020 329,456 0.21 $300,000 US Treasury 1.125% Notes 31/12/2019 190,879 0.12 $360,000 US Treasury 2% Notes 28/2/2021 236,808 0.15 $350,000 US Treasury 1.125% Notes 31/3/2020 222,020 0.14 $300,000 US Treasury 2% Notes 31/5/2021 197,006 0.13 $400,000 US Treasury 1.125% Notes 30/4/2020 253,494 0.17 $430,000 US Treasury 2% Notes 31/8/2021 281,941 0.18 $250,000 US Treasury 1.25% Notes 31/1/2019 161,353 0.11 $600,000 US Treasury 2% Notes 31/10/2021 393,163 0.26 $350,000 US Treasury 1.25% Notes 30/4/2019 225,346 0.15 $706,000 US Treasury 2% Notes 15/11/2021 462,836 0.30 $530,000 US Treasury 1.25% Notes 31/10/2019 339,792 0.22 $770,000 US Treasury 2% Notes 15/2/2022 504,715 0.33 $400,000 US Treasury 1.25% Notes 31/1/2020 255,759 0.17 $850,000 US Treasury 2% Notes 15/2/2023 554,918 0.36 $450,000 US Treasury 1.25% Notes 29/2/2020 287,501 0.19 $350,000 US Treasury 2% Notes 15/2/2025 226,585 0.15 $700,000 US Treasury 1.375% Notes 31/7/2018 456,001 0.30 $580,000 US Treasury 2.125% Notes 31/8/2020 385,394 0.25 $1,080,000 US Treasury 1.375% Notes 30/9/2018 702,615 0.46 $500,000 US Treasury 2.125% Notes 31/1/2021 331,377 0.22 $300,000 US Treasury 1.375% Notes 30/11/2018 194,928 0.13 $300,000 US Treasury 2.125% Notes 30/6/2021 198,432 0.13 $390,000 US Treasury 1.375% Notes 31/12/2018 253,091 0.17 $725,000 US Treasury 2.125% Notes 15/8/2021 479,323 0.31 $650,000 US Treasury 1.375% Notes 28/2/2019 421,195 0.27 $400,000 US Treasury 2.125% Notes 30/9/2021 264,292 0.17 $650,000 US Treasury 1.375% Notes 31/1/2020 418,106 0.27 $400,000 US Treasury 2.125% Notes 31/12/2021 264,252 0.17 $500,000 US Treasury 1.375% Notes 29/2/2020 321,595 0.21 $370,000 US Treasury 2.25% Notes 30/4/2021 246,640 0.16 $1,000,000 US Treasury 1.5% Notes 31/8/2018 653,654 0.43 $420,000 US Treasury 2.25% Notes 31/7/2021 279,758 0.18 $450,000 US Treasury 1.5% Notes 31/12/2018 293,484 0.19 $820,000 US Treasury 2.25% Notes 15/11/2024 542,214 0.35 $750,000 US Treasury 1.5% Notes 31/1/2019 488,799 0.32 $500,000 US Treasury 2.375% Notes 31/7/2017 335,648 0.22 $780,000 US Treasury 1.5% Notes 28/2/2019 508,036 0.33 $350,000 US Treasury 2.375% Notes 31/5/2018 235,502 0.15 $300,000 US Treasury 1.5% Notes 31/5/2019 195,004 0.13 $350,000 US Treasury 2.375% Notes 30/6/2018 235,502 0.15 $600,000 US Treasury 1.5% Notes 31/10/2019 388,734 0.25 $400,000 US Treasury 2.375% Notes 31/12/2020 268,862 0.18 $600,000 US Treasury 1.5% Notes 30/11/2019 388,552 0.25 $750,000 US Treasury 2.375% Notes 15/8/2024 501,311 0.33 $350,000 US Treasury 1.5% Notes 31/1/2022 221,807 0.14 $200,000 US Treasury 2.5% Notes 15/2/2045 126,949 0.08 $1,000,000 US Treasury 1.625% Notes 31/3/2019 654,058 0.43 $400,000 US Treasury 2.5% Notes 30/6/2017 269,146 0.18 $450,000 US Treasury 1.625% Notes 30/4/2019 294,235 0.19 $900,000 US Treasury 2.5% Notes 15/8/2023 609,035 0.40 $470,000 US Treasury 1.625% Notes 30/6/2019 306,932 0.20 $820,000 US Treasury 2.5% Notes 15/5/2024 553,821 0.36 $500,000 US Treasury 1.625% Notes 31/7/2019 326,321 0.21 $900,000 US Treasury 2.625% Notes 30/4/2016 597,797 0.39 $500,000 US Treasury 1.625% Notes 31/8/2019 326,170 0.21 $900,000 US Treasury 2.625% Notes 31/1/2018 609,490 0.40 $500,000 US Treasury 1.625% Notes 31/12/2019 325,512 0.21 $525,000 US Treasury 2.625% Notes 30/4/2018 356,014 0.23 $755,000 US Treasury 1.625% Notes 15/8/2022 481,218 0.31 $500,000 US Treasury 2.625% Notes 15/8/2020 340,931 0.22 $830,000 US Treasury 1.625% Notes 15/11/2022 527,931 0.34 $855,000 US Treasury 2.625% Notes 15/11/2020 582,301 0.38 $500,000 US Treasury 1.75% Notes 31/5/2016 329,064 0.21 $350,000 US Treasury 2.75% Notes 30/11/2016 235,157 0.15 $350,000 US Treasury 1.75% Notes 31/10/2018 230,548 0.15 $400,000 US Treasury 2.75% Notes 31/5/2017 270,420 0.18 $1,100,000 US Treasury 1.75% Notes 30/9/2019 720,910 0.47 $350,000 US Treasury 2.75% Notes 31/12/2017 237,679 0.15 $380,000 US Treasury 1.75% Notes 31/10/2020 247,236 0.16 $600,000 US Treasury 2.75% Notes 28/2/2018 407,843 0.27 $1,200,000 US Treasury 1.75% Notes 15/5/2022 772,494 0.50 $865,000 US Treasury 2.75% Notes 15/11/2023 596,458 0.39 $880,000 US Treasury 1.75% Notes 15/5/2023 562,403 0.37 $840,000 US Treasury 2.75% Notes 15/2/2024 579,134 0.38

601 BlackRock Collective Investment Funds 602 Overseas Government Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets $510,000 US Treasury 2.75% Notes 15/8/2042 340,479 0.22 $265,000 US Treasury 4.5% Notes 15/2/2036 231,601 0.15 $580,000 US Treasury 2.75% Notes 15/11/2042 386,918 0.25 $302,000 US Treasury 4.5% Notes 15/5/2038 264,090 0.17 $380,000 US Treasury 2.875% Notes 31/3/2018 259,357 0.17 $430,000 US Treasury 4.5% Notes 15/8/2039 378,500 0.25 $500,000 US Treasury 2.875% Notes 15/5/2043 341,841 0.22 $725,000 US Treasury 4.625% Notes 15/11/2016 501,680 0.33 $600,000 US Treasury 3% Notes 31/8/2016 403,066 0.26 $500,000 US Treasury 4.625% Notes 15/2/2040 448,862 0.29 $200,000 US Treasury 3% Notes 30/9/2016 134,558 0.09 $250,000 US Treasury 4.75% Notes 15/8/2017 177,202 0.12 $800,000 US Treasury 3% Notes 28/2/2017 541,890 0.35 $170,000 US Treasury 4.75% Notes 15/2/2037 153,335 0.10 $465,000 US Treasury 3% Notes 15/5/2042 325,717 0.21 $535,000 US Treasury 4.75% Notes 15/2/2041 493,698 0.32 $520,000 US Treasury 3% Notes 15/11/2044 365,294 0.24 $180,000 US Treasury 5% Notes 15/5/2037 167,924 0.11 $550,000 US Treasury 3.125% Notes 31/1/2017 373,134 0.24 $340,000 US Treasury 5.125% Notes 15/5/2016 232,555 0.15 $700,000 US Treasury 3.125% Notes 30/4/2017 476,454 0.31 $100,000 US Treasury 5.25% Notes 15/11/2028 87,791 0.06 $650,000 US Treasury 3.125% Notes 15/5/2019 450,440 0.29 $140,000 US Treasury 5.25% Notes 15/2/2029 123,233 0.08 $320,000 US Treasury 3.125% Notes 15/5/2021 223,987 0.15 $215,000 US Treasury 5.375% Notes 15/2/2031 196,358 0.13 $430,000 US Treasury 3.125% Notes 15/11/2041 308,852 0.20 $150,000 US Treasury 5.5% Notes 15/8/2028 134,158 0.09 $475,000 US Treasury 3.125% Notes 15/2/2042 340,742 0.22 $230,000 US Treasury 6% Notes 15/2/2026 206,453 0.13 $470,000 US Treasury 3.125% Notes 15/2/2043 336,680 0.22 $220,000 US Treasury 6.125% Notes 15/11/2027 204,684 0.13 $540,000 US Treasury 3.125% Notes 15/8/2044 388,079 0.25 $160,000 US Treasury 6.125% Notes 15/8/2029 153,002 0.10 $1,100,000 US Treasury 3.25% Notes 30/6/2016 738,538 0.48 $250,000 US Treasury 6.25% Notes 15/8/2023 217,050 0.14 $1,000,000 US Treasury 3.25% Notes 31/7/2016 673,016 0.44 $170,000 US Treasury 6.25% Notes 15/5/2030 166,278 0.11 $320,000 US Treasury 3.25% Notes 31/12/2016 217,136 0.14 $200,000 US Treasury 6.5% Notes 15/11/2026 188,523 0.12 $600,000 US Treasury 3.25% Notes 31/3/2017 408,935 0.27 $100,000 US Treasury 6.75% Notes 15/8/2026 95,536 0.06 $740,000 US Treasury 3.375% Notes 15/11/2019 520,664 0.34 $450,000 US Treasury 7.125% Notes 15/2/2023 405,250 0.26 $470,000 US Treasury 3.375% Notes 15/5/2044 353,264 0.23 $80,000 US Treasury 7.25% Notes 15/8/2022 71,592 0.05 $1,030,000 US Treasury 3.5% Notes 15/5/2020 731,686 0.48 $400,000 US Treasury 8% Notes 15/11/2021 361,072 0.24 $330,000 US Treasury 3.5% Notes 15/2/2039 250,906 0.16 $100,000 US Treasury 8.125% Notes 15/5/2021 89,186 0.06 $690,000 US Treasury 3.625% Notes 15/8/2019 489,182 0.32 66,182,498 43.09 $850,000 US Treasury 3.625% Notes 15/2/2020 606,396 0.40 $400,000 US Treasury 3.625% Notes 15/2/2021 287,183 0.19 Portfolio of investments 152,405,748 99.38 $500,000 US Treasury 3.625% Notes 15/8/2043 392,192 0.26 Net other assets 952,105 0.62 $460,000 US Treasury 3.625% Notes 15/2/2044 361,096 0.24 Total net assets £153,357,853 100.00 $750,000 US Treasury 3.75% Notes 15/11/2018 529,634 0.35 Note: comparative figures show percentages for each category of holding at 28 February 2014. $365,000 US Treasury 3.75% Notes 15/8/2041 291,504 0.19 All securities in the portfolio at 28 February 2015 are investment grade. $480,000 US Treasury 3.75% Notes 15/11/2043 384,900 0.25 $500,000 US Treasury 3.875% Notes 15/5/2018 352,028 0.23 $480,000 US Treasury 3.875% Notes 15/8/2040 388,298 0.25 $640,000 US Treasury 4% Notes 15/8/2018 454,187 0.30 $460,000 US Treasury 4.25% Notes 15/5/2039 390,629 0.25 $505,000 US Treasury 4.25% Notes 15/11/2040 432,774 0.28 $180,000 US Treasury 4.375% Notes 15/2/2038 154,729 0.10 $460,000 US Treasury 4.375% Notes 15/11/2039 398,443 0.26 $600,000 US Treasury 4.375% Notes 15/5/2040 521,285 0.34 $515,000 US Treasury 4.375% Notes 15/5/2041 451,602 0.29

603 BlackRock Collective Investment Funds 604 Overseas Government Bond Tracker Statement of Total Return Overseas Government Bond Tracker Balance Sheet for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 152,405,748 144,195,441 Income – Debtors 7 4,832,911 6,185,606 Net capital gains/(losses) – Cash and bank balances 8 431,543 609,367 during the year/period 2 3,393,124 (33,690,363) Total other assets 5,264,454 6,794,973 Revenue 3 2,311,622 7,281,505 Total assets 157,670,202 150,990,414 Expenses 4 (302,114) (923,318) Liabilities: Finance costs: Interest 6 (137) (1,060) – Creditors 9 (4,312,349) (5,791,843) Net revenue before taxation 2,009,371 6,357,127 Total other liabilities (4,312,349) (5,791,843) Taxation 5 – – Total liabilities (4,312,349) (5,791,843) Net revenue after taxation for the year/period 2,009,371 6,357,127 Net assets attributable to unitholders £153,357,853 £145,198,571 UK income tax withheld (401,874) (1,271,425) Total return before distributions 5,000,621 (28,604,661)

Finance costs: Distributions 6 (1,607,501) (5,085,781) N C D Hall (Director) Change in net assets E E Tracey (Director) attributable to unitholders BlackRock Fund Managers Limited from investment activities £3,393,120 £(33,690,442) 30 April 2015

Overseas Government Bond Tracker Statement of Change in Net Assets Attributable to Unitholders for the year ended 28 February 2015

For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 145,198,571 473,766,627 Amounts received on creation of units 79,716,441 137,083,657 Amounts paid on cancellation of units (76,562,587) (435,650,946) 3,153,854 (298,567,289) Change in net assets attributable to unitholders from investment activities 3,393,120 (33,690,442) Retained distribution on accumulation units 1,612,308 3,689,675 Closing net assets attributable to unitholders £153,357,853 £145,198,571

605 BlackRock Collective Investment Funds 606 Overseas Government Bond Tracker Notes to Financial Statements for the year ended 28 February 2015 1. Accounting and Distribution Policies 4. Expenses Please see pages 6-8 of the Aggregated Notes to Financial Statements. For the period For the year from 1.2.2013 2. Net Capital Gains/(Losses) During the Year/Period to 28.2.2015 to 28.2.2014 £ £ For the period For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 277,258 8 5 0,110 £ £ – Registrar’s fees 654 496 The net capital gains/(losses) comprise: 277,912 850,606 Gains/(losses) on non-derivative securities 3,429,140 (33,291,013) Payable to the Trustee or associates of the Trustee: Losses on forward currency contracts (1,705) – – Trustee’s fees 11,446 34,364 Currency losses (23,426) (392,271) 11,446 34,364 Custodian transaction costs (10,885) (7,079) Other expenses: Net capital gains/(losses) £3,393,124 £(33,690,363) – Audit fee 6,690 5,925 – FCA fee 154 165 3. Revenue – Safe custody fees 5,912 32,258 For the period 12,756 38,348 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 Total expenses £302,114 £923,318 £ £ 5. Taxation Interest from overseas fixed interest securities 2,310,201 7,278,285 Interest from UK bank deposits 644 2,709 (a) Analysis of tax charge for the year/period Securities lending revenue 777 511 For the period For the year from 1.2.2013 Total revenue £2,311,622 £7,281,505 to 28.2.2015 to 28.2.2014 £ £ Corporation tax – – Total current tax charge for the year/period [see Note 5(b)] £0 £0

607 BlackRock Collective Investment Funds 608 Overseas Government Bond Tracker Notes to Financial Statements continued

6. Finance Costs Cash and bank balances 431,543 609,367 Total cash and bank balances £431,543 £609,367 For the period For the year from 1.2.2013 9. Creditors to 28.2.2015 to 28.2.2014 £ £ 28.2.2015 28.2.2014 Interim distribution 808,284 2,767,481 £ £ Final distribution 804,024 922,19 4 Accrued Audit fee 6,690 6,690 1,612,308 3,689,675 Accrued FCA fee 754 601 Add: Amounts deducted on cancellation of units 154,372 1,788,466 Accrued Manager’s charge 66,370 108,277 Less: Amounts received on creation of units (15 9,179) (392,360) Accrued Registrar’s fee 272 119 Net distribution for the year/period 1,607,501 5,085,781 Accrued Safe custody fees 2,200 9,14 8 Finance costs: Interest 137 1,060 Accrued Trustee’s fee 2,720 5,380 Finance costs £1,607,638 £5,086,841 Amounts payable for cancellation of units 33,352 42,211 Currency purchases awaiting settlement 1,586,934 2,483,581 Net revenue after taxation for the year/period 2,009,371 6,357,127 Custodian transaction costs 916 1,334 Add: Equalisation on conversions 4 79 Income tax payable 181,383 487,620 Less: UK income tax withheld (401,874) (1,271,425) Purchases awaiting settlement 2,430,758 2,646,882 Net distribution for the year/period £1,607,501 £5,085,781 Total creditors £4,312,349 £5,791,843

Details of the interim and final distributions per unit are set out in the tables on page 620.

609 BlackRock Collective Investment Funds 610 Overseas Government Bond Tracker Notes to Financial Statements continued

10. Derivatives and Other Financial Instruments Risk Impact of risk (a) The Fund’s financial instruments comprise securities and other investments, cash balances and Interest rate Interest rates are determined by factors such as supply and demand in the international debtors and creditors that arise directly from its operations, for example, in respect of sales and money markets, which are influenced by macro economic factors, speculation and central purchases awaiting settlement, amounts receivable for creations and payable for cancellation of bank and government intervention. Fluctuations in short and long term interest rates on units and debtors for accrued revenue. money market and cash deposits may affect the revenue of the Fund. The Manager shall take the risks it deems reasonable to meet the investment objective. These Revenue is generated by the holding of bonds, which contractually oblige the borrower to risks include the following: pay the Fund interest under specific terms. Changes to interest rates may affect the cash inflows and outflows calculated with Risk Impact of risk reference to financial assets and financial liabilities held by the Fund. Foreign The risk of changes to foreign currency rates materially affecting the Sterling equivalent The Manager undertakes research to minimise the impact of such movements against currency value of non-Sterling denominated assets and liabilities accounted for by the Fund. the Fund’s investment objective. The Fund is accounted for in Sterling and holds financial assets and financial liabilities Credit The Fund holds bonds issued by international governments in order to achieve its denominated in other international currencies. investment objective. To manage the risk, the Fund may enter into forward currency contracts for the purposes The borrower receives from the Fund a principal amount. The Fund will then receive of efficient portfolio management. At 28 February 2015, the Fund has no open forward interest based on the coupon rate of the bond and repayment of the initial principal currency contracts (28 February 2014: £Nil). amount on the bond’s maturity date. Market price The valuation of the Fund’s investments is calculated with reference to market prices Any impairment to the borrower’s ability to pay amounts due may result in changes to the quoted by financial agencies and brokers. Movements to those market prices may tradable value of the bond and the amount to be received upon maturity of the bond. The materially affect the value of the Fund’s investments, which may move down as well as up. ability of the borrower to pay not only the principal value but also any interest due on the To manage the risk, the Manager undertakes research in order to achieve the best price bond, referred to as the borrower’s credit rating, is monitored by the Manager. for any transactions entered into on behalf of the Fund. The Manager may undertake its own research of the borrower’s financial position in order to assess the ability of the borrower to repay amounts due. Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the ability of the Fund to trade financial instruments at values previously indicated by financial During the year, the Fund engaged in securities lending activities which exposed the Fund brokers. to credit risk. The maximum exposure of the Fund is equal to the value of the securities loaned disclosed in Note 12. All bonds are valued daily. Bonds identified as being illiquid are reviewed for pricing accuracy as the need arises and on a formal monthly basis by the BlackRock Pricing Use of The Fund may use derivatives for the purposes of efficient portfolio management in order Committee. derivatives to reduce risk within the portfolio, reduce investment costs and generate additional The BlackRock Pricing Committee will also review significant market events which may income. impact liquidity of bonds in the portfolio. The use of derivatives will impact the value of the Fund and may expose the Fund to a The Fund experiences low levels of liquidity risk as it invests in government bonds which higher degree of risk. In particular, derivative contracts can be highly volatile and the can be easily traded within the market. From time to time, however, market liquidity amount of initial margin is generally small relative to the size of the contract so that may be affected by economic events. A security may be deemed illiquid due to a lack of transactions may be leveraged in terms of market exposure. A relatively small market trading volume in the security or if the security is privately placed and not traded in any movement may have a potentially larger impact on derivatives than on standard bonds or public market or is otherwise restricted from trading. equities. Leveraged derivative positions can therefore increase fund volatility. To manage the risk, the Investment Manager undertakes research of investment As at 28 February 2015, the Manager uses a methodology known as the “Commitment opportunities to select opportunities congruent with the Fund’s investment objective. Approach” in order to measure the global exposure from financial derivative instruments of the Fund and manage the potential loss to it due to market risk. The Commitment Counterparty The risk of entering an arrangement with a counterparty, which is itself subject to Approach is a methodology that aggregates the underlying market or notional values of financial risks which may affect its ability to trade as a going concern. derivative instruments to determine the degree of global exposure of a Fund to derivative The Manager maintains a list of approved counterparties. This list is regularly monitored instruments. In accordance with COLL, the global exposure for a Fund must not exceed and revised for changes based on the counterparty’s credit-worthiness, market 100% of that Fund’s net asset value. reputation and expectations of future financial performance. Transactions will only be Any exposure to financial derivative instruments at year end is marked on the Portfolio opened with financial intermediaries on the approved counterparties list. Statement. These risks are monitored by the Manager in pursuance of the investment objective and policy as set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the Investment Report and Portfolio Statement.

611 BlackRock Collective Investment Funds 612 Overseas Government Bond Tracker Notes to Financial Statements continued

(b) Currency Exposures (c) Interest Rate Risk Profile of Financial Assets and Liabilities A proportion of the net assets of the Fund are denominated in currencies other than Sterling, The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: with the effect that the Balance Sheet and Statement of Total Return can be affected by currency movements. Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying The currency profile held at 28 February 2015 was as follows: Assets Assets Interest Total Currency £ £ £ £ Currency Net Assets/(Liabilities) Australian dollar 9,367 1,961,777 19,516 1,990,660 Monetary Non-monetary Canadian dollar 18,822 2,199,891 118,391 2,337,104 Exposures Exposures Total 28.2.2015 28.2.2015 28.2.2015 Danish krone 237 837,545 6,002 843,784 Currency £ £ £ Euro 35,053 44,476,064 1,131,685 45,642,802 Australian dollar 9,367 1,981,293 1,990,660 Japanese yen 27,022 36,209,493 947,768 37,184,283 Canadian dollar 18,822 2,258,322 2,277,144 Swedish krona 32,874 538,480 8,988 580,342 Danish krone 237 843,547 843,784 UK sterling 247,470 – 894,777 1,142,247 Euro 35,053 44,973,400 45,008,453 US dollar 60,698 66,182,498 1,705,784 67,948,980 Japanese yen 27,022 36,343,451 36,370,473 Total £431,543 £152,405,748 £4,832,911 £157,670,202 Swedish krona 32,874 547,468 580,342 UK sterling 247,470 (364,319) (116,849) Floating Rate Financial US dollar 60,698 66,343,148 66,403,846 Financial Liabilities not Liabilities Carrying Interest Total Total £431,543 £152,926,310 £153,357,853 Currency £ £ £ Canadian dollar – (59,960) (59,960) The currency profile held at 28 February 2014 was as follows: Euro – (634,349) (634,349) Currency Net Assets/(Liabilities) Japanese yen – (813,810) (813,810) Monetary Non-monetary UK sterling – (1,259,096) (1,259,096) Exposures Exposures Total US dollar – (1,545,134) (1,545,134) 28.2.2014 28.2.2014 28.2.2014 Currency £ £ £ Total £0 £(4,312,349) £(4,312,349) Australian dollar 31,790 1,661,751 1,693,541 Canadian dollar 39,376 2,146,541 2,185,917 Fixed Rate Financial Assets Danish krone 3,790 885,610 889,400 Weighted Weighted Total Average Average Period Euro 69,099 44,379,219 44,448,318 Market Value Interest Rate for which Rate Japanese yen 8,069 39,389,975 39,398,044 Currency £ Equivalent % is Fixed Swedish krona 38,680 584,490 623,170 Australian dollar 1,961,777 4.05 6.79 years UK sterling 353,351 (928,437) (575,086) Canadian dollar 2,199,891 2.41 9.92 years US dollar 65,212 56,470,055 56,535,267 Danish krone 837,545 2.48 11.89 years Total £609,367 £144,589,204 £145,198,571 Euro 44,476,064 2.85 9.24 years Japanese yen 36,209,493 1.14 10.23 years Swedish krona 538,480 2.85 8.13 years US dollar 66,182,498 2.13 7.84 years

This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund.

613 BlackRock Collective Investment Funds 614 Overseas Government Bond Tracker Notes to Financial Statements continued

The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: The floating rate financial assets and liabilities include: Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two Floating Rate Fixed Rate Financial Assets week LIBID rates and overdraft interest based on 3% over the base rate. Financial Financial not Carrying Assets Assets Interest Total All overseas deposits and loans bear interest at rates determined by the relevant Authority. Currency £ £ £ £ (d) Fair Value of Financial Assets and Financial Liabilities Australian dollar 31,790 1,654,887 92,506 1,779,183 There is no material difference between the value of the financial assets and liabilities, as shown Canadian dollar 39,376 2,110,422 90,676 2,240,474 in the Balance Sheet and their fair value. Danish krone 3,790 814,778 70,832 889,400 Euro 69,099 43,675,013 1,475,927 45,220,039 11. Contingent Assets and Liabilities Japanese yen 8,069 39,198,798 1,187,853 40,394,720 There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Swedish krona 38,680 573,832 10,658 623,170 UK sterling 353,351 – 1,468,166 1,821,517 12. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. US dollar 65,212 5 6 ,167,711 1,788,988 58,021,911 Please see further disclosures in Note 10(a). Total £609,367 £144,195,441 £6,185,606 £150,990,414 During the year, the Fund engaged in securities lending, subject to the conditions and within the limits laid down by the Financial Conduct Authority. Floating Rate Financial The Fund receives securities as collateral for a value in excess of the market value of the Financial Liabilities not Liabilities Carrying Interest Total securities loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund Currency £ £ £ with the following collateral agents and central securities depositories: Euroclear, JP Morgan Australian dollar – (85,642) (85,642) Chase and BNY Mellon. As at 28 February 2015, the Fund had securities on loan to the following counterparties: Barclays Capital, Citigroup, HSBC, Nomura and The Bank of Nova Scotia. Canadian dollar – (54,557) (54,557) Euro – (771,721) (771,721) The Investment Manager monitors the fair value of the securities loaned and additional collateral is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a Japanese yen – (996,676) (996,676) regulated market. UK sterling – (2,396,603) (2,396,603) The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock US dollar – (1,486,644) (1,486,644) Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund Total £0 £(5,791,843) £(5,791,843) and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational Fixed Rate Financial Assets costs are borne out of the securities lending agent’s share. Weighted Weighted 28.2.2015 28.2.2014 Total Average Average Period £ £ Market Value Interest Rate for which Rate Currency £ Equivalent % is Fixed Revenue earned during the year/period 777 511 Australian dollar 1,654,887 4.59 6.14 years Value of securities on loan at the year/period end 1,492,131 2 9 4 ,174 Canadian dollar 2,110,422 2.78 9.41 years Value of collateral held on behalf of the Fund at the Danish krone 814,778 3.34 11.33 years year/period end 1,849,466 4 37,701 Euro 43,675,013 3.29 8.63 years 13. Investment Management Japanese yen 39,198,798 1.25 9.79 years Please see page 16. Swedish krona 573,832 3.13 7.75 years US dollar 5 6 ,167,711 2.36 7.30 years

This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund.

615 BlackRock Collective Investment Funds 616 Overseas Government Bond Tracker Notes to Financial Statements continued

14. Related Parties Material Unitholders Parties are considered to be related if one party has the ability to control the other party or The following investors held more than 20% of the voting units in issue in the Fund and as a result exercise significant influence over the other party in making financial or operational decisions. are considered to be a related party of the Fund. The following entities were related parties of the Fund during the year ended 28 February 2015: As at 28 February 2015:

Manager/Registrar: BlackRock Fund Managers Limited % of voting units Investment Manager: BlackRock Investment Management (UK) Limited Held by: in issue No. of units held Securities lending agent: BlackRock Advisors (UK) Limited Nutraco Nominees Limited 34% 50,708,751 Trustee: BNY Mellon Trust & Depositary (UK) Limited Scottish Equitable 29% 43,446,933 The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. As at 28 February 2014: (“PNC”) is a substantial shareholder in BlackRock. % of voting units The Manager acts as either principal or agent for the Trustee in respect of all transactions of Held by: in issue No. of units held units of the Fund. The aggregate monies received through creation and paid through cancellation Scottish Equitable 47% 69,783,085 of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and Nutraco Nominees Limited 34% 50,708,751 Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s All related party transactions were carried out at arm’s length in the ordinary course of business. fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at The terms and returns received by the related parties in making the investments above were no the year end in respect of these fees are shown in Note 9. more favourable than those received by other investors investing into the same unit classes. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing 15. Portfolio Transaction Costs arrangements with related parties (including, without limitation, brokers who are affiliated to the Summary of total purchase costs: BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade For the period For the period execution process. Such research or execution services may include, without limitation and to the For the year For the year from 1.2.2013 from 1.2.2013 extent permitted by applicable law: research reports on companies, industries and securities; and to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 the provision of economic and financial information and analysis. Due to the bundled nature of £ £ £ £ these services and the application of such benefits across a number of BlackRock managed funds, Purchases before it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into transaction costs 96,219,462 192,884,321 these arrangements with brokers who are not affiliated to the BlackRock Group. Commissions and other costs Securities Lending (including stamp duty) – – The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Total purchase costs – – Advisors (UK) Limited, which is a related party to the Fund. Gross purchases total £96,219,462 £192,884,321 The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly Summary of total sale costs: related to securities loan transactions as well as the cost of indemnification against borrower default. For the period For the period For the year For the year from 1.2.2013 from 1.2.2013 See further information in Note 12. to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ Gross sales before transaction costs 90,469,443 481,613,684 Commissions and other costs – – Total sale costs – – Total sales net of transaction costs £90,469,443 £481,613,684

617 BlackRock Collective Investment Funds 618 Overseas Government Bond Tracker Notes to Financial Statements Overseas Government Bond Tracker Distribution Tables continued for the year ended 28 February 2015

16. Unitholders’ Funds Final Distribution in Pence per Unit Accumulation units are currently available as specified in the Prospectus. The net asset value Group 1 – Units purchased prior to 1 September 2014 of each unit class, net asset value per unit and the number of units in issue are given in the Group 2 – Units purchased 1 September 2014 to 28 February 2015 “Performance Record”. A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation The types of units currently in issue and the Manager’s annual charge for each unit class are Units Units Units Units Units÷

shown below: Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Class 28.2.2015 28.2.2014 Gross Revenue 0.5094 0.3250 0.6669 0.2235 0.7400 0 .15 4 0 0.6860 0.3570 0.7970 0.0964 A Accumulation 0.45% 0.45% Income tax 0 .1019 0.0650 0 .13 3 4 0.0447 0 .14 8 0 0.0308 0 .1372 0.0714 0 .15 9 4 0.0193 L Accumulation 0.20% 0.20% Net revenue (interest) 0.4075 0.2600 0.5335 0 .178 8 0.5920 0 .12 32 0.5488 0.2856 0.6376 0.0771 X Accumulation◊ 0.00% 0.00% Equalisation† – 0 .1475 – 0.3547 – 0.4688 – 0.2632 – 0.5605 D Accumulation 0.15% 0.15% Distribution payable 30.4.2015 0.4075 0.4075 0.5335 0.5335 0.5920 0.5920 0.5488 0.5488 0.6376 0.6376 H Accumulation÷ 0.10 % N/A Distribution paid 30.4.2014 0.4957 0.4957 0.6234 0.6234 0.6761 0.6761 0.6420 0.6420 N/A N/A

◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or their affiliates. Interim Distribution in Pence per Unit ÷ H Accumulation class commenced September 2014. Group 1 – Units purchased prior to 1 March 2014 Group 2 – Units purchased 1 March 2014 to 31 August 2014 In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the A Accumulation L Accumulation X Accumulation D Accumulation remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue Units Units Units Units is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 per unit class is given in the distribution tables. All unit classes have the same rights on winding up. Gross Revenue 0.5458 0.5020 0.6975 0.6154 0.7666 0.5235 0.7180 0.3691 Income tax 0.10 92 0.10 0 4 0.1395 0.12 31 0.15 3 3 0.10 47 0.14 36 0.0738 17. Non Adjusting Post Balance Sheet Event Net revenue (interest) 0.4366 0.4016 0.5580 0.4923 0.6133 0.4188 0.5744 0.2953 Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as Equalisation† – 0.0350 – 0.0657 – 0.19 4 5 – 0.2791 shown below: Distribution paid 31.10.2014 0.4366 0.4366 0.5580 0.5580 0.6133 0.6133 0.5744 0.5744 Bid prices as at Bid prices as at Rise Distribution paid 31.10.2013 0.5604 0.5604 0.7087 0.7087 0.7756 0.7756 0.7228 0.7228 Class 23.4.2015 28.2.2015 (%) † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included A Accumulation 104.0p 101.8p 2.2 in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. L Accumulation 105.1p 102.8p 2.2 ÷ H Accumulation class commenced September 2014. For the Final distribution, Group 1 units purchased 1 September 2014. Group 2 X Accumulation 101.1p 98.94p 2.2 units purchased 2 September 2014 to 28 February 2015. D Accumulation 104.7p 102.4p 2.2 H Accumulation 104.3p 102.0p 2.3

619 BlackRock Collective Investment Funds 620 BlackRock Pacific ex Japan Equity Tracker Fund Pacific ex Japan Equity Tracker Fund

BlackRock Pacific ex Japan Equity Tracker Fund This Annual Report covers the year ended 28 February 2015. The first six months were commented on in the Interim Report to 31 August 2014. For a copy, please contact us. Investment Objective & Policy Performance Table The aim of the BlackRock Pacific ex Japan Equity Tracker Fund (the “Fund”) is to seek to achieve capital growth for investors by tracking closely the performance of the FTSE World Asia Pacific ex-Japan Index Period of Report by investing in companies in the Index. Investment will be made directly into constituent companies One Year Five Years Since Launch to 28.2.2015 to 28.2.2015 to 28.2.2015 and via other transferable securities giving exposure to such companies. The Fund may also invest in permitted money-market instruments, permitted deposit and units in collective investment schemes. TOTAL Return Derivatives and forward transactions may be used for the purposes of efficient portfolio management. (with net income reinvested)

The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Class A Accumulation Units under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the BlackRock Pacific ex Japan Equity Sourcebook”). The Fund was established and authorised by the FCA on 21 June 2005. The Fund was Tracker Fund +11.1% N/A§ +34.1%† previously known as Merrill Lynch Pacific ex Japan Equity Tracker Fund. It adopted its present name FTSE World Asia Pacific ex-Japan Index* +11.4% N/A§ +36.7% with effect from 28 April 2008. TOTAL Return (with net income reinvested) Class L Accumulation Units# BlackRock Pacific ex Japan Equity +11.4% +41.0% +140.9%† Tracker Fund FTSE World Asia Pacific ex-Japan Index* +11.4% +41.8% +148.3%

All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. * Figures from FTSE. # D Accumulation class was renamed as L Accumulation class during June 2012. § Performance data does not exist for the relevant periods. † Since launch figures are from 1.9.2010 and 18.8.2005 for A and L class respectively.

621 BlackRock Collective Investment Funds 622 Pacific ex Japan Equity Tracker Fund continued

Annual performance to most recent quarter end Tracking Difference

L Accumulation The final accumulation distribution payable on 30 April 2015 is 2.4378p net per accumulation unit (30 April 2014: 2.3320p net per accumulation unit).

X Income The final distribution payable on 30 April 2015 is 1.3189p net per income unit (30 April 2014: 1.2958p net per income unit).

X Accumulation The final accumulation distribution payable on 30 April 2015 is 1.4046p net per accumulation unit (30 April 2014: 1.3409p net per accumulation unit).

D Accumulation The final accumulation distribution payable on 30 April 2015 is 2.4536p net per accumulation unit (30 April 2014: 2.3454p net per accumulation unit).

H Accumulation The final accumulation distribution payable on 30 April 2015 is 1.2226p net per accumulation unit (30 April 2014: £Nil).

623 BlackRock Collective Investment Funds 624 Pacific ex Japan Equity Tracker Fund continued Pacific ex Japan Equity Tracker Performance Record

A Accumulation Anticipated tracking error is based on the expected volatility of differences between the returns of a 28 February 2015 1,376,909 3,096,847 224.9 fund and the returns of its benchmark index. 28 February 2014 2,562,225 5,169,734 201.8 Cash management, efficient portfolio management techniques including securities lending and 31 January 2013* 2,667,859 5,626,976 210.9 transaction costs from rebalancing can have an impact on tracking error as well as the return L Accumulation differential between the Fund and the benchmark index. Importantly, these impacts can be either 28 February 2015 285,539,611 655,019,729 229.4 positive or negative depending on the underlying circumstances. 28 February 2014 242,206,043 497,103,360 205.2 The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an 31 January 2013*# 272,166,000 581,934,070 213.8 ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking X Income error is annualised and calculated using data from the preceding 36 month observation period. 28 February 2015 2,674,639 3,048,585 114.0 Anticipated Realised 28 February 2014 2,940,788 3,080,062 104.7 Tracking Error Tracking Error Explanation for difference 31 January 2013* 3,334,914 3,758,591 112.7 The Fund has tracked its benchmark index within its anticipated X Accumulation Up to 0.75%* 0.64%* tracking error. 28 February 2015 78,488,986 96,396,870 122.8 * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. 28 February 2014 129,488,551 142,064,667 109.7 31 January 2013* 11,930,604 13,608,073 114 .1 D Accumulation 28 February 2015 15,943,098 36 ,10 9,911 226.5 28 February 2014 9,646,633 19,538,693 202.5 31 January 2013*π 2,605,924 5 ,5 02,110 211.1 H Accumulation 28 February 2015 4,446,227 4,920,487 110.7 28 February 2014÷ 100 99 99.00

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. # D Accumulation class was renamed as L Accumulation class during June 2012. π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced February 2014.

625 BlackRock Collective Investment Funds 626 Pacific ex Japan Equity Tracker Performance Recordcontinued

Income (Net Distributions/Net Accumulations) Risk and Reward Profile

A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation Lower risk Higher risk Units~ Units# Units≠ Units± Unitsπ Units÷ Typically lower rewards Typically higher rewards Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Unit Class 2015* 2.0950 2.4378 1.3189 1.4046 2.4536 1.2226 A Accumulation 1 2 3 4 5 6 7 2014 5.3021 5.9829 3.2535 3.3905 5.9977 1.6880 L Accumulation 1 2 3 4 5 6 7 2013 5.7896 6.6890 3.5618 3.8050 6.7378 N/A X Income 1 2 3 4 5 6 7 2012 4.9242 5.6023 N/A 1.7447 0.5851 N/A X Accumulation 1 2 3 4 5 6 7 2011 3.6332 5 .1361 N/A N/A N/A N/A D Accumulation 1 2 3 4 5 6 7 2010 N/A 4.2547 N/A N/A N/A N/A H Accumulation 1 2 3 4 5 6 7 * To 30 April. ~ A Accumulation class commenced September 2010. # D Accumulation class was renamed as L Accumulation class during June 2012. `` The risk indicator was calculated incorporating historical or simulated historical data and may not ≠ X Income class commenced August 2012. be a reliable indication of the future risk profile of each unit class. ± X Accumulation class commenced January 2012. π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced February 2014. `` The risk category shown is not guaranteed and may change over time. `` The lowest category does not mean risk free. Capital (Unit Prices) `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based Units~ Units# Units≠ Units± Unitsπ Units÷ and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Fund. Price Price Price Price Price Price Price Price Price Price Price Price Calendar Year p p p p p p p p p p p p For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which 2015* 238.8 214.7 231.9 218.9 116.5 110.0 124 .1 117.2 229.0 216 .1 117.5 105.6 are available at www.blackrock.com. 2014 244.4 194.4 2 37.1 197.7 119.1 102 .1 126.8 105.7 2 3 4 .1 19 5 .1 12 0 .1 98.00 Ongoing Charges 2013 242.2 192.9 234.0 195.9 123.3 103.3 124.8 104.6 230.9 193.3 N/A N/A Detailed in the following table are the charges used to meet the costs of running the Fund, which 2012 214.7 171.9 207.2 173.8 110.3 98.96 110.5 92.57 204.5 179.2 N/A N/A include the costs of marketing and distribution. These charges reduce the potential growth of your 2011 217.1 156.4 208.5 157.8 N/A N/A N/A N/A N/A N/A N/A N/A investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, 2010 213.6 167.7 204.8 150.9 N/A N/A N/A N/A N/A N/A N/A N/A except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective investment scheme (if any). * To 28 February. ~ A Accumulation class commenced September 2010. # D Accumulation class was renamed as L Accumulation class during June 2012. 1.3.2014 1.2.2013 ≠ X Income class commenced August 2012. Unit Class to 28.2.2015 to 28.2.2014† ± X Accumulation class commenced January 2012. π D Accumulation class commenced June 2012. A Accumulation 0.54% 0.55% ÷ H Accumulation class commenced February 2014. L Accumulation 0.24% 0.25% X Income 0.04% 0.05% X Accumulation 0.04% 0.05% D Accumulation 0.19% 0.20% H Accumulation 0.14% 0.15% ÷

† Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ÷ H Accumulation class commenced February 2014.

627 BlackRock Collective Investment Funds 628 Pacific ex Japan Equity Tracker Investment Report Pacific ex Japan Equity Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 11.4%*, compared with Nominal Value Total Net its benchmark, the FTSE World Asia Pacific ex-Japan Index, which also returned 11.4%. The Fund Value Investment £ Assets performed in line with the benchmark index. Over the six month period to 28 February 2015, the Fund PACIFIC – 98.49%; 2014 99.19% returned -0.4%* as did its benchmark. EQUITIES – 98.49%; 2014 99.19% Fund Manager’s Commentary Australia – 32.91%; 2014 34.75% The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. 161,004 Adelaide Brighton 348,209 0.04 Recovery continued apace in the US and UK, but weak economic growth and worries about deflation 150,907 ALS 426,500 0.05 in Europe finally saw the European Central Bank launch a programme of spending in support of its 959,389 Alumina 894,105 0.11 economy (what is known as quantitative easing) that surprised many with its scale. In Japan, Prime 479,594 Amcor 3,315,754 0.42 Minister Shinzo Abe won a snap election in November and with it the mandate to abandon a second 1,166,752 AMP 3,941,670 0.49 sales tax hike. Policymakers will be hoping that the economy can now feel the full effect of the central 60,204 Ansell 762,327 0.10 bank’s huge quantitative easing programme. There was a similar divergence in emerging markets, as a 424,051 APA 1,952,351 0.24 steep decline in the oil price proved a boon to some, notably importers like India, but had more serious 240,954 Aristocrat Leisure 906,773 0.11 repercussions for oil exporters like Russia as revenues slumped. 1,009,882 Arrium 112,530 0.01 391,119 Asciano 1,281,708 0.16 As with emerging markets in general, economic fortunes and, to a degree, returns, were mixed in the 75,074 Australian Stock Exchange 1,658,636 0.21 Asia Pacific ex-Japan region during the period. The strongest returns over the year tended to centre 803,791 Aurizon 1,921,591 0.24 on emerging countries, like India, which were undertaking structural reforms. But the more developed 692,619 AusNet Services 512,181 0.06 countries also performed well. There was strong growth in New Zealand and evidence of renewed 1,095,604 Australia & New Zealand Banking 19,560,889 2.45 investor interest in Korea as some reforms were introduced. However, performance in Australia was 133,337 Bank of Queensland 938,056 0.12 affected by the sharp slump in commodity markets, which weighed on returns and sent the dollar to a 167,592 Bendigo & Adelaide Bank 1,087,372 0.14 four-year low at the end of the year. 2,223,675 BGP* – 0.00 1,273,138 BHP Billiton 21,698,834 2.72 The portfolio remains positioned so that the risk characteristics are similar to those of the FTSE World 226,122 Bluescope Steel 552,034 0.07 Asia Pacific ex-Japan Index. 299,811 Boral 929,340 0.12 618,704 Brambles 3,475,284 0.44 March 2015 53,808 Caltex Australia 989,576 0.12 223,454 Challenger Financial Services 792,250 0.10 * Performance figures quoted are based on bid to bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for 109,995 Charter Hall Office REIT* – 0.00 the Fund’s class L Accumulation Units. 217,674 Coca-Cola Amatil 1,144,405 0.14 22,450 Cochlear 1,028,037 0.13 639,129 Commonwealth Bank of Australia 29,720,381 3.72 193,953 Computershare 1,235,814 0.15 149,592 Crown 1,159,246 0.15 203,479 CSL 9,491,942 1.19 208,030 CSR 453,075 0.06 352,229 Dexus Property (Stapled) 1,391,540 0.17 162,688 Downer Edi 362,563 0.05 151,012 DuluxGroup 469,630 0.06 306,302 Echo Entertainment 677,965 0.08 741,475 Fairfax Media 360,532 0.05 563,255 Federation Centres 844,447 0.11 20,786 Flight Centre 433,755 0.05

629 BlackRock Collective Investment Funds 630 Pacific ex Japan Equity Tracker Portfolio Statementcontinued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 620,201 Fortescue Metals 775,899 0.10 2,057,254 Scentre 4,011,664 0.50 683,614 Goodman 2,157,123 0.27 133,271 Seek 1,167,096 0.15 661,255 Goodman Fielder 224,398 0.03 248,425 Seven West News 184,965 0.02 689,672 GPT 1,620,826 0.20 244,633 Shopping Centres Australasia 244,094 0.03 179,519 Gunns* – 0.00 62,756 Sims 381,746 0.05 125,774 GWA International 157,986 0.02 154,784 Sonic Healthcare 1,523,262 0.19 198,284 Harvey Norman 441,892 0.06 921,109 Stockland Trust 2,183,397 0.27 417,744 Healthscope 617,830 0.08 513,023 Suncorp 3,632,619 0.45 163,177 Iluka Resources 644,658 0.08 412,057 Sydney Airport 1,074,832 0.13 653,514 Incitec Pivot 1,343,869 0.17 24,404 Tabcorp 56,735 0.01 917,381 Insurance Australia 2,815,777 0.35 292,856 Tabcorp 750,552 0.09 116,053 IOOF 617,194 0.08 537,511 Tattersall’s 1,078,098 0.13 172,423 James Hardie 1,318,706 0.17 1,679,138 Telstra 5,409,030 0.68 264,497 L Energy 1,998,782 0.25 596,665 Ten Network 67,997 0.01 38,259 Leighton 425,348 0.05 262,839 Toll 1,190,154 0.15 215,450 Lend Lease 1,893,310 0.24 105,186 TPG Telecom 404,900 0.05 115,881 Macquarie 4,268,172 0.53 714,206 Transurban 3,306,325 0.41 144,466 Macquarie Atlas 238,539 0.03 253,851 Treasury Wine Estates 655,730 0.08 1,081,272 Medibank 1,396,532 0.17 445,029 Wesfarmers 9,879,515 1.24 326,441 Metcash 259,585 0.03 767,606 Westfield 3,806,246 0.48 1,435,988 Mirvac 1,491,010 0.19 1,223,808 Westpac Banking 23,548,239 2.95 940,314 National Australia Bank 18,026,634 2.26 237,066 Whitehaven Coal 189,715 0.02 102,416 New Hope 133,314 0.02 283,375 Woodside Petroleum 5,047,889 0.63 302,493 Newcrest Mining 2,201,648 0.28 488,338 Woolworths 7,595,847 0.95 894,492 Novion Property 1,109,988 0.14 83,845 WorleyParsons 424,247 0.05 69,370 Nufarm 252,625 0.03 262,807,780 32.91 457,471 Oil Search 1,876,828 0.24 145,604 Orica 1,446,932 0.18 Bermuda – 1.11%; 2014 1.18% 430,335 Origin Energy 2,641,710 0.33 199,000 Cheung Kong Infrastructure 1,095,847 0.14 489,838 Orora 558,227 0.07 962,000 China Oceanwide 84,279 0.01 119,704 Oz Minerals 230,392 0.03 745,543 Esprit 498,262 0.06 17,966 Perpetual Trustees Australia 489,564 0.06 99,248 Great Eagle 220,270 0.03 92,864 Platinum Asset Management 394,626 0.05 470,697 Hong Kong Land 2,299,574 0.29 437,099 Qantas Airways 639,814 0.08 263,718 Kerry Properties 568,792 0.07 533,312 QBE Insurance 3,508,863 0.44 2,329,059 Li & Fung 1,541,014 0.19 51,551 Ramsay Health Care 1,745,478 0.22 1,788,155 Noble 829,464 0.10 21,618 REA 536,303 0.07 75,800 Orient Overseas 308,949 0.04 125,680 Recall 490,154 0.06 415,136 Shangri-La Asia 362,306 0.05 172,948 Rio Tinto 5,641,275 0.71 266,000 Texwinca 157,577 0.02 380,871 Santos 1,529,773 0.19 338,000 Yue Yuen Industrial 847,450 0.11 8,813,784 1.11

631 BlackRock Collective Investment Funds 632 Pacific ex Japan Equity Tracker Portfolio Statementcontinued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Cayman Islands – 0.64%; 2014 0.74% 798,930 Hutchison Whampoa 7,065,900 0.88 97,506 ASM Pacific Technology 636,196 0.08 248,970 Hysan Development 771,718 0.10 534,000 China Mengniu Dair 1,559,417 0.20 132,304 Johnson Electric 311,297 0.04 421,125 Hopewell Highway 131,061 0.02 218,109 Kerry Logistics Network 203,819 0.03 315,298 MGM 472,477 0.06 128,400 Kowloon Development 94,704 0.01 673,200 Parkson Retail 92,679 0.01 184,000 Lifestyle International 218,922 0.03 8,825,000 Semiconductor Manufacturing 500,699 0.06 910,296 Link Real Estate Investment Trust 3,751,997 0.47 748,394 Tingyi 1,215,139 0.15 181,250 L’Occitane International 295,499 0.04 102,835 TPK 479,921 0.06 602,000 Macau Legend Development 135,617 0.02 5,087,589 0.64 552,889 Mass Transit Railway 1,660,708 0.21 334,000 Melco International Developments 427,489 0.05 China – 0.05%; 2014 0.00% 965,000 New World China Land 406,604 0.05 808,000 Alibaba Health Information Technology 355,283 0.05 2,014,256 New World Development 1,531,038 0.19 Hong Kong – 13.56%; 2014 13.19% 551,908 NWS 644,685 0.08 272,000 AAC Technologies 1,164,231 0.15 1,582,382 PCCW 652,216 0.08 4,796,319 AIA 18,208,424 2.28 526,697 Power Assets 3,500,254 0.44 540,111 Bank of East Asia 1,430,802 0.18 416,000 SA SA International 157,927 0.02 1,435,626 BOC Hong Kong 3,270,069 0.41 492,000 Samsonite International 1,005,736 0.13 1,193,000 Brightoil Petroleum 192,110 0.02 965,623 Sands China 2,848,065 0.36 122,000 Cafe de Coral Holdings 283,999 0.04 1,522,000 Shougang Fushan 193,024 0.02 411,000 Cathay Pacific Airways 596,683 0.07 1,358,380 Shui On Land 201,741 0.02 872,000 Champion Real Estate Investment Trust 277,201 0.03 717,193 Shun Tak 213,628 0.03 526,465 Cheung Kong 6,716,297 0.84 1,195,280 Sino Land 1,262,572 0.16 1,305,000 China Rongsheng 81,663 0.01 712,000 SJM 665,351 0.08 1,098,000 China Travel International 222,619 0.03 883,000 Sun Art Retail 512,770 0.06 468,400 Chow Tai Fook Jewellery 351,732 0.04 614,397 Sun Hung Kai Properties 6,218,173 0.78 614,331 CLP 3,572,631 0.45 253,965 Swire Pacific 2,241,880 0.28 125,977 Dah Sing Banking 137,694 0.02 459,360 Swire Properties 983,090 0.12 67,371 Dah Sing Financial 255,201 0.03 509,500 Techtronic Industries 1,139,284 0.14 817,000 FIH Mobile 249,492 0.03 108,400 Television Broadcasts 447,248 0.06 933,150 First Pacific 613,523 0.08 274,000 Towngas China 160,945 0.02 833,300 Galaxy Entertainment 2,732,416 0.34 477,400 Uni-President 242,977 0.03 2,221,059 Global Brands 244,617 0.03 65,900 Vtech 608,126 0.08 332,465 Hang Lung 1,002,783 0.13 2,577,117 Want Want China 1,836,305 0.23 899,665 Hang Lung Property 1,647,662 0.21 1,223,000 WH 436,740 0.05 306,226 Hang Seng Bank 3,605,139 0.45 604,659 Wharf 2,850,440 0.36 456,664 Henderson Land Development 2,013,700 0.25 321,177 Wheelock 1,112,104 0.14 2,475,251 Hong Kong & China Gas 3,605,922 0.45 408,400 Wynn Macau 690,023 0.09 444,952 Hong Kong Exchanges & Clearing 6,637,944 0.83 696,000 Xinyi Glass Holdings 240,996 0.03 223,500 Hopewell Holdings 539,857 0.07 860,000 Xinyi Solar 165,036 0.02 722,500 Huabao International 352,652 0.04 108,280,843 13.56 511,000 Hutchison Telecommunications 167,132 0.02

633 BlackRock Collective Investment Funds 634 Pacific ex Japan Equity Tracker Portfolio Statementcontinued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Malaysia – 4.84%; 2014 5.02% 558,500 Tenaga Nasional 1,462,018 0.18 493,000 AirAsia Berhad 231,025 0.03 598,800 UEM Land 150,516 0.02 410,708 Alliance Financial 351,742 0.04 266,100 UMW 529,367 0.07 709,512 AMMB 812,742 0.10 2,126,833 YTL 630,071 0.08 583,100 Astro Malaysia 340,250 0.04 1,058,105 YTL Power 298,264 0.04 1,719,289 Axiata 2,207,125 0.28 38,650,226 4.84 331,447 Berjaya Sports Toto 199,357 0.03 56,400 British American Tobacco – Malaysia 699,728 0.09 New Zealand – 0.85%; 2014 0.76% 1,349,800 Bumi Armada Berhad 273,855 0.03 196,839 Air New Zealand 274,706 0.03 2,102,352 CIMB 2,230,822 0.28 344,855 Auckland International Airport 727,824 0.09 1,500,588 Digi.com 1,710,832 0.21 138,830 Contact Energy 401,095 0.05 748,000 Felda Global Ventures 311,574 0.04 210,510 Fisher & Paykel Healthcare 695,807 0.09 802,400 Gamuda 757,790 0.09 269,362 Fletcher Building 1,134,350 0.14 897,196 Genting Berhad 1,425,616 0.18 396,728 Kiwi Property 255,465 0.03 1,197,300 Genting Malaysia 881,371 0.11 159,408 Ryman Healthcare 634,619 0.08 227,890 Hong Leong Bank 585,104 0.07 237,009 Sky City 463,074 0.06 86,600 Hong Leong Financial 261,527 0.03 161,251 Sky Network Television 442,184 0.06 1,084,100 IHH Healthcare 1,084,168 0.14 728,681 Spark New Zealand 1,166,803 0.15 484,200 IJM Corporation Berhad 618,111 0.08 105,837 Vector 152,887 0.02 1,484,845 IOI Corporation Berhad 1,255,666 0.16 72,330 Warehouse 96,338 0.01 735,462 IOI Properties 279,942 0.04 28,337 Xero 342,045 0.04 181,700 KLCC Property 226,079 0.03 6,787,197 0.85 216,700 Kuala Lumpur Kepong 883,196 0.11 Singapore – 6.98%; 2014 7.03% 159,800 Lafarge Malayan Cement 289,781 0.04 788,000 Ascendas Real Estate Investment Trust 922,251 0.12 1,896,936 Malayan Banking Berhad 3,129,971 0.39 746,880 CapitaCommercial 627,167 0.08 292,600 Malaysia Airports 379,301 0.05 1,007,994 CapitaLand 1,721,632 0.22 58,520 Malaysia Airports Rights 13/3/2015 19,858 0.00 1,034,306 CapitaMall Trust 1,038,292 0.13 142,500 Malaysia Marine & Heavy Engineering 34,796 0.00 231,146 City Developments 1,124,993 0.14 1,032,932 Maxis 1,301,910 0.16 793,159 ComfortDelGro 1,109,419 0.14 582,800 MISC 881,056 0.11 443,000 COSCO 108,542 0.01 353,600 MMC 164,431 0.02 687,465 DBS 6,400,728 0.80 269,886 Parkson 112,904 0.01 55,000 Fraser and Neave 75,360 0.01 1,149,626 Petronas Chemicals 1,129,057 0.14 148,300 Frasers Centrepoint 126,647 0.02 122,100 Petronas Dagagan 423,102 0.05 2,358,985 Genting Singapore 1,105,476 0.14 320,724 Petronas Gas 1,327,892 0.17 1,207,300 Global Logistic Properties 1,487,657 0.19 234,500 PPB 610,496 0.08 2,647,708 Golden Agri-Resources 503,869 0.06 1,252,988 Public Bank 4,121,397 0.52 2,017,900 Hutchison Port 900,965 0.11 284,967 RHB Capital 406,756 0.05 217,000 Indofood Agri Resources 72,268 0.01 1,529,200 SapuraKencana Petroleum 779,749 0.10 39,724 Jardine Cycle & Carriage 806,991 0.10 1,245,053 Sime Darby 2,085,651 0.26 95,393 Jardine Matheson 3,981,395 0.50 311,600 SP Setia 195,252 0.02 90,067 Jardine Strategic 2,028,169 0.25 438,518 Telekom Malaysia 559,008 0.07 566,465 Keppel 2,355,442 0.30

635 BlackRock Collective Investment Funds 636 Pacific ex Japan Equity Tracker Portfolio Statementcontinued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 277,200 Keppel Land 598,738 0.08 19,545 Dongbu Insurance 609,574 0.08 119,375 M1 224,336 0.03 2,790 Doosan 196,565 0.02 380,250 Neptune Orient Lines 180,908 0.02 20,535 Doosan Heavy Industry 351,097 0.04 43,000 Olam International 40,915 0.01 58,300 Doosan Infracore 441,679 0.06 1,209,057 Oversea-Chinese Banking 6,028,316 0.75 8,127 E-Mart 1,027,761 0.13 359,930 SembCorp Industries 724,347 0.09 21,839 GS 569,745 0.07 320,730 SembCorp Marine 456,246 0.06 17,588 GS Engineering & Construction 313,673 0.04 87,900 SIA Engineering 177,732 0.02 3,605 Halla 137,938 0.02 198,133 Singapore Airlines 1,131,165 0.14 12,273 Halla Climate Control 309,691 0.04 325,197 Singapore Exchange 1,265,575 0.16 115,853 Hana Financial 2,052,516 0.26 591,200 Singapore Post 562,539 0.07 40,219 Hanjin Shipping 183,767 0.02 595,250 Singapore Press 1,158,272 0.15 30,296 Hankook Tire 857,356 0.11 607,000 Singapore Technologies Engineering 1,010,752 0.13 22,837 Hanwha 411,998 0.05 2,882,939 Singapore Telecommunications 5,788,098 0.72 31,402 Hanwha Chemical 261,042 0.03 309,000 SMRT 255,797 0.03 93,972 Hanwha Life Insurance 432,697 0.05 234,770 StarHub 479,168 0.06 12,382 Hite Jinro 166,806 0.02 953,000 Suntec Real Estate Investment Trust 884,129 0.11 12,304 Hotel Shilla 718,152 0.09 467,725 United Overseas Bank 5,131,423 0.64 9,042 Hyosung 389,688 0.05 180,684 UOL 674,803 0.08 6,727 Hyundai Department Store 529,465 0.07 105,600 Venture 407,951 0.05 23,127 Hyundai Development 680,385 0.09 852,530 Wilmar International 1,314,143 0.16 28,150 Hyundai Engineering & Construction 819,861 0.10 127,621 Wing Tai 108,076 0.01 8,359 Hyundai Glovis 1,172,914 0.15 832,600 Yangzijiang Shipbuilding Holdings 485,244 0.06 17,852 Hyundai Heavy Industries 1,262,999 0.16 286,600 Yanlord Land 130,899 0.02 3,028 Hyundai Hysco 115,325 0.01 55,716,835 6.98 18,630 Hyundai Marine & Fire Insurance 298,756 0.04 28,452 Hyundai Merchant Marine 151,473 0.02 South Korea – 18.20%; 2014 19.47% 4,369 Hyundai Merchant Marine Rights 25/3/2015 3,786 0.00 1,267 Amorepacific 2,132,640 0.27 3,791 Hyundai Mipo Dockyard 171,876 0.02 1,235 Amorepacific (New) 967,669 0.12 26,854 Hyundai Mobis 3,950,156 0.49 89,762 BS Financial 785,875 0.10 60,836 Hyundai Motor 5,756,658 0.72 27,410 Celltrion 1,058,486 0.13 72,573 Hyundai Securities 329,458 0.04 10,436 Cheil Industries 993,668 0.12 25,799 Hyundai Steel 1,019,090 0.13 31,920 Cheil Worldwide 392,377 0.05 6,224 Hyundai Wai 513,727 0.06 5,856 CJ 597,285 0.07 103,573 Industrial Bank of Korea 824,357 0.10 2,979 CJ CheilJedang 627,009 0.08 44,800 Kangwon Land 898,032 0.11 21,489 Coway 1,092,090 0.14 144,351 KB Financial 3,319,091 0.42 10,045 Daelim Industrial 383,760 0.05 2,439 KCC 848,396 0.11 73,995 Daewoo Engineering & Construction 345,075 0.04 4,285 KEPCO Engineering & Construction 121,263 0.02 16,923 Daewoo International 289,341 0.04 102,587 Kia Motors 2,751,937 0.34 80,307 Daewoo Securities 501,873 0.06 10,847 KNB Financial 66,828 0.01 39,574 Daewoo Shipbuilding & Marine Engineering 472,465 0.06 101,287 Korea Electric Power 2,669,291 0.33 12,722 Daum Communication 997,566 0.12 2,659 Korea Express 282,180 0.04 57,855 DGB Financial 393,965 0.05

637 BlackRock Collective Investment Funds 638 Pacific ex Japan Equity Tracker Portfolio Statementcontinued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 12,427 Korea Gas 310,281 0.04 11,585 Samsung SDS 1,973,916 0.25 17,173 Korea Investment 551,795 0.07 23,961 Samsung Securities 673,136 0.08 4,136 Korea Zinc 997,329 0.13 14,789 Samsung Techwin 217,107 0.03 12,977 Korean Air Lines 383,307 0.05 175,855 Shinhan Financial 4,530,759 0.57 1,799 Korean Air Lines Rights 14/3/2015 15,167 0.00 2,561 Shinsegae 259,701 0.03 50,295 KT 907,363 0.11 10,094 SK 1,100,956 0.14 47,957 KT&G 2,259,090 0.28 8,677 SK C&C 1,110,105 0.14 7,749 Kumho Petro Chemical 393,354 0.05 24,623 SK Energy 1,495,247 0.19 36,620 LG 1,370,966 0.17 205,560 SK Hynix 5,641,480 0.71 17,629 LG Chemical 2,385,312 0.30 64,378 SK Networks 358,677 0.04 91,272 LG Display 1,829,579 0.23 14,362 SK Telecom 2,425,908 0.30 43,948 LG Electronics 1,601,262 0.20 6,740 SKC 134,510 0.02 2,476 LG Hausys 282,466 0.04 17,025 S-Oil 650,425 0.08 3,674 LG Household & Health Care 1,451,272 0.18 112,743 Woori Bank 629,469 0.08 89,506 LG Telecom 625,324 0.08 57,198 Woori Investment & Securities 413,097 0.05 5,859 Lotte Chemical 658,041 0.08 2,388 Yuhan 240,749 0.03 238 Lotte Chilsung Beverage 247,380 0.03 145,336,256 18.20 361 Lotte Confectionery 386,720 0.05 4,506 Lotte Shopping 664,150 0.08 Taiwan – 16.01%; 2014 14.26% 6,472 LS Cable 196,508 0.02 1,177,036 Acer 498,381 0.06 2,471 Mando 226,536 0.03 2,464,036 Advanced Semiconductor 2,147,571 0.27 9,656 Mirae Asset Securities 275,820 0.03 133,286 Advantech 657,734 0.08 10,783 Naver 4,202,191 0.53 909,198 Asia Cement 724,986 0.09 5,813 NCsoft 610,035 0.08 282,805 ASUSTeK Computer 1,902,525 0.24 4,997 NHN Entertainment 209,466 0.03 3,462,745 AU Optronics 1,180,806 0.15 1,483 NHN Entertainment 7,869 0.00 908,924 Capital Securities 192,897 0.02 1,426 Nong Shim 213,124 0.03 288,222 Catcher Technology 1,704,391 0.21 6,731 OCI 388,505 0.05 3,148,587 Cathay Financial 3,101,014 0.39 1,461 Orion 830,352 0.10 404,000 Cathay Real Estate 146,089 0.02 17,861 Paradise 222,189 0.03 1,285,457 Chang Hwa Commercial Bank 488,668 0.06 29,393 Posco 4,635,563 0.58 734,256 Cheng Shin Rubber 1,146,772 0.14 7,897 S1 371,069 0.05 155,278 Cheng Uei Precision Industry 180,447 0.02 49,278 Samsung 1,760,599 0.22 230,377 Chicony Electronics 414,394 0.05 14,521 Samsung Card 320,186 0.04 917,448 China Airlines 290,168 0.04 22,266 Samsung Electro Mechanics 903,161 0.11 5,441,210 China Development Financial 1,222,031 0.15 42,531 Samsung Electronics 34,026,729 4.26 327,024 China Motor 182,267 0.02 10,987 Samsung Engineering 272,059 0.03 4,934,956 China Steel 2,653,896 0.33 7,502 Samsung Fine Chemicals 159,447 0.02 1,508,149 Chunghwa Telecom 3,051,518 0.38 15,421 Samsung Fire & Marine 2,313,849 0.29 1,588,444 Compal Electronic 798,586 0.10 68,312 Samsung Heavy Industries 793,411 0.10 5,720,647 CTBC Financial 2,457,601 0.31 24,614 Samsung Life 1,445,361 0.18 805,443 Delta Electronics 3,368,923 0.42 21,828 Samsung SDI 1,756,634 0.22 2,572,225 E.Sun Financial 1,038,784 0.13

639 BlackRock Collective Investment Funds 640 Pacific ex Japan Equity Tracker Portfolio Statementcontinued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 387,000 Epistar 478,434 0.06 3,190,738 Taishin Financial 884,247 0.11 333,730 Eternal Chemical 218,667 0.03 1,331,005 Taiwan Business Bank 255,597 0.03 751,009 Eva Airways 355,131 0.04 656,453 Taiwan Cellular 1,454,026 0.18 645,580 Evergreen Marine 305,941 0.04 1,263,484 Taiwan Cement 1,116,830 0.14 745,371 Far East International Bank 162,026 0.02 299,833 Taiwan Co-operative (Rights) 17/3/2015 9,390 0.00 1,590,823 Far East New Century 1,066,923 0.13 268,000 Taiwan Fertilizer 300,396 0.04 620,710 Far EasTone Telecommunications 989,897 0.12 499,153 Taiwan Glass 239,121 0.03 197,773 Feng Hsin Iron & Steel 158,925 0.02 120,937 Taiwan Secom 208,567 0.03 2,820,377 First Financial 1,077,981 0.14 9,489,015 Taiwan Semiconductor Manufacturing 29,425,091 3.68 1,746,284 Formosa Chemical & Fibre 2,529,475 0.32 2,405,584 Taiwanoperative Financial 798,007 0.10 753,953 Formosa Petrochemical 1,068,791 0.13 724,000 Teco Electric and Machinery 479,601 0.06 1,940,674 Formosa Plastic 3,098,949 0.39 292,861 Ton Yi Industrial 140,598 0.02 386,590 Formosa Taffeta 264,453 0.03 122,318 Transcend Information 260,850 0.03 423,019 Foxconn Technology 703,386 0.09 187,740 U-Ming Marine Transport 183,743 0.02 2,883,313 Fubon Financial 3,326,902 0.42 529,597 Unimicron Technology 230,790 0.03 113,095 Giant Manufacturing 710,728 0.09 1,844,833 Uni-President Enterprises 2,007,018 0.25 5,029,111 Hon Hai Precision 9,025,464 1.13 4,753,284 United Micro Electronics 1,562,121 0.20 163,000 Hotai Motor 1,605,372 0.20 310,196 Vanguard International Semiconductor 348,332 0.04 290,780 HTC 913,681 0.11 1,362,641 Walsin Lihwa 280,764 0.04 2,843,832 Hua Nan Financial 1,054,719 0.13 459,468 Wan Hai Lines 327,561 0.04 3,651,260 Innolux Display 1,211,236 0.15 945,532 Wistron 577,645 0.07 1,018,000 Inotera Memories 972,205 0.12 179,237 Ya Hsin Industrial* – 0.00 1,206,282 Inventec 596,513 0.07 603,389 Yangming Marine 210,730 0.03 39,566 Largan Precision 2,184,827 0.27 3,775,476 Yuanta Financial 1,232,995 0.15 828,497 Lite-On Technology 681,121 0.09 565,237 Yuen Foong Yu Paper Manufacturing 147,327 0.02 1,377,104 Macronix International 193,797 0.02 313,005 Yulon Motor 289,250 0.04 579,246 MediaTek 5,645,265 0.71 9,000 Yulon Nissan Motor 52,850 0.01 3,957,240 Mega Financial 2,034,338 0.25 128,128,555 16.01 2,260,441 Nan Ya Plastic 3,176,419 0.40 103,384 Nan Ya Printed Circuit Boards 94,366 0.01 Thailand – 3.34%; 2014 2.79% 226,238 Novatek Microelectronics 787,794 0.10 210,900 Advanced Info Service (Alien Market) 979,305 0.12 299,509 Oriental Union Chemical 175,571 0.02 263,000 Advanced Info Service (non-voting Depository 665,952 Pegatron 1,182,797 0.15 Receipts) 1,221,229 0.15 1,057,451 Pou Chen 987,003 0.12 67,500 Airports of Thailand 417,461 0.05 216,895 President Chain Store 1,090,434 0.14 101,900 Airports of Thailand (non-voting Depository 257,754 President Securities 85,505 0.01 Receipts) 630,211 0.08 1,051,421 Quanta Computer 1,720,114 0.22 190,600 Bangkok Bank 700,023 0.09 193,506 Realtek Semiconductor 392,328 0.05 345,000 Bangkok Dusit Medical Services 147,079 0.02 2,766,381 Shin Kong Financial 514,137 0.06 928,300 Bangkok Dusit Medical Services (non-voting 1,185,773 Siliconware Precision 1,363,314 0.17 Depository Receipts) 395,750 0.05 3,359,548 SinoPac Financial 889,496 0.11 187,380 Bangkok Life Assurance 191,270 0.02 487,700 Synnex Technology International 460,234 0.06 614,200 Bank of Ayudhya 762,175 0.10

641 BlackRock Collective Investment Funds 642 Pacific ex Japan Equity Tracker Portfolio Statementcontinued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 127,900 Banpu 76,797 0.01 279,177 PTT Exploration & Production (Alien Market) 631,410 0.08 269,700 Banpu (non-voting Depository Receipts) 161,940 0.02 285,000 PTT Exploration & Production (non-voting Depository 142,000 BEC World Public (Alien Market) 132,869 0.02 Receipts) 644,580 0.08 268,500 BEC World Public (non-voting Depository Receipts) 251,234 0.03 326,800 PTT Global Chemical (Alien Market) 366,289 0.05 67,400 Berli Jucker (non-voting Depository Receipts) 52,948 0.01 329,300 PTT Global Chemical (non-voting Depository Receipts) 369,091 0.05 93,400 Berli Jucker Public 73,374 0.01 183,200 PTT 1,254,021 0.16 42,600 Big C Supercenter (Alien Market) 200,369 0.03 81,100 Ratchaburi Electricity Generating 99,827 0.01 98,780 Big C Supercenter (non-voting Depository Receipts) 462,635 0.06 60,300 Ratchaburi Electricity Generating (non-voting 2,389,200 BTS (non-voting Depository Receipts) 459,068 0.06 Depository Receipts) 74,224 0.01 256,800 Central Pattana 226,152 0.03 121,400 Siam Cement 1,248,921 0.16 287,700 Central Pattana (non-voting Depository Receipts) 253,365 0.03 16,700 Siam City Cement 141,721 0.02 569,900 Charoen Pokphand Foods 272,615 0.03 10,100 Siam City Cement (non-voting Depository Receipts) 85,712 0.01 643,400 Charoen Pokphand Foods (non-voting Depository 274,300 Siam Commercial Bank 930,569 0.12 Receipts) 307,774 0.04 346,000 Siam Commercial Bank (non-voting Depository 873,600 CP ALL (Alien Market) 695,029 0.09 Receipts) 1,173,813 0.15 913,700 CP ALL (non-voting Depository Receipts) 726,932 0.09 222,100 Thai Airways International 59,123 0.01 118,800 Delta Electronics (Alien Market) 162,283 0.02 55,600 Thai Airways International (non-voting Depository 76,000 Delta Electronics 103,817 0.01 Receipts) 14,801 0.00 60,800 Electricity Generating Public 190,446 0.02 145,000 Thai Oil (Alien Market) 151,638 0.02 31,000 Electricity Generating Public (non-voting Depository 200,500 Thai Oil (non-voting Depository Receipts) 209,679 0.03 Receipts) 97,102 0.01 320,080 Thai Union Frozen Products 136,456 0.02 86,800 Glow Energy (Alien Market) 147,670 0.02 456,400 Thai Union Frozen Products (non-voting Depository 70,700 Glow Energy (non-voting Depository Receipts) 120,279 0.01 Receipts) 194,571 0.02 1,595,075 Home Product Center 271,365 0.03 4,079,700 TMB Bank 246,597 0.03 364,300 Indorama Ventures 187,754 0.02 4,665,000 TMB Bank (non-voting Depository Receipts) 281,976 0.04 181,500 Indorama Ventures (non-voting Depository Receipts) 93,542 0.01 137,900 Total Access Communication (Alien Market) 240,125 0.03 18,150 Indorama Ventures Warrants 24/8/2017 945 0.00 143,400 Total Access Communication GDR (non-voting 13,961 Indorama Ventures Warrants-2 24/8/2018 587 0.00 Depository Receipts) 248,984 0.03 352,100 Intouch 546,161 0.07 3,084,402 True (non-voting Depository Receipts) 895,143 0.11 257,800 Intouch (non-voting Depository Receipts) 405,047 0.05 26,595,752 3.34 2,588,700 IRPC 230,048 0.03 1,259,000 IRPC (non-voting Depository Receipts) 111,882 0.01 EUROPEAN – 0.14%; 2014 0.15% 462,600 Kasikornbank 1,999,920 0.25 EQUITIES – 0.14%; 2014 0.15% 599,500 Krung Thai Bank (Alien Market) 273,576 0.03 Italy – 0.10%; 2014 0.13% 810,600 Krung Thai Bank (non-voting Depository Receipts) 369,909 0.05 202,200 Prada 782,802 0.10 1,052,480 Land and Houses (Alien Market) 219,079 0.03 256,700 Land and Houses (non-voting Depository Receipts) 52,920 0.01 Russia – 0.04%; 2014 0.02% 640,200 Minor International 435,660 0.05 668,000 United Company 314,346 0.04 28,685 Minor International Warrants 31/12/2049 2,836 0.00 157,200 PTT (Alien Market) 1,076,049 0.13

643 BlackRock Collective Investment Funds 644 Pacific ex Japan Equity Tracker Portfolio Statementcontinued Pacific ex Japan Equity Tracker Statement of Total Return for the year ended 28 February 2015

Holding or Underlying Market % of For the period Nominal Exposure – Derivatives Value Total For the year from 1.2.2013 Value Investment £ £ Net Assets to 28.2.2015 to 28.2.2014 Notes £ £ £ £ DERIVATIVES – 0.01%; 2014 0.00% Income Futures – 0.01%; 2014 0.00% Net capital gains/(losses) 14 Hang Seng Index March 2015 1,448,094 (517) 0.00 during the year/period 2 54,276,250 (48,229,845) 32 Kospi 200 Index March 2015 2,378,086 3,316 0.00 27 MSCI Singapore Index ETS March 2015 981,398 (12,489) 0.00 Revenue 3 23,555,869 22,843,648 91 MSCI Taiwan Index March 2015 2,108,651 (2,504) 0.00 Expenses 4 (1,509,076) (1,530,518) 53 SPI 200 March 2015 3,968,984 87,099 0.01 Finance costs: Interest 6 (13,576) (57,985) 10,885,213 74,905 0.01 Net revenue before taxation 22,033,217 21,255,145 Taxation 5 (1,345,011) (1,156,697) Portfolio of investments 787,732,153 98.64 Net revenue after taxation Net other assets 10,860,276 1.36 for the year/period 20,688,206 20,098,448 Total net assets £798,592,429 100.00 Total return before distributions 74,964,456 (28,131,397) Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. Finance costs: Distributions 6 (19,919,188) (19,319,820) Note: comparative figures show percentages for each category of holding at 28 February 2014. * Delisted. Change in net assets Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. attributable to unitholders from investment activities £55,045,268 £(47,451,217)

Pacific ex Japan Equity Tracker Statement of Change in Net Assets Attributable to Unitholders for the year ended 28 February 2015

For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 666,956,615 610,429,820 Amounts received on creation of units 250,561,601 315,557,536 Amounts paid on cancellation of units (194,891,370) (230,208,219) 55,670,231 85,349,317 Change in net assets attributable to unitholders from investment activities 55,045,268 (47,451,217) Retained distribution on accumulation units 20,920,315 18,628,695 Closing net assets attributable to unitholders £798,592,429 £666,956,615

645 BlackRock Collective Investment Funds 646 Pacific ex Japan Equity Tracker Balance Sheet Pacific ex Japan Equity Tracker Notes to Financial Statements at 28 February 2015 for the year ended 28 February 2015

28.2.2015 28.2.2014 1. Accounting and Distribution Policies Notes £ £ £ £ Please see pages 6-8 of the Aggregated Notes to Financial Statements. Assets: 2. Net Capital Gains/(Losses) During the Year/Period Investment assets 787,747,663 662,582,406 – Debtors 7 6,414,625 13,258,964 For the period For the year from 1.2.2013 – Cash and bank balances 8 6,738,612 9,696,280 to 28.2.2015 to 28.2.2014 Total other assets 13,153,237 22,955,244 £ £ Total assets 800,900,900 685,537,650 The net capital gains/(losses) comprise: Liabilities: Gains/(losses) on non-derivative securities 53,713,427 (48,083,738) Investment liabilities (15,510) (6,160) Gains on derivative contracts 389,905 803,277 – Creditors 9 (2,252,040) (18,161,316) (Losses)/gains on forward currency contracts (9,664) 11,044 – Bank overdraft (5,646) (375,452) Currency gains/(losses) 199,918 (854,860) – Distribution payable on Custodian transaction costs (17,336) (105,568) income units (35,275) (38,107) Net capital gains/(losses) £54,276,250 £(48,229,845) Total other liabilities (2,292,961) (18,574,875) Total liabilities (2,308,471) (18,581,035) 3. Revenue Net assets attributable For the period to unitholders £798,592,429 £666,956,615 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £

N C D Hall (Director) Interest from overseas fixed interest securities 208 282 E E Tracey (Director) Interest from UK bank deposits 26,961 53,240 BlackRock Fund Managers Limited Interest received on margin deposits 1,367 1,15 9 30 April 2015 Overseas dividends 21,370,665 20,586,764 Overseas REIT dividends 1,103,529 1,254,630 Securities lending revenue 282,717 169,363 Stock dividends 770,422 778,210 Total revenue £23,555,869 £22,843,648

647 BlackRock Collective Investment Funds 648 Pacific ex Japan Equity Tracker Notes to Financial Statements continued

4. Expenses (b) Factors affecting the current tax charge for the year/period For the period The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an For the year from 1.2.2013 authorised unit trust. The differences are explained below: to 28.2.2015 to 28.2.2014 For the period £ £ For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 1,251,152 1,249,955 £ £ – Registrar’s fees 4 ,167 5,427 Net revenue before taxation 22,033,217 21,255,145 1,255,319 1,255,382 Corporation tax at 20% (28 February 2014: 20%) 4,406,643 4,251,029 Payable to the Trustee or associates of the Trustee: Effects of: – Trustee’s fees 55,028 53,211 Corporation tax prior year adjustment – (3,070) 55,028 53,211 Corporation tax prior year adjustment at 20% – 614 Other expenses: Excess expenses for which no tax relief taken 21,574 149,840 – Audit fee 6,690 5,925 Irrecoverable overseas tax 1,345,011 1,15 9,15 3 – FCA fee 153 165 Non taxable overseas dividends (4,274,133) (4,232,721) – Legal & professional fees 5,343 25 ,14 8 Non taxable stock dividends (154,084) (155,642) – Risk monitoring fees – 972 Overseas tax expensed – (12,506) – Safe custody fees 186,543 189,715 Total current tax charge for the year/period [see note 5(a)] £1,345,011 £1,156,697 198,729 221,925 At 28 February 2015, the Fund had surplus management expenses of £3,339,383(28 February 2014: £1,858,284). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £667,877 Total expenses £1,509,076 £1,530,518 (28 February 2014: £371,657) has not been recognised.

5. Taxation 6. Finance Costs (a) Analysis of tax charge for the year/period For the period For the period For the year from 1.2.2013 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 to 28.2.2015 to 28.2.2014 £ £ £ £ Interim distribution 12,441,119 11,036,103 Corporation tax prior year adjustment – (2,456) Final distribution 8,573,094 7,700,664 Irrecoverable overseas tax 1,345,011 1,15 9,15 3 21,014,213 18,736,767 Total current tax charge for the year/period [see Note 5(b)] £1,345,011 £1,156,697 Add: Amounts deducted on cancellation of units 78 6 ,10 5 2,150,496 Less: Amounts received on creation of units (1,881,130) (1,567,443) Net distribution for the year/period 19,919,188 19,319,820 Finance costs: Interest 13,576 57,985 Finance costs £19,932,764 £19,377,805

Net revenue after taxation for the year/period 20,688,206 20,098,448 Add/(less): Equalisation on conversions 1,404 (418) Less: Non distributable stock dividends (770,422) (778,210) Net distribution for the year/period £19,919,188 £19,319,820

Details of the interim and final distributions per unit are set out in the tables on page 662.

649 BlackRock Collective Investment Funds 650 Pacific ex Japan Equity Tracker Notes to Financial Statements continued

28.2.2015 28.2.2014 The Fund is accounted for in Sterling and holds financial assets and financial £ £ liabilities denominated in other international currencies. Amounts held at futures clearing houses and brokers 683,808 627,176 To manage the risk, the Fund may enter into forward currency contracts for the Cash and bank balances 6,054,804 9,069,104 purposes of efficient portfolio management. At 28 February 2015, the Fund has no open forward currency contracts (28 February 2014: £Nil). Total cash and bank balances £6,738,612 £9,696,280 Market price The valuation of the Fund’s investments is calculated with reference to market 9. Creditors prices quoted by financial agencies and brokers. Movements to those market prices may materially affect the value of the Fund’s investments, which may move 28.2.2015 28.2.2014 £ £ down as well as up. Accrued Audit fee 6,690 6,690 To manage the risk, the Manager undertakes research in order to achieve the best price for any transactions entered into on behalf of the Fund. Accrued FCA fee 601 447 Accrued Manager’s charge 327,239 258,947 Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the ability of the Fund to trade financial instruments at values previously indicated by Accrued Registrar’s fee 1,526 1,113 financial brokers. Accrued Safe custody fees 49,057 60,920 All stocks are valued daily. Stocks identified as being illiquid are reviewed Accrued Trustee’s fee 14,571 12,860 for pricing accuracy as the need arises and on a formal monthly basis by the Amounts payable for cancellation of units 322,077 8,221,148 BlackRock Pricing Committee. Bank interest payable – 241 The Fund invests primarily in companies incorporated in the Pacific Basin. Currency purchases awaiting settlement 1,446,491 7,887,412 From time to time, market liquidity across the Pacific Basin may be affected by Custodian transaction costs 3,032 42,281 economic events and socio-political events. Purchases awaiting settlement 80,756 1,669,257 To manage the risk, the Investment Manager undertakes research of investment Total creditors £2,252,040 £18,161,316 opportunities to select opportunities congruent with the Fund’s investment objective.

651 BlackRock Collective Investment Funds 652 Pacific ex Japan Equity Tracker Notes to Financial Statements continued

Risk Impact of risk Risk Impact of risk Counterparty The risk of entering an arrangement with a counterparty, which is itself subject to Use of derivatives The Fund may use derivatives for the purposes of efficient portfolio management financial risks which may affect its ability to trade as a going concern. in order to reduce risk within the portfolio, reduce investment costs and generate The Manager maintains a list of approved counterparties. This list is regularly additional income. monitored and revised for changes based on the counterparty’s credit- The use of derivatives will impact the value of the Fund and may expose the worthiness, market reputation and expectations of future financial performance. Fund to a higher degree of risk. In particular, derivative contracts can be highly Transactions will only be opened with financial intermediaries on the approved volatile and the amount of initial margin is generally small relative to the size of counterparties list. the contract so that transactions may be leveraged in terms of market exposure. The Fund’s use of exchange traded derivatives are considered to be free of A relatively small market movement may have a potentially larger impact on counterparty risk if the derivative is traded on an exchange where the clearing derivatives than on standard bonds or equities. Leveraged derivative positions house is backed by an appropriate performance guarantee and it is characterised can therefore increase fund volatility. by a daily mark-to-market valuation of the derivative position and at least daily As at 28 February 2015, the Manager uses a methodology known as the margining. “Commitment Approach” in order to measure the global exposure from financial At 28 February 2015, the market value of the exchange traded derivatives held by derivative instruments of the Fund and manage the potential loss to it due to the Fund was £74,905 (28 February 2014: £65,516). Exchange traded derivatives market risk. The Commitment Approach is a methodology that aggregates the are primarily traded with the following counterparty: Goldman Sachs. underlying market or notional values of derivative instruments to determine the degree of global exposure of a Fund to derivative instruments. In accordance with Margin is paid or received on derivatives to cover any exposure by the COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net counterparty to the Fund or by the Fund to the counterparty. Margin receivable asset value. from the Fund’s clearing brokers and various counterparties is included in “Cash and bank balances” on the Balance Sheet. Margin payable to the Fund’s clearing Any exposure to financial derivative instruments at year end is marked on the brokers and various counterparties is included in “Amounts held at futures Portfolio Statement. clearing houses and brokers” on the Balance Sheet. These risks are monitored by the Manager in pursuance of the investment objective and policy as At 28 February 2015, the Fund had provided margin of £683,808 (28 February set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing 2014: £627,176) to counterparties relating to derivatives. powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Credit During the year, the Fund engaged in securities lending activities which exposed Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security the Fund to credit risk. The maximum exposure of the Fund is equal to the value or issuer. Further information on the investment portfolio is set out in the Investment Report and of the securities loaned disclosed in Note 12. Portfolio Statement. (b) Currency Exposures A proportion of the net assets of the Fund are denominated in currencies other than Sterling, with the effect that the Balance Sheet and Statement of Total Return can be affected by currency movements.

653 BlackRock Collective Investment Funds 654 Pacific ex Japan Equity Tracker Notes to Financial Statements continued

The currency profile held at 28 February 2015 was as follows: (c) Interest Rate Risk Profile of Financial Assets and Liabilities The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: Currency Net Assets/(Liabilities)

Monetary Non-monetary Floating Rate Fixed Rate Financial Assets Exposures Exposures Total Financial Financial not Carrying 28.2.2015 28.2.2015 28.2.2015 Assets Assets Interest Total Currency £ £ £ Currency £ £ £ £ Australian dollar 1,859,561 264,609,506 266,469,067 Australian dollar 1,859,561 – 264,759,547 266,619,108 Hong Kong dollar 1,334,397 120,199,840 121,534,237 Hong Kong dollar 1,334,397 – 120,200,357 121,534,754 Korean won 696,976 146,820,173 147,517,149 Korean won 696,976 – 146,820,173 147,517,149 Malaysian ringgit 7,008 38,746,204 38,753,212 Malaysian ringgit 7,008 – 38,826,959 38,833,967 New Zealand dollar 10,715 6 ,787,197 6,797,912 New Zealand dollar 10,715 – 6 ,787,197 6,797,912 Singapore dollar 764,716 49,826,619 50,591,335 Singapore dollar 764,716 – 49,839,108 50,603,824 Swiss franc 11 – 11 Swiss franc 11 – – 11 Taiwan dollar 253,824 128,608,476 128,862,300 Taiwan dollar 253,824 – 128,608,476 128,862,300 Thai baht 34 26,653,983 26,654,017 Thai baht 34 – 26,653,983 26,654,017 UK sterling (5,646) (358,361) (364,007) UK sterling – – 1,617,426 1,617,426 US dollar 1,811,370 9,965,826 11,777,196 US dollar 1,811,370 – 10,049,062 11,860,432 Total £6,732,966 £791,859,463 £798,592,429 Total £6,738,612 £0 £794,162,288 £800,900,900

The currency profile held at 28 February 2014 was as follows: Floating Rate Financial Currency Net Assets/(Liabilities) Financial Liabilities not Liabilities Carrying Interest Total Monetary Non-monetary Currency £ £ £ Exposures Exposures Total Australian dollar – (150,041) (150,041) 28.2.2014 28.2.2014 28.2.2014 Currency £ £ £ Hong Kong dollar – (517) (517) Australian dollar 3,267,502 230,720,433 233,987,935 Malaysian ringgit – (80,755) (80,755) Chinese yuan – (35,759) (35,759) Singapore dollar – (12,489) (12,489) Hong Kong dollar 1,513,024 97,790,312 99,303,336 UK sterling (5,646) (1,975,787) (1,981,433) Korean won 1,593,651 130,882,547 132,476,198 US dollar – (83,236) (83,236) Malaysian ringgit 28,944 33,517,468 33,546,412 Total £(5,646) £(2,302,825) £(2,308,471) New Zealand dollar 1,467 5,071,469 5,072,936 There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates. Singapore dollar 1,571,753 40,693,406 42,265,159 Swiss franc 11 – 11 Taiwan dollar 67,896 95,392,298 95,460,194 Thai baht 216 18,667,022 18,667,238 UK sterling (375,452) (1,059,773) (1,435,225) US dollar 1,651,816 5,996,364 7,648,180 Total £9,320,828 £657,635,787 £666,956,615

655 BlackRock Collective Investment Funds 656 Pacific ex Japan Equity Tracker Notes to Financial Statements continued

The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: The floating rate financial assets and liabilities include: Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying week LIBID rates and overdraft interest based on 3% over the base rate. Assets Assets Interest Total All overseas deposits and loans bear interest at rates determined by the relevant Authority. Currency £ £ £ £ The bank overdraft at the reporting date is on a temporary basis and is not persistent. Australian dollar 3,267,502 – 233,543,898 236,811,400 Hong Kong dollar 1,513,024 – 99,624,841 101,137,865 (d) Fair Value of Financial Assets and Financial Liabilities Korean won 1,593,651 – 130,984,086 132,577,737 There is no material difference between the value of the financial assets and liabilities, as shown Malaysian ringgit 28,944 – 33,539,304 33,568,248 in the Balance Sheet and their fair value. New Zealand dollar 1,467 2,964 5,068,505 5,072,936 11. Contingent Assets and Liabilities Singapore dollar 1,571,753 – 42,507,442 44,079,195 There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Swiss franc 11 – – 11 Taiwan dollar 67,896 – 95,428,308 95,496,204 12. Efficient Portfolio Management Techniques Thai baht 216 – 18,667,022 18,667,238 The Fund may engage in derivative transactions for the purposes of efficient portfolio management. UK sterling – – 8,956,434 8,956,434 Please see further disclosures in Note 10(a). US dollar 1,651,816 – 7,518,566 9,170,382 During the year, the Fund engaged in securities lending, subject to the conditions and within the limits laid down by the Financial Conduct Authority. Total £9,696,280 £2,964 £675,838,406 £685,537,650 The Fund receives securities as collateral for a value in excess of the market value of the securities loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the Floating Rate Financial Financial Liabilities not following collateral agents and central securities depositories: JP Morgan Chase and BNY Mellon. Liabilities Carrying Interest Total As at 28 February 2015, the Fund had securities on loan to the following counterparties: Citigroup, Currency £ £ £ Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan Chase, Macquarie Bank, Merrill Australian dollar – (2,823,465) (2,823,465) Lynch, Morgan Stanley, Société Générale, The Bank of Nova Scotia and UBS. Chinese yuan – (35,759) (35,759) The Investment Manager monitors the fair value of the securities loaned and additional collateral Hong Kong dollar – (1,834,529) (1,834,529) is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a regulated market. Korean won – (101,539) (101,539) Malaysian ringgit – (21,836) (21,836) The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund Singapore dollar – (1,814,036) (1,814,036) and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue Taiwan dollar – (36,010) (36,010) is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational UK sterling (375,452) (10,016,207) (10,391,659) costs are borne out of the securities lending agent’s share. US dollar – (1,522,202) (1,522,202) 28.2.2015 28.2.2014 Total £(375,452) £(18,205,583) £(18,581,035) £ £ Revenue earned during the year/period 282,717 169,363 Fixed Rate Financial Assets Value of securities on loan at the year/period end 76,499,028 47,132,366 Weighted Weighted Value of collateral held on behalf of the Fund at the Total Average Average Period year/period end 85,424,551 51,918,641 Market Value Interest Rate for which Rate Currency £ Equivalent % is Fixed 13. Investment Management New Zealand dollar 2,964 8.61 0.81 years Please see page 16.

657 BlackRock Collective Investment Funds 658 Pacific ex Japan Equity Tracker Notes to Financial Statements continued

Manager/Registrar: BlackRock Fund Managers Limited % of voting units Investment Manager: BlackRock Investment Management (UK) Limited Held by: in issue No. of units held Securities lending agent: BlackRock Advisors (UK) Limited Nutraco Nominees Limited 31% 119,554,194 Trustee: BNY Mellon Trust & Depositary (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. As at 28 February 2014: (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. % of voting units (“PNC”) is a substantial shareholder in BlackRock. Held by: in issue No. of units held The Manager acts as either principal or agent for the Trustee in respect of all transactions of Nutraco Nominees Limited 31% 119,554,194 units of the Fund. The aggregate monies received through creation and paid through cancellation BNY Mellon Nominees Limited 23% 88,457,720 of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. All related party transactions were carried out at arm’s length in the ordinary course of business. Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s The terms and returns received by the related parties in making the investments above were no fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at more favourable than those received by other investors investing into the same unit classes. the year end in respect of these fees are shown in Note 9. 15. Portfolio Transaction Costs The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing Summary of total purchase costs: arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services For the period For the period which the Investment Manager believes are useful in the investment decision-making or trade For the year For the year from 1.2.2013 from 1.2.2013 execution process. Such research or execution services may include, without limitation and to the to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ extent permitted by applicable law: research reports on companies, industries and securities; and £ the provision of economic and financial information and analysis. Due to the bundled nature of Purchases before these services and the application of such benefits across a number of BlackRock managed funds, transaction costs 206,914,714 314,186,861 it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Commissions and other costs these arrangements with brokers who are not affiliated to the BlackRock Group. (including stamp duty) 76,445 184,919 Securities Lending Total purchase costs 76,445 184,919 The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Gross purchases total £206,991,159 £314,371,780 Advisors (UK) Limited, which is a related party to the Fund. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity Summary of total sale costs: allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly For the period For the period related to securities loan transactions as well as the cost of indemnification against borrower For the year For the year from 1.2.2013 from 1.2.2013 default. to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 See further information in Note 12. £ £ £ £ Gross sales before transaction costs 135,966,571 207,447,075 Commissions and other costs (212,471) (302,659) Total sale costs (212,471) (302,659) Total sales net of transaction costs £135,754,100 £207,144,416

659 BlackRock Collective Investment Funds 660 Pacific ex Japan Equity Tracker Notes to Financial Statements Pacific ex Japan Equity Tracker Distribution Tables continued for the year ended 28 February 2015

shown below: Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Class 28.2.2015 28.2.2014 Net revenue (dividend) 2.0950 0.8549 2.4378 1.15 0 2 1.3189 0.9078 1.4046 0.6013 2.4536 1.5173 1.2226 0.6350 † A Accumulation 0.45% 0.45% Equalisation – 1.2401 – 1.2876 – 0.4111 – 0.8033 – 0.9363 – 0.5876 L Accumulation 0.20% 0.20% Distribution payable 30.4.2015 2.0950 2.0950 2.4378 2.4378 1.3189 1.3189 1.4046 1.4046 2.4536 2.4536 1.2226 1.2226 X Income◊ 0.00% 0.00% Distribution paid 30.4.2014 2.0211 2.0211 2.3320 2.3320 1.2958 1.2958 1.3409 1.3409 2.3454 2.3454 0.0000 0.0000

X Accumulation◊ 0.00% 0.00% Interim Distribution in Pence per Unit D Accumulation 0.15% 0.15% Group 1 – Units purchased prior to 1 March 2014 H Accumulation 0.10 % 0.10 % Group 2 – Units purchased 1 March 2014 to 31 August 2014 ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or their affiliates. A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation Units Units Units Units Units Units÷ In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the Net revenue (dividend) 3.2810 2.2081 3.6509 1.9080 1.9577 0.5558 2.0496 1.0631 3.6523 2 .12 9 0 1.6880 1.0800

remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue Equalisation† – 1.0729 – 1.7429 – 1.4019 – 0.9865 – 1.5233 – 0.6080 is allocated each day pro rata to the capital value of assets attributable to each class and taxation is Distribution paid 31.10.2014 3.2810 3.2810 3.6509 3.6509 1.9577 1.9577 2.0496 2.0496 3.6523 3.6523 1.6880 1.6880 computed by reference to the net revenue after expenses attributable to each class. The distribution Distribution paid 31.10.2013 3.6803 3.6803 4.1638 4.1638 2.3237 2.3237 2.3529 2.3529 4 .16 7 2 4 .16 7 2 N/A N/A per unit class is given in the distribution tables. All unit classes have the same rights on winding up. † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, 17. Non Adjusting Post Balance Sheet Event it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as ÷ H Accumulation class commenced February 2014. shown below: Bid prices as at Bid prices as at Rise Class 23.4.2015 28.2.2015 (%) A Accumulation 238.4p 224.6p 6 .1 L Accumulation 243.3p 22 9.1p 6.2 X Income 120.9p 115 .1p 5.0 X Accumulation 130.3p 122.6p 6.3 D Accumulation 240.2p 226 .1p 6.2 H Accumulation 117.4p 110.5p 6.2

661 BlackRock Collective Investment Funds 662 BlackRock UK Equity Tracker Fund UK Equity Tracker Fund

BlackRock UK Equity Tracker Fund This Annual Report covers the year ended 28 February 2015. The first six months were commented on in the Interim Report to 31 August 2014. For a copy, please contact us. Investment Objective & Policy Performance Table The aim of the BlackRock UK Equity Tracker Fund (the “Fund”) is to seek to achieve capital growth for investors by tracking closely the performance of the FTSE All-Share Index by investing in companies Period of Report in the Index. Investment will be made directly into constituent companies and via other transferable One Year Five Years Since Launch to 28.2.2015 to 28.2.2015 to 28.2.2015 securities giving exposure to such companies. The Fund may also invest in permitted money-market instruments, permitted deposits and units in collective investment schemes. Derivatives and forward TOTAL Return transactions may be used for the purposes of efficient portfolio management. (with net income reinvested)

The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Class A Accumulation Units under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the BlackRock UK Equity Tracker Fund +5.2% N/A§ +55.1%† Sourcebook”). The Fund was established and authorised by the FCA on 21 June 2005. The Fund was FTSE All-Share Index* +5.7% N/A§ +58.7% previously known as Merrill Lynch UK Equity Tracker Fund. It adopted its present name with effect TOTAL Return from 28 April 2008. (with net income reinvested) Class L Accumulation Units# BlackRock UK Equity Tracker Fund +5.5% +61.3% +91.9%† FTSE All-Share Index* +5.7% +62.8% +95.4%

All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. * Figures from FTSE. # D Accumulation class was renamed as L Accumulation class during June 2012. † Since launch figures are from 1.9.2010 and 18.8.2005 for A and L class respectively.

663 BlackRock Collective Investment Funds 664 UK Equity Tracker Fund continued

Annual performance to most recent quarter end Tracking Difference

31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 Tracking difference is defined as the difference in returns between a fund and its benchmark index. to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 Cash management, efficient portfolio management techniques including securities lending and BlackRock UK Equity transaction costs from rebalancing can have an impact on tracking difference. Tracker Fund A +0.4% +20.1% +12.3% -4.9% N/A§ BlackRock UK Equity The table below compares the realised Fund performance against the performance of the relevant Tracker Fund L# +0.8% +20.5% +12.7% -4.6% +15 .1% benchmark index during the year ended 28 February 2015. An explanation for the difference is All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is provided: calculated net of fees. Performance is shown for complete 12 month periods only. # D Accumulation class was renamed as L Accumulation class during June 2012. § Performance data does not exist for the relevant periods. A Accumulation class commenced September 2010. Fund return Benchmark return for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference Distributions Payable The Fund underperformed its benchmark index as a result of (a) the stock market A Accumulation on which the benchmark index operates The final accumulation distribution payable on 30 April 2015 is 1.6414p net per accumulation unit being closed at the Fund’s valuation (30 April 2014: 1.4182p net per accumulation unit). point. This results in a temporary mismatch on days when units are L Accumulation created or redeemed, (b) temporary The final accumulation distribution payable on 30 April 2015 is 1.9296p net per accumulation unit divergences in the calculation when the (30 April 2014: 1.6890p net per accumulation unit). Index provider calculates index values during UK bank holidays while the Fund X Income is closed and (c) income from securities The final distribution payable on 30 April 2015 is 1.5069p net per income unit (30 April 2014: 1.3743p +5.5%* +5.7% -0.2% lending activity. net per income unit). * Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. X Accumulation The final accumulation distribution payable on 30 April 2015 is 1.6216p net per accumulation unit (30 April 2014: 1.4319p net per accumulation unit).

D Accumulation The final accumulation distribution payable on 30 April 2015 is 1.9348p net per accumulation unit (30 April 2014: 1.6971p net per accumulation unit).

H Accumulation÷ The final accumulation distribution payable on 30 April 2015 is 1.1314p net per accumulation unit (30 April 2014: N/A).

÷ H Accumulation class commenced September 2014.

665 BlackRock Collective Investment Funds 666 UK Equity Tracker Fund continued UK Equity Tracker Performance Record

A Accumulation Anticipated tracking error is based on the expected volatility of differences between the returns of a 28 February 2015 5,836,942 10,466,332 179.3 fund and the returns of its benchmark index. 28 February 2014 9,477,691 16 ,172,18 6 170.6 Cash management, efficient portfolio management techniques including securities lending and 31 January 2013* 11,435,107 16,936,724 14 8 .1 transaction costs from rebalancing can have an impact on tracking error as well as the return L Accumulation differential between the Fund and the benchmark index. Importantly, these impacts can be either 28 February 2015 3,265,286,690 5,975,977,737 183.0 positive or negative depending on the underlying circumstances. 28 February 2014 2,700,660,244 4,689,355,800 173.6 The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an 31 January 2013*# 2,594,725,494 3,896,410,476 150.2 ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking X Income error is annualised and calculated using data from the preceding 36 month observation period. 28 February 2015 99,470,080 129,552,854 130.2 Anticipated Realised 28 February 2014 8 5 ,707,167 109,263,517 127.5 Tracking Error Tracking Error Explanation for difference 31 January 2013* 48,316,812 55,104,633 114.0 The Fund’s tracking error exceeded its anticipated tracking error X Accumulation due to temporary divergences in the calculation when the Index 28 February 2015 1,552,279,142 2,200,094,674 141.7 provider calculates index values during UK bank holidays while Up to 0.20%* 0.37%* the Fund is closed. 28 February 2014 1,629,693,780 2,187,381,937 134.2 31 January 2013* 260,493,028 301,775,035 115.8 * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. D Accumulation 28 February 2015 89,868,502 161,408,768 179.6 28 February 2014 40,799,789 69,496,517 170.3 31 January 2013*π 1,718,400 2,529,607 147.2 H Accumulation 28 February 2015÷ 280,879 290,078 103.3

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. # D Accumulation class was renamed as L Accumulation class during June 2012. π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced September 2014.

667 BlackRock Collective Investment Funds 668 UK Equity Tracker Performance Record continued

Income (Net Distributions/Net Accumulations) Risk and Reward Profile

A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation Lower risk Higher risk Units~ Units# Units≠ Units± Unitsπ Units÷ Typically lower rewards Typically higher rewards Calendar Year Pnce per Unit Pnce per Unit Pnce per Unit Pnce per Unit Pnce per Unit Pnce per Unit Unit Class 2015* 1.6414 1.9296 1.5069 1.6216 1.9348 1.1314 A Accumulation 1 2 3 4 5 6 7 2014 4.6496 5.2403 4.1054 4.3087 5.2232 N/A L Accumulation 1 2 3 4 5 6 7 2013 5.3603 6.0192 4.2129 4.8825 5.9887 N/A X Income 1 2 3 4 5 6 7 2012 4 .12 9 5 4.6123 N/A 2.10 07 0.0333 N/A X Accumulation 1 2 3 4 5 6 7 2011 2.6455 3.6257 N/A N/A N/A N/A D Accumulation 1 2 3 4 5 6 7 2010 N/A 3.4801 N/A N/A N/A N/A H Accumulation 1 2 3 4 5 6 7 * To 30 April. ~ A Accumulation class commenced September 2010. # D Accumulation class was renamed as L Accumulation class during June 2012. `` The risk indicator was calculated incorporating historical or simulated historical data and may not ≠ X Income class commenced August 2012. be a reliable indication of the future risk profile of each unit class. ± X Accumulation class commenced January 2012. π D Accumulation class commenced June 2012. ÷ H Accumulation class commenced September 2014. `` The risk category shown is not guaranteed and may change over time. `` The lowest category does not mean risk free. Capital (Unit Prices) `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based Units~ Units# Units≠ Units± Unitsπ Units÷ and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Fund. Price Price Price Price Price Price Price Price Price Price Price Price Calendar Year p p p p p p p p p p p p For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which 2015* 189.2 163.8 183.9 167.1 132.4 120.3 142.4 129.4 180.4 164.0 109.0 94.30 are available at www.blackrock.com. 2014 183.9 154.8 178.6 157.8 130.3 113.5 13 8 .1 122 .1 175.2 154.8 105.8 89.02 Ongoing Charges 2013 176.8 142.2 171.3 14 4 .1 127.0 110.6 132.3 111.2 168.0 141.3 N/A N/A Detailed in the following table are the charges used to meet the costs of running the Fund, which 2012 148.7 121.5 143.6 122.9 110.2 102.6 110.7 94.69 140.8 126.3 N/A N/A include the costs of marketing and distribution. These charges reduce the potential growth of your 2011 143.7 110.8 138.0 111.8 N/A N/A N/A N/A N/A N/A N/A N/A investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, 2010 13 9.1 115.5 133.4 105.5 N/A N/A N/A N/A N/A N/A N/A N/A except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective investment scheme (if any). * To 28 February. ~ A Accumulation class commenced September 2010. # D Accumulation class was renamed as L Accumulation class during June 2012. 1.3.2014 1.2.2013 ≠ X Income class commenced August 2012. Unit Class to 28.2.2015 to 28.2.2014† ± X Accumulation class commenced January 2012. π D Accumulation class commenced June 2012. A Accumulation 0.51% 0.51% ÷ H Accumulation class commenced September 2014. L Accumulation 0.21% 0.21% X Income 0.01% 0.01% X Accumulation 0.01% 0.01% D Accumulation 0.16 % 0.16 % H Accumulation÷ 0.11%* N/A

† Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ÷ H Accumulation class commenced September 2014. * Ongoing charges figure is based on annualised expenses for the period ended 28 February 2015.

669 BlackRock Collective Investment Funds 670 UK Equity Tracker Investment Report UK Equity Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 5.5%*, compared with its Nominal Value Total Net benchmark, the FTSE All-Share Index, which returned 5.7%. The Fund underperformed its benchmark Value Investment £ Assets index as a result of (a) the stock market on which the benchmark index operates being closed at EQUITIES – 99.08%; 2014 98.01% the Fund’s valuation point. This results in a temporary mismatch on days when units are created or redeemed, (b) temporary divergences in the calculation when the Index provider calculates index UNITED KINGDOM – 99.08%; 2014 98.01% values during UK bank holidays while the Fund is closed and (c) income from securities lending activity. Aerospace & Defence – 2.18%; 2014 2.03% Over the six month period to 28 February 2015, the Fund returned 4.0%* as did its benchmark. 86,012 Avon Rubber 645,520 0.01 12,292,986 BAE Systems 65,337,221 0.77 Fund Manager’s Commentary 869,536 Chemring 1,956,456 0.02 The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. 4,471,024 Cobham 15,250,663 0.18 Recovery continued apace in the US, but weak economic growth and worries about deflation in Europe 3,174,522 Meggitt 17,285,272 0.21 finally saw the European Central Bank launch a programme of spending in support of its economy 2,595,274 QinetiQ 5,177,572 0.06 (what is known as quantitative easing) that surprised many with its scale. The picture in the UK was 7,268,735 Rolls Royce 68,943,951 0.81 more nuanced, with the general picture positive but further evidence of recovery was somewhat offset 1,564,542 Senior 5,319,443 0.06 by concerns over the downward trajectory of inflation. 267,352 Ultra Electronics 4,812,336 0.06 184,728,434 2.18 UK stocks endured considerable ups and downs in the last quarter of 2014, but finished the year up by just over 5%, having been helped by the strength of small-cap and mid-cap stocks. The market more Automobiles & Parts – 0.28%; 2014 0.30% broadly was held back by its considerable exposure to mining and commodity stocks, which sold off as 6,398,688 GKN 23,368,009 0.28 the oil price slumped. Conflicting messages from the Bank of England over its interest rate policy also Banks – 10.19%; 2014 10.79% had an effect. Nevertheless, strengthening economic data suggests that the UK will follow the US in 110,406 Bank of Georgia 1,897,879 0.02 raising rates at some point. 63,249,823 Barclays 162,457,170 1.92 73,332,425 HSBC 423,348,090 4.99 The portfolio remains positioned so that its risk characteristics are similar to those of the FTSE All- 208,473,602 Lloyds Banking 164,652,451 1.94 Share Index. 613,859 Northern Rock* – 0.00 84,666 OneSavings Bank 184,572 0.00 March 2015 8,301,860 Royal Bank of Scotland 30,476,128 0.36 7,845,724 Standard Chartered 77,751,125 0.92 * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for 1,103,143 TSB Banking 2,875,894 0.04 the Fund’s class L Accumulation Units. 863,643,309 10.19 Beverages – 4.03%; 2014 3.76% 284,754 A.G. Barr 1,913,547 0.02 915,095 Britvic 7,000,477 0.08 788,370 Coca-Cola 9,160,859 0.11 9,708,168 Diageo 187,901,592 2.22 3,650,586 SABMiller 134,159,035 1.58 764,413 Stock Spirits 1,503,983 0.02 341,639,493 4.03

671 BlackRock Collective Investment Funds 672 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Chemicals – 0.69%; 2014 0.74% 506,791 TT Electronics 667,697 0.01 857,203 Alent 3,017,355 0.04 302,356 Xaar 1,160,291 0.01 231,428 Carclo 289,285 0.00 45,662 XP Power 696,346 0.01 539,639 Croda 14,726,748 0.17 39,428,158 0.47 1,762,695 Elementis 5,060,697 0.06 789,324 Johnson Matthey 26,908,055 0.32 Equity Investment Instruments – 3.31%; 2014 3.34% 920,435 Synthomer 2,688,591 0.03 2,416,532 3i Infrastructure 3,815,704 0.04 313,296 Victrex 5,911,896 0.07 621,725 Aberdeen Asian Income 1,224,798 0.01 146,672 Aberdeen Asian Smaller Companies Investment Trust 1,287,780 0.01 58,602,627 0.69 398,270 Aberdeen New Dawn Investment Trust 742,774 0.01 Construction & Materials – 0.92%; 2014 1.00% 103,990 Aberdeen New Thai Investment Trust 471,075 0.01 2,662,396 Balfour Beatty 6,669,302 0.08 326,959 Aberdeen UK Tracker Investment Trust 1,059,347 0.01 153,899 Costain 461,697 0.00 405,738 Aberforth Geared Income Trust 693,812 0.01 3,134,639 CRH 57,332,547 0.68 343,075 Aberforth Smaller Companies Investment Trust 3,749,810 0.04 312,889 Henry Boot 669,582 0.01 372,858 AcenciA Debt Strategies 388,704 0.00 282,771 Keller 2,858,815 0.03 167,237 Advance Developing 731,662 0.01 212,529 Kier 3,702,255 0.04 484,977 Alcentra European Floating Rate Income Fund 515,288 0.01 918,699 Low & Bonar 542,032 0.01 2,175,833 Alliance Trust 10,750,791 0.13 635,257 Marshalls 1,537,322 0.02 85,869 Allianz Technology Trust 498,040 0.01 120,736 Morgan Sindall 866,884 0.01 141,131 Artemis Alpha Trust 388,816 0.00 1,641,929 Norcros 270,918 0.00 246,778 Asian Total Return Investment 518,234 0.01 488,624 Polypipe 1,338,830 0.02 1,370,255 BACIT 1,616,901 0.02 573,783 Tyman 1,950,862 0.02 219,260 Baillie Gifford 710,402 0.01 78,201,046 0.92 198,717 Baillie Gifford Japan Investment Trust 844,547 0.01 412,975 Bankers Investment Trust 2,539,796 0.03 Electricity – 0.80%; 2014 0.79% 82,799 Baring Emerging Europe 427,243 0.01 1,697,668 Drax 7,014,764 0.08 11,107 BH Credit Catalysts 145,613 0.00 339,626 Infinis Energy 679,592 0.01 138,336 BH Global – GBP shares 1,776,234 0.02 3,837,636 SSE 60,366,014 0.71 177,723 BH Macro 3,805,049 0.04 68,060,370 0.80 1,488,486 Bilfinger Berger Global 1,842,001 0.02 Electronic & Electrical Equipment – 0.47%; 2014 0.57% 249,528 Biotech Growth Trust 1,856,488 0.02 93,745 Dialight 618,717 0.01 177,278 BlackRock British Smaller Companies Trust** 1,439,497 0.02 440,347 Domino Printing Sciences 3,379,663 0.04 296,962 BlackRock Commodities Income Investment Trust** 267,266 0.00 678,251 E2V Technologies 1,317,503 0.02 127,126 BlackRock Emerging Europe Investment Trust** 280,631 0.00 1,450,189 Halma 10,332,597 0.12 369,731 BlackRock Frontier Markets Investment Trust** 417,796 0.00 828,138 Hellermanntyton 2,712,152 0.03 325,722 BlackRock Greater Europe Investment Trust** 776,033 0.01 1,115,966 Morgan Advanced Materials 3,669,296 0.04 131,529 BlackRock Latin American Investment Trust** 509,017 0.01 196,462 Oxford Instruments 1,486,235 0.02 333,686 BlackRock North American Income Trust** 390,413 0.00 132,765 Renishaw 3,465,166 0.04 233,248 BlackRock Throgmorton Trust** 665,923 0.01 455,997 Spectris 9,922,495 0.12 657,923 BlackRock World Mining Trust** 2,087,590 0.02

673 BlackRock Collective Investment Funds 674 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 1,729,014 BlueCrest Allblue Fund 3,255,733 0.04 12,758 Hansa Trust 107,167 0.00 1,051,735 Bluefield Solar Income Fund 1,085,916 0.01 458,303 Henderson Diversified Income 434,242 0.01 940,942 British Assets Trust 1,279,681 0.01 62,733 Henderson Electric & General Investment Trust 540,758 0.01 512,758 British Empire Securities & General Investment Trust 2,707,362 0.03 54,784 Henderson European Investment Trust (GB Line) 566,467 0.01 96,646 Brunner Investment Trust 526,721 0.01 320,594 Henderson Far East Income 1,064,372 0.01 112,645 Caledonia Investments 2,602,099 0.03 127,424 Henderson Global Investment Trust 508,422 0.01 69,652 Candover Investments 240,996 0.00 289,371 Henderson High Income Investment Trust 535,336 0.01 8,337 Capital Gearing 269,285 0.00 278,654 Henderson Smaller Companies Investment Trust 1,612,013 0.02 232,049 City Merchants High Yield Trust 440,313 0.01 140,117 Henderson Value Trust 305,455 0.00 214,600 City Natural Resources High Yield Trust 218,892 0.00 301,052 Herald Investment Trust 2,039,627 0.02 1,142,314 City of London Investment Trust 4,573,825 0.05 117,706 HG Capital Investment Trust 1,290,058 0.01 489,700 Custodian REIT 523,979 0.01 5,042,039 HICL Infrastructure 7,835,329 0.09 953,642 CVC Credit Partners 977,483 0.01 141,091 ICG-Longbow Senior Secured UK Property Debt 549,460 Dexion Absolute 1,000,017 0.01 Investments 148,146 0.00 1,281,204 Diverse Income Trust 1,034,572 0.01 918,800 Impax Environmental Markets 1,401,170 0.02 74,554 Dunedin Enterprise 257,211 0.00 193,153 International Biotech Trust 953,210 0.01 485,595 Dunedin Income Growth Investment Trust 1,284,399 0.01 3,271,407 International Public Partnership 4,494,913 0.05 151,135 Dunedin Smaller Companies Investment Trust 289,424 0.00 307,227 Invesco Asia Investment Trust 586,804 0.01 673,333 Ecofin Water & Power Opportunities 999,900 0.01 186,621 Invesco Income & Growth Investment Trust 534,203 0.01 685,754 Edinburgh Dragon Investment Trust 1,921,826 0.02 170,686 Invesco Perpetual UK Smaller Companies Investment 757,505 Edinburgh Investment Trust 5,139,671 0.06 Trust 577,345 0.01 157,408 Edinburgh Worldwide Investment Trust 687,086 0.01 361,528 John Laing Environmental Assets 384,123 0.00 131,315 Electra Investment Trust 4,116,725 0.05 3,079,883 John Laing Infastructure Fund 3,886,812 0.05 123,695 Electrical & General Investment Trust* – 0.00 1,079,771 JP Morgan American Investment Trust 3,115,139 0.04 158,160 EP Global Opportunities Trust 390,655 0.00 444,850 JP Morgan Emerging Markets Investment Trust 2,724,706 0.03 134,178 Euro Investment Trust 1,047,930 0.01 251,281 JP Morgan Fleming Asian Investment Trust 595,536 0.01 278,302 F&C Capital & Income Investment Trust 740,283 0.01 243,534 JP Morgan Fleming China Investment Trust 450,538 0.01 179,371 F&C Global Small Companies 1,699,540 0.02 175,241 JP Morgan Fleming Claverhouse Investment Trust 1,072,475 0.01 2,137,025 F&C Investment Trust 9,744,834 0.11 520,274 JP Morgan Fleming Japan Investment Trust 1,350,111 0.02 226,243 F&C Private Equity Trust 510,178 0.01 77,707 JP Morgan Fleming Mid Cap Investment Trust 636,032 0.01 192,894 Fidelity Asian Values Investment Trust 475,484 0.01 82,202 JP Morgan Fleming Overseas Investment Trust 894,358 0.01 2,478,039 Fidelity China Special Situations Investment Trust 3,285,880 0.04 59,136 JP Morgan Fleming Small Companies Investment Trust 450,616 0.01 1,545,504 Fidelity European Values 2,679,904 0.03 575,770 JP Morgan Global Convertibles Income Fund 597,361 0.01 39,063 Fidelity Japanese Values 879 0.00 369,220 JP Morgan Indian Investment Trust 2,102,708 0.02 197,859 Fidelity Japanese Values Investment Trust 150,373 0.00 125,695 JP Morgan Japan Smaller Companies Investment Trust 280,300 0.00 196,056 Fidelity Special Values Investment Trust 1,752,741 0.02 11,827 JP Morgan Smaller Companies Investment Trust 4,021 0.00 344,078 Finsbury Growth & Income Trust 2,019,738 0.02 597,579 JPMorgan Euro Smaller Companies Trust 1,328,119 0.02 58,518 Fundsmith Emerging Equities Trust 617,365 0.01 201,475 JPMorgan European Investment Trust 263,932 0.00 2,010,391 GCP Infrastructure Investments Fund 2,342,106 0.03 316,386 JPMorgan European Investment Trust 745,089 0.01 522,151 Genesis Emerging Markets Fund 2,759,568 0.03 1,077,767 JPMorgan Global Emerging Markets Income Trust 1,309,487 0.02 262,021 Graphite Enterprise Investment Trust 1,490,899 0.02 25,138 JPMorgan Japan Smaller Companies Trust 4,148 0.00 1,378,488 Greencoat UK Wind 1,443,966 0.02 173,167 JPMorgan Russian Securities 545,476 0.01

675 BlackRock Collective Investment Funds 676 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 276,882 Jupiter 1,407,945 0.02 115,658 Schroder UK Mid & Small Cap Fund 523,931 0.01 67,292 Jupiter US Smaller Companies 446,819 0.01 422,301 Scottish American Investment Trust 1,015,634 0.01 42,373 Keystone Investment Trust 756,358 0.01 388,185 Scottish Investment Trust 2,430,038 0.03 422,483 Law Debenture 2,258,172 0.03 4,814,486 Scottish Mortgage Investment Trust 12,426,188 0.15 343,201 LMS Capital 257,401 0.00 96,393 Scottish Oriental Small Companies Trust 813,557 0.01 75,520 London & St Lawrence Investment 282,445 0.00 320,599 Securities Trust of Scotland 445,633 0.01 84,255 Lowland Investment Company 1,139,128 0.01 94,390 Shires Income Trust 239,279 0.00 90,713 Majedie Investment Trust 214,990 0.00 116,624 Standard Life Equity Income Trust 483,990 0.01 335,992 Martin Currie Global Portfolio Investment Trust 621,585 0.01 261,336 Standard Life European Private Equity Trust 525,285 0.01 119,997 Martin Currie Pacific Investment Trust 369,591 0.00 207,522 Standard Life UK Smaller Companies Trust 590,919 0.01 383,206 Mercantile Investment Trust 5,997,174 0.07 734,799 Starwood European Real Estate Finance 767,865 0.01 388,011 Merchants Investment Trust 1,866,333 0.02 252,158 Temple Bar Investment Trust 2,988,072 0.04 252,759 Middlefield Canadian Income Trust 237,593 0.00 1,223,281 Templeton Emerging Markets Investment Trust 6,948,236 0.08 820,352 Monks Investment Trust 3,386,413 0.04 159,977 TR European Growth Investment Trust 907,869 0.01 29,697 Montanaro European Smaller Companies Fund 143,733 0.00 1,172,258 TR Property Investment Trust 3,727,780 0.04 101,393 Montanaro UK Smaller Companies 466,408 0.01 715,753 Troy Income and Growth Trust 504,606 0.01 238,304 Murray Income Trust 1,857,580 0.02 1,240,325 Twenty Four Income Fund 1,547,305 0.02 468,208 Murray International Trust 4,864,681 0.06 380,392 TwentyFour Select Monthly Income Fund 372,784 0.00 4,666,202 NB Global Floating Rate Income Fund 4,465,555 0.05 898,682 Utilico Emerging Markets 1,671,549 0.02 943,146 New City High Yield Fund 577,677 0.01 123,467 Value & Income Investment Trust 313,915 0.00 189,606 New India Investment Trust 671,205 0.01 802,118 Witan Investment Trust 6,312,669 0.07 690,933 NextEnergy Solar Fund 713,388 0.01 212,563 Witan Pacific Investment Trust 513,340 0.01 100,470 North American Income Trust 862,033 0.01 172,673 Worldwide Healthcare Trust 3,237,619 0.04 32,042 North Atlantic Smaller Investment Trust 599,185 0.01 280,123,003 3.31 60,398 P2P Global Investments 703,033 0.01 371,915 Pacific Assets Investment Trust 747,549 0.01 Financial Services – 2.81%; 2014 2.21% 213,312 Pacific Horizon Investment Trust 402,093 0.00 3,763,789 3i 18,570,535 0.22 115,430 Pantheon International Partners 1,490,201 0.02 3,824,550 Aberdeen Asset Management 17,921,841 0.21 903,559 Perpetual Income & Growth Investment Trust 3,697,363 0.04 539,581 Arrow Global 1,319,276 0.02 5,829 Personal Assets Trust 2,066,381 0.02 1,653,463 Ashmore 5,061,250 0.06 449,680 Polar Capital 754,338 0.01 979,712 Brewin Dolphin 3,090,991 0.04 452,321 Polar Capital Global Financials Trust 452,321 0.01 385,146 Brit 1,172,770 0.01 489,366 Polar Capital Technology Trust 2,853,004 0.03 71,088 City of London Investment 245,787 0.00 1,532,491 Renewables Infrastructure 1,563,141 0.02 599,970 Close Brothers 9,845,508 0.12 479,690 RIT Capital Partners 7,300,882 0.09 813,441 Foresight Solar Fund 843,945 0.01 178,481 Riverstone Energy 1,694,677 0.02 870,956 Hargreaves Lansdown 9,833,093 0.12 516,895 Ruffer Investment Red preference shares 1,157,845 0.01 4,213,493 Henderson 11,022,498 0.13 607,582 Schroder Asia Pacific Fund 1,786,291 0.02 2,148,617 ICAP 11,505,844 0.14 220,817 Schroder Income Growth Fund 606,143 0.01 1,459,982 IG 10,672,468 0.13 383,726 Schroder Japan Growth Fund 545,850 0.01 1,104,619 IMI 15,254,788 0.18 780,241 Schroder Oriental Income Fund 1,583,889 0.02 1,580,758 Intermediate Capital 7,755,199 0.09 516,662 Schroder UK Growth Fund 849,909 0.01 950,625 International Personal Finance 4,108,601 0.05 2,036,195 Investec 11,769,207 0.14

677 BlackRock Collective Investment Funds 678 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 1,782,296 IP 4,420,094 0.05 523,309 Devro 1,528,062 0.02 1,746,235 Jupiter Fund Management 7,287,039 0.09 1,667,233 Greencore 5,643,584 0.07 128,976 Liontrust 368,226 0.00 149,030 Hilton Food 596,120 0.01 992,752 London Stock Exchange 24,610,322 0.29 2,972,285 Premier Foods 1,292,944 0.02 6,352,842 Man 12,165,692 0.14 1,887,268 Tate & Lyle 11,238,681 0.13 1,238,607 Paragon 5,322,294 0.06 4,658,227 Unilever 133,504,786 1.57 580,970 Provident Financial 15,947,627 0.19 202,155,927 2.38 176,432 Rathbone Brothers 3,959,134 0.05 269,536 Real Estate Credit Investments 471,014 0.00 Forestry & Paper – 0.23%; 2014 0.18% 10,160 S&U 211,328 0.00 1,466,632 Mondi 19,491,539 0.23 447,691 Schroders voting shares 13,744,114 0.16 Gas, Water & Multiutilities – 2.76%; 2014 2.82% 883,844 SQN Asset Finance Income 941,294 0.01 19,344,107 Centrica 47,238,309 0.56 820,771 SVG Capital 4,034,910 0.05 14,558,274 National Grid 129,073,657 1.52 1,840,775 Tritax Big Box Reit 2,084,678 0.02 1,601,622 Pennon 13,621,795 0.16 858,511 Tullett Prebon 2,990,194 0.03 929,734 Severn Trent 18,882,898 0.23 238,551,561 2.81 2,621,703 United Utilities 24,801,310 0.29 Fixed Line Telecommunications – 1.91%; 2014 1.75% 233,617,969 2.76 31,368,429 BT 142,945,931 1.68 General Industrials – 0.69%; 2014 0.64% 10,811,006 Cable & Wireless 6,302,817 0.07 78,335 British Polythene 542,470 0.01 1,020,136 Colt Telecom 1,527,144 0.02 3,762,490 DS Smith 13,800,813 0.16 1,632,880 KCOM 1,494,085 0.02 398,198 Exova 585,351 0.01 2,225,276 Talktalk Telecom 7,539,235 0.09 2,770,604 Rexam 15,404,558 0.18 234,059 Telecom Plus 2,443,576 0.03 932,545 RPC 5,460,051 0.06 162,252,788 1.91 1,511,764 Smiths 17,460,874 0.21 1,028,645 Vesuvius 4,917,952 0.06 Food & Drug Retailers – 1.56%; 2014 2.01% 50,098 Volution 70,012 0.00 6,262,623 Booker 10,051,510 0.12 377,943 Greggs 3,310,781 0.04 58,242,081 0.69 5,529,608 J Sainsbury 15,035,004 0.18 General Retailers – 2.32%; 2014 2.14% 259,258 McColl’s Retail 453,702 0.00 44,896 AA 169,258 0.00 1,764,913 Ocado 6,501,939 0.08 693,133 Card Factory 1,974,736 0.02 1,220,285 SSP 3,498,557 0.04 161,004 Carpetright 756,719 0.01 31,522,234 Tesco 77,324,040 0.91 1,692,854 Darty 1,146,909 0.01 8,400,550 Wm Morrison Supermarkets 16,439,876 0.19 4,753,378 Debenhams 3,866,873 0.05 132,615,409 1.56 185,305 Dignity 3,581,946 0.04 3,654,782 Dixons Carphone 16,099,315 0.19 Food Producers – 2.38%; 2014 2.19% 355,987 Dunelm 3,262,621 0.04 65,560 Angle-Eastern Plantations 403,194 0.00 269,793 Findel 658,969 0.01 1,355,445 Associated British Foods 42,357,656 0.50 325,904 Game Digital 855,498 0.01 226,116 Carr’s Milling 306,387 0.00 738,275 Halfords 3,284,585 0.04 165,567 Cranswick 2,365,952 0.03 3,132,036 Home Retail 6,339,241 0.07 587,472 Dairy Crest 2,918,561 0.03 1,801,744 Inchcape 13,251,827 0.16

679 BlackRock Collective Investment Funds 680 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 185,688 JD Sports Fashion 904,486 0.01 1,222,186 Persimmon 21,559,361 0.26 965,376 Just Eat 3,469,561 0.04 2,490,117 Reckitt Benckiser 145,920,856 1.72 9,308,278 Kingfisher 34,012,448 0.40 795,020 Redrow 2,891,488 0.03 793,575 Laura Ashley 230,137 0.00 12,765,160 Taylor Wimpey 18,432,891 0.22 917,279 Lookers 1,408,023 0.02 246,507,156 2.91 6,445,679 Marks & Spencer 32,518,451 0.38 313,074 Moss Bros 312,291 0.00 Industrial Engineering – 0.67%; 2014 1.06% 467,503 Mothercare 888,256 0.01 738,140 Bodycote 5,698,441 0.07 573,307 N Brown 2,571,855 0.03 741,354 Fenner 1,625,419 0.02 565,972 Next 42,391,303 0.50 8,551 Goodwin 239,428 0.00 4,361,705 Pendragon 1,722,873 0.02 243,551 Hill & Smith 1,400,418 0.02 797,560 Pets at Home 1,898,193 0.02 3,929,701 Melrose 11,785,173 0.14 549,401 Poundland 2,114,644 0.03 4,231,986 Melrose class ‘B’ shares 791,381 0.01 1,178,661 Saga 2,164,022 0.03 152,716 Porvair 450,512 0.01 1,022,867 Sports Direct International 7,052,668 0.08 617,503 Renold 359,696 0.00 457,435 Topps Tiles 539,773 0.01 332,275 Rotork 8,154,029 0.10 460,872 WH Smith 6,184,902 0.07 936,497 Severfield-Rowen 639,159 0.01 696,506 Zoopla Property 1,280,875 0.02 292,644 Spirax-Sarco Engineering 9,399,725 0.11 400,800 Trifast 422,844 0.00 196,913,258 2.32 118,539 Vitec 752,723 0.01 Healthcare Equipment & Services – 0.75%; 2014 0.49% 857,956 Weir 14,619,570 0.17 181,280 Al Noor Hospitals 1,685,904 0.02 56,338,518 0.67 325,730 Cambian 661,232 0.01 155,452 Consort 1,370,309 0.01 Industrial Metals & Mining – 0.05%; 2014 0.08% 3,008,639 Indivior 5,256,092 0.06 2,019,004 Evraz 3,971,381 0.05 255,002 NMC Health 1,496,862 0.02 478,584 Ferrexpo 312,276 0.00 228,513 Optos 780,372 0.01 4,283,657 0.05 3,503,974 Smith & Nephew 41,557,132 0.49 Industrial Transportation – 0.27%; 2014 0.35% 659,840 Spire Healthcare 2,078,496 0.02 1,834,380 BBA Aviation 6,354,292 0.08 227,004 Synergy Healthcare 4,832,915 0.06 56,412 Braemar Shipping Services 259,495 0.00 882,394 UDG Healthcare 4,111,074 0.05 97,325 Clarkson 1,951,366 0.02 63,830,388 0.75 129,948 James Fisher & Sons 1,525,590 0.02 Household Goods & Home Construction – 2.91%; 2014 2.48% 2,461,691 Royal Mail 10,348,949 0.12 208,822 Aga Rangemaster 219,263 0.00 971,589 Stobart 1,051,745 0.01 3,959,354 Barratt Developments 20,390,673 0.24 64,260 UK Mail 343,791 0.01 473,696 Bellway 9,426,550 0.11 343,910 Wincanton 593,245 0.01 511,290 Berkeley 13,375,346 0.16 22,428,473 0.27 531,525 Bovis Homes 5,137,189 0.06 Leisure Goods – 0.02%; 2014 0.08% 857,792 Crest Nicholson 3,788,867 0.05 99,721 Games Workshop 510,572 0.01 302,611 Galliford Try 4,530,087 0.05 741,110 Photo-Me 1,104,254 0.01 579,310 McBride 553,241 0.01 1,614,826 0.02 78,151 MJ Gleeson 281,344 0.00

681 BlackRock Collective Investment Funds 682 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Life Insurance – 4.97%; 2014 4.36% Mining – 6.23%; 2014 7.07% 11,452,125 Aviva 61,669,693 0.73 605,609 African Barrick Gold 1,666,636 0.02 367,562 Chesnara 1,332,412 0.02 5,078,853 Anglo American 61,454,121 0.72 5,286,752 Friends Life 21,733,837 0.26 354,415 Anglo Pacific 326,948 0.00 131,222 Hansard Global 111,539 0.00 1,463,061 Antofagasta 11,221,678 0.13 659,224 Just Retirement 1,159,575 0.01 4,017,880 Aquarius Platinum 502,235 0.01 23,085,310 Legal & General 64,523,441 0.76 8,161,271 BHP Billiton 131,926,946 1.56 19,132,891 Old Mutual 43,068,138 0.51 4,208,591 Centamin 2,769,253 0.03 591,239 Partnership Assurance 843,994 0.01 699,071 Fresnillo 5,739,373 0.07 933,702 Phoenix 8,011,163 0.10 344,494 Gem Diamonds 523,631 0.01 9,844,293 Prudential 160,363,533 1.89 41,239,313 Glencore Xstrata 123,821,037 1.46 2,000,364 St. James’s Place Capital 18,953,449 0.22 575,633 Hochschild Mining 505,118 0.01 9,192,009 Standard Life 39,130,382 0.46 1,021,103 Kazakhmys 2,584,412 0.03 420,901,156 4.97 8,307,799 Kenmare Resources 316,527 0.00 1,763,391 Lonmin 2,772,051 0.03 Media – 3.53%; 2014 2.26% 1,507,615 Petra Diamonds 2,828,286 0.03 81,464 4imprint 742,544 0.01 918,095 Polymetal International 5,219,370 0.06 226,147 Bloomsbury Publishing 333,567 0.00 353,254 Randgold Resources 18,298,557 0.22 4,031,787 British Sky Broadcasting 40,156,599 0.47 4,814,374 Rio Tinto 153,674,818 1.81 391,433 Centaur Media 251,496 0.00 391,971 Vedanta Resources 2,324,388 0.03 218,945 Chime Communications 580,204 0.01 528,475,385 6.23 872,692 Entertainment One 2,618,076 0.03 118,690 Euromoney Institutional Investor 1,236,750 0.01 Mobile Telecommunications – 2.89%; 2014 4.04% 733,758 Huntsworth 295,338 0.00 1,725,024 Inmarsat 15,102,585 0.18 2,485,940 Informa 13,747,248 0.16 102,306,042 Vodafone 229,523,605 2.71 922,275 ITE 1,574,785 0.02 244,626,190 2.89 14,696,703 ITV 33,111,672 0.39 279,447 Johnston Press 463,183 0.01 Non-Life Insurance – 1.13%; 2014 1.00% 1,742,622 Moneysupermarket.com 4,769,556 0.06 775,433 Admiral 11,429,882 0.13 3,181,313 Pearson 45,174,645 0.53 1,959,373 Amlin 10,365,083 0.12 4,472,371 Reed Elsevier 49,956,384 0.59 2,042,351 Beazley 5,904,437 0.07 384,592 Rightmove 11,641,600 0.14 1,429,891 Catlin 9,780,454 0.12 125,737 STV 480,001 0.01 5,768,639 Direct Line Insurance 18,880,755 0.22 249,679 Tarsus 530,568 0.01 949,560 eSure 2,275,146 0.03 926,155 Trinity Mirror 1,868,518 0.02 1,214,585 Hiscox 9,607,367 0.11 1,820,594 UBM 9,876,722 0.12 447,399 Jardine Lloyd Thompson 4,288,319 0.05 236,861 UTV Media 437,601 0.01 720,920 Lancashire 4,956,325 0.06 5,153,941 WPP 79,112,994 0.93 194,692 Novae 1,253,816 0.02 3,876,632 RSA Insurance 16,626,875 0.20 298,960,051 3.53 95,368,459 1.13

683 BlackRock Collective Investment Funds 684 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Oil & Gas Producers – 11.81%; 2014 13.57% 2,272,423 Shire 119,756,692 1.41 4,491,972 Afren 386,534 0.00 389,123 Skyepharma 1,196,553 0.01 13,152,762 BG 126,003,460 1.49 1,321,792 Vectura 1,939,730 0.02 70,197,512 BP 314,484,854 3.71 659,886,289 7.78 2,313,219 Cairn Energy 4,688,895 0.06 3,002,503 Enquest 1,253,545 0.01 Real Estate Investment & Services – 0.62%; 2014 0.52% 448,677 Exillon Energy 611,322 0.01 2,968,440 Capital & Counties Properties 11,992,498 0.14 215,362 Hardy Oil & Gas 103,374 0.00 1,529,321 Capital & Regional 791,424 0.01 170,764 Nostrum Oil & Gas 1,033,122 0.01 52,468 CLS 858,376 0.01 1,975,304 Ophir Energy 2,749,623 0.03 598,188 Countrywide 3,158,433 0.04 2,083,408 Premier Oil 3,510,542 0.04 15,476 Daejan 924,691 0.01 15,145,449 Royal Dutch Shell class ‘A’ shares 320,780,610 3.78 389,086 Development Securities 973,688 0.01 9,449,576 Royal Dutch Shell class ‘B’ shares 208,410,399 2.46 1,834,446 F&C Commercial Property Trust 2,625,092 0.03 1,009,597 Salamander Energy 802,630 0.01 666,200 F&C UK Real Estate Investment Trust 671,197 0.01 891,205 SOCO International 2,498,048 0.03 963,806 Foxtons 1,944,479 0.02 3,663,209 Tullow Oil 14,176,619 0.17 1,535,486 Grainger Trust 3,224,521 0.04 331,737 Helical Bar 1,326,119 0.02 1,001,493,577 11.81 433,040 Kennedy Wilson Europe Real Estate 4,663,841 0.05 Oil Equipment, Services & Distribution – 0.28%; 2014 0.57% 270,147 LSL Property Services 844,209 0.01 382,439 Cape 899,688 0.01 265,562 Macau Property Opportunities Fund 584,236 0.01 479,577 Gulf Marine Services 551,514 0.01 945,233 MedicX Fund 791,633 0.01 534,055 Hunting 2,553,317 0.03 5,758 Mountview Estates 702,476 0.01 1,475,091 John Wood 9,809,355 0.11 1,104,222 Picton Property Income 786,758 0.01 730,195 Lamprell 792,262 0.01 1,781,804 Quintain Estates & Development 1,710,532 0.02 1,023,516 Petrofac 9,001,823 0.11 1,654,112 Raven Russia 719,539 0.01 23,607,959 0.28 452,355 Savills 3,290,883 0.04 2,028,642 Schroder Real Estate 1,232,400 0.01 Personal Goods – 0.47%; 2014 0.40% 604,338 St. Modwen Properties 2,929,226 0.03 1,713,787 Burberry 32,082,093 0.38 548,655 Standard Life Investment Property Trust 449,897 0.01 426,949 Jimmy Choo 745,026 0.01 1,361,179 UK Commercial Property Trust 1,212,130 0.01 1,075,683 PZ Cussons 3,631,506 0.04 730,027 Unite 4,007,848 0.05 125,969 SuperGroup 1,226,308 0.01 52,416,126 0.62 89,402 Ted Baker 2,291,373 0.03 39,976,306 0.47 Real Estate Investment Trusts – 2.03%; 2014 1.71% 148,069 A&J Mucklow 716,654 0.01 Pharmaceuticals and Biotechnology – 7.78%; 2014 7.32% 3,841,385 Assura 2,035,934 0.02 4,860,039 AstraZeneca 217,219,443 2.56 549,318 Big Yellow 3,460,703 0.04 1,463,567 BTG 11,101,156 0.13 3,974,470 British Land 32,908,612 0.39 266,941 Circassia Pharmaceuticals 699,385 0.01 356,340 Derwent London 11,937,390 0.14 343,169 Dechra Pharmaceuticals 3,200,051 0.04 1,324,032 Great Portland Estates 10,585,636 0.12 215,471 Genus 2,936,870 0.04 3,040,624 Hammerson 20,539,415 0.24 18,715,505 GlaxoSmithKline 288,405,932 3.40 2,678,460 Hansteen 3,157,904 0.04 543,744 Hikma Pharmaceuticals 13,430,477 0.16 3,649,216 Intu Properties 12,896,329 0.15

685 BlackRock Collective Investment Funds 686 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 3,079,284 Land Securities 38,675,807 0.46 745,459 Connect 1,161,052 0.01 2,470,511 London & Stamford Property 3,987,405 0.05 335,669 DCC 12,970,250 0.15 243,223 McKay Securities 606,233 0.01 431,178 De La Rue 2,490,053 0.03 347,026 Primary Health 1,334,315 0.02 417,580 Diploma 3,323,937 0.04 3,153,519 Redefine International 1,765,971 0.02 1,629,806 Electrocomponents 3,654,025 0.04 767,436 Safestore 2,146,902 0.03 1,011,671 Essentra 10,288,694 0.12 2,905,961 Segro 12,510,162 0.15 3,814,968 Experian 45,703,317 0.54 1,057,815 Shaftesbury 8,584,169 0.10 5,992,768 G4S 17,858,449 0.21 70,287 Town Centre Securities 203,832 0.00 803,587 Grafton 6,018,867 0.07 433,034 Workspace 3,721,927 0.04 5,750,134 Hays 8,797,705 0.10 171,775,300 2.03 770,515 Hogg Robinson 381,405 0.01 998,579 HomeServe 3,366,210 0.04 Software & Computer Services – 0.62%; 2014 0.62% 2,416,305 Howden Joinery 11,206,823 0.13 232,230 Allied Minds 1,378,285 0.02 541,123 Interserve 3,395,547 0.04 1,079,012 Anite 976,506 0.01 622,768 Intertek 15,756,030 0.19 651,158 AO World 1,168,829 0.01 154,790 John Menzies 597,876 0.01 255,544 AVEVA 4,073,371 0.05 524,185 Lavendon 901,598 0.01 224,085 Computacenter 1,657,109 0.02 1,109,948 Management Consulting 158,168 0.00 253,964 Computacenter 182,600 0.00 363,208 Mears 1,592,667 0.02 256,508 FDM 861,867 0.01 1,151,699 Michael Page International 5,770,012 0.07 149,186 Fidessa 3,458,131 0.04 1,361,426 Mitie 4,116,952 0.05 3,381,920 Innovation 938,483 0.01 518,797 Northgate 3,224,323 0.04 212,950 Kofax 941,239 0.01 211,841 PayPoint 1,819,714 0.02 638,734 Micro Focus International 6,917,489 0.08 1,530,824 Premier Farnell 2,643,733 0.03 622,051 NCC 1,416,721 0.02 2,436,308 Regus 5,761,868 0.07 269,355 RM 390,565 0.00 7,031,513 Rentokil Initial 9,499,574 0.11 4,109,157 Sage 19,904,757 0.24 165,416 Ricardo 1,202,574 0.01 255,677 SDL 1,127,536 0.01 209,644 Robert Walters 746,333 0.01 243,774 Servelec 726,447 0.01 695,329 RPS 1,840,536 0.02 773,618 Telecity 7,152,098 0.08 2,297,311 Serco 5,106,922 0.06 53,272,033 0.62 1,321,795 Shanks 1,407,712 0.02 Support Services – 4.84%; 2014 4.33% 2,185,780 SIG 4,325,659 0.05 932,086 Aggreko 15,910,708 0.19 1,644,740 Speedy Hire 1,250,002 0.02 1,570,500 AMEC 13,828,253 0.16 376,787 St. Ives 708,360 0.01 1,998,112 Ashtead 23,757,552 0.28 362,704 SThree 1,197,830 0.01 1,928,088 Babcock International 19,473,689 0.23 959,412 Travis Perkins 19,341,746 0.23 661,233 Berendsen 7,273,563 0.09 298,451 Tribal 532,735 0.01 374,555 Brammer 1,329,670 0.02 52,332 Vp 329,692 0.00 1,291,754 Bunzl 24,491,656 0.29 1,017,508 Wolseley 40,405,243 0.48 2,585,765 Capita 30,718,888 0.36 386,594 WS Atkins 5,277,008 0.06 1,641,494 Carillion 5,924,152 0.07 756,879 Xchanging 1,088,014 0.01 118,157 Charles Taylor Consulting 304,845 0.00 410,469,625 4.84 412,929 Communisis 237,434 0.00

687 BlackRock Collective Investment Funds 688 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure – Derivatives Value Total Value Investment £ Assets Value Investment £ £ Net Assets Technology Hardware & Equipment – 0.96%; 2014 0.82% 780,311 Restaurant Group 5,754,794 0.07 5,434,260 ARM 62,928,731 0.74 2,859,000 Spirit Pub 3,402,210 0.04 958,842 BATM Advanced Communications 143,826 0.00 305,845 Sportech 207,975 0.00 651,942 CSR 5,649,077 0.07 1,664,925 Stagecoach 5,620,787 0.07 857,753 Imagination Technologies 2,200,136 0.03 5,777,832 Thomas Cook 7,228,068 0.08 1,068,582 Laird 3,741,106 0.04 1,523,657 TUI 17,918,206 0.21 1,186,524 Pace 3,966,550 0.05 707,135 Whitbread 37,159,944 0.44 195,169 Sepura 289,826 0.00 3,546,888 William Hill 13,396,596 0.16 2,596,060 Spirent Communications 2,394,865 0.03 349,431,719 4.12 81,314,117 0.96 DERIVATIVES – 0.04%; 2014 0.04% Tobacco – 4.60%; 2014 3.97% Forward Currency Contracts – 0.00%; 2014 0.00% 7,176,279 British American Tobacco 271,406,872 3.20 £12,091,132 UK sterling vs US dollar 11,971,011 118,519 0.00 3,722,850 Imperial Tobacco 118,870,601 1.40 Futures – 0.04%; 2014 0.04% 390,277,473 4.60 1,165 FTSE 100 Index March 2015 80,618,000 3,761,727 0.04 Travel & Leisure – 4.12%; 2014 3.65% 528,646 888.com 845,834 0.01 Portfolio of investments 8,402,770,010 99.12 331,286 Betfair 5,771,002 0.07 Net other assets 75,020,433 0.88 2,696,302 Bwin.Party Digital Entertainment 2,298,597 0.03 Total net assets £8,477,790,443 100.00 701,956 Carnival 20,511,154 0.24 Unless otherwise stated, all holdings are quoted in ordinary shares and are listed on a recognised exchange. 741,255 Cineworld 3,351,955 0.04 Note: comparative figures show percentages for each category of holding at 28 February 2014. 6,469,124 Compass 74,524,308 0.88 * Delisted. ** Managed by a related party. The Fund will not be subject to any initial subscription or redemption fees on its investment into an 552,264 Domino’s Pizza 3,990,107 0.05 underlying fund managed by a related party. The Fund may indirectly incur management charges by investing in an underlying fund. The Fund invests, where possible, in a share class of an underlying fund that is not subject to management charges. Alternatively, where this 966,411 easyJet 16,728,574 0.20 is not possible, the Manager will rebate management charges to the Fund. 2,039,429 Enterprise Inns 2,135,282 0.02 Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. 4,501,122 FirstGroup 4,739,681 0.06 758,012 Flybe 454,807 0.01 97,380 Fuller, Smith & Turner class ‘A’ shares 988,407 0.01 164,835 Go-Ahead 4,295,600 0.05 900,320 Greene King 7,850,790 0.09 908,798 InterContinental Hotels 24,083,147 0.28 7,962,268 International Consolidated Airline 46,181,154 0.54 341,037 J D Wetherspoon 2,789,683 0.03 3,819,118 Ladbrokes 4,533,293 0.05 2,337,763 Marston’s 3,562,751 0.04 2,305,383 Merlin Entertainments 9,705,662 0.11 583,767 Millennium & Copthorne Hotels 3,309,959 0.04 924,914 Mitchells & Butlers 4,307,325 0.05 1,685,427 National Express 4,778,186 0.06 739,585 Playtech 5,672,617 0.07 838,542 Punch Taverns 733,724 0.01 318,904 Rank 599,540 0.01

689 BlackRock Collective Investment Funds 690 UK Equity Tracker Statement of Total Return UK Equity Tracker Balance Sheet for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 8,402,770,010 6,933,442,486 Income – Debtors 7 34,951,892 101,113,995 Net capital gains during the – Cash and bank balances 8 47,877,000 62,499,286 year/period 2 156,413,397 677,199,723 Total other assets 82,828,892 163,613,281 Revenue 3 262,838,299 218,024,894 Total assets 8,485,598,902 7,097,055,767 Expenses 4 (11,465,768) (10,058,705) Liabilities: Finance costs: Interest 6 (25,040) (3,945) – Creditors 9 (5,790,221) (24,207,898) Net revenue before taxation 251,347,491 207,962,244 – Amount held at futures Taxation 5 (221,779) (363,785) clearing houses and brokers (519,304) – Net revenue after taxation – Distribution payable on for the year/period 251,125,712 207,598,459 income units (1,498,934) (1,177,912) Total return before distributions 407,539,109 884,798,182 Total other liabilities (7,808,459) (25,385,810) Finance costs: Distributions 6 (246,394,252) (196,651,136) Total liabilities (7,808,459) (25,385,810) Change in net assets Net assets attributable attributable to unitholders to unitholders £8,477,790,443 £7,071,669,957 from investment activities £161,144,857 £688,147,046

UK Equity Tracker Statement of Change in Net Assets N C D Hall (Director) Attributable to Unitholders E E Tracey (Director) for the year ended 28 February 2015 BlackRock Fund Managers Limited 30 April 2015 For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 7,071,669,957 4,272,756,475 Amounts received on creation of units 1,930,242,387 2,553,309,177 Amounts paid on cancellation of units (941,545,586) (658,879,047) 988,696,801 1,894,430,130

Stamp duty reserve tax (853,615) (2,632,070) Change in net assets attributable to unitholders from investment activities 161,144,857 688,147,046 Retained distribution on accumulation units 257,132,443 218,968,376 Closing net assets attributable to unitholders £8,477,790,443 £7,071,669,957

691 BlackRock Collective Investment Funds 692 UK Equity Tracker Notes to Financial Statements for the year ended 28 February 2015

1. Accounting and Distribution Policies 4. Expenses Please see pages 6-8 of the Aggregated Notes to Financial Statements. For the period For the year from 1.2.2013 2. Net Capital Gains During the Year/Period to 28.2.2015 to 28.2.2014 £ £ For the period For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 10,668,019 9,389,192 £ £ – Registrar’s fees 9,092 11,128 The net capital gains comprise: 10,677,111 9,400,320 Gains on non-derivative securities 146,980,221 668,142,851 Payable to the Trustee or associates of the Trustee: Gains on derivative contracts 10,329,773 8,393,339 – Trustee’s fees 594,675 473,965 (Losses)/gains on forward currency contracts (846,809) 760,203 594,675 473,965 Currency losses (86,016) (168,019) Other expenses: Manager’s charge rebates 53,406 95,582 – Audit fee 6,690 5,925 Custodian transaction costs (17,178) (24,233) – FCA fee 153 165 Net capital gains £156,413,397 £6 7 7,19 9,723 – Legal & professional fees 5,343 25 ,14 8 3. Revenue – Risk monitoring fees – 972 – Safe custody fees 181,796 152,210 For the period For the year from 1.2.2013 193,982 184,420 to 28.2.2015 to 28.2.2014 Total expenses £11,465,768 £10,058,705 £ £ Interest from UK bank deposits 182,118 71,431 5. Taxation Manager’s charge rebates 19,192 33,404 (a) Analysis of tax charge for the year/period Overseas dividends 11,515,944 13,510,976 For the period Securities lending revenue 1,351,421 711,584 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 Stock dividends 4,734,228 10,949,030 £ £ UK dividends 242,610,657 191,615,962 Irrecoverable overseas tax 221,779 363,785 UK REIT dividends 2,424,739 1,132,507 Total current tax charge for the year/period [see Note 5(b)] £221,779 £363,785 Total revenue £262,838,299 £218,024,894

693 BlackRock Collective Investment Funds 694 UK Equity Tracker Notes to Financial Statements continued

(b) Factors affecting the current tax charge for the year/period 7. Debtors The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an 28.2.2015 28.2.2014 authorised unit trust. The differences are explained below: £ £ For the period Accrued Manager’s charge rebate 15,325 15,752 For the year from 1.2.2013 Accrued revenue 28,448,112 26,139,321 to 28.2.2015 to 28.2.2014 £ £ Amounts receivable for creation of units 6,242,735 25,853,431 Overseas tax recoverable 245,720 490,521 Net revenue before taxation 251,347,491 207,962,244 Sales awaiting settlement – 48,614,970 Corporation tax at 20% (28 February 2014: 20%) 50,269,498 41,592,449 Total debtors £34,951,892 £101,113,995 Effects of: Excess expenses for which no tax relief taken 1,519,952 1,626,368 8. Cash and Bank Balances Franked investment revenue at 20% (48,522,131) (38,323,192) 28.2.2015 28.2.2014 Irrecoverable overseas tax 221,779 363,785 £ £ Non taxable overseas dividends (2,320,473) (2,705,819) Amounts held at futures clearing houses and brokers – 3,415,560 Non taxable stock dividends (946,846) (2,189,806) Cash and bank balances 47,877,000 59,083,726 Total current tax charge for the year/period [see note 5(a)] £221,779 £363,785 Total cash and bank balances £47,877,000 £62,499,286 At 28 February 2015, the Fund had surplus management expenses of £31,711,869 (28 February 2014: £24,130,227). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £6,342,374 (28 February 2014: £4,826,045) has not been recognised. 9. Creditors 28.2.2015 28.2.2014 6. Finance Costs £ £ Accrued Audit fee 6,690 6,690 For the period For the year from 1.2.2013 Accrued FCA fee 601 447 to 28.2.2015 to 28.2.2014 Accrued Manager’s charge 2,874,352 2,314,555 £ £ Accrued Registrar’s fee 3,242 2,470 Interim distribution 169,729,631 151,881,002 Accrued Safe custody fees 45,804 53,857 Final distribution 91,514,856 70,954,012 Accrued Trustee’s fee 154,607 131,574 261,244,487 222,835,014 Amounts payable for cancellation of units 2,703,984 21,690,415 Add: Amounts deducted on cancellation of units 4,592,894 6,152,689 Custodian transaction costs 941 7,890 Less: Amounts received on creation of units (19,443,129) (32,336,567) Total creditors £5,790,221 £24,207,898 Net distribution for the year/period 246,394,252 196,651,136 Finance costs: Interest 25,040 3,945 Finance costs £246,419,292 £196,655,081

Net revenue after taxation for the year/period 251,125,712 207,598,459 Add: Equalisation on conversions 2,768 1,707 Less: Non distributable stock dividends (4,734,228) (10,949,030) Net distribution for the year/period £246,394,252 £196,651,136

Details of the interim and final distributions per unit are set out in the tables on page 705.

695 BlackRock Collective Investment Funds 696 UK Equity Tracker Notes to Financial Statements continued

10. Derivatives and Other Financial Instruments Risk Impact of risk (a) The Fund’s financial instruments comprise securities and other investments, cash balances and Counterparty The risk of entering an arrangement with a counterparty, which is itself subject to debtors and creditors that arise directly from its operations, for example, in respect of sales and financial risks which may affect its ability to trade as a going concern. purchases awaiting settlement, amounts receivable for creations and payable for cancellation of units and debtors for accrued revenue. The Manager maintains a list of approved counterparties. This list is regularly monitored and revised for changes based on the counterparty’s credit-worthiness, market The Manager shall take the risks it deems reasonable to meet the investment objective. These reputation and expectations of future financial performance. Transactions will only be risks include the following: opened with financial intermediaries on the approved counterparties list. Risk Impact of risk The Fund’s use of exchange traded derivatives are considered to be free of Foreign The risk of changes to foreign currency rates materially affecting the Sterling equivalent counterparty risk if the derivative is traded on an exchange where the clearing house currency value of non-Sterling denominated assets and liabilities accounted for by the Fund. is backed by an appropriate performance guarantee and it is characterised by a daily The Fund is accounted for in Sterling and holds financial assets and financial liabilities mark-to-market valuation of the derivative position and at least daily margining. denominated in other international currencies. At 28 February 2015, the market value of the exchange traded derivatives held by the To manage the risk, the Fund may enter into forward currency contracts for the Fund was £3,761,727 (28 February 2014: £2,822,068). purpose of efficient portfolio management. The market value of these transactions as The Fund trades derivatives with a range of counterparties. Forward currency contracts at 28 February 2015 (28 February 2014: £341,077) is shown in the Portfolio Statement are primarily traded with the following counterparties: Barclays, BNP Paribas, Citibank, on page 690. Deutsche Bank, Goldman Sachs, HSBC, JP Morgan Chase, Morgan Stanley, The Royal Market price The valuation of the Fund’s investments is calculated with reference to market prices Bank of Scotland and UBS. Exchange traded derivatives are primarily traded with the quoted by financial agencies and brokers. Movements to those market prices may following counterparty: Goldman Sachs International. materially affect the value of the Fund’s investments, which may move down as well Margin is paid or received on derivatives to cover any exposure by the counterparty as up. to the Fund or by the Fund to the counterparty. Margin receivable from the Fund’s To manage the risk, the Manager undertakes research in order to achieve the clearing brokers and various counterparties is included in “Cash and bank balances” best price for any transactions entered into on behalf of the Fund. on the Balance Sheet. Margin payable to the Fund’s clearing brokers and various counterparties is included in “Amounts held at futures clearing houses and brokers” on Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the ability the Balance Sheet. of the Fund to trade financial instruments at values previously indicated by financial brokers. At 28 February 2015, the Fund had provided margin of £Nil (28 February 2014: £3,415,560) to counterparties and received margin of £519,304 (28 February 2014: £Nil) All stocks are valued daily. Stocks identified as being illiquid are reviewed for pricing from counterparties relating to derivatives. accuracy as the need arises and on a formal monthly basis by the BlackRock Pricing Committee. Credit During the year, the Fund engaged in securities lending activities which exposed the Fund to credit risk. The maximum exposure of the Fund is equal to the value of the The Fund invests primarily in companies based in the UK, which is typically considered securities loaned disclosed in Note 12. to be a territory operating with high levels of liquidity. From time to time, however, market liquidity may be affected by economic events. To manage the risk, the Investment Manager undertakes research of investment opportunities to select opportunities congruent with the Fund’s investment objective.

697 BlackRock Collective Investment Funds 698 UK Equity Tracker Notes to Financial Statements continued

(c) Interest Rate Risk Profile of Financial Assets and Liabilities Risk Impact of risk The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: Use of The Fund may use derivatives for the purposes of efficient portfolio management derivatives in order to reduce risk within the portfolio, reduce investment costs and generate Floating Rate Fixed Rate Financial Assets additional income. Financial Financial not Carrying Assets Assets Interest Total The use of derivatives will impact the value of the Fund and may expose the Fund to a Currency £ £ £ £ higher degree of risk. In particular, derivative contracts can be highly volatile and the Euro 354,697 – 262,998 617,695 amount of initial margin is generally small relative to the size of the contract so that UK sterling 47,107,670 – 8,424,339,703 8,471,447,373 transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard bonds US dollar 414,633 – 13,119,201 13,533,834 or equities. Leveraged derivative positions can therefore increase fund volatility. Total £47,877,000 £0 £8,437,721,902 £8,485,598,902 As at 28 February 2015, the Manager uses a methodology known as the “Commitment Floating Rate Financial Approach” in order to measure the global exposure from financial derivative Financial Liabilities not instruments of the Fund and manage the potential loss to it due to market risk. The Liabilities Carrying Interest Total Commitment Approach is a methodology that aggregates the underlying market or Currency £ £ £ notional values of derivative instruments to determine the degree of global exposure UK sterling (519,304) (7,289,155) (7,808,459) of a Fund to derivative instruments. In accordance with COLL, the global exposure for a Total £(519,304) £(7,289,155) £(7,808,459) Fund must not exceed 100% of that Fund’s net asset value. Any exposure to financial derivative instruments at year end is marked on the Portfolio The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: Statement. Floating Rate Fixed Rate Financial Assets These risks are monitored by the Manager in pursuance of the investment objective and policy as Financial Financial not Carrying Assets Assets Interest Total set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing Currency £ £ £ £ powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Euro 113,763 – 3,366,185 3,479,948 Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the Investment Report and UK sterling 62,125,661 – 6,979,725,304 7,041,850,965 Portfolio Statement. US dollar 259,862 – 51,464,992 51,724,854 Total £62,499,286 £0 £7,034,556,481 £7,097,055,767 (b) Currency Exposures The net assets of the Fund are denominated mainly in Sterling, therefore the Balance Sheet and Statement of Total Return are unlikely to be directly affected by currency movements. As at Floating Rate Financial Financial Liabilities not 28 February 2015 the exposure to non-GBP currency equated to 0.2% (28 February 2014 – 0.8%), Liabilities Carrying Interest Total hence no currency table has been provided. Currency £ £ £ UK sterling – (25,385,810) (25,385,810) Total £0 £(25,385,810) £(25,385,810)

699 BlackRock Collective Investment Funds 700 UK Equity Tracker Notes to Financial Statements continued

(d) Fair Value of Financial Assets and Financial Liabilities 14. Related Parties There is no material difference between the value of the financial assets and liabilities, as shown Parties are considered to be related if one party has the ability to control the other party or in the Balance Sheet and their fair value. exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 28 February 2015: 11. Contingent Assets and Liabilities Manager/Registrar: BlackRock Fund Managers Limited There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Investment Manager: BlackRock Investment Management (UK) Limited Securities lending agent: BlackRock Advisors (UK) Limited 12. Efficient Portfolio Management Techniques Trustee: BNY Mellon Trust & Depositary (UK) Limited The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Please see further disclosures in Note 10(a). The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. During the year, the Fund engaged in securities lending, subject to the conditions and within the (“PNC”) is a substantial shareholder in BlackRock. limits laid down by the Financial Conduct Authority. The Manager acts as either principal or agent for the Trustee in respect of all transactions of The Fund receives securities as collateral for a value in excess of the market value of the securities units of the Fund. The aggregate monies received through creation and paid through cancellation loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and following collateral agents and central securities depositories: JP Morgan Chase and BNY Mellon. Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. As at 28 February 2015, the Fund had securities on loan to the following counterparties: Barclays Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s Capital, Citigroup, Commerzbank, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at Chase, Merrill Lynch, Morgan Stanley, Nomura, Société Générale, The Bank of Nova Scotia and UBS. the year end in respect of these fees are shown in Note 9. The Investment Manager monitors the fair value of the securities loaned and additional collateral The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a arrangements with related parties (including, without limitation, brokers who are affiliated to the regulated market. BlackRock Group), which may result in the Fund benefiting from research or execution services The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock which the Investment Manager believes are useful in the investment decision-making or trade Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund execution process. Such research or execution services may include, without limitation and to the and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue extent permitted by applicable law: research reports on companies, industries and securities; and is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational the provision of economic and financial information and analysis. Due to the bundled nature of costs are borne out of the securities lending agent’s share. these services and the application of such benefits across a number of BlackRock managed funds, 28.2.2015 28.2.2014 it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into £ £ these arrangements with brokers who are not affiliated to the BlackRock Group. Revenue earned during the year/period 1,351,421 711,584 The Fund’s investments in other BlackRock related products are detailed on the Portfolio Statement. Value of securities on loan at the year/period end 331,536,197 101,721,699 Securities Lending Value of collateral held on behalf of the Fund at the The securities lending agent appointed pursuant to the securities lending agreement is BlackRock year/period end 370,267,977 111,985,585 Advisors (UK) Limited, which is a related party to the Fund. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity 13. Investment Management allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly Please see page 16. related to securities loan transactions as well as the cost of indemnification against borrower default. See further information in Note 12.

701 BlackRock Collective Investment Funds 702 UK Equity Tracker Notes to Financial Statements continued

Material Unitholders 16. Unitholders’ Funds The following investor held more than 20% of the voting units in issue in the Fund and as a result is Accumulation and Income units are currently available as specified in the Prospectus. The net considered to be a related party of the Fund. asset value of each unit class, net asset value per unit and the number of units in issue are given in As at 28 February 2015: the “Performance Record”. The types of units currently in issue and the Manager’s annual charge for each unit class are % of voting units shown below: Held by: in issue No. of units held Nutraco Nominees Limited 22% 1,125,694,791 Class 28.2.2015 28.2.2014 A Accumulation 0.45% 0.45% As at 28 February 2014: L Accumulation 0.20% 0.20% % of voting units X Income◊ 0.00% 0.00% Held by: in issue No. of units held X Accumulation◊ 0.00% 0.00% Nutraco Nominees Limited 24% 1,094,097,775 D Accumulation 0.15% 0.15% All related party transactions were carried out at arm’s length in the ordinary course of business. H Accumulation÷ 0.10 % N/A The terms and returns received by the related parties in making the investments above were no ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or more favourable than those received by other investors investing into the same unit classes. their affiliates. ÷ H Accumulation class commenced September 2014. 15. Portfolio Transaction Costs In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Summary of total purchase costs: Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the For the period For the period remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue For the year For the year from 1.2.2013 from 1.2.2013 is allocated each day pro rata to the capital value of assets attributable to each class and taxation is to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 computed by reference to the net revenue after expenses attributable to each class. The distribution £ £ £ £ per unit class is given in the distribution tables. All unit classes have the same rights on winding up. Purchases before transaction costs 1,808,882,508 2,463,703,343 17. Non Adjusting Post Balance Sheet Event Commissions and other costs Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as (including stamp duty) 3,325,936 5,146,348 shown below:

Total purchase costs 3,325,936 5,146,348 Bid prices as at Bid prices as at Rise Gross purchases total £1,812,208,444 £2,468,849,691 Class 23.4.2015 28.2.2015 (%) A Accumulation 18 3.1p 179.3p 2.1 Summary of total sale costs: L Accumulation 186.9p 183.0p 2.1 For the period For the period X Income 13 3.1p 131.7p 1.1 For the year For the year from 1.2.2013 from 1.2.2013 X Accumulation 144.8p 141.7p 2.2 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 D Accumulation 183.5p 179.6p 2.2 £ £ £ £ H Accumulation 105.5p 103.3p 2.1 Gross sales before transaction costs 548,508,266 428,404,982 Commissions and other costs (5,810) (60,095) Total sale costs (5,810) (60,095) Total sales net of transaction costs £548,502,456 £428,344,887

703 BlackRock Collective Investment Funds 704 UK Equity Tracker Distribution Tables BlackRock UK Gilts All Stocks Tracker Fund for the year ended 28 February 2015 Final Distribution in Pence per Unit BlackRock UK Gilts All Stocks Tracker Fund Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 Investment Objective & Policy

A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation The aim of the BlackRock UK Gilts All Stocks Tracker Fund (the “Fund”) is to seek to achieve a total Units Units Units Units Units Units÷ return for investors by tracking closely the performance of the FTSE Actuaries UK Conventional Gilts Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 All Stocks Index by investing in fixed income securities contained in the Index. Investment will be made Net revenue (dividend) 1.6414 1.2171 1.9296 1.13 6 3 1.5069 0.8828 1.6216 0.9734 1.9348 1.1639 1.1314 0.2361 directly into constituent issues and via other transferable securities giving exposure to such issues. Equalisation† – 0.4243 – 0.7933 – 0.6241 – 0.6482 – 0.7709 – 0.8953 The Fund may also invest in other transferable securities, permitted money-market instruments,

Distribution payable 30.4.2015 1.6414 1.6414 1.9296 1.9296 1.5069 1.5069 1.6216 1.6216 1.9348 1.9348 1.1314 1.1314 permitted deposits and units in collective investment schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. Distribution paid 30.4.2014 1.4182 1.4182 1.6890 1.6890 1.3743 1.3743 1.4319 1.4319 1.6971 1.6971 N/A N/A The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established Interim Distribution in Pence per Unit under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Group 1 – Units purchased prior to 1 March 2014 Sourcebook”). The Fund was established and authorised by the FCA on 21 June 2005. The Fund was Group 2 – Units purchased 1 March 2014 to 31 August 2014 previously known as Merrill Lynch Fixed Income Tracker Fund and more recently as BlackRock Fixed Income Tracker Fund. It adopted its present name with effect from 24 May 2010. A Accumulation L Accumulation X Income X Accumulation D Accumulation Units Units Units Units Units

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Net revenue (dividend) 3.2314 1.9770 3.5513 1.3587 2.7311 2 .12 0 0 2.8768 1.2258 3.5261 1.8439 Equalisation† – 1.2544 – 2 .192 6 – 0.6111 – 1.6510 – 1.6822 Distribution paid 31.10.2014 3.2314 3.2314 3.5513 3.5513 2.7311 2.7311 2.8768 2.8768 3.5261 3.5261 Distribution paid 31.10.2013 3.5223 3.5223 3.8863 3.8863 3.0884 3.0884 3 .13 41 3 .13 41 3.8555 3.8555

† Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. ÷ H Accumulation class commenced September 2014. For the Final distribution, Group 1 units purchased 1 September 2014. Group 2 units purchased 2 September 2014 to 28 February 2015.

705 BlackRock Collective Investment Funds 706 UK Gilts All Stocks Tracker Fund

All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. D Income Performance returns are cumulative. All returns are in Sterling. The final distribution payable on 30 April 2015 is 1.13 4 0 p net per income unit (30 April 2014: 1.1032p * Figures from Morningstar. Please note that the Fund’s benchmark index, the FTSE Actuaries UK Conventional Gilts All Stocks Index was previously referred to as the FTSE Actuaries UK Gilts All Stocks Total Return Index. This is a clarificatory update and does not net per income unit). represent a change in the Fund’s benchmark index. # D Accumulation class was renamed as L Accumulation class during June 2012. § Performance data does not exist for the relevant periods. D Accumulation † Since launch figures are from 1.9.2010 and 18.7.2005 for A and L class respectively. The final accumulation distribution payable on 30 April 2015 is 1.1763p net per accumulation unit (30 April 2014: 1.1449p net per accumulation unit). All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. H Income÷ Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is The final distribution payable on 30 April 2015 is 0.9460p net per income unit (30 April 2014: N/A). not a guide to future performance and should not be the sole factor of consideration when selecting a product. H Accumulation÷ The final accumulation distribution payable on 30 April 2015 is 0.9460p net per accumulation unit Annual performance to most recent quarter end (30 April 2014: N/A).

31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 ÷ H Income and H Accumulation classes commenced September 2014. to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 BlackRock UK Gilts All Stocks Tracker Fund A +13 .1% -4.8% +1.7% +14.8% N/A§ BlackRock UK Gilts All Stocks Tracker Fund L# +13.4% -4.7% +2.0% +14.9% +6.4%

707 BlackRock Collective Investment Funds 708 UK Gilts All Stocks Tracker Fund continued

The table below compares the realised Fund performance against the performance of the relevant A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced benchmark index during the year ended 28 February 2015. An explanation for the difference is are different. As the Fund is valued at midday, but the benchmark index is valued at the time the provided: relevant markets close for business, the tracking error of the Fund at its valuation point may appear to be higher than if the Fund and the benchmark index were priced at the same time. Fund return Benchmark return for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking The Fund outperformed its benchmark error is annualised and calculated using data from the preceding 36 month observation period. index as a result of our intelligent rebalancing strategy around cashflows Anticipated Realised and benchmark index events. Tracking Tracking Error Tracking Error Explanation for difference is also affected by the difference in the The Fund has tracked its benchmark index within its anticipated valuation point of the Fund and the Up to 2.10%* 1.14%* tracking error. +11.3%* +11.0% 0.3% pricing point of the benchmark index. * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. * Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

709 BlackRock Collective Investment Funds 710 UK Gilts All Stocks Tracker Performance Record

Net Asset Value Income (Net Distributions/Net Accumulations)

Net Asset Value A Income A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Units~ Units~ Units# Units≠ Units± Units¤ Unitsπ Units÷ Units÷ Net Asset Value per Unit Calendar Units in Issue £ p Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit A Income 2015* 0.9051 0.9693 1.15 5 4 0.9008 0.9361 1.13 4 0 1.176 3 0.9460 0.9460 28 February 2015 1,348,754 1,865,980 138.3 2014 1.7819 1.9073 2.2484 1.7670 1.8118 2.19 9 4 2.2821 N/A N/A 28 February 2014 3 ,10 4 ,224 3,925,411 126.5 2013 2.0847 2.16 0 9 2.5269 1.9364 2.0282 2.0772 2.5881 N/A N/A 31 January 2013* 3,934,495 5,102,002 129.7 2012 2.3270 2.3831 2.6626 N/A 1.0089 N/A 0.2325 N/A N/A A Accumulation 2011 2.3364 2.3481 2.8141 N/A N/A N/A N/A N/A N/A 28 February 2015 8,766,358 13,055,447 148.9 2010 N/A N/A 3.0015 N/A N/A N/A N/A N/A N/A

28 February 2014 10,340,797 13,891,467 134.3 * To 30 April. ~ A Income and A Accumulation classes commenced September 2010. 31 January 2013* 15 ,167,25 5 20,568,010 135.6 # D Accumulation class was renamed as L Accumulation class during June 2012. L Accumulation ≠ X Income class commenced August 2012. ± X Accumulation class commenced January 2012. 28 February 2015 1,613,528,243 2,430,739,656 150.6 ¤ D Income class commenced October 2012. π D Accumulation class commenced June 2012. 28 February 2014 1,057,636,528 1,433,761,163 135.6 ÷ H Income and H Accumulation classes commenced September 2014. 31 January 2013*# 1,244,422,548 1,698,520,175 136.5 X Income Capital (Unit Prices)

28 February 2015 19,615,466 20,754,292 105.8 A Income A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Units~ Units~ Units# Units≠ Units± Units¤ Unitsπ Units÷ Units÷ 28 February 2014 18,245,438 17,6 4 3 ,14 4 96.70 Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid 31 January 2013* 20,749,156 20,583,399 99.20 Calendar Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Year p p p p p p p p p p p p p p p p p p X Accumulation 2015* 152.8 138.5 163.5 148.2 157.4 149.9 111.5 106.2 115.9 110.3 151.0 143.7 156.4 148.9 116.9 106.0 116.6 105.7 28 February 2015 729,785,545 809,194,526 110.9 28 February 2014 442,161,892 440,479,087 99.62 2014 146.9 124.7 15 7.1 131.6 151.2 132.7 107.1 95.52 111.3 97.51 145.0 129.3 150.2 131.8 112.2 98.69 112.0 98.69 31 January 2013* 227,943,045 228,289,239 100.2 2013 141.4 124 .1 147.9 130.9 141.9 132.0 10 3 .1 94.94 10 4 .1 96.91 139.6 128.6 140.9 131.0 N/A N/A N/A N/A D Income 2012 143.9 127.5 148.2 131.3 141.9 131.9 103.5 100.9 104.0 96.62 13 9 .1 136.2 140.9 136.6 N/A N/A N/A N/A 28 February 2015 7,822,678 11,211,275 143.3 2011 14 0 .1 114.0 143.0 115 .1 136.8 115.4 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 28 February 2014 915,275 1,19 8 ,87 7 131.0 2010 12 8 .1 116 .1 12 8 .1 116 .1 122.7 110.5 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

31 January 2013* 1,005,386 1,349,935 134.3 * To 28 February. ~ A Income and A Accumulation classes commenced September 2010. D Accumulation # D Accumulation class was renamed as L Accumulation class during June 2012. 28 February 2015 32,196,297 4 8 ,18 0,225 149.6 ≠ X Income class commenced August 2012. ± X Accumulation class commenced January 2012. 28 February 2014 6,447,974 8,679,327 134.6 ¤ D Income class commenced October 2012. π D Accumulation class commenced June 2012. 31 January 2013*π 487,792 661,243 135.6 ÷ H Income and H Accumulation classes commenced September 2014. H Income 28 February 2015÷ 562 592 105.3 H Accumulation 28 February 2015÷ 1,400,243 1,487,977 106.3

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. # D Accumulation class was renamed as L Accumulation class during June 2012. π D Accumulation class commenced June 2012. ÷ H Income and H Accumulation classes commenced September 2014.

711 BlackRock Collective Investment Funds 712 UK Gilts All Stocks Tracker Performance Record continued

Risk and Reward Profile Ongoing Charges Detailed in the following table are the charges used to meet the costs of running the Fund, which Lower risk Higher risk include the costs of marketing and distribution. These charges reduce the potential growth of your Typically lower rewards Typically higher rewards investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, Unit Class except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective A Income 1 2 3 4 5 6 7 investment scheme (if any). A Accumulation 1 2 3 4 5 6 7 1.3.2014 1.2.2013 L Accumulation 1 2 3 4 5 6 7 Unit Class to 28.2.2015 to 28.2.2014† X Income 1 2 3 4 5 6 7 A Income 0.54% 0.51% X Accumulation 1 2 3 4 5 6 7 A Accumulation 0.51% 0.51% D Income 1 2 3 4 5 6 7 L Accumulation 0.21% 0.21% D Accumulation 1 2 3 4 5 6 7 X Income 0.01% 0.01% H Income 1 2 3 4 5 6 7 X Accumulation 0.01% 0.01% H Accumulation 1 2 3 4 5 6 7 D Income 0.16 % 0.16 %

`` The risk indicator was calculated incorporating historical or simulated historical data and may not D Accumulation 0.16 % 0.16 % be a reliable indication of the future risk profile of each unit class. H Income÷ 0.11%* N/A `` The risk category shown is not guaranteed and may change over time. H Accumulation÷ 0.11%* N/A

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

713 BlackRock Collective Investment Funds 714 UK Gilts All Stocks Tracker Investment Report UK Gilts All Stocks Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 11.3%*, compared with Nominal Value Total Net its benchmark, the FTSE Actuaries UK Conventional Gilts All Stocks Index, which returned 11.0%. Value Investment £ Assets The Fund outperformed its benchmark index as a result of our intelligent rebalancing strategy BONDS – 99.35%; 2014 99.52% around cashflows and benchmark index events. Tracking is also affected by the difference in the valuation point of the Fund and the pricing point of the benchmark index. Over the six month period to UK Sterling Denominated Fixed Rate Government Bonds – 99.35%; 2014 99.52% 28 February 2015, the Fund returned 5.9%* compared with its benchmark which returned 5.5%. £77,037,857 Treasury 1% Notes 7/9/2017 77,482,750 2.32 £85,002,000 Treasury 1.25% Stock 22/7/2018 85,645,890 2.57 Fund Manager’s Commentary £71,543,756 Treasury 1.75% Notes 22/1/2017 73,094,467 2.19 Global bonds rather defied expectations to deliver strong returns over the period under review, even £89,343,000 Treasury 1.75% Gilts 22/7/2019 91,315,247 2.74 with signs of economic recovery strengthening in some major markets like the US and UK. Yields on £82,244,725 Treasury 1.75% Bonds 7/9/2022 83,040,443 2.49 many developed world government bonds hit new lows (so prices were very high) in a year in which £86,818,875 Treasury 2% Bonds 22/1/2016 87,997,441 2.64 Japan and Europe undertook massive spending programmes to try to stimulate their economies and £29,899,000 Treasury 2% Notes 22/7/2020 30,834,091 0.92 potential interest rate rises in the US and UK were delayed. Yields were also depressed by ongoing £68,214,000 Treasury 2.25% Stock 7/9/2023 71,111,390 2.13 concerns about deflationary pressures in the global economy. £70,628,000 Treasury 2.75% Gilts 7/9/2024 76,474,233 2.29 £71,508,492 Treasury 3.25% Stock 22/1/2044 82,726,387 2.48 UK gilts performed well for much of 2014 as investors continued to seek the perceived safety of the £39,841,000 Treasury 3.5% Notes 22/1/2045 48,266,375 1.45 asset class. By the end of the year, as inflation continued to fall and interest rates remained low, gilt £35,152,000 Treasury 3.5% Bonds 22/7/2068 45,886,542 1.38 yields had declined further. Despite experiencing a reversal in fortunes in February 2015, as investors £4,532,267 Treasury 3.5% War Loan Stock Perpetual 4,529,434 0.14 digested what strengthening UK economic data might mean, gilts ended the period significantly higher. £72,675,737 Treasury 3.75% Gilts 7/9/2019 80,791,800 2.42 £83,994,498 Treasury 3.75% Bonds 7/9/2020 94,651,300 2.84 The Fund remains positioned so that the risk characteristics are similar to those of the FTSE Actuaries £72,477,485 Treasury 3.75% Gilts 7/9/2021 82,745,733 2.48 UK Conventional Gilts All Stocks Index. £58,883,829 Treasury 3.75% Gilts 22/7/2052 77,248,223 2.32 £97,187,056 Treasury 4% Stock 7/9/2016 102,354,978 3.07 March 2015 £92,947,560 Treasury 4% Gilts 7/3/2022 108,337,352 3.25 £56,370,360 Treasury 4% Stock 22/1/2060 80,157,243 2.40 * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net £76,630,139 Treasury 4.25% Stock 7/12/2027 96,230,213 2.88 asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. £94,242,983 Treasury 4.25% Stock 7/6/2032 121,392,030 3.64 £67,034,611 Treasury 4.25% Stock 7/3/2036 87,840,478 2.63 £55,439,786 Treasury 4.25% Stock 7/9/2039 74,071,712 2.22 £59,291,565 Treasury 4.25% Bonds 7/12/2040 79,621,160 2.39 £53,848,130 Treasury 4.25% Stock 7/12/2046 75,014,484 2.25 £51,880,578 Treasury 4.25% Gilts 7/12/2049 73,674,312 2.21 £60,020,320 Treasury 4.25% Loan Stock 7/12/2055 88,114,331 2.64 £92,929,540 Treasury 4.5% Gilts 7/3/2019 105,333,310 3.16 £80,747,769 Treasury 4.5% Bonds 7/9/2034 108,264,590 3.24 £67,777,600 Treasury 4.5% Stock 7/12/2042 95,754,499 2.87 £91,243,639 Treasury 4.75% Stock 7/9/2015 93,266,967 2.80 £81,571,480 Treasury 4.75% Stock 7/3/2020 95,248,978 2.85 £79,484,240 Treasury 4.75% Stock 7/12/2030 107,190,459 3.21 £64,257,396 Treasury 4.75% Stock 7/12/2038 91,565,183 2.74 £88,692,288 Treasury 5% Gilts 7/3/2018 99,599,222 2.98 £87,628,905 Treasury 5% Stock 7/3/2025 113,424,664 3.40 £7,961,000 Treasury 6% Gilts 7/12/2028 11,801,187 0.35

715 BlackRock Collective Investment Funds 716 UK Gilts All Stocks Tracker Portfolio Statement continued UK Gilts All Stocks Tracker Statement of Total Return for the year ended 28 February 2015

Holding or Market % of For the period Nominal Value Total Net For the year from 1.2.2013 Value Investment £ Assets to 28.2.2015 to 28.2.2014 Notes £ £ £ £ £45,175,413 Treasury 6% Stock 7/12/2028 66,966,903 2.01 £25,981,000 Treasury 8% Stock 7/12/2015 27,492,445 0.82 Income £60,623,101 Treasury 8% Stock 7/6/2021 84,470,713 2.53 Net capital gains/(losses) £28,064,581 Treasury 8.75% Stock 25/8/2017 33,707,667 1.01 during the year/period 2 269,179,156 (52,321,350) 3,314,736,826 99.35 Revenue 3 61,731,374 50,851,223 Expenses 4 (4,539,860) (3,924,284) Portfolio of investments 3,314,736,826 99.35 Finance costs: Interest 6 – (139) Net other assets 21,753,144 0.65 Net revenue before taxation 57,191,514 46,926,800 Total net assets £3,336,489,970 100.00 Taxation 5 – – Note: comparative figures show percentages for each category of holding at 28 February 2014. Net revenue after taxation All securities in the portfolio at 28 February 2015 are investment grade. for the year/period 57,191,514 46,926,800 UK income tax withheld (11,438,303) (9,385,360) Total return before distributions 314,932,367 (14,779,910) Finance costs: Distributions 6 (45,755,242) (37,544,652) Change in net assets attributable to unitholders from investment activities £269,177,125 £(52,324,562) UK Gilts All Stocks Tracker Statement of Change in Net Assets Attributable to Unitholders for the year ended 28 February 2015

For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 1,919,578,476 1,975,074,003 Amounts received on creation of units 1,354,607,844 525,473,191 Amounts paid on cancellation of units (256,631,188) (565,567,441) 1,097,976,656 (40,094,250)

Unclaimed distributions over 6 years old 281 477 Change in net assets attributable to unitholders from investment activities 269,177,125 (52,324,562) Retained distribution on accumulation units 49,757,432 36,922,808 Closing net assets attributable to unitholders £3,336,489,970 £1,919,578,476

717 BlackRock Collective Investment Funds 718 UK Gilts All Stocks Tracker Balance Sheet UK Gilts All Stocks Tracker Notes to Financial Statements at 28 February 2015 for the year ended 28 February 2015

28.2.2015 28.2.2014 1. Accounting and Distribution Policies Notes £ £ £ £ Please see pages 6-8 of the Aggregated Notes to Financial Statements. Assets: 2. Net Capital Gains/(Losses) During the Year/Period Investment assets 3,314,736,826 1,910,286,556 – Debtors 7 38,265,957 29,101,390 For the period For the year from 1.2.2013 – Cash and bank balances 8 9,516,098 2,116,922 to 28.2.2015 to 28.2.2014 Total other assets 47,782,055 31,218,312 £ £ Total assets 3,362,518,881 1,941,504,868 The net capital gains/(losses) comprise: Liabilities: Gains/(losses) on non-derivative securities 269,180,067 (52,320,211) – Creditors 9 (25,751,289) (21,725,646) Currency gains – 1 – Distribution payable on Custodian transaction costs (911) (1,14 0) income units (277,622) (200,746) Net capital gains/(losses) £26 9,17 9,15 6 £(52,321,350) Total other liabilities (26,028,911) (21,926,392) Total liabilities (26,028,911) (21,926,392) 3. Revenue Net assets attributable For the period to unitholders £3,336,489,970 £1,919,578,476 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ N C D Hall (Director) Interest from UK bank deposits 20,558 19,616 E E Tracey (Director) Interest from UK fixed interest securities 60,816,533 50,351,221 BlackRock Fund Managers Limited Securities lending revenue 894,283 480,386 30 April 2015 Total revenue £61,731,374 £50,851,223

719 BlackRock Collective Investment Funds 720 UK Gilts All Stocks Tracker Notes to Financial Statements continued

4. Expenses (b) Factors affecting the current tax charge for the year/period For the period The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an For the year from 1.2.2013 authorised unit trust. The differences are explained below: to 28.2.2015 to 28.2.2014 For the period £ £ For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 4,245,136 3,682,933 £ £ – Registrar’s fees 10,041 12,587 Net revenue before taxation 57,191,514 46,926,800 4,255,177 3,695,520 Corporation tax at 20% (28 February 2014: 20%) 11,438,303 9,385,360 Payable to the Trustee or associates of the Trustee: Effects of: – Trustee’s fees 212,973 168,697 Tax deductible interest distributions (11,438,303) (9,385,360) 212,973 168,697 Total current tax charge for the year/period [see note 5(a)] £0 £0 Other expenses: 6. Finance Costs – Audit fee 6,690 5,925 – FCA fee 153 165 For the period For the year from 1.2.2013 – Safe custody fees 64,867 53,977 to 28.2.2015 to 28.2.2014 71,710 60,067 £ £ Total expenses £4,539,860 £3,924,284 Interim distribution 24,036,056 21,048,768 Final distribution 26,229,016 16,329,906 5. Taxation 50,265,072 37,378,674 (a) Analysis of tax charge for the year/period Add: Amounts deducted on cancellation of units 1,025,702 2,731,739 For the period Less: Amounts received on creation of units (5,535,532) (2,565,761) For the year from 1.2.2013 Net distribution for the year/period 45,755,242 37,544,652 to 28.2.2015 to 28.2.2014 £ £ Finance costs: Interest – 139 Corporation tax – – Finance costs £45,755,242 £37,544,791 Total current tax charge for the year/period [see Note 5(b)] £0 £0 Net revenue after taxation for the year/period 57,191,514 46,926,800 Add: Equalisation on conversions 2,031 3,212 Less: UK income tax withheld (11,438,303) (9,385,360) Net distribution for the year/period £45,755,242 £37,544,652

Details of the interim and final distributions per unit are set out in the tables on page 727.

721 BlackRock Collective Investment Funds 722 UK Gilts All Stocks Tracker Notes to Financial Statements continued

8. Cash and Bank Balances Risk Impact of risk 28.2.2015 28.2.2014 Foreign currency The risk of changes to foreign currency rates materially affecting the Sterling £ £ equivalent value of non-Sterling denominated assets and liabilities accounted for Cash and bank balances 9,516,098 2,116,922 by the Fund. Total cash and bank balances £9,516,098 £2,116,922 The Fund’s investments at the balance sheet date wholly comprises of UK Government bonds denominated in Sterling. The Fund therefore has no exposure to 9. Creditors foreign currency risk.

28.2.2015 28.2.2014 Market price The valuation of the Fund’s investments are calculated with reference to market £ £ prices quoted by financial agencies and brokers. Movements to those market Accrued Audit fee 6,690 6,690 prices may materially affect the value of the Fund’s investments, which may move Accrued FCA fee 601 447 down as well as up. Accrued Manager’s charge 1,226,174 771,750 To manage the risk, the Manager undertakes research in order to achieve the best price for any transactions entered into on behalf of the Fund. Accrued Registrar’s fee 4,078 4,437 Accrued Safe custody fees 18,014 17,19 3 Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the ability of the Fund to trade financial instruments at values previously indicated by Accrued Trustee’s fee 62,980 38,761 financial brokers. Amounts payable for cancellation of units 1,676,582 6,868,759 All bonds are valued daily. Bonds identified as being illiquid are reviewed for pricing Custodian transaction costs 124 245 accuracy as the need arises and on a formal monthly basis by the BlackRock Income tax payable 6,346,303 4,392,806 Pricing Committee. Purchases awaiting settlement 16,409,743 9,624,558 The BlackRock Pricing Committee will also review significant market events which Total creditors £25,751,289 £21,725,646 may impact the liquidity of bonds in the portfolio. The Fund invests primarily in government bonds issued in the UK, which is typically considered to be a territory operating with high levels of liquidity. From time to time, however, market liquidity may be affected by economic events. A security may be deemed illiquid due to a lack of trading volume in the security or if the security is privately placed and not traded in any public market or is otherwise restricted from trading. To manage the risk, the Investment Manager undertakes research of investment opportunities to select opportunities congruent with the Fund’s investment objective.

723 BlackRock Collective Investment Funds 724 UK Gilts All Stocks Tracker Notes to Financial Statements continued

Risk Impact of risk Risk Impact of risk Counterparty The risk of entering an arrangement with a counterparty, which is itself subject to Use of The Fund may use derivatives for the purposes of efficient portfolio management financial risks which may affect its ability to trade as a going concern. derivatives in order to reduce risk within the portfolio, reduce investment costs and generate The Manager maintains a list of approved counterparties. This list is regularly additional income. monitored and revised for changes based on the counterparty’s credit-worthiness, The use of derivatives will impact the value of the Fund and may expose the market reputation and expectations of future financial performance. Transactions Fund to a higher degree of risk. In particular, derivative contracts can be highly will only be opened with financial intermediaries on the approved counterparties list. volatile and the amount of initial margin is generally small relative to the size of Interest rate Interest rates are determined by factors such as supply and demand in the the contract so that transactions may be leveraged in terms of market exposure. international money markets, which are influenced by macro economic factors, A relatively small market movement may have a potentially larger impact on speculation and central bank and government intervention. Fluctuations in short derivatives than on standard bonds or equities. Leveraged derivative positions can and long term interest rates on money market and cash deposits may affect the therefore increase fund volatility. revenue of the Fund. As at 28 February 2015, the Manager uses a methodology known as the Revenue is generated by the holding of bonds, which contractually oblige the “Commitment Approach” in order to measure the global exposure from financial borrower to pay the Fund interest under specific terms. derivative instruments of the Fund and manage the potential loss to it due to market risk. The Commitment Approach is a methodology that aggregates the Changes to interest rates may affect the cash inflows and outflows calculated with underlying market or notional values of derivative instruments to determine the reference to financial assets and financial liabilities held by the Fund. degree of global exposure of a Fund to derivative instruments. In accordance with The Manager undertakes research to minimise the impact of such movements COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net against the Fund’s investment objective. asset value. Credit The Fund holds bonds issued by the UK Government in order to achieve its Any exposure to financial derivative instruments at year end is marked on the investment objective. Portfolio Statement. The borrower receives from the Fund a principal amount. The Fund will then receive These risks are monitored by the Manager in pursuance of the investment objective and policy as interest based on the coupon rate of the bond and repayment of the initial principal set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing amount on the bond’s maturity date. powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Any impairment to the borrower’s ability to pay amounts due may result in changes Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security to the tradable value of the bond and the amount to be received upon maturity of or issuer. Further information on the investment portfolio is set out in the Investment Report and the bond. The ability of the borrower to pay not only the principal value but also any Portfolio Statement. interest due on the bond, referred to as the borrower’s credit rating, is monitored by the Manager. The credit rating profile of the Fund’s portfolio at 28 February 2015 is shown on the Portfolio Statement on page 717. As at 28 February 2015, 28.72% (28 February 2014: 38.92%) of the investments held are due to mature within 5 years, 25.18% (28 February 2014: 18.42%) are due to mature within 6 to 10 years, 8.45% (28 February 2014: 8.65%) are due to mature within 11 to 15 years and 37.00% (28 February 2014: 33.53%) are due to mature after 16 years. The Manager may undertake its own research of the borrower’s financial position in order to assess the ability of the borrower to repay amounts due. During the year, the Fund engaged in securities lending activities which exposed the Fund to credit risk. The maximum exposure of the Fund is equal to the value of the securities loaned disclosed in Note 12.

725 BlackRock Collective Investment Funds 726 UK Gilts All Stocks Tracker Notes to Financial Statements continued

(b) Currency Exposures The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: The net assets of the Fund are denominated wholly in Sterling, therefore the Balance Sheet and Statement of Total Return will not be directly affected by currency movements. Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying Assets Assets Interest Total (c) Interest Rate Risk Profile of Financial Assets and Liabilities Currency £ £ £ £ The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: UK sterling 2,116,922 1,910,286,556 29,101,390 1,941,504,868 Floating Rate Fixed Rate Financial Assets Total £2,116,922 £1,910,286,556 £29,101,390 £1,941,504,868 Financial Financial not Carrying Assets Assets Interest Total Floating Rate Financial Currency £ £ £ £ Financial Liabilities not UK sterling 9,516,098 3,314,736,826 38,265,957 3,362,518,881 Liabilities Carrying Interest Total Total £9,516,098 £3,314,736,826 £38,265,957 £3,362,518,881 Currency £ £ £ UK sterling – (21,926,392) (21,926,392) Floating Rate Financial Total £0 £(21,926,392) £(21,926,392) Financial Liabilities not Liabilities Carrying Interest Total Fixed Rate Financial Assets Currency £ £ £ UK sterling – (26,028,911) (26,028,911) Weighted Weighted Total Average Average Period Total £0 £(26,028,911) £(26,028,911) Market Value Interest Rate for which Rate There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates. Currency £ Equivalent % is Fixed UK sterling 1,902,996,379 3.59 13.23 years UK sterling perpetual 7,290,177 4.22 Undated Fixed Rate Financial Assets This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund. Weighted Weighted Total Average Average Period Market Value Interest Rate for which Rate The floating rate financial assets and liabilities include: Currency £ Equivalent % is Fixed Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two UK sterling 3,310,207,392 3.23 14.71 years week LIBID rates and overdraft interest based on 3% over the base rate. UK sterling perpetual 4,529,434 3.50 Undated All overseas deposits and loans bear interest at rates determined by the relevant Authority. This table shows weighted average interest earned on the market value of bonds and will not reflect the yield on the Fund. (d) Fair Value of Financial Assets and Financial Liabilities

There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet and their fair value.

727 BlackRock Collective Investment Funds 728 UK Gilts All Stocks Tracker Notes to Financial Statements continued

11. Contingent Assets and Liabilities 14. Related Parties There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. 12. Efficient Portfolio Management Techniques The following entities were related parties of the Fund during the year ended 28 February 2015: During the year, the Fund engaged in securities lending, subject to the conditions and within the Manager/Registrar: BlackRock Fund Managers Limited limits laid down by the Financial Conduct Authority. Investment Manager: BlackRock Investment Management (UK) Limited The Fund receives securities as collateral for a value in excess of the market value of the securities Securities lending agent: BlackRock Advisors (UK) Limited loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the Trustee: BNY Mellon Trust & Depositary (UK) Limited following collateral agents and central securities depositories: JP Morgan Chase and BNY Mellon. The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. As at 28 February 2015, the Fund had securities on loan to the following counterparties: JP Morgan (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. Chase, Euroclear and BNY Mellon. (“PNC”) is a substantial shareholder in BlackRock. The Investment Manager monitors the fair value of the securities loaned and additional collateral The Manager acts as either principal or agent for the Trustee in respect of all transactions of is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a units of the Fund. The aggregate monies received through creation and paid through cancellation regulated market. of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational the year end in respect of these fees are shown in Note 9. costs are borne out of the securities lending agent’s share. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing 28.2.2015 28.2.2014 arrangements with related parties (including, without limitation, brokers who are affiliated to the £ £ BlackRock Group), which may result in the Fund benefiting from research or execution services Revenue earned during the year/period 894,283 480,386 which the Investment Manager believes are useful in the investment decision-making or trade Value of securities on loan at the year/period end 1,621,893,434 787,589,052 execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and Value of collateral held on behalf of the Fund at the the provision of economic and financial information and analysis. Due to the bundled nature of year/period end 1,840,897,948 864,467,664 these services and the application of such benefits across a number of BlackRock managed funds, 13. Investment Management it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Please see page 16. these arrangements with brokers who are not affiliated to the BlackRock Group. Securities Lending The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited, which is a related party to the Fund. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly related to securities loan transactions as well as the cost of indemnification against borrower default. See further information in Note 12.

729 BlackRock Collective Investment Funds 730 UK Gilts All Stocks Tracker Notes to Financial Statements continued

Material Unitholders 16. Unitholders’ Funds As at 28 February 2015, there were no material unitholders in the Fund. Accumulation and Income units are currently available as specified in the Prospectus. The net The following investor held more than 20% of the voting units in issue in the Fund and as a result is asset value of each unit class, net asset value per unit and the number of units in issue are given in considered to be a related party of the Fund. the “Performance Record”. The types of units currently in issue and the Manager’s annual charge for each unit class are As at 28 February 2014: shown below: % of voting units Held by: in issue No. of units held Class 28.2.2015 28.2.2014 MetLife Europe Limited 23% 352,354,073 A Income 0.45% 0.45% A Accumulation 0.45% 0.45% All related party transactions were carried out at arm’s length in the ordinary course of business. L Accumulation 0.20% 0.20% The terms and returns received by the related parties in making the investments above were no ◊ more favourable than those received by other investors investing into the same unit classes. X Income 0.00% 0.00% X Accumulation◊ 0.00% 0.00% 15. Portfolio Transaction Costs D Income 0.15% 0.15% Summary of total purchase costs: D Accumulation 0.15% 0.15% ÷ For the period For the period H Income 0.10 % N/A For the year For the year from 1.2.2013 from 1.2.2013 H Accumulation÷ 0.10 % N/A to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or £ £ £ £ their affiliates. Purchases before ÷ H Income and H Accumulation classes commenced September 2014. transaction costs 1,656,209,979 699,373,563 In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Commissions and other costs Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the (including stamp duty) – – remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue Total purchase costs – – is allocated each day pro rata to the capital value of assets attributable to each class and taxation is Gross purchases total £1,656,209,979 £699,373,563 computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. Summary of total sale costs: 17. Non Adjusting Post Balance Sheet Event For the period For the period Since the last business day of the accounting period, the Fund’s quoted bid prices have risen/fallen For the year For the year from 1.2.2013 from 1.2.2013 as shown below: to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ Bid prices as at Bid prices as at Rise/(Fall) Gross sales before Class 23.4.2015 28.2.2015 (%) transaction costs 487,776,683 653,464,432 A Income 139.7p 139.3p 0.3 Commissions and other costs – – A Accumulation 150.4p 148.9p 1.0 Total sale costs – – L Accumulation 152.1p 150.6p 1.0 Total sales net of X Income 106.9p 106.7p 0.2 transaction costs £487,776,683 £653,464,432 X Accumulation 112.0p 110.9p 1.0 D Income 144.8p 144.5p 0.2 D Accumulation 151.1p 149.6p 1.0 H Income 106.4p 106.5p (0.1) H Accumulation 107.3p 106.3p 0.9

731 BlackRock Collective Investment Funds 732 UK Gilts All Stocks Tracker Distribution Tables BlackRock US Equity Tracker Fund for the year ended 28 February 2015 Final Distribution in Pence per Unit BlackRock US Equity Tracker Fund Group 1 – Units purchased prior to 1 September 2014 Group 2 – Units purchased 1 September 2014 to 28 February 2015 Investment Objective & Policy

A Income A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Units Units Units Units Units Units Units Units÷ Units÷ The aim of the BlackRock US Equity Tracker Fund (the “Fund”) is to seek to achieve capital growth

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 for investors by tracking closely the performance of the FTSE USA Index by investing in companies Gross Revenue 1.1314 0.3931 1.2116 0.5429 1.4443 0.6785 1.12 6 0 0.4885 1.1701 0.6236 1.4175 0.8234 1.4704 0.6271 1.1825 0.0924 1.1825 0.0311 in the Index. Investment will be made directly into constituent companies and via other transferable Income tax 0.2263 0.0786 0.2423 0 .10 8 6 0.2889 0 .13 5 7 0.2252 0.0977 0.2340 0 .1247 0.2835 0 .16 47 0.2941 0 .125 4 0.2365 0.0185 0.2365 0.0062 securities giving exposure to such companies. The Fund may also invest in permitted money-market Net revenue (interest) 0.9051 0.3145 0.9693 0.4343 1.15 5 4 0.5428 0.9008 0.3908 0.9361 0.4989 1.13 4 0 0.6587 1.176 3 0.5017 0.9460 0.0739 0.9460 0.0249 instruments, permitted deposits and units in collective investment schemes. Derivatives and forward Equalisation† – 0.5906 – 0.5350 – 0.6126 – 0.5100 – 0.4372 – 0.4753 – 0.6746 – 0.8721 – 0.9211 transactions may be used for the purposes of efficient portfolio management. Distribution payable 30.4.2015 0.9051 0.9051 0.9693 0.9693 1.15 5 4 1.15 5 4 0.9008 0.9008 0.9361 0.9361 1.13 4 0 1.13 4 0 1.17 6 3 1.17 6 3 0.9460 0.9460 0.9460 0.9460

Distribution paid 30.4.2014 0.9149 0.9149 0.9637 0.9637 1.12 91 1.12 91 0.8893 0.8893 0.9077 0.9077 1.10 3 2 1.10 3 2 1.14 4 9 1.14 4 9 N/A N/A N/A N/A The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Sourcebook”). Interim Distribution in Pence per Unit The Fund was authorised by the FCA on 28 April 2010 and was established on 29 June 2012. Group 1 – Units purchased prior to 1 March 2014 Group 2 – Units purchased 1 March 2014 to 31 August 2014

A Income A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation Units Units Units Units Units Units Units

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Gross Revenue 1.0838 0.6679 1.179 5 0.8234 1.3991 0.7541 1.0971 0.4089 1.13 01 0.5454 1.3703 0.3435 1.4215 0.6788

Income tax 0.2168 0 .13 3 6 0.2359 0 .16 47 0.2798 0 .15 0 8 0.2194 0.0818 0.2260 0 .10 91 0.2741 0.0687 0.2843 0 .13 5 8

Net revenue (interest) 0.8670 0.5343 0.9436 0.6587 1.119 3 0.6033 0.8777 0.3271 0.9041 0.4363 1.0962 0.2748 1.1372 0.5430

Equalisation† – 0.3327 – 0.2849 – 0.5160 – 0.5506 – 0.4678 – 0.8214 – 0.5942

Distribution paid 31.10.2014 0.8670 0.8670 0.9436 0.9436 1.119 3 1.119 3 0.8777 0.8777 0.9041 0.9041 1.0962 1.0962 1.13 7 2 1.13 7 2

Distribution paid 31.10.2013 1.0923 1.0923 1.13 4 4 1.13 4 4 1.3344 1.3344 1.0629 1.0629 1.0731 1.0731 1.2367 1.2367 1.3499 1.3499

† Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. ÷ H Income and H Accumulation classes commenced September 2014. For the Final distribution, Group 1 units purchased 1 September 2014. Group 2 units purchased 2 September 2014 to 28 February 2015.

733 BlackRock Collective Investment Funds 734 US Equity Tracker Fund

This Annual Report covers the year ended 28 February 2015. The first six months were commented on Annual performance to most recent quarter end in the Interim Report to 31 August 2014. For a copy, please contact us. 31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 Performance Table BlackRock US Equity Period of Report Since Launch Tracker Fund A +20.7% +30.4% N/A§ N/A§ N/A§ One Year 29.6.2012 BlackRock US Equity to 28.2.2015 to 28.2.2015 Tracker Fund D +21.2% +30.8% N/A§ N/A§ N/A§ TOTAL Return (with net income reinvested) All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is Class A Accumulation Units calculated net of fees. Performance is shown for complete 12 month periods only. § Performance data does not exist for the relevant periods. Fund launched on 29 June 2012. BlackRock US Equity Tracker Fund +24.2% +63.5% FTSE USA Index* +24.8% +6 9.1% Distributions Payable TOTAL Return (with net income reinvested) Class D Accumulation Units A Accumulation The final accumulation distribution payable on 30 April 2015 is 0.9476p net per accumulation unit BlackRock US Equity Tracker Fund +24.6% +65.2% (30 April 2014: 0.7700p net per accumulation unit). FTSE USA Index* +24.8% +6 9.1% ≈ All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. L Income Performance returns are cumulative. All returns are in Sterling. The final distribution payable on 30 April 2015 is 0.8797p net per income unit (30 April 2014: N/A). * Figures from FTSE. Please note that the Fund’s benchmark index, the FTSE USA Index was previously referred to as the FTSE All-World USA Index. This is a clarificatory update and does not represent a change in the Fund’s benchmark index. L Accumulation All financial investments involve an element of risk. Therefore, the value of your investment and The final accumulation distribution payable on 30 April 2015 is 1.1784p net per accumulation unit the income from it will vary and the return of your initial investment amount cannot be guaranteed. (30 April 2014: 0.9616p net per accumulation unit). Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting X Income a product. The final distribution payable on 30 April 2015 is 1.2900p net per income unit (30 April 2014: 1.0718p net per income unit).

X Accumulation The final accumulation distribution payable on 30 April 2015 is 1.3090p net per accumulation unit (30 April 2014: 0.7640p net per accumulation unit).

D Accumulation The final accumulation distribution payable on 30 April 2015 is 1.2228p net per accumulation unit (30 April 2014: 0.9980p net per accumulation unit).

≈ L Income class commenced April 2014.

735 BlackRock Collective Investment Funds 736 US Equity Tracker Fund continued

Tracking Difference Tracking Error Tracking difference is defined as the difference in returns between a fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index. Tracking error shows the consistency of the returns relative Cash management, efficient portfolio management techniques including securities lending and to the benchmark index over a defined period of time. transaction costs from rebalancing can have an impact on tracking difference. Anticipated tracking error is based on the expected volatility of differences between the returns of a The table below compares the realised Fund performance against the performance of the relevant fund and the returns of its benchmark index. benchmark index during the year ended 28 February 2015. An explanation for the difference is provided: Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking error as well as the return Fund return Benchmark return differential between the Fund and the benchmark index. Importantly, these impacts can be either for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference positive or negative depending on the underlying circumstances. The Fund underperformed its benchmark The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an index as a result of (a) the stock market ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking on which the benchmark index operates error is annualised and calculated using data since inception as the Fund has been trading for fewer being closed at the Fund’s valuation than 36 months. A return history lower than 36 months is not considered statistically significant. point. This results in a temporary mismatch on days when units are Anticipated Realised created or redeemed, (b) temporary Tracking Error Tracking Error Explanation for difference divergences in the calculation when the The Fund has tracked its benchmark index within its anticipated Index provider calculates index values Up to 2.50%* 2.01%* tracking error. during UK bank holidays while the Fund is closed and (c) income from securities * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class D Accumulation Units. +24.6%* +24.8% -0.2% lending activity.

* Performance is calculated net of fees and reported for the Fund’s class D Accumulation Units.

737 BlackRock Collective Investment Funds 738 US Equity Tracker Performance Record

Net Asset Value Income (Net Distributions/Net Accumulations)

Net Asset Value A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation Units Units≈ Units^ Units≠ Units Units Net Asset Value per Unit Units in Issue £ p Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit A Accumulation 2015* 0.9476 0.8797 1.178 4 1.2900 1.3090 1.2228 28 February 2015 539,989 877,615 162.5 2014 1.5818 0.5813 1.9800 2.1999 1.4267 2.0557 28 February 2014 604,472 792,840 131.2 2013 1.6780 N/A 1.7309 2.2553 0.6550 2.2153 ‡ 31 January 2013* 1,000 1,098 109.8 2012 0.0560 N/A N/A N/A 0.0120 0.0872 L Income * To 30 April. ‡ Fund launched on 29 June 2012. 28 February 2015≈ 6,813,279 8,249,864 121.1 ≈ L Income class commenced April 2014. ^ L Accumulation class commenced November 2012. L Accumulation ≠ X Income class commenced August 2012. 28 February 2015 162,394,315 265,337,117 163.4 28 February 2014 145,775,090 191,660,653 131.5 Capital (Unit Prices) 31 January 2013* 37,416,595 41,049,965 109.7 A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation Units Units≈ Units^ Units≠ Units Units X Income Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest 28 February 2015 15,646,261 24,635,533 157.5 Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Price Price Price Price Price Price Price Price Price Price Price Price 28 February 2014 18,716,115 24,052,905 128.5 Calendar Year p p p p p p p p p p p p 31 January 2013* 20,928,866 22,823,097 10 9.1 2015* 172.3 155.9 12 3 .1 116.9 165.0 156.7 160.3 152.2 162.7 154.6 165.8 157.5 X Accumulation 2014 168.0 125.8 120.0 97.98 160.8 126 .1 156.2 124.3 158.6 124.8 161.6 126.7 28 February 2015 74,163,634 119,578,309 161.2 2013 138.4 102.9 N/A N/A 132.0 102.8 131.4 103.0 130.8 103.0 132.6 103.2 28 February 2014 1,000 1,300 130.0 2012‡ 110.4 98.73 N/A N/A 10 3 .1 98.55 105.2 98.75 105.3 98.86 105.4 98.94 31 January 2013* 1,000 1,094 109.4 * To 28 February. ‡ Fund launched on 29 June 2012. D Accumulation ≈ L Income class commenced April 2014. ^ L Accumulation class commenced November 2012. 28 February 2015 192,627,561 316 ,37 7,110 164.2 ≠ X Income class commenced August 2012. 28 February 2014 181,291,736 239,469,254 132.1 31 January 2013* 167,861,734 184,942,775 110.2

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. ≈ L Income class commenced April 2014.

739 BlackRock Collective Investment Funds 740 US Equity Tracker Performance Record continued US Equity Tracker Investment Report

Risk and Reward Profile Summary of Performance over the Period During the period from 1 March 2014 to 28 February 2015, the Fund returned 24.6%*, compared with Lower risk Higher risk its benchmark, the FTSE USA Index, which returned 24.8%. The Fund underperformed its benchmark Typically lower rewards Typically higher rewards index as a result of (a) the stock market on which the benchmark index operates being closed at Unit Class the Fund’s valuation point. This results in a temporary mismatch on days when units are created or A Accumulation 1 2 3 4 5 6 7 redeemed, (b) temporary divergences in the calculation when the index provider calculates index L Income 1 2 3 4 5 6 7 values during UK bank holidays while the Fund is closed and (c) income from securities lending L Accumulation 1 2 3 4 5 6 7 activities. Over the six month period to 28 February 2015, the Fund returned 14.4%* as did its benchmark. X Income 1 2 3 4 5 6 7 X Accumulation 1 2 3 4 5 6 7 Fund Manager’s Commentary D Accumulation 1 2 3 4 5 6 7 The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. Recovery continued apace in the US and UK, but weak economic growth and worries about deflation `` The risk indicator was calculated incorporating historical or simulated historical data and may not in Europe finally saw the European Central Bank launch a programme of spending in support of its be a reliable indication of the future risk profile of each unit class. economy (what is known as quantitative easing) that surprised many with its scale. `` The risk category shown is not guaranteed and may change over time. US stocks made very strong gains over what was largely a very positive year for the US economy, as it `` The lowest category does not mean risk free. finally became strong enough to stand on its own two feet, enabling the US Federal Reserve to bring quantitative easing to an end. Third-quarter Gross Domestic Product growth of 5% was its strongest `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree showing for more than a decade. Meanwhile, unemployment fell to 5.8% towards the end of the year of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and consumer confidence touched its highest level in nearly seven years. The US is one of the world’s and can increase the size of losses and gains, resulting in greater fluctuations in the value of the few major economies expected to accelerate in 2015. Fund.

For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which The portfolio is positioned so that its risk characteristics are similar to those of the FTSE USA Index. are available at www.blackrock.com. March 2015 Ongoing Charges * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net Detailed in the following table are the charges used to meet the costs of running the Fund, which asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for include the costs of marketing and distribution. These charges reduce the potential growth of your the Fund’s class D Accumulation Units. investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective investment scheme (if any).

1.3.2014 1.2.2013 Unit Class to 28.2.2015 to 28.2.2014† A Accumulation 0.51% 0.52% L Income≈ 0.21%* N/A L Accumulation 0.21% 0.22% X Income 0.01% 0.02% X Accumulation 0.01% 0.02% D Accumulation 0.16 % 0.17%

† Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. ≈ L Income class commenced April 2014. * Ongoing charges figure is based on annualised expenses for the period ended 28 February 2015.

741 BlackRock Collective Investment Funds 742 US Equity Tracker Portfolio Statement at 28 February 2015

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets EQUITIES – 99.78%; 2014 99.39% 26,139 Hudson City Bancorp 164,743 0.02 46,397 Huntington Bancshares 328,148 0.05 UNITED STATES – 99.78%; 2014 99.39% 213,203 JP Morgan Chase 8,455,553 1.15 Aerospace & Defence – 2.38%; 2014 2.41% 49,202 KeyCorp 443,181 0.06 6,570 B/E Aerospace 270,087 0.04 6,583 M&T Bank 515,343 0.07 37,109 Boeing 3,622,294 0.49 23,787 New York Community Bancorp 255,509 0.04 18,405 General Dynamics 1,652,806 0.23 19,973 People’s United Financial 195,543 0.03 3,285 KLX 84,899 0.01 29,518 PNC Financial Services* 1,756,296 0.24 4,907 L-3 Communications 410,970 0.06 77,416 Regions Financial 480,907 0.07 18,138 Lockheed Martin 2,347,940 0.32 27,074 SLM 165,906 0.02 11,726 Northrop Grumman 1,257,354 0.17 30,383 SunTrust Banks 806,072 0.11 8,387 Precision Castparts 1,173,876 0.16 102,904 US Bancorp 2,970,459 0.40 17,879 Raytheon 1,258,379 0.17 296,917 Wells Fargo 10,528,699 1.43 7,571 Rockwell Collins 436,261 0.06 12,791 Zions Bancorporation 221,239 0.03 16,026 Textron 459,397 0.06 41,682,254 5.67 2,760 Transdigm 387,336 0.05 52,027 United Technologies 4,103,514 0.56 Beverages – 2.09%; 2014 2.07% 7,211 Brown-Forman class ‘B’ shares 427,695 0.06 17,465,113 2.38 239,762 Coca-Cola 6,717,804 0.91 Automobiles & Parts – 1.32%; 2014 1.32% 14,054 Coca-Cola Enterprises 419,965 0.06 5,302 Autoliv 385,968 0.05 9,368 Constellation Brands class ‘A’ shares 695,295 0.09 12,893 BorgWarner 512,750 0.07 11,069 Dr Pepper Snapple 564,337 0.08 17,087 Delphi Automotive 871,820 0.12 7,351 Molson Coors Brewing 360,938 0.05 216,164 Ford Motor 2,284,171 0.31 7,638 Monster Beverage 697,423 0.10 74,122 General Motors 1,789,979 0.24 85,077 PepsiCo 5,449,574 0.74 16,952 Gentex 193,280 0.03 15,333,031 2.09 8,579 Genuine Parts 533,426 0.07 11,827 Harley-Davidson 486,503 0.07 Chemicals – 2.07%; 2014 2.16% 38,524 Johnson Controls 1,266,601 0.17 12,390 Air Products & Chemicals 1,251,347 0.17 15,481 LKQ 246,129 0.03 3,117 Airgas 236,407 0.03 5,277 Tesla Motors 694,164 0.10 4,288 Ashland 354,078 0.05 6,170 TRW Automotive 416,098 0.06 5,844 Avery Dennison 202,464 0.03 9,014 Celanese 333,111 0.05 9,680,889 1.32 2,922 CF Industries 578,558 0.08 Banks – 5.67%; 2014 6.01% 67,626 Dow Chemical 2,154,720 0.29 606,904 Bank of America 6,204,920 0.84 51,569 Du Pont de Nemours 2,597,137 0.35 41,953 BB&T 1,032,944 0.14 8,449 Eastman Chemical 407,087 0.06 174,529 Citigroup 5,918,898 0.81 15,820 Ecolab 1,182,764 0.16 2,861 City National 167,209 0.02 7,416 FMC 304,241 0.04 10,596 Comerica 313,890 0.04 4,548 International Flavors & Fragrances 358,831 0.05 5,701 Commerce Bancshares 153,094 0.02 23,002 LyondellBasell Industries class ‘A’ shares 1,278,699 0.17 48,215 Fifth Third Bancorp 603,701 0.08

743 BlackRock Collective Investment Funds 744 US Equity Tracker Portfolio Statement continued

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

19,363 Mosaic 667,569 0.09 Electronic & Electrical Equipment – 0.90%; 2014 1.15% 8,080 PPG Industries 1,230,822 0.17 19,799 Agilent Technologies 540,648 0.07 16,579 Praxair 1,372,107 0.19 5,425 Allegion 202,621 0.03 6,840 Sigma-Aldrich 611,015 0.08 13,847 AMETEK 476,142 0.07 2,461 Westlake Chemical 106,313 0.01 17,951 Amphenol class ‘A’ shares 655,826 0.09 5,866 Arrow Electronics 235,149 0.03 15,227,270 2.07 7,694 Avnet 228,072 0.03 Construction & Materials – 0.38%; 2014 0.42% 39,795 Emerson Electric 1,490,961 0.20 6,130 Chicago Bridge & Iron 183,019 0.02 4,185 First Solar 161,778 0.02 9,033 Fluor 338,957 0.05 33,976 Flextronics International 267,780 0.04 9,313 Fortune Brands Home & Security 279,137 0.04 11,095 Jabil Circuit 157,731 0.02 7,348 Jacobs Engineering 210,826 0.03 9,899 Keysight Technologies 240,269 0.03 20,127 Masco 341,094 0.05 6,062 Roper Industries 657,312 0.09 10,843 MDU Resources 156,534 0.02 22,865 TE Connectivity 1,067,201 0.15 4,660 Sherwin-Williams 859,992 0.12 14,735 Trimble Navigation 249,238 0.03 7,377 Vulcan Materials 396,011 0.05 6,630,728 0.90 2,765,570 0.38 Financial Services – 4.88%; 2014 4.66% Electricity – 2.18%; 2014 2.15% 3,130 Affiliated Managers 438,350 0.06 37,031 AES 310,549 0.04 24,189 Ally Financial 325,254 0.04 6,587 Alliant Energy 270,999 0.04 51,019 American Express 2,693,238 0.37 28,568 American Electric Power 1,064,229 0.15 10,918 Ameriprise Financial 944,074 0.13 19,971 Calpine 273,965 0.04 64,213 Bank of New York Mellon 1,625,477 0.22 14,968 CMS Energy 340,155 0.05 7,086 BlackRock* 1,703,272 0.23 16,571 Consolidated Edison 676,930 0.09 28,920 Capital One 1,472,948 0.20 33,651 Dominion Resources 1,569,320 0.21 64,495 Charles Schwab 1,224,045 0.17 10,108 DTE Energy 536,468 0.07 10,798 CIT 323,018 0.04 18,672 Edison International 776,288 0.11 18,132 CME 1,125,418 0.15 10,806 Entergy 555,823 0.08 26,470 Discover Financial Services 1,044,481 0.14 18,003 Eversource Energy 602,741 0.08 7,013 Equifax 423,712 0.06 49,950 Exelon 1,096,353 0.15 16,151 FNF 383,552 0.05 23,918 FirstEnergy 541,382 0.07 5,143 FNFV 49,586 0.01 24,700 NextEra Energy 1,653,593 0.22 24,159 Franklin Resources 841,516 0.12 18,836 NRG Energy 292,279 0.04 23,369 Goldman Sachs 2,870,846 0.39 14,047 Pepco 246,600 0.03 6,456 Intercontinental Exchange 983,063 0.13 27,411 PG&E 953,017 0.13 24,609 Invesco 641,261 0.09 6,465 Pinnacle West Capital 268,029 0.04 6,229 Legg Mason 230,837 0.03 37,947 PPL 837,073 0.11 4,072 Liberty TripAdvisor 87,031 0.01 30,146 Public Service Enterprise 820,461 0.11 7,747 Liberty Ventures 201,370 0.03 51,417 Southern 1,523,146 0.21 57,324 MasterCard class ‘A’ shares 3,343,220 0.46 12,632 Teco Energy 160,291 0.02 15,540 McGraw Hill Financial 1,036,737 0.14 30,137 Xcel Energy 687,609 0.09 12,243 Moody’s 768,059 0.10 16,057,300 2.18 79,734 Morgan Stanley 1,846,564 0.25

745 BlackRock Collective Investment Funds 746 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 23,874 Navient 330,442 0.05 13,987 Kellogg 583,591 0.08 13,494 Northern Trust 609,736 0.08 7,157 Keurig Green Mountain 590,798 0.08 7,043 SEI Investments 196,014 0.03 34,070 Kraft Foods class ‘A’ shares 1,412,051 0.19 24,413 State Street 1,176,102 0.16 17,987 Leucadia National 276,311 0.04 8,078 Synchrony Financial 167,007 0.02 6,613 McCormick & Co 322,562 0.04 14,251 T Rowe Price 761,609 0.10 11,597 Mead Johnson 786,216 0.11 12,490 TD Ameritrade 292,974 0.04 96,881 Mondelez International 2,315,139 0.31 28,291 Visa 4,968,591 0.68 27,752 Monsanto 2,162,659 0.29 11,540 Voya Financial 329,906 0.05 6,884 Rayonier 122,098 0.02 30,059 Western Union 379,676 0.05 17,909 Tyson Foods 478,609 0.07 35,838,986 4.88 14,124,711 1.92 Fixed Line Telecommunications – 2.19%; 2014 2.30% Forestry & Paper – 0.12%; 2014 0.13% 300,294 AT&T 6,715,517 0.91 24,496 International Paper 894,150 0.12 32,874 CenturyLink 805,577 0.11 461 Veritiv 15,112 0.00 56,664 Frontier Communications 292,963 0.04 909,262 0.12 14,686 Level 3 Communications 511,929 0.07 237,108 Verizon Communications 7,588,561 1.03 Gas, Water & Multiutilities – 0.91%; 2014 1.01% 34,620 Windstream Communications 176,752 0.03 13,462 Ameren 369,347 0.05 10,336 American Water Works 361,767 0.05 16,091,299 2.19 23,804 CenterPoint Energy 320,077 0.04 Food & Drug Retailers – 1.92%; 2014 1.71% 40,805 Duke Energy 2,073,783 0.28 13,045 AmerisourceBergen 867,500 0.12 18,190 Nisource 504,833 0.07 19,303 Cardinal Health 1,099,049 0.15 11,662 ONEOK 333,922 0.04 64,579 CVS Caremark 4,340,508 0.59 10,924 Questar 165,196 0.02 26,724 Kroger 1,230,369 0.17 7,101 SCANA 261,681 0.04 13,065 McKesson 1,933,627 0.26 14,282 Sempra Energy 999,758 0.14 5,775 Omnicare 286,732 0.04 38,818 Spectra Energy 891,453 0.12 34,388 Sysco 867,377 0.12 13,173 Wisconsin Energy 434,469 0.06 50,909 Walgreens Boots Alliance 2,735,856 0.37 6,716,286 0.91 19,587 Whole Foods Market 715,849 0.10 General Industrials – 2.89%; 2014 3.00% 14,076,867 1.92 36,690 3M 4,003,992 0.55 Food Producers – 1.92%; 2014 2.00% 7,869 Ball 365,190 0.05 37,238 Archer Daniels Midland 1,153,477 0.16 5,837 Bemis 184,318 0.03 8,223 Bunge 435,148 0.06 33,778 Danaher 1,907,908 0.26 10,120 Campbell Soup 305,028 0.04 27,396 Eaton 1,258,826 0.17 23,555 ConAgra Foods 533,165 0.07 576,552 General Electric 9,696,251 1.32 34,561 General Mills 1,203,396 0.16 44,427 Honeywell International 2,954,709 0.40 5,616 Herbalife 112,836 0.02 9,364 MeadWestvaco 321,505 0.04 9,143 Hershey Foods 613,990 0.08 9,197 Owens-Illinois 155,684 0.02 7,924 Hormel Foods 299,906 0.04 12,350 Sealed Air 376,637 0.05 5,598 JM Smucker 417,731 0.06 21,225,020 2.89

747 BlackRock Collective Investment Funds 748 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets General Retailers – 5.40%; 2014 5.13% Healthcare Equipment & Services – 4.01%; 2014 3.64% 4,155 Advance Auto Parts 416,629 0.06 20,141 Aetna 1,297,422 0.18 21,387 Amazon 5,262,470 0.72 15,779 Anthem 1,495,503 0.20 3,890 AutoNation 154,779 0.02 31,185 Baxter International 1,395,596 0.19 1,896 AutoZone 789,059 0.11 10,966 Becton Dickinson 1,041,110 0.14 10,563 Bed Bath & Beyond 510,310 0.07 75,761 Boston Scientific 828,008 0.11 15,420 Best Buy 380,162 0.05 11,641 CareFusion 452,413 0.06 12,366 CarMax 537,002 0.07 15,283 Cigna 1,202,842 0.16 24,897 Costco Wholesale 2,367,261 0.32 4,336 CR Bard 474,480 0.06 16,434 Dollar General 772,251 0.10 11,982 DaVita 577,778 0.08 11,600 Dollar Tree 598,015 0.08 7,968 Dentsply International 273,214 0.04 64,432 eBay 2,414,428 0.33 5,857 Edwards Lifesciences 504,292 0.07 5,317 Family Dollar Stores 270,839 0.04 42,246 Express Scripts 2,317,871 0.32 8,232 Foot Locker 299,258 0.04 2,771 Halyard Health 82,535 0.01 7,242 GameStop 173,294 0.02 19,041 HCA 881,573 0.12 14,531 Gap 391,154 0.05 4,935 Henry Schein 447,228 0.06 15,498 H&R Block 342,472 0.05 8,736 Humana 929,451 0.13 75,530 Home Depot 5,611,722 0.76 2,107 Intuitive Surgical 681,578 0.09 11,163 Kohl’s 532,940 0.07 5,766 Laboratory Corporation of America 458,959 0.06 12,155 L Brands 722,504 0.10 80,726 Medtronic 4,053,538 0.56 55,880 Lowe’s 2,678,653 0.36 4,825 Patterson 156,296 0.02 20,592 Macy’s 849,317 0.12 8,086 Quest Diagnostics 366,994 0.05 3,284 Netflix 1,008,958 0.14 16,924 St Jude Medical 730,227 0.10 8,293 Nordstrom 431,607 0.06 16,637 Stryker 1,019,923 0.14 5,802 O’Reilly Automotive 781,397 0.11 22,647 Thermo Fisher Scientific 1,904,347 0.26 5,873 PetSmart 315,046 0.04 54,951 UnitedHealth 4,040,431 0.55 12,305 Ross Stores 842,495 0.11 5,097 Universal Health Services class ‘B’ shares 373,881 0.05 1,778 Sears 43,236 0.01 5,798 Varian Medical Systems 348,803 0.05 4,474 Signet Jewelers 346,971 0.05 4,561 Waters 355,223 0.05 36,615 Staples 397,093 0.05 9,665 Zimmer 752,924 0.10 35,845 Target 1,782,044 0.24 29,444,440 4.01 6,605 Tiffany 377,007 0.05 39,819 TJX 1,768,588 0.24 5,986 Tractor Supply Company 341,288 0.05 5,240 Urban Outfitters 132,102 0.02 92,994 Wal-Mart Stores 5,049,260 0.69 39,691,611 5.40

749 BlackRock Collective Investment Funds 750 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Household Goods & Home Construction – 1.82%; 2014 1.82% Industrial Metals – 0.34%; 2014 0.45% 7,695 Church & Dwight 423,887 0.06 66,644 Alcoa 637,374 0.09 7,474 Clorox 525,414 0.07 6,735 Allegheny Technologies 146,693 0.02 19,362 DR Horton 342,161 0.05 59,027 Freeport McMoRan 826,164 0.11 3,611 Energizer 312,685 0.04 17,904 Nucor 544,859 0.07 8,610 Leggett & Platt 250,990 0.03 10,420 Southern Copper 200,727 0.03 10,250 Lennar class ‘A’ shares 333,022 0.04 8,544 United States Steel 132,356 0.02 3,415 Mohawk Industries 407,352 0.06 2,488,173 0.34 15,188 Newell Rubbermaid 386,137 0.05 221 NVR 190,197 0.03 Industrial Transportation – 1.74%; 2014 1.63% 156,155 Procter & Gamble 8,596,912 1.17 4,602 AerCap 132,485 0.02 17,242 Pulte Homes 251,702 0.03 8,657 CH Robinson Worldwide 416,213 0.06 8,939 Stanley Black & Decker 568,824 0.08 56,931 CSX 1,263,946 0.17 9,093 Toll Brothers 225,413 0.03 10,972 Expeditors International of Washington 342,848 0.05 4,310 Whirlpool 591,084 0.08 15,117 FedEx 1,731,207 0.23 5,458 JB Hunt Transport Services 301,966 0.04 13,405,780 1.82 6,246 Kansas City Southern 468,187 0.06 Industrial Engineering – 1.43%; 2014 1.68% 17,426 Norfolk Southern 1,230,780 0.17 7,087 Babcock & Wilcox 142,345 0.02 3,193 Ryder System 194,216 0.03 34,544 Caterpillar 1,852,823 0.25 51,581 Union Pacific 4,013,932 0.55 5,931 Colfax 202,177 0.03 40,274 United Parcel Service class ‘B’ shares 2,651,141 0.36 10,602 Cummins 975,749 0.13 12,746,921 1.74 19,663 Deere 1,152,501 0.16 10,108 Dover 471,192 0.06 Leisure Goods – 0.34%; 2014 0.26% 7,647 Flowserve 307,285 0.04 38,183 Activision Blizzard 576,179 0.08 20,158 Illinois Tool Works 1,289,517 0.18 16,530 Electronic Arts 611,505 0.08 15,329 Ingersoll-Rand 666,465 0.09 3,890 Harman International 347,341 0.05 5,716 Joy Global 163,890 0.02 6,552 Hasbro 264,174 0.03 19,937 Paccar 826,172 0.11 20,789 Mattel 353,927 0.05 6,106 Pall 398,229 0.06 3,572 Polaris Industries 354,403 0.05 8,444 Parker-Hannifin 670,373 0.09 2,507,529 0.34 10,603 Pentair 455,914 0.06 Life Insurance – 0.83%; 2014 0.95% 7,816 Rockwell Automation 591,890 0.08 25,622 Aflac 1,032,076 0.14 2,697 SPX 155,600 0.02 4,311 Assurant 170,917 0.02 10,407 Xylem 240,343 0.03 28,794 Genworth Financial class ‘A’ shares 144,399 0.02 10,562,465 1.43 15,156 Lincoln National 565,383 0.08 51,822 MetLife 1,705,156 0.23 16,713 Principal Financial 553,387 0.08 26,306 Prudential Financial 1,376,239 0.19 7,102 Torchmark 244,622 0.03 13,766 Unum Group 298,854 0.04 6,091,033 0.83

751 BlackRock Collective Investment Funds 752 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Media – 4.11%; 2014 4.32% Mobile Telecommunications – 0.14%; 2014 0.23% 12,367 Cablevision Systems class ‘A’ shares 150,286 0.02 7,087 SBA Communications 571,812 0.08 27,928 CBS class ‘B’ shares 1,067,314 0.15 47,269 Sprint 156,911 0.02 4,075 Charter Communications 476,058 0.06 14,426 T-Mobile 308,328 0.04 122,915 Comcast class ‘A’ shares 4,722,850 0.64 1,037,051 0.14 23,963 Comcast class ‘A’ special shares 913,925 0.12 29,192 DirecTV class ‘A’ Shares 1,673,053 0.23 Non-Life Insurance – 3.41%; 2014 3.26% 8,076 Discovery Communications class ‘A’ shares 168,794 0.02 19,123 ACE 1,410,900 0.19 15,155 Discovery Communications class ‘C’ shares 299,197 0.04 79,433 AIG 2,843,942 0.39 11,831 DISH Network class ‘A’ shares 574,401 0.08 999 Alleghany 305,473 0.04 2,367 Dun & Bradstreet 202,912 0.03 24,494 Allstate 1,118,983 0.15 12,759 Gannett 292,184 0.04 16,068 Aon 1,043,474 0.14 3,842 IHS 292,190 0.04 7,477 Arch Capital 286,036 0.04 23,686 Interpublic 341,787 0.05 8,737 Arthur J Gallagher 265,660 0.04 1,298 Liberty Broadband class ‘A’ shares 43,549 0.01 5,996 Axis Capital 201,057 0.03 3,401 Liberty Broadband class ‘C’ shares 114,482 0.02 28 Berkshire Hathaway convertible class ‘A’ shares 4,005,953 0.54 13,658 Liberty Global class ‘A’ shares 477,774 0.07 63,838 Berkshire Hathaway convertible class ‘B’ shares 6,087,619 0.83 36,756 Liberty Global class ‘B’ shares 1,240,818 0.17 7,868 Brown & Brown 163,582 0.02 25,856 Liberty Interactive 493,897 0.07 13,643 Chubb 886,786 0.12 5,194 Liberty Media 129,598 0.02 7,923 Cincinnati Financial 270,440 0.04 10,388 Liberty Media class ‘C’ shares 259,398 0.04 1,384 CNA Financial 37,434 0.01 21,966 News Corporation class ‘A’ shares 245,472 0.03 2,564 Everest Re 294,394 0.04 7,631 News Corporation class ‘B’ shares 83,154 0.01 24,819 Hartford Financial Services 657,654 0.09 18,440 Nielsen 539,573 0.07 17,227 Loews 457,038 0.06 14,590 Omnicom 750,931 0.10 742 Markel 357,431 0.05 4,934 Scripps Networks Interactive 230,768 0.03 30,560 Marsh & McLennan 1,124,989 0.15 153,420 Sirius XM 385,188 0.05 15,956 Old Republic International 156,525 0.02 4,641 Starz 99,793 0.01 2,765 PartnerRe 204,861 0.03 47,794 Time Warner 2,531,035 0.34 31,293 Progressive 539,639 0.07 16,110 Time Warner Cable 1,605,996 0.22 2,423 RenaissanceRe 160,755 0.02 77,215 Twenty-First Century class ‘A’ shares 1,748,255 0.24 18,857 The Travelers Companies 1,310,619 0.18 24,463 Twenty-First Century class ‘B’ shares 538,838 0.07 9,943 Willis 307,027 0.04 21,159 Viacom New class ‘B’ non-voting shares 957,043 0.13 6,566 WR Berkley 211,970 0.03 97,445 Walt Disney 6,560,860 0.89 15,298 XL 358,346 0.05 30,211,373 4.11 25,068,587 3.41 Mining – 0.11%; 2014 0.15% 12,755 CONSOL Energy 265,764 0.04 26,605 Newmont Mining 453,115 0.06 16,883 Peabody Energy 86,196 0.01 805,075 0.11

753 BlackRock Collective Investment Funds 754 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Oil & Gas Producers – 5.98%; 2014 7.45% Oil Equipment, Services & Distribution – 1.89%; 2014 1.99% 29,062 Anadarko Petroleum 1,583,610 0.22 24,553 Baker Hughes 993,305 0.14 3,444 Antero Resources 87,916 0.01 11,206 Cameron International 341,314 0.05 22,107 Apache 941,843 0.13 2,744 Core Laboratories 195,173 0.03 23,319 Cabot Oil & Gas 437,590 0.06 4,563 Diamond Offshore Drilling 89,671 0.01 18,590 California Resources 86,129 0.01 13,060 Ensco 206,793 0.03 13,633 Cheniere Energy 714,819 0.10 14,487 FMC Technologies 374,315 0.05 37,157 Chesapeake Energy 400,807 0.05 48,890 Halliburton 1,358,442 0.18 107,987 Chevron 7,454,415 1.01 5,641 Helmerich & Payne 244,745 0.03 4,858 Cimarex Energy 344,876 0.05 102,024 Kinder Morgan 2,708,053 0.37 19,778 Cobalt International Energy 130,923 0.02 15,235 Nabors Industries 126,285 0.02 6,352 Concho Resources 447,813 0.06 24,428 National Oilwell Varco 859,106 0.12 70,462 ConocoPhillips 2,972,316 0.40 14,165 Noble 152,429 0.02 5,562 Continental Resources 160,123 0.02 7,012 NOW 96,373 0.01 19,758 Denbury Resources 107,522 0.02 6,051 Oceaneering International 213,473 0.03 23,613 Devon Energy 941,067 0.13 4,721 Paragon Offshore 6,263 0.00 31,477 EOG Resources 1,827,230 0.25 8,213 Patterson-UTI Energy 99,275 0.01 8,511 EQT 439,594 0.06 7,407 Rowan class ‘A’ shares 103,527 0.01 242,718 Exxon Mobil 13,905,948 1.89 73,515 Schlumberger 4,003,509 0.54 15,575 Hess 756,880 0.10 2,654 Seventy Seven Energy 8,243 0.00 11,274 Hollyfrontier 320,843 0.04 46,865 Weatherford International 384,224 0.05 39,815 Marathon Oil 717,773 0.10 42,898 Williams Companies 1,361,555 0.19 15,977 Marathon Petroleum 1,085,535 0.15 13,926,073 1.89 9,479 Murphy Oil 312,143 0.04 7,699 Newfield Exploration 164,552 0.02 Personal Goods – 1.46%; 2014 1.43% 20,947 Noble Energy 640,040 0.09 25,379 Avon 139,918 0.02 44,679 Occidental Petroleum 2,250,429 0.31 15,312 Coach 431,498 0.06 31,445 Phillips 66 1,596,464 0.22 52,151 Colgate-Palmolive 2,389,889 0.33 8,373 Pioneer Natural Resources 826,031 0.11 12,630 Estee Lauder class ‘A’ shares 675,551 0.09 10,076 QEP Resources 140,050 0.02 3,073 Fossil 171,009 0.02 10,228 Range Resources 327,807 0.05 5,633 Hanesbrands 464,921 0.06 19,619 Southwestern Energy 318,393 0.04 21,386 Kimberly-Clark 1,517,529 0.21 9,012 Ultra Petroleum 94,879 0.01 4,776 Lululemon Athletica 211,419 0.03 30,120 Valero Energy 1,202,344 0.16 11,160 Michael Kors 486,869 0.07 7,573 Whiting Petroleum 165,730 0.02 32,644 Nike class ‘B’ shares 2,051,287 0.28 13,065 WPX Energy 91,051 0.01 2,753 Nu Skin Enterprises 96,517 0.01 4,345 PVH 299,657 0.04 43,995,485 5.98 3,456 Ralph Lauren class ‘A’ shares 307,292 0.04 10,630 Under Armour 529,643 0.07 19,019 VF 943,443 0.13 10,716,442 1.46

755 BlackRock Collective Investment Funds 756 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Pharmaceuticals & Biotechnology – 9.44%; 2014 8.71% Real Estate Investment Trusts – 2.72%; 2014 2.27% 86,191 Abbott Laboratories 2,641,949 0.36 19,958 American Capital 276,757 0.04 91,186 AbbVie 3,569,790 0.49 56,501 American Realty Capital Properties 358,295 0.05 14,880 Actavis 2,801,819 0.38 22,994 American Tower class ‘A’ shares 1,475,252 0.20 11,565 Alexion Pharmaceuticals 1,349,799 0.18 54,059 Annaly Capital Management 371,494 0.05 16,863 Allergan 2,540,253 0.35 7,591 Avalonbay Communications 825,756 0.11 43,315 Amgen 4,420,070 0.60 8,911 Boston Properties 792,326 0.11 13,497 Biogen Idec 3,577,220 0.49 19,348 Crown Castle International 1,080,829 0.15 8,178 BioMarin Pharmaceutical 566,544 0.08 8,161 Digital Realty Trust 350,595 0.05 94,441 Bristol-Myers Squibb 3,722,885 0.51 19,411 Duke Realty 268,292 0.04 45,634 Celgene 3,588,355 0.49 20,788 Equity Residential 1,036,172 0.14 56,681 Eli Lilly 2,573,275 0.35 3,664 Essex Property Trust 527,124 0.07 8,589 Endo International 475,302 0.06 3,904 Federal Realty Investment Trust 358,696 0.05 87,201 Gilead Sciences 5,841,237 0.79 28,112 General Growth Properties 527,714 0.07 9,751 Hospira 552,287 0.07 26,967 HCP 739,176 0.10 8,122 Illumina 1,027,206 0.14 18,173 Health Care REIT 906,533 0.12 7,820 Incyte 434,062 0.06 8,592 Hospitality Properties 171,240 0.02 2,985 Jazz Pharmaceuticals 328,400 0.04 43,017 Host Hotels & Resorts 584,546 0.08 157,569 Johnson & Johnson 10,451,921 1.42 10,104 Iron Mountain 240,341 0.03 163,692 Merck & Co 6,201,738 0.84 22,723 Kimco Realty 386,412 0.05 21,080 Mylan Laboratories 781,872 0.11 8,136 Liberty Property Trust 195,951 0.03 7,332 Perrigo 732,915 0.10 9,065 Macerich 490,615 0.07 362,067 Pfizer 8,040,727 1.09 9,842 Plum Creek Timber 276,651 0.04 4,574 Regeneron Pharmaceuticals 1,224,834 0.17 29,121 Prologis 804,813 0.11 14,005 Vertex Pharmaceuticals 1,082,229 0.15 8,170 Public Storage 1,043,057 0.14 28,841 Zoetis 860,154 0.12 12,492 Realty Income 404,491 0.06 69,386,843 9.44 5,534 Regency Centers 234,946 0.03 18,136 Simon Property 2,234,082 0.30 Real Estate Investment & Services – 0.05%; 2014 0.10% 5,703 SL Green Realty 468,005 0.06 16,077 CBRE 356,515 0.05 4,934 Urban Edge Properties 76,401 0.01 18,696 Ventas 900,926 0.12 9,868 Vornado Realty Trust 702,841 0.10 6,079 Weingarten Realty Investors 142,475 0.02 30,986 Weyerhaeuser 703,972 0.10 19,956,776 2.72

757 BlackRock Collective Investment Funds 758 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Software & Computer Services – 7.74%; 2014 8.13% Support Services – 1.96%; 2014 1.56% 29,062 Adobe Systems 1,487,514 0.20 35,648 Accenture 2,076,968 0.28 9,522 Akamai Technologies 427,979 0.06 10,671 ADT 270,883 0.04 9,083 Amdocs 308,566 0.04 3,607 Alliance Data Systems 650,002 0.09 4,948 Ansys 275,255 0.04 27,825 Auto Data Process 1,599,388 0.22 12,734 Autodesk 529,169 0.07 6,791 Broadridge Financial Solutions 233,866 0.03 18,759 CA 394,747 0.05 5,712 Cintas 308,442 0.04 16,952 Cerner 790,450 0.11 15,298 Fastenal 411,207 0.06 8,357 Check Point Software Technologies 451,486 0.06 16,413 Fidelity National Information Services 717,631 0.10 9,155 Citrix Systems 377,183 0.05 14,260 Fiserv 720,382 0.10 34,162 Cognizant Technology 1,381,158 0.19 4,410 FleetCor Technologies 438,032 0.06 7,994 Computer Sciences 366,956 0.05 6,017 Linkedin class ‘A’ shares 1,039,951 0.14 2,273 DST Systems 156,333 0.02 4,470 Manpower 232,669 0.03 3,211 Equinix 465,651 0.06 18,266 Paychex 588,970 0.08 121,054 Facebook 6,184,297 0.84 16,333 Republic Services 432,475 0.06 16,246 Google class ‘A’ shares 5,914,536 0.80 8,026 Robert Half International 321,632 0.04 16,173 Google class ‘C’ shares 5,843,692 0.80 4,720 Stericycle 412,198 0.06 4,392 IAC Interactive 191,606 0.03 9,361 Total System Services 231,390 0.03 57,141 IBM 5,987,714 0.81 4,191 Towers Watson 356,346 0.05 15,607 Intuit 985,865 0.13 24,569 Tyco International 671,061 0.09 422,847 Microsoft 11,995,349 1.63 4,704 United Rentals 283,232 0.03 14,911 Nuance Communications 137,975 0.02 7,791 Verisk Analytics 362,024 0.05 195,877 Oracle 5,554,116 0.76 26,497 Waste Management 934,099 0.13 6,505 Rackspace Hosting 209,032 0.03 3,326 WW Grainger 510,048 0.07 10,891 Red Hat 487,114 0.07 66,616 Xerox 588,397 0.08 33,639 Salesforce.com 1,510,425 0.21 14,391,293 1.96 2,573 Servicenow 126,952 0.02 39,643 Symantec 645,154 0.09 Technology Hardware & Equipment – 9.09%; 2014 7.80% 8,700 Synopsys 261,270 0.04 6,579 3D Systems 129,545 0.02 8,895 Teradata 256,248 0.03 17,510 Altera 419,225 0.06 24,800 Twitter 771,570 0.10 17,799 Analog Devices 674,229 0.09 7,488 VeriSign 310,151 0.04 333,898 Apple 27,757,135 3.78 4,199 VMware 231,089 0.03 70,225 Applied Materials 1,138,305 0.15 5,577 Workday 308,478 0.04 14,376 Avago Technologies 1,185,969 0.16 50,814 Yahoo! 1,455,962 0.20 31,615 Broadcom class ‘A’ shares 925,292 0.13 13,748 Yandex class ‘A’ shares 146,252 0.02 295,343 Cisco Systems 5,639,687 0.77 75,208 Corning 1,187,444 0.16 56,927,294 7.74 6,748 Cree 171,342 0.02 117,015 EMC 2,191,286 0.30

759 BlackRock Collective Investment Funds 760 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure – Derivatives Value Total Value Investment £ Assets Value Investment £ £ Net Assets 4,326 F5 Networks 330,622 0.04 Travel & Leisure – 2.49%; 2014 2.58% 6,433 Garmin 206,510 0.03 9,711 American Airlines 300,995 0.04 5,949 Harris 298,951 0.04 24,045 Carnival 684,444 0.09 106,523 Hewlett-Packard 2,401,489 0.33 9,275 CDK Global 280,759 0.04 271,805 Intel 5,851,529 0.80 1,778 Chipotle Mexican Grill 765,274 0.10 26,271 Juniper Networks 406,458 0.05 7,536 Darden Restaurants 312,090 0.04 9,270 KLA-Tencor 389,599 0.05 11,825 Delta Air Lines 340,502 0.05 9,118 Lam Research 486,521 0.07 5,777 Expedia 342,979 0.05 13,064 Linear Technology 407,288 0.06 25,183 Hertz Global 375,936 0.05 24,250 Marvell Technology 252,951 0.03 23,928 Hilton Worldwide 437,715 0.06 15,962 Maxim Integrated Products 355,205 0.05 14,950 International Game Technology 172,582 0.02 11,171 Microchip Technology 370,535 0.05 22,169 Las Vegas Sands 816,383 0.11 61,821 Micron Technology 1,226,499 0.17 13,195 Marriott International class ‘A’ shares 709,443 0.10 13,435 Motorola Solutions 590,292 0.08 55,546 McDonald’s 3,555,102 0.48 9,514 NCR 180,996 0.02 20,350 MGM Resorts International 286,143 0.04 18,472 NetApp 461,979 0.06 2,987 Priceline.com 2,392,035 0.33 30,798 Nvidia 439,431 0.06 8,735 Royal Caribbean Cruises 431,946 0.06 13,215 NXP Semiconductors 725,910 0.10 9,616 Southwest Airlines 268,992 0.04 95,274 Qualcomm 4,470,246 0.61 41,627 Starbucks 2,517,984 0.34 12,472 SanDisk 644,987 0.09 10,010 Starwood Hotels and Resorts Worldwide 520,450 0.07 17,862 Seagate Technology 706,320 0.10 5,667 TripAdvisor 327,281 0.05 11,050 Skyworks Solutions 627,220 0.08 5,888 United Continental Holdings 248,223 0.03 60,221 Texas Instruments 2,291,313 0.31 7,136 Wyndham Worldwide 422,370 0.06 12,792 Western Digital 885,524 0.12 4,915 Wynn Resorts 453,176 0.06 14,853 Xilinx 407,222 0.05 25,616 Yum! Brands 1,344,450 0.18 66,835,056 9.09 18,307,254 2.49 Tobacco – 1.46%; 2014 1.35% DERIVATIVES – 0.00%; 2014 0.01% 113,926 Altria 4,149,666 0.57 Futures – 0.00%; 2014 0.01% 20,614 Lorillard 912,650 0.12 24 S&P 500 E-Mini Index March 2015 1,632,820 10,590 0.00 89,588 Philip Morris International 4,809,254 0.65 17,731 Reynolds American 867,389 0.12 Portfolio of investments 733,433,204 99.78 10,738,959 1.46 Net other assets 1,622,344 0.22 Total net assets £735,055,548 100.00

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. Note: comparative figures show percentages for each category of holding at 28 February 2014. * Related party to the Fund. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument.

761 BlackRock Collective Investment Funds 762 US Equity Tracker Statement of Total Return US Equity Tracker Balance Sheet for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 733,433,204 453,246,899 Income – Debtors 7 1,440,636 9,668,918 Net capital gains during the – Cash and bank balances 8 1,122,896 2,074,731 year/period 2 133,446,222 52,847,774 Total other assets 2,563,532 11,743,649 Revenue 3 12,577,775 8,382,447 Total assets 735,996,736 464,990,548 Expenses 4 (979,915) (677,801) Liabilities: Finance costs: Interest 6 (213) (276) – Creditors 9 (679,415) (8,813,001) Net revenue before taxation 11,597,647 7,704,370 – Distribution payable on Taxation 5 (1,777,714) (1,207,961) income units (261,773) (200,595) Net revenue after taxation Total other liabilities (941,188) (9,013,596) for the year/period 9,819,933 6,496,409 Total liabilities (941,188) (9,013,596) Total return before distributions 143,266,155 59,344,183 Net assets attributable Finance costs: Distributions 6 (9,804,440) (6,485,918) to unitholders £735,055,548 £455,976,952 Change in net assets attributable to unitholders from investment activities £133,461,715 £52,858,265 N C D Hall (Director) E E Tracey (Director) US Equity Tracker Statement of Change in Net Assets BlackRock Fund Managers Limited Attributable to Unitholders 30 April 2015 for the year ended 28 February 2015

For the period For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 455,976,952 248,818,029 Amounts received on creation of units 199,887,197 163,979,668 Amounts paid on cancellation of units (63,812,357) (16,343,774) 136,074,840 147,635,894

Stamp duty reserve tax (97) (341) Change in net assets attributable to unitholders from investment activities 133,461,715 52,858,265 Retained distribution on accumulation units 9,542,138 6,665,105 Closing net assets attributable to unitholders £735,055,548 £455,976,952

763 BlackRock Collective Investment Funds 764 US Equity Tracker Notes to Financial Statements for the year ended 28 February 2015

1. Accounting and Distribution Policies 4. Expenses Please see pages 6-8 of the Aggregated Notes to Financial Statements. For the period For the year from 1.2.2013 2. Net Capital Gains During the Year/Period to 28.2.2015 to 28.2.2014 £ £ For the period For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 898,784 624,390 £ £ – Registrar’s fees 1,415 856 The net capital gains comprise: 9 0 0,19 9 625,246 Gains on non-derivative securities 132,287,076 52,690,784 Payable to the Trustee or associates of the Trustee: Gains on derivative contracts 600,627 463,983 – Trustee’s fees 47,981 30,294 Currency gains/(losses) 421,273 (372,576) 47,981 30,294 US REIT dividends 145,535 80,551 Other expenses: Custodian transaction costs (8,289) (14,968) – ADR fee 35 – Net capital gains £133,446,222 £52,847,774 – Audit fee 6,690 5,946 3. Revenue – FCA fee 158 183 – Safe custody fees 24,852 16 ,132 For the period For the year from 1.2.2013 31,735 22,261 to 28.2.2015 to 28.2.2014 Total expenses £979,915 £677,801 £ £ Interest from UK bank deposits 310 131 5. Taxation Overseas dividends 11,971,399 8,065,791 (a) Analysis of tax charge for the year/period Securities lending revenue 27,515 361 For the period Stock dividends 16,756 5,378 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 UK dividends – (797) £ £ UK REIT dividends – 22,303 Irrecoverable overseas tax 1,777,714 1,207,961 US REIT dividends 561,795 289,280 Total current tax charge for the year/period [see Note 5(b)] £1,777,714 £1,207,961 Total revenue £12,577,775 £8,382,447

765 BlackRock Collective Investment Funds 766 US Equity Tracker Notes to Financial Statements continued

(b) Factors affecting the current tax charge for the year/period The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an 7. Debtors authorised unit trust. The differences are explained below: 28.2.2015 28.2.2014 For the period £ £ For the year from 1.2.2013 Accrued revenue 1,289,610 810,383 to 28.2.2015 to 28.2.2014 Amounts receivable for creation of units – 4,501,170 £ £ Currency sales awaiting settlement 150,000 4,355,220 Net revenue before taxation 11,597,647 7,704,370 Overseas tax recoverable 1,026 2,14 5 Corporation tax at 20% (28 February 2014: 20%) 2,319,529 1,540,874 Total debtors £1,440,636 £9,668,918 Effects of: Capitalised income from US REITs 2 9,107 16 ,110 8. Cash and Bank Balances Excess expenses for which no tax relief taken 48,856 68,358 28.2.2015 28.2.2014 Franked investment revenue at 20% – 159 £ £ Irrecoverable overseas tax 1,777,714 1,207,961 Amounts held at futures clearing houses and brokers 68,626 112,316 Non taxable overseas dividends (2,394,141) (1,613,240) Cash and bank balances 1,054,270 1,962,415 Non taxable stock dividends (3,351) (1,075) Total cash and bank balances £1,122,896 £2,074,731 Overseas tax expensed – (11,186) Total current tax charge for the year/period [see note 5(a)] £1,777,714 £1,207,961 9. Creditors

At 28 February 2015, the Fund had surplus management expenses of £680,492 (28 February 2014: £428,582). It is unlikely that the Fund 28.2.2015 28.2.2014 will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £136,098 £ £ (28 February 2014: £85,716) has not been recognised. Accrued Audit fee 6,690 6,690 6. Finance Costs Accrued FCA fee 495 337 Accrued Manager’s charge 251,822 178,746 For the period For the year from 1.2.2013 Accrued Registrar’s fee 594 276 to 28.2.2015 to 28.2.2014 Accrued Safe custody fees 7,090 5,824 £ £ Accrued Trustee’s fee 14,135 8,507 Interim distribution 4,534,940 3,703,252 Amounts payable for cancellation of units 24 8 ,10 8 – Final distribution 5,506,809 3,416,357 Currency purchases awaiting settlement 149,670 4,371,318 10,041,749 7,119,609 Custodian transaction costs 811 3,271 Add: Amounts deducted on cancellation of units 294,987 6 9,175 Purchases awaiting settlement – 4,238,032 Less: Amounts received on creation of units (532,296) (702,866) Total creditors £679,415 £8,813,001 Net distribution for the year/period 9,804,440 6,485,918 Finance costs: Interest 213 276 Finance costs £9,804,653 £6,486,194

Net revenue after taxation for the year/period 9,819,933 6,496,409 Add/(less): Equalisation on conversions 1,263 (5 ,113) Less: Non distributable stock dividends (16,756) (5,378) Net distribution for the year/period £9,804,440 £6,485,918

Details of the interim and final distributions per unit are set out in the tables on page 778.

767 BlackRock Collective Investment Funds 768 US Equity Tracker Notes to Financial Statements continued

769 BlackRock Collective Investment Funds 770 US Equity Tracker Notes to Financial Statements continued

(b) Currency Exposures Risk Impact of risk A proportion of the net assets of the Fund are denominated in currencies other than Sterling, Use of derivatives The Fund may use derivatives for the purposes of efficient portfolio management with the effect that the Balance Sheet and Statement of Total Return can be affected by in order to reduce risk within the portfolio, reduce investment costs and generate currency movements. additional income. The currency profile held at 28 February 2015 was as follows: The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. In particular, derivative contracts can be highly Currency Net Assets/(Liabilities) volatile and the amount of initial margin is generally small relative to the size of Monetary Non-monetary the contract so that transactions may be leveraged in terms of market exposure. Exposures Exposures Total A relatively small market movement may have a potentially larger impact on 28.2.2015 28.2.2015 28.2.2015 derivatives than on standard bonds or equities. Leveraged derivative positions Currency £ £ £ can therefore increase fund volatility. UK sterling 195,425 (377,417) (181,992) As at 28 February 2015, the Manager uses a methodology known as the US dollar 927,471 734,310,069 735,237,540 “Commitment Approach” in order to measure the global exposure from financial Total £1,122,896 £733,932,652 £735,055,548 derivative instruments of the Fund and manage the potential loss to it due to market risk. The Commitment Approach is a methodology that aggregates the The currency profile held at 28 February 2014 was as follows: underlying market or notional values of derivative instruments to determine the Currency Net Assets/(Liabilities) degree of global exposure of a Fund to derivative instruments. In accordance with COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net Monetary Non-monetary Exposures Exposures Total asset value. 28.2.2014 28.2.2014 28.2.2014 Any exposure to financial derivative instruments at year end is marked on the Currency £ £ £ Portfolio Statement. UK sterling 50,009 (274,052) (224,043) These risks are monitored by the Manager in pursuance of the investment objective and policy as US dollar 2,024,722 454,176,273 456,200,995 set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing Total £2,074,731 £453,902,221 £455,976,952 powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security (c) Interest Rate Risk Profile of Financial Assets and Liabilities or issuer. Further information on the investment portfolio is set out in the Investment Report and The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: Portfolio Statement. Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying Assets Assets Interest Total Currency £ £ £ £ UK sterling 195,425 – 152,328 347,753 US dollar 927,471 – 734,721,512 735,648,983 Total £1,122,896 £0 £734,873,840 £735,996,736

771 BlackRock Collective Investment Funds 772 US Equity Tracker Notes to Financial Statements continued

11. Contingent Assets and Liabilities Floating Rate Financial Financial Liabilities not There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Liabilities Carrying Interest Total Currency £ £ £ 12. Efficient Portfolio Management Techniques UK sterling – (529,745) (529,745) The Fund may engage in derivative transactions for the purposes of efficient portfolio management. US dollar – (411,443) (411,443) Please see further disclosures in Note 10(a). Total £0 £(941,188) £(941,188) During the year, the Fund engaged in securities lending, subject to the conditions and within the limits laid down by the Financial Conduct Authority. There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates. The Fund receives securities as collateral for a value in excess of the market value of the securities

loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: following collateral agents and central securities depositories: BNY Mellon. As at 28 February 2015, Floating Rate Fixed Rate Financial Assets the Fund had securities on loan to the following counterparties: Citibank and Morgan Stanley. Financial Financial not Carrying The Investment Manager monitors the fair value of the securities loaned and additional collateral Assets Assets Interest Total is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a Currency £ £ £ £ regulated market. UK sterling 50,009 – 4,501,512 4,551,521 The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock US dollar 2,024,722 – 458,414,305 460,439,027 Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund Total £2,074,731 £0 £462,915,817 £464,990,548 and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational Floating Rate Financial costs are borne out of the securities lending agent’s share. Financial Liabilities not Liabilities Carrying Interest Total 28.2.2015 28.2.2014 Currency £ £ £ £ £ UK sterling – (4,775,564) (4,775,564) Revenue earned during the year/period 27,515 361 US dollar – (4,238,032) (4,238,032) Value of securities on loan at the year/period end 626,632 258,861 Total £0 £(9,013,596) £(9,013,596) Value of collateral held on behalf of the Fund at the year/period end 708,478 370,363 The floating rate financial assets and liabilities include: Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two 13. Investment Management week LIBID rates and overdraft interest based on 3% over the base rate. Please see page 16. All overseas deposits and loans bear interest at rates determined by the relevant Authority.

773 BlackRock Collective Investment Funds 774 US Equity Tracker Notes to Financial Statements continued

Manager/Registrar: BlackRock Fund Managers Limited % of voting units Investment Manager: BlackRock Investment Management (UK) Limited Held by: in issue No. of units held Securities lending agent: BlackRock Advisors (UK) Limited Nutraco Nominees Limited 33% 147,275,077 Trustee: BNY Mellon Trust & Depositary (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. As at 28 February 2014: (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. % of voting units (“PNC”) is a substantial shareholder in BlackRock. Held by: in issue No. of units held The Manager acts as either principal or agent for the Trustee in respect of all transactions of Nutraco Nominees Limited 43% 147,275,077 units of the Fund. The aggregate monies received through creation and paid through cancellation All related party transactions were carried out at arm’s length in the ordinary course of business. of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and The terms and returns received by the related parties in making the investments above were no Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. more favourable than those received by other investors investing into the same unit classes. Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at 15. Portfolio Transaction Costs the year end in respect of these fees are shown in Note 9. Summary of total purchase costs: The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the For the period For the period BlackRock Group), which may result in the Fund benefiting from research or execution services For the year For the year from 1.2.2013 from 1.2.2013 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 which the Investment Manager believes are useful in the investment decision-making or trade £ £ £ £ execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and Purchases before the provision of economic and financial information and analysis. Due to the bundled nature of transaction costs 182,692,125 166,554,235 these services and the application of such benefits across a number of BlackRock managed funds, Commissions and other costs it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into (including stamp duty) 9,267 39,022 these arrangements with brokers who are not affiliated to the BlackRock Group. Total purchase costs 9,267 39,022 The Fund’s investments in other BlackRock related products are detailed on the Portfolio Statement. Gross purchases total £182,701,392 £166,593,257 Securities Lending The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Summary of total sale costs: Advisors (UK) Limited, which is a related party to the Fund. For the period For the period The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity For the year For the year from 1.2.2013 from 1.2.2013 allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 related to securities loan transactions as well as the cost of indemnification against borrower £ £ £ £ default. Gross sales before transaction costs 34,746,377 14,611,508 See further information in Note 12. Commissions and other costs (4,959) (1,943) Total sale costs (4,959) (1,943) Total sales net of transaction costs £34,741,418 £14,609,565

775 BlackRock Collective Investment Funds 776 US Equity Tracker Notes to Financial Statements continued US Equity Tracker Distribution Tables for the year ended 28 February 2015

shown below: Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Class 28.2.2015 28.2.2014 Net revenue (dividend) 0.9476 0.5431 0.8797 0.8797 1.178 4 0.8583 1.2900 1.0807 1.3090 0.2728 1.2228 0.6708 † A Accumulation 0.45% 0.45% Equalisation – 0.4045 – 0.0000 – 0.3201 – 0.2093 – 1.0362 – 0.5520 L Income≈ 0.20% N/A Distribution payable 30.4.2015 0.9476 0.9476 0.8797 0.8797 1.17 8 4 1.17 8 4 1.2900 1.2900 1.3090 1.3090 1.2228 1.2228 L Accumulation 0.20% 0.20% Distribution paid 30.4.2014 0.7700 0.7700 N/A N/A 0.9616 0.9616 1.0718 1.0718 0.7640 0.7640 0.9980 0.9980 X Income◊ 0.00% 0.00% Interim Distribution in Pence per Unit X Accumulation◊ 0.00% 0.00% Group 1 – Units purchased prior to 1 March 2014 D Accumulation 0.15% 0.15% Group 2 – Units purchased 1 March 2014 to 31 August 2014 ≈ L Income class commenced April 2014. ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation their affiliates. Units Units≈ Units Units Units Units

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Net revenue (dividend) 0.8118 0.6700 0.5813 0.4089 1.0184 0.4483 1.12 81 0.8331 0.6627 0.3947 1.0577 0.5363 Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the † remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue Equalisation – 0 .1418 – 0 .1724 – 0.5701 – 0.2950 – 0.2680 – 0.5214 is allocated each day pro rata to the capital value of assets attributable to each class and taxation is Distribution paid 31.10.2014 0.8118 0.8118 0.5813 0.5813 1.0184 1.0184 1.12 81 1.12 81 0.6627 0.6627 1.0577 1.0577 computed by reference to the net revenue after expenses attributable to each class. The distribution Distribution paid 31.10.2013 0.9540 0.9540 N/A N/A 1.1853 1.1853 1.3180 1.3180 0.6430 0.6430 1.2252 1.2252 per unit class is given in the distribution tables. All unit classes have the same rights on winding up. † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. 17. Non Adjusting Post Balance Sheet Event ≈ L Income class commenced April 2014. For Interim distribution, Group 1 units purchased 24 April 2014. Group 2 units purchased 25 April Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as 2014 to 31 August 2014. shown below: Bid prices as at Bid prices as at Rise Class 23.4.2015 28.2.2015 (%) A Accumulation 168.0p 162.5p 3.4 L Income 125.2p 121.9p 2.7 L Accumulation 168.9p 163.3p 3.4 X Income 162.9p 158.7p 2.6 X Accumulation 166.8p 161.2p 3.5 D Accumulation 169.8p 164.2p 3.4

777 BlackRock Collective Investment Funds 778 BlackRock 100 UK Equity Tracker Fund 100 UK Equity Tracker Fund

BlackRock 100 UK Equity Tracker Fund This Annual Report covers the year ended 28 February 2015. The first six months were commented on in the Interim Report to 31 August 2014. For a copy, please contact us. Investment Objective & Policy Performance Table The aim of the BlackRock 100 UK Equity Tracker Fund (the “Fund”) is to seek to achieve capital growth for investors by tracking closely the performance of the FTSE 100 Index by investing in companies Period of Report Since Launch in the Index. Investment will be made directly into constituent companies and via other transferable One Year 29.6.2012 securities giving exposure to such companies. The Fund may also invest in permitted money-market to 28.2.2015 to 28.2.2015 instruments, permitted deposits and units in collective investment schemes. Derivatives and forward TOTAL Return (with net income reinvested) transactions may be used for the purposes of efficient portfolio management. Class A Accumulation Units The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established under BlackRock 100 UK Equity Tracker Fund +5 .1% +35.4% the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the Sourcebook”). FTSE 100 Index* +5.7% +36.7% The Fund was authorised by the FCA on 25 May 2012 and was established on 29 June 2012. TOTAL Return (with net income reinvested) Class D Accumulation Units BlackRock 100 UK Equity Tracker Fund +5.5% +37.0% FTSE 100 Index* +5.7% +36.7%

779 BlackRock Collective Investment Funds 780 100 UK Equity Tracker Fund continued

Annual performance to most recent quarter end Tracking Difference

31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 Tracking difference is defined as the difference in returns between a fund and its benchmark index. to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 Cash management, efficient portfolio management techniques including securities lending and BlackRock 100 UK Equity transaction costs from rebalancing can have an impact on tracking difference. Tracker Fund A -0.1% +17.7% N/A§ N/A§ N/A§ BlackRock 100 UK Equity The table below compares the realised Fund performance against the performance of the relevant Tracker Fund D +0.2% +18.3% N/A§ N/A§ N/A§ benchmark index during the year ended 28 February 2015. An explanation for the difference is All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is provided: calculated net of fees. Performance is shown for complete 12 month periods only. § Performance data does not exist for the relevant periods. Fund launched on 29 June 2012. Fund return Benchmark return for the year for the year Tracking Distributions Payable to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference The Fund underperformed its benchmark A Accumulation index as a result of (a) the stock market The final accumulation distribution payable on 30 April 2015 is 1.2305p net per accumulation unit on which the benchmark index operates (30 April 2014: 1.0266p net per accumulation unit). being closed at the Fund’s valuation point. This results in a temporary L Accumulation mismatch on days when units are The final accumulation distribution payable on 30 April 2015 is 1.4207p net per accumulation unit created or redeemed, (b) temporary (30 April 2014: 1.2013p net per accumulation unit). divergences in the calculation when the Index provider calculates index values X Income during UK bank holidays while the Fund The final distribution payable on 30 April 2015 is 1.4563p net per income unit (30 April 2014: 1.2840p is closed and (c) income from securities net per income unit). +5.5%* +5.7% -0.2% lending activity.

* Performance is calculated net of fees and reported for the Fund’s class D Accumulation Units. X Accumulation The final accumulation distribution payable on 30 April 2015 is 1.5547p net per accumulation unit (30 April 2014: 1.2616p net per accumulation unit).

D Accumulation The final accumulation distribution payable on 30 April 2015 is 1.4689p net per accumulation unit (30 April 2014: 1.2452p net per accumulation unit).

781 BlackRock Collective Investment Funds 782 100 UK Equity Tracker Fund continued 100 UK Equity Tracker Performance Record

A Accumulation Anticipated tracking error is based on the expected volatility of differences between the returns of a 28 February 2015 51,111 68,703 134.4 fund and the returns of its benchmark index. 28 February 2014 18 8 ,127 240,697 127.9 Cash management, efficient portfolio management techniques including securities lending and 31 January 2013* 1,000 1,141 114 .1 transaction costs from rebalancing can have an impact on tracking error as well as the return L Accumulation differential between the Fund and the benchmark index. Importantly, these impacts can be either 28 February 2015 65,784,766 88,445,662 134.4 positive or negative depending on the underlying circumstances. 28 February 2014 53,966,725 68,843,023 127.6 The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an 31 January 2013* 895,529 1,013,901 113.2 ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking X Income error is annualised and calculated using data since inception as the Fund has been trading for fewer 28 February 2015 12,870,395 16,103,999 125 .1 than 36 months. A return history fewer than 36 months is not considered statistically significant. 28 February 2014 12,860,813 15,756,815 122.5 Anticipated Realised 31 January 2013* 13,823,185 15,565,579 112.6 Tracking Error Tracking Error Explanation for difference X Accumulation The Fund’s return history is too short to be statistically 28 February 2015 17,182,333 23,243,802 135.3 Up to 0.20%* 0.61%* significant. 28 February 2014 7,683,220 9,846,484 128.2 * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class D Accumulation Units. 31 January 2013* 1,000 1,228 122.8 D Accumulation 28 February 2015 410,239,320 558,000,397 136.0 28 February 2014 399,153,829 514,868,375 129.0 31 January 2013* 391,14 5 ,673 447,378,314 114.4

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports.

783 BlackRock Collective Investment Funds 784 100 UK Equity Tracker Performance Record continued

Income (Net Distributions/Net Accumulations) Risk and Reward Profile

A Accumulation L Accumulation X Income X Accumulation D Accumulation Lower risk Higher risk ^ ≠ Units Units Units Units Units Typically lower rewards Typically higher rewards Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Unit Class 2015* 1.2305 1.4207 1.4563 1.5547 1.4689 A Accumulation 1 2 3 4 5 6 7 2014 3.4904 3.8773 3.9784 4.0777 3.9831 L Accumulation 1 2 3 4 5 6 7 2013 4.0537 3.6230 4.2252 3.9960 4.7924 X Income 1 2 3 4 5 6 7 ‡ 2012 0.0250 N/A N/A 0.0000 0.0596 X Accumulation 1 2 3 4 5 6 7 * To 30 April. D Accumulation 1 2 3 4 5 6 7 ‡ Fund launched on 29 June 2012. ^ L Accumulation class commenced November 2012. ≠ X Income class commenced August 2012. `` The risk indicator was calculated incorporating historical or simulated historical data and may not be a reliable indication of the future risk profile of each unit class.

Capital (Unit Prices) `` The risk category shown is not guaranteed and may change over time. X Income A Accumulation L Accumulation X Accumulation D Accumulation `` The lowest category does not mean risk free. Units Units^ Units≠ Units Units Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based Price Price Price Price Price Price Price Price Price Price and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Calendar Year p p p p p p p p p p Fund. 2015* 141.7 122.7 135 .1 122.6 127.2 115.4 135.9 123.4 136.6 124 .1 2014 139.3 117.0 132.5 116.9 126.3 110.0 133.2 117.6 134.0 118.3 For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which are available at www.blackrock.com. 2013 133.8 109.4 127.0 108.5 124.5 108.9 127.5 109.4 128.4 109.6 2012 ‡ 114.5 98.88 108.2 101.7 108.6 101.7 109.2 98.86 109.4 98.92 Ongoing Charges * To 28 February. Detailed in the following table are the charges used to meet the costs of running the Fund, which ‡ Fund launched on 29 June 2012. include the costs of marketing and distribution. These charges reduce the potential growth of your ^ L Accumulation class commenced November 2012. ≠ X Income class commenced August 2012. investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective investment scheme (if any).

1.3.2014 1.2.2013 Unit Class to 28.2.2015 to 28.2.2014† A Accumulation 0.52% 0.51% L Accumulation 0.21% 0.21% X Income 0.01% 0.01% X Accumulation 0.01% 0.01% D Accumulation 0.16 % 0.16 %

† Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014.

785 BlackRock Collective Investment Funds 786 100 UK Equity Tracker Investment Report 100 UK Equity Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 5.5%*, compared with its Nominal Value Total Net benchmark, the FTSE 100 Index, which returned 5.7%. The Fund underperformed its benchmark index Value Investment £ Assets as a result of (a) the stock market on which the benchmark index operates being closed at the Fund’s EQUITIES – 97.83%; 2014 97.69% valuation point. This results in a temporary mismatch on days when units are created or redeemed, (b) temporary divergences in the calculation when the Index provider calculates index values during UNITED KINGDOM – 97.83%; 2014 97.69% UK bank holidays while the Fund is closed and (c) income from securities lending activity. Over the Aerospace & Defence – 2.15%; 2014 2.07% six month period to 28 February 2015, the Fund returned 3.0%* compared with its benchmark which 1,199,865 BAE Systems 6,377,282 0.93 returned 3.1%. 306,096 Meggitt 1,666,693 0.24 709,284 Rolls Royce 6,727,559 0.98 Fund Manager’s Commentary 14,771,534 2.15 The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. Recovery continued apace in the US, but weak economic growth and worries about deflation in Europe Automobiles & Parts – 0.33%; 2014 0.38% finally saw the European Central Bank launch a programme of spending in support of its economy 618,520 GKN 2,258,835 0.33 (what is known as quantitative easing) that surprised many with its scale. The picture in the UK was Banks – 12.35%; 2014 13.21% more nuanced, with further evidence of recovery somewhat offset by concerns over the downward 6,236,276 Barclays 16,017,875 2.34 trajectory of inflation. 7,242,640 HSBC 41,811,761 6.10 20,499,357 Lloyds Banking 16,190,392 2.36 UK equities endured considerable volatility in the last quarter of 2014, but finished the year up by over 815,139 Royal Bank of Scotland 2,992,375 0.44 5%, having been helped by the strength of small-cap and mid-cap stocks. The market more broadly 769,714 Standard Chartered 7,627,866 1.11 was held back by its considerable exposure to mining and commodity stocks, which sold off as the oil 84,640,269 12.35 price slumped. Conflicting messages from the Bank of England over its interest rate policy also had an effect. Nevertheless, strengthening economic data suggests that the UK will follow the US in raising Beverages – 4.75%; 2014 4.46% rates at some point. 76,023 Coca-Cola 883,387 0.13 958,087 Diageo 18,543,774 2.70 The Fund remains positioned so that its risk characteristics are similar to those of the FTSE 100 Index. 358,467 SABMiller 13,173,662 1.92 32,600,823 4.75 March 2015 Chemicals – 0.39%; 2014 0.39% * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net 78,545 Johnson Matthey 2,677,599 0.39 asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s class D Accumulation Units. Construction & Materials – 0.82%; 2014 0.74% 308,894 CRH 5,649,671 0.82 Electricity – 0.86%; 2014 0.77% 376,183 SSE 5,917,359 0.86 Fixed Line Telecommunications – 2.05%; 2014 1.85% 3,080,589 BT 14,038,244 2.05 Food & Drug Retailers – 1.55%; 2014 2.07% 537,367 J Sainsbury 1,461,101 0.21 3,071,516 Tesco 7,534,429 1.10 830,405 Wm Morrison Supermarkets 1,625,103 0.24 10,620,633 1.55

787 BlackRock Collective Investment Funds 788 100 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Food Producers – 2.52%; 2014 2.45% Industrial Engineering – 0.20%; 2014 0.75% 132,017 Associated British Foods 4,125,531 0.60 80,782 Weir 1,376,525 0.20 459,351 Unilever 13,165,000 1.92 Industrial Transportation – 0.15%; 2014 0.21% 17,290,531 2.52 241,374 Royal Mail 1,014,736 0.15 Forestry & Paper – 0.27%; 2014 0.23% Life Insurance – 5.86%; 2014 4.94% 138,712 Mondi 1,843,482 0.27 1,117,220 Aviva 6,016,230 0.88 Gas, Water & Multiutilities – 3.15%; 2014 3.27% 518,596 Friends Life 2,131,948 0.31 1,890,520 Centrica 4,616,650 0.67 2,243,405 Legal & General 6,270,317 0.91 1,430,230 National Grid 12,680,419 1.85 1,856,160 Old Mutual 4,178,216 0.61 89,642 Severn Trent 1,820,629 0.27 970,513 Prudential 15,809,657 2.31 259,111 United Utilities 2,451,190 0.36 195,738 St. James’s Place Capital 1,854,617 0.27 911,576 Standard Life 3,880,579 0.57 21,568,888 3.15 40,141,564 5.86 Financial Services – 1.20%; 2014 1.31% 368,529 3i 1,818,322 0.27 Media – 3.53%; 2014 3.05% 373,938 Aberdeen Asset Management 1,752,273 0.26 399,974 British Sky Broadcasting 3,983,741 0.58 80,525 Hargreaves Lansdown 909,127 0.13 1,427,043 ITV 3,215,128 0.47 95,621 London Stock Exchange 2,370,445 0.35 306,963 Pearson 4,358,875 0.64 43,474 Schroders voting shares 1,334,652 0.19 437,306 Reed Elsevier 4,884,708 0.71 503,706 WPP 7,731,887 1.13 8,184,819 1.20 24,174,339 3.53 General Industrials – 0.25%; 2014 0.52% 150,712 Smiths 1,740,724 0.25 Mining – 7.21%; 2014 8.28% 494,522 Anglo American 5,983,716 0.87 General Retailers – 1.89%; 2014 1.68% 137,406 Antofagasta 1,053,904 0.15 363,217 Dixons Carphone 1,599,971 0.23 803,772 BHP Billiton 12,992,974 1.89 907,180 Kingfisher 3,314,836 0.48 62,054 Fresnillo 509,463 0.07 632,390 Marks & Spencer 3,190,407 0.47 4,044,645 Glencore Xstrata 12,144,046 1.77 55,554 Next 4,160,995 0.61 34,521 Randgold Resources 1,788,188 0.26 99,303 Sports Direct International 684,694 0.10 473,117 Rio Tinto 15,101,895 2.20 12,950,903 1.89 49,574,186 7.21 Healthcare Equipment & Services – 0.59%; 2014 0.49% Mobile Telecommunications – 3.30%; 2014 3.78% 338,801 Smith & Nephew 4,018,180 0.59 10,099,573 Vodafone 22,658,392 3.30 Household Goods & Home Construction – 2.94%; 2014 2.06% Non-Life Insurance – 0.67%; 2014 0.36% 372,173 Barratt Developments 1,916,691 0.28 76,066 Admiral 1,121,213 0.16 117,231 Persimmon 2,067,955 0.30 574,899 Direct Line Insurance 1,881,644 0.27 245,567 Reckitt Benckiser 14,390,226 2.10 382,432 RSA Insurance 1,640,251 0.24 1,220,565 Taylor Wimpey 1,762,496 0.26 4,643,108 0.67 20,137,368 2.94

789 BlackRock Collective Investment Funds 790 100 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure – Derivatives Value Total Value Investment £ Assets Value Investment £ £ Net Assets Oil & Gas Producers – 14.13%; 2014 15.96% Tobacco – 5.61%; 2014 4.87% 1,290,380 BG 12,361,840 1.80 708,412 British American Tobacco 26,792,142 3.91 6,929,343 BP 31,043,457 4.53 365,460 Imperial Tobacco 11,669,138 1.70 1,495,951 Royal Dutch Shell class ‘A’ shares 31,684,242 4.62 38,461,280 5.61 930,051 Royal Dutch Shell class ‘B’ shares 20,512,275 2.99 338,885 Tullow Oil 1,311,485 0.19 Travel & Leisure – 3.37%; 2014 3.07% 68,747 Carnival 2,008,787 0.29 96,913,299 14.13 633,272 Compass 7,295,293 1.06 Oil Equipment, Services & Distribution – 0.00%; 2014 0.20% 95,142 Easyjet 1,646,908 0.24 89,712 InterContinental Hotels 2,377,368 0.35 Personal Goods – 0.46%; 2014 0.39% 776,093 International Consolidated Airline 4,501,339 0.66 169,664 Burberry 3,176 ,110 0.4 6 145,864 TUI 1,715,361 0.25 Pharmaceuticals & Biotechnology – 8.99%; 2014 8.62% 68,418 Whitbread 3,595,366 0.52 478,591 AstraZeneca 21,390,625 3.12 23,140,422 3.37 1,847,265 GlaxoSmithKline 28,466,354 4.15 223,261 Shire 11,765,855 1.72 DERIVATIVES – 0.13%; 2014 0.03% 61,622,834 8.99 Forward Currency Contracts – 0.00%; 2014 0.01% £1,199,023 UK sterling vs US dollar 1,18 4 ,15 9 14 ,70 6 0.0 0 Real Estate Investment Trusts – 1.48%; 2014 1.12% 383,788 British Land 3,177,765 0.46 Futures – 0.13%; 2014 0.02% 294,569 Hammerson 1,989,814 0.29 218 FTSE 100 Index March 2015 15,085,600 908,795 0.13 344,110 Intu Properties 1,216,085 0.18 300,469 Land Securities 3,773,891 0.55 Portfolio of investments 671,852,339 97.96 Net other assets 14,010,224 2.04 10,157,555 1.48 Total net assets £685,862,563 100.00 Software & Computer Services – 0.28%; 2014 0.27% 400,645 Sage 1,940,724 0.28 Unless otherwise stated, all holdings are quoted in ordinary shares and are listed on a recognised exchange. Note: comparative figures show percentages for each category of holding at 28 February 2014. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) Support Services – 3.63%; 2014 3.06% and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. 91,555 Aggreko 1,562,844 0.23 191,919 Ashtead 2,281,917 0.33 189,150 Babcock International 1,910,415 0.28 126,518 Bunzl 2,398,781 0.35 253,170 Capita 3,007,660 0.44 375,153 Experian 4,494,333 0.66 586,946 G4S 1,749,099 0.25 61,681 Intertek 1,560,529 0.23 95,063 Travis Perkins 1,916,470 0.28 100,692 Wolseley 3,998,479 0.58 24,880,527 3.63 Technology Hardware & Equipment – 0.90%; 2014 0.81% 530,516 ARM 6,143,375 0.90

791 BlackRock Collective Investment Funds 792 100 UK Equity Tracker Statement of Total Return 100 UK Equity Tracker Balance Sheet for the year ended 28 February 2015 at 28 February 2015

For the period 28.2.2015 28.2.2014 For the year from 1.2.2013 Notes £ £ £ £

to 28.2.2015 to 28.2.2014 Assets: Notes £ £ £ £ Investment assets 671,852,339 595,673,857 Income – Debtors 7 2,677,122 9,519,967 Net capital gains during the – Cash and bank balances 8 12,528,558 7,368,299 year/period 2 13,515,122 43,931,246 Total other assets 15,205,680 16,888,266 Revenue 3 22,601,622 22,976,489 Total assets 687,058,019 612,562,123 Expenses 4 (1,021,124) (967,262) Liabilities: Finance costs: Interest 6 – (125) Investment liabilities – (2,417) Net revenue before taxation 21,580,498 22,009,102 – Creditors 9 (730,042) (2,839,179) Taxation 5 (128,379) (31,797) Net revenue after taxation – Amount held at futures clearing houses and brokers (277,985) – for the year/period 21,452,119 21,977,305 – Distribution payable on Total return before distributions 34,967,241 65,908,551 income units (187,429) (165,133) Finance costs: Distributions 6 (20,619,832) (19,835,477) Total other liabilities (1,195,456) (3,004,312) Change in net assets Total liabilities (1,195,456) (3,006,729) attributable to unitholders from investment activities £14,347,409 £46,073,074 Net assets attributable to unitholders £685,862,563 £609,555,394 100 UK Equity Tracker Statement of Change in Net Assets Attributable to Unitholders N C D Hall (Director) for the year ended 28 February 2015 E E Tracey (Director) BlackRock Fund Managers Limited For the period 30 April 2015 For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 609,555,394 463,960,163 Amounts received on creation of units 63,195,578 99,646,010 Amounts paid on cancellation of units (21,608,760) (19,775,345) 41,586,818 79,870,665

Stamp duty reserve tax (21,391) (56,427) Change in net assets attributable to unitholders from investment activities 14,347,409 46,073,074 Retained distribution on accumulation units 20,394,333 19,707,919 Closing net assets attributable to unitholders £685,862,563 £609,555,394

793 BlackRock Collective Investment Funds 794 100 UK Equity Tracker Notes to Financial Statements for the year ended 28 February 2015

1. Accounting and Distribution Policies 4. Expenses Please see pages 6-8 of the Aggregated Notes to Financial Statements. For the period For the year from 1.2.2013 2. Net Capital Gains During the Year/Period to 28.2.2015 to 28.2.2014 £ £ For the period For the year from 1.2.2013 Payable to the Manager or associates of the Manager: to 28.2.2015 to 28.2.2014 – Manager’s charge 9 4 9,123 900,372 £ £ – Registrar’s fees 658 400 The net capital gains comprise: 949,781 900,772 Gains on non-derivative securities 13,026,487 43,530,476 Payable to the Trustee or associates of the Trustee: Gains on derivative contracts 577,523 361,829 – Trustee’s fees 49,504 45,775 (Losses)/gains on forward currency contracts (78,932) 51,868 49,504 45,775 Currency losses (1,489) (10,128) Other expenses: Custodian transaction costs (8,467) (2,799) – Audit fee 6,690 5,946 Net capital gains £13,515,122 £43,931,246 – FCA fee 158 183 3. Revenue – Safe custody fees 14,991 14,586 21,839 20,715 For the period For the year from 1.2.2013 Total expenses £1,021,124 £967,262 to 28.2.2015 to 28.2.2014 £ £ 5. Taxation Interest from UK bank deposits 11,907 5,960 (a) Analysis of tax charge for the year/period Overseas dividends 1,493,931 928,090 For the period Securities lending revenue 23,216 – For the year from 1.2.2013 to 28.2.2015 to 28.2.2014 Stock dividends 832,447 2,13 0,6 8 3 £ £ UK dividends 20,091,444 19,778,285 Irrecoverable overseas tax 128,379 31,797 UK REIT dividends 148,677 133,471 Total current tax charge for the year/period [see Note 5(b)] £128,379 £31,797 Total revenue £22,601,622 £22,976,489

795 BlackRock Collective Investment Funds 796 100 UK Equity Tracker Notes to Financial Statements continued

At 28 February 2015, the Fund had surplus management expenses of £1,966,322 (28 February 2014: £1,129,316). It is unlikely that the 9. Creditors Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £393,264 (28 February 2014: £225,863) has not been recognised. 28.2.2015 28.2.2014 £ £ 6. Finance Costs Accrued Audit fee 6,690 6,690 Accrued FCA fee 495 337 For the period For the year from 1.2.2013 Accrued Manager’s charge 238,883 218,418 to 28.2.2015 to 28.2.2014 Accrued Registrar’s fee 285 125 £ £ Accrued Safe custody fees 3,742 4,677 Interim distribution 13,503,541 14,412,530 Accrued Trustee’s fee 12,532 11,289 Final distribution 7,415,781 5,882,578 Amounts payable for cancellation of units 466,498 3,627 20,919,322 20,295,108 Custodian transaction costs 917 775 Add: Amounts deducted on cancellation of units 125,559 134,885 Purchases awaiting settlement – 2,593,241 Less: Amounts received on creation of units (425,049) (594,516) Total creditors £730,042 £2,839,179 Net distribution for the year/period 20,619,832 19,835,477 Finance costs: Interest – 125 Finance costs £20,619,832 £19,835,602

Net revenue after taxation for the year/period 21,452,119 21,977,305 Add/(less): Equalisation on conversions 160 (11,14 5 ) Less: Non distributable stock dividends (832,447) (2,130,683) Net distribution for the year/period £20,619,832 £19,835,477

Details of the interim and final distributions per unit are set out in the tables on page 808.

797 BlackRock Collective Investment Funds 798 100 UK Equity Tracker Notes to Financial Statements continued

10. Derivatives and Other Financial Instruments Risk Impact of risk (a) The Fund’s financial instruments comprise securities and other investments, cash balances and Counterparty The risk of entering an arrangement with a counterparty, which is itself subject to debtors and creditors that arise directly from its operations, for example, in respect of sales and financial risks which may affect its ability to trade as a going concern. purchases awaiting settlement, amounts receivable for creations and payable for cancellation of units and debtors for accrued revenue. The Manager maintains a list of approved counterparties. This list is regularly monitored and revised for changes based on the counterparty’s credit-worthiness, The Manager shall take the risks it deems reasonable to meet the investment objective. These market reputation and expectations of future financial performance. Transactions risks include the following: will only be opened with financial intermediaries on the approved counterparties Risk Impact of risk list. Foreign currency The risk of changes to foreign currency rates materially affecting the Sterling The Fund’s use of exchange traded derivatives are considered to be free of equivalent value of non-Sterling denominated assets and liabilities accounted for counterparty risk if the derivative is traded on an exchange where the clearing by the Fund. house is backed by an appropriate performance guarantee and it is characterised The Fund is accounted for in Sterling and holds financial assets and financial by a daily mark-to-market valuation of the derivative position and at least daily liabilities denominated in other international currencies. margining. To manage the risk, the Fund may enter into forward currency contracts for the At 28 February 2015, the market value of the exchange traded derivatives held purpose of efficient portfolio management. The market value of these transactions by the Fund was £908,795 (28 February 2014: £148,092). as at 28 February 2015 is shown in the Portfolio Statement on page 792. The Fund trades derivatives with a range of counterparties. The counterparties to Market price The valuation of the Fund’s investments is calculated with reference to market over the counter (“OTC”) derivatives are shown in the Portfolio Statement. Forward prices quoted by financial agencies and brokers. Movements to those market currency contracts are traded with the following counterparty: JP Morgan Chase. prices may materially affect the value of the Fund’s investments, which may move Exchange traded derivatives are traded with the following counterparty: Goldman down as well as up. Sachs. To manage the risk, the Manager undertakes research in order to achieve the best Margin is paid or received on derivatives to cover any exposure by the counterparty price for any transactions entered into on behalf of the Fund. to the Fund or by the Fund to the counterparty. Margin receivable from the Fund’s clearing brokers and various counterparties is included in “Cash and bank Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the balances” on the Balance Sheet. Margin payable to the Fund’s clearing brokers and ability of the Fund to trade financial instruments at values previously indicated by various counterparties is included in “Amounts held at futures clearing houses and financial brokers. brokers” on the Balance Sheet. All stocks are valued daily. Stocks identified as being illiquid are reviewed At 28 February 2015, the Fund had received margin of £277,985 (28 February 2014: for pricing accuracy as the need arises and on a formal monthly basis by the £Nil) from counterparties and had provided margin of £Nil (28 February 2014: BlackRock Pricing Committee. £543,901) to counterparties relating to derivatives. The Fund invests primarily in companies based in the UK, which is typically Credit During the year, the Fund engaged in securities lending activities which exposed considered to be a territory operating with high levels of liquidity. From time to the Fund to credit risk. The maximum exposure of the Fund is equal to the value of time, however, market liquidity may be affected by economic events. the securities loaned disclosed in Note 12. To manage the risk, the Investment Manager undertakes research of investment opportunities to select opportunities congruent with the Fund’s investment objective.

799 BlackRock Collective Investment Funds 800 100 UK Equity Tracker Notes to Financial Statements continued

(b) Currency Exposures Risk Impact of risk The net assets of the Fund are denominated mainly in Sterling, therefore the Balance Sheet Use of derivatives The Fund may use derivatives for the purposes of efficient portfolio management and Statement of Total Return are unlikely to be directly affected by currency movements. As at in order to reduce risk within the portfolio, reduce investment costs and generate 28 February 2015 the exposure to non-GBP currency equated to 0.2% (28 February 2014 – 0.9%), additional income. hence no currency table has been provided. The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. In particular, derivative contracts can be highly (c) Interest Rate Risk Profile of Financial Assets and Liabilities volatile and the amount of initial margin is generally small relative to the size of The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: the contract so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying derivatives than on standard bonds or equities. Leveraged derivative positions can Assets Assets Interest Total therefore increase fund volatility. Currency £ £ £ £ As at 28 February 2015, the Manager uses a methodology known as the Euro 19,845 – 19,562 39,407 “Commitment Approach” in order to measure the global exposure from financial UK sterling 12,506,126 – 673,218,758 685,724,884 derivative instruments of the Fund and manage the potential loss to it due to US dollar 2,587 – 1,291,141 1,293,728 market risk. The Commitment Approach is a methodology that aggregates the underlying market or notional values of derivative instruments to determine the Total £12,528,558 £0 £674,529,461 £687,058,019 degree of global exposure of a Fund to derivative instruments. In accordance with COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net Floating Rate Financial asset value. Financial Liabilities not Liabilities Carrying Interest Total Any exposure to financial derivative instruments at year end is marked on the Currency £ £ £ Portfolio Statement. UK sterling (277,985) (917,471) (1,195,456) These risks are monitored by the Manager in pursuance of the investment objective and policy as Total £(277,985) £(917,471) £(1,195,456) set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates. powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the Investment Report and The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: Portfolio Statement. Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying Assets Assets Interest Total Currency £ £ £ £ Euro 41,492 – 321,613 363,105 UK sterling 7,302,058 – 599,507,208 606,809,266 US dollar 24,749 – 5,365,003 5,389,752 Total £7,368,299 £0 £605,193,824 £612,562,123

801 BlackRock Collective Investment Funds 802 100 UK Equity Tracker Notes to Financial Statements continued

12. Efficient Portfolio Management Techniques Floating Rate Financial Financial Liabilities not The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Liabilities Carrying Interest Total Please see further disclosures in Note 10(a). Currency £ £ £ During the year, the Fund engaged in securities lending, subject to the conditions and within the UK sterling – (3,004,312) (3,004,312) limits laid down by the Financial Conduct Authority. US dollar – (2,417) (2,417) The Fund receives securities as collateral for a value in excess of the market value of the securities Total £0 £(3,006,729) £(3,006,729) loaned. The collateral is registered in the name of the Trustee, on behalf of the Fund with the following collateral agents and central securities depositories: BNY Mellon. As at 28 February 2015, The floating rate financial assets and liabilities include: the Fund had securities on loan to the following counterparties: HSBC and Macquarie Bank. Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two The Investment Manager monitors the fair value of the securities loaned and additional collateral week LIBID rates and overdraft interest based on 3% over the base rate. is obtained if necessary. The collateral consists of equities and bonds admitted to or dealt in on a All overseas deposits and loans bear interest at rates determined by the relevant Authority. regulated market. The amount held at futures clearing houses and brokers at the reporting date is on a temporary basis The securities lending agent appointed, pursuant to the securities lending agreement is BlackRock and is not persistent. Advisors (UK) Limited. Up to 30 April 2014, securities lending revenue was split between the Fund and the securities lending agent in the ratio 60:40. Effective 1 May 2014, securities lending revenue (d) Fair Value of Financial Assets and Financial Liabilities is split between the Fund and the securities lending agent in the ratio 62.5:37.5. All operational There is no material difference between the value of the financial assets and liabilities, as shown costs are borne out of the securities lending agent’s share. in the Balance Sheet and their fair value. 28.2.2015 28.2.2014 11. Contingent Assets and Liabilities £ £ There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil). Revenue earned during the year/period 23,216 – Value of securities on loan at the year/period end 7,748,380 – Value of collateral held on behalf of the Fund at the year/period end 8,597,142 –

13. Investment Management Please see page 16.

803 BlackRock Collective Investment Funds 804 100 UK Equity Tracker Notes to Financial Statements continued

Manager/Registrar: BlackRock Fund Managers Limited % of voting units Investment Manager: BlackRock Investment Management (UK) Limited Held by: in issue No. of units held Securities lending agent: BlackRock Advisors (UK) Limited Nutraco Nominees Limited 65% 330,464,816 Trustee: BNY Mellon Trust & Depositary (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. As at 28 February 2014: (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. % of voting units (“PNC”) is a substantial shareholder in BlackRock. Held by: in issue No. of units held The Manager acts as either principal or agent for the Trustee in respect of all transactions of Nutraco Nominees Limited 70% 330,464,816 units of the Fund. The aggregate monies received through creation and paid through cancellation All related party transactions were carried out at arm’s length in the ordinary course of business. of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and The terms and returns received by the related parties in making the investments above were no Note 6. Any amounts due to or from the Manager at the year end are disclosed in Notes 7 and 9. more favourable than those received by other investors investing into the same unit classes. Management fees and registration fees paid to BlackRock Fund Managers Limited and Trustee’s fees paid to BNY Mellon Trust & Depositary (UK) Limited are shown in Note 4. The balances due at 15. Portfolio Transaction Costs the year end in respect of these fees are shown in Note 9. Summary of total purchase costs: The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the For the period For the period BlackRock Group), which may result in the Fund benefiting from research or execution services For the year For the year from 1.2.2013 from 1.2.2013 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 which the Investment Manager believes are useful in the investment decision-making or trade £ £ £ £ execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and Purchases before the provision of economic and financial information and analysis. Due to the bundled nature of transaction costs 73,952,382 123,489,100 these services and the application of such benefits across a number of BlackRock managed funds, Commissions and other costs it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into (including stamp duty) 341,892 592,878 these arrangements with brokers who are not affiliated to the BlackRock Group. Total purchase costs 341,892 592,878 The Fund’s investments in other BlackRock related products are detailed on the Portfolio Statement. Gross purchases total £74,294,274 £124,081,978 Securities Lending The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Summary of total sale costs: Advisors (UK) Limited, which is a related party to the Fund. For the period For the period The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity For the year For the year from 1.2.2013 from 1.2.2013 allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 related to securities loan transactions as well as the cost of indemnification against borrower £ £ £ £ default. Gross sales before transaction costs 18,000,789 28,036,388 See further information in Note 12. Commissions and other costs (523) (1,382) Total sale costs (523) (1,382) Total sales net of transaction costs £18,000,266 £28,035,006

805 BlackRock Collective Investment Funds 806 100 UK Equity Tracker Notes to Financial Statements continued 100 UK Equity Tracker Distribution Tables for the year ended 28 February 2015

shown below: Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Class 28.2.2015 28.2.2014 Net revenue (dividend) 1.2305 0.7162 1.4207 0.5926 1.4563 1.2586 1.5547 1.0931 1.4689 0.9713 A Accumulation 0.45% 0.45% Equalisation† – 0.5143 – 0.8281 – 0 .197 7 – 0.4616 – 0.4976 L Accumulation 0.20% 0.20% Distribution payable 30.4.2015 1.2305 1.2305 1.4207 1.4207 1.4563 1.4563 1.5547 1.5547 1.4689 1.4689 X Income◊ 0.00% 0.00% Distribution paid 30.4.2014 1.0266 1.0266 1.2013 1.2013 1.2840 1.2840 1.2616 1.2616 1.2452 1.2452 X Accumulation◊ 0.00% 0.00% Interim Distribution in Pence per Unit D Accumulation 0.15% 0.15% Group 1 – Units purchased prior to 1 March 2014 ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or Group 2 – Units purchased 1 March 2014 to 31 August 2014 their affiliates.

A Accumulation L Accumulation X Income X Accumulation D Accumulation In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. Units Units Units Units Units

Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue Net revenue (dividend) 2.4638 1.7457 2.6760 1.7480 2.6944 2 .10 3 3 2.8161 1.3596 2.7379 1.1514 is allocated each day pro rata to the capital value of assets attributable to each class and taxation is Equalisation† – 0.7181 – 0.9280 – 0.5911 – 1.4565 – 1.5865 computed by reference to the net revenue after expenses attributable to each class. The distribution Distribution paid 31.10.2014 2.4638 2.4638 2.6760 2.6760 2.6944 2.6944 2.8161 2.8161 2.7379 2.7379 per unit class is given in the distribution tables. All unit classes have the same rights on winding up. Distribution paid 31.10.2013 2.6377 2.6377 3.0418 3.0418 3 .16 4 3 3 .16 4 3 2.5260 2.5260 3 .10 9 4 3 .10 9 4 17. Non Adjusting Post Balance Sheet Event † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. shown below: Bid prices as at Bid prices as at Rise Class 23.4.2015 28.2.2015 (%) A Accumulation 137.1p 134.4p 2.0 L Accumulation 137.2p 134.4p 2.1 X Income 127.8p 126.6p 0.9 X Accumulation 13 8 .1p 135.3p 2.1 D Accumulation 138.8p 136.0p 2.1

807 BlackRock Collective Investment Funds 808 BlackRock 350 UK Equity Tracker Fund 350 UK Equity Tracker Fund

BlackRock 350 UK Equity Tracker Fund This Annual Report covers the year ended 28 February 2015. The first six months were commented on in the Interim Report to 31 August 2014. For a copy, please contact us. Investment Objective & Policy Performance Table The aim of the BlackRock 350 UK Equity Tracker Fund (the “Fund”) is to seek to achieve capital growth Period of Report Since Launch for investors by tracking closely the performance of the FTSE 350 Index by investing in companies One Year 30.9.2013 in the Index. Investment will be made directly into constituent companies and via other transferable to 28.2.2015 to 28.2.2015 securities giving exposure to such companies. The Fund may also invest in permitted money-market TOTAL Return (with net income reinvested) instruments, permitted deposits and units in collective investment schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. Class A Accumulation Units BlackRock 350 UK Equity Tracker Fund +6 .1% +14.8% The Fund is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established under the Financial Conduct Authority’s (“FCA”) Collective Investment Schemes Sourcebook (“the FTSE 350 Index (GBP)* +5.8% +13.7% Sourcebook”). The Fund was established on 30 September 2013 and was authorised by the FCA on TOTAL Return (with net income reinvested) 6 September 2013. Class L Accumulation Units BlackRock 350 UK Equity Tracker Fund +5.6% +13.8% FTSE 350 Index (GBP)* +5.8% +13.7%

809 BlackRock Collective Investment Funds 810 350 UK Equity Tracker Fund continued

Annual performance to most recent quarter end Tracking Difference

BlackRock 350 UK Equity The table below compares the realised Fund performance against the performance of the relevant § § § § Tracker Fund L +0.6% N/A N/A N/A N/A benchmark index during the year ended 28 February 2015. An explanation for the difference is All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is provided: calculated net of fees. Performance is shown for complete 12 month periods only. § Performance data does not exist for the relevant periods. Fund launched on 30 September 2013. Fund return Benchmark return for the year for the year Tracking to 28.2.2015 to 28.2.2015 difference Explanation of the tracking difference Distributions Payable The Fund underperformed its benchmark A Accumulation index as a result of (a) the stock market The final accumulation distribution payable on 30 April 2015 is 1.4400p net per accumulation unit on which the benchmark index operates (30 April 2014: 0.8900p net per accumulation unit). being closed at the Fund’s valuation point. This results in a temporary L Income mismatch on days when units are The final distribution payable on 30 April 2015 is 1.1781p net per income unit (30 April 2014: 0.9893p created or redeemed, (b) temporary net per income unit). divergences in the calculation when the Index provider calculates index values L Accumulation during UK bank holidays while the Fund The final accumulation distribution payable on 30 April 2015 is 1.2392p net per accumulation unit is closed and (c) income from securities (30 April 2014: 1.0800p net per accumulation unit). +5.6%* +5.8% -0.2% lending activity.

* Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. X Income The final distribution payable on 30 April 2015 is 1.2200p net per income unit (30 April 2014: 1.0800p net per income unit).

X Accumulation The final accumulation distribution payable on 30 April 2015 is 1.2600p net per accumulation unit (30 April 2014: 1.0800p net per accumulation unit).

D Accumulation The final accumulation distribution payable on 30 April 2015 is 1.2607p net per accumulation unit (30 April 2014: 1.0800p net per accumulation unit).

811 BlackRock Collective Investment Funds 812 350 UK Equity Tracker Portfolio Statement continued 350 UK Equity Tracker Performance Record

A Accumulation Anticipated tracking error is based on the expected volatility of differences between the returns of a 28 February 2015 100 114 114.0 fund and the returns of its benchmark index. 28 February 2014‡ 100 108 108.0 Cash management, efficient portfolio management techniques including securities lending and L Income transaction costs from rebalancing can have an impact on tracking error as well as the return 28 February 2015 981,184,498 1,068,733,929 108.9 differential between the Fund and the benchmark index. Importantly, these impacts can be either 28 February 2014‡ 1,038,981,881 1,106,333,477 106.5 positive or negative depending on the underlying circumstances. L Accumulation The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an 28 February 2015 642,112,536 728,102,985 113.4 ex ante basis) against the realised tracking error of the Fund as at 28 February 2015. Realised tracking 28 February 2014‡ 100 108 108.0 error is annualised and calculated using data since inception as the Fund has been trading for fewer X Income than 36 months. A return history fewer than 36 months is not considered statistically significant. 28 February 2015 100 109 109.0 Anticipated Realised 28 February 2014‡ 100 106 106.0 Tracking Error Tracking Error Explanation for difference X Accumulation The Fund’s return history is too short to be statistically 28 February 2015 100 113 113.0 Up to 0.25%* 0.43%* significant. 28 February 2014‡ 100 108 108.0 * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. D Accumulation 28 February 2015 2,008 2,277 113.4 28 February 2014‡ 100 108 108.0

‡ Fund launched on 30 September 2013.

Income (Net Distributions/Net Accumulations)

A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation Units Units Units Units Units Units

Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit 2015* 1.4400 1.1781 1.2392 1.2200 1.2600 1.2607 2014‡ 3.0300 3.0128 3.2300 3.2100 3.2300 3.2300

* To 30 April. ‡ Fund launched on 30 September 2013.

813 BlackRock Collective Investment Funds 814 350 UK Equity Tracker Performance Record continued

Capital (Unit Prices) Ongoing Charges Detailed in the following table are the charges used to meet the costs of running the Fund, which A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation Units Units Units Units Units Units include the costs of marketing and distribution. These charges reduce the potential growth of your Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective Price Price Price Price Price Price Price Price Price Price Price Price Calendar Year p p p p p p p p p p p p investment scheme (if any). 2015* 120.5 104.2 110.7 100.4 113.9 103.4 110.7 100.3 113.9 103.4 113.9 103.4 1.3.2014 30.9.2013 2014 116.9 98.23 108.8 94.79 110.7 97.59 108.8 94.71 110.7 97.59 110.7 97.59 Unit Class to 28.2.2015 to 28.2.2014† 2013‡ 111.3 98.63 106.0 98.51 10 6 .1 98.49 10 6 .1 98.49 10 6 .1 98.49 10 6 .1 98.49 A Accumulation 0.51% 0.51% * To 28 February. L Income 0.21% 0.21% ‡ Fund launched on 30 September 2013. L Accumulation 0.21% 0.21% X Income 0.01% 0.01% Risk and Reward Profile X Accumulation 0.01% 0.01% Lower risk Higher risk D Accumulation 0.16 % 0.16 % Typically lower rewards Typically higher rewards Unit Class † Ongoing charges figures are based on annualised expenses for the period ended 28 February 2014. A Accumulation 1 2 3 4 5 6 7 L Income 1 2 3 4 5 6 7 L Accumulation 1 2 3 4 5 6 7 X Income 1 2 3 4 5 6 7 X Accumulation 1 2 3 4 5 6 7 D Accumulation 1 2 3 4 5 6 7

`` The risk indicator was calculated incorporating historical or simulated historical data and may not be a reliable indication of the future risk profile of each unit class.

`` The risk category shown is not guaranteed and may change over time.

`` The lowest category does not mean risk free.

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

815 BlackRock Collective Investment Funds 816 350 UK Equity Tracker Investment Report 350 UK Equity Tracker Portfolio Statement at 28 February 2015

Summary of Performance over the Period Holding or Underlying Market % of During the period from 1 March 2014 to 28 February 2015, the Fund returned 5.6%*, compared with its Nominal Exposure – Derivatives Value Total benchmark, the FTSE 350 Index, which returned 5.8%. The Fund underperformed its benchmark index Value Investment £ £ Net Assets as a result of (a) the stock market on which the benchmark index operates being closed at the Fund’s EQUITIES – 99.73%; 2014 99.57% valuation point. This results in a temporary mismatch on days when units are created or redeemed, (b) temporary divergences in the calculation when the Index provider calculates index values during UNITED KINGDOM – 99.73%; 2014 99.57% UK bank holidays while the Fund is closed and (c) income from securities lending activity. Over the Aerospace & Defence – 2.22%; 2014 2.06% six month period to 28 February 2015, the Fund returned 3.9%* compared with its benchmark which 2,691,443 BAE Systems 14,305,020 0.80 returned 4.1%. 985,780 Cobham 3,362,496 0.19 684,986 Meggitt 3,729,749 0.21 Fund Manager’s Commentary 544,800 QinetiQ 1,086,876 0.06 The year to 28 February 2015 saw the fortunes of developed market economies continuing to diverge. 1,591,780 Rolls Royce 15,098,033 0.84 Recovery continued apace in the US, but weak economic growth and worries about deflation in Europe 337,097 Senior 1,146,130 0.06 finally saw the European Central Bank launch a programme of spending in support of its economy 57,515 Ultra Electronics 1,035,270 0.06 (what is known as quantitative easing) that surprised many with its scale. The picture in the UK was 39,763,574 2.22 more nuanced, with further evidence of recovery somewhat offset by concerns over the downward trajectory of inflation. Automobiles & Parts – 0.28%; 2014 0.32% 1,387,621 GKN 5,067,592 0.28 UK stocks endured considerable volatility in the last quarter of 2014, but finished the twelve months Banks – 10.59%; 2014 11.33% under review up by just over 5%, having been helped by the strength of small-cap and mid-cap stocks. 23,101 Bank of Georgia 397,106 0.02 The market more broadly was held back by its considerable exposure to mining and commodity stocks, 13,942,154 Barclays 35,810,423 1.99 which sold off as the oil price slumped. Conflicting messages from the Bank of England over its interest 16,219,084 HSBC 93,632,772 5.21 rate policy also had an effect. Nevertheless, strengthening economic data still suggests that the UK 45,964,462 Lloyds Banking 36,302,732 2.02 will follow the US in raising rates at some point. 1,820,551 Royal Bank of Scotland 6,683,243 0.37 1,720,555 Standard Chartered 17,050,700 0.95 The Fund remains positioned so that its risk characteristics are similar to those of the FTSE 350 Index. 212,304 TSB Banking 553,477 0.03 190,430,453 10.59 March 2015 Beverages – 4.17%; 2014 3.92% * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net 76,874 A.G. Barr 516,593 0.03 asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. 196,392 Britvic 1,502,399 0.08 167,271 Coca-Cola 1,943,689 0.11 2,141,981 Diageo 41,458,042 2.31 803,908 SABMiller 29,543,619 1.64 74,964,342 4.17 Chemicals – 0.72%; 2014 0.76% 187,400 Alent 659,648 0.04 116,765 Croda 3,186,517 0.18 407,195 Elementis 1,169,057 0.06 174,524 Johnson Matthey 5,949,523 0.33 243,598 Synthomer 711,550 0.04 66,710 Victrex 1,258,818 0.07 12,935,113 0.72

817 BlackRock Collective Investment Funds 818 350 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Construction & Materials – 0.86%; 2014 0.96% 228,840 JP Morgan American Investment Trust 660,203 0.04 579,668 Balfour Beatty 1,452,068 0.08 109,202 JP Morgan Emerging Markets Investment Trust 668,862 0.04 692,694 CRH 12,669,373 0.71 106,772 Law Debenture 570,696 0.03 60,997 Keller 616,680 0.03 83,100 Mercantile Investment Trust 1,300,515 0.07 45,372 Kier 790,380 0.04 185,670 Monks Investment Trust 766,446 0.04 15,528,501 0.86 103,817 Murray International Trust 1,078,659 0.06 1,071,158 NB Global Floating Rate Income Fund 1,025,098 0.06 Electricity – 0.82%; 2014 0.82% 198,624 Perpetual Income & Growth Investment Trust 812,769 0.05 348,002 Drax 1,437,944 0.08 1,439 Personal Assets Trust 510,127 0.03 84,142 Infinis Energy 168,368 0.01 115,293 Polar Capital Technology Trust 672,158 0.04 838,642 SSE 13,191,839 0.73 107,774 RIT Capital Partners 1,640,320 0.09 14,798,151 0.82 39,102 Riverstone Energy 371,274 0.02 Electronic & Electrical Equipment – 0.42%; 2014 0.54% 100,646 Scottish Investment Trust 630,044 0.03 100,937 Domino Printing Sciences 774,692 0.04 1,033,328 Scottish Mortgage Investment Trust 2,667,020 0.15 315,453 Halma 2,247,603 0.12 54,685 Temple Bar Investment Trust 648,017 0.04 187,262 Hellermanntyton 613,283 0.03 270,977 Templeton Emerging Markets Investment Trust 1,539,149 0.09 224,116 Morgan Advanced Materials 736,893 0.04 289,185 TR Property Investment Trust 919,608 0.05 47,984 Oxford Instruments 362,999 0.02 172,840 Witan Investment Trust 1,360,251 0.08 32,922 Renishaw 859,264 0.05 41,252 Worldwide Healthcare Trust 773,475 0.04 102,628 Spectris 2,233,185 0.12 36,957,036 2.08 7,827,919 0.42 Financial Services – 2.80%; 2014 2.19% Equity Investment Instruments – 2.08%; 2014 2.34% 818,960 3i 4,040,749 0.22 536,067 3i Infrastructure 846,450 0.05 835,741 Aberdeen Asset Management 3,916,282 0.22 78,113 Aberforth Smaller Companies Investment Trust 853,775 0.05 333,098 Ashmore 1,019,613 0.06 478,444 Alliance Trust 2,363,992 0.13 249,448 Brewin Dolphin 787,008 0.04 101,097 Bankers Investment Trust 621,747 0.03 93,676 Brit 285,243 0.02 35,624 BH Macro 762,710 0.04 126,330 Close Brothers 2,073,075 0.12 161,804 BlackRock World Mining Trust* 513,404 0.03 182,542 Hargreaves Lansdown 2,060,899 0.11 338,012 BlueCrest Allblue Fund 636,477 0.04 889,426 Henderson 2,326,738 0.13 119,952 British Empire Securities & General Investment Trust 633,347 0.04 460,930 ICAP 2,468,280 0.14 29,997 Caledonia Investments 692,931 0.04 312,538 IG 2,284,653 0.13 228,737 City of London Investment Trust 915,863 0.05 229,666 IMI 3,171,687 0.18 161,785 Edinburgh Investment Trust 1,097,711 0.06 339,666 Intermediate Capital 1,666,401 0.09 32,237 Electra Investment Trust 1,010,630 0.06 197,736 International Personal Finance 854,615 0.05 464,120 F&C Investment Trust 2,116,387 0.12 438,647 Investec 2,535,380 0.14 467,162 Fidelity China Special Situations Investment Trust 619,457 0.03 380,052 IP 942,529 0.05 383,775 Fidelity European Values 665,466 0.04 353,761 Jupiter Fund Management 1,476,245 0.08 122,241 Genesis Emerging Markets Fund 646,044 0.04 163,927 Just Retirement 288,348 0.02 1,092,647 HICL Infrastructure 1,697,973 0.09 215,042 London Stock Exchange 5,330,891 0.30 687,466 International Public Partnership 944,578 0.05 1,368,037 Man 2,619,791 0.15 557,372 John Laing Infastructure Fund 703,403 0.04 241,354 Paragon 1,037,098 0.06 123,430 Provident Financial 3,388,154 0.19

819 BlackRock Collective Investment Funds 820 350 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets 41,525 Rathbone Brothers 931,821 0.05 General Industrials – 0.68%; 2014 0.66% 95,612 Schroders voting shares 2,935,288 0.16 806,049 DS Smith 2,956,588 0.16 175,113 SVG Capital 860,856 0.05 598,193 Rexam 3,325,953 0.18 189,154 Tullett Prebon 658,823 0.04 220,410 RPC 1,290,501 0.07 49,960,467 2.80 333,759 Smiths 3,854,916 0.21 236,330 Vesuvius 1,129,894 0.06 Fixed Line Telecommunications – 1.96%; 2014 1.82% 12,557,852 0.68 6,908,334 BT 31,481,278 1.75 2,200,107 Cable & Wireless 1,282,662 0.07 General Retailers – 2.32%; 2014 2.14% 291,765 Colt Telecom 436,772 0.03 122,104 Card Factory 347,874 0.02 447,723 Talktalk Telecom 1,516,886 0.08 1,082,107 Debenhams 880,294 0.05 47,313 Telecom Plus 493,948 0.03 50,140 Dignity 969,206 0.05 35,211,546 1.96 805,845 Dixons Carphone 3,549,747 0.20 82,348 Dunelm 754,719 0.04 Food & Drug Retailers – 1.60%; 2014 2.06% 71,399 Game Digital 187,422 0.01 1,367,616 Booker 2,195,024 0.12 159,942 Halfords 711,582 0.04 86,951 Greggs 761,691 0.04 697,993 Home Retail 1,412,738 0.08 1,200,125 J Sainsbury 3,263,140 0.18 388,796 Inchcape 2,859,595 0.16 352,580 Ocado 1,298,905 0.07 51,259 JD Sports Fashion 249,683 0.01 313,737 SSP 899,484 0.05 236,706 Just Eat 850,721 0.05 6,905,883 Tesco 16,940,131 0.94 2,021,021 Kingfisher 7,384,811 0.41 1,833,070 Wm Morrison Supermarkets 3,587,318 0.20 1,421,808 Marks & Spencer 7,173,021 0.40 28,945,693 1.60 138,482 N Brown 621,230 0.03 Food Producers – 2.40%; 2014 2.25% 125,715 Next 9,416,054 0.52 297,255 Associated British Foods 9,289,219 0.52 194,825 Pets at Home 463,684 0.03 43,919 Cranswick 627,603 0.03 133,719 Poundland 514,684 0.03 74,448 Dairy Crest 369,858 0.02 222,132 Saga 407,834 0.02 339,137 Greencore 1,147,979 0.06 211,333 Sports Direct International 1,457,141 0.08 395,227 Tate & Lyle 2,353,577 0.13 100,010 WH Smith 1,342,134 0.07 1,025,919 Unilever 29,402,839 1.64 172,360 Zoopla Property 316,970 0.02 43,191,075 2.40 41,871,144 2.32 Forestry & Paper – 0.23%; 2014 0.19% Healthcare Equipment & Services – 0.68%; 2014 0.49% 312,147 Mondi 4,148,434 0.23 46,779 Al Noor Hospitals 435,045 0.02 56,938 NMC Health 334,226 0.02 Gas, Water & Multiutilities – 2.85%; 2014 2.93% 764,913 Smith & Nephew 9,071,868 0.50 4,228,053 Centrica 10,324,905 0.57 142,667 Spire Healthcare 449,401 0.02 3,207,671 National Grid 28,439,211 1.58 49,746 Synergy Healthcare 1,059,092 0.06 333,564 Pennon 2,836,962 0.16 216,648 UDG Healthcare 1,009,363 0.06 202,936 Severn Trent 4,121,630 0.23 12,358,995 0.68 580,809 United Utilities 5,494,453 0.31 51,217,161 2.85

821 BlackRock Collective Investment Funds 822 350 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Household Goods & Home Construction – 2.97%; 2014 2.58% Media – 3.56%; 2014 2.24% 845,823 Barratt Developments 4,355,988 0.24 895,100 British Sky Broadcasting 8,915,196 0.50 104,386 Bellway 2,077,281 0.12 175,210 Entertainment One 525,630 0.03 107,643 Berkeley 2,815,941 0.16 34,146 Euromoney Institutional Investor 355,801 0.02 119,475 Bovis Homes 1,154,726 0.06 556,227 Informa 3,075,935 0.17 167,768 Crest Nicholson 741,031 0.04 3,193,926 ITV 7,195,915 0.40 66,002 Galliford Try 988,050 0.05 396,708 Moneysupermarket.com 1,085,790 0.06 258,172 Persimmon 4,554,154 0.25 693,699 Pearson 9,850,526 0.55 548,592 Reckitt Benckiser 32,147,491 1.79 978,248 Reed Elsevier 10,927,030 0.61 198,102 Redrow 720,497 0.04 80,614 Rightmove 2,440,186 0.14 2,740,947 Taylor Wimpey 3,957,927 0.22 373,869 UBM 2,028,239 0.11 53,513,086 2.97 1,130,075 WPP 17,346,651 0.97 63,746,899 3.56 Industrial Engineering – 0.61%; 2014 1.05% 158,917 Bodycote 1,226,839 0.07 Mining – 6.44%; 2014 7.38% 844,262 Melrose 2,531,942 0.14 111,897 African Barrick Gold 307,941 0.02 909,206 Melrose class ‘B’ shares 170,022 0.01 1,110,953 Anglo American 13,442,531 0.75 72,256 Rotork 1,773,162 0.10 300,958 Antofagasta 2,308,348 0.13 65,096 Spirax-Sarco Engineering 2,090,884 0.12 1,796,703 BHP Billiton 29,043,704 1.62 181,634 Weir 3,095,043 0.17 930,530 Centamin 612,289 0.03 10,887,892 0.61 146,767 Fresnillo 1,204,957 0.07 9,075,698 Glencore Xstrata 27,249,783 1.52 Industrial Metals & Mining – 0.05%; 2014 0.08% 210,415 Kazakhmys 532,560 0.03 453,185 Evraz 891,415 0.05 346,383 Lonmin 544,514 0.03 Industrial Transportation – 0.22%; 2014 0.33% 344,798 Petra Diamonds 646,841 0.04 405,385 BBA Aviation 1,404,254 0.08 178,017 Polymetal International 1,012,027 0.06 37,181 James Fisher & Sons 436,505 0.02 78,073 Randgold Resources 4,044,181 0.23 527,589 Royal Mail 2,217,984 0.12 1,060,976 Rio Tinto 33,866,354 1.88 4,058,743 0.22 81,812 Vedanta Resources 485,145 0.03 115,301,175 6.44 Leisure Goods – 0.00%; 2014 0.06% Mobile Telecommunications – 3.00%; 2014 4.23% Life Insurance – 5.29%; 2014 4.55% 361,780 Inmarsat 3,167,384 0.18 2,503,906 Aviva 13,483,534 0.75 22,593,428 Vodafone 50,688,356 2.82 1,157,203 Friends Life 4,757,262 0.26 5,047,942 Legal & General 14,108,998 0.79 53,855,740 3.00 4,168,876 Old Mutual 9,384,140 0.52 Non-Equity Investment Instruments – 0.06%; 2014 0.00% 195,333 Phoenix 1,675,957 0.09 96,398 Kennedy Wilson Europe Real Estate 1,038,206 0.06 2,169,929 Prudential 35,348,143 1.97 857,017 RSA Insurance 3,675,746 0.20 431,242 St. James’s Place Capital 4,086,018 0.23 2,040,599 Standard Life 8,686,830 0.48 95,206,628 5.29

823 BlackRock Collective Investment Funds 824 350 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Non-Life Insurance – 0.94%; 2014 1.00% Pharmaceuticals and Biotechnology – 8.11%; 2014 7.66% 169,325 Admiral 2,495,851 0.14 1,073,224 AstraZeneca 47,967,747 2.67 433,210 Amlin 2,291,681 0.13 309,375 BTG 2,346,609 0.13 429,663 Beazley 1,242,156 0.07 78,523 Dechra Pharmaceuticals 732,227 0.04 289,918 Catlin 1,983,039 0.11 54,984 Genus 749,432 0.04 1,281,301 Direct Line Insurance 4,193,698 0.23 4,134,754 GlaxoSmithKline 63,716,559 3.55 218,975 eSure 524,664 0.03 115,555 Hikma Pharmaceuticals 2,854,209 0.16 274,566 Hiscox 2,171,817 0.12 548,592 Indivior 958,390 0.05 100,701 Jardine Lloyd Thompson 965,219 0.05 499,845 Shire 26,341,832 1.47 161,150 Lancashire 1,107,906 0.06 145,667,005 8.11 16,976,031 0.94 Real Estate Investment & Services – 0.45%; 2014 0.42% Oil & Gas Producers – 12.26%; 2014 14.09% 622,678 Capital & Counties Properties 2,515,619 0.14 919,891 Afren 79,157 0.00 12,517 CLS 204,778 0.01 2,894,128 BG 27,725,746 1.54 130,711 Countrywide 690,154 0.04 15,514,119 BP 69,503,253 3.87 4,440 Daejan 265,290 0.01 512,051 Cairn Energy 1,037,927 0.06 450,255 F&C Commercial Property Trust 644,315 0.04 35,738 Nostrum Oil & Gas 216,215 0.01 372,427 Grainger Trust 782,097 0.04 422,616 Ophir Energy 588,282 0.03 733,125 Redefine International 410,550 0.02 457,637 Premier Oil 771,118 0.04 110,848 Savills 806,419 0.04 3,347,472 Royal Dutch Shell class ‘A’ shares 70,899,457 3.95 150,151 St. Modwen Properties 727,782 0.04 2,085,790 Royal Dutch Shell class ‘B’ shares 46,002,098 2.56 368,187 UK Commercial Property Trust 327,871 0.02 176,465 SOCO International 494,631 0.03 162,125 Unite 890,066 0.05 771,851 Tullow Oil 2,987,063 0.17 8,264,941 0.45 220,304,947 12.26 Real Estate Investment Trusts – 1.98%; 2014 1.67% Oil Equipment, Services & Distribution – 0.25%; 2014 0.57% 116,448 Big Yellow 733,622 0.04 111,808 Hunting 534,554 0.03 863,328 British Land 7,148,356 0.40 306,059 John Wood 2,035,292 0.11 78,106 Derwent London 2,616,551 0.15 219,611 Petrofac 1,931,479 0.11 296,898 Great Portland Estates 2,373,700 0.13 4,501,325 0.25 667,311 Hammerson 4,507,686 0.25 579,148 Hansteen 682,816 0.04 Personal Goods – 0.50%; 2014 0.41% 783,966 Intu Properties 2,770,536 0.15 377,638 Burberry 7,069,383 0.39 671,132 Land Securities 8,429,418 0.47 93,536 Jimmy Choo 163,220 0.01 521,496 London & Stamford Property 841,695 0.05 271,900 PZ Cussons 917,934 0.05 646,381 Segro 2,782,670 0.15 29,074 SuperGroup 283,035 0.02 237,211 Shaftesbury 1,924,967 0.11 23,081 Ted Baker 591,566 0.03 94,271 Workspace 810,259 0.04 9,025,138 0.50 35,622,276 1.98

825 BlackRock Collective Investment Funds 826 350 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £ Assets Value Investment £ Assets Software & Computer Services – 0.58%; 2014 0.56% 212,278 Travis Perkins 4,279,524 0.24 65,814 Allied Minds 390,606 0.02 225,393 Wolseley 8,950,356 0.50 160,215 AO World 287,586 0.02 83,578 WS Atkins 1,140,840 0.06 53,685 AVEVA 855,739 0.05 87,087,186 4.85 131,495 Computacenter 506,040 0.03 33,563 Fidessa 777,990 0.04 Technology Hardware & Equipment – 0.93%; 2014 0.83% 141,243 Micro Focus International 1,529,662 0.09 1,189,939 ARM 13,779,494 0.77 885,894 Sage 4,291,271 0.24 138,147 CSR 1,197,044 0.07 168,780 Telecity 1,560,371 0.09 210,218 Laird 735,973 0.04 278,946 Pace 932,517 0.05 10,199,265 0.58 16,645,028 0.93 Support Services – 4.85%; 2014 4.21% 204,293 Aggreko 3,487,282 0.19 Tobacco – 4.80%; 2014 4.16% 331,449 AMEC 2,918,408 0.16 1,585,275 British American Tobacco 59,955,101 3.34 428,651 Ashtead 5,096,660 0.28 819,229 Imperial Tobacco 26,157,982 1.46 424,712 Babcock International 4,289,591 0.24 86,113,083 4.80 146,562 Berendsen 1,612,182 0.09 Travel & Leisure – 4.20%; 2014 3.71% 282,905 Bunzl 5,363,879 0.30 71,358 Betfair 1,243,056 0.07 562,126 Capita 6,678,057 0.37 628,999 Bwin.Party Digital Entertainment 536,222 0.03 360,674 Carillion 1,301,672 0.07 155,482 Carnival 4,543,184 0.25 72,947 DCC 2,818,672 0.16 176,186 Cineworld 796,713 0.04 90,213 De La Rue 520,980 0.03 1,419,234 Compass 16,349,576 0.91 102,648 Diploma 817,078 0.05 121,337 Domino’s Pizza 876,660 0.05 390,397 Electrocomponents 875,270 0.05 209,310 easyJet 3,623,156 0.20 223,502 Essentra 2,273,015 0.13 459,870 Enterprise Inns 481,484 0.03 846,896 Experian 10,145,814 0.56 1,020,697 FirstGroup 1,074,794 0.06 1,320,327 G4S 3,934,574 0.22 37,764 Go-Ahead 984,130 0.05 185,947 Grafton 1,392,743 0.08 186,520 Greene King 1,626,454 0.09 1,208,501 Hays 1,849,007 0.10 201,150 InterContinental Hotels 5,330,475 0.30 248,255 HomeServe 836,868 0.05 1,735,276 International Consolidated Airline 10,064,601 0.56 535,558 Howden Joinery 2,483,918 0.14 81,122 J D Wetherspoon 663,578 0.04 114,840 Interserve 720,621 0.04 782,892 Ladbrokes 929,293 0.05 136,806 Intertek 3,461,192 0.19 448,163 Marston’s 683,000 0.04 266,280 Michael Page International 1,334,063 0.07 476,831 Merlin Entertainments 2,007,459 0.11 301,724 Mitie 912,413 0.05 135,183 Millennium & Copthorne Hotels 766,488 0.04 117,615 Northgate 730,977 0.04 182,584 Mitchells & Butlers 850,294 0.05 58,734 PayPoint 504,525 0.03 344,604 National Express 976,952 0.05 333,626 Premier Farnell 576,172 0.03 157,114 Playtech 1,205,064 0.07 515,801 Regus 1,219,869 0.07 92,032 Rank 173,020 0.01 1,554,799 Rentokil Initial 2,100,533 0.12 164,641 Restaurant Group 1,214,227 0.07 198,951 RPS 526,623 0.03 571,921 Spirit Pub 680,586 0.04 469,950 Serco 1,044,699 0.06 363,278 Stagecoach 1,226,427 0.07 449,272 SIG 889,109 0.05

827 BlackRock Collective Investment Funds 828 350 UK Equity Tracker Portfolio Statement continued 350 UK Equity Tracker Statement of Total Return for the year ended 28 February 2015

Holding or Underlying Market % of For the period Nominal Exposure – Derivatives Value Total For the year from 30.9.2013 Value Investment £ £ Net Assets to 28.2.2015 to 28.2.2014 Notes £ £ £ £ 1,240,133 Thomas Cook 1,551,406 0.09 335,566 TUI 3,946,256 0.22 Income 153,903 Whitbread 8,087,603 0.45 Net capital gains during the 758,511 William Hill 2,864,896 0.16 year/period 2 60,378,569 67,991,901 75,357,054 4.20 Revenue 3 42,775,845 12,062,624 Expenses 4 (2,636,285) (949,915) DERIVATIVES – 0.05%; 2014 0.00% Finance costs: Interest 6 (66) – Forward Currency Contracts – 0.00%; 2014 0.00% Net revenue before taxation 40,139,494 11,112,709 £2,489,823 UK sterling vs US dollar 2,458,910 30,530 0.00 Taxation 5 (184,799) (56,041) Futures – 0.05%; 2014 0.00% Net revenue after taxation 245 FTSE 100 Index March 2015 16,954,000 900,301 0.05 for the year/period 39,954,695 11,056,668 Portfolio of investments 1,792,928,942 99.78 Total return before distributions 100,333,264 79,048,569 Net other assets 3,910,585 0.22 Finance costs: Distributions 6 (37,080,302) (10,410,460) Total net assets £1,796,839,527 100.00 Change in net assets attributable to unitholders Unless otherwise stated, all holdings are quoted in ordinary shares and are listed on a recognised exchange. Note: comparative figures show percentages for each category of holding at 28 February 2014. from investment activities £63,252,962 £68,638,109 * Managed by a related party. The Fund will not be subject to any initial subscription or redemption fees on its investment into an underlying fund managed by a related party. The Fund may indirectly incur management charges by investing in an underlying fund. The Fund invests, where possible, in a share class of an underlying fund that is not subject to management charges. Alternatively, where this is not possible, the Manager will rebate management charges to the Fund. 350 UK Equity Tracker Statement of Change in Net Assets Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. Attributable to Unitholders for the year ended 28 February 2015

For the period For the year from 30.9.2013 to 28.2.2015 to 28.2.2014 £ £ £ £

Opening net assets attributable to unitholders 1,106,334,015 – Amounts received on creation of units 691,112,891 1,086,763,858 Amounts paid on cancellation of units (71,817,693) (49,067,956) 619,295,198 1,037,695,902 Change in net assets attributable to unitholders from investment activities 63,252,962 68,638,109 Retained distribution on accumulation units 7,957,352 4 Closing net assets attributable to unitholders £1,796,839,527 £1,106,334,015

829 BlackRock Collective Investment Funds 830 350 UK Equity Tracker Balance Sheet 350 UK Equity Tracker Notes to Financial Statements at 28 February 2015 for the year ended 28 February 2015

28.2.2015 28.2.2014 1. Accounting and Distribution Policies Notes £ £ £ £ Please see pages 6-8 of the Aggregated Notes to Financial Statements. Assets: 2. Net Capital Gains During the Year/Period Investment assets 1,792,928,942 1,101,617,910 – Debtors 7 6,327,699 12,246,713 For the period For the year from 30.9.2013 – Cash and bank balances 8 10,737,683 3,372,008 to 28.2.2015 to 28.2.2014 Total other assets 17,065,382 15,618,721 £ £ Total assets 1,809,994,324 1,117,236,631 The net capital gains comprise: Liabilities: Gains on non-derivative securities 60,013,602 60,015,524 Investment liabilities – (3,466) Gains on derivative contracts 474,228 7,960,214 – Creditors 9 (1,369,821) (620,635) (Losses)/gains on forward currency contracts (99,721) 6 8 ,16 3 – Amount held at futures Currency losses (2,117 ) (48,667) clearing houses and brokers (225,681) – Manager’s charge rebates 2,941 – – Distribution payable on Custodian transaction costs (10,364) (3,333) income units (11,559,295) (10,278,515) Net capital gains £60,378,569 £67,991,901 Total other liabilities (13,154,797) (10,899,150) Total liabilities (13,154,797) (10,902,616) 3. Revenue

Net assets attributable For the period to unitholders £1,796,839,527 £1,106,334,015 For the year from 30.9.2013 to 28.2.2015 to 28.2.2014 £ £ N C D Hall (Director) Interest from UK bank deposits 10,465 1,907 E E Tracey (Director) Manager’s charge rebates 3,501 2,449 BlackRock Fund Managers Limited Overseas dividends 2,735,598 750,880 30 April 2015 Securities lending revenue 107,572 – Stock dividends 2,874,393 646,208 UK dividends 36,686,217 10,574,704 UK REIT dividends 358,099 86,476 Total revenue £42,775,845 £12,062,624

831 BlackRock Collective Investment Funds 832 350 UK Equity Tracker Notes to Financial Statements continued

5. Taxation 6. Finance Costs (a) Analysis of tax charge for the year/period For the period For the period For the year from 30.9.2013 For the year from 30.9.2013 to 28.2.2015 to 28.2.2014 to 28.2.2015 to 28.2.2014 £ £ £ £ Interim distribution 19,854,241 – Irrecoverable overseas tax 184,799 56,041 Final distribution 19,516,647 10,278,519 Total current tax charge for the year/period [see Note 5(b)] £184,799 £56,041 39,370,888 10,278,519 Add: Amounts deducted on cancellation of units 832,287 153,143 Less: Amounts received on creation of units (3,122,873) (21,202) Net distribution for the year/period 37,080,302 10,410,460 Finance costs: Interest 66 – Finance costs £37,080,368 £10,410,460

Net revenue after taxation for the year/period 39,954,695 11,056,668 Less: Non distributable stock dividends (2,874,393) (646,208) Net distribution for the year/period £37,080,302 £10,410,460

Details of the interim and final distributions per unit are set out in the tables on page 845.

833 BlackRock Collective Investment Funds 834 350 UK Equity Tracker Notes to Financial Statements continued

28.2.2015 28.2.2014 Market price The valuation of the Fund’s investments is calculated with reference to market £ £ prices quoted by financial agencies and brokers. Movements to those market prices may materially affect the value of the Fund’s investments, which may Accrued Audit fee 4,891 4,889 move down as well as up. Accrued FCA fee 255 95 To manage the risk, the Manager undertakes research in order to achieve the Accrued Manager’s charge 853,177 5 37,171 best price for any transactions entered into on behalf of the Fund. Accrued Registrar’s fee 11 6 Liquidity The risk of low market liquidity, through reduced trading volumes, affecting the Accrued Safe custody fees 13,833 10,045 ability of the Fund to trade financial instruments at values previously indicated Accrued Trustee’s fee 33,106 20,880 by financial brokers. Amounts payable for cancellation of units 458,557 – All stocks are valued daily. Stocks identified as being illiquid are reviewed Custodian transaction costs 5,991 3,333 for pricing accuracy as the need arises and on a formal monthly basis by the Purchases awaiting settlement – 44,216 BlackRock Pricing Committee. Total creditors £1,369,821 £620,635 The Fund invests primarily in companies based in the UK, which is typically considered to be a territory operating with high levels of liquidity. From time to time, however, market liquidity may be affected by economic events. To manage the risk, the Investment Manager undertakes research of investment opportunities to select opportunities congruent with the Fund’s investment objective.

835 BlackRock Collective Investment Funds 836 350 UK Equity Tracker Notes to Financial Statements continued

Risk Impact of risk Risk Impact of risk Counterparty The risk of entering an arrangement with a counterparty, which is itself subject Use of derivatives The Fund may use derivatives for the purposes of efficient portfolio management to financial risks which may affect its ability to trade as a going concern. in order to reduce risk within the portfolio, reduce investment costs and generate The Manager maintains a list of approved counterparties. This list is regularly additional income. monitored and revised for changes based on the counterparty’s credit- The use of derivatives will impact the value of the Fund and may expose the worthiness, market reputation and expectations of future financial performance. Fund to a higher degree of risk. In particular, derivative contracts can be highly Transactions will only be opened with financial intermediaries on the approved volatile and the amount of initial margin is generally small relative to the size of counterparties list. the contract so that transactions may be leveraged in terms of market exposure. The Fund’s use of exchange traded derivatives are considered to be free A relatively small market movement may have a potentially larger impact on of counterparty risk if the derivative is traded on an exchange where the derivatives than on standard bonds or equities. Leveraged derivative positions clearing house is backed by an appropriate performance guarantee and it is can therefore increase fund volatility. characterised by a daily mark-to-market valuation of the derivative position and As at 28 February 2015, the Manager uses a methodology known as the at least daily margining. “Commitment Approach” in order to measure the global exposure from financial At 28 February 2015, the market value of the exchange traded derivatives held by derivative instruments of the Fund and manage the potential loss to it due to the Fund was £900,301 (28 February 2014: £45,148). market risk. The Commitment Approach is a methodology that aggregates the underlying market or notional values of derivative instruments to determine the The Fund trades derivatives with a range of counterparties. The counterparties degree of global exposure of a Fund to derivative instruments. In accordance with to over the counter (“OTC”) derivatives are shown in the Portfolio Statement. COLL, the global exposure for a Fund must not exceed 100% of that Fund’s net Forward currency contracts are primarily traded with the following counterparty: asset value. JP Morgan Chase. Exchange traded derivatives are primarily traded with the following counterparty: Goldman Sachs. Any exposure to financial derivative instruments at year end is marked on the Portfolio Statement. Margin is paid or received on derivatives to cover any exposure by the counterparty to the Fund or by the Fund to the counterparty. Margin receivable These risks are monitored by the Manager in pursuance of the investment objective and policy as from the Fund’s clearing brokers and various counterparties is included in “Cash set out in the Trust Deed. Adherence to investment guidelines and to investment and borrowing and bank balances” on the Balance Sheet. Margin payable to the Fund’s clearing powers set out in the Trust Deed, the Prospectus and in the rules of the Collective Investment brokers and various counterparties is included in “Amounts held at futures Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security clearing houses and brokers” on the Balance Sheet. or issuer. Further information on the investment portfolio is set out in the Investment Report and At 28 February 2015, the Fund had received margin of £225,681 (28 February Portfolio Statement. 2014: £Nil) from counterparties and had provided margin of £Nil (28 February 2014: £651,344) to counterparties relating to derivatives. Credit During the year, the Fund engaged in securities lending activities which exposed the Fund to credit risk. The maximum exposure of the Fund is equal to the value of the securities loaned disclosed in Note 12.

837 BlackRock Collective Investment Funds 838 350 UK Equity Tracker Notes to Financial Statements continued

(b) Currency Exposures The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2014 was as follows: The net assets of the Fund are denominated mainly in Sterling, therefore the Balance Sheet and Statement of Total Return are unlikely to be directly affected by currency movements. As at Floating Rate Fixed Rate Financial Assets Financial Financial not Carrying 28 February 2015 the exposure to non-GBP currency equated to 0.2% (28 February 2014 – 0.8%), Assets Assets Interest Total hence no currency table has been provided. Currency £ £ £ £ Euro 6,025 – 549,220 555,245 (c) Interest Rate Risk Profile of Financial Assets and Liabilities UK sterling 3,358,738 – 1,104,920,310 1,108,279,048 The Interest Rate Risk Profile of Financial Assets and Liabilities as at 28 February 2015 was as follows: US dollar 7,245 – 8,395,093 8,402,338 Floating Rate Fixed Rate Financial Assets Total £3,372,008 £0 £1,113,864,623 £1,117,236,631 Financial Financial not Carrying Assets Assets Interest Total Currency £ £ £ £ Floating Rate Financial Euro 83,621 – 79,102 162,723 Financial Liabilities not Liabilities Carrying Interest Total UK sterling 10,578,054 – 1,796,280,998 1,806,859,052 Currency £ £ £ US dollar 76,008 – 2,896,541 2,972,549 UK sterling – (10,899,150) (10,899,150) Total £10,737,683 £0 £1,799,256,641 £1,809,994,324 US dollar – (3,466) (3,466) Total £0 £(10,902,616) £(10,902,616) Floating Rate Financial Financial Liabilities not The floating rate financial assets and liabilities include: Liabilities Carrying Interest Total Sterling denominated bank balances which bear interest rates based on 0.25% under the one and two Currency £ £ £ week LIBID rates and overdraft interest based on 3% over the base rate. UK sterling (225,681) (12,929,116) (13,154,797) All overseas deposits and loans bear interest at rates determined by the relevant Authority. Total £(225,681) £(12,929,116) £(13,154,797) The amount held at futures clearing houses and brokers at the reporting date is on a temporary basis There are no material amounts of non-interest bearing financial assets, other than equities, which do not have maturity dates. and is not persistent.

11. Contingent Assets and Liabilities There were no contingent assets or liabilities at the balance sheet date (28 February 2014: £Nil).

839 BlackRock Collective Investment Funds 840 350 UK Equity Tracker Notes to Financial Statements continued

28.2.2015 28.2.2014 The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing £ £ arrangements with related parties (including, without limitation, brokers who are affiliated to the Revenue earned during the year/period 107,572 – BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade Value of securities on loan at the year/period end 62,330,429 – execution process. Such research or execution services may include, without limitation and to the Value of collateral held on behalf of the Fund at the extent permitted by applicable law: research reports on companies, industries and securities; and year/period end 69,436,685 – the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, 13. Investment Management it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Please see page 16. these arrangements with brokers who are not affiliated to the BlackRock Group. The Fund’s investments in other BlackRock related products are detailed on the Portfolio Statement. Securities Lending The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited, which is a related party to the Fund. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for a full replacement of securities lent. BlackRock Inc. bears all operational costs directly related to securities loan transactions as well as the cost of indemnification against borrower default. See further information in Note 12.

841 BlackRock Collective Investment Funds 842 350 UK Equity Tracker Notes to Financial Statements continued

Material Unitholders 16. Unitholders’ Funds The following investors held more than 20% of the voting units in issue in the Fund and as a result Accumulation and Income units are currently available as specified in the Prospectus. The net are considered to be a related party of the Fund. asset value of each unit class, net asset value per unit and the number of units in issue are given in As at 28 February 2015: the “Performance Record”. The types of units currently in issue and the Manager’s annual charge for each unit class are % of voting units shown below: Held by: in issue No. of units held Vidacos Nominees Limited 60% 981,184,498 Class 28.2.2015 28.2.2014 Guardian Assurance Limited 29% 466,862,707 A Accumulation 0.45% 0.45% As at 28 February 2014: L Income 0.20% 0.20% L Accumulation 0.20% 0.20% % of voting units ◊ Held by: in issue No. of units held X Income 0.00% 0.00% ◊ Vidacos Nominees Limited 100%* 1,038,981,881 X Accumulation 0.00% 0.00% D Accumulation 0.15% 0.15% * Figure rounded to the nearest percent. ◊ Holders of X units are charged outside of the relevant Fund by way of agreement with the Manager, Principal Distributor or their affiliates. All related party transactions were carried out at arm’s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no In respect of class A units, the Registrar is entitled to an annual fee of up to 0.15% of the NAV. more favourable than those received by other investors investing into the same unit classes. Currently the class A units are charged an annual Registration fee of 0.05% of the NAV. For the remaining classes the Registrar is entitled to an annual fee of £12 plus VAT per unitholder. Revenue 15. Portfolio Transaction Costs is allocated each day pro rata to the capital value of assets attributable to each class and taxation is Summary of total purchase costs: computed by reference to the net revenue after expenses attributable to each class. The distribution For the period For the period per unit class is given in the distribution tables. All unit classes have the same rights on winding up. For the year For the year from 30.9.2013 from 30.9.2013 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 17. Non Adjusting Post Balance Sheet Event £ £ £ £ Since the last business day of the accounting period, the Fund’s quoted bid prices have risen as Purchases before 1,105,749,786 shown below: transaction costs 710,520,651 Bid prices as at Bid prices as at Rise Commissions and other costs 132,770 Class 23.4.2015 28.2.2015 (%) (including stamp duty) 209,461 A Accumulation 116.8p 114.2p 2.3 Total purchase costs 209,461 132,770 L Income 111.2p 110.1p 1.0 Gross purchases total £710,730,112 £1,105,882,556 L Accumulation 115.8p 113.4p 2.1 Summary of total sale costs: X Income 111.1p 110.0p 1.0 X Accumulation 115.9p 113.4p 2.2 For the period For the period D Accumulation For the year For the year from 30.9.2013 from 30.9.2013 115.8p 113.3p 2.2 to 28.2.2015 to 28.2.2015 to 28.2.2014 to 28.2.2014 £ £ £ £ Gross sales before 64,982,617 transaction costs 91,847,884 Commissions and other costs (13,029) (7,14 6) Total sale costs (13,029) (7,14 6) Total sales net of transaction costs £91,834,855 £64,975,471

843 BlackRock Collective Investment Funds 844 350 UK Equity Tracker Distribution Tables Authorised Status for the year ended 28 February 2015

Final Distribution in Pence per Unit BlackRock Collective Investment Funds is an authorised unit trust Scheme under Section 243 of Group 1 – Units purchased prior to 1 September 2014 the Financial Services and Markets Act 2000 and is established as a UCITS retail Scheme under the Group 2 – Units purchased 1 September 2014 to 28 February 2015 Financial Conduct Authority’s Collective Investment Schemes Sourcebook (the “Sourcebook”).

A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation Units Units Units Units Units Units Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Stamp Duty Reserve Tax (“SDRT”) Net revenue (dividend) 1.4400 1.4400 1.1781 1.1781 1.2392 0.6513 1.2200 1.2200 1.2600 1.2600 1.2607 0.4590 Prior to 30 March 2014, SDRT was levied on the dealing of units in unit trust schemes under Schedule Equalisation† – 0.0000 – 0.0000 – 0.5879 – 0.0000 – 0.0000 – 0.8017 19 of the Finance Act 1999 (“Schedule 19”) at the rate of 0.5% on the value of units surrendered. In Distribution payable 30.4.2015 1.4400 1.4400 1.17 81 1.17 81 1.2392 1.2392 1.2200 1.2200 1.2600 1.2600 1.2607 1.2607 order to increase the competitiveness of the asset management industry in the UK, the charge to Distribution paid 30.4.2014 0.8900 0.8900 0.9893 0.9893 1.0800 1.0800 1.0800 1.0800 1.0800 1.0800 1.0800 1.0800 SDRT under Schedule 19 has been abolished since 30 March 2014 and there is no SDRT charge levied on the surrender of units in unit trust schemes after this date. Interim Distribution in Pence per Unit Group 1 – Units purchased prior to 1 March 2014 Group 2 – Units purchased 1 March 2014 to 31 August 2014

A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation Units‡ Units‡ Units‡ Units‡ Units‡ Units‡

Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Net revenue (dividend) 2 .14 0 0 2 .14 0 0 2.0235 2.0235 2 .15 0 0 2 .15 0 0 2 .13 0 0 2 .13 0 0 2 .15 0 0 2 .15 0 0 2 .15 0 0 2 .15 0 0

Equalisation† – 0.0000 – 0.0000 – 0.0000 – 0.0000 – 0.0000 – 0.0000

Distribution paid 31.10.2014 2 .14 0 0 2 .14 0 0 2.0235 2.0235 2 .15 0 0 2 .15 0 0 2 .13 0 0 2 .13 0 0 2 .15 0 0 2 .15 0 0 2 .15 0 0 2 .15 0 0

845 BlackRock Collective Investment Funds 846 Additional Information Statement of Manager’s and Trustee’s Responsibilities

New funds The Manager is required by the terms of the Sourcebook to prepare the financial statements for each Funds approved by the FCA but not yet launched are as follows: financial year. These financial statements must be prepared in accordance with generally accepted accounting standards in the United Kingdom to give a true and fair view of the state of affairs of the Name of Fund Date approved by the FCA Trust at the year end and of the net revenue for the year. BlackRock Developed Asia Pacific ex Japan Equity Tracker Fund 28 April 2010 The financial statements should comply with the disclosure requirements of the Statement of BlackRock Over 15 Years Gilts Tracker Fund 28 April 2010 Recommended Practice (the “SORP”) for Authorised Funds issued by the Investment Management BlackRock World ex UK Equity Tracker Fund 28 April 2010 Association (subsequently The Investment Association) and must comply with any relevant provisions of the Trust Deed.

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

The Trustee is responsible for the safekeeping of all the property of the Scheme (other than tangible moveable property) which is entrusted to it and for the collection of revenue that arises from that property.

It is the duty of the Trustee to take reasonable care to ensure that the Scheme is managed in accordance with the Sourcebook, the Trust’s Trust Deed and Prospectus, in relation to the pricing of, and dealings in, units in the Trust; the application of revenue of the Scheme; and the investment and borrowing powers of the Trust.

Report of the Trustee

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

(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Trust’s units and the application of the Trust’s revenue in accordance with the Sourcebook, the Trust Deed and Prospectus, and

(ii) has observed the investment and borrowing powers and restrictions applicable to the Trust.

BNY Mellon Trust & Depositary London (UK) Limited 30 April 2015

847 BlackRock Collective Investment Funds 848 Independent Auditor’s Report to the Unitholders of BlackRock Collective Investment Funds Opinion on financial statements We have audited the financial statements of BlackRock Collective Investment Funds (the In our opinion the financial statements: “Trust”) for the period ended 28 February 2015 which comprise the Aggregated Statement of Total Return, the Aggregated Statement of Change in Net Assets Attributable to `` give a true and fair view of the financial position of the Trust as at 28 February 2015 Unitholders, the Aggregated Balance Sheet, the related Aggregated notes 1 to 17 together and of the net revenue and the net gains on the scheme property of the Trust and its with the Statement of Total Return, the Statement of Change in Net Assets Attributable sub-Funds for the year then ended; and to Unitholders, the Balance Sheet, the related notes 1 to 17 and the Distribution Tables `` have been properly prepared in accordance with United Kingdom Generally Accepted for each sub-fund. The financial reporting framework that has been applied in their Accounting Practice. preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Opinion on other matters prescribed by the rules of the Collective Investment Schemes This report is made solely to the unitholders of the Trust, as a body, pursuant to Paragraph Sourcebook of the Financial Conduct Authority 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of the Financial In our opinion: Conduct Authority. Our audit work has been undertaken so that we might state to the `` the financial statements have been properly prepared in accordance with the unitholders those matters we are required to state to them in an auditor’s report and Statement of Recommended Practice relating to Authorised Funds, the rules of the for no other purpose. To the fullest extent permitted by law, we do not accept or assume Collective Investment Schemes Sourcebook of the Financial Conduct Authority and the responsibility to anyone other than the Trust and the unitholders as a body, for our audit Trust Deed; work, for this report, or for the opinions we have formed. `` the information given in the Manager’s report for the financial period for which the Respective responsibilities of the Manager and auditor financial statements are prepared is consistent with the financial statements; As explained more fully in the Manager’s responsibilities statement set out on page 848, the Manager is responsible for the preparation of the financial statements and for being `` there is nothing to indicate that proper accounting records have not been kept or that satisfied that they give a true and fair view. the financial statements are not in agreement with those records; and `` we have received all the information and explanations which, to the best of our Our responsibility is to audit and express an opinion on the financial statements in knowledge and belief, are necessary for the purposes of our audit. accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements Ernst & Young LLP Edinburgh are free from material misstatement, whether caused by fraud or error. This includes Statutory Auditor 30 April 2015 an assessment of: whether the accounting policies are appropriate to the Trust’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Manager; and the overall presentation of the financial statements. In addition, we read all the financial and non financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

849 BlackRock Collective Investment Funds 850 General Information Appendix I – Global Exposure and Leverage (unaudited)

Manager & Registrar Global Exposure BlackRock Fund Managers Limited In accordance with current BlackRock policy, global exposure is measured using the Value at Risk 12 Throgmorton Avenue, London EC2N 2DL (“VaR”) approach which considers the full constituents of the portfolio. Telephone: 020 7743 3000 Dealing and Investor Services: 0800 44 55 22 VaR is a statistical risk measure that estimates the potential loss from adverse market movements in an ordinary market environment. Member of The Investment Association (formerly the Investment Management Association) and authorised and regulated by the Financial Conduct Authority. A VaR number is defined at a specified probability and a specified time horizon. The VaR calculations are based on a confidence level of 99% with a holding period of not greater than one month (20 days) Directors of the Manager and a historical observation of not less than one year (250 days). The model used for the funds is a G D Bamping R A Damm (appointed 27 March 2014) N C D Hall* R A R Hayes parametric factor model. A M Higgins (resigned 19 May 2014) A M Lawrence A J Stenning E E Tracey For funds which use a relative VaR approach BlackRock Risk & Quantitative Analysis (“RQA”) G M P M van Berkel* (resigned 27 March 2014) determines a reference portfolio as the basis for the relative VaR calculation. The reference portfolio is * Non-executive Director. typically the index benchmark also established as the reference point for performance data in respect of the relevant fund. This is an index (or composite of indices) constructed by a recognised index Trustee provider(s) from relevant securities which are eligible for investment by the funds. This process gives BNY Mellon Trust & Depositary (UK) Limited appropriate consideration to the availability of indices with construction rules which are themselves 160 Queen Victoria Street, London EC4V 4LA compliant with diversification rules. BlackRock Balanced Managed Fund is monitored using relative VaR and the Investment Manager will Authorised and regulated by the Financial Conduct Authority. observe the regulatory limit and any internal risk limits which may be appropriate for the portfolio. The table below details the highest, lowest and average utilisation of the VaR limit, expressed as a Investment Manager percentage of the respective absolute or relative VaR regulatory limit. For relative VaR, the VaR of the BlackRock Investment Management (UK) Limited Fund’s portfolio will not exceed twice the VaR of the reference portfolio. Utilisation refers to the level of 12 Throgmorton Avenue, London EC2N 2DL risk taken in this context.

Authorised and regulated by the Financial Conduct Authority. Highest Lowest Average utilisation utilisation utilisation Auditor Market Risk of the of the of the Fund Approach Reference Portfolio VaR limit VaR limit VaR limit Ernst & Young LLP 30% FTSE All-Share Index / 1 More London Place, London SE1 2AF 45% FTSE World ex-UK Index / BCIF - BlackRock Relative 25% Merrill Lynch 1-15 Year Custodian Balanced Managed Fund VaR UK Broad Market Index* 68.52% 49.31% 5 8 .11% The Bank of New York Mellon (International) Limited * The risk benchmark of the Fund changed from 55% FTSE All-Share / 25% FTSE World ex-UK / 20% BofA ML 1-15 Yr Sterling Broad 1 Canada Square, London E14 5AL Market to 30% FTSE All-Share / 45% FTSE World ex-UK / 25% BofA ML 1-15 Yr Sterling Broad Market Index on 3 November. Please note that this risk benchmark index is used for calculating the maximum VaR of the Fund for risk management purposes (as set out in section 28 (Risk Management Process) of the prospectus) and therefore no inference should be made by investors regarding the performance of the Fund relative to the risk benchmark.

BlackRock’s proxy voting agent is ISS (Institutional Shareholder Services). Leverage The use of derivatives may expose funds to a higher degree of risk. In particular, derivative contracts This Report relates to the packaged products of and is issued by: can be highly volatile and the amount of initial margin is generally small relative to the size of the BlackRock Fund Managers Limited contract so that transactions may be leveraged in terms of market exposure. A relatively small market 12 Throgmorton Avenue, London EC2N 2DL movement may have a potentially larger impact on derivatives than on standard bonds or equities. Telephone: 020 7743 3000 Leveraged derivative positions can therefore increase a fund’s volatility. Dealing and Investor Services: 0800 44 55 22 The leverage is calculated on a gross exposure basis, by taking the sum of the notional values of the blackrock.co.uk derivatives used by a fund, without netting, and is expressed as a percentage of the NAV. For your protection, telephone calls are usually recorded. For the BlackRock Balanced Managed Fund, the average level of leverage employed during the year was 121.66%.

851 BlackRock Collective Investment Funds 852 ABOUT US BlackRock is a premier provider of asset management, risk management, and advisory services to institutional, intermediary, and individual clients worldwide. As of 31 March 2015, the ﬁ rm manages £3.22 trillion across asset classes in separate accounts, mutual funds, other pooled investment vehicles, and the industry-leading iShares® exchange-traded funds.

Through BlackRock Solutions®, the ﬁ rm offers risk management and advisory services that combine capital markets expertise with proprietarily-developed analytics, systems, and technology. Through BlackRock Solutions®, the Firm provides risk management and enterprise investment services for over 200 clients.

BlackRock serves clients in North and South America, Europe, Asia, Australia, Africa, and the Middle East. Headquartered in New York, the ﬁ rm maintains ofﬁ ces in over 30 countries around the world.

For more information 0800 44 55 22 blackrock.co.uk