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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.
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