Blackrock Collective Investment Funds

ANNUAL report

BlackRock Collective Investment Funds

For the year ended 29 February 2016

`` 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 Trust

BlackRock Collective Investment Funds (the “Trust”) is organised as an umbrella unit trust scheme About the Trust 2 comprising separate funds with segregated liability (each referred to as a “Fund” and together the “Funds”). Accounting and Distribution Policies 4–8 The Trust is an authorised unit trust scheme and qualifies as a UCITS scheme under the Financial Conduct Financial Instruments and Risks 9–37 Authority’s Collective Investment Schemes Sourcebook (the “COLL Sourcebook”).

BlackRock Balanced Managed Fund 38–61 Cross sub-fund holdings within the Trust: BlackRock Continental European Equity Tracker Fund 62–94 As at 29 February 2016 there were no cross sub-fund holdings within the Trust.

BlackRock Corporate Bond 1–10 Year Fund 95–132

BlackRock Corporate Bond Tracker Fund 133–205 Funds not yet launched Funds approved by the FCA but not yet launched are as follows: BlackRock Emerging Markets Equity Tracker Fund 206–248

BlackRock Global Property Securities Equity Tracker Fund 249–278 BlackRock Developed Asia Pacific ex Japan Equity Tracker Fund BlackRock Over 15 Years Gilts Tracker Fund BlackRock Index Linked Gilt Tracker Fund 279–297 BlackRock World ex UK Equity Tracker Fund BlackRock Japan Equity Tracker Fund 298–333

BlackRock Mid Cap UK Equity Tracker Fund 334–362 About the Fund Managers BlackRock North American Equity Tracker Fund 363–404

BlackRock Overseas Corporate Bond Tracker Fund 405–543 Andy Warwick, CFA, Managing Director and portfolio manager, is a member of the Diversified BlackRock Overseas Government Bond Tracker Fund 544–578 Strategies team within BlackRock’s Multi-Asset Strategy group, which is responsible for developing, assembling and managing investment strategies involving multiple asset BlackRock Pacific ex Japan Equity Tracker Fund 579–613 classes. Within Diversified Strategies he is lead portfolio manager for BlackRock Dynamic Return Strategy Fund and a portfolio manager for BlackRock Dynamic Diversified Growth BlackRock UK Equity Tracker Fund 614–652 Fund. Mr. Warwick’s service with the firm dates back to 2005, including his years with Merrill BlackRock UK Gilts All Stocks Tracker Fund 653–674 Lynch Investment Managers (“MLIM”), which merged with BlackRock in 2006. Prior to MLIM he worked with Mako Global Derivatives and Dalton Strategic Partnership from 2002-2005. Mr. Warwick BlackRock US Equity Tracker Fund 675 –713 initially 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 100 UK Equity Tracker Fund 714 –73 8 co-portfolio manager of MLIM’s first hedge fund, the Mercury Equity Arbitrage Fund. Mr. Warwick earned a BlackRock 350 UK Equity Tracker Fund 739 –76 9 MSc in finance from the University of Leicester in 2007.

Statement of Manager’s and Trustee’s Responsibilities 770 Duncan Fergusson, Director and portfolio manager, is a member of BlackRock’s Model-Based Report of the Trustee 770 Fixed Income Portfolio Management group. Mr. Fergusson’s service with the firm dates back to 2003, including his years with Barclays Global Investors (“BGI”), which merged with Independent Auditor’s Report 771–772 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 General Information 774 administration from the University of Bath.

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 Accounting and Distribution Policies* for the year 29 February 2016

Panayotis (Panos) Ferendinos, CFA, Director, is a member of the European & Non-US Fixed Accounting Policies Income group within BlackRock Fundamental Fixed Income. He is a portfolio manager for (a) The financial statements have been prepared in accordance with the Statement of Recommended Sterling portfolios. Mr. Ferendinos’ service with the firm dates back to 1999, including his Practice for Authorised Funds (the “SORP”) issued by the Investment Management Association years with Merrill Lynch Investment Managers (“MLIM”), which merged with BlackRock in (now known as the Investment Association) in May 2014.The SORP was revised in May 2014 to 2006. At MLIM, Mr. Ferendinos specialised in macroeconomic research and analysis for the Sterling investment team. He also worked within the dealer support, static data, and concur with Financial Reporting Standard 102, the new financial reporting standard applicable valuation teams. Prior to joining MLIM, Mr. Ferendinos worked for an Italian fixed income in the UK and Republic of Ireland. Amendments to FRS 102 ‘Fair value hierarchy disclosures’ broker. Mr. Ferendinos earned a BA degree in Law, English & Psychology from the University of Natal, Durban effective for annual periods beginning on or after 1 January 2017 have been early adopted. These in 1992 and a BA degree, with honours, in English literature from the University of South Africa in 1993. amendments improve the consistency of fair value disclosures for financial instruments with those required by EU-adopted IFRS. Francis Rayner, CFA, Director, is a member of BlackRock’s Fixed Income Portfolio Solutions The transition to the revised SORP on 1 March 2015 has not resulted in any restatement to the group. Mr. Rayner’s service with the firm dates back to 2008, including his years with Barclays financial position or financial performance previously reported as at 28 February 2015. Certain Global Investors (“BGI”), which merged with BlackRock in 2009. Prior to joining BGI, he spent six years working for Prudential M&G and International Financial Data Services as a client presentational amendments have been required which have no impact on the total return or Net relationship manager. Mr. Rayner earned a BSc degree in mathematics from Lancaster Asset Value (“NAV”) in either the current or prior accounting period. These amendments are listed University in 1999 and holds the Chartered Institute for Securities and Investment Diploma. below. Nature of Change in Presentation Darren Wills, Director, is a portfolio manager within BlackRock’s Model-Based Fixed Income i. Cash Equivalents Portfolio Management group. Mr. Wills’ service with the firm dates back to 2008, including Investments in money market funds held in the base currency of the Funds are now classified as his years with Barclays Global Investors (“BGI”), which merged with BlackRock in 2009. Prior to BGI, Mr. Wills was an investment manager at State Street Global Advisors, where he “Cash equivalents” on the Balance Sheet. managed predominately Sterling and global credit portfolios. Mr. Wills earned a BSc degree in ii. Tax on Distributions mathematics and management sciences from University of Manchester Institute of Science Tax withheld on interest distributions are now included within “Distributions” in the Statement of and Technology and holds the Investment Management Certificate. Total Return and within “Distributions payable” on the Balance Sheet. Kieran Doyle, CFA, Director and senior portfolio manager within the BlackRock Institutional iii. Returns from Short Derivative Positions Index Equity team in London. Mr Doyle is responsible for overseeing a team managing Returns from short derivative positions are now included within “Interest payable and similar developed and emerging market index equity Pooled Funds for Institutional clients. charges” in the Statement of Total Return. Mr. Doyle’s service with the firm dates back to 2004, including his years with Barclays Global Investors (“BGI”), which merged with BlackRock in 2009. At BGI, he was a Portfolio Manager in Reasons for Changes in Presentation the Institutional Index Equity team. Prior to joining BGI, Mr. Doyle was with KPMG where he i. Cash Equivalents qualified as a Chartered Accountant in 2003. Mr. Doyle earned a Master’s degree in economics and finance from Bristol University in 2000. Under FRS 102 section 7 “Cash equivalents” are defined as “short term, highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value”. An investment normally qualifies as a cash equivalent when it has a short In March 2016, Nimish Patel relinquished the responsibility for the day-to-day management of the BlackRock maturity. Investments in the Institutional Cash Series plc meet this definition and classifying them 100 UK Equity Tracker Fund, BlackRock 350 UK Equity Tracker, BlackRock Continental European Equity as cash equivalents more accurately reflects the economic substance of these transactions. The Tracker Fund, BlackRock Emerging Markets Equity Tracker Fund, BlackRock Global Property Securities Equity change had no impact on the NAV of the Funds. Tracker Fund, BlackRock Japan Equity Tracker Fund, BlackRock Mid Cap UK Equity Tracker Fund, BlackRock North American Equity Tracker Fund, BlackRock Pacific ex Japan Equity Tracker Fund, BlackRock UK Equity This has resulted in a reclassification which decreased the value of “Investment assets” and Tracker Fund and the BlackRock US Equity Tracker Fund. increased the value of “Cash equivalents” on the Balance Sheets. Please see “Cash equivalents” in the relevant Funds’ Balance Sheets which shows the full amount of this reclassification. Related balances in the relevant notes have also been updated to reflect the reclassification. ii. Tax on Distributions Section 2.76 of the SORP states that “tax withheld on interest distributions should be shown as part of “Distributions payable” and not as part of the liability to corporation tax, since it will be settled from amounts transferred to the distribution account”. The change had no impact on the NAV of the Funds. * The Accounting and Distribution Policies are an integral part of the notes to financial statements.

3 BlackRock Collective Investment Funds 4 Accounting and Distribution Policies continued

This has resulted in a reclassification which decreased the value of “Other creditors” (previously Accrued interest purchased and sold on interest bearing securities is excluded from the capital “Creditors”) and increased the value of “Distributions payable” on the Balance Sheet by the same cost of these securities and dealt with as part of the revenue of the Funds. amount. Corresponding reclassifications have also been made in the Statement of Total Return All distributions from Collective Investment Schemes (“CIS”) are recognised when the securities which resulted in an increase in the value of “Distributions” and a decrease in the value of “UK are quoted ex-dividend. All distributions from CIS are treated as revenue with the exception of the income tax withheld” by the same amount. The Funds impacted and the reclassification amounts equalisation element, which is treated as capital. are set out in the table below. Related balances in the relevant notes have also been updated to Any reported revenue from an offshore fund, in excess of any distribution received in the reporting reflect the reclassification. period, is recognised as revenue no later than the date on which the reporting fund makes this information available. The equalisation element is treated as capital. Balance Sheet Statement of Total Amount Return Amount All revenue is recognised as a gross amount that takes account of any withholding taxes but reclassified reclassified excludes any other taxes such as attributable tax credits. Fund £000’s £000’s Revenue from securities lending is accounted for net of associated costs and is recognised on an BlackRock Corporate Bond 1–10 Year Fund 3,041 6,069 accruals basis. BlackRock Corporate Bond Tracker Fund 2,706 5,901 Returns from bond futures are streamed into revenue and capital components. Amounts BlackRock Index Linked Gilt Tracker Fund 258 534 recognised as revenue from long positions form part of the distribution. Amounts recognised as BlackRock Overseas Corporate Bond Tracker Fund 2,206 4 ,136 revenue from short positions reduce the amounts available for distribution. BlackRock Overseas Government Bond Tracker Fund 181 402 Returns from total return swaps in the form of dividends or interest received from the underlying BlackRock UK Gilts All Stocks Tracker Fund 6,346 11,438 security or index are recognised as revenue. Capital gains on the underlying security or index are treated as capital. iii. Returns from Synthetic Short Positions Bank interest is recognised on an accruals basis. The Funds may use derivatives to create synthetic short positions. Synthetic short positions are The Funds receive Manager’s charge rebates from BlackRock related investments in the normal positions which are in economic terms equivalent to short positions and will be implemented course of business. These are recognised on an accruals basis and are treated as revenue, unless it through the use of financial derivative instruments. is the policy of the underlying fund to charge its fees to capital, in which case these rebates will be Section 3.49 of the SORP states that dividends payable on short positions should be included in recognised as capital. interest payable and similar charges and disclosed separately in the notes. The change had no (c) Ordinary stock dividends are recognised wholly as revenue and are based on the market value of impact on the NAV of the Funds. the shares on the date they are quoted ex-dividend. Where an enhancement is offered, the amount In respect of the BlackRock Balanced Managed Fund, this has resulted in a reclassification which by which the market value of the shares (on the date they are quoted ex-dividend) exceeds the cash increased the value of “Revenue” and of “Interest payable and similar charges” (previously “Finance dividend is taken to capital. Costs: Interest”) by £000 757. Related balances in the relevant notes have also been updated to (d) The underlying circumstances behind both special dividends and share buy backs are reviewed on reflect the reclassification. a case by case basis in determining whether the amount is revenue or capital in nature. Amounts Change in Valuation Point recognised as revenue form part of the distribution. Any tax treatment will follow the accounting As permitted by Section 6.8.2(5a) of the COLL Sourcebook, the financial statements for the year treatment of the principal amount. ended 29 February 2016 have been prepared as at each Funds’ valuation point at 12 noon on the (e) Underwriting commission is wholly recognised as revenue when the issue takes place, except last business day of the accounting period. This aligns the valuation point for financial statements where the Funds are required to take up some or all of the shares underwritten, in which case purposes with the valuation point used for dealing purposes. The comparative figures as at an appropriate proportion of the commission received is deducted from the cost of those shares. 28 February 2015 have been prepared as at close of business on the last business day of the (f) All expenses, except those relating to the purchase and sale of investments are charged against accounting period. revenue. All expenses are recognised on an accruals basis. (b) Dividends on quoted ordinary shares and preference shares are recognised when the securities (g) Provision for corporation tax is made at the current rate on the excess of taxable revenue over are quoted ex-dividend. Where such securities are not quoted, dividends are recognised when they allowable expenses. Provision is made on all material timing differences arising from the different are declared. treatment of items for accounting and tax purposes. A deferred tax asset is recognised only to US REIT dividend revenue is accounted for partly as revenue and partly as capital, depending on the extent that it is considered more likely than not that there will be taxable profits in the future the underlying REIT distribution. All REIT dividend revenue is recognised on an accruals basis. against which the asset can be offset. Revenue from fixed interest securities is recognised on an effective interest rate basis.

5 BlackRock Collective Investment Funds 6 Accounting and Distribution Policies continued

(h) The investments of the Funds have been valued at market value, defined as fair value, which is Cash collateral provided to the Funds by counterparties is identified in the Balance Sheets as usually bid value at 12 noon on the last business day of the accounting period. In the case of an cash collateral payable. The Funds may reinvest this cash collateral and the assets purchased are investment which is not quoted, listed or dealt in on a recognised market, or in respect of which included in investment assets or cash equivalents on the Balance Sheet. a listed, traded or dealt price or quotation is not available at the time of valuation, the fair value For collateral received from counterparties other than cash, a disclosure of the collateral provided of such investment shall be estimated with care and in good faith by a competent professional is made in the notes to the financial statements. person, body, firm or corporation including the Manager’s pricing committee, and such fair value shall be determined on the basis of the probable realisation value of the investment. The Manager Distribution Policies shall be entitled to adopt an alternative method of valuing any particular asset or liability if it (m) The ordinary element of stock dividends is treated as revenue but does not form part of the considers that the methods of valuation set out above do not provide a fair valuation of a particular distribution. asset or liability. (n) All of the net revenue available for distribution at the final accounting period end will be distributed For over the counter derivatives (e.g. credit default swaps, interest rate swaps, total return swaps to unitholders with the balance attributable to accumulation unitholders retained within the and currency options), market value is determined based on valuation pricing models which take Funds. In order to conduct a controlled dividend flow to unitholders, interim distributions may be into account relevant market inputs as well as the time values, liquidity and volatility factors made at the Manager’s discretion, up to a maximum of the distributable revenue available for the underlying the positions. Amounts due to and from an individual counterparty which falls under period. Should expenses and taxation together exceed revenue, there will be no distribution and a legally enforceable master netting agreement are netted. the shortfall will be met from capital. Investments in dual priced CIS have been valued at market values, defined as fair value, which is (o) The Corporate Bond 1-10 Year, Corporate Bond, Index Linked Gilt, Overseas Corporate Bond, usually bid value at the 12 noon valuation point of the underlying fund on the last business day of Overseas Government Bond and UK Gilts All Stocks Tracker Funds have satisfied the qualifying the accounting period. Investments in single priced CIS have been valued at market values, defined investments tests as specified in S468L ICTA 1988 at all times throughout their distribution period. as fair value, which is usually the latest available price at the Funds’ 12 noon valuation point on the As such, any revenue available for distribution will be paid as an interest distribution. All other last business day of the accounting period. funds will pay a dividend distribution. (i) Any transactions in foreign currencies are translated into Sterling at the rates of exchange ruling (p) The Index Linked Gilt Tracker Fund pays distributions on a coupon rate basis. Revenue is on the date of any such transaction. Assets and liabilities in foreign currencies are translated into recognised on an effective interest rate basis and these positions have been reconciled in the Sterling at the exchange rates ruling at 12 noon on the last business day of the accounting period. Distributions note. Revenue items in foreign currencies are translated into Sterling at the exchange rate when the revenue is received. (j) Where appropriate, certain permitted financial instruments such as derivatives are used for efficient portfolio management. Where such financial instruments are used to protect or enhance revenue, the revenue and expenses derived therefrom are included in “Revenue” in the Statement of Total Return. Where such financial instruments are used to protect or enhance capital, the gains and losses derived therefrom are included in “Net capital gains or losses” in the Statement of Total Return. (k) Cash and bank balances consist of deposits held on call with banks and cash held with clearing brokers and counterparties. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. (l) Cash collateral provided by the Funds is identified on the Balance Sheet as pledged cash collateral and is not included as a component of cash and cash equivalents. For collateral other than cash provided by the Funds, the party to whom the collateral is provided has the right by contract to sell or repledge the collateral but has an obligation to return equivalent securities to the Funds on maturity or sale of the contract. The Funds classify these assets on their Balance Sheets separately from other assets and identify the asset as pledged investments. Such assets are valued consistently with the accounting policies listed above.

7 BlackRock Collective Investment Funds 8 Financial Instruments and Risks*

Introduction and overview (e.g. 99%) does not take into account losses that occur beyond this level. There is some probability The Funds’ investment activities expose them to the various types of risk which are associated that the loss could be greater than the VaR amounts. These limitations and the nature of the VaR with the financial instruments and markets in which they invest. The following information is not measure mean that the Funds can neither guarantee that losses will not exceed the VaR amounts intended to be a comprehensive summary of all risks and investors should refer to the Prospectus indicated, nor that losses in excess of the VaR amounts, will not occur more frequently. of each fund for a more detailed discussion of the risks inherent in investing in the Funds. The one day VaR as at 29 February 2016 and 28 February 2015 based on a 99% confidence level is Risk management framework outlined in the table below: The Manager has delegated the day-to-day administration of the investment programme to the 29 February 2016 28 February 2015 Investment Manager. The Investment Manager is also responsible for ensuring that the Funds are Fund % % managed within the terms of their investment guidelines and limits set out in the Prospectus. The Manager reserves to itself the investment performance, product risk monitoring and oversight and Balanced Managed Fund 2.25 1.26 the responsibility for the monitoring and oversight of regulatory and operational risk for the Funds. Continental European Equity Tracker Fund 3.47 2.15 Corporate Bond 1–10 Year Fund 0.59 0.43 The Manager has appointed a risk manager who has responsibility for the daily risk management Corporate Bond Tracker Fund 0.92 0.76 process with assistance from key risk management personnel of the Investment Manager, including members of the Risk and Quantitative Analysis Group (“RQA Group”) which is a centralised group Emerging Markets Equity Tracker Fund 3.89 2.21 which performs an independent risk management function. The RQA Group independently identifies, Global Property Securities Equity Tracker Fund 2.88 1.73 measures and monitors investment risk. The RQA Group tracks the actual risk management Index Linked Gilt Tracker Fund 2.02 1.43 practices being deployed across the different funds. By breaking down the components of the Japan Equity Tracker Fund 5.57 2.71 process, the RQA Group has the ability to determine if the appropriate risk management processes Mid Cap UK Equity Tracker Fund 3.28 1.78 are in place for the Funds. This captures the risk management tools employed, how the levels of risk North American Equity Tracker Fund 3.49 2.20 are controlled, ensuring risk/return is considered in portfolio construction and reviewing outcomes. Overseas Corporate Bond Tracker Fund 1.49 0.87 The risk profiles of the Funds are set out as follows: Overseas Government Bond Tracker Fund 1.58 0.96 a) Market risk Pacific ex Japan Equity Tracker Fund 3.34 1.81 Market risk arises mainly from uncertainty about future values of financial instruments influenced UK Equity Tracker Fund 3.92 2.21 by other price, currency and interest rate movements. It represents the potential loss the Funds UK Gilts All Stocks Tracker Fund 1.32 0.99 may suffer through holding market positions in the face of market movements. The Funds are US Equity Tracker Fund 3.44 2.25 exposed to market risk by virtue of their investments in equities, warrants, rights, corporate bonds, 100 UK Equity Tracker Fund 4.27 2.38 government bonds, futures contracts and forward currency contracts. 350 UK Equity Tracker Fund 3.97 2.25 A key metric the RQA Group uses to measure market risk is VaR which encompasses price, currency and interest rate risk. VaR is a statistical risk measure that estimates the potential During the year the VaR model used by the RQA Group changed from a parametric model to an portfolio loss from adverse market moves in an ordinary market environment. VaR analysis reflects adjusted historical simulation model to measure more appropriately the Funds’ exposure to market the interdependencies between risk variables, unlike a traditional sensitivity analysis. risk. The previous model used a holding period of one month (20 days). The comparative VaR as of 28 February 2015 has been updated in line with the new model. The VaR calculations are based on an adjusted historical simulation model with a confidence level of 99%, a holding period of one day and a historical observation period of not less than one year (250 days). A VaR number is defined at a specified probability and a specified time horizon. A 99% one day VaR means that the expectation is that 99% of the time over a one day period a Fund will lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk. It is noted that the use of the VaR methodology has limitations, namely that the use of historical market data as a basis for estimating future events does not encompass all possible scenarios, particularly those that are of an extreme nature and that the use of a specified confidence level

* The information relating to Financial Instruments and Risks is an integral part of the notes to financial statements.

9 BlackRock Collective Investment Funds 10 Financial Instruments and Risks continued

i) Market risk arising from foreign currency risk The tables below outline each Fund’s exposure to foreign currency risk as at the Balance Sheet date. All funds with exception of the Balanced Managed Fund Exposure to foreign currency risk Gross Net Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument Foreign Forward Foreign Currency Currency Currency will fluctuate because of changes in foreign exchange rates. Exposure Contracts Exposure % of The Funds may invest in securities, which as far as possible and practicable, consist of the Foreign currency exposure £000’s £000’s £000’s Net Assets component securities of the benchmark index of each Fund, and which may be denominated in 29 February 2016 currencies other than its reporting currency. Balanced Managed Fund The Funds, in line with their benchmarks, are unhedged and are therefore exposed to foreign currency risk. Australian dollar (8) - (8) 0.00 Canadian dollar – (2,745) (2,745) (0.59) Consequently, each Fund is exposed to the risk of currency fluctuations between the base currency of the benchmark index and the base currency of the constituent securities of the benchmark index. Euro 15,601 (28,089) (12,488) (2.71) Japanese yen 450 686 1,136 0.25 Balanced Managed Fund Polish zloty – 17 17 0.00 The Fund is not managed in reference to a benchmark index but is exposed to foreign currency risk South African rand – (5,275) (5,275) (1.14) from its financial assets and financial liabilities denominated in non Sterling currencies. US dollar 16,591 102,117 118,708 25.72 Total exposure to foreign currencies 32,634 66,711 99,345 21.53

28 February 2015

Balanced Managed Fund Australian dollar (8) (4,879) (4,887) (0.95) Brazilian real 10,318 454 10,772 2.09 Canadian dollar – (4,752) (4,752) (0.92) Euro 45,576 (10,834) 34,742 6.75 Hungarian forint – (9,888) (9,888) (1.92) Japanese yen 175 9,458 9,633 1.87 Mexican peso 12 – 12 0.00 New Zealand dollar – 10,064 10,064 1.96 South African rand – (5,299) (5,299) (1.03) South Korean won 281 – 281 0.05 Swedish krona – (4,800) (4,800) (0.93) Swiss franc – 8,957 8,957 1.74 US dollar 39,870 81,942 121,812 23.67 Total exposure to foreign currencies 96,224 70,423 166,647 32.38

11 BlackRock Collective Investment Funds 12 Financial Instruments and Risks continued

Gross Net Gross Net Foreign Forward Foreign Foreign Forward Foreign Currency Currency Currency Currency Currency Currency Exposure Contracts Exposure % of Exposure Contracts Exposure % of Foreign currency exposure £000’s £000’s £000’s Net Assets Foreign currency exposure £000’s £000’s £000’s Net Assets

29 February 2016 29 February 2016

Continental European Equity Emerging Markets Equity Tracker Fund Tracker Fund Brazilian real 39,826 – 39,826 6.90 Czech koruna 2,975 – 2,975 0.10 Chinese yuan renminbi 15 – 15 0.00 Danish krone 128,099 – 128,099 4.39 Colombian peso 3,651 – 3,651 0.63 Euro 1,916,961 – 1,916,961 65.67 Czech koruna 1,083 – 1,083 0.19 Hungarian forint 5,343 – 5,343 0.18 Egyptian pound 1,816 – 1,816 0.31 Norwegian krone 39,517 – 39,517 1.35 Euro 468 – 468 0.08 Polish zloty 25,068 – 25,068 0.86 Hong Kong dollar 147,855 – 147,855 25.61 Swedish krona 189,429 – 189,429 6.49 Hungarian forint 2,15 7 – 2,15 7 0.37 Swiss franc 592,797 – 592,797 20.31 Indonesian rupiah 17,408 – 17,408 3.02 Turkish lira 27,751 – 27,751 0.95 Malaysian ringgit 27,471 – 27,471 4.76 US dollar 7 – 7 0.00 Mexican peso 32,379 – 32,379 5.61 Total exposure to foreign currencies 2,927,947 – 2,927,947 100.30 Moroccan dirham 3 – 3 0.00

28 February 2015 Peruvian Nuevo sol 1 – 1 0.00 Philippine peso 11,211 – 11,211 1.94 Continental European Equity Polish zloty 9,525 – 9,525 1.65 Tracker Fund Russian rouble 1,347 – 1,347 0.23 Czech koruna 3,809 – 3,809 0.13 South African rand 50,527 – 50,527 8.75 Danish krone 104,092 – 104,092 3.58 Taiwan dollar 8 8 ,132 – 8 8 ,132 15.26 Euro 1,908,464 – 1,908,464 65.54 Thai baht 16,734 – 16,734 2.90 Hungarian forint 3,801 – 3,801 0.13 Turkish lira 10,038 – 10,038 1.74 Norwegian krone 44,492 – 44,492 1.53 UAE dirham 5,078 – 5,078 0.88 Polish zloty 27,242 – 27,242 0.94 US dollar 111,629 – 111,629 19.33 Swedish krona 203,920 – 203,920 7.00 Total exposure to foreign currencies 578,354 – 578,354 10 0.16 Swiss franc 588,903 – 588,903 20.22 Turkish lira 28,275 – 28,275 0.97 US dollar 104 – 104 0.00 r Total exposure to foreign currencies 2,913,102 – 2,913,102 100.04

13 BlackRock Collective Investment Funds 14 Financial Instruments and Risks continued

28 February 2015 29 February 2016

Emerging Markets Equity Tracker Fund Global Property Securities Equity Brazilian real 69,467 – 69,467 9.65 Tracker Fund Columbian peso 4,713 – 4,713 0.66 Australian dollar 58,936 – 58,936 6 .11 Czech koruna 1,671 – 1,671 0.23 Canadian dollar 26,023 – 26,023 2.70 Egyptian pound 2,658 – 2,658 0.37 Euro 84,267 – 84,267 8.74 Euro 354 – 354 0.05 Hong Kong dollar 63,462 – 63,462 6.58 Hong Kong dollar 175,503 – 175,503 24.39 Israeli shekel 997 – 997 0.10 Hungarian forint 1,533 – 1,533 0.21 Japanese yen 114,704 – 114,704 11.89 Indonesian rupiah 21,087 – 21,087 2.93 New Zealand dollar 906 – 906 0.09 Malaysian ringgit 31,654 – 31,654 4.40 Norwegian krone 588 – 588 0.06 Mexican peso 38,786 – 38,786 5.39 Singapore dollar 19,698 – 19,698 2.04 Moroccan dirham 96 – 96 0.01 Swedish krona 11,353 – 11,353 1.18 Philippine peso 13,417 – 13,417 1.86 Swiss franc 8,731 – 8,731 0.91 Polish zloty 11,656 – 11,656 1.62 US dollar 527,332 – 527,332 54.67 South African rand 6 9,162 – 6 9,162 9.61 Total exposure to foreign currencies 916,997 – 916,997 95.07

Taiwan dollar 103,927 – 103,927 14.44 28 February 2015 Thai baht 21,748 – 21,748 3.02 Global Property Securities Equity Turkish lira 12,179 – 12,179 1.69 Tracker Fund UAE dirham 5,443 – 5,443 0.76 Australian dollar 46,860 – 46,860 6.06 US dollar 134,731 – 134,731 18.72 Canadian dollar 24,066 – 24,066 3.11 Total exposure to foreign currencies 719,785 – 719,785 100.01 Euro 61,286 – 61,286 7.93 Hong Kong dollar 56,531 – 56,531 7.31 Israeli shekel 780 – 780 0.10 Japanese yen 89,371 – 89,371 11.56 New Zealand dollar 594 – 594 0.08 Norwegian krone 635 – 635 0.08 Singapore dollar 24,838 – 24,838 3.21 Swedish krona 8,492 – 8,492 1.10 Swiss franc 7,15 0 – 7,15 0 0.92 US dollar 406,111 – 406,111 52.51 Total exposure to foreign currencies 726,714 – 726,714 93.97

15 BlackRock Collective Investment Funds 16 Financial Instruments and Risks continued

29 February 2016 29 February 2016

Japan Equity Tracker Fund Overseas Corporate Bond Tracker Fund Japanese yen 1,311,988 – 1,311,988 100.29 Australian dollar 5 ,18 8 – 5 ,18 8 0.50 Total exposure to foreign currencies 1,311,988 – 1,311,988 100.29 Canadian dollar 29,688 – 29,688 2.85 Euro 235,933 – 235,933 22.62 28 February 2015 Japanese yen 23,539 – 23,539 2.26 Japan Equity Tracker Fund New Zealand dollar 240 – 240 0.02 Japanese yen 985,374 – 985,374 100.05 Singapore dollar 685 – 685 0.07 Total exposure to foreign currencies 985,374 – 985,374 100.05 South Korean won – 927 927 0.09 Swiss franc 7,249 – 7,249 0.70 29 February 2016 US dollar 753,429 – 753,429 72.24 North American Equity Tracker Fund Total exposure to foreign currencies 1,055,951 927 1,056,878 101.35 Canadian dollar 155,797 – 155,797 4.75 US dollar 3,134,927 – 3,134,927 95.56 28 February 2015 Total exposure to foreign currencies 3,290,724 – 3,290,724 100.31 Overseas Corporate Bond Tracker Fund Australian dollar 4,991 – 4,991 0.57 28 February 2015 Canadian dollar 27,639 – 27,639 3.16 North American Equity Tracker Fund Euro 207,013 – 207,013 23.66 Canadian dollar 165,208 – 165,208 5.63 Japanese yen 20,947 – 20,947 2.39 US dollar 2,773,068 – 2,773,068 94.41 New Zealand dollar 236 – 236 0.03 Total exposure to foreign currencies 2,938,276 – 2,938,276 100.04 Singapore dollar 631 – 631 0.07 South Korean won (936) 936 – 0.00 Swiss franc 6,987 – 6,987 0.80 US dollar 608,806 – 608,806 69.59 Total exposure to foreign currencies 876,314 936 877,250 100.27

17 BlackRock Collective Investment Funds 18 Financial Instruments and Risks continued

29 February 2016 29 February 2016

Overseas Government Bond Pacific ex Japan Equity Tracker Fund Tracker Fund Australian dollar 243,213 – 243,213 31.63 Australian dollar 3,099 – 3,099 1.33 Chinese yuan renminbi 4 – 4 0.00 Canadian dollar 2,958 – 2,958 1.27 Hong Kong dollar 119,411 – 119,411 15.53 Danish krone 1,092 – 1,092 0.47 Malaysian ringgit 39,131 – 39,131 5.09 Euro 65,980 – 65,980 28.28 New Zealand dollar 8,048 – 8,048 1.05 Japanese yen 57,457 – 57,457 24.63 Singapore dollar 46,308 – 46,308 6.02 Swedish krona 891 – 891 0.38 South Korean won 153,658 – 153,658 19.99 US dollar 101,891 – 101,891 43.68 Taiwan dollar 130,721 – 130,721 17.00 Total exposure to foreign currencies 233,368 – 233,368 100.04 Thai baht 24,335 – 24,335 3.17

28 February 2015 US dollar 9,557 – 9,557 1.24 Total exposure to foreign currencies 774,386 – 774,386 100.72 Overseas Government Bond Tracker Fund 28 February 2015 Australian dollar 1,991 – 1,991 1.30 Pacific ex Japan Equity Tracker Fund Canadian dollar 2,277 – 2,277 1.48 Australian dollar 266,469 – 266,469 33.37 Danish krone 844 – 844 0.55 Hong Kong dollar 121,534 – 121,534 15.22 Euro 45,008 – 45,008 29.35 Malaysian ringgit 38,753 – 38,753 4.85 Japanese yen 36,371 – 36,371 23.72 New Zealand dollar 6,798 – 6,798 0.85 Swedish krona 580 – 580 0.38 Singapore dollar 50,592 – 50,592 6.34 US dollar 66,404 – 66,404 43.30 South Korean won 147,517 – 147,517 18.47 Total exposure to foreign currencies 153,475 – 153,475 100.08 Taiwan dollar 128,862 – 128,862 16 .14 Thai baht 26,654 – 26,654 3.34 US dollar 11,777 – 11,777 1.47 Total exposure to foreign currencies 798,956 – 798,956 100.05

19 BlackRock Collective Investment Funds 20 Financial Instruments and Risks continued

Gross Net iii) Market risk arising from interest rate risk Foreign Forward Foreign Exposure to interest rate risk Currency Currency Currency Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will Exposure Contracts Exposure % of fluctuate because of changes in market interest rates. Foreign currency exposure £000’s £000’s £000’s Net Assets The Funds are exposed to interest rate risk on their cash and bank balances held at The Bank of 29 February 2016 New York Mellon (International) Limited, amounts held at futures clearing houses and brokers, cash equivalent holdings and their investments in fixed and floating rate interest bearing securities US Equity Tracker Fund where the value of these securities may fluctuate as a result of a change in interest rates. Cash US dollar 806,090 – 806,090 101.80 held on deposit at The Bank of New York (International) Limited receives/incurs interest at the Total exposure to foreign currencies 806,090 – 806,090 101.80 prevailing daily rate which may be negative depending on the currency in which the cash is held.

28 February 2015 The Balanced Managed Fund has additional indirect exposure to interest rate risk through its investments in CIS, whereby the values of an underlying fund may fluctuate as a result of a change US Equity Tracker Fund in interest rates through its investment in interest bearing securities. US dollar 735,238 – 735,238 100.02 The interest rate risk profile of the Funds’ investments as at 29 February 2016 was as follows: Total exposure to foreign currencies 735,238 – 735,238 100.02

Non-Interest For Funds not included in the tables above, their financial assets and financial liabilities are Floating Rate Fixed Rate Bearing denominated mainly in their respective functional currencies and therefore are unlikely to be Investments Investments Investments Total materially exposed to foreign currency risk. Exposure to interest rate risk £000’s £000’s £000’s £000’s Balanced Managed Fund – 115,748 262,979 378,727 Management of foreign currency risk Foreign currency exposures are managed within parameters utilising forward currency contracts. The Continental European Equity Tracker Fund – – 2,868,987 2,868,987 details of the contracts in place at the year-end are disclosed in the portfolio statement of each Fund. Corporate Bond 1–10 Year Fund 109,874 731,212 – 841,086 Corporate Bond Tracker Fund 80,473 1,111,579 – 1,192 ,0 52 ii) Market risk arising from other price risk Emerging Markets Equity Tracker Fund – – 529,775 529,775 Exposure to other price risk Global Property Securities Equity Other price risk is the risk that the fair value or future cash flows of a financial instrument will Tracker Fund – – 950,597 950,597 fluctuate because of changes in market prices (other than those arising from interest rate risk or Index Linked Gilt Tracker Fund – 309,598 – 309,598 currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. Japan Equity Tracker Fund – – 1,264,300 1,264,300 Mid Cap UK Equity Tracker Fund – – 165,784 165,784 The Funds are exposed to other price risk arising from their investments. The exposure of the Funds North American Equity Tracker Fund – – 3,273,396 3,273,396 to other price risk is the market value of the investments held as shown in the portfolio statement of each Fund. Overseas Corporate Bond Tracker Fund 29,618 1,005,570 15 1,035,203 Overseas Government Bond Tracker Fund – 231,229 – 231,229 Management of other price risk Pacific ex Japan Equity Tracker Fund – – 760,986 760,986 The Investment Manager manages the Funds’ other price risk on a daily basis in accordance with UK Equity Tracker Fund – – 7,724,093 7,724,093 their investment objectives. UK Gilts All Stocks Tracker Fund – 3,534,060 – 3,534,060 By diversifying the portfolios, where this is appropriate and consistent with the Funds’ objectives, US Equity Tracker Fund – – 802,238 802,238 the risk that a price change of a particular investment will have a material impact on the net asset 100 UK Equity Tracker Fund – – 602,056 602,056 value of the Funds is minimised. The investment concentrations within the portfolios are disclosed in the portfolio statement of each Fund by investment type. 350 UK Equity Tracker Fund – – 1,544,244 1,544,244

The other price risk inherent in holdings in CIS is monitored by the Investment Manager by understanding the investment objectives of the underlying funds as well as their internal control policies and regular risk and performance reporting.

21 BlackRock Collective Investment Funds 22 Financial Instruments and Risks continued

The interest rate risk profile of the Funds’ investments as at 28 February 2015 was as follows: b) Counterparty credit risk Exposure to counterparty credit risk Non-Interest Counterparty credit risk is the risk that one party to a financial instrument will cause a financial Floating Rate Fixed Rate Bearing loss for the other party by failing to discharge an obligation. Investments Investments Investments Total Exposure to interest rate risk £000’s £000’s £000’s £000’s The Funds are exposed to counterparty credit risk from the parties with which they trade and will Balanced Managed Fund – 104,052 329,365 433,417 bear the risk of settlement default. Continental European Equity Tracker Fund – – 2,868,284 2,868,284 Management of counterparty credit risk Corporate Bond 1–10 Year Fund 126,796 719,362 – 8 4 6 ,15 8 Counterparty credit risk is monitored and managed by BlackRock’s RQA Counterparty & Concentration Corporate Bond Tracker Fund 86,374 924,812 – 1,011,186 Risk Team. The team is headed by BlackRock’s Chief Credit Officer who reports directly to the Global Emerging Markets Equity Tracker Fund – – 680,639 680,639 Head of RQA. Credit authority resides with the Chief Credit Officer and selected team members to Global Property Securities Equity whom specific credit authority has been delegated. As such, counterparty approvals may be granted Tracker Fund – – 766,019 766,019 by the Chief Credit Officer or by identified RQA Credit Risk Officers who have been formally delegated Index Linked Gilt Tracker Fund – 357,579 – 357,579 authority by the Chief Credit Officer as deemed appropriate. Japan Equity Tracker Fund – – 966,574 966,574 BlackRock’s RQA Counterparty & Concentration Risk Team completes a formal review of each new Mid Cap UK Equity Tracker Fund – – 245,084 245,084 counterparty, monitors and reviews all approved counterparties on an ongoing basis and maintains North American Equity Tracker Fund – – 2,924,116 2,924,116 an active oversight of counterparty exposures. Overseas Corporate Bond Tracker Fund 29,754 832,331 13 862,098 The Manager maintains a list of approved counterparties. This list is regularly monitored and Overseas Government Bond Tracker Fund – 152,406 – 152,406 revised for changes based on the counterparty’s creditworthiness, market reputation and Pacific ex Japan Equity Tracker Fund – – 787,732 787,732 expectations of future financial performance. Transactions will only be opened with financial UK Equity Tracker Fund – – 8,402,770 8,402,770 intermediaries on the approved counterparties list. UK Gilts All Stocks Tracker Fund – 3,314,737 – 3,314,737 i) Exchange Traded Financial Derivative Instruments US Equity Tracker Fund – – 733,433 733,433 The Funds’ holdings in futures contracts expose the Funds to counterparty credit risk. 100 UK Equity Tracker Fund – – 671,852 671,852 Management of counterparty credit risk related to futures contracts 350 UK Equity Tracker Fund – – 1,792,929 1,792,929 The exposure is limited by trading the contracts through a clearing house. The Funds’ exposure to counterparty credit risk on contracts in which they currently have a gain position is reduced by Management of interest rate risk such gains received in cash from the counterparty under the daily mark-to market mechanism Interest rate risk exposure is managed by constantly monitoring the position for deviations outside on exchange traded futures contracts (variation margin). The Funds’ exposure to credit risk on of a pre-determined tolerance level and, when necessary, rebalancing back to the original desired contracts in which they currently have a loss position is equal to the amount of margin posted to parameters. the counterparty which has not been transferred to the exchange under the daily mark-to-market mechanism. The counterparty for futures contracts is Goldman Sachs.

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

23 BlackRock Collective Investment Funds 24 Financial Instruments and Risks continued

ii) Over-the-Counter (“OTC”) Financial Derivative Instruments Management of counterparty credit risk related to the Trustee and Custodian The Funds’ holdings in forward currency contracts also expose the Funds to counterparty credit risk. To mitigate the Funds’ credit risk with respect to the Trustee, the Investment Manager of the Funds employs specific procedures to ensure that the Trustee employed is a reputable institution The Funds’ maximum exposure to counterparty credit risk from holding forward currency contracts and that the associated credit risk is acceptable to the Funds. The Funds only transact with will be equal to the notional amount of the currency and any net unrealised gains or losses as counterparties that are regulated entities subject to prudential supervision, or with high credit- disclosed in the portfolio statement of each Fund. ratings assigned by international credit-rating agencies. The Balanced Managed Fund’s holdings in credit default swaps, options and total return swaps The long term credit rating of the parent company of the Trustee and Custodian, The Bank of New expose the Fund to counterparty credit risk. Counterparty credit risk arises from the failure York Mellon Corporation as at 29 February 2016 was A+ (28 February 2015: A+) (Standard & Poor’s of the counterparty to perform according to the terms of the contract. The Fund’s exposure to rating). counterparty credit risk is limited to the contracts in which it currently has a gain position reduced by the cash collateral received from the counterparty or to counterparties who have received iv) Counterparties collateral from the Fund. All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker For the Balanced Managed Fund, the carrying value of financial assets together with cash best has received payment. Payment is made on a purchase once the securities have been received by represents the Fund’s gross maximum exposure to counterparty credit risk at the reporting the broker. The trade will fail if either party fails to meet its obligation. date, before including the effect of International Swaps and Derivatives Association, Inc. master agreements and close-out netting, which would reduce the overall counterparty credit Counterparty credit risk arising on transactions with brokers relates to transactions awaiting risk exposure. settlement. Risk relating to unsettled transactions is considered small due to the short settlement period involved and the high credit quality of the brokers used. Cash held as security by the counterparty to derivative contracts is subject to the credit risk of the counterparty. Management of counterparty credit risk related to Counterparties The Manager monitors the credit rating and financial position of the brokers used to further Management of counterparty credit risk related to OTC Financial Derivative Instruments mitigate this risk. Forward currency contracts do not require variation margins and thus the counterparty credit risk is monitored through the BlackRock RQA Counterparty & Concentration Risk Team who monitor v) Debt securities the creditworthiness of the counterparty. The counterparties for forward currency contracts are Issuer credit risk is the default risk of one of the issuers of any securities held by the Funds. disclosed in the portfolio statement of each Fund. Bonds or other debt securities involve credit risk to the issuer which may be evidenced by the The lowest credit rating of any one counterparty is BBB- (28 February 2015: BBB-) (Standard & issuer’s credit rating. Securities which are subordinated and/or have a lower credit rating are Poor’s rating). generally considered to have a higher credit risk and a greater possibility of default than more highly rated. A number of the Funds invest into sovereign and corporate debt. This exposes the iii) Trustee and Custodian Funds to the risk that the issuer of the bonds may default on interest or principal payments. The Funds’ Trustee is BNY Mellon Trust & Depositary (UK) Limited (the “Trustee”). The Trustee has delegated the function of custodian of the property of the Funds to The Bank of New York Mellon Management of counterparty credit risk related to debt securities (International) Limited (the “Custodian”). To manage this risk the Investment Manager invests in a wide range of securities, subject to the investment objectives of each Fund and monitors the credit ratings of the investments as Substantially all of the investments other than financial derivative instruments of the Funds are disclosed in each Fund’s portfolio statement. The ratings of the debt securities are continually held by the Custodian at year end. Investments are segregated from the assets of the Custodian, monitored by the BlackRock Portfolio Management Group. with ownership rights remaining with the Funds. Bankruptcy or insolvency of the Custodian may cause the Funds’ rights with respect to their investments held by the Custodian to be delayed or limited. The maximum exposure to this risk is the amount of long investments disclosed in the portfolio statement of each Fund.

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

25 BlackRock Collective Investment Funds 26 Financial Instruments and Risks continued

The following tables detail the credit rating profile of the debt securities held by the Funds as a vii) Collateral percentage of the NAV as at the Balance Sheet date. The Balanced Managed Fund engages in activities which may require collateral to be provided to a counterparty (“pledged collateral”) or may hold collateral received (“inbound collateral”) from a 29 February 2016 counterparty. Investment Non-investment grade grade Not rated Total Management of counterparty credit risk related to collateral Fund % % % % The Fund uses inbound collateral received from a counterparty to reduce the credit risk associated Balanced Managed Fund 21.04 3.98 – 25.02 with any trading activity the Fund has engaged in. Corporate Bond 1–10 Year Fund 94.45 1.07 2.33 97.85 Cash collateral pledged by the Fund is separately identified on the Balance Sheet as cash Corporate Bond Tracker Fund 97.56 0.54 0.94 99.04 collateral and is not included as a component of cash and cash equivalents. Inbound cash Index Linked Gilt Tracker Fund 99.09 – – 99.09 collateral received by the Fund is reflected on the Balance Sheet as cash collateral payable. Overseas Corporate Bond The following table details the number of counterparties the Balanced Managed Fund is exposed Tracker Fund 98.33 0.92 – 99.25 to by OTC derivative type and the maximum exposure (which is calculated on a net basis) to any one Overseas Government Bond counterparty. Tracker Fund 9 9.12 – – 9 9.12 29 February 2016 UK Gilts All Stocks Tracker Fund 100.01 – – 100.01 Balanced Managed Fund

28 February 2015 Forwards OTC Options Total Return Total Exposure Broker £000’s £000’s Swaps £000’s £000’s Investment Non-investment Bank of America Merrill Lynch – – (689) (689) grade grade Not rated Total Fund % % % % Barclays Bank Plc (559) – – (559) Balanced Managed Fund 19.14 1.09 – 20.23 Citibank 1,000 11 (58) 953 Corporate Bond 1–10 Year Fund 94.74 0.69 1.96 97.39 Credit Suisse International 41 – – 41 Corporate Bond Tracker Fund 96.85 – 0.83 97.68 Deutsche Bank AG 2,797 – 47 2,844 Index Linked Gilt Tracker Fund 99.76 – – 99.76 JP Morgan Chase Securities Plc – – (2,521) (2,521) Overseas Corporate Bond Morgan Stanley & Co. 7 – – 7 Tracker Fund 98.01 0.52 – 98.53 Royal Bank of Scotland (581) – – (581) Overseas Government Bond UBS (287) – – (287) Tracker Fund 99.38 – – 99.38 Collateral received from these counterparties in respect of derivative contracts was £000 90 in UK Gilts All Stocks Tracker Fund 99.35 – – 99.35 the form of cash. Collateral pledged to these counterparties in respect of derivative contracts was £000 3,456 in the form of UK Sterling Government bonds and £000 230 in the form of cash. vi) Securities Lending The Funds engage in security lending activities which expose the Funds to counterparty credit risk. The maximum exposure to the Funds is equal to the value of the securities loaned in accordance with the notes to the financial statements. Management of counterparty credit risk related to securities lending To mitigate this risk, the Funds receive securities as collateral (financial instruments) equal to a certain percentage of the value of the securities loaned and BlackRock provides the Funds with indemnification against borrower default as disclosed in the notes to the financial statements.

27 BlackRock Collective Investment Funds 28 Financial Instruments and Risks continued

28 February 2015 At times of excessive redemptions the Manager may decide to defer redemptions at any valuation Balanced Managed Fund point to the next valuation point where the requested aggregate redemptions exceed 10 per cent of a Fund’s value. This will therefore allow the Manager to protect the interests of continuing Forwards OTC Options Total Exposure unitholders by allowing the Manager to match the sale of scheme property to the level of Broker £000’s £000’s £000’s redemptions. This should reduce the impact of dilution on the Funds. All unitholders who have Bank of America Merrill Lynch 815 – 815 sought to redeem units at any valuation point at which redemptions are deferred will be treated Barclays Bank Plc 1,423 – 1,423 consistently and any redemption requests received in the meantime will not be processed until Citibank 582 – 582 the redemption requests that have been deferred to the subsequent valuation points have been BNP Paribas Arbitrage (904) - (904) processed. Deutsche Bank AG (13) – (13) The Funds’ liquidity risks are managed on a daily basis by the Investment Manager in accordance Goldman Sachs International (84) – (84) with established policies and procedures in place. The portfolio managers review daily forward JP Morgan Chase Securities Plc 150 – 150 looking cash reports which project cash obligations. These reports allow them to manage their Morgan Stanley & Co. – 281 281 cash obligations. Société Générale 598 – 598 d) Valuation of financial instruments Westpac 1,029 – 1,029 The Funds classify financial instruments measured at fair value using a fair value hierarchy. The UBS (220) – (220) fair value hierarchy has the following categories:

Collateral received from these counterparties in respect of derivative contracts was £000 5,230 in Level 1 – Quoted prices for identical instruments in active markets the form of cash. Collateral pledged to these counterparties in respect of derivative contracts was A financial instrument is regarded as quoted in an active market if quoted prices are readily and £Nil. regularly available and those prices represent actual and regularly occurring market transactions Counterparty exposure has not been disclosed for exchange traded derivatives as the exchange on an arm’s length basis. The Fund does not adjust the quoted price for these instruments. requirements in respect of collateral mean that, in the opinion of the Manager, the counterparty Level 2 – Valuation techniques using observable inputs risk is mitigated. This category includes instruments valued using: quoted prices in active markets for similar c) Liquidity risk instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from Exposure to liquidity risk market data. Liquidity risk is the risk that the Funds will encounter difficulties in meeting their obligations associated with financial liabilities. Valuation techniques used for non-standardised financial instruments such as OTC derivatives, include the use of comparable recent arm’s length transactions, reference to other instruments Liquidity risk to the Funds arises from the redemption requests of investors and the liquidity of the that are substantially the same, discounted cash flow analysis, option pricing models and other underlying investments the Funds are invested in. The Funds’ unitholders may redeem their units valuation techniques commonly used by market participants making the maximum use of market on the close of any daily dealing deadline for cash equal to a proportionate share of each Fund’s inputs and relying as little as possible on entity determined inputs. Net Asset Value. The Funds are therefore potentially exposed to the liquidity risk of meeting the unitholders’ redemptions and may need to sell assets at prevailing market prices to meet liquidity Level 3 – Valuation techniques using significant unobservable inputs demands. This category includes all instruments where the valuation techniques used include inputs not based on market data and these inputs could have a significant impact on the instrument’s The Funds are also exposed to the liquidity risk of daily margin calls on derivatives. valuation. All non-derivative financial liabilities including distributions payable held by the Funds as at This category also includes instruments that are valued based on quoted prices for similar 29 February 2016 and 28 February 2015, based on contractual maturities, fall due within one to instruments where significant entity determined adjustments or assumptions are required to three months, with the exception of corporation tax payable and deferred taxation which fall due reflect differences between the instruments and instruments for which there is no active market. within nine to twelve months.

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

29 BlackRock Collective Investment Funds 30 Financial Instruments and Risks continued

The level in the fair value hierarchy within which the fair value measurement is categorised in its Level 1 Level 2 Level 3 Total entirety is determined on the basis of the lowest level input that is significant to the fair value Corporate Bond 1–10 Year Fund £000’s £000’s £000’s £000’s measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs 29 February 2016 that require significant adjustment based on unobservable inputs, that measurement is a Investment assets – 841,086 – 841,086 level 3 measurement. Investment liabilities – – – –

Assessing the significance of a particular input to the fair value measurement in its entirety 28 February 2015 requires judgment, considering factors specific to the asset or liability. The determination of Investment assets – 8 4 6 ,15 8 – 846,158 what constitutes ‘observable’ inputs requires significant judgement by the Investment Manager. The Investment Manager considers observable inputs to be that market data that is readily Investment liabilities – – – – available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Level 1 Level 2 Level 3 Total Corporate Bond Tracker Fund £000’s £000’s £000’s £000’s The tables below are an analysis of the Funds’ investment assets and investment liabilities measured at fair value at the Balance Sheet date. 29 February 2016 Investment assets – 1,192,052 – 1,192,052 Level 1 Level 2 Level 3 Total Balanced Managed Fund £000’s £000’s £000’s £000’s Investment liabilities – – – –

29 February 2016 28 February 2015 Investment assets 208,155 185,812 – 393,967 Investment assets – 1,011,187 – 1,011,187 Investment liabilities (9,496) (5,744) – (15,240) Investment liabilities – – – –

28 February 2015 Emerging Markets Equity Level 1 Level 2 Level 3 Total Investment assets 114,824 322,859 – 437,683 Tracker Fund £000’s £000’s £000’s £000’s Investment liabilities (1,334) (2,932) – (4,266) 29 February 2016

Investment assets 530,231 – – 530,231 Continental European Equity Level 1 Level 2 Level 3 Total Tracker Fund £000’s £000’s £000’s £000’s Investment liabilities (456) – – (456)

29 February 2016 28 February 2015 Investment assets 2,869,446 – – 2,869,446 Investment assets 680,639 – – 680,639 Investment liabilities (459) – – (459) Investment liabilities – – – –

28 February 2015 Investment assets 2,868,284 – – 2,868,284 Investment liabilities – – – –

31 BlackRock Collective Investment Funds 32 Financial Instruments and Risks continued

Global Property Securities Equity Level 1 Level 2 Level 3 Total North American Equity Level 1 Level 2 Level 3 Total Tracker Fund £000’s £000’s £000’s £000’s Tracker Fund £000’s £000’s £000’s £000’s

29 February 2016 29 February 2016 Investment assets 950,674 – – 950,674 Investment assets 3,273,510 – – 3,273,510 Investment liabilities (77) – – (77) Investment liabilities (114) – – (114)

28 February 2015 28 February 2015 Investment assets 766,020 – – 766,020 Investment assets 2,924 ,116 – – 2 ,924 ,116 Investment liabilities (1) – – (1) Investment liabilities – – – –

Level 1 Level 2 Level 3 Total Overseas Corporate Bond Level 1 Level 2 Level 3 Total Index Linked Gilt Tracker Fund £000’s £000’s £000’s £000’s Tracker Fund £000’s £000’s £000’s £000’s

29 February 2016 29 February 2016 Investment assets 309,598 – – 309,598 Investment assets – 1,035,203 – 1,035,203 Investment liabilities – – – – Investment liabilities – – – –

28 February 2015 28 February 2015 Investment assets 357,579 – – 357,579 Investment assets – 862,098 – 862,098 Investment liabilities – – – – Investment liabilities – – – –

Level 1 Level 2 Level 3 Total Overseas Government Bond Level 1 Level 2 Level 3 Total Japan Equity Tracker Fund £000’s £000’s £000’s £000’s Tracker Fund £000’s £000’s £000’s £000’s

29 February 2016 29 February 2016 Investment assets 1,265,516 – – 1,265,516 Investment assets – 231,229 – 231,229 Investment liabilities (1,216) – – (1,216) Investment liabilities – – – –

28 February 2015 28 February 2015 Investment assets 966,573 – – 966,573 Investment assets – 152,406 – 152,406 Investment liabilities – – – – Investment liabilities – – – –

Level 1 Level 2 Level 3 Total Pacific ex Japan Equity Tracker Level 1 Level 2 Level 3 Total Mid Cap UK Equity Tracker Fund £000’s £000’s £000’s £000’s Fund £000’s £000’s £000’s £000’s

29 February 2016 29 February 2016 Investment assets 165,784 – – 165,784 Investment assets 761,102 – – 761,102 Investment liabilities – – – – Investment liabilities (116) – – (116)

28 February 2015 28 February 2015 Investment assets 245,084 – – 245,084 Investment assets 787,748 – – 787,748 Investment liabilities – – – – Investment liabilities (16) – – (16)

33 BlackRock Collective Investment Funds 34 Financial Instruments and Risks continued

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total UK Equity Tracker Fund £000’s £000’s £000’s £000’s 350 UK Equity Tracker Fund £000’s £000’s £000’s £000’s

29 February 2016 29 February 2016 Investment assets 7,724,398 – – 7,724,398 Investment assets 1,544,307 – – 1,544,307 Investment liabilities (305) – – (305) Investment liabilities – (63) – (63)

28 February 2015 28 February 2015 Investment assets 8,402,651 119 – 8,402,770 Investment assets 1,792,898 31 – 1,792,929 Investment liabilities – – – – Investment liabilities – – – –

Securities with a value less than £500 are not disclosed in the tables above. These securities are Level 1 Level 2 Level 3 Total UK Gilts All Stocks Tracker Fund £000’s £000’s £000’s £000’s identified on the portfolio statement of each Fund.

29 February 2016 e) Global exposure Investment assets 3,534,060 – – 3,534,060 The Manager is required by the COLL Sourcebook to employ a risk management process in respect Investment liabilities – – – – of the Funds which enables it to accurately monitor and manage the global exposure from financial derivative instruments (“FDI”). 28 February 2015 Depending upon the investment strategy of each Fund, the Manager uses two methodologies in Investment assets 3,314,737 – – 3,314,737 order to measure the global exposure and manage the potential loss to the Funds due to market Investment liabilities – – – – risk. The first methodology is known as Value at Risk (“VaR”). The VaR methodology measures the potential loss to a fund at a particular confidence (probability) level over a specific time period and Level 1 Level 2 Level 3 Total under normal market conditions. US Equity Tracker Fund £000’s £000’s £000’s £000’s The second methodology is known as the Commitment Approach. The Commitment Approach is 29 February 2016 a methodology that aggregates the underlying market or notional values of FDI to determine the Investment assets 802,238 – – 802,238 degree of global exposure of a Fund to derivative instruments. Investment liabilities – – – – In accordance with the COLL Sourcebook, global exposure for a fund utilising the Commitment Approach must not exceed 100% of the Fund’s NAV. The calculation of global exposure represents 28 February 2015 only one element of the Fund’s risk management process and in that respect the Manager will Investment assets 733,433 – – 733,433 continue to report VaR as a market risk measure to the Board of Directors. Investment liabilities – – – – The Manager has concluded that the Commitment Approach is a more suitable methodology for calculating global exposure for the Funds based on the Funds’ investment strategies and risk Level 1 Level 2 Level 3 Total profiles, with the exception of the Balanced Managed Fund which uses the VaR approach. 100 UK Equity Tracker Fund £000’s £000’s £000’s £000’s For the Balanced Managed Fund and in accordance with current BlackRock policy, global exposure 29 February 2016 is measured using the VaR approach which considers the full constituents of the portfolio. Investment assets 602,104 – – 6 02 ,10 4 For Relative VaR, the VaR of the Balanced Managed Fund’s portfolio will not exceed twice the VaR Investment liabilities – (48) – (48) of a reference portfolio. Utilisation refers to the level of risk taken in this context. 28 February 2015 Investment assets 671,837 15 – 671,852 Investment liabilities – – – –

35 BlackRock Collective Investment Funds 36 Financial Instruments and Risks continued BlackRock Balanced Managed Fund

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

29 February 2016 The BlackRock Balanced Managed Fund (the “Fund”) is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was established and Highest Lowest Average authorised by the Financial Conduct Authority on 21 June 2005. The Fund was previously known as Global utilisation utilisation utilisation Merrill Lynch Balanced Managed Fund. It adopted its present name with effect from 28 April 2008. Exposure of the of the of the Fund Approach Reference Portfolio VaR limit VaR limit VaR limit 30% FTSE All-Share Investment Objective & Policy Index 45% FTSE World ex UK Index The aim of the Fund is to seek to achieve a total return by investment mainly in a global portfolio of BCIF – BlackRock 25% BofA ML 1-15 equities and fixed interest securities with an emphasis on the UK. Investment will be made directly Balanced Managed Year Sterling Broad into equities and via other transferable securities giving exposure to such equities. The Fund may also Fund Relative VaR Market Index 58.60% 4 6 .19% 53.47% invest in 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 28 February 2015 management.

Highest Lowest Average Global utilisation utilisation utilisation Risk and Reward Profile Exposure of the of the of the Fund Approach Reference Portfolio VaR limit VaR limit VaR limit 30% FTSE All-Share Lower risk Higher risk Typically lower rewards Typically higher rewards Index / 45% FTSE Unit Class World ex-UK Index / BCIF – BlackRock 25% BofA ML 1-15 A Accumulation 1 2 3 4 5 6 7 Balanced Managed Year Sterling Broad `` The risk indicator was calculated incorporating historical data and may not be a reliable indication Fund Relative VaR Market Index 68.52% 49.31% 5 8 .11% of the future risk profile of the unit class.

The exposures to FDI at year end are marked on the relevant Fund’s portfolio statement. `` The risk category shown is not guaranteed and may change over time. ` f) Leverage ` The lowest category does not mean risk free. The use of derivatives may expose Funds to a higher degree of risk. In particular, derivative contracts `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of can be highly volatile and the amount of initial margin is generally small relative to the size of the risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and contract so that transactions may be leveraged in terms of market exposure. A relatively small can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. market movement may have a potentially larger impact on derivatives than on standard bonds or For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which equities. Leveraged derivative positions can therefore increase a Fund’s volatility. are available at www.blackrock.com. The leverage is calculated on a gross exposure basis, by taking the sum of the notional values of the derivatives used by a Fund, without netting, and is expressed as a percentage of the net asset value.

The average level of leverage employed by the Balanced Managed Fund during the year was 122.00% (28 February 2015: 121.66%).

37 BlackRock Collective Investment Funds 38 Balanced Managed Fund Balanced Managed Investment Report

This Annual Report covers the year ended 29 February 2016. Summary of Performance over the Period The Fund returned -5.7%* over the period from 1 March 2015 to 29 February 2016, regrettably Performance Table underperforming its peer group benchmark**, which returned -3.7%. Over the past six months, the Fund returned -1.2%* versus 0.6% for its peer group benchmark. For the year For the three years For the five years to 29.2.2016 to 29.2.2016 to 29.2.2016 Performance was disappointing over the period, with returns impacted negatively by the allocations TOTAL Return to developed market equities and specifically to stock selection within UK equities. However, exposure (with net income reinvested) to European peripheral bonds (government debt in Spain, Portugal and Greece) also undermined Class A Accumulation Units returns in the first half of the review period given concerns over the potential for Greece to exit the BlackRock Balanced Managed Fund -5.7% +7.9% +16.5% European Union. Investment Association (IA) Mixed Investment 40-85% Shares*◊ -3.7% +12.8% +26.0% Fund Manager’s Commentary Market moves up and down (what’s known as “volatility”) increased as global growth concerns 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. became more pronounced over the period. Although numerous events affected asset prices over the * Figures from Morningstar. year, three major themes stood out. First, the supply of oil outweighed demand for it, sending the oil ◊ Investment Association (IA) Mixed Investment 40–85% Shares is the Fund’s peer group benchmark. price plunging. Second, economic weakness in China made investors worry about where a solution to slowing global growth might be found. Third, global central bank monetary policies began diverging, to All financial investments involve an element of risk. Therefore, the value of your investment and unknown effect. As a result, developed and emerging market equities fell, with losses more pronounced the income from it will vary and the return of your initial investment amount cannot be guaranteed. in the latter. Meanwhile, perceived ‘safe-havens’, including developed market government bonds, gold Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is and currencies like the US dollar strengthened. not a guide to future performance and should not be the sole factor of consideration when selecting a product. As highlighted above the Fund’s negative return was largely driven by equities, and specifically to stock selection within the UK market. The allocation to gold miners detracted, although tactical allocations to Chinese equities and industrial-sector hedging helped cushion the losses. In fixed income, negative returns from US Treasuries and European peripheral government bonds were partly offset by positive returns from UK government bonds. Meanwhile, currency exposures contributed positively, mainly due to the long US dollar bias.

While still cautious, we believe volatility creates good opportunities to add value. We believe there are pockets of opportunity in the more developed markets, but prefer the US to Europe and Japan. We remain concerned about China given further economic adjustment looks likely, although there are still some tactical opportunities to be found in emerging markets. In fixed income, we expect more market uncertainty to keep bond yields low.

March 2016

* Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of fees. ** Investment Association (IA) Mixed Investment 40–85% Shares is the Fund’s peer group benchmark.

39 BlackRock Collective Investment Funds 40 Balanced Managed Performance Record Balanced Managed Distribution Tables for the year ended 29 February 2016

Comparative Table Final Distribution in Pence per Unit Group 1 – Units purchased prior to 1 September 2015 A Accumulation Units Group 2 – Units purchased 1 September 2015 to 29 February 2016 For the year to For the year to For the period from 29.2.2016 28.2.2015 1.2.2013* to 28.2.2014 A Accumulation Pence per unit Pence per unit Pence per unit Units Change in net assets per unit Group 1 Group 2 Opening net asset value per unit 157.3 148.2 134.6 Net revenue (dividend) 0.9866 0.6460 † Return before operating charges (6.66) 9.12 13.62 Equalisation – 0.3406 Operating charges (2.40) (0.02) (0.02) Distribution payable 30.4.2016 0.9866 0.9866 Return after operating charges (9.06) 9.10 13.60 Distribution paid 30.4.2015 0.4350 0.4350 Closing net asset value per unit 148.2 157.3 148.2 Interim Distribution in Pence per Unit Retained distributions on Group 1 – Units purchased prior to 1 March 2015 accumulation units 1.23 0.80 0.94 Group 2 – Units purchased 1 March 2015 to 31 August 2015 After direct transaction costs of (0.08) (0.12 ) (0.29) A Accumulation Performance Units 1 Return after charges (5.76)% 6 .14% 10.10% Group 1 Group 2

Other information Net revenue (dividend) 0.2455 0.0251 Closing net asset value (£000’s) 461,629 514,678 512,15 8 Equalisation† – 0.2204 Closing number of units 311,398,152 327,175 ,0 9 8 345,530,517 Distribution paid 31.10.2015 0.2455 0.2455 Operating charges2 1.56% 1.58% 1.57% Distribution paid 31.10.2014 0.3684 0.3684 Direct transaction costs3 0.06% 0.11% 0.22% † 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. Prices Pence per unit Pence per unit Pence per unit Highest offer unit price 163.5 165.9 157.2 Lowest bid unit price 138.6 138.3 131.9

* 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. 1 The Return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 16 for further details.

41 BlackRock Collective Investment Funds 42 Balanced Managed Portfolio Statement at 29 February 2016

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets EUROPE – 39.70%; 2015 30.32% Ireland – 0.55%; 2015 0.38% EQUITIES – 14.66%; 2015 13.34% 66,141 Shire 2,547 0.55 United Kingdom – 13.00%; 2015 12.00% Netherlands – 1.11%; 2015 0.96% 541,645 3i 2,343 0.51 310,078 Royal Dutch Shell class ‘B’ shares 5 ,119 1.11 82,637 ARM 812 0.18 BONDS – 25.04%; 2015 16.98% 82,493 AstraZeneca 3,428 0.74 UK Sterling Denominated Fixed Rate Government Bonds – 21.06%; 2015 10.70% 193,827 Auto Trader 705 0.15 £15,000,000 Treasury 0% Bonds 25/4/2016 14,990 3.25 124,250 Aviva 537 0.12 £30,000,000 Treasury 0% Bonds 23/5/2016 29,968 6.49 726,750 Barclays 1,238 0.27 £154,000 Treasury 0.125% Index Linked Gilts 22/3/2058 237 0.05 212,858 BP 745 0.16 £90,000 Treasury 0.25% Index Linked Gilts 22/3/2052 142 0.03 131,379 British American Tobacco 5,127 1.11 £29,943,280 Treasury 1.25% Stock 22/7/2018~ 30,548 6.62 510,000 Capital & Counties Properties 1,647 0.36 £2,782,000 Treasury 1.75% Bonds 7/9/2022~ 2,919 0.63 361,119 Compass 4,507 0.98 £1,321,000 Treasury 1.75% Gilts 22/7/2019 1,375 0.30 39,859 CRH 726 0.16 £607,000 Treasury 3.25% Stock 22/1/2044~ 721 0.16 394,750 Dixons Carphone 1,708 0.37 £413,000 Treasury 3.5% Notes 22/1/2045~ 514 0.11 121,586 Dunelm 1,192 0.26 £2,737,000 Treasury 3.75% Bonds 7/9/2020 3,121 0.68 102,081 Essentra 844 0.18 £4,814,000 Treasury 3.75% Gilts 7/9/2019 5,368 1.16 222,408 Grainger Trust 486 0.11 £2,624,000 Treasury 3.75% Gilts 7/9/2021~ 3,043 0.66 68,648 Great Portland Estates 477 0.10 £472,000 Treasury 3.75% Gilts 22/7/2052 648 0.14 97,955 Hargreaves Lansdown 1,214 0.26 £997,000 Treasury 4.5% Gilts 7/3/2019 1,121 0.24 794,734 Hays 903 0.20 £270,000 Treasury 4.75% Stock 7/3/2020 315 0.07 411,787 HSBC 1,890 0.41 £1,011,000 Treasury 5% Gilts 7/3/2018 1,109 0.24 29,014 Imperial Brands 1,085 0.24 £16,000 Treasury 5% Stock 7/3/2025 21 0.00 49,250 Intertek 1,428 0.31 £938,464 Treasury 8.75% Stock 25/8/2017 1,058 0.23 62,804 Johnson Matthey 1,581 0.34 288,848 JUST EAT 1,149 0.25 97,218 21.06 4,735,612 Lloyds Banking 3,407 0.74 Euro Denominated Fixed Rate Government Bonds – 3.98%; 2015 6.28% 147,500 Merlin Entertainments 669 0.14 €376,000 Greece (Republic) 3% Bonds 24/2/2023 189 0.04 25,230 Next 1,709 0.37 €376,000 Greece (Republic) 3% Bonds 24/2/2024 183 0.04 244,047 Patisserie 899 0.19 €376,000 Greece (Republic) 3% Bonds 24/2/2025 178 0.04 109,113 Prudential 1,351 0.29 €376,000 Greece (Republic) 3% Bonds 24/2/2026 174 0.04 362,303 RELX 4,489 0.97 €377,000 Greece (Republic) 3% Bonds 24/2/2027 171 0.04 24,500 Rightmove 929 0.20 €376,000 Greece (Republic) 3% Bonds 24/2/2028 166 0.04 63,670 Rio Tinto 1,210 0.26 €376,000 Greece (Republic) 3% Bonds 24/2/2029 164 0.04 259,394 SIG 358 0.08 €376,000 Greece (Republic) 3% Bonds 24/2/2030 161 0.03 22,550 Spirax-Sarco Engineering 701 0.15 €376,000 Greece (Republic) 3% Bonds 24/2/2031 160 0.03 664,921 SSP 1,884 0.41 €376,000 Greece (Republic) 3% Bonds 24/2/2032 158 0.03 41,000 Unilever 1,257 0.27 €376,000 Greece (Republic) 3% Bonds 24/2/2033 156 0.03 40,000 Victrex 620 0.13 €376,000 Greece (Republic) 3% Bonds 24/2/2034 155 0.03 663,250 Vodafone 1,443 0.31 €376,000 Greece (Republic) 3% Bonds 24/2/2035 154 0.03 90,111 Wolseley 3,327 0.72 €376,000 Greece (Republic) 3% Bonds 24/2/2036 153 0.03 60,025 13.00 €376,000 Greece (Republic) 3% Bonds 24/2/2037 152 0.03

43 BlackRock Collective Investment Funds 44 Balanced Managed Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets €376,000 Greece (Republic) 3% Bonds 24/2/2038 152 0.03 4,079 Harris 225 0.05 €376,000 Greece (Republic) 3% Bonds 24/2/2039 152 0.03 3,095 Intuit 214 0.05 €376,000 Greece (Republic) 3% Bonds 24/2/2040 152 0.03 2,681 L-3 Communications 230 0.05 €376,000 Greece (Republic) 3% Bonds 24/2/2041 152 0.03 1,452 Lockheed Martin 228 0.05 €376,000 Greece (Republic) 3% Bonds 24/2/2042 153 0.03 3,336 MasterCard class ‘A’ shares 211 0.05 €2,045,000 Portugal (Government) 3.875% Bonds 15/2/2030 1,681 0.36 3,546 McGraw Hill Financial 229 0.05 €4,780,000 Portugal (Government) 4.1% Bonds 15/2/2045 3,878 0.84 3,557 Monsanto 233 0.05 €10,397,000 Portugal (Government) 5.65% Senior Notes 15/2/2024 9,736 2.11 4,315 Motorola Solutions 233 0.05 18,530 3.98 1,656 Northrop Grumman 230 0.05 7,964 Nucor 230 0.05 NORTH AMERICA – 2.77%; 2015 1.45% 4,588 Occidental Petroleum 231 0.05 EQUITIES – 2.77%; 2015 0.20% 3,456 Philip Morris International 228 0.05 17,743 Pitney Bowes 231 0.05 United States of America – 2.77%; 2015 0.20% 5,765 Qualcomm 215 0.05 3,132 Accenture 229 0.05 2,556 Raytheon 230 0.05 5,055 Altria 225 0.05 6,802 Southern 236 0.05 562 Amazon 225 0.05 12,356 Teradata 224 0.05 2,116 Amgen 225 0.05 9,186 Textron 229 0.05 2,735 Boeing 233 0.05 1,567 Time Warner Cable 218 0.05 3,113 Brown-Forman class ‘B’ shares 225 0.05 9,161 Tyco International 234 0.05 365 California Resources^ - 0.00 3,218 United Parcel Service class ‘B’ shares 226 0.05 36,828 Carnival 1,306 0.28 3,698 Varian Medical Systems 211 0.04 6,707 CBS class ‘B’ shares 234 0.05 3,493 VeriSign 217 0.05 3,271 Cummins 231 0.05 3,709 Vertex Pharmaceuticals 233 0.05 2,973 CVS Health 210 0.05 8,428 Viacom New class ‘B’ non-voting shares 220 0.05 4,891 DaVita 235 0.05 4,231 Yum! Brands 218 0.05 6,094 Dow Chemical 214 0.05 4,876 Du Pont de Nemours 216 0.05 12,650 2.77 3,360 Dun & Bradstreet 233 0.05 BONDS – 0.00%; 2015 1.25% 3,568 Edwards Lifesciences 226 0.05 US Dollar Denominated Fixed Rate Government Bonds – 0.00%; 2015 1.25% 4,589 Eli Lilly 244 0.05 3,212 Equifax 246 0.05 SOUTH AMERICA – 0.00%; 2015 2.00% 2,957 Facebook 230 0.05 BONDS – 0.00%; 2015 2.00% 2,350 FedEx 233 0.05 10,118 FLIR Systems 227 0.05 Brazilian Real Denominated Fixed Rate Government Bonds – 0.00%; 2015 2.00% 6,945 Fluor 235 0.05 PACIFIC – 0.00%; 2015 0.15% 8,321 FMC 229 0.05 EQUITIES – 0.00%; 2015 0.15% 2,201 General Dynamics 218 0.05 10,343 Goodyear Tire & Rubber 226 0.05 Australia – 0.00%; 2015 0.15% 9,479 H&R Block 231 0.05

45 BlackRock Collective Investment Funds 46 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 £000’s £000’s Net Assets Value Investment £000’s £000’s Net Assets

INVESTMENT FUNDS – 41.43%; 2015 47.77% $2,560,000 US dollar vs South African rand (51) (51) (0.01) $124,414,785 US dollar vs UK sterling 89,791 2,802 0.61 Alternative – 12.41%; 2015 13.73% ZAR 36,112,313 South African rand vs UK sterling 1,623 (2) 0.00 529,000 BH Macro 10,638 2.30 1,005,817 BlackRock Index Selection Fund* 32,618 7.07 66,711 2,418 0.53 5,124,039 Highbridge Multi Strategy Fund 9,531 2.06 Futures – (1.61)%; 2015 0.54% 15,231 Schroder International Selection Fund – Frontier (25) DAX Index March 2016 (4,627) 136 0.03 Markets Equity 1,436 0.31 120 E-Mini Financial Select Sector 3,470,972 Woodford Patient Capital Trust 3,091 0.67 March 2016 4,574 (585) (0.13) 57,314 12.41 173 E-Mini Healthcare Sector March 2016 13,574 (482) (0.10) 403 Euro Stoxx 50 March 2016 9,256 (905) (0.20) Asia – 1.53%; 2015 4.75% 137 FTSE 100 Index March 2016 8,353 158 0.03 374,494 BlackRock Global Funds – ASEAN Leaders Fund* 2,701 0.59 232 NASDAQ 100 E-Mini March 2016 13,988 (1,321) (0.29) 126,211 BlackRock Global Funds – Japan Small & Mid Cap 191 S&P 500 E-Mini Consumer Staples Opportunities* 4,345 0.94 March 2016 7,141 239 0.05 7,046 1.53 488 S&P 500 E-Mini March 2016 33,831 (1,664) (0.36) Emerging Markets – 0.00%; 2015 2.14% (203) S&P 500 E-Mini Utilities March 2016 (6,779) (41) (0.01) 357 Stoxx 200 Europe Large Index March 2016 4,730 (330) (0.07) Europe – 3.76%; 2015 3.29% (520) Stoxx 200 Europe Small Index March 2016 (4,858) 319 0.07 990,488 BlackRock Continental European Fund* 17,363 3.76 255 Stoxx 600 Health March 2016 7,084 (472) (0.10) Investment Trusts – 1.23%; 2015 1.18% (175) Stoxx 600 Personal & Household Goods 5,375,000 BlackRock Frontier Market Investment Trust* 5,671 1.23 March 2016 (4,862) 84 0.02 United Kingdom – 22.50%; 2015 22.68% 160 TOPIX Index March 2016 13,101 (2,697) (0.58) 54,832,231 BlackRock Corporate Bond Fund* 57,409 12.44 (250) US 10 Year Note (CBT) June 2016 (18,660) 143 0.03 4,889,286 BlackRock UK Smaller Companies Fund* 32,514 7.04 75,846 (7,418) (1.61) 449,215 BlackRock UK Special Situations Fund* 13,944 3.02 Options – (0.08)%; 2015 0.18% 103,867 22.50 885,000 Citibank (Euro Put Czech Koruna Call DERIVATIVES – (1.86)%; 2015 2.53% 10/8/2016 @ 25.75) 88 2 0.00 3,530,000 Citibank (Euro Put Czech Koruna Call Forward Currency Contracts – 0.53%; 2015 0.67% 10/8/2016 @ 25.75) 351 9 0.00 €3,000,000 Euro vs Polish zloty (65) (65) (0.01) 461 Euro Stoxx 50 Call 15/12/2017 4000 817 74 0.02 JPY 2,124,000,000 Japanese yen vs UK sterling 13,587 1,003 0.22 (400) Euro Stoxx 50 Call 15/4/2016 3100 (2,474) (109) (0.02) JPY 864,283,380 Japanese yen vs US dollar 245 245 0.05 (408) Euro Stoxx 50 Call 18/3/2016 3400^ (54) – 0.00 PLN 13,532,166 Polish zloty vs Euro 82 82 0.02 (154) Euro Stoxx 50 Put 17/6/2016 2975 1,979 (286) (0.06) £2,550,000 UK sterling vs Canadian dollar (2,745) (195) (0.04) (1,097) Euro Stoxx UTI Put 18/3/2016 250 3,047 (384) (0.08) £16,443,993 UK sterling vs Euro (16,990) (546) (0.12) 245 FTSE 100 Call 18/3/2016 23000^ 8,416 – 0.00 £12,584,057 UK sterling vs Japanese yen (13,165) (581) (0.13) (316) FTSE 100 Put 18/3/2016 5700 2,623 (85) (0.02) £4,700,000 UK sterling vs South African rand (4,987) (287) (0.06) 158 FTSE 100 Put 18/3/2016 6000 (3,759) 145 0.03 £627,047 UK sterling vs US dollar (628) (1) 0.00 (142) S&P 500 Put 18/3/2016 1875 5,250 (135) (0.03) $15,370,000 US dollar vs Euro (5) (5) 0.00 142 S&P 500 Put 18/3/2016 1950 (11,656) 367 0.08 $7,320,000 US dollar vs Japanese yen 19 19 0.00 4,628 (402) (0.08)

47 BlackRock Collective Investment Funds 48 Balanced Managed Portfolio Statement continued Balanced Managed Statement of Total Return for the year ended 29 February 2016

Holding or Underlying Market % of For the year For the year Nominal Exposure – Derivatives Value Total to 29.2.2016 to 28.2.2015 Value Investment £000’s £000’s Net Assets Notes £000’s £000’s £000’s £000’s Total Return Swaps – (0.70)%; 2015 1.14% Income 1,574 Bank of America (Dow Jones US Select Home Net capital (losses)/gains 3 (32,744) 26,732 Construction Index) 0% 23/3/2016 6,140 (689) (0.15) Revenue 4 12,177 10,951 23,771 Citibank (Emerging Lifestyle Trend Index) Expenses 5 (7,512) (7,458) 0% 2/9/2016 23,111 (58) (0.01) Interest payable and similar 14,516,121 Deutsche Bank (DB Global Industrials charges 6 (768) (781) Basket Performance Index) 0% 17/10/2016 (9,904) 490 0.11 Net revenue before taxation 3,897 2,712 11,080,740 Deutsche Bank (DB V2VIX Index) 0% Taxation 7 (17) (10) 15/7/2016 7,509 (443) (0.10) Net revenue after taxation 3,880 2,702 21,903,525 JP Morgan Chase Bank (JP European Total return before distributions (28,864) 29,434 Periphery Basket) 0% 11/8/2016 14,450 (2,821) (0.61) Distributions 8 (3,890) (2,676) 14,885,222 JP Morgan Chase Bank (JPM Oil Change in net assets Beneficiaries Basket Index) 0% 1/2/2017 10,951 300 0.06 attributable to unitholders 52,257 (3,221) (0.70) from investment activities (32,754) 26,758

Portfolio of investments 266,519 378,727 82.04 CASH EQUIVALENTS Balanced Managed Statement of Change in Net Assets Short-term Money Market Funds – 5.52%; 2015 10.71% Attributable to Unitholders for the year ended 29 February 2016 231,482 Institutional Cash Series plc – Institutional Sterling Liquidity Fund* 231 0.05 For the year For the year 194,479 Institutional Cash Series plc – Institutional Sterling to 29.2.2016 to 28.2.2015 Ultra Short Bond Fund* 25,242 5.47 £000’s £000’s £000’s £000’s

25,473 5.52 Opening net assets attributable Net other assets 57,429 12.44 to unitholders 514,678 512,158 Total net assets 461,629 100.00 Amounts receivable on issue of units 9,377 6,947

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Amounts payable on cancellation of units (33,529) (33,826) Note: comparative figures show percentages for each category of holding at 28 February 2015. ~ Includes pledged investments totalling £000 3,456. (24,152) (26,879) * Managed by a related party. Stamp duty reserve tax – (6) ^ Investments which are less than £500 are rounded to zero. # The counterparties for the forward currency contracts are Barclays Bank, Citibank, Credit Suisse, Deutsche Bank, Morgan Stanley, RBS Change in net assets attributable to and UBS. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) unitholders from investment activities (32,754) 26,758 and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. Retained distribution on accumulation units 3,857 2,647 Closing net assets attributable to unitholders 461,629 514,678

49 BlackRock Collective Investment Funds 50 Balanced Managed Balance Sheet Balanced Managed Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

29.2.2016 28.2.2015 1. Accounting and Distribution Policies Notes £000’s £000’s The accounting and distribution policies are set out on pages 4 to 8. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 9 to 37. – Investment assets 390,511 437,683 Current assets 3. Net Capital (Losses)/Gains – Debtors 9 2,525 1,422 For the year For the year – Cash and bank balances 10 57,728 35,238 to 29.2.2016 to 28.2.2015 – Cash equivalents 11 25,473 55,159 £000’s £000’s – Pledged cash collateral 230 – The net capital (losses)/gains comprise: – Pledged investments 3,456 – (Losses)/gains on non-derivative securities (22,195) 5,470 Total assets 479,923 529,502 (Losses)/gains on derivative contracts (10,559) 22,581 Liabilities: Currency losses (25) (1,377) Investment liabilities (15,240) (4,266) Manager’s charge rebates 51 76 Creditors Custodian transaction costs (16) (18) – Amounts held at futures clearing houses and brokers (8) (3,176) Net capital (losses)/gains (32,744) 26,732 – Cash collateral payable (90) (5,230) 4. Revenue – Other creditors 12 (2,956) (2,152) Total liabilities (18,294) (14,824) For the year For the year to 29.2.2016 to 28.2.2015 Net assets attributable to unitholders 461,629 514,678 £000’s £000’s Franked revenue from Collective Investment Schemes 557 858 Interest from overseas fixed interest securities 1,526 1,502 N C D Hall (Director) Interest from UK bank deposits 78 48 G D Bamping (Director) BlackRock Fund Managers Limited Interest from UK fixed interest securities 939 1,288 28 April 2016 Manager's charge rebates 1,10 5 1,414 Overseas dividends 2,926 2,253 Revenue from short-term money market funds 165 147 Revenue from total return swaps 38 304 Securities lending revenue 13 43 Stock dividends – 26 UK dividends 2,728 2,768 Unfranked revenue from Collective Investment Schemes 2,097 300 US REIT dividends 5 – Total revenue 12 ,17 7 10,951

51 BlackRock Collective Investment Funds 52 Balanced Managed Notes to Financial Statements continued

For the year For the year At 29 February 2016, the Fund had surplus management expenses of £000 15,703 (28 February 2015: £000 14,918). It is unlikely that the to 29.2.2016 to 28.2.2015 Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £000 3,141 (28 February 2015: £000 2,984) has not been recognised. £000’s £000’s Interest on bank overdrafts 16 24 8. Distributions Interest paid on margin deposits 9 – For the year For the year Revenue from total return swaps 231 – to 29.2.2016 to 28.2.2015 Return from short position bond futures 512 757 £000’s £000’s Total interest payable and similar charges 768 781 Interim distribution 785 1,224 Final distribution 3,072 1,423 7. Taxation 3,857 2,647 (a) Analysis of tax charge Add: Amounts deducted on cancellation of units 49 36 For the year For the year Less: Amounts received on issue of units (16) (7) to 29.2.2016 to 28.2.2015 £000’s £000’s Distributions 3,890 2,676 Irrecoverable overseas tax 17 10 Total current tax charge [see note 7(b)] 17 10 Net revenue after taxation 3,880 2,702 Less: Non distributable stock dividends – (26) Add: Tax on capitalised Manager’s charge rebates 10 – Distributions 3,890 2,676

Details of the interim and final distributions per unit are set out in the tables on page 42.

53 BlackRock Collective Investment Funds 54 Balanced Managed Notes to Financial Statements continued

9. Debtors 13. Contingent Assets and Liabilities

29.2.2016 28.2.2015 There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). £000’s £000’s Accrued Manager’s charge rebate 170 288 14. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Accrued revenue 686 859 Amounts receivable on issue of units 68 – The Fund may, subject to the conditions and within the limits laid down by the Financial Income tax recoverable 479 60 Conduct Authority and the Prospectus, engage in securities lending and employ techniques and Overseas tax recoverable – 11 instruments relating to transferable securities for efficient portfolio management purposes. Sales awaiting settlement 1,122 204 The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Total debtors 2,525 1,422 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 10. Cash and Bank Balances allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly 29.2.2016 28.2.2015 related to securities loan transactions as well as the cost of indemnification against borrower £000’s £000’s default. Amounts held at futures clearing houses and brokers 15,096 5,964 During the year the Fund engaged in securities lending. The Fund receives either cash collateral or Cash and bank balances 42,632 29,274 securities as collateral for a value in excess of the market value of the securities loaned. As at the Total cash and bank balances 57,728 35,238 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market.

11. Cash Equivalents The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of the Fund in any or all of the following collateral agents and central securities depositaries: Bank of 29.2.2016 28.2.2015 New York Mellon, Euroclear and JP Morgan, depending on the type of collateral the counterparty £000’s £000’s needs to give as per the schedule in order to cover the required value of exposure. Investments in short-term money market funds 25,473 55,159 The Investment Manager monitors the fair value of the securities loaned and additional collateral Total cash equivalents 25,473 5 5 ,15 9 is obtained, if necessary.

12. Other Creditors Securities lending revenue is split between the Fund and the securities lending agent in the ratio 29.2.2016 28.2.2015 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s £000’s £000’s share. Accrued Audit fee 8 8 The securities lending revenue earned during the year, the value of securities on loan at the year Accrued FCA fee 1 1 end and the value of collateral held at the year end for the Fund are shown below: Accrued Manager’s charge 1,132 1,847 29.2.2016 28.2.2015 Accrued Safe custody fees 4 5 £000’s £000’s Accrued Trustee’s fee 4 10 Revenue earned during the year 13 43 Amounts payable for cancellation of units 150 279 Value of securities on loan at the year end 9,088 11,218 Amounts payable with respect to total return swaps 99 – Value of collateral held on behalf of the Fund at the year end 9,963 12,396 Custodian transaction costs 4 2 The Fund’s securities lending borrowing counterparties are Bank of America Merrill Lynch, Purchases awaiting settlement 1,554 – Citigroup, Credit Suisse International, Deutsche Bank AG, HSBC, Société Générale and UBS. Total other creditors 2,956 2 ,152

55 BlackRock Collective Investment Funds 56 Balanced Managed Notes to Financial Statements continued

15. Related Parties The Fund may invest in other CIS, which may or may not be operated and/or managed by an affiliate Parties are considered to be related if one party has the ability to control the other party or of the Manager. As an investor in such other CIS, in addition to the fees, costs and expenses exercise significant influence over the other party in making financial or operational decisions. payable by a unitholder in the Funds, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management The following entities were related parties of the Fund during the year ended 29 February 2016: and administration and other expenses. However, in respect of investments made in any other Manager/Registrar: BlackRock Fund Managers Limited investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, Investment Manager: BlackRock Investment Management (UK) Limited in classes of the underlying funds which are not subject to any management charges. Alternatively, Securities lending agent: BlackRock Advisors (UK) Limited where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not be subject to any preliminary/initial sales fee in respect of investments made in any other The ultimate holding company of the Manager, Investment Manager and securities lending agent investment fund whose manager is an affiliate of the Manager, although it may be subject to duties is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services and charges in respect of subscriptions and redemptions in such investment funds. Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. The Fund’s investments in other BlackRock related party entities are individually identified in the portfolio statement. The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units The following investor(s) are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or amounts due to or from the Manager at the year end are disclosed in notes 9 and 12. Management fees paid to BlackRock Fund Managers Limited are shown in note 5. The balance due at the year (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in end in respect of these fees is shown in note 12. Securities lending revenue earned by the Fund is issue in the Fund and are as a result, considered to be related parties to the Funds. disclosed in notes 4 and 14. As at 29 February 2016: 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 Total % of units Number of investors held by unitholders BlackRock Group), which may result in the Fund benefiting from research or execution services holding 51% or more holding 51% or more which the Investment Manager believes are useful in the investment decision-making or trade of the voting units of the voting units execution process. Such research or execution services may include, without limitation and to the in issue who are not in issue who are not extent permitted by applicable law: research reports on companies, industries and securities; and Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds the provision of economic and financial information and analysis. Due to the bundled nature of Nil 1 97% 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 As at 28 February 2015: these arrangements with brokers who are not affiliated to the BlackRock Group. Total % of units For holdings in Institutional Cash Series plc (“ICS”), there will be no initial charges or redemption Number of investors held by unitholders charges payable on investments in the Fund, however, duties and charges may apply. ICS will holding 51% or more holding 51% or more of the voting units of the voting units be subject to fees and expenses which may include fixed management fees, performance fees, in issue who are not in issue who are not administration fees and custodial fees. Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds Nil 1 97%

57 BlackRock Collective Investment Funds 58 Balanced Managed Notes to Financial Statements continued

All related party transactions were carried out at arm’s length in the ordinary course of business. For the year ended 28 February 2015 The terms and returns received by the related parties in making the investments above were no Direct Transaction Costs more favourable than those received by other investors investing into the same unit classes. Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % 16. Portfolio Transaction Costs Equity instruments 42,788 44 0 .1 188 0.44 For the year ended 29 February 2016 Debt instruments 89,068 – – – – Direct Transaction Costs Collective investment schemes 111,810 6 0.01 – – Transaction Value Commissions Taxes Total purchases 273,666 50 188 Purchases (excluding derivatives) £000’s £000’s % £000’s % Total purchases including Equity instruments 45,037 30 0.07 146 0.32 transaction costs 273,904 Debt instruments 57,305 – – – – Collective investment schemes 6,008 2 0.03 – – Direct Transaction Costs Total purchases 108,350 32 146 Transaction Value Commissions Taxes Total purchases including Sales (excluding derivatives) £000’s £000’s % £000’s % transaction costs 108,528 Equity instruments 82,822 66 0.08 11 0.01 Debt instruments 78,568 1 0.00 – – Direct Transaction Costs Collective investment schemes 102 ,126 4 0.00 – – Transaction Value Commissions Taxes Corporate actions 18 – – – – Sales (excluding derivatives) £000’s £000’s % £000’s % Total sales 263,534 71 11 Equity instruments 3 0 ,102 22 0.07 – 0.00 Total sales net of transaction costs 263,452 Debt instruments 41,252 – – – – Collective investment schemes 52,452 10 0.02 – 0.00 Derivative transaction costs 216 – Total sales 123,806 32 – Total transaction costs 337 199 Total sales net of transaction costs 123,774

Total transaction costs Derivative transaction costs 78 – as a % of average net assets 0.07% 0.04%

Total transaction costs 142 146 The above analysis covers any direct transaction costs incurred by the Fund during the year. Total transaction costs However it is important to understand the nature of other transaction costs associated with as a % of average net assets 0.03% 0.03% different investment asset classes and instruments types.

Separately identifiable direct transaction costs (commissions and taxes etc.) are attributable to

the Fund’s purchase and sale of equity shares. Additionally for equity shares there is a dealing spread cost (the difference between the buying and selling prices) which will be incurred on purchase and sale transactions.

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

59 BlackRock Collective Investment Funds 60 Balanced Managed Notes to Financial Statements continued BlackRock Continental European Equity Tracker Fund

For the Fund’s investment in collective investment scheme holdings there will potentially be About the Fund dealing spread costs applicable to purchases and sales. However additionally there are indirect transaction costs incurred in those underlying funds, throughout the holding period for the The BlackRock Continental European Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock instruments, which are not separately identifiable and do not form part of the analysis above. Collective Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund During the year the Fund utilised derivative instruments including interest rate swaps,futures and was established and authorised by the Financial Conduct Authority on 21 June 2005. The Fund was options covering different underlying asset classes. The settlement values for opening and closing previously known as Merrill Lynch Continental European Equity Tracker Fund. It adopted its present derivative positions are not comparable to principal values for transactions in direct holding name with effect from 28 April 2008. investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either incurred as direct costs or form part of the dealing spread for the instruments. Any direct costs Investment Objective & Policy are identified in the analysis above. The aim of the Fund is to seek to achieve capital growth for investors by tracking closely the Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument performance of the FTSE World Europe ex UK Index by investing in companies in the Index. Investment types depending on a number of factors including transaction value and market sentiment. will be made directly into constituent companies and via other transferable securities giving exposure to such companies. The Fund may also invest in permitted money-market instruments, permitted At the Balance Sheet date the average portfolio dealing spread (difference between bid and deposits and units in collective investment schemes. Derivatives and forward transactions may be offer prices of all investments expressed as a percentage of the offer price value) was 0.93% used for the purposes of efficient portfolio management. (28 February 2015 – 0.84%).

17. Units in Issue Risk and Reward Profile The movement in units in issue for the year ended 29 February 2016 is as follows:

A Accumulation Lower risk Higher risk units Typically lower rewards Typically higher rewards Balance at the beginning of the year 327,175 ,0 9 8 Unit Class Issued during the year 6,039,677 A Accumulation 1 2 3 4 5 6 7 Cancelled during the year (21,816,623) L Income 1 2 3 4 5 6 7 Converted during the year – L Accumulation 1 2 3 4 5 6 7 Balance at the end of the year 311,3 9 8 ,152 X Income 1 2 3 4 5 6 7 X Accumulation 1 2 3 4 5 6 7 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and D Accumulation 1 2 3 4 5 6 7 taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights H Income 1 2 3 4 5 6 7 on winding up. H Accumulation 1 2 3 4 5 6 7

18. Post Balance Sheet Events `` The risk indicator was calculated incorporating historical or simulated historical data and may not There have been no significant events subsequent to the year end, which, in the opinion of the be a reliable indication of the future risk profile of each unit class. Manager, may have had an impact on the financial statements for the year ended 29 February 2016. `` 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.

61 BlackRock Collective Investment Funds 62 Continental European Equity Tracker Fund

This Annual Report covers the year ended 29 February 2016. Tracking Difference Tracking difference is defined as the difference in returns between a fund and its benchmark index. Performance Table

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. by the Fund on any income received from its investments. The level and quantum of tracking difference Performance returns are cumulative. All returns are in Sterling. arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of * Figures from Index Vendor. Net of withholding tax. # D Accumulation class was renamed as L Accumulation class during June 2012. the Fund with various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out by the Fund. All financial investments involve an element of risk. Therefore, the value of your investment and The table below compares the realised Fund performance against the performance of the relevant the income from it will vary and the return of your initial investment amount cannot be guaranteed. benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: 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. Fund return Benchmark return for the year for the year Tracking to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Before costs, the tracking difference is a result of (a) temporary divergences in the calculation when the Index provider calculates index values during UK bank holidays while the Fund is closed, (b) income from securities lending activity and (c) withholding tax differences -5.41%* -5.38% -0.03% between the Fund and index.

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

63 BlackRock Collective Investment Funds 64 Continental European Equity Tracker Fund continued Continental European Equity Tracker Investment Report

Tracking Error Summary of Performance over the Period Realised tracking error is the annualised standard deviation of the difference in monthly returns During the period from 1 March 2015 to 29 February 2016, the Fund returned -5.4%,* compared with its between a fund and its benchmark index. Tracking error shows the consistency of the returns relative benchmark, the FTSE World Europe ex UK Index, which also returned -5.4%. Before costs, the tracking to the benchmark index over a defined period of time. difference is a result of (a) temporary divergences in the calculation when the Index provider calculates index values during UK bank holidays while the Fund is closed, (b) income from securities lending Anticipated tracking error is based on the expected volatility of differences between the returns of activity and (c) withholding tax differences between the Fund and index. Over the six-month period a fund and the returns of its benchmark index. to 29 February 2016, the Fund returned -0.9%,* marginally underperforming its benchmark, which returned -0.8%. The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the constituents of the benchmark index by holding all the securities comprising the benchmark index Fund Manager’s Commentary in similar proportions to their weightings in the benchmark index. The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Cash management, efficient portfolio management techniques including securities lending and Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised transaction costs from rebalancing can have an impact on tracking error as well as the return by 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the differential between the Fund and the benchmark index. Importantly, these impacts can be either Fed’s growing confidence in employment and inflation prospects. Elsewhere, central bankers in positive or negative depending on the underlying circumstances. several emerging economies, including India, China and Russia, lowered benchmark rates in a bid to stimulate growth. In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the Fund on any income received from its investments. The level and quantum of tracking error arising due By contrast, the European Central Bank extended its asset-purchase programme for another few to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with months, as the region’s economy struggled to grow. While this drove markets higher at the start of the various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending period, fears of a Greek exit from the eurozone and weaker Chinese economic growth caused markets activities carried out by the Fund. to fall from summer onwards. At the start of 2016, markets fell further due to fears of a potential global recession, and in particular, the possibility of a crisis in European banks. 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 29 February 2016. The realised tracking The Fund is structured to closely track the FTSE World Europe ex UK Index so its portfolio remains error is annualised and calculated using data from the preceding 36 month observation period. positioned so that its risk characteristics are similar to those of the Index.

Anticipated Realised March 2016

Tracking Error Tracking Error Explanation for difference * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of The Fund’s tracking error exceeded its anticipated tracking error fees and reported for the Fund’s class L Accumulation Units. due to temporary divergences in the calculation when the Index provider calculates index values during UK bank holidays while Up to 0.30%* 0.53%* the Fund is closed.

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

65 BlackRock Collective Investment Funds 66 Continental European Equity Tracker Performance Record

Comparative Table Comparative Table

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

For the period For the period For the period For the period For the year For the year For the year For the year For the year For the year For the year from 1.2.2013* from 24.4.2014^ from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 28.2.2014 to 28.2.2015 to 28.2.2014 to 28.2.2014

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 Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 178.9 171.3 147.9 101.6 100.0 Opening net asset value per unit 181.6 173.3 14 9 .1 141.3 137.9 121.7

Return before operating charges (9.45) 8.50 24.22 (5.41) 3.42 Return before operating charges (9.62) 8.70 24.55 (7.69) 6.75 19.86

Operating charges (0.91) (0.90) (0.82) (0.22) (0.22) Operating charges (0.39) (0.40) (0.35) (0.03) (0.04) (0.03)

Return after operating charges (10.36) 7.60 23.40 (5.63) 3.20 Return after operating charges (10.01) 8.30 24.20 (7.72) 6.71 19.83

Distributions on income units N/A N/A N/A (2.55) (1.60) Distributions on income units N/A N/A N/A (3.78) (3.31) (3.63)

Closing net asset value per unit 168.5 178.9 171.3 93.42 101.6 Closing net asset value per unit 171.6 181.6 173.3 129.8 141.3 137.9

Retained distributions on accumulation units 3.94 3.27 3.54 N/A N/A Retained distributions on accumulation units 4.54 3.84 4 .12 N/A N/A N/A After direct transaction costs of (0.01) (0.02) (0.05) (0.01) (0.01) After direct transaction costs of (0.01) (0.02) (0.05) (0.01) (0.02) (0.04) Performance Performance Return after charges1 (5.79)% 4.44% 15.82% (5.55)% 3.20% Return after charges1 (5.51)% 4.79% 16.23% (5.46)% 4.94% 16.29% Other information Other information Closing net asset value (£000’s) 3,437 4,364 7,882 – 15,235 Closing net asset value (£000’s) 2,412,090 2,535,395 1,813,463 1 18,510 18,582 Closing number of units 2,038,662 2,439,085 4,601,732 100 15,001,373 Closing number of units 1,405,707,608 1,396,079,214 1,046,187,999 990 13 ,10 2 ,6 8 8 13,473,517 Operating charges2 0.52% 0.53% 0.52% 0.22% 0.23% Operating charges2 0.22% 0.23% 0.22% 0.02% 0.03% 0.02% Direct transaction costs3 0.01% 0.01% 0.03% 0.01% 0.01% Direct transaction costs3 0.01% 0.01% 0.03% 0.01% 0.01% 0.03% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 200.5 188.2 180.6 108.5 102.7 Highest offer unit price 193.9 181.9 174.0 150.7 143.7 138.8 Lowest bid unit price 155.5 152.4 143.2 86.60 86.62 Lowest bid unit price 158.3 154.5 144.6 120.5 120.5 118.2 * 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. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to ^ The date of commencement of operations. consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details. of equity instruments. See note 15 for further details.

67 BlackRock Collective Investment Funds 68 Continental European Equity Tracker Performance Record continued

Comparative Table Comparative Table

X Accumulation Units D Accumulation Units H Income Units H Accumulation Units

For the period For the period For the period For the period For the year For the year For the year For the year For the year For the year from 1.2.2013* from 1.2.2013* from 2.9.2015^ from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 28.2.2014 to 28.2.2014 to 29.2.2016 to 28.2.2014

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 Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 149.5 142.4 122.2 177.0 168.8 14 5 .1 Opening net asset value per unit 100.0 106.0 101.0 100.0

Return before operating charges (7.98) 7.14 20.23 (9.45) 8.50 23.97 Return before operating charges 0 .10 (5.65) 5 .13 1.12

Operating charges (0.03) (0.04) (0.03) (0 .17 ) (0.30) (0.27) Operating charges (0.05) (0 .10) (0 .13) (0 .12 )

Return after operating charges (8.01) 7.10 20.20 (9.62) 8.20 23.70 Return after operating charges 0.05 (5.75) 5.00 101.00

Closing net asset value per unit 141.5 149.5 142.4 167.4 177.0 168.8 Distributions on income units (0.52) N/A N/A N/A

Retained distributions on Closing net asset value per unit 99.53 100.3 106.0 101.0 accumulation units 4.02 3.43 3.66 4.57 3.82 4.09 Retained distributions on accumulation units N/A 2.76 2.22 0.00 After direct transaction costs of (0.01) (0.02) (0.04) (0.01) (0.02) (0.05) After direct transaction costs of 0.00 (0.01) (0.01) (0.03)

Performance Performance Return after charges1 (5.36)% 4.99% 16.53% (5.44)% 4.86% 16.33% Return after charges1 0.05% (5.42)% 4.95% 1.00%

Other information Other information Closing net asset value (£000’s) 413,650 280,555 128,289 52,057 46,550 22,479 Closing net asset value (£000’s) 14,009 23,874 11,219 – Closing number of units 292,346,652 187,708,523 9 0 ,10 2 ,9 6 5 31,101,556 26,303,640 13,314,463 Closing number of units 14,074,911 23,813,558 10,585,808 100 Operating charges2§ 0.02% 0.03% 0.02% 0 .10 % 0 .18 % 0 .17 % Operating charges2§ 0 .10 % 0 .10 % 0 .13 % 0 .12 % Direct transaction costs3 0.01% 0.01% 0.03% 0.01% 0.01% 0.03% Direct transaction costs3 0.01% 0.01% 0.01% 0.00%

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Highest offer unit price 159.6 149.7 142.9 189.0 177.3 169.5 Highest offer unit price 110.3 118.9 111.5 106.0 Lowest bid unit price 130.5 12 7.1 118.7 154.4 150.6 140.8 Lowest bid unit price 92.32 92.50 9 0 .15 99.84 * 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. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as consolidate the publication of the reports. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing ^ The date of commencement of operations. 1 prices (the price at which units are sold). The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ prices (the price at which units are sold). 2 depositary and entry/exit charges paid to an underlying collective investment scheme (if any). Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for § Please note the annual management charge was reduced on 11 August 2015 from 0.15% to 0.08% in respect to class D Accumulation further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ units. depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale § Please note the annual management charge was reduced on 11 August 2015 from 0.1% to 0.08% in respect to H Accumulation units. 3 of equity instruments. See note 15 for further details. Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

69 BlackRock Collective Investment Funds 70 Continental European Equity Tracker Distribution Tables Continental European Equity Tracker Portfolio Statement for the year ended 29 February 2016 at 29 February 2016

Final Distribution in Pence per Unit Holding or Market % of Group 1 – Units purchased prior to 1 September 2015 Nominal Value Total Net Group 2 – Units purchased 1 September 2015 to 29 February 2016 Value Investment £000’s Assets

A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Income H Accumulation EQUITIES – 98.30%; 2015 98.35% Units Units Units Units Units Units Unitsº Units Austria – 0.40%; 2015 0.46% 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 58,589 Andritz 2,015 0.07 Net revenue (dividend) 0.5408 0.4678 0.4600 0.4600 0.8082 0.5359 0.7444 0.6565 0.8063 0.4670 0.8872 0.6119 0.5207 0.5207 0.5318 0.3212 237,001 Erste Bank 4,370 0.15 Equalisation† – 0.0730 – 0.0000 – 0.2723 – 0.0879 – 0.3393 – 0.2753 – 0.0000 – 0.2106 87,155 Immoeast Der Oest Sparkassen*^ – 0.00 Distribution payable 30.4.2016 0.5408 0.5408 0.4600 0.4600 0.8082 0.8082 0.7444 0.7444 0.8063 0.8063 0.8872 0.8872 0.5207 0.5207 0.5318 0.5318 114,648 OMV 2,157 0.07 Distribution paid 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 N/A N/A 0.2909 0.2909 90,181 Raiffeisen International Bank 852 0.03 Interim Distribution in Pence per Unit 27,676 Vienna Insurance 470 0.02 87,694 Voestalpine 1,831 0.06 Group 1 – Units purchased prior to 1 March 2015 Group 2 – Units purchased 1 March 2015 to 31 August 2015 11,695 0.40

A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation Belgium – 3.08%; 2015 2.82% Units Units Units Units Units Units Units 166,555 Ageas 4,448 0.15 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 2 609,733 Anheuser-Busch InBev 48,629 1.67 Net revenue (dividend) 3.4010 1.5718 2.0850 2.0850 3.7288 2 .125 6 3.0366 0.8276 3.2145 0.5520 3.6844 1.0887 2.2302 0.5619 38,288 Anheuser-Busch InBev ‘VVPR Strip’ shares*^ – 0.00 Equalisation† – 1.8292 – 0.0000 – 1.6032 – 2.2090 – 2.6625 – 2.5957 – 1.6683 111,300 Belgacom 2,503 0.09 Distribution paid 31.10.2015 3.4010 3.4010 2.0850 2.0850 3.7288 3.7288 3.0366 3.0366 3.2145 3.2145 3.6844 3.6844 2.2302 2.2302 77,447 bpost 1,368 0.05 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 51,635 Colruyt 1,992 0.07

† Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included 82,345 Delhaize 5,991 0.21 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 59,542 Groupe Bruxelles Lambert 3,232 0.11 income tax but must be deducted from the cost of units for capital gains tax purposes. º H Income class commenced September 2015. Group 1 units purchased 2 September 2015. Group 2 units purchased 3 September 2015 to 217,869 KBC 8,281 0.28 29 February 2016. 58,235 Solvay 3,854 0.13 37,674 Telenet 1,406 0.05 95,737 UCB 5,264 0.18 83,248 Umicore 2,704 0.09 89,672 3.08 Czech Republic – 0.11%; 2015 0.13% 126,004 CEZ 1,342 0.05 11,910 Komercni Banka 1,606 0.06 2,948 0.11 Denmark – 4.23%; 2015 3.57% 3,513 AP Moeller-Maersk series ‘A’ shares 3,210 0.11 5,203 AP Moeller-Maersk series ‘B’ shares 4,875 0.17 86,756 Carlsberg series ‘B’ shares 5,401 0.18 67,563 Christian Hansen 2,997 0.10 78,143 Coloplast ‘B’ shares 4,251 0.15 612,666 Danske Bank 12,003 0.41 133,335 DSV 3,937 0.13 133,300 ISS 3,328 0.11 57,060 Jyske Bank 1,799 0.06 43,212 Lundbeck 1,162 0.04

71 BlackRock Collective Investment Funds 72 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 £000’s Assets Value Investment £000’s Assets 1,455,407 Novo Nordisk class ‘B’ shares 54,697 1.87 40,216 Christian Dior 5,097 0.17 178,301 Novozymes class ‘B’ shares 5,550 0.19 131,864 CNP Assurances 1,399 0.05 87,001 Pandora 7,936 0.27 802,879 Crédit Agricole 5,966 0.20 662,396 TDC 2,035 0.07 434,537 Danone 21,606 0.74 92,620 Tryg 1,217 0.04 99,494 Dassault Systemes 5,404 0.19 173,426 Vestas Wind Systems 8,470 0.29 165,540 Edenred 2,069 0.07 20,412 William Demant 1,274 0.04 225,973 EDF 1,711 0.06 124,142 4.23 50,260 Eiffage 2,560 0.09 1,101,850 ENGIE 12,251 0.42 Finland – 2.31%; 2015 1.99% 153,685 Essilor International 13,127 0.45 126,439 Elisa 3,248 0.11 10,561 Euler Hermes 633 0.02 361,509 Fortum 3,409 0.12 31,544 Eurazeo 1,326 0.05 52,583 Kesko 1,493 0.05 355,272 Eurotunnel 2,567 0.09 301,130 KONE class ‘B’ shares 9,701 0.33 126,328 Eutelsat Communications 2,748 0.09 101,969 Metso 1,612 0.06 48,165 Faurecia 1,179 0.04 100,269 Neste 2,299 0.08 28,555 Foncière des Régions 1,683 0.06 4,091,998 Nokia 17,781 0.61 29,546 Gecina 2,619 0.09 107,035 Nokian Renkaat 2,461 0.08 19,249 Hermes International 4,730 0.16 79,144 Orion series ‘B’ shares 1,918 0.07 27,514 Icade 1,373 0.05 370,909 Sampo series ‘A’ shares 12,010 0.41 18,462 Iliad 3,218 0.11 453,066 Stora Enso series ‘R’ shares 2,691 0.09 25,562 Imerys 1,107 0.04 429,359 UPM-Kymmene 5,219 0.18 42,248 Ingenico 3,057 0.10 121,704 Wartsila 3,520 0.12 26,889 Ipsen 1,108 0.04 67,362 2.31 66,205 JC Decaux 1,851 0.06 France – 20.51%; 2015 20.08% 59,502 Kering 7,490 0.26 164,293 Accor 4,986 0.17 161,712 Klepierre 4,820 0.17 22,443 Aeroports de Paris 1,900 0.07 90,385 Lagardere 1,881 0.06 261,746 Air Liquide 19,586 0.67 210,810 Legrand 7,472 0.26 427,687 Airbus 19,747 0.68 183,348 L’Oréal 22,136 0.76 137,154 Alstom 2,147 0.07 190,513 LVMH Moet Hennessy Louis Vuitton 22,792 0.78 53,928 Arkema 2,376 0.08 147,730 Michelin 9,627 0.33 68,520 Atos 3,598 0.12 736,356 Natixis 2,833 0.10 1,469,324 AXA 23,229 0.80 78,720 Numericable 2,076 0.07 20,897 Bic 2,071 0.07 1,439,876 Orange 18,046 0.62 11,475 bioMérieux 1,054 0.04 154,522 Pernod-Ricard 11,826 0.41 739,784 BNP Paribas 24,551 0.84 292,613 Peugeot 3,192 0.11 782,897 Bollore 2,142 0.07 151,923 Publicis 6,740 0.23 145,192 Bouygues 4,068 0.14 20,140 Remy Cointreau 989 0.03 198,873 Bureau Veritas 2,846 0.10 134,383 Renault 8,874 0.30 123,684 Capgemini 7,401 0.25 235,586 Rexel 2,057 0.07 424,680 Carrefour 8,034 0.28 210,388 Safran 9,324 0.32 45,751 Casino Guichard Perrachon 1,495 0.05 354,543 Saint-Gobain 9,777 0.33

73 BlackRock Collective Investment Funds 74 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 £000’s Assets Value Investment £000’s Assets 863,827 Sanofi 49,278 1.69 1,435,065 E.ON 9,516 0.33 422,696 Schneider Electric 18,108 0.62 102,848 Evonik Industries 2,242 0.08 117,590 SCOR 2,953 0.10 20,504 Fielmann 1,019 0.03 22,131 SEB 1,486 0.05 29,339 Fraport 1,218 0.04 557,030 Société Générale 13,960 0.48 299,724 Fresenius 14,199 0.49 73,507 Sodexo 5,292 0.18 167,111 Fresenius Medical Care 10,138 0.35 248,604 Suez Environnement 3,114 0.11 25,843 Fuchs Petrolub 677 0.02 88,497 Technip 3,150 0.11 54,122 Fuchs Petrolub non-voting preference shares 1,583 0.05 78,903 TF1 644 0.02 136,957 GEA 4,312 0.15 79,580 Thales 4,551 0.16 42,397 Genmab 3,838 0.13 1,593,240 Total 51,278 1.76 47,698 Hannover Rueckversicherung 3,515 0.12 76,042 Unibail-Rodamco 13,563 0.46 108,763 HeidelbergCement 5,729 0.20 62,125 Valeo 6,158 0.21 24,295 Hella Hueck 674 0.02 97,427 Vallourec 367 0.01 93,449 Henkel 5,851 0.20 376,340 Veolia Environnement 6,109 0.21 136,991 Henkel non-voting preference shares 9,848 0.34 358,626 Vinci 17,835 0.61 20,925 Hochtief 1,638 0.06 896,499 Vivendi 13,339 0.46 52,289 Hugo Boss 2,124 0.07 23,963 Wendel Investissement 1,645 0.06 892,280 Infineon Technologies 7,874 0.27 148,241 Zodiac Aerospace 1,674 0.06 148,145 K & S 2,216 0.08 598,076 20.51 14,531 Kabel Deutschland 1,296 0.04 73,785 Lanxess 2,196 0.08 Germany – 18.91%; 2015 19.37% 146,971 Linde 14,788 0.51 162,700 Adidas 12,593 0.43 27,775 MAN 2,063 0.07 348,004 Allianz 37,257 1.28 103,173 Merck 6,336 0.22 34,645 Axel Springer 1,255 0.04 135,300 Metro 2,391 0.08 706,099 BASF 32,729 1.12 39,374 MTU Aero Engines 2,559 0.09 631,952 Bayer 47,551 1.63 112,001 Muenchener Rueckversicherung 15,846 0.54 42,644 Bayerische Motoren Werke preference shares 2,061 0.07 65,061 Osram Licht 2,185 0.07 80,837 Beiersdorf 5,018 0.17 123,526 Porsche non-voting preference shares 4,094 0.14 248,080 BMW 14,569 0.50 172,532 ProSiebenSat.1 Media 6,332 0.22 120,968 Brenntag 4,218 0.14 374,602 RWE 3,079 0.11 825,934 Commerzbank 4,803 0.16 681,223 SAP 37,170 1.27 86,600 Continental 12,412 0.43 605,773 Siemens (Registered) 40,464 1.39 730,445 Daimler 35,947 1.23 61,863 Suedzucker 671 0.02 369,758 Deutsche Annington 8,231 0.28 96,094 Symrise 4,420 0.15 1,046,480 Deutsche Bank 12,967 0.44 32,996 Talanx 670 0.02 146,118 Deutsche Boerse 8,687 0.30 539,266 Telefonica Deutschland 1,870 0.06 188,961 Deutsche Lufthansa 2,027 0.07 328,311 ThyssenKrupp 3,965 0.14 738,796 Deutsche Post 12,626 0.43 97,856 United Internet 3,425 0.12 2,412,700 Deutsche Telekom 29,091 1.00 22,796 Volkswagen 2,261 0.08 272,935 Deutsche Wohnen 5,208 0.18 139,931 Volkswagen non-voting preference shares 11,671 0.40 11,415 Wacker Chemie 657 0.02

75 BlackRock Collective Investment Funds 76 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 £000’s Assets Value Investment £000’s Assets 87,809 Wirecard 2,416 0.08 452,467 Mediobanca 2,231 0.08 82,189 Zalando 1,840 0.06 225,977 Parmalat 425 0.01 552,126 18.91 158,628 Prysmian 2,327 0.08 4,753,962 Saipem 1,408 0.05 Greece – 0.15%; 2015 0.15% 37,318 Salvatore Ferragamo 599 0.02 926,050 Alpha Bank 1,164 0.04 1,792,023 Snam 7,015 0.24 198,240 Hellenic Telecom 1,237 0.04 7,708,066 Telecom Italia 5,475 0.19 4,255,800 National Bank of Greece 665 0.02 4,703,832 Telecom Italia preference shares 2,654 0.09 172,320 OPAP 849 0.03 1,137,141 Terna 4,316 0.15 5,062,784 Piraeus Bank 605 0.02 3,690,984 UniCredit 9,838 0.34 4,520 0.15 667,261 Unione di Banche Italiane 1,824 0.06 Hungary – 0.18%; 2015 0.13% 918,187 UnipolSai 1,356 0.05 338,730 Magyar Telekom 367 0.01 128,591 4.43 35,577 MOL 1,266 0.04 Luxembourg – 0.42%; 2015 0.70% 149,127 OTP Bank 2,241 0.08 808,701 ArcelorMittal 2,186 0.07 112,843 Richter Gedeon 1,467 0.05 30,276 RTL 1,820 0.06 5,341 0.18 231,687 SES Global FDR (each representing 1 class ‘A’ share) 4,349 0.15 Ireland – 0.71%; 2015 0.56% 227,253 Subsea 7 1,040 0.04 22,180,574 Bank of Ireland 4,392 0.15 369,819 Tenaris 2,906 0.10 138,406 Glanbia 1,987 0.07 12,301 0.42 50,919 Irish Bank Resolution* – 0.00 Netherlands – 6.54%; 2015 5.94% 117,899 Kerry class ‘A’ shares 7,328 0.25 170,000 ABN AMRO 2,454 0.08 334,743 Ryanair 3,722 0.13 1,532,496 Aegon 5,518 0.19 187,426 Smurfit Kappa 3,147 0.11 658,497 Ahold 10,379 0.36 20,576 0.71 191,856 Akzo Nobel 8,082 0.28 Italy – 4.43%; 2015 4.66% 303,613 Altice series ‘A’ shares 3,157 0.11 978,138 Assicurazioni Generali 9,792 0.34 73,510 Altice series ‘B’ shares 775 0.03 378,708 Atlantia 6,788 0.23 250,375 ASML 16,441 0.56 210,228 Banca Mediolanum 1,058 0.04 63,025 Boskalis Westminster 1,638 0.06 1,895,443 Banca Monte dei Paschi di Siena 735 0.03 750,448 CNH Industrial 3,579 0.12 257,782 Banco Popolare 1,516 0.05 139,382 DSM 4,954 0.17 236,357 Campari 1,345 0.05 700,967 Fiat Chrysler Automobiles 3,484 0.12 5,295,954 Enel 15,380 0.53 63,550 Gemalto 2,869 0.10 1,223,517 Enel Green Power 1,722 0.06 39,739 Grandvision 822 0.03 1,878,740 Eni 18,940 0.65 173,394 Heineken 10,084 0.35 79,200 EXOR 1,893 0.06 77,690 Heineken 4,045 0.14 95,165 Ferrari 2,636 0.09 2,947,162 ING Bank 25,010 0.86 306,476 Finmeccancia 2,308 0.08 2,490,624 KPN 6,578 0.23 9,738,986 Intesa Sanpaolo 17,677 0.61 212,482 NN 4,737 0.16 141,371 Luxottica 5,854 0.20 61,350 OCI 795 0.03 583,493 Mediaset 1,479 0.05 714,281 Philips 13,004 0.44

77 BlackRock Collective Investment Funds 78 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 £000’s Assets Value Investment £000’s Assets 178,990 Qiagen 2,756 0.09 654,845 Polska Grupa Energetyczna 1,537 0.05 84,839 Randstad 3,143 0.11 1,446,980 Polskie Gornictwo Naftowe 1,301 0.04 770,661 RELX 9,102 0.31 667,362 Powszechna Kasa Oszczednosci Bank Polski 2,964 0.10 373,442 TNT Express 2,298 0.08 439,130 Powszechny Zaklad Ubezpieczen 2,747 0.09 1,187,654 Unilever 36,377 1.25 388,320 Synthos 289 0.01 51,159 Vopak 1,680 0.06 813,380 Tauron Polska Energia 371 0.01 241,331 Wolters Kluwer 6,468 0.22 24,952 0.82 190,229 6.54 Portugal – 0.34%; 2015 0.37% Norway – 1.30%; 2015 1.48% 29,538,086 Banco Comercial Portugues 768 0.03 845,942 DNB 6,965 0.24 1,490,714 EDP Energias 3,308 0.11 136,359 Gjensidige Forsikring 1,538 0.05 184,793 EDP Renovaveis 931 0.03 252,895 Marine Harvest 2,596 0.09 357,630 Galp Energia 2,886 0.10 1,051,881 Norsk Hydro 3,020 0.10 193,226 Jeronimo Martins 1,975 0.07 618,256 Orkla 3,650 0.13 9,868 0.34 63,719 Schibsted 1,241 0.04 63,846 Schibsted class ‘A’ shares 1,192 0.04 Spain – 6.54%; 2015 7.09% 277,311 Seadrill 381 0.01 389,303 Abertis Infraestructuras 4,192 0.14 755,555 Statoil 7,844 0.27 21,436 Acciona 1,178 0.04 550,124 Telenor 5,880 0.20 108,085 Acerinox 854 0.03 137,458 Yara International 3,856 0.13 139,717 ACS Actividades 2,601 0.09 50,368 Aena 4,132 0.14 38,163 1.30 335,939 Amadeus IT 9,795 0.33 Poland – 0.82%; 2015 0.94% 1,250,890 Banco Popular Espanol 2,126 0.07 32,401 Alior Bank 347 0.01 1,250,890 Banco Popular Espanol Rights 16/3/2016 20 0.00 56,222 Asseco Poland 581 0.02 3,709,333 Banco Sabadell 4,226 0.14 28,456 Bank Handlowy w Warszawie 418 0.01 11,146,201 Banco Santander 32,336 1.11 467,283 Bank Millennium 501 0.02 3,597,546 Bankia 2,148 0.07 100,575 Bank Pekao 2,720 0.09 572,880 Bankinter 2,709 0.09 22,832 Bank Zachodni WBK 1,145 0.04 4,924,298 BBVA 22,241 0.76 16,740 CCC 447 0.02 2,092,719 CaixaBank 4,211 0.14 174,403 Cyfrowy Polsat 729 0.02 14,730 Corporacion Financiera Alba 377 0.01 165,020 Enea 335 0.01 537,286 Distribuidora 1,945 0.07 293,790 Energa 679 0.02 82,524 Enagas 1,671 0.06 60,757 Eurocash 547 0.02 333,020 Endesa 4,319 0.15 816,010 Getin Noble Bank 85 0.00 367,856 Ferrovial 5,113 0.18 34,897 Grupa Azoty 605 0.02 321,549 Gas Natural 4,050 0.14 67,767 Grupa Lotos 309 0.01 266,666 Grifols 4,241 0.15 107,110 KGHM Polska Miedz 1,309 0.04 206,000 Grifols preference shares 2,324 0.08 1,031 LPP 937 0.03 4,345,848 Iberdrola 20,236 0.69 8,882 mBank 524 0.02 815,282 Inditex 18,165 0.62 573,412 Orange Polska 656 0.02 806,591 Mapfre 1,128 0.04 251,211 PKN Orlen 2,869 0.10

79 BlackRock Collective Investment Funds 80 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 £000’s Assets Value Investment £000’s Assets 167,790 Mediaset Espana 1,268 0.04 Switzerland – 19.87%; 2015 19.93% 45,927 Red Electrica 2,616 0.09 1,526,612 ABB (Registered) 19,592 0.67 863,663 Repsol 6,372 0.22 74,982 Actelion 7,532 0.26 3,266,179 Telefonica 23,701 0.81 129,823 Adecco 5,417 0.19 133,763 Zardoya Otis 1,028 0.04 66,109 Aryzta 2,257 0.08 191,323 6.54 36,172 Baloise 3,279 0.11 2,026 Banque Cantonale Vaudoise (Registered) 937 0.03 Sweden – 6.48%; 2015 7.00% 1,560 Barry Callebaut 1,169 0.04 241,210 Alfa Laval 2,718 0.09 207,927 Clariant 2,501 0.09 742,374 Assa Abloy 10,179 0.35 393,762 Compagnie Financiere Richemont 17,932 0.61 489,131 Atlas Copco series ‘A’ shares 7,915 0.27 1,442,609 Credit Suisse 13,930 0.48 320,832 Atlas Copco series ‘B’ shares 4,854 0.17 22,085 DKSH 999 0.03 218,955 Boliden 2,378 0.08 41,907 Dufry 3,141 0.11 175,220 Electrolux series ‘B’ shares 2,963 0.10 5,770 EMS-Chemie 1,940 0.07 2,356,294 Ericsson series ‘B’ shares 15,598 0.53 3,766 Galenica 4,079 0.14 144,948 Getinge 2,299 0.08 129,982 GAM 1,325 0.05 746,118 Hennes & Mauritz series ‘B’ shares 17,384 0.60 28,505 Geberit 7,360 0.25 206,394 Hexagon series ‘B’ shares 5,037 0.17 7,181 Givaudan 9,645 0.33 285,846 Husqvarna series ‘B’ shares 1,296 0.04 4,664 Helvetia 1,776 0.06 149,596 Industrivarden series ‘A’ shares 1,847 0.06 165,161 Julius Baer (Registered) 4,758 0.16 131,187 Industrivarden series ‘C’ shares 1,464 0.05 40,737 Kuehne + Nagel 3,819 0.13 357,801 Investor series ‘B’ shares 8,481 0.29 318,836 LafargeHolcim 8,974 0.31 160,049 Kinnevik 2,844 0.10 79 Lindt & Spruengli (Registered) 3,869 0.13 170,569 Lundin Petroleum 1,920 0.07 733 Lindt & Spruengli Participating Certificates 3,013 0.10 215,022 Meda series ‘A’ shares 2,769 0.09 40,196 Lonza 4,374 0.15 9,804 Melker Schorling 397 0.01 2,391,877 Nestlé 120,391 4.12 2,496,252 Nordea Bank 17,872 0.61 1,644,310 Novartis 84,659 2.90 862,443 Sandvik 5,604 0.19 23,297 Pargesa 985 0.03 239,507 Securitas series ‘B’ shares 2,573 0.09 14,003 Partners 3,640 0.12 1,151,386 Skandinaviska Enskilda Banken series ‘A’ shares 8,030 0.28 30,230 PSP Swiss Property 1,861 0.06 280,233 Skanska series ‘B’ shares 4,277 0.15 543,417 Roche 100,754 3.45 339,529 SKF series ‘B’ shares 4,031 0.14 20,284 Roche (Bearer) 3,713 0.13 1,123,702 Svenska Cellulosa series ‘A’ shares 10,300 0.35 36,127 Schindler (Part Certified) 4,387 0.15 445,551 Svenska Cellulosa series ‘B’ shares 9,577 0.33 16,455 Schindler (Registered) 2,015 0.07 809,900 Swedbank series ‘A’ shares 11,768 0.40 3,862 SGS (registered) 5,599 0.19 158,588 Swedish Match 3,666 0.13 1,716 Sika 4,658 0.16 235,924 Tele2 series ‘B’ shares 1,400 0.05 42,216 Sonova 3,647 0.12 2,061,678 TeliaSonera 6,824 0.23 486,184 STMicroelectronics 2,012 0.07 185,750 Trelleborg series ‘B’ shares 2,215 0.08 18,440 Sulzer 1,258 0.04 1,203,250 Volvo series ‘B’ shares 8,706 0.30 22,987 Swatch class ‘I’ shares 5,723 0.20 189,186 6.48

81 BlackRock Collective Investment Funds 82 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 £000’s Assets Value Investment £000’s £000’s Assets 37,352 Swatch class ‘N’ shares 1,864 0.06 391,557 Turkiye Sise ve Cam Fabrikalari 315 0.01 25,112 Swiss Life 4,410 0.15 830,848 Turkiye Valiflar Bankasi 830 0.03 48,842 Swiss Prime Site 2,918 0.10 116,945 Ulker Biskuvi Sanayi 510 0.02 265,689 Swiss Re 16,924 0.58 721,081 Yapi ve Kredi Bankasi 652 0.02 17,770 Swisscom 6,246 0.21 32,862 Yazicilar 92 0.00 71,049 Syngenta 20,484 0.70 27,719 0.97 261,943 Transocean 1,641 0.06 2,703,633 UBS 29,632 1.02 DERIVATIVES – (0.02)%; 2015 0.15% 115,266 Zurich Financial Services 17,617 0.60 Futures – (0.02)%; 2015 0.15% 580,656 19.87 1,829 EURO Stoxx 50 March 2015 41,879 (210) (0.01) 241 Swiss Market Index March 2016 13,509 (249) (0.01) Turkey – 0.97%; 2015 0.98% 1,574,032 Akbank 2,841 0.10 55,388 (459) (0.02) 34,277 Akcansa Cimento 117 0.00 Portfolio of investments 2,868,987 98.28 141,893 Anadolu Efes Biracilik ve Malt Sanayii 594 0.02 Net other assets 50,131 1.72 137,483 Arcelik 631 0.02 75,555 Aselsan Elektronik 322 0.01 Total net assets 2,919,118 100.00 64,969 Aygaz AS 167 0.01 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. 176,063 BIM Birlesik Magazalar 2,320 0.08 Note: comparative figures show percentages for each category of holding at 28 February 2015. 50,655 Coca-Cola Icecek 400 0.01 * Suspended investments fair valued at zero. ^ Investments which are less than £500 are rounded to zero. 1,552,959 Emlak Konut Gayrimenkul 961 0.03 Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) 379,166 ENKA 438 0.02 and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. 1,147,203 Eregli Demir ve Celik 950 0.03 54,194 Ford Otomotiv 449 0.02 672,018 Haci Omer Sabanci 1,417 0.05 516,771 KOC 1,619 0.06 49,511 Koza Altin 185 0.01 27,902 Migros Ticaret 103 0.00 25,091 Pegasus Hava Tasimaciligi 105 0.00 425,661 Petkim Petrokimya 358 0.01 112,909 TAV Havalimanlari 479 0.02 97,639 Tofas Turk Otombil Fabrikasi 469 0.02 101,007 Tupras-Turkiye Petrol Rafinerileri 1,847 0.06 415,843 Turk Hava Yollari Anonim Ortakligi 732 0.03 381,411 Turk Telekomunikasyon 532 0.02 9,578 Turk Traktor ve Ziraat Makineleri 183 0.01 621,201 Turkcell Iletism Hizmetleri 1,640 0.06 1,621,494 Turkiye Garanti Bankasi 2,883 0.10 481,565 Turkiye Halk Bankasi 1,160 0.04 1,107,718 Turkiye Is Bankasi class ‘C’ shares 1,211 0.04 530,572 Turkiye Sinai Kalkinma Bankasi 207 0.01

83 BlackRock Collective Investment Funds 84 Continental European Equity Tracker Statement of Total Return Continental European Equity Tracker Balance Sheet for the year ended 29 February 2016 at 29 February 2016

For the year For the year 29.2.2016 28.2.2015 to 29.2.2016 to 28.2.2015 Notes £000’s £000’s Notes £000’s £000’s £000’s £000’s Assets: Income Fixed assets Net capital (losses)/gains 3 (250,027) 78,676 – Investment assets 2,869,446 2,868,284 Revenue 4 91,359 59,839 Current assets Expenses 5 (5,819) (5,057) – Debtors 9 12,123 28,456 Interest payable and similar – Cash and bank balances 10 49,866 39,835 charges 6 (222) (34) Total assets 2,931,435 2,936,575 Net revenue before taxation 85,318 54,748 Liabilities: Taxation 7 (4,233) (5,567) Investment liabilities (459) – Net revenue after taxation 81,085 49,181 Creditors Total return before distributions (168,942) 127,857 – Amounts held at futures clearing houses and brokers (341) (343) Distributions 8 (76,949) (47,537) – Distributions payable (73) (95) Change in net assets – Other creditors 11 (11,444) (24,310) attributable to unitholders from investment activities (245,891) 80,320 Total liabilities (12,317) (24,748) Net assets attributable to unitholders 2,919,118 2,911,827

Continental European Equity Tracker Statement of Change N C D Hall (Director) in Net Assets Attributable to Unitholders G D Bamping (Director) for the year ended 29 February 2016 BlackRock Fund Managers Limited 28 April 2016 For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 2,911,827 1,990,694 Amounts receivable on issue of units 487,694 966,874 Amounts payable on cancellation of units (311,577) (185,398) 176,117 781,476 Change in net assets attributable to unitholders from investment activities (245,891) 80,320 Retained distribution on accumulation units 77,065 59,337 Closing net assets attributable to unitholders 2,919,118 2,911,827

85 BlackRock Collective Investment Funds 86 Continental European Equity Tracker Notes to Financial Statements for the year ended 29 February 2016

1. Accounting and Distribution Policies 6. Interest payable and similar charges The accounting and distribution policies are set out on pages 4 to 8. For the year For the year to 29.2.2016 to 28.2.2015 2. Financial Instruments and Risks £000’s £000’s The financial instruments and risks are set out on pages 9 to 37. Interest on bank overdrafts 220 34 3. Net Capital (Losses)/Gains Interest paid on margin deposits 2 – Total interest payable and similar charges 222 34 For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s 7. Taxation The net capital (losses)/gains comprise: (a) Analysis of tax charge (Losses)/gains on non-derivative securities (247,843) 73,940 For the year For the year (Losses)/gains on derivative contracts (6,457) 7,723 to 29.2.2016 to 28.2.2015 £000’s £000’s Currency gains/(losses) 4,319 (2,941) Irrecoverable overseas tax 4,233 5,567 Custodian transaction costs (46) (46) Total current tax charge [see note 7(b)] 4,233 5,567 Net capital (losses)/gains (250,027) 78,676

4. Revenue (b) Factors affecting the current tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an For the year For the year to 29.2.2016 to 28.2.2015 authorised unit trust. The differences are explained below: £000’s £000’s For the year For the year Interest from UK bank deposits 30 166 to 29.2.2016 to 28.2.2015 £000’s £000’s Overseas dividends 85,412 56,437 Net revenue before taxation 85,318 54,748 Overseas REIT dividends 923 703 Corporation tax at 20% (28 February 2015: 20%) 17,063 10,950 Securities lending revenue 1,192 888 Effects of: Stock dividends 3,802 1,645 Excess expenses for which no tax relief taken 901 743 Total revenue 91,359 59,839 Irrecoverable overseas tax 4,233 5,567 5. Expenses Non taxable overseas dividends (17,193) (11,364) For the year For the year Non taxable stock dividends (760) (329) to 29.2.2016 to 28.2.2015 Overseas tax expensed (11) – £000’s £000’s Total current tax charge [see note 7(a)] 4,233 5,567 Payable to the Manager or associates of the Manager: At 29 February 2016, the Fund had surplus management expenses of £000 14,784 (28 February 2015: £000 10,280). It is unlikely that the – Manager’s charge 5,306 4,440 Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £000 2,957 – Registrar’s fees 5 5 (28 February 2015: £000 2,056) has not been recognised. 5,311 4,445 Other expenses: – Audit fee 7 7 – Legal & other Professional fees 50 156 – Safe custody fees 308 258 – Trustee’s fees 143 191 508 612 Total expenses 5,819 5,057

87 BlackRock Collective Investment Funds 88 Continental European Equity Tracker Notes to Financial Statements continued

8. Distributions 11. Other Creditors

For the year For the year 29.2.2016 28.2.2015 to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s Accrued Audit fee 7 7 Interim distribution 63,663 53,041 Accrued FCA fee 1 1 Final distribution 14,205 6,923 Accrued Manager’s charge 790 1,200 77,868 59,964 Accrued Registrar’s fee 3 2 Add: Amounts deducted on cancellation of units 2,848 529 Accrued Safe custody fees 75 70 Less: Amounts received on issue of units (3,767) (12,956) Accrued Trustee’s fee 25 52 Distributions 76,949 47,537 Amounts payable for cancellation of units 10,540 1,306

Currency purchases awaiting settlement – 12,576 Net revenue after taxation 81,085 4 9,181 Custodian transaction costs 3 6 (Less)/Add: Equalisation on conversions (334) 1 Purchases awaiting settlement – 9,090 Less: Non distributable stock dividends (3,802) (1,645) Total other creditors 11,444 24,310 Distributions 76,949 47,537

Details of the interim and final distributions per unit are set out in the tables on page 71. 12. Contingent Assets and Liabilities Further to a number of rulings of the European Court of Justice (including in Fokus Bank (2004), 9. Debtors Denkavit International (2006) and FIM Santander (2012)) regarding taxation withheld on overseas dividends, the Manager has taken steps to make claims with certain European Tax Authorities 29.2.2016 28.2.2015 for repayment of taxation suffered on foreign dividend income. Due to the uncertainty regarding £000’s £000’s the likely success and timing of the claims, it is not possible to estimate the amount of overseas Accrued revenue 271 638 withholding tax that may be received or the timing of the receipt. Amounts receivable for issue of units 232 10,428 Currency sales awaiting settlement – 12,564 13. Efficient Portfolio Management Techniques Overseas tax recoverable 11,574 4,812 The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Sales awaiting settlement 46 14 The Fund may, subject to the conditions and within the limits laid down by the Financial Total debtors 12,123 28,456 Conduct Authority and the Prospectus, engage in securities lending and employ techniques and instruments relating to transferable securities for efficient portfolio management purposes. 10. Cash and Bank Balances

29.2.2016 28.2.2015 The securities lending agent appointed pursuant to the securities lending agreement is BlackRock £000’s £000’s Advisors (UK) Limited which is a related party to the Fund. Amounts held at futures clearing houses and brokers 5,350 946 The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity Cash and bank balances 44,516 38,889 allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly Total cash and bank balances 49,866 39,835 related to securities loan transactions as well as the cost of indemnification against borrower default.

During the year the Fund engaged in securities lending. The Fund receives either cash collateral or securities as collateral for a value in excess of the market value of the securities loaned. As at the 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market.

89 BlackRock Collective Investment Funds 90 Continental European Equity Tracker Notes to Financial Statements continued

The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing the Fund in any or all of the following collateral agents and central securities depositaries: Bank of arrangements with related parties (including, without limitation, brokers who are affiliated to the New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give BlackRock Group), which may result in the Fund benefiting from research or execution services as per the schedule in order to cover the required value of exposure. 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 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 provision of economic and financial information and analysis. Due to the bundled nature of Securities lending revenue is split between the Fund and the securities lending agent in the ratio these services and the application of such benefits across a number of BlackRock managed funds, 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into share. these arrangements with brokers who are not affiliated to the BlackRock Group.

The securities lending revenue earned during the year, the value of securities on loan at the year As at 29 February 2016 and 28 February 2015, none of the unitholders: end and the value of collateral held at the year end for the Fund are shown below: (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or 29.2.2016 28.2.2015 (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units £000’s £000’s in issue in the Fund and are as a result, considered to be related parties to the Fund. Revenue earned during the year 1,192 888 Value of securities on loan at the year end 410,856 193,552 15. Portfolio Transaction Costs Value of collateral held on behalf of the Fund at the year end 450,528 216,376 For the year ended 29 February 2016

The Fund’s securities lending borrowing counterparties are Bank of America Merrill Lynch, Barclays Direct Transaction Costs Bank Plc, Citigroup, Commerzbank AG, Credit Suisse International, Deutsche Bank AG, Goldman Transaction Value Commissions Taxes Sachs, JP Morgan Chase Securities Plc, Morgan Stanley & Co.,Nomura, HSBC, Société Générale, Purchases (excluding derivatives) £000’s £000’s % £000’s % The Bank of Nova Scotia and UBS. Equity instruments 329,759 48 0.01 168 0.05 Total purchases 329,759 48 168

14. Related Parties Total purchases including Parties are considered to be related if one party has the ability to control the other party or transaction costs 329,975 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 29 February 2016: Direct Transaction Costs Transaction Value Commissions Taxes Manager/Registrar: BlackRock Fund Managers Limited Sales (excluding derivatives) £000’s £000’s % £000’s % Investment Manager: BlackRock Investment Management (UK) Limited Equity instruments 80,940 6 0.01 – 0.00 Securities lending agent: BlackRock Advisors (UK) Limited Total sales 80,940 6 – The ultimate holding company of the Manager, Investment Manager and securities lending agent Total sales net of transaction costs 80,934 is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services Derivative transaction costs 35 – to the Fund during the years ended 29 February 2016 and 28 February 2015. Total transaction costs 89 168 The Manager acts as either principal or agent for the Trustee in respect of all transactions of units

of the Fund. The aggregate monies received through issue and paid through cancellation of units Total transaction costs are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any as a % of average net assets 0.00% 0.01% amounts due to or from the Manager at the year end are disclosed in notes 9 and 11. Management fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 11. Securities lending revenue earned by the Fund is disclosed in notes 4 and 13.

91 BlackRock Collective Investment Funds 92 Continental European Equity Tracker Notes to Financial Statements continued

For the year ended 28 February 2015 16. Units in Issue

Direct Transaction Costs The movement in units in issue for the year ended 29 February 2016 is as follows:

Transaction Value Commissions Taxes A Accumulation L Income L Accumulation X Income Purchases (excluding derivatives) £000’s £000’s % £000’s % Units Units Units Units Equity instruments 425,590 67 0.03 201 0.05 Balance at the beginning of the year 2,439,085 15,001,373 1,396,079,214 13,102,688 In-specie transfers 478,742 – – – – Issued during the year 4 52,18 8 – 232,048,491 35,960,712 Corporate actions 8,660 – – – – Cancelled during the year (339,950) – (150,457,972) (26,228,416) Total purchases 912,992 67 201 Converted during the year (512,661) (15,001,273) (71,962,125) (22,833,994) Total purchases including Balance at the end of the year 2,038,662 100 1,405,707,608 990 transaction costs 913,260

X Accumulation D Accumulation H Incomeº H Accumulation Direct Transaction Costs Units Units Units Units

Transaction Value Commissions Taxes Balance at the beginning of the year 187,708,523 26,303,640 Nil 10,585,808 £000’s £000’s % £000’s % Sales (excluding derivatives) Issued during the year – 13,096,437 100 3,643,496 Equity instruments 87,84 4 5 0.01 – – Cancelled during the year – (3,439,693) – (5,217,376) Total sales 87,844 5 – Converted during the year 10 4 ,6 3 8 ,12 9 (4,858,828) 14,074,811 14,801,630 Total sales net of transaction costs 87,839 Balance at the end of the year 292,346,652 31,101,556 14,074,911 23,813,558

º H Income class commenced September 2015. Derivative transaction costs 34 –

Total transaction costs 106 201 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The Total transaction costs distribution per unit class is given in the distribution tables. All unit classes have the same rights as a % of average net assets 0.00% 0.01% on winding up. The above analysis covers direct transaction costs incurred by the Fund during the year. However it is important to understand the nature of other transaction costs associated with 17. Post Balance Sheet Events different investment asset classes and instruments types. There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. Separately identifiable direct transaction costs (such as commissions and taxes) are attributable to the Fund’s purchase and sale of equity instruments. Additionally for equity shares there is a dealing spread cost (the difference between the buying and selling prices) which will be incurred on purchase and sale transactions. During the year the Fund utilised derivative instruments including futures contracts. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either incurred as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.07% (28 February 2015 – 0.06%).

93 BlackRock Collective Investment Funds 94 BlackRock Corporate Bond 1-10 Year Fund Corporate Bond 1-10 Year Fund

About the Fund This Annual Report covers the year ended 29 February 2016. Performance Table The BlackRock Corporate Bond 1-10 Year Fund (the “Fund”) is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was authorised For the year For the three years For the five years by the Financial Conduct Authority on 28 April 2010 and launched on 21 June 2010. to 29.2.2016 to 29.2.2016 to 29.2.2016 TOTAL Return Investment Objective & Policy (with net income reinvested) Class L Accumulation Units# The aim of the Fund is to seek to achieve a total return for investors by tracking closely the performance BlackRock Corporate Bond 1-10 Year Fund -0.8% +9.7% +28 .1% of a composite benchmark comprising the Bank of America Merrill Lynch Sterling Corporate Securities Composite Index*◊ +0.2% +13.2% +35.2% 1-5 Year Index and the Bank of America Merrill Lynch Sterling Corporate Securities 5-10 Year Index by 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. investing in the fixed income securities contained in those indices. Investment will be made directly Performance returns are cumulative. All returns are in Sterling. into constituent issues and via other transferable securities giving exposure to such issues. The Fund * Figures from Merrill Lynch/BlackRock. ◊ Weighted composite containing the BofA Merrill Lynch Corporates & Securitised 1-5 Year and BofA ML Sterling Corporates 5-10yr may also invest in permitted money-market instruments, permitted deposits and units in collective indices. investment schemes. Derivatives and forward transactions may be used for the purposes of efficient # D Accumulation class was renamed as L Accumulation class during June 2012. portfolio management. 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. Risk and Reward Profile 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. 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 Accumulation 1 2 3 4 5 6 7

`` The risk indicator was calculated incorporating 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.

95 BlackRock Collective Investment Funds 96 Corporate Bond 1-10 Year Fund continued

Cash management, sampling techniques, efficient portfolio management techniques including securities The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, every security or the exact concentration of a security in the benchmark index, but will aim to track these impacts can be either positive or negative depending on the underlying circumstances. the benchmark index as closely as possible and may use optimisation techniques to achieve their investment objective. A fund’s tracking difference may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time Cash management, sampling techniques, efficient portfolio management techniques including the relevant markets close for business, the tracking difference of the Fund at its valuation point may securities lending and transaction costs from rebalancing can also have an impact on tracking error appear to be higher than if the Fund and the benchmark index were priced at the same time. as well as the return differential between the Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. The table below compares the realised Fund performance against the performance of the relevant benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time the Fund return Benchmark return relevant markets close for business, the tracking error of the Fund at its valuation point may appear for the year for the year Tracking to be higher than if the Fund and the benchmark index were priced at the same time. to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Before costs and after adjusting for a) the The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex difference in valuation point of the Fund ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking and the pricing point of the benchmark error is annualised and calculated using data from the preceding 36 month observation period. index b) the tax incurred by the Fund which is not included in the benchmark index, Anticipated Realised the performance of the Fund relative to Tracking Error Tracking Error Explanation for difference the benchmark index has been in line with The Fund has tracked its benchmark index within its anticipated -0.82%* +0.24% -1.06% expectations. Up to 1.50%* 0.55%* tracking error. * Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units.

97 BlackRock Collective Investment Funds 98 Corporate Bond 1-10 Year Investment Report Corporate Bond 1-10 Year Performance Record

Summary of Performance over the Period Comparative Table

During the period from 1 March 2015 to 29 February 2016, the Fund returned -0.8%,* compared with A Accumulation Units L Accumulation Units its composite benchmark, which returned 0.2%**. Before costs and after adjusting for a) the difference For the period For the period For the year For the year For the year For the year in valuation point of the Fund and the pricing point of the benchmark index, and b) the tax incurred from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 by the Fund which is not included in the benchmark index, the performance of the Fund relative to its to 28.2.2014 to 28.2.2014

composite benchmark has been in line with expectations. Over the six-month period to 29 February Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit 2016, the Fund returned 0.4%,* underperforming its benchmark, which returned 1.1%**. Change in net assets per unit

Opening net asset value per unit 131.1 122.7 118.0 133.2 124.4 119.0 Fund Manager’s Commentary Return before operating charges (0.71) 9.06 5.33 (0.78) 9.08 5.67 The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Operating charges (0.68) (0.66) (0.63) (0.29) (0.28) (0.27) Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by Return after operating charges (1.39) 8.40 4.70 (1.07) 8.80 5.40 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s Closing net asset value per unit 129.7 131.1 122.7 132 .1 133.2 124.4

growing confidence in employment and inflation prospects. By contrast, the European Central Bank Retained distributions on extended its asset-purchase programme for another few months, as the region’s economy struggled accumulation units 3.25 3.47 3.88 3.63 3.84 4.24 to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 lowered benchmark rates in a bid to stimulate growth. Performance Corporate-bond markets ended the year largely flat. Although the Fed increased interest rates, signs Return after charges1 (1.06)% 6.85% 3.98% (0.80)% 7.07% 4.54% of slowing global growth pushed out expectations of more rate hikes. This, combined with ongoing low rates in the UK and Europe, lent some support to credit markets. Late in the period, European Other information credit spreads (the yield differential between investment grade and government bonds) widened, Closing net asset value (£000’s) 546 1,645 3,861 246,390 286,298 291,712 with financial bonds particularly affected. Closing number of units 421,038 1,255,004 3 ,147,16 3 186,481,759 214,932,105 234,549,296 Operating charges2 0.52% 0.52% 0.52% 0.22% 0.22% 0.22%

The Fund is structured to track its composite benchmark closely, so its portfolio remains positioned Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% so that its risk characteristics are similar to those of the benchmark. Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

March 2016 Highest offer unit price 139.9 139.9 130.3 135.5 135.4 125.6

Lowest bid unit price 128.4 122.6 117.0 130.5 124.3 118.4 * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to ** Equally-weighted composite index comprising the Bank of America Merrill Lynch Sterling Corporate Securities 1-5 year Index & Bank consolidate the publication of the reports. of America Merrill Lynch Sterling Corporate Securities 5-10 year Index. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

99 BlackRock Collective Investment Funds 100 Corporate Bond 1-10 Year Performance Record continued Corporate Bond 1-10 Year Distribution Tables for the year ended 29 February 2016

Comparative Table Final Distribution in Pence per Unit

X Accumulation Units D Accumulation Units Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 September 2015 to 29 February 2016 For the period For the period For the year For the year For the year For the year from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 28.2.2014 to 28.2.2014 A Accumulation L Accumulation X Accumulation D Accumulation Units Units Units Units Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Change in net assets per unit Gross Revenue 2.0088 0.7024 2.2510 1.14 8 6 2.2199 1.9043 2.2504 1.2068 Opening net asset value per unit 123.9 115.5 110.8 131.2 122.5 117.8 Income tax 0.4018 0.14 0 5 0.4502 0.2297 0.4440 0.3809 0.4501 0.2414 Return before operating charges (0.77) 8.42 4.72 (0.73) 8.91 4.90 Net revenue (interest) 1.6070 0.5619 1.8008 0.9189 1.7759 1.5234 1.8003 0.9654 Operating charges (0.02) (0.02) (0.02) (0.22) (0.21) (0.20) Equalisation† – 1.0451 – 0.8819 – 0.2525 – 0.8349 Return after operating charges (0.79) 8.40 4.70 (0.95) 8.70 4.70 Distribution payable 30.4.2016 1.6070 1.6070 1.8008 1.8008 1.7759 1.7759 1.8003 1.8003 Closing net asset value per unit 12 3 .1 123.9 115.5 130.3 131.2 122.5 Distribution paid 30.4.2015 1.6848 1.6848 1.8694 1.8694 1.8350 1.8350 1.8667 1.8667 Retained distributions on accumulation units 3.58 3.76 4 .13 3.63 3.83 4.23

After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 Interim Distribution in Pence per Unit Group 1 – Units purchased prior to 1 March 2015 Performance Group 2 – Units purchased 1 March 2015 to 31 August 2015 Return after charges1 (0.64)% 7.27% 4.24% (0.72)% 7.10 % 3.99% A Accumulation L Accumulation X Accumulation D Accumulation Other information Units Units Units Units Closing net asset value (£000’s) 574,085 556,357 413 ,14 6 38,562 24,479 10,746 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Closing number of units 466,325,443 448,995,363 357,674,148 29,605,636 18,651,110 8,772,589 Gross Revenue 2.0533 0.6184 2.2895 1.3998 2.2552 1.5819 2.2884 1.16 01 Operating charges2 0.02% 0.02% 0.02% 0 .17 % 0 .17 % 0 .17 % Income tax 0.4107 0.12 37 0.4579 0.2800 0.4510 0.3164 0.4577 0.2320 Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Net revenue (interest) 1.6426 0.4947 1.8316 1.119 8 1.8042 1.2655 1.8307 0.9281 Equalisation† – 1.1479 – 0.7118 – 0.5387 – 0.9026 Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Distribution paid 31.10.2015 1.6426 1.6426 1.8316 1.8316 1.8042 1.8042 1.8307 1.8307 Highest offer unit price 126.0 125.9 116.5 133.5 133.4 123.7 Distribution paid 31.10.2014 1.7866 1.7866 1.9667 1.9667 1.9220 1.9220 1.9613 1.9613 Lowest bid unit price 121.5 115.5 109.9 128.6 122.4 116.6 † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to 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 consolidate the publication of the reports. income tax but must be deducted from the cost of units for capital gains tax purposes. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

101 BlackRock Collective Investment Funds 102 Corporate Bond 1-10 Year Portfolio Statement at 29 February 2016

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets BONDS – 97.85%; 2015 97.39% £750,000 ASIF III Jersey 5% Guaranteed European Medium Term Bonds 18/12/2018 812 0.09 UK Sterling Denominated Fixed Rate Corporate Bonds – 85.09%; 2015 82.80% £2,600,000 AT&T 5.875% Guaranteed Senior Notes 28/4/2017 2,726 0.32 £1,450,000 3i 6.875% Guaranteed Senior European Medium Term £3,250,000 Atlantia 6.25% Guaranteed European Medium Term Bonds 9/3/2023 1,732 0.20 Bonds 9/6/2022 3,900 0.45 £1,123,000 A2D Funding 4.75% Guaranteed European Medium Term £625,000 AusNet Services 7.125% Guaranteed European Medium Notes 18/10/2022 1,168 0.14 Term Notes 26/6/2018 697 0.08 £2,625,000 Abbey National Treasury Services 1.875% European £1,400,000 AXA 7.125% Guaranteed Subordinated Bonds 15/12/2020 1,610 0.19 Medium Term Notes 17/2/2020 2,590 0.30 £2,750,000 BAE Systems 4.125% Senior Notes 8/6/2022 2,968 0.35 £1,400,000 Abbey National Treasury Services 4.125% Guaranteed £1,975,000 Bank of America 5.5% Guaranteed Senior European European Medium Term Notes 14/9/2017 1,450 0.17 Medium Term Bonds 4/12/2019 2,187 0.25 £800,000 ABN AMRO 2.25% Senior European Medium Term Notes £1,700,000 Bank of America 5.5% Guaranteed Subordinated 11/9/2017 808 0.09 European Medium Term Bonds 22/11/2021 1,831 0.21 £2,000,000 ABN AMRO 2.375% European Medium Term Notes £4,750,000 Bank of America 6.125% Guaranteed Senior European 7/12/2021 2,001 0.23 Medium Term Bonds 15/9/2021 5,511 0.64 £1,325,000 ABN AMRO 2.5% Senior European Medium Term Notes £3,000,000 Bank of America 7.75% Guaranteed Senior European 18/12/2018 1,349 0.16 Medium Term Notes 30/4/2018 3,348 0.39 £750,000 ABN AMRO 4.875% European Medium Term Notes £725,000 Bank of Scotland 6.375% Guaranteed Subordinated 16/1/2019 813 0.09 European Medium Term Bonds 16/8/2019 788 0.09 £1,250,000 Admiral 5.5% Subordinated Notes 25/7/2024 1,195 0.14 £3,350,000 Bank of Scotland 9.375% Guaranteed Subordinated £750,000 Ahold Finance USA 6.5% Guaranteed European Medium Bonds 15/5/2021 4,056 0.47 Term Bonds 14/3/2017 785 0.09 £600,000 Bank of Scotland 10.5% Guaranteed Subordinated £3,200,000 AIG 5% Guaranteed Senior European Medium Term Bonds 16/2/2018 679 0.08 Bonds 26/4/2023 3,353 0.39 £1,350,000 Barclays 5.75% Guaranteed Senior European Medium £1,750,000 American Honda Finance 2.625% European Medium Term Bonds 17/8/2021 1,595 0.19 Term Notes 14/10/2022 1,784 0.21 £1,400,000 Barclays 9.5% Guaranteed Subordinated Bonds 7/8/2021 1,675 0.19 £1,425,000 Anglo American Capital 6.875% Guaranteed European £12,424,000 Barclays 10% Guaranteed Subordinated European Medium Term Notes 1/5/2018 1,367 0.16 Medium Term Bonds 21/5/2021 15,122 1.76 £2,950,000 Anheuser-Busch InBev 4% Guaranteed European £975,000 BASF 1.375% European Medium Term Notes 15/12/2017 980 0.11 Medium Term Notes 24/9/2025 3,129 0.36 £1,250,000 BASF 5.875% Guaranteed Senior European Medium £2,425,000 Anheuser-Busch InBev 6.5% European Medium Term Term Notes 31/3/2017 1,314 0.15 Notes 23/6/2017 2,577 0.30 £1,450,000 BAT International Finance 6% Guaranteed European £3,650,000 Anheuser-Busch InBev 9.75% Guaranteed European Medium Term Bonds 29/6/2022 1,740 0.20 Medium Term Bonds 30/7/2024 5,378 0.63 £1,775,000 BAT International Finance 6.375% Guaranteed European £2,000,000 AP Moeller-Maersk 4% Senior European Medium Term Medium Term Bonds 12/12/2019 2,066 0.24 Notes 4/4/2025 1,963 0.23 £3,200,000 BAT International Finance 7.25% Guaranteed European £1,975,000 APT Pipelines 4.25% European Medium Term Bonds Medium Term Bonds 12/3/2024 4,149 0.48 26/11/2024 1,971 0.23 £1,300,000 Bayer 5.625% Guaranteed European Medium Term £1,950,000 Asciano Finance 5% Guaranteed European Medium Bonds 23/5/2018 1,428 0.17 Term Notes 19/9/2023 2,043 0.24 £5,100,000 BG Energy Capital 5.125% Guaranteed European Medium £650,000 ASIF II 6.375% Guaranteed European Medium Term Term Bonds 1/12/2025 5,870 0.68 Bonds 5/10/2020 747 0.09

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 £000’s Assets Value Investment £000’s Assets £1,475,000 BG Energy Capital 5.125% Guaranteed European Medium £2,800,000 Citigroup 5.125% Guaranteed Subordinated European Term Notes 7/12/2017 1,557 0.18 Medium Term Bonds 12/12/2018 2,969 0.35 £4,950,000 BHP Billiton Finance 3.25% European Medium Term £1,125,000 Citigroup 5.875% Guaranteed Subordinated European Bonds 25/9/2024 4,839 0.56 Medium Term Bonds 1/7/2024 1,248 0.15 £3,794,000 BHP Billiton Finance 6.5% Bonds 22/10/2077 3,633 0.42 £650,000 Citigroup 6.25% Guaranteed Senior European Medium £450,000 Birmingham Airport 6.25% Guaranteed European Term Bonds 2/9/2019 739 0.09 Medium Term Bonds 22/2/2021 514 0.06 £1,250,000 Citigroup 7.625% Guaranteed Senior European Medium £1,250,000 BMW 2% European Medium Term Bonds 20/11/2019 1,260 0.15 Term Notes 3/4/2018 1,392 0.16 £1,125,000 BMW (UK) Capital 5% Guaranteed European Medium £400,000 Close Brothers 6.5% Guaranteed Senior Notes 10/2/2017 416 0.05 Term Notes 2/10/2017 1,185 0.14 £2,200,000 Close Brothers Finance 3.875% European Medium Term £1,500,000 BMW Finance 1.75% Guaranteed European Medium Term Notes 27/6/2021 2,274 0.26 Notes 20/11/2017 1,505 0.18 £1,500,000 Commonwealth Bank of Australia 2.25% Senior European £1,100,000 BMW Finance 1.875% European Medium Term Notes Medium Term Notes 7/12/2018 1,522 0.18 29/6/2020 1,102 0.13 £2,488,000 Coventry Building Society 5.875% Guaranteed Senior £1,775,000 BMW Finance 2.375% European Medium Term Notes European Medium Term Bonds 28/9/2022 2,971 0.35 1/12/2021 1,811 0.21 £1,375,000 Coventry Building Society 6% Guaranteed Senior £2,350,000 BMW Finance 3.375% Guaranteed European Medium European Medium Term Notes 16/10/2019 1,566 0.18 Term Notes 14/12/2018 2,455 0.29 £1,221,000 CPUK Finance 2.666% European Medium Term Notes £1,300,000 BNP Paribas 2.375% European Medium Term Notes 28/2/2042 1,222 0.14 20/11/2019 1,325 0.15 £950,000 CPUK Finance 3.588% European Medium Term Notes £1,840,000 BNP Paribas 5.75% Guaranteed Subordinated European 28/2/2042 925 0.11 Medium Term Bonds 24/1/2022 2,005 0.23 £2,950,000 Crédit Agricole 7.375% Guaranteed Subordinated £2,400,000 BP Capital Markets 4.325% Guaranteed European European Medium Term Bonds 18/12/2023 3,467 0.40 Medium Term Notes 10/12/2018 2,533 0.29 £1,850,000 Crédit Agricole London 5.5% Guaranteed Senior £1,750,000 British Sky Broadcasting 2.875% European Medium European Medium Term Bonds 17/12/2021 2,156 0.25 Term Notes 24/11/2020 1,783 0.21 £350,000 Credit Suisse Finance 7% Guaranteed Bonds 5/10/2020 402 0.05 £1,225,000 British Sky Broadcasting Finance UK 5.75% Guaranteed £4,175,000 Credit Suisse Group Funding Guernsey 3% Bonds Bonds 20/10/2017 1,301 0.15 27/5/2022 4,079 0.47 £1,850,000 British Telecommunications 6.625% Guaranteed Senior £720,000 Daily Mail & General Trust 5.75% Senior Notes 7/12/2018 778 0.09 European Medium Term Bonds 23/6/2017 1,966 0.23 £850,000 Daimler 1.25% European Medium Term Notes 1/12/2017 845 0.10 £950,000 British Telecommunications 8.625% Bonds 26/3/2020 1,190 0.14 £1,095,000 Daimler 1.75% Senior European Medium Term Notes £2,250,000 Bupa Finance 3.375% Guaranteed Bonds 17/6/2021 2,279 0.27 8/11/2017 1,097 0.13 £3,200,000 Bupa Finance 5% Subordinated Notes 25/4/2023 3,182 0.37 £750,000 Daimler 2.375% European Medium Term Notes £2,900,000 Centrica 5.25% Subordinated European Medium Term 16/12/2021 754 0.09 Notes 10/4/2075 2,451 0.29 £1,850,000 Daimler 2.375% Senior European Medium Term Notes £3,400,000 Centrica 6.375% Guaranteed Senior European Medium 16/7/2018 1,878 0.22 Term Bonds 10/3/2022 4,085 0.48 £2,600,000 Daimler 2.75% Senior European Medium Term Notes £1,150,000 Centrica 7% Guaranteed Senior European Medium Term 4/12/2020 2,680 0.31 Notes 19/9/2018 1,292 0.15 £1,800,000 Daimler International Finance 3.5% Bonds 6/6/2019 1,895 0.22 £850,000 Chorus 6.75% Guaranteed European Medium Term £950,000 Deutsche Bahn Finance 1.375% European Medium Notes 6/4/2020 982 0.11 Term Notes 30/10/2017 955 0.11

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 £000’s Assets Value Investment £000’s Assets £2,866,000 Deutsche Bahn Finance 2.75% Guaranteed European £1,150,000 Experian Finance 4.75% Guaranteed European Medium Medium Term Notes 20/6/2022 3,041 0.35 Term Notes 23/11/2018 1,238 0.14 £4,520,000 Deutsche Telekom International Finance 6.5% £700,000 FCE Bank 2.625% Senior European Medium Term Notes Guaranteed European Medium Term Bonds 8/4/2022 5,509 0.64 20/11/2018 706 0.08 £850,000 Deutsche Telekom International Finance 7.375% £1,250,000 FCE Bank 2.759% European Medium Term Note Guaranteed European Medium Term Bonds 4/12/2019 1,016 0.12 13/11/2019 1,260 0.15 £2,550,000 Digital Stout 4.25% European Medium Term Bonds £1,350,000 FCE Bank 3.25% Senior European Medium Term Notes 17/1/2025 2,586 0.30 19/11/2020 1,383 0.16 £2,000,000 Digital Stout 4.75% Guaranteed Bonds 13/10/2023 2,107 0.25 £850,000 FCE Bank 4.825% Guaranteed Senior European Medium £1,350,000 DNB Bank 4.25% Guaranteed Senior European Medium Term Notes 15/2/2017 872 0.10 Term Notes 27/1/2020 1,462 0.17 £1,600,000 Fidelity 7.125% Senior Bonds 13/2/2024 1,903 0.22 £3,000,000 E.ON International Finance 6% Guaranteed European £789,000 Fidelity International 6.75% Guaranteed Senior Medium Term Bonds 30/10/2019 3,358 0.39 European Medium Term Bonds 19/10/2020 901 0.10 £2,500,000 Eastern Power Networks 4.75% Guaranteed Senior £1,950,000 FirstGroup 5.25% Guaranteed Notes 29/11/2022 2,116 0.25 European Medium Term Notes 30/9/2021 2,819 0.33 £725,000 FirstGroup 6.125% Guaranteed Bonds 18/1/2019 789 0.09 £2,200,000 Eastern Power Networks 5.75% Guaranteed Senior £1,425,000 FirstGroup 6.875% Guaranteed Bonds 18/9/2024 1,706 0.20 European Medium Term Bonds 8/3/2024 2,639 0.31 £1,150,000 FirstGroup 8.125% Guaranteed Notes 19/9/2018 1,300 0.15 £900,000 Eastern Power Networks 8.5% Bonds 31/3/2025 1,290 0.15 £2,300,000 FirstGroup 8.75% Guaranteed Bonds 8/4/2021 2,842 0.33 £750,000 EDP Finance 6.625% Bonds 9/8/2017 788 0.09 £1,550,000 Fonterra Cooperative 9.375% Guaranteed Senior £2,100,000 EDP Finance 8.625% Guaranteed Senior European European Medium Term Bonds 4/12/2023 2,254 0.26 Medium Term Bonds 4/1/2024 2,588 0.30 £3,350,000 Friends Life 8.25% Guaranteed Bonds 21/4/2022 3,825 0.44 £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 3,325 0.39 Medium Term Bonds 21/5/2021 1,416 0.16 £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 6,491 0.76 Notes 13/5/2019 1,208 0.14 £1,875,000 Enel Società per Azioni 6.25% Guaranteed Senior £2,100,000 GDF Suez 6.125% Guaranteed Senior European Medium European Medium Term Bonds 20/6/2019 2,114 0.25 Term Bonds 11/2/2021 2,521 0.29 £350,000 Eni Coordination Center 4.75% Guaranteed European £2,800,000 GE Capital 5.5% Guaranteed Senior European Medium Medium Term Bonds 28/1/2021 383 0.04 Term Bonds 7/6/2021 3,264 0.38 £550,000 Eni Coordination Center 5% Guaranteed European £1,050,000 GE Capital 6.25% Guaranteed Senior European Medium Medium Term Bonds 27/1/2019 591 0.07 Term Bonds 29/9/2020 1,246 0.14 £750,000 Eni Coordination Center 6.125% Guaranteed Notes £1,100,000 GE Capital UK Funding 2.375% European Medium Term 17/12/2018 828 0.10 Notes 19/12/2018 1,127 0.13 £1,475,000 ENW Capital Finance 6.125% Guaranteed European £2,150,000 GE Capital UK Funding 4.125% Guaranteed European Medium Term Bonds 21/7/2021 1,745 0.20 Medium Term Notes 28/9/2017 2,239 0.26 £900,000 ESB Finance 6.5% Guaranteed European Medium £3,400,000 GE Capital UK Funding 4.125% Guaranteed European Term Bonds 5/3/2020 1,047 0.12 Medium Term Notes 13/9/2023 3,769 0.44 £1,750,000 Everything Everywhere Finance 4.375% Guaranteed £2,110,000 GE Capital UK Funding 4.375% Guaranteed Senior European Medium Term Notes 28/3/2019 1,873 0.22 European Medium Term Notes 31/7/2019 2,283 0.27 £2,650,000 Experian Finance 3.5% Guaranteed European Medium £2,800,000 GE Capital UK Funding 5.125% Guaranteed European Term Notes 15/10/2021 2,802 0.33 Medium Term Bonds 24/5/2023 3,277 0.38

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 £000’s Assets Value Investment £000’s Assets £1,000,000 GE Capital UK Funding 5.625% Guaranteed European £350,000 Hutchison Whampoa Finance UK 5.625% Guaranteed Medium Term Bonds 25/4/2019 1,119 0.13 Bonds 24/11/2017 373 0.04 £1,850,000 GE Capital UK Funding 5.875% Guaranteed European £1,300,000 Iberdrola Finanzas 6% European Medium Term Notes Medium Term Bonds 4/11/2020 2,173 0.25 1/7/2022 1,555 0.18 £1,400,000 GE Capital UK Funding 6.75% Guaranteed European £3,200,000 Iberdrola Finanzas 7.375% Guaranteed European Medium Term Notes 6/8/2018 1,573 0.18 Medium Term Bonds 29/1/2024 4,133 0.48 £2,900,000 GKN 5.375% Bonds 19/9/2022 3,146 0.37 £2,100,000 IBM 2.625% Bonds 5/8/2022 2,159 0.25 £1,095,000 GKN 6.75% Bonds 28/10/2019 1,229 0.14 £2,450,000 IBM 2.75% Senior European Medium Term Notes £3,200,000 Glencore Finance Europe 6% European Medium Term 21/12/2020 2,553 0.30 Notes 3/4/2022 2,736 0.32 £750,000 Imperial Brands Finance 6.25% Guaranteed European £2,100,000 Glencore Finance Europe 6.5% Guaranteed European Medium Term Bonds 4/12/2018 832 0.10 Medium Term Bonds 27/2/2019 2,019 0.23 £1,750,000 Imperial Brands Finance 7.75% Guaranteed European £2,350,000 Global Switch 4.375% Guaranteed European Medium Medium Term Notes 24/6/2019 2,056 0.24 Term Notes 13/12/2022 2,485 0.29 £3,800,000 Imperial Brands Finance 8.125% Guaranteed European £500,000 Go-Ahead 5.375% Guaranteed Notes 29/9/2017 526 0.06 Medium Term Bonds 15/3/2024 5,023 0.58 £4,800,000 Goldman Sachs 4.25% Senior European Medium Term £6,300,000 Imperial Brands Finance 9% Guaranteed European Notes 29/1/2026 5,060 0.59 Medium Term Bonds 17/2/2022 8,327 0.97 £3,175,000 Goldman Sachs 5.5% Guaranteed Subordinated Bonds £3,200,000 ING Bank 5.375% Guaranteed Senior European Medium 12/10/2021 3,419 0.40 Term Bonds 15/4/2021 3,672 0.43 £1,050,000 Goldman Sachs 6.125% Guaranteed Senior European £1,975,000 InterContinental Hotels 3.75% European Medium Term Medium Term Bonds 14/2/2017 1,094 0.13 Notes 14/8/2025 1,988 0.23 £1,775,000 Goldman Sachs 6.125% Guaranteed Subordinated £2,450,000 InterContinental Hotels 3.875% European Medium Term European Medium Term Bonds 14/5/2017 1,853 0.22 Notes 28/11/2022 2,536 0.30 £2,350,000 Goldman Sachs 7.125% Guaranteed Senior Bonds £1,006,000 Intermediate Capital 5% European Medium Term Notes 7/8/2025 3,039 0.35 24/3/2023 948 0.11 £725,000 Goodman Australia Finance 9.75% Guaranteed European £1,000,000 Intesa Sanpaolo 5.25% Guaranteed Senior European Medium Term Bonds 16/7/2018 843 0.10 Medium Term Bonds 28/1/2022 1,094 0.13 £800,000 Guardian Royal Exchange 6.625% Guaranteed Bonds £2,014,000 Investec Bank 4.5% Senior European Medium Term 21/8/2023 964 0.11 Notes 5/5/2022 1,947 0.23 £2,125,000 Hammerson 3.5% Bonds 27/10/2025 2,140 0.25 £101,000 Investec Bank 9.625% Subordinated European Medium £1,000,000 Hammerson 6.875% Guaranteed Senior Bonds Term Notes 17/2/2022 114 0.01 31/3/2020 1,173 0.14 £3,100,000 Johnson & Johnson 5.5% Guaranteed Bonds 6/11/2024 3,911 0.45 £1,700,000 Hiscox 6.125% Bonds 24/11/2045 1,604 0.19 £2,500,000 JP Morgan Chase 1.875% European Medium Term Notes £1,100,000 Holcim GB Finance 8.75% Guaranteed European 10/2/2020 2,473 0.29 Medium Term Notes 24/4/2017 1,181 0.14 £2,050,000 Kennedy Wilson 3.95% Senior Notes 30/6/2022 2,006 0.23 £4,250,000 HSBC 6.5% Guaranteed Senior European Medium Term £3,650,000 Legal & General 5.375% European Medium Term Notes Bonds 20/5/2024 5,079 0.59 27/10/2045 3,550 0.41 £2,050,000 HSBC 6.5% Guaranteed Subordinated European Medium £1,950,000 Lend Lease Europe Finance 6.125% Guaranteed Bonds Term Bonds 7/7/2023 2,318 0.27 12/10/2021 2,191 0.25 £295,000 HSBC Finance 6.25% Guaranteed Senior European £1,950,000 Linde Finance 5.875% Guaranteed European Medium Medium Term Bonds 19/8/2019 330 0.04 Term Bonds 24/4/2023 2,421 0.28

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 £000’s Assets Value Investment £000’s Assets £1,675,000 Lloyds Bank 2.5% European Medium Term Notes £1,750,000 Motability Operations 6.625% Guaranteed European 1/6/2022 1,655 0.19 Medium Term Bonds 10/12/2019 2,063 0.24 £600,000 Lloyds Bank 2.75% Senior European Medium Term £1,500,000 National Australia Bank 1.875% Bonds 20/2/2020 1,483 0.17 Notes 9/12/2018 611 0.07 £1,900,000 National Australia Bank 3.625% Guaranteed Senior £825,000 Lloyds Bank 6.75% Guaranteed Senior European European Medium Term Notes 8/11/2017 1,965 0.23 Medium Term Notes 24/10/2018 925 0.11 £4,100,000 National Australia Bank 5.125% Guaranteed Senior £3,650,000 Lloyds Bank 7.5% Guaranteed Senior European Medium European Medium Term Bonds 9/12/2021 4,620 0.54 Term Bonds 15/4/2024 4,767 0.55 £650,000 National Express 6.625% Guaranteed European Medium £4,700,000 Lloyds Bank 7.625% Guaranteed Subordinated European Term Bonds 17/6/2020 756 0.09 Medium Term Bonds 22/4/2025 5,558 0.65 £825,000 National Grid 1.875% Bonds 6/8/2018 828 0.10 £2,000,000 Lloyds Bank 9.625% Subordinated Bonds 6/4/2023 2,531 0.29 £1,950,000 National Grid 5.875% Guaranteed Senior Bonds 2/2/2024 2,433 0.28 £1,500,000 London Power Networks 5.125% Guaranteed Senior £650,000 National Grid 6% Guaranteed Senior European Medium European Medium Term Bonds 31/3/2023 1,733 0.20 Term Bonds 7/6/2017 688 0.08 £750,000 London Stock Exchange 9.125% Guaranteed Senior £1,000,000 National Grid 6.375% Guaranteed Senior European Bonds 18/10/2019 937 0.11 Medium Term Bonds 3/3/2020 1,186 0.14 £1,400,000 LVMH Moet Hennessy Louis Vuitton 1.625% European £1,400,000 National Grid 7% Guaranteed Bonds 16/12/2024 1,874 0.22 Medium Term Notes 20/12/2017 1,410 0.16 £900,000 National Grid 8.75% Bonds 27/6/2025 1,353 0.16 £1,000,000 Macquarie Bank 3.5% Senior European Medium Term £3,400,000 Nationwide Building Society 2.25% European Medium Notes 18/12/2020 1,042 0.12 Term Notes 29/4/2022 3,357 0.39 £2,315,000 Manchester Airport Funding 4.125% Senior European £2,325,000 Nationwide Building Society 5.625% Guaranteed Senior Medium Term Notes 2/4/2024 2,477 0.29 European Medium Term Notes 9/9/2019 2,611 0.30 £1,150,000 Marks & Spencer 6.125% Guaranteed European Medium £375,000 Nationwide Building Society 8.625% Guaranteed Bonds Term Notes 2/12/2019 1,303 0.15 29/3/2018 418 0.05 £2,000,000 Marks & Spencer 6.125% Guaranteed Senior European £2,204,000 Natixis 5.875% Guaranteed Senior European Medium Medium Term Bonds 6/12/2021 2,311 0.27 Term Bonds 24/2/2020 2,566 0.30 £600,000 McDonald’s 6.375% Guaranteed Senior European £500,000 Nestlé 1.625% Guaranteed European Medium Term Medium Term Bonds 3/2/2020 693 0.08 Notes 11/12/2017 506 0.06 £600,000 Mediobanca 3.5% European Medium Term Notes £1,500,000 Nestle 1.75% European Medium Term Notes 9/12/2020 1,531 0.18 12/6/2018 596 0.07 £2,800,000 Nestlé 2.25% European Medium Term Bonds 30/11/2023 2,878 0.33 £1,300,000 MetLife 5.25% Guaranteed Senior Bonds 29/6/2020 1,437 0.17 £2,225,000 Next 5.375% Guaranteed Senior Bonds 26/10/2021 2,560 0.30 £2,300,000 MetLife 5.375% Guaranteed Senior Bonds 9/12/2024 2,626 0.31 £1,700,000 Nomura Europe Finance 5.5% Guaranteed European £3,050,000 Metropolitan Life Global Funding I 2.625% European Medium Term Notes 23/3/2017 1,766 0.21 Medium Term Notes 5/12/2022 3,029 0.35 £1,500,000 Nordea Bank 2.125% European Medium Term Notes £2,250,000 Metropolitan Life Global Funding I 2.875% European 13/11/2019 1,517 0.18 Medium Term Notes 11/1/2023 2,228 0.26 £2,055,000 Nordea Bank 2.375% Bonds 2/6/2022 2,062 0.24 £450,000 Mondelez International 7.25% Guaranteed European £300,000 Northern Electric Finance 8.875% Guaranteed Bonds Medium Term Notes 18/7/2018 509 0.06 16/10/2020 388 0.05 £1,350,000 Morgan Stanley 5.75% Guaranteed Senior European £600,000 Northern Gas Networks 5.875% Guaranteed Notes Medium Term Bonds 14/2/2017 1,402 0.16 8/7/2019 678 0.08 £2,350,000 Motability Operations 5.375% Guaranteed European £1,300,000 Northern Powergrid 7.25% Guaranteed Senior Bonds Medium Term Bonds 28/6/2022 2,803 0.33 15/12/2022 1,642 0.19

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 £000’s Assets Value Investment £000’s Assets £670,000 Northern Powergrid 9.25% Guaranteed Senior Bonds £800,000 RCI Banque 2.125% European Medium Term Notes 17/1/2020 848 0.10 6/10/2017 798 0.09 £1,000,000 Northern Powergrid Yorkshire 2.5% Bonds 1/4/2025 982 0.11 £800,000 RCI Banque 3% Senior European Medium Term Notes £800,000 Northumbrian Water Finance 6% Guaranteed Bonds 9/5/2019 812 0.09 11/10/2017 854 0.10 £1,125,000 RCI Banque 3.25% Senior European Medium Term Notes £2,400,000 Northumbrian Water Finance 6.875% Guaranteed 25/4/2018 1,147 0.13 Bonds 6/2/2023 3,013 0.35 £900,000 RELX 2.75% Notes 1/8/2019 921 0.11 £1,300,000 Orange 5.25% Guaranteed Senior European Medium £1,300,000 RELX 7% Guaranteed Notes 11/12/2017 1,417 0.16 Term Bonds 5/12/2025 1,522 0.18 £1,250,000 Roche Finance Europe 5.375% Guaranteed European £900,000 Orange 7.25% Guaranteed Senior European Medium Medium Term Bonds 29/8/2023 1,541 0.18 Term Bonds 10/11/2020 1,102 0.13 £1,575,000 Rolls-Royce 6.75% Guaranteed Notes 30/4/2019 1,802 0.21 £925,000 Orange 8% Guaranteed Senior European Medium Term £400,000 Royal Bank of Scotland 6% Guaranteed Senior European Bonds 20/12/2017 1,029 0.12 Medium Term Notes 17/5/2017 421 0.05 £925,000 PACCAR Financial Europe 1.513% European Medium £2,059,000 Royal Bank of Scotland 6.625% Guaranteed Senior Term Notes 29/5/2018 924 0.11 European Medium Term Bonds 17/9/2018 2,285 0.27 £3,250,000 PepsiCo 2.5% European Medium Term Notes 1/11/2022 3,345 0.39 £1,250,000 Royal Bank of Scotland 6.875% Guaranteed Senior £2,370,000 Petróleos Mexicanos 8.25% Guaranteed European European Medium Term Bonds 17/5/2025 1,588 0.18 Medium Term Bonds 2/6/2022 2,677 0.31 £2,100,000 Royal Bank of Scotland 7.5% Guaranteed Senior £2,000,000 PGH Capital 5.75% Bonds 7/7/2021 2,067 0.24 European Medium Term Bonds 29/4/2024 2,761 0.32 £2,700,000 PGH Capital 6.625% Bonds 18/12/2025 2,501 0.29 £1,725,000 Royal Dutch Shell 2% European Medium Term Bonds £925,000 Phoenix Natural Gas Finance 5.5% Guaranteed Notes 20/12/2019 1,722 0.20 10/7/2017 969 0.11 £2,400,000 RSA Insurance 5.125% Guaranteed Bonds 10/10/2045 2,146 0.25 £2,725,000 Pohjola Bank 2.5% European Medium Term Note £3,050,000 RWE Finance 5.5% Guaranteed European Medium Term 20/5/2022 2,744 0.32 Bonds 6/7/2022 3,360 0.39 £900,000 PostNL 7.5% Guaranteed Senior Notes 14/8/2018 1,017 0.12 £3,300,000 RWE Finance 5.625% Guaranteed European Medium £300,000 Provident Financial 7% European Medium Term Notes Term Bonds 6/12/2023 3,628 0.42 4/10/2017 309 0.04 £3,750,000 RWE Finance 6.5% Guaranteed European Medium Term £1,025,000 Provident Financial 8% Guaranteed Notes 23/10/2019 1,143 0.13 Bonds 20/4/2021 4,292 0.50 £1,100,000 Prudential 1.375% Senior European Medium Term £700,000 Safeway 6.125% Guaranteed Bonds 17/12/2018 759 0.09 Bonds 19/1/2018 1,097 0.13 £1,950,000 Saint-Gobain 5.625% Guaranteed Senior European £1,200,000 Prudential 1.75% European Medium Term Notes Medium Term Bonds 15/11/2024 2,244 0.26 27/11/2018 1,200 0.14 £3,225,000 Santander UK 3.625% European Medium Term Notes £2,050,000 Prudential 6.875% Bonds 20/1/2023 2,582 0.30 14/1/2026 3,136 0.36 £3,375,000 Rabobank Nederland 2.25% Bonds 23/3/2022 3,340 0.39 £2,750,000 Scentre Management 2.375% Bonds 8/4/2022 2,710 0.32 £1,400,000 Rabobank Nederland 3.25% Guaranteed Senior £1,050,000 Scotland Gas Network 4.75% Guaranteed Senior European Medium Term Notes 1/11/2017 1,445 0.17 European Medium Term Bonds 21/2/2017 1,083 0.13 £4,150,000 Rabobank Nederland 4% Guaranteed European £1,550,000 Scottish Power 6.75% Bonds 29/5/2023 1,927 0.22 Medium Term Notes 19/9/2022 4,491 0.52 £600,000 Scottish Power UK 8.375% Guaranteed Senior Bonds £1,050,000 Rabobank Nederland 4.625% Guaranteed Senior 20/2/2017 639 0.07 European Medium Term Bonds 13/1/2021 1,162 0.14 £5,550,000 Scottish Widows 5.5% Bonds 16/6/2023 5,522 0.64 £1,750,000 Rabobank Nederland 4.875% Guaranteed Senior £600,000 Segro 5.5% Guaranteed Senior Bonds 20/6/2018 647 0.08 European Medium Term Bonds 10/1/2023 1,987 0.23 £650,000 Segro 5.625% Guaranteed Senior Bonds 7/12/2020 744 0.09

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 £000’s Assets Value Investment £000’s Assets £675,000 Segro 6% Guaranteed Senior Bonds 30/9/2019 763 0.09 £2,050,000 Svenska Handelsbanken 2.75% European Medium £1,950,000 Segro 6.75% Guaranteed Senior Bonds 23/11/2021 2,377 0.28 Term Notes 5/12/2022 2,080 0.24 £1,550,000 Segro 6.75% Guaranteed Senior Bonds 23/2/2024 1,951 0.23 £1,400,000 Svenska Handelsbanken 3% Senior European Medium £900,000 Segro 7% Guaranteed Senior Bonds 14/3/2022 1,116 0.13 Term Notes 20/11/2020 1,459 0.17 £3,200,000 Severn Trent Utilities Finance 3.625% European Medium £1,350,000 Svenska Handelsbanken 4% Guaranteed Senior Notes Term Bonds 16/1/2026 3,353 0.39 18/1/2019 1,436 0.17 £1,375,000 Severn Trent Utilities Finance 6% Guaranteed European £850,000 Swedbank 1.625% Bonds 15/4/2019 850 0.10 Medium Term Notes 22/1/2018 1,483 0.17 £725,000 Talisman Energy 6.625% Guaranteed Senior Bonds £1,950,000 Severn Trent Utilities Finance 6.125% Guaranteed Bonds 5/12/2017 763 0.09 26/2/2024 2,401 0.28 £550,000 Tate & Lyle International Finance 6.75% Guaranteed £1,850,000 SGSP Australia Assets 5.125% Guaranteed European Notes 25/11/2019 636 0.07 Medium Term Bonds 11/2/2021 2,063 0.24 £3,650,000 TDC 5.625% Guaranteed Senior European Medium Term £2,300,000 Siemens Financieringsmaatschappij 2.75% Medium Bonds 23/2/2023 3,994 0.46 Term Notes 10/9/2025 2,323 0.27 £4,200,000 Telefónica Emisiones 5.289% Guaranteed European £1,050,000 Skandinaviska Enskilda Banken 3% Senior European Medium Term Bonds 9/12/2022 4,613 0.54 Medium Term Notes 18/12/2020 1,102 0.13 £2,301,000 Telefónica Emisiones 5.375% Guaranteed European £950,000 Société Générale 5% Guaranteed Senior European Medium Term Bonds 2/2/2018 2,426 0.28 Medium Term Notes 20/12/2018 1,030 0.12 £2,600,000 Telefónica Emisiones 5.597% Guaranteed European £850,000 Société Générale 5.4% Guaranteed Subordinated Medium Term Notes 12/3/2020 2,851 0.33 European Medium Term Bonds 30/1/2018 892 0.10 £525,000 Textron 6.625% Guaranteed Senior European Medium £3,200,000 Society of Lloyd’s 4.75% Subordinated Bonds 30/10/2024 3,148 0.37 Term Bonds 7/4/2020 587 0.07 £2,400,000 Southern Gas Network 2.5% Senior European Medium £2,050,000 Total Capital 3.875% Guaranteed European Medium Term Bonds 3/2/2025 2,316 0.27 Term Notes 14/12/2018 2,167 0.25 £550,000 Southern Gas Network 4.875% Guaranteed European £925,000 Total Capital 4.25% Guaranteed European Medium Term Medium Term Bonds 21/12/2020 621 0.07 Notes 8/12/2017 969 0.11 £1,850,000 Southern Gas Network 4.875% Guaranteed European £850,000 Total Capital International 2.25% European Medium Medium Term Notes 5/10/2023 2,108 0.25 Term Notes 17/12/2020 860 0.10 £1,075,000 Southern Gas Network 5.125% Guaranteed European £2,600,000 Total Capital International 2.25% European Medium Term Medium Term Notes 2/11/2018 1,169 0.14 Notes 9/6/2022 2,596 0.30 £2,700,000 SSE 3.875% Perpetual Bonds 2,472 0.29 £1,225,000 Toyota Motor Credit 4% Guaranteed Senior European £2,400,000 SSE 4.25% Guaranteed Senior European Medium Term Medium Term Notes 7/12/2017 1,282 0.15 Bonds 14/9/2021 2,635 0.31 £950,000 Transport for London 1.25% European Medium Term £1,650,000 SSE 5% Guaranteed Senior European Medium Term Notes 21/11/2017 953 0.11 Notes 1/10/2018 1,785 0.21 £2,575,000 Transport for London 2.125% Bonds 24/4/2025 2,567 0.30 £1,700,000 SSE 5.875% Guaranteed Senior Bonds 22/9/2022 2,036 0.24 £3,100,000 Transport for London 2.25% Guaranteed European £2,350,000 Stagecoach 4% Bonds 29/9/2025 2,361 0.27 Medium Term Notes 9/8/2022 3,197 0.37 £2,400,000 Standard Chartered 7.75% Guaranteed Subordinated £2,925,000 UBS 6.625% Guaranteed Senior European Medium Term European Medium Term Bonds 3/4/2018 2,592 0.30 Notes 11/4/2018 3,239 0.38 £900,000 Svenska Handelsbanken 1.875% Senior European £750,000 Unilever 2% Guaranteed European Medium Term Notes Medium Term Notes 29/8/2017 905 0.11 19/12/2018 770 0.09 £1,600,000 Svenska Handelsbanken 2.375% European Medium £1,250,000 Unilever 4.75% Guaranteed European Medium Term Term Notes 18/1/2022 1,605 0.19 Notes 16/6/2017 1,310 0.15

115 BlackRock Collective Investment Funds 116 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 £000’s Assets Value Investment £000’s Assets £500,000 United Utilities Water 5.375% Guaranteed Senior £4,200,000 Western Power Distribution 5.25% Senior European European Medium Term Bonds 14/5/2018 541 0.06 Medium Term Bonds 17/1/2023 4,826 0.56 £2,325,000 United Utilities Water 5.75% Guaranteed Senior £1,550,000 Western Power Distribution 6% European Medium European Medium Term Bonds 25/3/2022 2,769 0.32 Term Notes 9/5/2025 1,927 0.22 £1,120,000 Vattenfall 6.125% Guaranteed Senior European Medium £2,600,000 Western Power Distribution West Midlands 3.875% Term Bonds 16/12/2019 1,279 0.15 Senior European Medium Term Notes 17/10/2024 2,777 0.32 £275,000 Vector 7.625% Guaranteed European Medium Term £2,600,000 Westpac Banking 2.625% European Medium Term Notes Bonds 14/1/2019 311 0.04 14/12/2022 2,591 0.30 £4,551,000 Verizon Communications 4.073% Senior Notes 18/6/2024 4,850 0.56 £2,300,000 Westpac Banking 5% Guaranteed Senior European £1,000,000 Virgin Money 2.25% Guaranteed Medium Term Notes Medium Term Notes 21/10/2019 2,537 0.30 21/4/2020 983 0.11 £650,000 Westpac Securities 2.5% European Medium Term Notes £2,000,000 Vodafone 5.375% Guaranteed Senior European Medium 13/1/2021 644 0.07 Term Notes 5/12/2017 2,115 0.25 £2,950,000 Whitbread 3.375% Bonds 16/10/2025 2,936 0.34 £1,800,000 Vodafone 5.625% Guaranteed Senior European Medium £2,750,000 Wm Morrison Supermarkets 4.625% Guaranteed Term Bonds 4/12/2025 2,084 0.24 European Medium Term Bonds 8/12/2023 2,720 0.32 £1,325,000 Vodafone 8.125% Guaranteed Senior European Medium £1,225,000 WPP 6% Guaranteed Bonds 4/4/2017 1,280 0.15 Term Notes 26/11/2018 1,536 0.18 £875,000 WPP Finance 6.375% Guaranteed Bonds 6/11/2020 1,035 0.12 £1,050,000 Volkswagen 1.75% Bonds 17/4/2020 1,013 0.12 £1,875,000 Xstrata Canada Financial 7.375% Guaranteed European £875,000 Volkswagen Financial Services 1.75% Guaranteed Medium Term Bonds 27/5/2020 1,798 0.21 European Medium Term Notes 21/8/2017 868 0.10 £850,000 Yorkshire Building Society 4.125% European Medium £900,000 Volkswagen Financial Services 2.375% Guaranteed Term Notes 20/11/2024 829 0.10 European Medium Term Notes 13/11/2018 897 0.10 731,212 85.09 £1,200,000 Volkswagen Financial Services 2.625% Guaranteed European Medium Term Notes 22/7/2019 1,199 0.14 UK Sterling Denominated Variable Rate Corporate Bonds – 12.76%; 2015 14.59% £950,000 Volkswagen Financial Services 2.75% Guaranteed £1,923,000 America Movil 6.375% Subordinated Floating Rate Notes European Medium Term Notes 2/10/2020 952 0.11 6/9/2073 1,895 0.22 £1,525,000 Wales & West Utilities Finance 4.625% Guaranteed £3,250,000 Assicurazioni Generali 6.416% Guaranteed Perpetual Bonds 13/12/2023 1,729 0.20 Subordinated Floating Rate Bonds 2,930 0.34 £1,750,000 Wales & West Utilities Finance 6.25% Guaranteed £1,725,000 Aviva 5.9021% Guaranteed Perpetual Subordinated Bonds 30/11/2021 2,120 0.25 Floating Rate Bonds 1,651 0.19 £1,425,000 Walgreens Boots Alliance 2.875% Bonds 20/11/2020 1,426 0.17 £5,050,000 Aviva 6.125% Guaranteed Perpetual Floating Rate Bonds 4,850 0.56 £2,000,000 Walgreens Boots Alliance 3.6% Bonds 20/11/2025 1,965 0.23 £2,750,000 Aviva 6.625% Guaranteed Subordinated Floating Rate £1,940,000 Wellcome Trust Finance 4.75% Guaranteed Bonds European Medium Term Bonds 3/6/2041 2,876 0.33 28/5/2021 2,264 0.26 £725,000 AXA 6.772% Guaranteed Perpetual Subordinated £4,850,000 Wells Fargo 2.125% European Medium Term Note Floating Rate European Medium Term Bonds 747 0.09 22/4/2022 4,721 0.55 £300,000 Barclays 6.375% Perpetual Variable Rate Bonds 302 0.04 £5,000,000 Wells Fargo 5.25% Guaranteed Subordinated European £1,675,000 Barclays 6.75% Guaranteed Subordinated Floating Rate Medium Term Bonds 1/8/2023 5,560 0.65 European Medium Term Bonds 16/1/2023 1,738 0.20 £2,000,000 Wessex Water 4% Guaranteed Bonds 24/9/2021 2,178 0.25 £650,000 Barclays 7.125% Guaranteed Perpetual Subordinated £1,000,000 Western Power 9.25% Bonds 9/11/2020 1,310 0.15 Floating Rate Bonds 689 0.08 £3,150,000 Western Power Distribution 3.625% Bonds 6/11/2023 3,184 0.37 £525,000 Barclays 8.25% Guaranteed Perpetual Subordinated Floating Rate European Medium Term Bonds 557 0.06

117 BlackRock Collective Investment Funds 118 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 £000’s Assets Value Investment £000’s Assets £2,150,000 BG Energy Capital 6.5% Guaranteed Floating Rate £1,025,000 Lloyds Bank 5.75% Guaranteed Subordinated Floating European Medium Term Notes 30/11/2072 2,219 0.26 Rate European Medium Term Bonds 9/7/2025 1,068 0.12 £950,000 BNP Paribas 7.436% Guaranteed Perpetual £2,700,000 Marks & Spencer 4.75% European Medium Term Bonds Subordinated Floating Rate Bonds 980 0.11 12/6/2025 2,857 0.33 £1,200,000 Bupa Finance 6.125% Guaranteed Perpetual Floating £2,800,000 Munich Re 6.625% Guaranteed Subordinated Floating Rate Bonds 1,229 0.14 Rate European Medium Term Notes 26/5/2042 3,099 0.36 £2,000,000 CNP Assurances 7.375% Floating Rate Bonds 30/9/2041 2,142 0.25 £1,170,000 Munich Re 7.625% Guaranteed Subordinated Floating £430,000 Commonwealth Bank of Australia 4.875% Floating Rate Rate Bonds 21/6/2028 1,279 0.15 European Medium Term Bonds 19/12/2023 453 0.05 £1,100,000 National Australia Bank 7.125% Variable Rate £400,000 Crédit Agricole 5% Perpetual European Medium Term Subordinated European Medium Term Bonds 12/6/2023 1,192 0.14 Floating Rate Notes 400 0.05 £1,175,000 National Capital Trust 5.62% Guaranteed Perpetual £1,225,000 Danske Bank 5.375% Guaranteed Subordinated Floating Floating Rate Bonds 1,172 0.14 Rate European Medium Term Bonds 29/9/2021 1,246 0.14 £6,500,000 NGG Finance 5.625% Floating Rate Notes 18/6/2073 6,413 0.75 £3,225,000 Direct Line Insurance 9.25% Guaranteed Floating Rate £3,950,000 Orange 5.75% Perpetual European Medium Term Notes 3,797 0.44 Bonds 27/4/2042 3,791 0.44 £4,200,000 Orange 5.875% Perpetual Subordinated Floating Rate £1,270,000 DNB Bank 6.0116% Guaranteed Perpetual Subordinated Notes 4,086 0.48 Floating Rate Bonds 1,269 0.15 £1,500,000 Prudential 11.375% Guaranteed Subordinated Floating £7,700,000 Électricité de France 6% Perpetual Subordinated Rate European Medium Term Bonds 29/5/2039 1,828 0.21 Floating Rate Bonds 6,535 0.76 £2,100,000 QBE Capital Funding 7.5% Variable Rate Guaranteed £1,550,000 ELM 6.3024% Guaranteed Perpetual Floating Rate Bonds 24/5/2041 2,205 0.26 European Medium Term Bonds 1,555 0.18 £1,275,000 Rabobank Capital Funding Trust IV 5.556% Guaranteed £1,000,000 ENGIE 4.625% Perpetual Floating Rate Notes 1,003 0.12 Perpetual Floating Rate Bonds 1,275 0.15 £750,000 Friends Life 6.875% Guaranteed Perpetual Floating £2,600,000 RL Finance 6.125% Guaranteed Floating Rate Notes Rate Bonds 759 0.09 30/11/2043 2,608 0.30 £1,000,000 HSBC 5% Guaranteed Subordinated Floating Rate £1,075,000 RSA Insurance 6.701% Guaranteed Perpetual Floating European Medium Term Notes 20/3/2023 1,027 0.12 Rate Bonds 1,091 0.13 £2,150,000 HSBC 5.375% Guaranteed Subordinated Floating Rate £1,975,000 RSA Insurance 9.375% Guaranteed Floating Rate Bonds European Medium Term Bonds 4/11/2030 2,215 0.26 20/5/2039 2,256 0.26 £1,000,000 HSBC 5.862% Guaranteed Perpetual Floating Rate Bonds 995 0.12 £350,000 Santander UK 9.625% Guaranteed Subordinated Floating £3,250,000 HSBC 6.375% Guaranteed Subordinated Floating Rate Rate European Medium Term Bonds 30/10/2023 403 0.05 European Medium Term Bonds 18/10/2022 3,393 0.39 £1,275,000 Society of Lloyd’s 7.421% Guaranteed Perpetual £2,874,000 ING Bank 6.875% Guaranteed Floating Rate European Subordinated Floating Rate Bonds 1,286 0.15 Medium Term Bonds 29/5/2023 3,098 0.36 £1,577,000 Standard Chartered 5.375% Perpetual Subordinated £1,325,000 Legal & General 5.875% Guaranteed Perpetual Floating Rate European Medium Term Bonds 1,417 0.16 Subordinated Floating Rate European Medium Term £1,200,000 Standard Chartered 7.75% Guaranteed Perpetual Bonds 1,323 0.15 Floating Rate Subordinated European Medium Term £1,900,000 Legal & General 6.385% Guaranteed Perpetual Bonds 1,222 0.14 Subordinated Floating Rate Bonds 1,897 0.22 £3,250,000 Standard Life 5.5% Variable Rate European Medium £2,100,000 Legal & General 10% Guaranteed Subordinated Floating Term Bonds 4/12/2042 3,267 0.38 Rate European Medium Term Bonds 23/7/2041 2,606 0.30 £1,220,000 Standard Life 6.546% Guaranteed Perpetual Floating £2,050,000 Liverpool Victoria Friendly Society 6.5% Subordinated Rate Bonds 1,242 0.14 Floating Rate Notes 22/5/2043 1,909 0.22

119 BlackRock Collective Investment Funds 120 Corporate Bond 1-10 Year Portfolio Statement continued Corporate Bond 1-10 Year Statement of Total Return for the year ended 29 February 2016

Holding or Market % of For the year For the year to Nominal Value Total Net to 29.2.2016 28.2.2015 Value Investment £000’s Assets Notes £000’s £000’s £000’s £000’s £275,000 Suncorp Insurance Funding 6.25% Medium Term Income Floating Rate Notes 13/6/2027 273 0.03 Net capital (losses)/gains 3 (32,251) 30,042 £438,000 UBS Jersey Branch 6.375% Subordinated Floating Rate Revenue 4 32,330 31,103 European Medium Term Bonds 19/11/2024 494 0.06 Expenses 5 (732) (758) £600,000 Wales & West Utilities Finance 6.75% Guaranteed Interest payable and similar Floating Rate European Medium Term Notes 17/12/2036 666 0.08 charges 6 – (1) £2,970,000 Zurich Finance (UK) Variable Rate 6.625% Guaranteed Perpetual Notes 3,099 0.36 Net revenue before taxation 31,598 30,344 Taxation 7 – – 109,874 12.76 Net revenue after taxation 31,598 30,344 Portfolio of investments 841,086 97.85 Total return before distributions (653) 60,386 CASH EQUIVALENT Distributions 8 (31,598) (30,344) Short-term Money Market Funds – 0.30%; 2015 0.64% Change in net assets 2,619,097 Institutional Cash Series plc – Institutional Sterling attributable to unitholders Liquidity Fund* 2,619 0.30 from investment activities (32,251) 30,042 Net other assets 15,878 1.85 Total net assets 859,583 100.00 Corporate Bond 1-10 Year Statement of Change in Net Assets Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. *Managed by related party. Attributable to Unitholders for the year ended 29 February 2016 Note: comparative figures show percentages for each category of holding at 28 February 2015.

For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 868,779 719,466 Amounts receivable on issue of units 83,239 143,774 Amounts payable on cancellation of units (85,179) (49,418) (1,940) 94,356 Change in net assets attributable to unitholders from investment activities (32,251) 30,042 Retained distribution on accumulation units 24,995 24,915 Closing net assets attributable to unitholders 859,583 868,779

121 BlackRock Collective Investment Funds 122 Corporate Bond 1-10 Year Balance Sheet Corporate Bond 1-10 Year Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

1. Accounting and Distribution Policies 29.2.2016 28.2.2015 Notes £000’s £000’s The accounting and distribution policies are set out on pages 4 to 8. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 9 to 37. – Investment assets 841,086 846,158 Current assets 3. Net Capital (Losses)/Gains – Debtors 9 19,077 25,582 For the year For the year – Cash and bank balances 494 802 to 29.2.2016 to 28.2.2015 £000’s £000’s – Cash equivalents 10 2,619 5,533 The net capital (losses)/gains comprise: Total assets 863,276 878,075 (Losses)/gains on non-derivative securities (32,247) 30,047 Liabilities: Creditors Custodian transaction costs (4) (5) – Distributions payable (3,127) (3,041) Net capital (losses)/gains (32,251) 30,042 – Other creditors 11 (566) (6,255) 4. Revenue Total liabilities (3,693) (9,296) For the year For the year Net assets attributable to unitholders 859,583 868,779 to 29.2.2016 to 28.2.2015 £000’s £000’s Interest from overseas fixed interest securities 15,487 14,973 N C D Hall (Director) Interest from UK bank deposits 1 1 G D Bamping (Director) Interest from UK fixed interest securities 16,803 16,088 BlackRock Fund Managers Limited 28 April 2016 Revenue from short-term money market funds 20 19 Securities lending revenue 19 22 Total revenue 32,330 31,10 3

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

(a) Analysis of tax charge Details of the interim and final distributions per unit are set out in the tables on page 102. For the year For the year to 29.2.2016 to 28.2.2015 9. Debtors £000’s £000’s 29.2.2016 28.2.2015 Corporation tax – – £000’s £000’s Total current tax charge [see note 7(b)] – – Accrued revenue 19,016 19,182 Amounts receivable for issue of units 61 112

Sales awaiting settlement – 6,288 Total debtors 19,077 25,582

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

10. Cash Equivalents The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of the Fund in any or all of the following collateral agents and central securities depositaries: Bank of 29.2.2016 28.2.2015 £000’s £000’s New York Mellon and Euroclear, depending on the type of collateral the counterparty needs to give as per the schedule in order to cover the required value of exposure. Investments in short-term money market funds 2,619 5,533 Total cash equivalents 2,619 5,533 The Investment Manager monitors the fair value of the securities loaned and additional collateral is obtained, if necessary. 11. Other Creditors Securities lending revenue is split between the Fund and the securities lending agent in the ratio 29.2.2016 28.2.2015 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s £000’s £000’s share. Accrued Audit fee 7 7 The securities lending revenue earned during the year, the value of securities on loan at the year Accrued FCA fee 1 1 end and the value of collateral held at the year end for the Fund are shown below: Accrued Manager’s charge 92 153 29.2.2016 28.2.2015 Accrued Safe custody fees 22 19 £000’s £000’s Accrued Trustee’s fee 8 16 Revenue earned during the year 19 22 Amounts payable for cancellation of units 435 458 Value of securities on loan at the year end 24,996 9,887 Custodian transaction costs 1 2 Value of collateral held on behalf of the Fund at the year end 27,087 10,589 Purchases awaiting settlement – 5,599 Total other creditors 566 6,255 The Fund’s securities lending borrowing counterparties are Barclays Bank Plc, BNP Paribas Arbitrage, Citigroup, HSBC and Morgan Stanley & Co. 12. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). 14. Related Parties Parties are considered to be related if one party has the ability to control the other party or 13. Efficient Portfolio Management Techniques exercise significant influence over the other party in making financial or operational decisions. The Fund may engage in derivative transactions for the purposes of efficient portfolio management. The following entities were related parties of the Fund during the year ended 29 February 2016: The Fund may, subject to the conditions and within the limits laid down by the Financial Manager/Registrar: BlackRock Fund Managers Limited Conduct Authority and the Prospectus, engage in securities lending and employ techniques and Investment Manager: BlackRock Investment Management (UK) Limited instruments relating to transferable securities for efficient portfolio management purposes. Securities lending agent: BlackRock Advisors (UK) Limited

The securities lending agent appointed pursuant to the securities lending agreement is BlackRock The ultimate holding company of the Manager, Investment Manager and securities lending agent Advisors (UK) Limited which is a related party to the Fund. is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity to the Fund during the years ended 29 February 2016 and 28 February 2015. allows for 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 The Manager acts as either principal or agent for the Trustee in respect of all transactions of units default. of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any During the year the Fund engaged in securities lending. The Fund receives either cash collateral or amounts due to or from the Manager at the year end are disclosed in notes 9 and 11. Management securities as collateral for a value in excess of the market value of the securities loaned. As at the fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. balances due at the year end in respect of these fees are shown in note 11. Securities lending revenue earned by the Fund is disclosed in notes 3 and 13.

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

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 For the year ended 29 February 2016 BlackRock Group), which may result in the Fund benefiting from research or execution services Direct Transaction Costs 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 Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % extent permitted by applicable law: research reports on companies, industries and securities; and Debt instruments 257,383 – – – – 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, Total purchases 257,383 – – it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into Total purchases including these arrangements with brokers who are not affiliated to the BlackRock Group. transaction costs 257,383

For holdings in Institutional Cash Series plc (“ICS”), there will be no initial charges or redemption Direct Transaction Costs charges payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees and expenses which may include fixed management fees, performance fees, Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % administration fees and custodial fees. Debt instruments 219,394 2 – – – The Fund may invest in other CIS, which may or may not be operated and/or managed by an affiliate Total sales 219,394 2 – of the Manager. As an investor in such other CIS, in addition to the fees, costs and expenses Total sales net of transaction costs 219,392 payable by a unitholder in the Funds, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management and administration and other expenses. However, in respect of investments made in any other Total transaction costs 2 – investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, Total transaction costs in classes of the underlying funds which are not subject to any management charges. Alternatively, as a % of average net assets 0.00% 0.00% where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not be subject to any preliminary/initial sales fee in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, although it may be subject to duties and charges in respect of subscriptions and redemptions in such investment funds.

The Fund’s investments in other BlackRock related party entities are individually identified in the portfolio statement.

As at 29 February 2016 and 28 February 2015, none of the unitholders:

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

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

129 BlackRock Collective Investment Funds 130 Corporate Bond 1-10 Year Notes to Financial Statements continued

For the year ended 28 February 2015 16. Units in Issue

Direct Transaction Costs The movement in units in issue for the year ended 29 February 2016 is as follows:

Transaction Value Commissions Taxes A Accumulation L Accumulation X Accumulation D Accumulation Purchases (excluding derivatives) £000’s £000’s % £000’s % Units Units Units Units Debt instruments 309,287 1 0.00 – – Balance at the beginning of the year 1,255,004 214,932,105 448,995,363 18,651,110 Total purchases 309,287 1 – Issued during the year 55,773 13,835,271 38,797,4 40 12,720,730 Total purchases including Cancelled during the year (366,813) (42,284,868) (21,467,360) (2,288,228) transaction costs 309,288 Converted during the year (522,926) (749) – 522,024 Balance at the end of the year 421,038 186,481,759 466,325,443 29,605,636 Direct Transaction Costs Transaction Value Commissions Taxes Revenue is allocated each day pro rata to the capital value of assets attributable to each class and Sales (excluding derivatives) £000’s £000’s % £000’s % taxation is computed by reference to the net revenue after expenses attributable to each class. The Debt instruments 186,461 2 0.00 – – distribution per unit class is given in the distribution tables. All unit classes have the same rights Total sales 186,461 2 – on winding up. Total sales net of transaction costs 186,459 17. Post Balance Sheet Events

Total transaction costs 3 – There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. Total transaction costs as a % of average net assets 0.00% 0.00%

Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.65% (28 February 2015 – 0.59%).

131 BlackRock Collective Investment Funds 132 BlackRock Corporate Bond Tracker Fund Corporate Bond Tracker Fund

About the Fund This Annual Report covers the year ended 29 February 2016.

The BlackRock Corporate Bond Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Performance Table Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was authorised For the year For the three years For the five years by the Financial Conduct Authority on 28 April 2010 and was launched on 30 June 2010. to 29.2.2016 to 29.2.2016 to 29.2.2016 TOTAL Return Investment Objective & Policy (with net income reinvested) Class L Accumulation Units# The aim of the Fund is to seek to achieve a total return for investors by tracking closely the performance BlackRock Corporate Bond Tracker Fund -1.4% +12.3% +34.3% of the Markit iBoxx GBP Non-Gilts Overall TR Index by investing in fixed income securities contained in Markit iBoxx GBP Non-Gilts Overall the Index. Investment will be made directly into constituent issues and via other transferable securities TR Index* -0.3% +15.0% +38.5% giving exposure to such issues. The Fund may also invest in permitted money-market instruments, 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. permitted deposits and units in collective investment schemes. Derivatives and forward transactions Performance returns are cumulative. All returns are in Sterling. * Figures from Index Vendor. Please note that the Fund’s benchmark index, the Markit iBoxx GBP Non-Gilts Overall TR Index was may be used for the purposes of efficient portfolio management. previously referred to as the iBoxx £ Non Gilts Overall TR Index. This is a clarificatory update and does not represent a change in the Fund’s benchmark index. # D Accumulation class was renamed as L Accumulation class during June 2012. Risk and Reward Profile 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. Lower risk Higher risk Typically lower rewards Typically higher rewards Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is Unit Class not a guide to future performance and should not be the sole factor of consideration when selecting a product. 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 Income 1 2 3 4 5 6 7 D Accumulation 1 2 3 4 5 6 7 H Income 1 2 3 4 5 6 7 H Accumulation 1 2 3 4 5 6 7

`` The risk indicator was calculated incorporating 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.

133 BlackRock Collective Investment Funds 134 Corporate Bond Tracker Fund continued

Cash management, sampling techniques, efficient portfolio management techniques including securities The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, every security or the exact concentration of a security in the benchmark index, but will aim to track these impacts can be either positive or negative depending on the underlying circumstances. the benchmark index as closely as possible and may use optimisation techniques to achieve their investment objective. A fund’s tracking difference may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time Cash management, sampling techniques, efficient portfolio management techniques including the relevant markets close for business, the tracking difference of the Fund at its valuation point may securities lending and transaction costs from rebalancing can also have an impact on tracking error appear to be higher than if the Fund and the benchmark index were priced at the same time. as well as the return differential between the Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. The table below compares the realised Fund performance against the performance of the relevant benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time the Fund return Benchmark return relevant markets close for business, the tracking error of the Fund at its valuation point may appear for the year for the year Tracking to be higher than if the Fund and the benchmark index were priced at the same time. to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Before costs and after adjusting for a) the The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex difference in valuation point of the Fund ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking and the pricing point of the benchmark error is annualised and calculated using data from the preceding 36 month observation period. index b) the tax incurred by the Fund which is not included in the benchmark index, Anticipated Realised the performance of the Fund relative to Tracking Error Tracking Error Explanation for difference the benchmark index has been in line with The Fund has tracked its benchmark index within its anticipated -1.38%* -0.30% -1.08% expectations. Up to 3.00%* 0.83%* tracking error. * Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units.

135 BlackRock Collective Investment Funds 136 Corporate Bond Tracker Investment Report Corporate Bond Tracker Performance Record

Summary of Performance over the Period Comparative Table

During the period from 1 March 2015 to 29 February 2016, the Fund returned -1.4%,* compared with A Accumulation Units L Income Units its benchmark, the Markit iBoxx GBP Non-Gilts Overall TR Index, which returned -0.3%. Before costs For the period For the period For the year For the year For the year For the year and after adjusting for a) the difference in valuation point of the Fund and the pricing point of the from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 benchmark index, and b) the tax incurred by the Fund which is not included in the benchmark index, to 28.2.2014 to 28.2.2014

the performance of the Fund relative to its benchmark index has been in line with expectations. Over Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit the six-month period to 29 February 2016, the Fund returned 0.8%,* underperforming its benchmark, Change in net assets per unit which returned 1.7%. Opening net asset value per unit 13 6 .1 123.2 119.0 127.9 118.7 118.7 Fund Manager’s Commentary Return before operating charges (1.37) 13.57 4.83 (1.31) 12.83 4.05 The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s Operating charges (0.70) (0.67) (0.63) (0.27) (0.27) (0.26) economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Return after operating charges (2.07) 12.90 4.20 (1.58) 12.56 3.79 Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by Distributions on income units N/A N/A N/A (3 .14) (3.36) (3.79)

0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s Closing net asset value per unit 134.0 13 6 .1 123.2 123.2 127.9 118.7 growing confidence in employment and inflation prospects. By contrast, the European Central Bank Retained distributions on extended its asset-purchase programme for another few months, as the region’s economy struggled accumulation units 3.05 3.21 3.50 N/A N/A N/A

to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 lowered benchmark rates in a bid to stimulate growth. Performance

Corporate-bond markets ended the year largely flat. Although US policymakers increased interest Return after charges1 (1.52)% 10.47% 3.53% (1.24)% 10.58% 3 .19 % rates, signs of slowing global growth pushed out expectations of more rate hikes. This, combined with ongoing low rates in the UK and Europe, lent some support to credit markets. Late in the period, Other information European credit spreads (the yield differential between investment grade and government bonds) Closing net asset value (£000’s) 5,064 8,533 20,292 9,070 22,777 23,620 widened, with financial bonds particularly affected. Closing number of units 3,777,852 6,269,087 16,475,133 7,363,125 17,802,765 19,901,063

Operating charges2 0.52% 0.52% 0.52% 0.22% 0.22% 0.22% The Fund is structured to track the Markit iBoxx GBP Non-Gilts Overall TR Index closely, so its portfolio Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% remains positioned so that its risk characteristics are similar to those of the Index. Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

March 2016 Highest offer unit price 146.7 14 8 .1 133.4 131.4 133.2 125.3

Lowest bid unit price 131.1 122.8 117.6 121.9 118.2 115 .1 * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. * 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. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 14 for further details.

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

Comparative Table Comparative Table

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

For the period For the period For the period For the period For the year For the year For the year For the year For the year For the year For the year For the year from 1.2.2013* from 1.2.2013* from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 28.2.2014 to 28.2.2014 to 28.2.2014 to 28.2.2014

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 Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 137.8 124.4 119.8 115.2 106.8 107.0 Opening net asset value per unit 124.5 112.2 107.3 125.9 116.8 116.9

Return before operating charges (1.46) 13.69 4.87 (1.29) 11.64 3.39 Return before operating charges (1.37) 12.32 4.92 (1.33) 12.67 3.82

Operating charges (0.30) (0.29) (0.27) (0.02) (0.02) (0.02) Operating charges (0.02) (0.02) (0.02) (0.21) (0.21) (0.20)

Return after operating charges (1.76) 13.40 4.60 (1.31) 11.62 3.37 Return after operating charges (1.39) 12.30 4.90 (1.54) 12.46 3.62

Distributions on income units N/A N/A N/A (3.03) (3.22) (3.57) Distributions on income units N/A N/A N/A (3 .14) (3.36) (3.72)

Closing net asset value per unit 136.0 137.8 124.4 110.9 115.2 106.8 Closing net asset value per unit 12 3 .1 124.5 112.2 121.2 125.9 116.8

Retained distributions on Retained distributions on accumulation units 3.43 3.57 3.84 N/A N/A N/A accumulation units 3.30 3.41 3.65 N/A N/A N/A

After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00

Performance Performance

Return after charges1 (1.28)% 10.77% 3.84% (1.14)% 10.88% 3 .15 % Return after charges1 (1.12)% 10.96% 4.57% (1.22)% 10.66% 3 .10 %

Other information Other information

Closing net asset value (£000’s) 893,212 757,594 572,834 – 26,093 28,961 Closing net asset value (£000’s) 82,758 75,326 14,425 51,933 34,908 44,063

Closing number of units 656,586,924 549,723,052 460,473,275 90 22,651,285 2 7,118 ,119 Closing number of units 67,223,241 60,494,444 12,853,999 42,842,378 27,716,034 37,710,690

Operating charges2 0.22% 0.22% 0.22% 0.02% 0.02% 0.02% Operating charges2 0.02% 0.02% 0.02% 0 .17 % 0 .17 % 0 .17 %

Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Highest offer unit price 141.5 142.8 12 8 .1 118.2 121.0 113.5 Highest offer unit price 127.7 128.9 115.3 129.3 131.1 123.3

Lowest bid unit price 132.8 124.0 118.6 110.3 106.5 103.5 Lowest bid unit price 12 0 .1 111.9 106.9 120.0 116.4 113.3

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to * 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. consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 14 for further details. of equity instruments. See note 14 for further details.

139 BlackRock Collective Investment Funds 140 Corporate Bond Tracker Performance Record continued

Comparative Table Comparative Table

D Accumulation Units H Income Units H Accumulation Units

For the period For the period For the period For the year For the year For the year For the year For the year from 1.2.2013* from 28.3.2013^ from 26.2.2014^ to 29.2.2016 to 28.2.2015 to 29.2.2016 to 29.2.2016 to 28.2.2015 to 28.2.2014 to 28.2.2014 to 28.2.2014

Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 13 6 .1 122.8 118.7 107.3 100.0 Opening net asset value per unit 109.6 99.00 100.0

Return before operating charges (1.48) 13.52 4.31 (1.22) 10.09 Return before operating charges (1.21) 10.72 (0.88)

Operating charges (0.23) (0.22) (0.21) (0 .14) (0 .12 ) Operating charges (0 .13) (0 .12 ) (0 .12 )

Return after operating charges (1.71) 13.30 4 .10 (1.36) 9.97 Return after operating charges (1.34) 10.60 (1.00)

Distributions on income units N/A N/A N/A (2.70) (2.67) Closing net asset value per unit 108.3 109.6 99.00

Closing net asset value per unit 134.4 13 6 .1 122.8 103.2 107.3 Retained distributions on accumulation units 2.81 2.83 0.00

Retained distributions on accumulation units 3.44 3.57 3.83 N/A N/A After direct transaction costs of 0.00 0.00 0.00

After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 Performance

Performance Return after charges1 (1.22)% 10.71% (1.00)%

Return after charges1 (1.26)% 10.83% 3.45% (1.27)% 9.97% Other information

Other information Closing net asset value (£000’s) 54,901 7,326 –

Closing net asset value (£000’s) 104,310 101,974 40,403 2,418 758 Closing number of units 50,711,312 6,685,056 100

Closing number of units 77,615,747 74,913,259 32,892,939 2,342,503 707,020 Operating charges2 0 .12 % 0 .12 % 0 .12 %

Operating charges2 0 .17 % 0 .17 % 0 .17 % 0 .12 % 0 .12 % Direct transaction costs3 0.00% 0.00% 0.00%

Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% Prices Pence per unit Pence per unit Pence per unit

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 118 .1 119.2 105.0

Highest offer unit price 139.7 141.0 126.4 115.6 118.3 Lowest bid unit price 105.6 98.55 98.96

Lowest bid unit price 131.2 122.5 117.1 102.6 98.94 ^ The date of commencement of operations. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing consolidate the publication of the reports. prices (the price at which units are sold). ^ The date of commencement of operations. 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing depositary and entry/exit charges paid to an underlying collective investment scheme (if any). prices (the price at which units are sold). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for of equity instruments. See note 14 for further details. further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 14 for further details.

141 BlackRock Collective Investment Funds 142 Corporate Bond Tracker Distribution Tables for the year ended 29 February 2016

Final Distribution in Pence per Unit Eleventh Distribution in Pence per Unit

A Accumulation Class L Income Class Group 1 – Units purchased prior to 1 September 2015 Group 1 – Units purchased prior to 1 January 2016 Group 2 – Units purchased 1 September 2015 to 29 February 2016 Group 2 – Units purchased 1 January 2016 to 31 January 2016 L Income Class D Income Class Group 1 – Units purchased prior to 1 February 2016 Group 2 – Units purchased 1 February 2016 to 29 February 2016 Group 1 – Units purchased prior to 1 January 2016 Group 2 – Units purchased 1 January 2016 to 31 January 2016 L Accumulation Class Group 1 – Units purchased prior to 1 September 2015 L Income D Income Units Units Group 2 – Units purchased 1 September 2015 to 29 February 2016 Group 1 Group 2 Group 1 Group 2 X Income Class Gross Revenue 0.3331 0.3331 0.3330 0.1473 Group 1 – Units purchased prior to 1 September 2015 Income tax 0.0666 0.0666 0.0666 0.0295 Group 2 – Units purchased 1 September 2015 to 29 February 2016 Net revenue (interest) 0.2665 0.2665 0.2664 0.1178 X Accumulation Class Equalisation† – 0.0000 – 0.14 8 6 Group 1 – Units purchased prior to 1 September 2015 Distribution paid 29.2.2016 0.2665 0.2665 0.2664 0.2664 Group 2 – Units purchased 1 September 2015 to 29 February 2016 Distribution paid 28.2.2015 0.2788 0.2788 0.2786 0.2786 D Income Class Group 1 – Units purchased prior to 1 February 2016 Tenth Distribution in Pence per Unit Group 2 – Units purchased 1 February 2016 to 29 February 2016 L Income Class D Accumulation Class Group 1 – Units purchased prior to 1 December 2015 Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 December 2015 to 31 December 2015 Group 2 – Units purchased 1 September 2015 to 29 February 2016

H Income Class D Income Class Group 1 – Units purchased prior to 1 September 2015 Group 1 – Units purchased prior to 1 December 2015 Group 2 – Units purchased 1 September 2015 to 29 February 2016 Group 2 – Units purchased 1 December 2015 to 31 December 2015

H Accumulation Class L Income D Income Group 1 – Units purchased prior to 1 September 2015 Units Units Group 2 – Units purchased 1 September 2015 to 29 February 2016 Group 1 Group 2 Group 1 Group 2

A Accumulation L Income L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Gross Revenue 0.3329 0.1373 0.3328 0.1610 Units 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 Group 1 Group 2 Income tax 0.0666 0.0275 0.0666 0.0322

Gross Revenue 1.9084 0.7973 0.3109 0.2136 2 .142 6 0.8751 1.8973 1.5900 2.0613 1.0691 0.3109 0 .178 9 2 .14 9 9 1.14 4 5 1.6970 0.6475 1.7585 0.8810 Net revenue (interest) 0.2663 0.10 9 8 0.2662 0.128 8 Income tax 0.3817 0 .15 9 5 0.0622 0.0427 0.4285 0 .175 0 0.3795 0.3180 0.4123 0.2138 0.0622 0.0358 0.4300 0.2289 0.3394 0 .12 9 5 0.3517 0 .1762 Equalisation† – 0.1565 – 0.1374 Net revenue (interest) 1.5267 0.6378 0.2487 0 .170 9 1.7141 0.7001 1.5178 1.2720 1.6490 0.8553 0.2487 0 .14 31 1.7199 0.9156 1.3576 0.5180 1.4068 0.7048 Distribution paid 31.1.2016 0.2663 0.2663 0.2662 0.2662 Equalisation† – 0.8889 – 0.0778 – 1.0140 – 0.2458 – 0.7937 – 0 .10 5 6 – 0.8043 – 0.8396 – 0.7020 Distribution paid 31.1.2015 0.2737 0.2737 0.2734 0.2734 Distribution payable 30.4.2016^ 1.5267 1.5267 0.2487 0.2487 1.7141 1.7141 1.5178 1.5178 1.6490 1.6490 0.2487 0.2487 1.7199 1.7199 1.3576 1.3576 1.4068 1.4068

Distribution paid 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

^ L Income and D Income classes paid 31.3.2016. § L Income and D Income classes paid 31.3.2015.

143 BlackRock Collective Investment Funds 144 Corporate Bond Tracker Distribution Tables continued

Ninth Distribution in Pence per Unit Seventh Distribution in Pence per Unit

L Income Class L Income Class Group 1 – Units purchased prior to 1 November 2015 Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 November 2015 to 30 November 2015 Group 2 – Units purchased 1 September 2015 to 30 September 2015

D Income Class D Income Class Group 1 – Units purchased prior to 1 November 2015 Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 November 2015 to 30 November 2015 Group 2 – Units purchased 1 September 2015 to 30 September 2015

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 0.3251 0.3251 0.3255 0.13 8 9 Gross Revenue 0.3186 0.2229 0.3198 0.16 07 Income tax 0.0650 0.0650 0.0651 0.0278 Income tax 0.0637 0.0446 0.0640 0.0321 Net revenue (interest) 0.2601 0.2601 0.2604 0.1111 Net revenue (interest) 0.2549 0.178 3 0.2558 0.128 6 Equalisation† – 0.0000 – 0.14 9 3 3 Equalisation† – 0.0766 – 0.1272 Distribution paid 31.12.2015 0.2601 0.2601 0.2604 0.2604 Distribution paid 31.10.2015 0.2549 0.2549 0.2558 0.2558 Distribution paid 31.12.2014 0.2715 0.2715 0.2711 0.2711 Distribution paid 31.10.2014 0.2758 0.2758 0.2753 0.2753

Eighth Distribution in Pence per Unit

L Income Class Group 1 – Units purchased prior to 1 October 2015 Group 2 – Units purchased 1 October 2015 to 31 October 2015

D Income Class Group 1 – Units purchased prior to 1 October 2015 Group 2 – Units purchased 1 October 2015 to 31 October 2015

L Income D Income Units Units Group 1 Group 2 Group 1 Group 2 Gross Revenue 0.3324 0.10 35 0.3323 0.16 0 3 Income tax 0.0665 0.0207 0.0665 0.0321 Net revenue (interest) 0.2659 0.0828 0.2658 0.1282 Equalisation† – 0.18 31 – 0.1376 Distribution paid 30.11.2015 0.2659 0.2659 0.2658 0.2658 Distribution paid 30.11.2014 0.2926 0.2926 0.2921 0.2921

145 BlackRock Collective Investment Funds 146 Corporate Bond Tracker Distribution Tables continued

Sixth Distribution in Pence per Unit Fifth Distribution in Pence per Unit

A Accumulation Class L Income Class Group 1 – Units purchased prior to 1 March 2015 Group 1 – Units purchased prior to 1 July 2015 Group 2 – Units purchased 1 March 2015 to 31 August 2015 Group 2 – Units purchased 1 July 2015 to 31 July 2015 L Income Class Group 1 – Units purchased prior to 1 August 2015 D Income Class Group 2 – Units purchased 1 August 2015 to 31 August 2015 Group 1 – Units purchased prior to 1 July 2015 Group 2 – Units purchased 1 July 2015 to 31 July 2015 L Accumulation Class Group 1 – Units purchased prior to 1 March 2015 L Income D Income Group 2 – Units purchased 1 March 2015 to 31 August 2015 Units Units

X Income Class Group 1 Group 2 Group 1 Group 2 Group 1 – Units purchased prior to 1 March 2015 Gross Revenue 0.3326 0.3326 0.3325 0.170 0 Group 2 – Units purchased 1 March 2015 to 31 August 2015 Income tax 0.0665 0.0665 0.0665 0.0340 Net revenue (interest) 0.2661 0.2661 0.2660 0.136 0 X Accumulation Class Equalisation† – 0.0000 – 0.13 0 0 Group 1 – Units purchased prior to 1 March 2015 Group 2 – Units purchased 1 March 2015 to 31 August 2015 Distribution paid 31.8.2015 0.2661 0.2661 0.2660 0.2660 Distribution paid 31.8.2014 0.2906 0.2906 0.2901 0.2901 D Income Class Group 1 – Units purchased prior to 1 August 2015 Fourth Distribution in Pence per Unit Group 2 – Units purchased 1 August 2015 to 31 August 2015

D Accumulation Class L Income Class Group 1 – Units purchased prior to 1 March 2015 Group 1 – Units purchased prior to 1 June 2015 Group 2 – Units purchased 1 March 2015 to 31 August 2015 Group 2 – Units purchased 1 June 2015 to 30 June 2015 H Income Class D Income Class Group 1 – Units purchased prior to 1 March 2015 Group 1 – Units purchased prior to 1 June 2015 Group 2 – Units purchased 1 March 2015 to 31 August 2015 Group 2 – Units purchased 1 June 2015 to 30 June 2015 H Accumulation Class Group 1 – Units purchased prior to 1 March 2015 L Income D Income Units Units Group 2 – Units purchased 1 March 2015 to 31 August 2015 Group 1 Group 2 Group 1 Group 2 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 Units Units Gross Revenue 0.3184 0.3184 0.3184 0.15 4 4 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 Income tax 0.0637 0.0637 0.0637 0.0309 Gross Revenue 1.9078 1.2090 0.3356 0.3356 2.1399 1.5314 1.8939 1.2439 2.0586 1.2364 0.3356 0 .12 71 2 .14 6 6 1.0800 1.6718 0.7301 1.7561 0.8189

Income tax 0.3816 0.2418 0.0671 0.0671 0.4280 0.3063 0.3788 0.2488 0.4117 0.2473 0.0671 0.0254 0.4293 0.2160 0.3344 0 .14 6 0 0.3512 0 .16 3 8 Net revenue (interest) 0.2547 0.2547 0.2547 0.12 35

Net revenue (interest) 1.5262 0.9672 0.2685 0.2685 1.7119 1.2251 1.5151 0.9951 1.6469 0.9891 0.2685 0 .1017 1.7173 0.8640 1.3374 0.5841 1.4049 0.6551 Equalisation† – 0.0000 – 0.1312 Equalisation† – 0.5590 – 0.0000 – 0.4868 – 0.5200 – 0.6578 – 0 .16 6 8 – 0.8533 – 0.7533 – 0.7498 Distribution paid 31.7.2015 0.2547 0.2547 0.2547 0.2547 ^ Distribution paid 31.10.2015 1.5262 1.5262 0.2685 0.2685 1.7119 1.7119 1.5151 1.5151 1.6469 1.6469 0.2685 0.2685 1.7173 1.7173 1.3374 1.3374 1.4049 1.4049 Distribution paid 31.7.2014 0.2760 0.2760 0.2756 0.2756 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

^ L Income and D Income classes paid 30.9.2015. § L Income D Income class paid 30.9.2014.

147 BlackRock Collective Investment Funds 148 Corporate Bond Tracker Distribution Tables continued

Third Distribution in Pence per Unit First Distribution in Pence per Unit

L Income Class L Income Class Group 1 – Units purchased prior to 1 May 2015 Group 1 – Units purchased prior to 1 March 2015 Group 2 – Units purchased 1 May 2015 to 31 May 2015 Group 2 – Units purchased 1 March 2015 to 31 March 2015

D Income Class D Income Class Group 1 – Units purchased prior to 1 May 2015 Group 1 – Units purchased prior to 1 March 2015 Group 2 – Units purchased 1 May 2015 to 31 May 2015 Group 2 – Units purchased 1 March 2015 to 31 March 2015

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 0.3303 0.3303 0.3301 0.1470 Gross Revenue 0.3370 0.3370 0.3371 0.14 91 Income tax 0.0661 0.0661 0.0660 0.0294 Income tax 0.0674 0.0674 0.0674 0.0298 Net revenue (interest) 0.2642 0.2642 0.2641 0.1176 Net revenue (interest) 0.2696 0.2696 0.2697 0.119 3 Equalisation† – 0.0000 – 0.14 6 5 Equalisation† – 0.0000 – 0.15 0 4 Distribution paid 30.6.2015 0.2642 0.2642 0.2641 0.2641 Distribution paid 30.4.2015 0.2696 0.2696 0.2697 0.2697 Distribution paid 30.6.2014 0.2894 0.2894 0.2885 0.2885 Distribution paid 30.4.2014 0.2897 0.2897 0.2895 0.2895

† 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 Second Distribution in Pence per Unit income tax but must be deducted from the cost of units for capital gains tax purposes.

L Income Class Group 1 – Units purchased prior to 1 April 2015 Group 2 – Units purchased 1 April 2015 to 30 April 2015

D Income Class Group 1 – Units purchased prior to 1 April 2015 Group 2 – Units purchased 1 April 2015 to 30 April 2015

L Income D Income Units Units

Group 1 Group 2 Group 1 Group 2 Gross Revenue 0.3224 0.3224 0.3186 0.1326 Income tax 0.0645 0.0645 0.0637 0.0265 Net revenue (interest) 0.2579 0.2579 0.2549 0.10 61 Equalisation† – 0.0000 – 0.14 8 8 Distribution paid 31.5.2015 0.2579 0.2579 0.2549 0.2549 Distribution paid 31.5.2014 0.2790 0.2790 0.2785 0.2785

149 BlackRock Collective Investment Funds 150 Corporate Bond Tracker Portfolio Statement at 29 February 2016

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets BONDS – 99.04%; 2015 97.68% £825,000 Affinity Sutton 5.981% Guaranteed Senior European Medium Term Bonds 17/9/2038 1,102 0.09 UK Sterling Denominated Fixed Rate Corporate Bonds – 88.87%; 2015 86.80% £975,000 Affinity Water Finance 5.875% Guaranteed Bonds £883,000 3i 5.75% Guaranteed Senior European Medium Term 13/7/2026 1,224 0.10 Bonds 3/12/2032 1,011 0.08 £450,000 Affinity Water Programme Finance 4.5% Guaranteed £650,000 3i 6.875% Guaranteed Senior European Medium Term Senior European Medium Term Bonds 31/3/2036 501 0.04 Bonds 9/3/2023 776 0.06 £1,345,000 Affordable Housing Finance 3.8% European Medium £700,000 AA Bond 3.781% Senior European Medium Term Notes Term Notes 20/5/2044 1,616 0.13 31/7/2043 705 0.06 £702,000 Ahold Finance USA 6.5% Guaranteed European Medium £1,000,000 AA Bond 4.2487% Senior European Medium Term Notes Term Bonds 14/3/2017 735 0.06 31/7/2043 1,021 0.08 £1,450,000 AIG 5% Guaranteed Senior European Medium Term £1,050,000 AA Bond 4.7201% Senior European Medium Term Notes Bonds 26/4/2023 1,519 0.13 Bonds 2/7/2043 1,083 0.09 £1,800,000 Allianz Finance II 4.5% Guaranteed Bonds 13/3/2043 1,943 0.16 £1,100,000 AA Bond 6.269% Bonds 2/7/2043 1,265 0.11 £1,667,000 America Movil 4.375% Guaranteed Senior Bonds £2,025,000 Abbey National Treasury Services 1.875% European 7/8/2041 1,562 0.13 Medium Term Notes 17/2/2020 1,998 0.17 £732,000 America Movil 4.948% Senior European Medium Term £1,300,000 Abbey National Treasury Services 3.875% European Notes 22/7/2033 772 0.06 Medium Term Note 15/10/2029 1,322 0.11 £1,098,000 America Movil 5% Guaranteed Senior Bonds 27/10/2026 1,213 0.10 £650,000 Abbey National Treasury Services 4.125% Guaranteed £1,525,000 America Movil 5.75% Guaranteed Bonds 28/6/2030 1,754 0.15 European Medium Term Notes 14/9/2017 673 0.06 £1,150,000 American Honda Finance 2.625% European Medium £2,950,000 Abbey National Treasury Services 5.125% Guaranteed Term Notes 14/10/2022 1,172 0.10 European Medium Term Bonds 14/4/2021 3,432 0.28 £1,600,000 Amgen 4% Bonds 13/9/2029 1,632 0.14 £1,550,000 Abbey National Treasury Services 5.25% Guaranteed £1,000,000 Amgen 5.5% Senior Bonds 7/12/2026 1,170 0.10 European Medium Term Bonds 16/2/2029 2,002 0.17 £600,000 Anglian Water 6.625% Guaranteed Bonds 15/1/2029 819 0.07 £2,400,000 Abbey National Treasury Services 5.75% Guaranteed £700,000 Anglian Water 6.875% Guaranteed Bonds 21/8/2023 897 0.07 European Medium Term Bonds 2/3/2026 3,100 0.26 £450,000 Anglian Water Services Financing 4.5% Senior European £750,000 ABN AMRO 2.25% Senior European Medium Term Notes Medium Term Bonds 5/10/2027 511 0.04 11/9/2017 757 0.06 £525,000 Anglian Water Services Financing 5.837% Guaranteed £1,100,000 ABN AMRO 2.375% European Medium Term Notes European Medium Term Bonds 30/7/2022 634 0.05 7/12/2021 1,101 0.09 £490,000 Anglian Water Services Financing 6.293% Guaranteed £1,050,000 ABN AMRO 2.5% Senior European Medium Term Notes European Medium Term Bonds 30/7/2030 650 0.05 18/12/2018 1,069 0.09 £950,000 Anglo American Capital 6.875% Guaranteed European £150,000 ABN AMRO 4.875% European Medium Term Notes Medium Term Notes 1/5/2018 911 0.08 16/1/2019 163 0.01 £1,400,000 Anheuser-Busch InBev 4% Guaranteed European £1,150,000 ABP Finance 6.25% Guaranteed European Medium Medium Term Notes 24/9/2025 1,485 0.12 Term Bonds 14/12/2026 1,377 0.11 £1,500,000 Anheuser-Busch InBev 6.5% European Medium Term £575,000 Aegon 6.125% Guaranteed Senior European Medium Notes 23/6/2017 1,594 0.13 Term Bonds 15/12/2031 720 0.06 £1,225,000 Anheuser-Busch InBev 9.75% Guaranteed European £900,000 Aegon 6.625% Guaranteed Senior European Medium Medium Term Bonds 30/7/2024 1,805 0.15 Term Bonds 16/12/2039 1,169 0.10 £523,523 Annington Finance No 1 8% Asset Backed Bonds £425,000 Affinity Sutton 4.25% European Medium Term Bonds 2/10/2021 610 0.05 8/10/2042 454 0.04 £2,900,000 Annington Finance No 4 0% Bonds 7/12/2022 2,429 0.20

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 £000’s Assets Value Investment £000’s Assets £1,900,000 Annington Finance No 4 0% Guaranteed Bonds £1,700,000 AT&T 5.875% Guaranteed Senior Notes 28/4/2017 1,782 0.15 10/1/2023 1,555 0.13 £2,550,000 AT&T 7% Guaranteed Senior European Medium Term £530,000 Annington Finance No 4 8.07% Guaranteed Bonds Bonds 30/4/2040 3,250 0.27 10/1/2023 683 0.06 £1,000,000 Atlantia 6.25% Guaranteed European Medium Term £1,220,000 Annington Repackaging 5.3236% Guaranteed Bonds Bonds 9/6/2022 1,200 0.10 10/1/2023 1,355 0.11 £350,000 AusNet Services 7.125% Guaranteed European Medium £650,000 AP Moeller-Maersk 4% Senior European Medium Term Term Notes 26/6/2018 390 0.03 Notes 4/4/2025 638 0.05 £887,000 Aviva 5.125% European Medium Term Notes 4/6/2050 761 0.06 £1,675,000 Apple 3.05% Bonds 31/7/2029 1,654 0.14 £775,000 AXA 7.125% Guaranteed Subordinated Bonds 15/12/2020 891 0.07 £1,200,000 Apple 3.6% Bonds 31/7/2042 1,144 0.09 £700,000 BAE Systems 4.125% Senior Notes 8/6/2022 755 0.06 £1,775,000 APT Pipelines 3.5% Guaranteed Senior European £500,000 Bank Nederlandse Gemeenten 0.875% European Medium Term Notes 22/3/2030 1,539 0.13 Medium Term Notes 12/12/2016 500 0.04 £450,000 APT Pipelines 4.25% European Medium Term Bonds £750,000 Bank Nederlandse Gemeenten 1.375% European 26/11/2024 449 0.04 Medium Term Notes 9/12/2019 760 0.06 £1,100,000 Arkle Master Issuer 3.986% Guaranteed Mortgage £2,450,000 Bank Nederlandse Gemeenten 1.875% Guaranteed Backed Bonds 17/5/2060 1,163 0.10 European Medium Term Notes 7/12/2018 2,510 0.21 £800,000 Arkle Master Issuer 4.681% Guaranteed Mortgage £950,000 Bank Nederlandse Gemeenten 3.25% Guaranteed Backed Bonds 17/5/2060 824 0.07 European Medium Term Notes 29/11/2017 989 0.08 £450,000 Arqiva Financing 4.04% Bonds 30/6/2035 462 0.04 £150,000 Bank Nederlandse Gemeenten 4.5% Guaranteed Senior £1,250,000 Arqiva Financing 4.882% Bonds 31/12/2032 1,321 0.11 European Medium Term Bonds 20/2/2018 161 0.01 £230,335 Arsenal Securities 5.1418% Guaranteed Bonds 1/9/2029 256 0.02 £850,000 Bank Nederlandse Gemeenten 5.2% Guaranteed Senior £875,000 Artesian Finance II 6% Guaranteed Senior European European Medium Term Bonds 7/12/2028 1,123 0.09 Medium Term Bonds 30/9/2033 1,148 0.10 £925,000 Bank Nederlandse Gemeenten 5.375% Guaranteed £650,000 Asciano Finance 5% Guaranteed European Medium Senior European Medium Term Bonds 7/6/2021 1,117 0.09 Term Notes 19/9/2023 681 0.06 £600,000 Bank Nederlandse Gemeenten 5.75% Guaranteed £1,100,000 Asian Development Bank 1% Bonds 18/12/2018 1,106 0.09 Senior European Medium Term Bonds 18/1/2019 682 0.06 £400,000 Asian Development Bank 1.5% Senior European Medium £600,000 Bank of America 4.25% Senior European Medium Term Term Notes 15/12/2017 406 0.03 Notes 10/12/2026 645 0.05 £350,000 ASIF II 6.375% Guaranteed European Medium Term £1,400,000 Bank of America 5.5% Guaranteed Senior European Bonds 5/10/2020 402 0.03 Medium Term Bonds 4/12/2019 1,550 0.13 £551,000 ASIF III Jersey 5% Guaranteed European Medium Term £350,000 Bank of America 5.5% Guaranteed Subordinated Bonds 18/12/2018 596 0.05 European Medium Term Bonds 22/11/2021 377 0.03 £1,318,532 Aspire Defence Finance 4.674% Asset Backed Bonds £2,100,000 Bank of America 6.125% Guaranteed Senior European 31/3/2040 1,479 0.12 Medium Term Bonds 15/9/2021 2,437 0.20 £1,880,128 Aspire Defence Finance 4.674% Guaranteed Bonds £2,650,000 Bank of America 7% Guaranteed Senior European 31/3/2040 2,107 0.17 Medium Term Bonds 31/7/2028 3,500 0.29 £613,000 Aster Treasury 4.5% Senior Notes 18/12/2043 679 0.06 £1,700,000 Bank of America 7.75% Guaranteed Senior European £825,000 AstraZeneca 5.75% Guaranteed Senior European Medium Term Notes 30/4/2018 1,897 0.16 Medium Term Bonds 13/11/2031 1,075 0.09 £300,000 Bank of America 8.125% Guaranteed Subordinated £2,480,000 AT&T 4.25% Senior Bonds 1/6/2043 2,201 0.18 European Medium Term Bonds 2/6/2028 399 0.03 £2,750,000 AT&T 4.875% Senior Bonds 1/6/2044 2,673 0.22 £1,279,000 Bank of Scotland 4.875% Guaranteed European £1,450,000 AT&T 5.5% Guaranteed Senior Bonds 15/3/2027 1,672 0.14 Medium Term Bonds 20/12/2024 1,537 0.13

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 £000’s Assets Value Investment £000’s Assets £400,000 Bank of Scotland 6.375% Guaranteed Subordinated £1,842,000 BHP Billiton Finance 3.25% European Medium Term European Medium Term Bonds 16/8/2019 435 0.04 Bonds 25/9/2024 1,801 0.15 £1,160,000 Bank of Scotland 9.375% Guaranteed Subordinated £2,150,000 BHP Billiton Finance 4.3% European Medium Term Bonds 15/5/2021 1,405 0.12 Bonds 25/9/2042 1,932 0.16 £550,000 Bank of Scotland 10.5% Guaranteed Subordinated £1,370,000 BHP Billiton Finance 6.5% Bonds 22/10/2077 1,312 0.11 Bonds 16/2/2018 622 0.05 £225,000 Birmingham Airport 6.25% Guaranteed European £3,000,000 Barclays 1.5% European Medium Term Notes 4/4/2017 3,027 0.25 Medium Term Bonds 22/2/2021 257 0.02 £2,350,000 Barclays 4.25% Guaranteed European Medium Term £218,861 Bishopsgate Asset Finance 4.808% Guaranteed Bonds Bonds 12/1/2022 2,672 0.22 14/8/2044 229 0.02 £1,600,000 Barclays 5.75% Guaranteed Senior European Medium £933,096 BL Superstores Finance 4.482% Guaranteed Asset Term Bonds 14/9/2026 1,627 0.14 Backed Bonds 4/10/2030 1,021 0.08 £650,000 Barclays 9.5% Guaranteed Subordinated Bonds 7/8/2021 778 0.06 £40,654 BL Superstores Finance 5.27% Guaranteed Asset £4,195,000 Barclays 10% Guaranteed Subordinated European Backed Bonds 4/10/2030 44 – Medium Term Bonds 21/5/2021 5,106 0.42 £975,000 BMW (UK) Capital 5% Guaranteed European Medium £625,000 BASF 1.375% European Medium Term Notes 15/12/2017 628 0.05 Term Notes 2/10/2017 1,027 0.09 £700,000 BASF 5.875% Guaranteed Senior European Medium £375,000 BMW 2% European Medium Term Bonds 20/11/2019 378 0.03 Term Notes 31/3/2017 736 0.06 £900,000 BMW Finance 1.75% Guaranteed European Medium £800,000 BAT International Finance 4% European Medium Term Term Notes 20/11/2017 903 0.07 Notes 23/11/2055 780 0.06 £750,000 BMW Finance 1.875% European Medium Term Notes £1,450,000 BAT International Finance 4% Guaranteed European 29/6/2020 752 0.06 Medium Term Notes 4/9/2026 1,555 0.13 £750,000 BMW Finance 2.375% European Medium Term Notes £751,000 BAT International Finance 5.75% Guaranteed European 1/12/2021 765 0.06 Medium Term Bonds 5/7/2040 938 0.08 £1,740,000 BMW Finance 3.375% Guaranteed European Medium £600,000 BAT International Finance 6% Guaranteed European Term Notes 14/12/2018 1,818 0.15 Medium Term Bonds 29/6/2022 720 0.06 £900,000 BNP Paribas 2.375% European Medium Term Notes £1,150,000 BAT International Finance 6% Guaranteed European 20/11/2019 918 0.08 Medium Term Bonds 24/11/2034 1,466 0.12 £700,000 BNP Paribas 5.75% Guaranteed Subordinated European £1,400,000 BAT International Finance 6.375% Guaranteed European Medium Term Bonds 24/1/2022 763 0.06 Medium Term Bonds 12/12/2019 1,630 0.14 £850,000 Bouygues 5.5% Guaranteed Senior Bonds 6/10/2026 994 0.08 £1,025,000 BAT International Finance 7.25% Guaranteed European £1,400,000 BP Capital Markets 4.325% Guaranteed European Medium Term Bonds 12/3/2024 1,329 0.11 Medium Term Notes 10/12/2018 1,478 0.12 £650,000 Bayer 5.625% Guaranteed European Medium Term £1,600,000 BPCE 5.25% Subordinated Notes 16/4/2029 1,520 0.13 Bonds 23/5/2018 714 0.06 £950,000 British Sky Broadcasting 2.875% European Medium £380,276 BBC Pacific Quay 5.5653% Guaranteed Asset Backed Term Notes 24/11/2020 968 0.08 Bonds 25/7/2034 452 0.04 £400,000 British Sky Broadcasting 4% European Medium Term £1,800,000 BG Energy Capital 5% Guaranteed European Medium Notes 26/11/2029 395 0.03 Term Bonds 4/11/2036 2,027 0.17 £950,000 British Sky Broadcasting 6% Guaranteed European £1,850,000 BG Energy Capital 5.125% Guaranteed European Medium Term Bonds 21/5/2027 1,129 0.09 Medium Term Bonds 1/12/2025 2,129 0.18 £1,200,000 British Sky Broadcasting Finance UK 5.75% Guaranteed £1,100,000 BG Energy Capital 5.125% Guaranteed European Bonds 20/10/2017 1,275 0.11 Medium Term Notes 7/12/2017 1,161 0.10 £1,350,000 British Telecommunications 5.75% Guaranteed Senior Bonds 7/12/2028 1,635 0.14

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 £000’s Assets Value Investment £000’s Assets £1,075,000 British Telecommunications 6.375% Guaranteed Senior £700,000 Chorus 6.75% Guaranteed European Medium Term Notes European Medium Term Bonds 23/6/2037 1,391 0.12 6/4/2020 809 0.07 £1,300,000 British Telecommunications 6.625% Guaranteed Senior £550,000 Circle Anglia Social Housing 5.2% European Medium European Medium Term Bonds 23/6/2017 1,382 0.11 Term Notes 2/3/2044 656 0.05 £775,000 British Telecommunications 8.625% Bonds 26/3/2020 970 0.08 £825,000 Circle Anglia Social Housing 7.25% Guaranteed Senior £1,025,000 Broadgate Financing 4.821% Guaranteed Bonds Bonds 12/11/2038 1,230 0.10 5/7/2036 1,239 0.10 £625,000 Citigroup 4.5% Guaranteed Subordinated European £520,000 Broadgate Financing 4.851% Guaranteed Bonds Medium Term Bonds 3/3/2031 600 0.05 5/4/2033 621 0.05 £1,875,000 Citigroup 5.125% Guaranteed Subordinated European £491,585 Broadgate Financing 4.949% Guaranteed Bonds Medium Term Bonds 12/12/2018 1,988 0.17 5/4/2031 572 0.05 £1,375,000 Citigroup 5.15% Guaranteed Senior European Medium £950,000 Broadgate Financing 4.999% Guaranteed Bonds Term Bonds 21/5/2026 1,562 0.13 5/10/2033 1,120 0.09 £660,000 Citigroup 5.875% Guaranteed Subordinated European £195,333 Broadgate Financing 5.098% Bonds 5/4/2035 221 0.02 Medium Term Bonds 1/7/2024 732 0.06 £800,000 Bupa Finance 3.375% Guaranteed Bonds 17/6/2021 810 0.07 £550,000 Citigroup 6.25% Guaranteed Senior European Medium £1,270,000 Bupa Finance 5% Subordinated Notes 25/4/2023 1,263 0.10 Term Bonds 2/9/2019 626 0.05 £100,000 Caisse Française 4.6875% European Medium Term £250,000 Citigroup 6.5% Guaranteed Senior European Medium Bonds 19/4/2016 100 0.01 Term Bonds 16/8/2030 318 0.03 £200,000 Caisse Française 5.5% Guaranteed European Medium £1,085,000 Citigroup 6.8% Guaranteed Senior European Medium Term Bonds 16/7/2026 252 0.02 Term Bonds 25/6/2038 1,448 0.12 £975,000 Canary Wharf Finance II 5.952% Guaranteed Asset £1,045,000 Citigroup 7.375% Guaranteed Senior European Medium Backed Bonds 22/10/2037 1,234 0.10 Term Bonds 1/9/2039 1,485 0.12 £810,383 Canary Wharf Finance II 6.455% Guaranteed Asset £925,000 Citigroup 7.625% Guaranteed Senior European Medium Backed Bonds 22/10/2033 1,270 0.11 Term Notes 3/4/2018 1,030 0.09 £324,835 Canary Wharf Finance II 6.8% Guaranteed Asset Backed £300,000 Close Brothers 6.5% Guaranteed Senior Notes 10/2/2017 312 0.03 Bonds 22/10/2033 423 0.04 £650,000 Close Brothers Finance 3.875% European Medium Term £875,000 Cardiff University 3% Bonds 7/12/2055 847 0.07 Notes 27/6/2021 672 0.06 £150,000 Cargill 5.375% Guaranteed Senior European Medium £1,300,000 Clydesdale Bank 4.625% Guaranteed European Medium Term Bonds 2/3/2037 174 0.01 Term Bonds 8/6/2026 1,552 0.13 £1,350,000 Centrica 4.25% European Medium Term Bonds £1,525,000 Comcast 5.5% Guaranteed Bonds 23/11/2029 1,863 0.15 12/9/2044 1,255 0.10 £1,000,000 Commonwealth Bank of Australia 2.25% Senior £1,800,000 Centrica 4.375% European Medium Term Bonds European Medium Term Notes 7/12/2018 1,014 0.08 13/3/2029 1,879 0.16 £1,700,000 Commonwealth Bank of Australia 3% Guaranteed £950,000 Centrica 5.25% Subordinated European Medium Term European Medium Term Bonds 4/9/2026 1,808 0.15 Notes 10/4/2075 803 0.07 £1,400,000 Community Finance 5.017% Guaranteed European £1,275,000 Centrica 6.375% Guaranteed Senior European Medium Medium Term Bonds 31/7/2034 1,782 0.15 Term Bonds 10/3/2022 1,532 0.13 £802,000 Compagnie de Financement Foncier 5.5% Guaranteed £1,725,000 Centrica 7% Guaranteed Senior European Medium Term European Medium Term Bonds 26/1/2027 1,023 0.08 Bonds 19/9/2033 2,281 0.19 £620,000 Compass 3.85% Senior European Medium Term Notes £1,150,000 Centrica 7% Guaranteed Senior European Medium Term 26/6/2026 684 0.06 Notes 19/9/2018 1,292 0.11 £1,693,545 Control Section 1 Finance 5.234% Guaranteed Asset Backed Bonds 2/5/2035 2,053 0.17

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 £000’s Assets Value Investment £000’s Assets £1,250,000 Co-Operative Bank 4.75% Guaranteed Bonds 11/11/2021 1,394 0.12 £931,948 Derby Healthcare 5.564% Guaranteed Senior Bonds £750,000 Council of Europe Development Bank 1.125% Senior 30/6/2041 1,105 0.09 European Medium Term Notes 31/12/2049 758 0.06 £1,100,000 Deutsche Bahn Finance 1.375% European Medium Term £750,000 Council Of Europe Development Bank 1.25% Bonds Notes 30/10/2017 1,106 0.09 23/12/2019 761 0.06 £1,175,000 Deutsche Bahn Finance 2.75% Guaranteed European £1,250,000 Council of Europe Development Bank 1.875% Senior Medium Term Notes 20/6/2022 1,247 0.10 European Medium Term Notes 22/12/2018 1,287 0.11 £900,000 Deutsche Bahn Finance 3.125% Guaranteed European £1,850,000 Coventry Building Society 4.625% Guaranteed European Medium Term Notes 24/7/2026 969 0.08 Medium Term Notes 19/4/2018 1,991 0.17 £600,000 Deutsche Pfandbriefbank 1.875% European Medium £680,000 Coventry Building Society 5.875% Guaranteed Senior Term Notes 20/12/2019 611 0.05 European Medium Term Bonds 28/9/2022 812 0.07 £1,390,000 Deutsche Telekom International Finance 6.5% £800,000 Coventry Building Society 6% Guaranteed Senior Guaranteed European Medium Term Bonds 8/4/2022 1,694 0.14 European Medium Term Notes 16/10/2019 911 0.08 £475,000 Deutsche Telekom International Finance 7.375% £425,000 CPUK Finance 2.666% European Medium Term Notes Guaranteed European Medium Term Bonds 4/12/2019 568 0.05 28/2/2042 426 0.04 £650,000 Deutsche Telekom International Finance 7.625% £1,100,000 CPUK Finance 7.239% Senior European Medium Term Guaranteed Bonds 15/6/2030 916 0.08 Bonds 28/2/2042 1,345 0.11 £650,000 Deutsche Telekom International Finance 8.875% £950,000 Crédit Agricole 7.375% Guaranteed Subordinated Guaranteed Bonds 27/11/2028 992 0.08 European Medium Term Bonds 18/12/2023 1,116 0.09 £1,900,000 Dexia Credit Local 1.875% European Medium Term £725,000 Crédit Agricole London 5.5% Guaranteed Senior Notes 17/7/2017 1,917 0.16 European Medium Term Bonds 17/12/2021 845 0.07 £1,000,000 Dexia Credit Local 2% European Medium Term Notes £475,000 Credit Suisse Finance 7% Guaranteed Bonds 5/10/2020 546 0.05 17/6/2020 1,024 0.09 £1,400,000 Credit Suisse Group Funding Guernsey 3% Bonds £1,800,000 Dexia Credit Local 2.125% European Medium Term 27/5/2022 1,368 0.11 Notes 12/2/2025 1,789 0.15 £925,000 CRH Finance 4.125% European Medium Term Notes £700,000 Digital Stout 4.25% European Medium Term Bonds 2/12/2029 948 0.08 17/1/2025 710 0.06 £360,000 Daily Mail & General Trust 5.75% Senior Notes 7/12/2018 389 0.03 £900,000 Digital Stout 4.75% Guaranteed Bonds 13/10/2023 948 0.08 £450,000 Daimler 1.25% European Medium Term Notes 1/12/2017 447 0.04 £934,000 Dignity Finance 4.6956% Notes 31/12/2049 1,004 0.08 £475,000 Daimler 1.625% Senior European Medium Term Notes £850,000 DirecTV 5.2% Guaranteed Bonds 18/11/2033 916 0.08 2/12/2016 476 0.04 £1,700,000 DirecTV Financing 4.375% Guaranteed Medium Term £825,000 Daimler 1.75% Senior European Medium Term Notes Notes 14/9/2029 1,746 0.14 8/11/2017 827 0.07 £850,000 DNB Bank 4.25% Guaranteed Senior European Medium £750,000 Daimler 2.375% European Medium Term Notes Term Notes 27/1/2020 921 0.08 16/12/2021 754 0.06 £1,571,000 DONG Energy 4.875% Guaranteed Senior European £1,450,000 Daimler 2.375% Senior European Medium Term Notes Medium Term Bonds 12/1/2032 1,696 0.14 16/7/2018 1,472 0.12 £1,212,000 DONG Energy 5.75% Guaranteed Senior European £500,000 Daimler 2.75% Senior European Medium Term Notes Medium Term Bonds 9/4/2040 1,425 0.12 4/12/2020 515 0.04 £250,000 Dwr Cymru Financing 4.473% Guaranteed Asset Backed £1,275,000 Daimler International Finance 3.5% Bonds 6/6/2019 1,342 0.11 European Medium Term Bonds 31/3/2057 285 0.02 £500,000 Dali Capital 4.79924% Guaranteed Senior Bonds £650,000 Dwr Cymru Financing 6.015% Guaranteed Asset Backed 21/12/2037 552 0.05 European Medium Term Bonds 31/3/2028 845 0.07

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 £000’s Assets Value Investment £000’s Assets £1,000,000 Dwr Cymru Financing 6.907% Guaranteed European £1,050,000 Électricité de France 6.25% Guaranteed Senior Medium Term Bonds 31/3/2021 1,228 0.10 European Medium Term Bonds 30/5/2028 1,272 0.11 £1,900,000 E.ON International Finance 5.875% Guaranteed £950,000 Électricité de France 6.875% Guaranteed Senior European Medium Term Bonds 30/10/2037 2,111 0.18 European Medium Term Bonds 12/12/2022 1,192 0.10 £2,150,000 E.ON International Finance 6% Guaranteed European £666,000 Electricity North West 8.875% Bonds 25/3/2026 993 0.08 Medium Term Bonds 30/10/2019 2,406 0.20 £1,520,000 Enel 5.75% Senior European Medium Term Bonds £2,315,000 E.ON International Finance 6.375% Guaranteed 22/6/2037 1,710 0.14 European Medium Term Bonds 7/6/2032 2,717 0.23 £1,800,000 Enel Finance International 5.625% Guaranteed £1,700,000 E.ON International Finance 6.75% Guaranteed European European Medium Term Bonds 14/8/2024 2,086 0.17 Medium Term Bonds 27/1/2039 2,063 0.17 £3,060,000 Enel Finance International 5.75% Guaranteed European £650,000 East Finance 5.486% European Medium Term Notes Medium Term Bonds 14/9/2040 3,411 0.28 15/6/2042 786 0.07 £1,600,000 Enel Società per Azioni 6.25% Guaranteed Senior £350,000 East Japan Railway 4.5% Guaranteed Senior Bonds European Medium Term Bonds 20/6/2019 1,804 0.15 25/1/2036 406 0.03 £2,450,000 ENGIE 5% Guaranteed European Medium Term Bonds £800,000 East Japan Railway 4.75% Guaranteed Senior European 1/10/2060 2,943 0.24 Medium Term Bonds 8/12/2031 973 0.08 £800,000 ENGIE 6.125% Guaranteed Senior European Medium £800,000 East Japan Railway 4.875% Guaranteed Senior European Term Bonds 11/2/2021 960 0.08 Medium Term Bonds 14/6/2034 971 0.08 £1,350,000 ENGIE 7% Guaranteed Senior European Medium Term £550,000 East Japan Railway 5.25% Guaranteed Senior European Bonds 30/10/2028 1,862 0.15 Medium Term Bonds 22/4/2033 701 0.06 £175,000 Eni Coordination Center 5% Guaranteed European £825,000 Eastern Power Networks 4.75% Guaranteed Senior Medium Term Bonds 27/1/2019 188 0.02 European Medium Term Notes 30/9/2021 930 0.08 £850,000 Eni Coordination Center 6.125% Guaranteed Notes £1,155,000 Eastern Power Networks 5.75% Guaranteed Senior 17/12/2018 938 0.08 European Medium Term Bonds 8/3/2024 1,385 0.12 £950,000 ENW Capital Finance 6.125% Guaranteed European £650,000 Eastern Power Networks 6.25% Guaranteed Senior Medium Term Bonds 21/7/2021 1,124 0.09 European Medium Term Bonds 12/11/2036 865 0.07 £875,000 Equity Release 5.05% Guaranteed Mortgage Backed £275,000 Eastern Power Networks 8.5% Guaranteed Senior Bonds Bonds 26/4/2033 1,036 0.09 31/3/2025 394 0.03 £290,112 Equity Release 5.7% Guaranteed Asset Backed Bonds £950,000 EDP Finance 8.625% Guaranteed Senior European 26/2/2031 344 0.03 Medium Term Bonds 4/1/2024 1,171 0.10 £350,000 Equity Release 5.88% Guaranteed Mortgage Backed £2,300,000 Électricité de France 5.125% Guaranteed Senior European Bonds 26/5/2032 423 0.04 Medium Term Bonds 22/9/2050 2,315 0.19 £250,000 ESB Finance 6.5% Guaranteed European Medium Term £1,200,000 Électricité de France 5.5% European Medium Term Bonds 5/3/2020 291 0.02 Notes 27/3/2037 1,296 0.11 £100,000 Eurofima 5.5% Guaranteed Senior European Medium £3,500,000 Électricité de France 5.5% Senior European Medium Term Bonds 7/6/2032 138 0.01 Term Bonds 17/10/2041 3,703 0.31 £400,000 European Bank for Reconstruction & Development £1,775,000 Électricité de France 5.875% Guaranteed Senior 1.875% Senior Notes 17/12/2018 411 0.03 European Medium Term Bonds 18/7/2031 2,077 0.17 £170,000 European Bank for Reconstruction & Development £3,100,000 Électricité de France 6% Senior European Medium Term 5.125% Senior European Medium Term Bonds 7/6/2032 233 0.02 Notes 23/1/2114 3,545 0.29 £1,900,000 European Bank for Reconstruction & Development £3,500,000 Électricité de France 6.125% Guaranteed Senior 5.625% European Medium Term Bonds 7/12/2028 2,665 0.22 European Medium Term Bonds 2/6/2034 4,059 0.34

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 £000’s Assets Value Investment £000’s Assets £8,100,000 European Investment Bank 1.375% Guaranteed Senior £800,000 Everything Everywhere Finance 4.375% Guaranteed European Medium Term Notes 15/1/2018 8,202 0.68 European Medium Term Notes 28/3/2019 856 0.07 £12,750,000 European Investment Bank 1.5% Senior European £463,936 Exchequer Partnership 5.396% Guaranteed Bonds Medium Term Notes 1/2/2019 12,987 1.08 13/7/2036 582 0.05 £4,000,000 European Investment Bank 2.25% Senior European £800,000 Experian Finance 3.5% Guaranteed European Medium Medium Term Notes 7/3/2020 4,198 0.35 Term Notes 15/10/2021 846 0.07 £2,575,000 European Investment Bank 2.5% Guaranteed Senior £1,000,000 Experian Finance 4.75% Guaranteed European Medium European Medium Term Notes 31/10/2022 2,754 0.23 Term Notes 23/11/2018 1,077 0.09 £900,000 European Investment Bank 3.75% Bonds 7/12/2027 1,061 0.09 £325,000 FCE Bank 2.625% Senior European Medium Term Notes £2,700,000 European Investment Bank 3.875% Guaranteed Senior 20/11/2018 328 0.03 European Medium Term Bonds 8/6/2037 3,343 0.28 £900,000 FCE Bank 2.759% European Medium Term Note £2,300,000 European Investment Bank 4.125% Guaranteed Senior 13/11/2019 907 0.08 European Medium Term Notes 7/12/2017 2,435 0.20 £650,000 FCE Bank 3.25% Senior European Medium Term Notes £550,000 European Investment Bank 4.25% Guaranteed Senior 19/11/2020 666 0.06 European Medium Term Bonds 7/12/2021 641 0.05 £650,000 FCE Bank 4.825% Guaranteed Senior European £2,700,000 European Investment Bank 4.5% Guaranteed Senior Medium Term Notes 15/2/2017 667 0.06 European Medium Term Bonds 7/6/2029 3,444 0.29 £750,000 Fidelity 7.125% Senior Bonds 13/2/2024 892 0.07 £1,550,000 European Investment Bank 4.5% Guaranteed Senior £244,000 Fidelity International 6.75% Guaranteed Senior European Medium Term Bonds 7/3/2044 2,127 0.18 European Medium Term Bonds 19/10/2020 279 0.02 £1,850,000 European Investment Bank 4.625% Guaranteed Senior £550,000 FirstGroup 5.25% Guaranteed Notes 29/11/2022 597 0.05 European Medium Term Bonds 12/10/2054 2,823 0.23 £900,000 FirstGroup 6.125% Guaranteed Bonds 18/1/2019 980 0.08 £2,700,000 European Investment Bank 4.75% Guaranteed Senior £550,000 FirstGroup 6.875% Guaranteed Bonds 18/9/2024 658 0.05 European Medium Term Bonds 15/10/2018 2,976 0.25 £575,000 FirstGroup 8.125% Guaranteed Notes 19/9/2018 650 0.05 £3,300,000 European Investment Bank 5% Guaranteed Senior £865,000 FirstGroup 8.75% Guaranteed Bonds 8/4/2021 1,069 0.09 Bonds 15/4/2039 4,699 0.39 £3,200,000 FMS Wertmanagement 0.75% European Medium Term £4,325,000 European Investment Bank 5.375% Guaranteed Senior Notes 15/12/2017 3,201 0.27 Bonds 7/6/2021 5,244 0.44 £1,500,000 FMS Wertmanagement 1% Bonds 10/4/2018 1,508 0.13 £825,000 European Investment Bank 5.375% Guaranteed Senior £600,000 FMS Wertmanagement 1.125% Bonds 7/12/2016 602 0.05 European Medium Term Bonds 7/3/2019 937 0.08 £1,000,000 FMS Wertmanagement 1.125% Bonds 13/12/2019 1,009 0.08 £3,100,000 European Investment Bank 5.5% Guaranteed Senior £3,000,000 FMS Wertmanagement 1.25% Bonds 8/3/2019 3,039 0.25 Bonds 15/4/2025 4,077 0.34 £2,300,000 FMS Wertmanagement 1.875% Bonds 7/12/2018 2,365 0.20 £6,400,000 European Investment Bank 5.625% Guaranteed Senior £725,000 Fonterra Cooperative 9.375% Guaranteed Senior Bonds 7/6/2032 9,325 0.77 European Medium Term Bonds 4/12/2023 1,054 0.09 £6,000,000 European Investment Bank 6% Guaranteed Senior £300,000 Freshwater Finance 4.556% Guaranteed Bonds Bonds 7/12/2028 8,613 0.72 3/4/2036 330 0.03 £2,150,000 European Investment Bank 8.75% Bonds 25/8/2017 2,401 0.20 £600,000 Freshwater Finance 4.607% Guaranteed Bonds £400,000 Eversholt Funding 5.831% Guaranteed Senior European 17/10/2036 666 0.06 Medium Term Bonds 2/12/2020 457 0.04 £1,185,000 Freshwater Finance 5.182% Guaranteed Senior Bonds £725,000 Eversholt Funding 6.359% Guaranteed Senior European 20/4/2035 1,417 0.12 Medium Term Bonds 2/12/2025 895 0.07 £1,100,000 Friends Life 8.25% Guaranteed Bonds 21/4/2022 1,256 0.10 £1,200,000 Eversholt Funding 6.697% Senior European Medium £300,000 Friends Life 12% Guaranteed Subordinated European Term Bonds 22/2/2035 1,545 0.13 Medium Term Bonds 21/5/2021 386 0.03

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 £000’s Assets Value Investment £000’s Assets £425,000 G4S 7.75% Guaranteed Senior European Medium Term £1,650,000 GE Capital UK Funding 6.25% Guaranteed European Notes 13/5/2019 489 0.04 Medium Term Bonds 5/5/2038 2,263 0.19 £1,400,000 Gatwick Funding 4.625% Senior European Medium Term £1,240,000 GE Capital UK Funding 6.75% Guaranteed European Notes 27/3/2036 1,513 0.13 Medium Term Notes 6/8/2018 1,393 0.12 £575,000 Gatwick Funding 5.25% Guaranteed Senior European £550,000 Genfinance II 6.064% Guaranteed Senior Bonds Medium Term Bonds 23/1/2026 659 0.05 21/12/2039 718 0.06 £561,000 Gatwick Funding 5.75% Guaranteed European Medium £800,000 GKN 5.375% Bonds 19/9/2022 868 0.07 Term Bonds 23/1/2039 692 0.06 £830,000 GKN 6.75% Bonds 28/10/2019 931 0.08 £450,000 Gatwick Funding 6.125% Guaranteed Senior European £1,350,000 GlaxoSmithKline Capital 3.375% European Medium Medium Term Bonds 2/3/2028 558 0.05 Term Bonds 20/12/2027 1,389 0.12 £500,000 Gatwick Funding 6.5% Senior European Medium Term £2,150,000 GlaxoSmithKline Capital 4.25% European Medium Bonds 2/3/2043 676 0.06 Term Bonds 18/12/2045 2,273 0.19 £1,225,000 GE Capital 4.875% Guaranteed Subordinated European £2,450,000 GlaxoSmithKline Capital 5.25% Guaranteed European Medium Term Bonds 18/9/2037 1,368 0.11 Medium Term Bonds 19/12/2033 3,021 0.25 £850,000 GE Capital 5.25% Guaranteed Senior European Medium £1,950,000 GlaxoSmithKline Capital 5.25% Guaranteed European Term Bonds 7/12/2028 1,045 0.09 Medium Term Bonds 10/4/2042 2,390 0.20 £850,000 GE Capital 5.375% Guaranteed Senior European Medium £1,831,000 GlaxoSmithKline Capital 6.375% Guaranteed European Term Bonds 18/12/2040 1,067 0.09 Medium Term Bonds 9/3/2039 2,534 0.21 £1,000,000 GE Capital 5.5% Guaranteed Senior European Medium £1,075,000 Glencore Canada Financial 7.375% Guaranteed Term Bonds 7/6/2021 1,166 0.10 European Medium Term Bonds 27/5/2020 1,031 0.09 £550,000 GE Capital 5.625% Guaranteed Senior European Medium £950,000 Glencore Finance Europe 6.5% Guaranteed European Term Bonds 16/9/2031 712 0.06 Medium Term Bonds 27/2/2019 913 0.08 £200,000 GE Capital 6.25% Guaranteed Senior European Medium £850,000 Global Switch 4.375% Guaranteed European Medium Term Bonds 29/9/2020 237 0.02 Term Notes 13/12/2022 899 0.07 £1,400,000 GE Capital Funding 8% Guaranteed European Medium £200,000 Go-Ahead 5.375% Guaranteed Notes 29/9/2017 210 0.02 Term Bonds 14/1/2039 2,274 0.19 £1,770,000 Goldman Sachs 4.25% Senior European Medium Term £1,094,000 GE Capital International Funding 1.363% Bonds Notes 29/1/2026 1,866 0.15 15/4/2016 1,095 0.09 £1,350,000 Goldman Sachs 5.5% Guaranteed Subordinated Bonds £1,100,000 GE Capital UK Funding 4.125% Guaranteed European 12/10/2021 1,454 0.12 Medium Term Notes 28/9/2017 1,146 0.10 £400,000 Goldman Sachs 6.125% Guaranteed Senior European £1,050,000 GE Capital UK Funding 4.125% Guaranteed European Medium Term Bonds 14/2/2017 417 0.03 Medium Term Notes 13/9/2023 1,164 0.10 £1,195,000 Goldman Sachs 6.125% Guaranteed Subordinated £950,000 GE Capital UK Funding 4.375% Guaranteed Senior European Medium Term Bonds 14/5/2017 1,247 0.10 European Medium Term Notes 31/7/2019 1,028 0.09 £575,000 Goldman Sachs 6.875% Guaranteed Subordinated £1,150,000 GE Capital UK Funding 5.125% Guaranteed European Bonds 18/1/2038 661 0.05 Medium Term Bonds 24/5/2023 1,346 0.11 £800,000 Goldman Sachs 7.125% Guaranteed Senior Bonds £1,650,000 GE Capital UK Funding 5.625% Guaranteed European 7/8/2025 1,034 0.09 Medium Term Bonds 25/4/2019 1,847 0.15 £1,350,000 Goldman Sachs 7.25% Guaranteed Senior Bonds £1,150,000 GE Capital UK Funding 5.875% Guaranteed European 10/4/2028 1,798 0.15 Medium Term Bonds 4/11/2020 1,350 0.11 £299,000 Goodman Australia Finance 9.75% Guaranteed £1,350,000 GE Capital UK Funding 5.875% Guaranteed European European Medium Term Bonds 16/7/2018 348 0.03 Medium Term Bonds 18/1/2033 1,762 0.15

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 £000’s Assets Value Investment £000’s Assets £850,000 Great Rolling Stock 6.25% Guaranteed Senior £1,403,000 Heathrow Funding 7.125% Guaranteed European European Medium Term Bonds 27/7/2020 974 0.08 Medium Term Bonds 14/2/2024 1,718 0.14 £1,032,000 Great Rolling Stock 6.5% Guaranteed Senior European £725,000 Heathrow Funding 9.2% Guaranteed Senior European Medium Term Bonds 5/4/2031 1,295 0.11 Medium Term Bonds 29/3/2023 955 0.08 £969,320 Great Rolling Stock 6.875% Guaranteed Senior £850,000 Heinz 4.125% Guaranteed Senior Notes 1/7/2027 875 0.07 European Medium Term Bonds 27/7/2035 1,226 0.10 £1,450,000 High Speed Rail Finance 4.375% European Medium £572,310 Greater Gabbard 4.137% Senior Notes 29/11/2032 627 0.05 Term Notes 1/11/2038 1,588 0.13 £810,000 Greene King Finance 5.106% Guaranteed Asset Backed £641,917 Highbury Finance 7.017% Guaranteed Senior Bonds Bonds 15/3/2034 887 0.07 20/3/2023 733 0.06 £467,150 Greene King Finance 5.318% Guaranteed Asset Backed £500,000 Hiscox 6.125% Bonds 24/11/2045 472 0.04 Bonds 15/9/2031 524 0.04 £950,000 Holcim GB Finance 8.75% Guaranteed European Medium £100,000 Greene King Finance 5.702% Guaranteed Asset Backed Term Notes 24/4/2017 1,020 0.08 Bonds 15/12/2034 90 0.01 £1,225,000 Holmes Master Issuer 4.009% Guaranteed Mortgage £75,000 Guardian Royal Exchange 6.625% Guaranteed Bonds Backed European Medium Term Bonds 15/10/2054 1,278 0.11 21/8/2023 90 0.01 £99,610 Housing Association Funding 8.25% Guaranteed Asset £932,000 Guinness 4% Senior Bonds 24/10/2044 944 0.08 Backed Bonds 7/6/2027 134 0.01 £100,000 Guinness Northern Counties 9.125% Guaranteed Bonds £1,275,000 HSBC 4.75% Guaranteed Subordinated European 31/1/2025 148 0.01 Medium Term Bonds 24/3/2046 1,124 0.09 £656,627 Gwynt y Mor 2.778% Senior Secured Bonds 17/2/2034 639 0.05 £1,390,000 HSBC 5.375% Guaranteed Subordinated European £750,000 Hammerson 3.5% Bonds 27/10/2025 755 0.06 Medium Term Bonds 22/8/2033 1,415 0.12 £1,000,000 Hammerson 6% Guaranteed Senior Bonds 23/2/2026 1,213 0.10 £1,850,000 HSBC 5.75% Guaranteed Subordinated European £475,000 Hammerson 6.875% Guaranteed Senior Bonds 31/3/2020 557 0.05 Medium Term Bonds 20/12/2027 1,941 0.16 £585,000 Hammerson 7.25% Guaranteed Senior Bonds 21/4/2028 786 0.07 £2,200,000 HSBC 6% Guaranteed Subordinated European Medium £350,000 Harbour Funding 5.28% Guaranteed Bonds 31/3/2044 418 0.03 Term Bonds 29/3/2040 2,285 0.19 £625,000 Haven Funding 8.125% Guaranteed Asset Backed Bonds £1,525,000 HSBC 6.5% Guaranteed Senior European Medium Term 30/9/2037 938 0.08 Bonds 20/5/2024 1,822 0.15 £1,650,000 Heathrow Funding 4.625% Senior European Medium £800,000 HSBC 6.5% Guaranteed Subordinated European Medium Term Notes 31/10/2048 1,767 0.15 Term Bonds 7/7/2023 904 0.08 £1,825,000 Heathrow Funding 5.225% Guaranteed Senior European £1,450,000 HSBC 6.75% Guaranteed Subordinated Bonds 11/9/2028 1,644 0.14 Medium Term Bonds 15/2/2023 2,088 0.17 £1,600,000 HSBC 7% Guaranteed Subordinated European Medium £1,672,000 Heathrow Funding 5.875% Guaranteed Senior European Term Bonds 7/4/2038 1,867 0.15 Medium Term Bonds 13/5/2041 2,105 0.17 £445,000 HSBC Bank 6.25% Guaranteed Subordinated European £900,000 Heathrow Funding 6% Guaranteed European Medium Medium Term Bonds 30/1/2041 493 0.04 Term Bonds 20/3/2020 1,008 0.08 £275,000 HSBC Finance 6.25% Guaranteed Senior European £750,000 Heathrow Funding 6.25% Guaranteed European Medium Medium Term Bonds 19/8/2019 308 0.03 Term Notes 10/9/2018 817 0.07 £800,000 Hutchison Whampoa 5.625% Guaranteed Bonds £2,150,000 Heathrow Funding 6.45% Guaranteed Senior European 24/11/2026 969 0.08 Medium Term Bonds 10/12/2031 2,854 0.24 £150,000 Hutchison Whampoa Finance UK 5.625% Guaranteed £1,720,000 Heathrow Funding 6.75% Guaranteed Senior European Bonds 24/11/2017 160 0.01 Medium Term Bonds 3/12/2028 2,255 0.19 £550,000 Hyde Housing Association 5.125% Guaranteed Bonds £500,000 Heathrow Funding 7.075% Guaranteed Senior European 23/7/2040 649 0.05 Medium Term Bonds 4/8/2028 682 0.06

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 £000’s Assets Value Investment £000’s Assets £1,300,000 Iberdrola Finanzas 7.375% Guaranteed European £525,000 International Bank for Reconstruction & Development Medium Term Bonds 29/1/2024 1,679 0.14 5.4% Senior European Medium Term Bonds 7/6/2021 643 0.05 £425,000 IBM 2.625% Bonds 5/8/2022 437 0.04 £1,200,000 International Bank for Reconstruction & Development £1,850,000 IBM 2.75% Senior European Medium Term Notes 5.75% European Medium Term Bonds 7/6/2032 1,785 0.15 21/12/2020 1,928 0.16 £250,000 Intesa Sanpaolo 5.25% Guaranteed Senior European £1,500,000 Imperial Brands Finance 4.875% Guaranteed European Medium Term Bonds 28/1/2022 273 0.02 Medium Term Notes 7/6/2032 1,611 0.13 £1,050,000 Intu (SGS) Finance 3.875% Guaranteed Senior European £925,000 Imperial Brands Finance 5.5% Guaranteed Senior Medium Term Bonds 17/3/2028 1,079 0.09 European Medium Term Notes 28/9/2026 1,075 0.09 £1,025,000 Intu (SGS) Finance 4.25% European Medium Term Notes £800,000 Imperial Brands Finance 6.25% Guaranteed European 17/9/2035 1,038 0.09 Medium Term Bonds 4/12/2018 888 0.07 £600,000 Intu (SGS) Finance 4.625% Guaranteed Senior European £900,000 Imperial Brands Finance 7.75% Guaranteed European Medium Term Bonds 17/3/2033 641 0.05 Medium Term Notes 24/6/2019 1,058 0.09 £1,350,000 Intu Metrocentre Finance 4.125% Senior Notes 6/12/2023 1,413 0.12 £1,350,000 Imperial Brands Finance 8.125% Guaranteed European £656,000 Investec Bank 4.5% Senior European Medium Term Medium Term Bonds 15/3/2024 1,785 0.15 Notes 5/5/2022 634 0.05 £2,470,000 Imperial Brands Finance 9% Guaranteed European £100,000 Investec Bank 9.625% Subordinated European Medium Medium Term Bonds 17/2/2022 3,265 0.27 Term Notes 17/2/2022 113 0.01 £1,100,000 ING Bank 5.375% Guaranteed Senior European Medium £725,000 Investor 5.5% Guaranteed Senior European Medium Term Term Bonds 15/4/2021 1,262 0.10 Bonds 5/5/2037 909 0.08 £479,216 Integrated Accommodation Service 6.48% Guaranteed £1,300,000 IPIC 6.875% Guaranteed European Medium Term Bonds Bonds 31/3/2029 595 0.05 14/3/2026 1,639 0.14 £1,000,000 Inter-American Development Bank 1.125% European £870,000 Japan Bank for International Cooperation 2.625% Bonds Medium Term Notes 17/12/2019 1,010 0.08 15/12/2020 923 0.08 £800,000 Inter-American Development Bank 1.25% European £950,000 Johnson & Johnson 5.5% Guaranteed Bonds 6/11/2024 1,199 0.10 Medium Term Notes 15/12/2017 808 0.07 £1,400,000 JP Morgan Chase 1.875% European Medium Term Notes £500,000 Inter-American Development Bank 1.625% Bonds 10/2/2020 1,385 0.12 18/10/2017 508 0.04 £1,150,000 JP Morgan Chase 3.5% European Medium Term Bonds £250,000 Inter-American Development Bank 5.25% Guaranteed 18/12/2026 1,158 0.10 European Medium Term Bonds 7/6/2021 304 0.03 £800,000 JP Morgan Chase 4.25% Guaranteed Senior European £575,000 InterContinental Hotels 3.75% European Medium Term Medium Term Notes 25/1/2017 821 0.07 Notes 14/8/2025 579 0.05 £1,608,098 Juturna Euro Loan 5.0636% European Medium Term £1,150,000 InterContinental Hotels 3.875% European Medium Term Notes 10/8/2033 1,846 0.15 Notes 28/11/2022 1,191 0.10 £900,000 Kennedy Wilson 3.95% Senior Notes 30/6/2022 881 0.07 £900,000 International Bank for Reconstruction & Development £5,450,000 KFW 1% Bonds 7/12/2017 5,480 0.46 1% Senior European Medium Term Notes 28/12/2016 902 0.07 £1,750,000 KFW 1.125% European Medium Term Notes 23/12/2019 1,767 0.15 £1,500,000 International Bank for Reconstruction & Development £1,000,000 KFW 1.375% European Medium Term Notes 1/2/2021 1,017 0.08 1.25% European Medium Term Notes 2/10/2017 1,514 0.13 £2,000,000 KFW 1.625% European Medium Term Notes 5/6/2020 2,062 0.17 £1,500,000 International Bank for Reconstruction & Development £3,500,000 KFW 2% European Medium Term Notes 6/12/2018 3,614 0.30 1.375% Senior European Medium Term Notes 15/12/2020 1,529 0.13 £200,000 KFW 4.875% Guaranteed European Medium Term Bonds £200,000 International Bank for Reconstruction & Development 1/2/2018 216 0.02 4.875% European Medium Term Bonds 7/12/2028 269 0.02 £700,000 KFW 4.875% Guaranteed European Medium Term Bonds 15/3/2037 997 0.08

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 £000’s Assets Value Investment £000’s Assets £750,000 KFW 5% Guaranteed European Medium Term Bonds £625,000 Legal & General Finance 5.875% Guaranteed European 10/9/2024 953 0.08 Medium Term Bonds 5/4/2033 759 0.06 £1,650,000 KFW 5% Guaranteed European Medium Term Bonds £675,000 Lend Lease Europe Finance 6.125% Guaranteed Bonds 9/6/2036 2,361 0.20 12/10/2021 758 0.06 £1,750,000 KFW 5.5% Guaranteed European Medium Term Notes £650,000 Libra Treasury 5.125% Notes 2/8/2038 762 0.06 18/6/2025 2,334 0.19 £750,000 Linde Finance 5.875% Guaranteed European Medium £5,200,000 KFW 5.55% Guaranteed European Medium Term Bonds Term Bonds 24/4/2023 931 0.08 7/6/2021 6,375 0.53 £3,000,000 Lloyds Bank 1.5% European Medium Term Notes £3,450,000 KFW 5.625% Guaranteed European Medium Term Bonds 2/5/2017 3,027 0.25 25/8/2017 3,697 0.31 £1,700,000 Lloyds Bank 1.75% Bonds 31/3/2022 1,693 0.14 £3,250,000 KFW 5.75% Guaranteed European Medium Term Bonds £750,000 Lloyds Bank 2.5% European Medium Term Notes 7/6/2032 4,857 0.40 1/6/2022 741 0.06 £7,000,000 KFW 6% Guaranteed European Medium Term Bonds £700,000 Lloyds Bank 2.75% Senior European Medium Term Notes 7/12/2028 10,244 0.85 9/12/2018 713 0.06 £850,000 Kommunalbanken 1.125% Guaranteed Senior Notes £3,500,000 Lloyds Bank 4.875% European Medium Term Notes 15/12/2017 855 0.07 30/3/2027 4,262 0.35 £500,000 Korea Development 2% European Medium Term Notes £2,811,000 Lloyds Bank 5.125% Guaranteed Subordinated European 20/12/2018 507 0.04 Medium Term Bonds 7/3/2025 3,453 0.29 £1,000,000 KPN 5% Guaranteed Senior European Medium Term £2,250,000 Lloyds Bank 6% Guaranteed Bonds 8/2/2029 3,073 0.26 Bonds 18/11/2026 1,099 0.09 £2,150,000 Lloyds Bank 6.5% Guaranteed Senior European Medium £1,925,000 KPN 5.75% Guaranteed Senior European Medium Term Term Bonds 17/9/2040 2,857 0.24 Bonds 17/9/2029 2,214 0.18 £500,000 Lloyds Bank 6.75% Guaranteed Senior European Medium £1,600,000 Landeskreditbank Baden-Wuerttemberg Foerderbank Term Notes 24/10/2018 560 0.05 0.875% European Medium Term Notes 15/12/2017 1,602 0.13 £1,155,000 Lloyds Bank 7.5% Guaranteed Senior European Medium £1,550,000 Landwirtschaftliche Rentenbank 1% European Medium Term Bonds 15/4/2024 1,508 0.13 Term Notes 15/12/2017 1,558 0.13 £1,600,000 Lloyds Bank 7.625% Guaranteed Subordinated European £1,000,000 Landwirtschaftliche Rentenbank 1.375% European Medium Term Bonds 22/4/2025 1,892 0.16 Medium Term Notes 15/12/2020 1,017 0.08 £575,000 Lloyds Bank 9.625% Subordinated Bonds 6/4/2023 728 0.06 £1,000,000 Landwirtschaftliche Rentenbank 1.5% European £650,000 London & Quadrant Housing 4.625% Senior European Medium Term Notes 23/12/2019 1,024 0.09 Medium Term Bonds 5/12/2033 753 0.06 £2,775,000 LCR Finance 4.5% Guaranteed Bonds 7/12/2028 3,526 0.29 £650,000 London & Quadrant Housing 5.5% Guaranteed Senior £975,000 LCR Finance 4.5% Guaranteed Bonds 7/12/2038 1,290 0.11 Bonds 27/1/2040 834 0.07 £2,650,000 LCR Finance 5.1% Guaranteed Bonds 7/3/2051 4,149 0.34 £625,000 London & Quadrant Housing Trust 3.75% Bonds £300,000 Leeds Building Society 4.25% Guaranteed European 27/10/2049 628 0.05 Medium Term Notes 17/12/2018 326 0.03 £350,000 London Merchant Securities 6.5% Guaranteed Bonds £500,000 Leeds Building Society 4.875% Guaranteed European 16/3/2026 447 0.04 Medium Term Bonds 16/11/2020 580 0.05 £650,000 London Power Networks 5.125% Guaranteed Senior £1,350,000 Legal & General 5.375% European Medium Term Notes European Medium Term Bonds 31/3/2023 751 0.06 27/10/2045 1,313 0.11 £650,000 London Power Networks 6.125% Guaranteed Senior £850,000 Legal & General Finance 5.875% Guaranteed European European Medium Term Bonds 7/6/2027 821 0.07 Medium Term Bonds 11/12/2031 1,039 0.09 £198,000 London Stock Exchange 5.875% Guaranteed Senior Bonds 7/7/2016 201 0.02

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 £000’s Assets Value Investment £000’s Assets £650,000 London Stock Exchange 9.125% Guaranteed Senior £750,000 Metropolitan Life Global Funding I 2.875% European Bonds 18/10/2019 812 0.07 Medium Term Notes 11/1/2023 743 0.06 £723,945 Longstone Finance 4.791% Guaranteed Mortgage £1,200,000 Metropolitan Life Global Funding I 3.5% Medium Term Backed Bonds 19/4/2030 809 0.07 Notes 30/9/2026 1,189 0.10 £700,000 Longstone Finance 4.896% Guaranteed Mortgage £800,957 Mitchells & Butlers Finance 5.574% Guaranteed Asset Backed Bonds 19/4/2031 742 0.06 Backed Bonds 15/12/2030 890 0.07 £100,000 Lunar Funding 5.494% Guaranteed Asset Backed £398,516 Mitchells & Butlers Finance 5.965% Guaranteed Asset European Medium Term Bonds 29/7/2020 113 0.01 Backed Bonds 15/12/2025 439 0.04 £688,000 Lunar Funding I 5.75% Guaranteed Asset Backed £694,694 Mitchells & Butlers Finance 6.013% Guaranteed Asset European Medium Term Bonds 18/10/2033 867 0.07 Backed Bonds 15/12/2030 788 0.07 £550,000 LVMH Moet Hennessy Louis Vuitton 1.625% European £550,000 Mitchells & Butlers Finance 6.469% Guaranteed Asset Medium Term Notes 20/12/2017 554 0.05 Backed Bonds 15/9/2032 661 0.05 £500,000 Macquarie Bank 3.5% Senior European Medium Term £1,150,000 Mondelez International 3.875% Bonds 6/3/2045 984 0.08 Notes 18/12/2020 521 0.04 £900,000 Mondelez International 4.5% Bonds 3/12/2035 902 0.07 £722,000 Manchester Airport Funding 4.125% Senior European £200,000 Mondelez International 7.25% Guaranteed European Medium Term Notes 2/4/2024 772 0.06 Medium Term Notes 18/7/2018 226 0.02 £1,140,000 Manchester Airport Funding 4.75% Senior European £775,000 Morgan Stanley 5.75% Guaranteed Senior European Medium Term Notes 31/3/2034 1,254 0.10 Medium Term Bonds 14/2/2017 805 0.07 £1,050,000 Marks & Spencer 4.75% European Medium Term Bonds £800,000 Motability Operations 3.75% European Medium Term 12/6/2025 1,111 0.09 Notes 16/7/2026 868 0.07 £875,000 Marks & Spencer 6.125% Guaranteed European Medium £400,000 Motability Operations 4.375% Guaranteed Senior Term Notes 2/12/2019 992 0.08 European Medium Term Bonds 8/2/2027 452 0.04 £350,000 Marks & Spencer 6.125% Guaranteed Senior European £898,000 Motability Operations 5.375% Guaranteed European Medium Term Bonds 6/12/2021 404 0.03 Medium Term Bonds 28/6/2022 1,071 0.09 £500,000 McDonald’s 4.125% Senior Notes 11/6/2054 467 0.04 £750,000 Motability Operations 5.625% Guaranteed Senior £850,000 McDonald’s 5.875% Guaranteed Senior European European Medium Term Bonds 29/11/2030 959 0.08 Medium Term Bonds 23/4/2032 1,022 0.08 £900,000 Motability Operations 6.625% Guaranteed European £200,000 McDonald’s 6.375% Guaranteed Senior European Medium Term Bonds 10/12/2019 1,061 0.09 Medium Term Bonds 3/2/2020 231 0.02 £2,150,000 Municipality Finance 1.125% Guaranteed Senior Notes £852,620 Meadowhall Finance 4.986% Guaranteed Mortgage 7/12/2017 2,161 0.18 Backed Bonds 12/7/2037 1,011 0.08 £1,000,000 National Australia Bank 1.875% Bonds 20/2/2020 989 0.08 £593,843 Meadowhall Finance 4.988% Guaranteed Mortgage £800,000 National Australia Bank 3% European Medium Term Backed Bonds 12/7/2037 709 0.06 Bonds 4/9/2026 854 0.07 £675,000 Mercantile Investment Trust 6.125% Guaranteed Bonds £950,000 National Australia Bank 3.625% Guaranteed Senior 25/2/2030 839 0.07 European Medium Term Notes 8/11/2017 983 0.08 £725,000 Merseylink Issuer 3.842% Bonds 31/3/2043 874 0.07 £1,825,000 National Australia Bank 5.125% Guaranteed Senior £1,475,000 MetLife 5.25% Guaranteed Senior Bonds 29/6/2020 1,631 0.14 European Medium Term Bonds 9/12/2021 2,057 0.17 £650,000 MetLife 5.375% Guaranteed Senior Bonds 9/12/2024 742 0.06 £1,025,000 National Express 6.25% Guaranteed European Medium £600,000 Metropolitan Funding 4.125% Bonds 5/4/2048 615 0.05 Term Notes 13/1/2017 1,068 0.09 £1,150,000 Metropolitan Life Global Funding I 2.625% European £450,000 National Express 6.625% Guaranteed European Medium Medium Term Notes 5/12/2022 1,142 0.09 Term Bonds 17/6/2020 524 0.04 £625,000 National Grid 1.875% Bonds 6/8/2018 627 0.05

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 £000’s Assets Value Investment £000’s Assets £1,120,000 National Grid 4% European Medium Term Bonds 8/6/2027 1,239 0.10 £2,625,000 Network Rail 4.75% Guaranteed European Medium Term £1,250,000 National Grid 5.875% Guaranteed Senior Bonds 2/2/2024 1,560 0.13 Bonds 29/11/2035 3,555 0.30 £650,000 National Grid 6% Guaranteed Senior European Medium £600,000 Network Rail Infrastructure Finance 3% Bonds 7/9/2023 672 0.06 Term Bonds 7/6/2017 688 0.06 £750,000 Next 4.375% Senior Notes 2/10/2026 818 0.07 £1,250,000 National Grid 6% Guaranteed Senior European Medium £850,000 Next 5.375% Guaranteed Senior Bonds 26/10/2021 978 0.08 Term Bonds 13/5/2038 1,688 0.14 £1,060,000 NIE Finance 6.375% Bonds 2/6/2026 1,354 0.11 £550,000 National Grid 6.375% Guaranteed Senior European £675,000 Nomura Europe Finance 5.5% Guaranteed European Medium Term Bonds 3/3/2020 652 0.05 Medium Term Notes 23/3/2017 701 0.06 £675,000 National Grid 6.5% Guaranteed Senior Bonds 27/7/2028 918 0.08 £1,250,000 Nordea Bank 2.125% European Medium Term Notes £775,000 National Grid 7% Guaranteed Bonds 16/12/2024 1,037 0.09 13/11/2019 1,264 0.10 £925,000 National Grid 7.375% Guaranteed Senior European £650,000 Nordea Bank 2.375% Bonds 2/6/2022 652 0.05 Medium Term Bonds 13/1/2031 1,368 0.11 £550,000 Nordic Investment Bank 5.2% Guaranteed Senior £250,000 National Grid 8.75% Bonds 27/6/2025 376 0.03 European Medium Term Bonds 7/6/2032 778 0.06 £1,525,000 Nationwide Building Society 2.25% European Medium £400,000 Nordic Investment Bank 5.25% Guaranteed Senior Term Notes 29/4/2022 1,506 0.12 European Medium Term Bonds 26/11/2019 467 0.04 £1,150,000 Nationwide Building Society 3.25% European Medium £450,000 Northern Electric Finance 5.125% Guaranteed Bonds Term Notes 20/1/2028 1,136 0.09 4/5/2035 534 0.04 £1,550,000 Nationwide Building Society 5.625% Guaranteed £500,000 Northern Electric Finance 8.875% Guaranteed Bonds European Medium Term Bonds 28/1/2026 2,009 0.17 16/10/2020 647 0.05 £1,575,000 Nationwide Building Society 5.625% Guaranteed Senior £900,000 Northern Gas Networks 4.875% Guaranteed Bonds European Medium Term Notes 9/9/2019 1,769 0.15 30/6/2027 1,036 0.09 £250,000 Nationwide Building Society 8.625% Guaranteed Bonds £700,000 Northern Gas Networks 4.875% Guaranteed Bonds 29/3/2018 278 0.02 15/11/2035 801 0.07 £1,450,000 Natixis 5.875% Guaranteed Senior European Medium £325,000 Northern Gas Networks 5.625% Guaranteed European Term Bonds 24/2/2020 1,688 0.14 Medium Term Bonds 23/3/2040 403 0.03 £1,169,657 Nats En Route 5.25% Guaranteed Bonds 31/3/2026 1,349 0.11 £500,000 Northern Gas Networks 5.875% Guaranteed Notes £1,250,000 Nederlandse Waterschapsbank 2% European Medium 8/7/2019 565 0.05 Term Notes 28/12/2018 1,290 0.11 £340,000 Northern Powergrid 5.125% Guaranteed Bonds 4/5/2035 403 0.03 £1,050,000 Nederlandse Waterschapsbank 5.375% Guaranteed £380,000 Northern Powergrid 7.25% Guaranteed Senior Bonds Senior European Medium Term Bonds 7/6/2032 1,443 0.12 15/12/2022 480 0.04 £1,250,000 Nestlé 1.625% Guaranteed European Medium Term £100,000 Northern Powergrid 9.25% Guaranteed Senior Bonds Notes 11/12/2017 1,266 0.11 17/1/2020 126 0.01 £850,000 Nestlé 1.75% European Medium Term Notes 9/12/2020 868 0.07 £250,000 Northern Rock Asset Management 6.375% Guaranteed £975,000 Nestlé 2.25% European Medium Term Bonds 30/11/2023 1,002 0.08 European Medium Term Bonds 2/12/2019 291 0.02 £1,875,000 Network Rail 1% Guaranteed European Medium Term £900,000 Northumbrian Water Finance 5.125% Guaranteed Bonds Notes 7/12/2017 1,888 0.16 23/1/2042 1,055 0.09 £2,125,000 Network Rail 4.375% Guaranteed European Medium £375,000 Northumbrian Water Finance 5.625% Guaranteed Bonds Term Bonds 9/12/2030 2,697 0.22 29/4/2033 467 0.04 £2,434,000 Network Rail 4.625% Guaranteed European Medium £725,000 Northumbrian Water Finance 6% Guaranteed Bonds Term Bonds 21/7/2020 2,820 0.23 11/10/2017 774 0.06 £2,500,000 Network Rail 4.75% Guaranteed European Medium Term £875,000 Northumbrian Water Finance 6.875% Guaranteed Bonds Bonds 22/1/2024 3,101 0.26 6/2/2023 1,099 0.09

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 £000’s Assets Value Investment £000’s Assets £950,000 Notting Hill Housing Trust 3.75% Bonds 20/12/2032 961 0.08 £900,000 Pohjola Bank 2.5% European Medium Term Note £350,000 Notting Hill Housing Trust 4.375% Senior Notes 20/5/2022 906 0.08 20/2/2054 379 0.03 £600,000 Porterbrook Rail Finance 4.625% Senior European £700,000 Notting Hill Housing Trust 5.25% Guaranteed Senior Medium Term Notes 4/4/2029 660 0.05 Bonds 7/7/2042 841 0.07 £600,000 Porterbrook Rail Finance 5.5% Guaranteed Senior £1,200,000 NRW Bank 0.875% Bonds 15/12/2017 1,201 0.10 European Medium Term Notes 20/4/2019 656 0.05 £376,822 Octagon Healthcare 5.333% Guaranteed Bonds £782,000 Porterbrook Rail Finance 6.5% Guaranteed European 30/6/2036 451 0.04 Medium Term Bonds 20/10/2020 914 0.08 £1,250,000 OeKB Oesterreichische Kontrollbank 2% European £500,000 Porterbrook Rail Finance 7.125% Guaranteed Senior Medium Term Notes 17/12/2018 1,289 0.11 European Medium Term Bonds 20/10/2026 663 0.05 £200,000 OeKB Oesterreichische Kontrollbank 5.75% Guaranteed £450,000 PostNL 7.5% Guaranteed Senior Notes 14/8/2018 508 0.04 European Medium Term Bonds 7/12/2028 275 0.02 £285,000 Procter & Gamble 5.25% Guaranteed Senior Bonds £700,000 Orange 5.25% Guaranteed Senior European Medium 19/1/2033 364 0.03 Term Bonds 5/12/2025 819 0.07 £1,250,000 Procter & Gamble 6.25% Guaranteed Senior Bonds £1,100,000 Orange 5.375% Guaranteed European Medium Term 31/1/2030 1,710 0.14 Bonds 22/11/2050 1,278 0.11 £775,000 Provident Financial 8% Guaranteed Notes 23/10/2019 864 0.07 £1,300,000 Orange 5.625% Guaranteed Senior Bonds 23/1/2034 1,533 0.13 £1,050,000 Prudential 1.375% Senior European Medium Term Bonds £500,000 Orange 7.25% Guaranteed Senior European Medium 19/1/2018 1,047 0.09 Term Bonds 10/11/2020 612 0.05 £1,100,000 Prudential 1.75% European Medium Term Notes £775,000 Orange 8% Guaranteed Senior European Medium Term 27/11/2018 1,100 0.09 Bonds 20/12/2017 862 0.07 £1,400,000 Prudential 5% European Medium Term Notes 20/7/2055 1,149 0.10 £1,025,000 Orange 8.125% Guaranteed Senior European Medium £850,000 Prudential 5.875% Guaranteed Senior Bonds 11/5/2029 1,045 0.09 Term Bonds 20/11/2028 1,486 0.12 £950,000 Prudential 6.125% Guaranteed Subordinated European £675,000 Orbit Capital 3.5% Bonds 24/3/2045 619 0.05 Medium Term Bonds 19/12/2031 991 0.08 £875,000 PACCAR Financial Europe 1.513% European Medium £350,000 Prudential 6.875% Bonds 20/1/2023 441 0.04 Term Notes 29/5/2018 874 0.07 £240,000 Quadrant Housing Finance 7.93% Guaranteed Bonds £500,000 Paragon Treasury 3.625% Bonds 21/1/2047 465 0.04 10/2/2033 343 0.03 £850,000 Peabody Capital No 2 4.625% Guaranteed Bonds £1,000,000 Rabobank Nederland 2.25% Bonds 23/3/2022 990 0.08 12/12/2053 966 0.08 £700,000 Rabobank Nederland 3.25% Guaranteed Senior £1,125,000 PepsiCo 2.5% European Medium Term Notes 1/11/2022 1,158 0.10 European Medium Term Notes 1/11/2017 723 0.06 £850,000 Petróleos Mexicanos 8.25% Guaranteed European £1,200,000 Rabobank Nederland 4% Guaranteed European Medium Medium Term Bonds 2/6/2022 960 0.08 Term Notes 19/9/2022 1,299 0.11 £3,550,000 Pfizer 6.5% Guaranteed Senior Bonds 3/6/2038 4,911 0.41 £450,000 Rabobank Nederland 4.55% Guaranteed Senior £575,000 PGH Capital 5.75% Bonds 7/7/2021 594 0.05 European Medium Term Bonds 30/8/2029 518 0.04 £1,000,000 PGH Capital 6.625% Bonds 18/12/2025 926 0.08 £1,300,000 Rabobank Nederland 4.625% Guaranteed Senior £550,000 Phoenix Natural Gas Finance 5.5% Guaranteed Notes European Medium Term Bonds 13/1/2021 1,438 0.12 10/7/2017 576 0.05 £2,475,000 Rabobank Nederland 4.625% Subordinated European £98,652 Picts 5.218% Guaranteed Bonds 20/1/2039 109 0.01 Medium Term Notes 23/5/2029 2,365 0.20 £1,100,000 Places For People Homes 5.09% Guaranteed Asset £550,000 Rabobank Nederland 4.875% Guaranteed Senior Backed Bonds 31/7/2043 1,268 0.11 European Medium Term Bonds 10/1/2023 624 0.05 £150,000 Places For People Homes 8.625% Bonds 26/9/2020 174 0.01 £1,175,000 Rabobank Nederland 5.25% European Medium Term Bonds 14/9/2027 1,208 0.10

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 £000’s Assets Value Investment £000’s Assets £880,000 Rabobank Nederland 5.25% Guaranteed Senior £1,400,000 RWE Finance 5.625% Guaranteed European Medium European Medium Term Bonds 23/5/2041 1,044 0.09 Term Bonds 6/12/2023 1,539 0.13 £700,000 Rabobank Nederland 5.375% Guaranteed Senior £2,300,000 RWE Finance 6.125% Guaranteed European Medium European Medium Term Bonds 3/8/2060 901 0.07 Term Bonds 6/7/2039 2,368 0.20 £500,000 RCI Banque 2.125% European Medium Term Notes £1,800,000 RWE Finance 6.25% Guaranteed European Medium 6/10/2017 499 0.04 Term Bonds 3/6/2030 1,944 0.16 £525,000 RCI Banque 3% Senior European Medium Term Notes £1,375,000 RWE Finance 6.5% Guaranteed European Medium Term 9/5/2019 533 0.04 Bonds 20/4/2021 1,574 0.13 £600,000 RCI Banque 3.25% Senior European Medium Term Notes £450,000 Safeway 6% Guaranteed Senior European Medium Term 25/4/2018 612 0.05 Bonds 10/1/2017 464 0.04 £900,000 RELX 2.75% Notes 1/8/2019 921 0.08 £150,000 Safeway 6.125% Guaranteed Bonds 17/12/2018 163 0.01 £700,000 RELX 7% Guaranteed Notes 11/12/2017 763 0.06 £850,000 Saint-Gobain 4.625% Senior European Medium Term £800,000 Repsol Oil & Gas 6.625% Guaranteed Senior Bonds Notes 9/10/2029 896 0.07 5/12/2017 841 0.07 £500,000 Saint-Gobain 5.625% Guaranteed Senior European £1,008,000 Rio Tinto 4% European Medium Term Bonds 11/12/2029 977 0.08 Medium Term Bonds 15/11/2024 575 0.05 £375,000 Riverside Finance 3.875% Senior Bonds 5/12/2044 368 0.03 £730,000 Sanctuary Capital 5% Senior European Medium Term £825,000 RL Finance Bonds No 3 6.125% Bonds 13/11/2028 795 0.07 Bonds 26/4/2047 884 0.07 £997,536 RMPA Services 5.337% Guaranteed Bonds 30/9/2038 1,164 0.10 £700,000 Sanctuary Capital 6.697% Guaranteed Bonds 23/3/2039 1,010 0.08 £650,000 Roche Finance Europe 5.375% Guaranteed European £506,992 Sanctuary Housing Association 8.375% Guaranteed Medium Term Bonds 29/8/2023 801 0.07 Bonds 1/9/2031 757 0.06 £700,000 Rolls-Royce 3.375% Guaranteed European Medium Term £1,100,000 Santander UK 3.625% European Medium Term Notes Notes 18/6/2026 684 0.06 14/1/2026 1,070 0.09 £1,100,000 Rolls-Royce 6.75% Guaranteed Notes 30/4/2019 1,258 0.10 £850,000 Scentre Management 2.375% Bonds 8/4/2022 838 0.07 £375,000 Rolls-Royce 7.375% Guaranteed European Medium Term £995,000 Scentre Management 3.875% European Medium Term Bonds 14/6/2016 381 0.03 Notes 16/7/2026 1,047 0.09 £2,200,000 Royal Bank of Scotland 5.125% Guaranteed Senior £783,188 Sceptre Funding No.1 5.253% Guaranteed Senior Bonds European Medium Term Bonds 13/1/2024 2,657 0.22 9/2/2027 940 0.08 £1,600,000 Royal Bank of Scotland 6.625% Guaranteed Senior £300,000 Scotland Gas Network 4.75% Guaranteed Senior European Medium Term Bonds 17/9/2018 1,776 0.15 European Medium Term Bonds 21/2/2017 309 0.03 £250,000 Royal Bank of Scotland 6.875% Guaranteed Senior £650,000 Scotland Gas Network 4.875% Guaranteed Senior European Medium Term Bonds 17/5/2025 318 0.03 European Medium Term Bonds 21/12/2034 740 0.06 £1,000,000 Royal Bank of Scotland 7.5% Guaranteed Senior £550,000 Scottish Power 6.75% Bonds 29/5/2023 684 0.06 European Medium Term Bonds 29/4/2024 1,315 0.11 £500,000 Scottish Power UK 8.375% Guaranteed Senior Bonds £1,150,000 Royal Dutch Shell 2% European Medium Term Bonds 20/2/2017 533 0.04 20/12/2019 1,148 0.10 £1,900,000 Scottish Widows 5.5% Bonds 16/6/2023 1,890 0.16 £1,000,000 RSA Insurance 5.125% Guaranteed Bonds 10/10/2045 894 0.07 £1,536,000 Scottish Widows 7% Subordinated Bonds 16/6/2043 1,509 0.13 £863,104 RSL Finance 6.625% Guaranteed Senior Bonds £300,000 Segro 5.5% Guaranteed Senior Bonds 20/6/2018 323 0.03 31/3/2038 1,143 0.09 £577,000 Segro 5.625% Guaranteed Senior Bonds 7/12/2020 660 0.05 £1,200,000 RWE Finance 4.75% Guaranteed European Medium £325,000 Segro 5.75% Guaranteed Senior Bonds 20/6/2035 407 0.03 Term Bonds 31/1/2034 1,076 0.09 £300,000 Segro 6% Guaranteed Senior Bonds 30/9/2019 339 0.03 £950,000 RWE Finance 5.5% Guaranteed European Medium £1,025,000 Segro 6.75% Guaranteed Senior Bonds 23/11/2021 1,250 0.10 Term Bonds 6/7/2022 1,046 0.09 £350,000 Segro 6.75% Guaranteed Senior Bonds 23/2/2024 441 0.04

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 £000’s Assets Value Investment £000’s Assets £500,000 Segro 7% Guaranteed Senior Bonds 14/3/2022 620 0.05 £1,175,000 Southern Gas Network 5.125% Guaranteed European £1,100,000 Severn Trent Utilities Finance 3.625% European Medium Medium Term Notes 2/11/2018 1,277 0.11 Term Bonds 16/1/2026 1,153 0.10 £375,000 Southern Gas Network 6.375% Guaranteed Senior £600,000 Severn Trent Utilities Finance 4.875% Guaranteed Bonds European Medium Term Bonds 15/5/2040 507 0.04 24/1/2042 685 0.06 £825,000 Southern Gas Networks 2.5% Senior European Medium £900,000 Severn Trent Utilities Finance 6% Guaranteed European Term Bonds 3/2/2025 796 0.07 Medium Term Notes 22/1/2018 971 0.08 £825,000 Southern Water Services Finance 4.5% Guaranteed £875,000 Severn Trent Utilities Finance 6.125% Guaranteed Bonds Senior Bonds 31/3/2052 914 0.08 26/2/2024 1,077 0.09 £625,000 Southern Water Services Finance 5% Guaranteed £785,000 Severn Trent Water Utilities 6.25% Guaranteed Bonds European Medium Term Bonds 31/3/2021 702 0.06 7/6/2029 1,035 0.09 £450,000 Southern Water Services Finance 5% Guaranteed Senior £730,000 SGSP Australia Assets 5.125% Guaranteed European European Medium Term Bonds 31/3/2041 522 0.04 Medium Term Bonds 11/2/2021 814 0.07 £150,000 Southern Water Services Finance 5.125% Guaranteed £800,000 Siemens Financieringsmaatschappij 2.75% Medium Senior European Medium Term Bonds 30/9/2056 189 0.02 Term Notes 10/9/2025 808 0.07 £450,000 Southern Water Services Finance 6.125% Guaranteed £1,400,000 Siemens Financieringsmaatschappij 3.75% European Senior European Medium Term Bonds 31/3/2019 507 0.04 Medium Term Bonds 10/9/2042 1,401 0.12 £950,000 Southern Water Services Finance 6.192% Guaranteed £450,000 Skandinaviska Enskilda Banken 3% Senior European European Medium Term Bonds 31/3/2029 1,239 0.10 Medium Term Notes 18/12/2020 472 0.04 £925,000 Southern Water Services Finance 6.64% European £625,000 Société Générale 5% Guaranteed Senior European Medium Term Notes 31/3/2026 1,211 0.10 Medium Term Notes 20/12/2018 678 0.06 £650,000 Sovereign Housing Capital 4.768% Guaranteed European £350,000 Société Générale 5.4% Guaranteed Subordinated Medium Term Notes 1/6/2043 755 0.06 European Medium Term Bonds 30/1/2018 367 0.03 £450,000 Sovereign Housing Capital 5.705% Guaranteed Bonds £1,150,000 Society of Lloyd’s 4.75% Subordinated Bonds 30/10/2024 1,131 0.09 10/9/2039 582 0.05 £400,000 South East Water Finance 5.5834% Guaranteed European £500,000 SP Manweb 4.875% Senior Medium Term Notes Medium Term Bonds 29/3/2029 482 0.04 20/9/2027 570 0.05 £525,000 South East Water Finance 5.6577% Guaranteed £800,000 SPD Finance UK 5.875% Guaranteed Bonds 17/7/2026 984 0.08 European Medium Term Bonds 30/9/2019 585 0.05 £1,650,000 SSE 3.875% Perpetual Bonds 1,511 0.13 £1,000,000 South Eastern Power Networks 5.5% Guaranteed Senior £500,000 SSE 4.25% Guaranteed Senior European Medium Term European Medium Term Bonds 5/6/2026 1,208 0.10 Bonds 14/9/2021 549 0.05 £675,000 South Eastern Power Networks 6.375% Guaranteed £1,300,000 SSE 5% Guaranteed Senior European Medium Term Senior European Medium Term Bonds 12/11/2031 899 0.07 Notes 1/10/2018 1,407 0.12 £675,000 Southern Electric Power 4.625% Guaranteed Senior £1,150,000 SSE 5.875% Guaranteed Senior Bonds 22/9/2022 1,378 0.11 Bonds 20/2/2037 738 0.06 £750,000 SSE 6.25% Guaranteed Senior European Medium Term £700,000 Southern Electric Power 5.5% Guaranteed Senior Bonds Bonds 27/8/2038 952 0.08 7/6/2032 845 0.07 £1,125,000 SSE 8.375% Guaranteed Senior Bonds 20/11/2028 1,657 0.14 £600,000 Southern Gas Network 4.875% Guaranteed European £875,000 Stagecoach 4% Bonds 29/9/2025 879 0.07 Medium Term Bonds 21/12/2020 677 0.06 £1,800,000 Standard Chartered 4.375% European Medium Term £900,000 Southern Gas Network 4.875% Guaranteed European Bonds 18/1/2038 1,644 0.14 Medium Term Notes 5/10/2023 1,025 0.09 £2,025,000 Standard Chartered 5.125% Subordinated European £700,000 Southern Gas Network 4.875% Guaranteed European Medium Term Notes 6/6/2034 1,537 0.13 Medium Term Bonds 21/3/2029 820 0.07

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 £000’s Assets Value Investment £000’s Assets £1,750,000 Standard Chartered 7.75% Guaranteed Subordinated £193,750 Telereal Securitisation 4.9741% Guaranteed Asset European Medium Term Bonds 3/4/2018 1,890 0.16 Backed Bonds 10/12/2033 215 0.02 £1,050,000 Statoil 4.25% Guaranteed European Medium Term Notes £815,580 Telereal Securitisation 5.3887% Guaranteed Asset 10/4/2041 1,068 0.09 Backed Bonds 10/12/2033 920 0.08 £575,000 Statoil 6.125% Guaranteed European Medium Term £190,400 Telereal Securitisation 5.4252% Guaranteed Asset Bonds 27/11/2028 732 0.06 Backed Bonds 10/12/2033 202 0.02 £1,645,000 Statoil 6.875% Guaranteed European Medium Term £286,282 Telereal Securitisation 5.5534% Asset Backed Bonds Bonds 11/3/2031 2,241 0.19 10/12/2033 328 0.03 £400,000 Suez Environnement 5.375% Senior European Medium £506,615 Telereal Securitisation 5.5653% Guaranteed Asset Term Bonds 2/12/2030 484 0.04 Backed Bonds 10/12/2033 577 0.05 £565,000 Sunderland (SHG) Finance 6.38% Guaranteed Senior £603,875 Telereal Securitisation 5.9478% Guaranteed Asset Bonds 31/3/2042 757 0.06 Backed Bonds 10/12/2033 709 0.06 £1,250,000 Svensk Exportkredit 1.875% European Medium Term £975,800 Telereal Securitisation 6.1645% Guaranteed Asset Notes 21/12/2018 1,284 0.11 Backed Bonds 10/12/2033 1,095 0.09 £300,000 Svenska Handelsbanken 1.875% Senior European £975,000 TeliaSonera 4.375% European Medium Term Bonds Medium Term Notes 29/8/2017 302 0.03 5/12/2042 913 0.08 £750,000 Svenska Handelsbanken 2.375% European Medium £500,000 Temasek Financial I 4.625% Guaranteed Bonds Term Notes 18/1/2022 752 0.06 26/7/2022 588 0.05 £700,000 Svenska Handelsbanken 2.75% European Medium £1,090,000 Temasek Financial I 5.125% Guaranteed Bonds Term Notes 5/12/2022 710 0.06 26/7/2040 1,449 0.12 £650,000 Svenska Handelsbanken 3% Senior European Medium £225,000 Textron 6.625% Guaranteed Senior European Medium Term Notes 20/11/2020 678 0.06 Term Bonds 7/4/2020 252 0.02 £1,350,000 Svenska Handelsbanken 4% Guaranteed Senior Notes £1,050,000 Thames Water Utilities Cayman Finance 3.5% Asset 18/1/2019 1,436 0.12 Backed Bonds 25/2/2028 1,068 0.09 £600,000 Swan Housing Capital 3.625% Bonds 5/3/2048 563 0.05 £1,475,000 Thames Water Utilities Cayman Finance 4% Senior £900,000 Swedbank 1.625% Bonds 15/4/2019 900 0.07 Notes 19/6/2025 1,593 0.13 £700,000 Tate & Lyle International Finance 6.75% Guaranteed £700,000 Thames Water Utilities Cayman Finance 4.375% Notes 25/11/2019 810 0.07 Guaranteed European Medium Term Bonds 3/7/2034 740 0.06 £1,450,000 TDC 5.625% Guaranteed Senior European Medium Term £750,000 Thames Water Utilities Cayman Finance 4.625% Bonds 23/2/2023 1,587 0.13 Guaranteed European Medium Term Bonds 4/6/2046 810 0.07 £1,250,000 Telefónica Emisiones 5.289% Guaranteed European £1,108,000 Thames Water Utilities Cayman Finance 5.5% Medium Term Bonds 9/12/2022 1,373 0.11 Guaranteed Senior European Medium Term Bonds £1,425,000 Telefónica Emisiones 5.375% Guaranteed European 11/2/2041 1,337 0.11 Medium Term Bonds 2/2/2018 1,502 0.12 £550,000 Thames Water Utilities Cayman Finance 7.241% £1,350,000 Telefónica Emisiones 5.375% Guaranteed European Guaranteed European Medium Term Bonds 9/4/2058 608 0.05 Medium Term Bonds 2/2/2026 1,491 0.12 £1,399,000 Thames Water Utilities Finance 5.125% Guaranteed £950,000 Telefónica Emisiones 5.445% Guaranteed European European Medium Term Bonds 28/9/2037 1,616 0.13 Medium Term Bonds 8/10/2029 1,055 0.09 £600,000 Thames Water Utilities Finance 6.5% Guaranteed £1,700,000 Telefónica Emisiones 5.597% Guaranteed European Senior European Medium Term Bonds 9/2/2032 789 0.07 Medium Term Notes 12/3/2020 1,864 0.15 £450,000 Thames Water Utilities Finance 6.75% Guaranteed £1,210,194 Telereal Secured Finance 4.01% Asset Backed Notes European Medium Term Bonds 16/11/2028 603 0.05 10/12/2033 1,186 0.10

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 £000’s Assets Value Investment £000’s Assets £200,000 THFC 5.125% Guaranteed Senior European Medium £500,000 UK Care No.1 6.3% Guaranteed Asset Backed Bonds Term Bonds 21/12/2035 237 0.02 1/10/2029 680 0.06 £1,175,000 THFC 5.2% Guaranteed Senior European Medium Term £700,000 Unilever 2% Guaranteed European Medium Term Notes Bonds 11/10/2043 1,408 0.12 19/12/2018 718 0.06 £1,600,000 THFC Funding No.2 6.35% Guaranteed Senior European £550,000 Unilever 4.75% Guaranteed European Medium Term Medium Term Bonds 8/7/2041 2,171 0.18 Notes 16/6/2017 576 0.05 £542,613 THPA Finance 7.127% Guaranteed Asset Backed Bonds £1,100,000 Unite USAF II 3.374% Senior Bonds 30/6/2028 1,140 0.09 15/3/2024 622 0.05 £950,000 United Parcel Service 5.125% Guaranteed Senior Bonds £1,488,000 Time Warner Cable 5.25% Guaranteed Bonds 15/7/2042 1,256 0.10 12/2/2050 1,264 0.10 £1,485,000 Time Warner Cable 5.75% Guaranteed Bonds 2/6/2031 1,447 0.12 £355,000 United Utilities Water 5% Guaranteed Senior European £652,000 Together Housing 4.5% Bonds 17/12/2042 703 0.06 Medium Term Bonds 28/2/2035 417 0.03 £750,000 Total Capital 3.875% Guaranteed European Medium £150,000 United Utilities Water 5.375% Guaranteed Senior Term Notes 14/12/2018 793 0.07 European Medium Term Bonds 14/5/2018 162 0.01 £1,025,000 Total Capital 4.25% Guaranteed European Medium Term £525,000 United Utilities Water 5.625% Guaranteed Senior Notes 8/12/2017 1,073 0.09 European Medium Term Bonds 20/12/2027 647 0.05 £500,000 Total Capital International 2.25% European Medium £1,050,000 United Utilities Water 5.75% Guaranteed Senior Term Notes 17/12/2020 506 0.04 European Medium Term Bonds 25/3/2022 1,251 0.10 £550,000 Total Capital International 2.25% European Medium £1,050,000 University of Cambridge 3.75% Notes 17/10/2052 1,255 0.10 Term Notes 9/6/2022 549 0.05 £700,000 University of Leeds 3.125% Bonds 19/12/2050 686 0.06 £650,000 Toyota Motor Credit 4% Guaranteed Senior European £550,000 University of Liverpool 3.375% Bonds 25/6/2055 575 0.05 Medium Term Notes 7/12/2017 680 0.06 £588,000 University of Manchester 4.25% Bonds 4/7/2053 738 0.06 £643,063 Trafford Centre Finance 6.5% Guaranteed Asset Backed £607,953 UPP 4.9023% Senior European Medium Term Notes Bonds 28/7/2033 847 0.07 28/2/2040 682 0.06 £1,050,000 Transport for London 1.25% European Medium Term £874,000 Vattenfall 6.125% Guaranteed Senior European Medium Notes 21/11/2017 1,053 0.09 Term Bonds 16/12/2019 998 0.08 £850,000 Transport for London 2.125% Bonds 24/4/2025 847 0.07 £2,325,000 Vattenfall 6.875% Guaranteed Senior European Medium £1,350,000 Transport for London 2.25% Guaranteed European Term Bonds 15/4/2039 3,021 0.25 Medium Term Notes 9/8/2022 1,392 0.12 £50,000 Vector 7.625% Guaranteed European Medium Term £1,049,000 Transport for London 3.625% European Medium Term Bonds 14/1/2019 57 – Notes 15/5/2045 1,127 0.09 £1,550,000 Veolia Environnement 6.125% Guaranteed Senior £1,200,000 Transport for London 3.875% Guaranteed European European Medium Term Bonds 29/10/2037 1,955 0.16 Medium Term Notes 23/7/2042 1,357 0.11 £1,411,000 Verizon Communications 4.073% Senior Notes 18/6/2024 1,504 0.12 £325,000 Transport for London 4% Senior European Medium £2,050,000 Verizon Communications 4.75% Senior European Term Notes 12/9/2033 372 0.03 Medium Term Notes 17/2/2034 2,137 0.18 £1,150,000 Transport for London 4% Senior European Medium Term £650,000 Virgin Money 2.25% Guaranteed Medium Term Notes Notes 7/4/2064 1,430 0.12 21/4/2020 639 0.05 £150,000 Transport for London 4.5% Guaranteed European £1,550,000 Vodafone 5.375% Guaranteed Senior European Medium Medium Term Bonds 31/3/2031 177 0.01 Term Notes 5/12/2017 1,639 0.14 £450,000 Transport for London 5% Guaranteed European Medium £500,000 Vodafone 5.625% Guaranteed Senior European Medium Term Bonds 31/3/2035 586 0.05 Term Bonds 4/12/2025 579 0.05 £2,400,000 UBS 6.625% Guaranteed Senior European Medium Term £1,000,000 Vodafone 5.9% Guaranteed Senior European Medium Notes 11/4/2018 2,658 0.22 Term Bonds 26/11/2032 1,150 0.10

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 £000’s Assets Value Investment £000’s Assets £1,050,000 Vodafone 8.125% Guaranteed Senior European Medium £1,500,000 Wells Fargo 5.25% Guaranteed Subordinated European Term Notes 26/11/2018 1,217 0.10 Medium Term Bonds 1/8/2023 1,668 0.14 £1,000,000 Volkswagen 1.75% Bonds 17/4/2020 965 0.08 £1,140,000 Welltower 4.5% Medium Term Notes 1/12/2034 1,074 0.09 £200,000 Volkswagen Financial Services 1.25% Guaranteed Bonds £1,225,000 Welltower 4.8% Senior Notes 20/11/2028 1,272 0.11 23/5/2016 200 0.02 £400,000 Wessex Water 4% Guaranteed Bonds 24/9/2021 436 0.04 £600,000 Volkswagen Financial Services 1.75% Guaranteed £425,000 Wessex Water Services 5.75% Guaranteed Bonds European Medium Term Notes 21/8/2017 595 0.05 14/10/2033 545 0.05 £500,000 Volkswagen Financial Services 2.375% Guaranteed £400,000 Wessex Water Services Finance 5.375% Guaranteed European Medium Term Notes 13/11/2018 499 0.04 Bonds 10/3/2028 486 0.04 £1,000,000 Volkswagen Financial Services 2.625% Guaranteed £250,000 Western Power 9.25% Bonds 9/11/2020 328 0.03 European Medium Term Notes 22/7/2019 999 0.08 £1,100,000 Western Power Distribution 3.625% Bonds 6/11/2023 1,112 0.09 £500,000 Volkswagen Financial Services 2.75% Guaranteed £1,642,000 Western Power Distribution 5.25% Senior European European Medium Term Notes 2/10/2020 501 0.04 Medium Term Bonds 17/1/2023 1,887 0.16 £1,050,000 Wales & West Utilities Finance 4.625% Guaranteed £300,000 Western Power Distribution 5.75% Guaranteed Bonds Bonds 13/12/2023 1,190 0.10 23/3/2040 375 0.03 £300,000 Wales & West Utilities Finance 5.75% Guaranteed £500,000 Western Power Distribution 5.75% Guaranteed Senior Bonds 29/3/2030 376 0.03 Bonds 23/3/2040 626 0.05 £825,000 Wales & West Utilities Finance 6.25% Guaranteed £1,850,000 Western Power Distribution 5.75% Guaranteed Senior Bonds 30/11/2021 999 0.08 European Medium Term Bonds 16/4/2032 2,291 0.19 £825,000 Walgreens Boots Alliance 2.875% Bonds 20/11/2020 825 0.07 £650,000 Western Power Distribution 5.875% Guaranteed Senior £750,000 Walgreens Boots Alliance 3.6% Bonds 20/11/2025 737 0.06 Bonds 25/3/2027 805 0.07 £2,300,000 Wal-Mart Stores 4.875% Guaranteed Senior Bonds £400,000 Western Power Distribution 6% European Medium Term 19/1/2039 2,701 0.22 Notes 9/5/2025 497 0.04 £2,350,000 Wal-Mart Stores 5.25% Guaranteed Senior Bonds £650,000 Western Power Distribution 6.25% Guaranteed European 28/9/2035 2,911 0.24 Medium Term Bonds 10/12/2040 865 0.07 £2,285,000 Wal-Mart Stores 5.625% Guaranteed Senior Bonds £1,100,000 Western Power Distribution West Midlands 3.875% 27/3/2034 2,913 0.24 Senior European Medium Term Notes 17/10/2024 1,175 0.10 £1,230,000 Wal-Mart Stores 5.75% Guaranteed Senior Bonds £1,300,000 Westpac Banking 2.625% European Medium Term Notes 19/12/2030 1,581 0.13 14/12/2022 1,296 0.11 £950,000 Wellcome Trust Finance 4% Guaranteed Bonds £1,125,000 Westpac Banking 5% Guaranteed Senior European 9/5/2059 1,215 0.10 Medium Term Notes 21/10/2019 1,241 0.10 £1,075,000 Wellcome Trust Finance 4.625% Guaranteed Bonds £650,000 Westpac Securities 2.5% European Medium Term Notes 25/7/2036 1,376 0.11 13/1/2021 644 0.05 £900,000 Wellcome Trust Finance 4.75% Guaranteed Bonds £800,000 Wheatley Group Capital 4.375% European Non Dollar 28/5/2021 1,050 0.09 Bonds 28/11/2044 845 0.07 £1,675,000 Wells Fargo 2.125% European Medium Term Note £500,000 WHG Treasury 4.25% Senior Bonds 6/10/2045 521 0.04 22/4/2022 1,630 0.14 £975,000 Whitbread 3.375% Bonds 16/10/2025 970 0.08 £1,150,000 Wells Fargo 3.5% Medium Term Notes 12/9/2029 1,127 0.09 £708,866 White City Property Finance 5.1202% Guaranteed Bonds £1,750,000 Wells Fargo 4.625% Guaranteed Senior Bonds 17/4/2035 834 0.07 2/11/2035 1,869 0.16 £950,000 Wm Morrison Supermarkets 3.5% Guaranteed European £1,600,000 Wells Fargo 4.875% Guaranteed Subordinated Medium Term Notes 27/7/2026 834 0.07 European Medium Term Bonds 29/11/2035 1,616 0.13

187 BlackRock Collective Investment Funds 188 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets £1,425,000 Wm Morrison Supermarkets 4.625% Guaranteed £700,000 Caisse d’Amortissement de la Dette Sociale 3.75% European Medium Term Bonds 8/12/2023 1,409 0.12 Senior European Medium Term Notes 15/10/2018 752 0.06 £400,000 Wm Morrison Supermarkets 4.75% European Medium £1,100,000 Caisse des Depots et Consignations 1.5% Bonds Term Notes 4/7/2029 373 0.03 23/12/2019 1,122 0.09 £540,635 Wods Transmission 3.446% Bonds 24/8/2034 557 0.05 £500,000 Export Development Canada 1.375% European Medium £700,000 WPP 6% Guaranteed Bonds 4/4/2017 731 0.06 Term Notes 16/12/2019 510 0.04 £475,000 WPP Finance 6.375% Guaranteed Bonds 6/11/2020 562 0.05 £1,550,000 Export Development Canada 1.875% Senior European £450,000 Yorkshire Building Society 4.125% European Medium Medium Term Notes 17/12/2018 1,597 0.13 Term Notes 20/11/2024 439 0.04 £500,000 Export-Import Bank of Korea 2% European Medium £2,050,000 Yorkshire Building Society 4.75% Guaranteed European Term Note 7/12/2017 505 0.04 Medium Term Notes 12/4/2018 2,207 0.18 £718,000 Federal National Mortgage Association 5.375% Bonds £745,000 Yorkshire Power Finance 7.25% Guaranteed Bonds 7/12/2028 956 0.08 4/8/2028 1,019 0.08 £500,000 Finland (Government) 1% Bonds 17/12/2018 504 0.04 £800,000 Yorkshire Water 6% European Medium Term Notes £300,000 Finland (Government) 1.125% Senior Notes 7/12/2017 302 0.03 21/8/2019 911 0.08 £750,000 Finland (Government) 1.5% Bonds 19/12/2019 769 0.06 £750,000 Yorkshire Water Services Bradford 3.625% Guaranteed £750,000 Instituto de Credito Oficial 1.875% Bonds 15/12/2017 755 0.06 European Medium Term Notes 1/8/2029 783 0.07 £350,000 Isle of Man (Government) 5.375% Guaranteed Senior £700,000 Yorkshire Water Services Bradford Finance 6.375% Bonds 14/8/2034 469 0.04 Senior Notes 19/8/2039 954 0.08 £550,000 Italy (Republic) 5.25% Bonds 7/12/2034 626 0.05 £550,000 Yorkshire Water Services Finance 5.5% Guaranteed £3,725,000 Italy (Republic) 6% Bonds 4/8/2028 4,547 0.38 Bonds 28/5/2037 685 0.06 £200,000 Japan Finance Organization for Municipalities 5.75% £400,000 Yorkshire Water Services Odsal Finance 6.454% Bonds 9/8/2019 231 0.02 Guaranteed Bonds 28/5/2027 523 0.04 £1,250,000 Kommunekredit 1.125% European Medium Term Notes £275,000 Yorkshire Water Services Odsal Finance 6.5876% 7/12/2018 1,259 0.10 Guaranteed Bonds 21/2/2023 342 0.03 £1,000,000 Kommuninvest I Sverige 1.125% Guaranteed European £300,000 Yorkshire Water Services Odsal Finance 6.6011% Medium Term Bonds 6/9/2019 999 0.08 Guaranteed Bonds 17/4/2031 407 0.03 £2,285,000 Mexico (Government) 5.625% Bonds 19/3/2114 2,001 0.17 1,069,468 88.87 £1,250,000 Mexico (Government) 6.75% Bonds 6/2/2024 1,478 0.12 £1,200,000 Nordrhein Westfalen 0.875% Senior Bonds 7/3/2018 1,201 0.10 UK Sterling Denominated Fixed Rate Government Bonds – 3.50%; 2015 2.56% £1,400,000 SNCF Réseau 4.83% Bonds 25/3/2060 1,980 0.16 £750,000 Agence Francaise de Developpement 0.75% Bonds £950,000 SNCF Réseau 5% European Medium Term Notes 31/3/2017 749 0.06 11/3/2052 1,324 0.11 £1,150,000 Belgium (Kingdom) 1.125% Bonds 21/12/2018 1,157 0.10 £1,825,000 SNCF Réseau 5.25% European Medium Term Notes £570,000 Belgium (Kingdom) 5% Bonds 24/4/2018 620 0.05 7/12/2028 2,377 0.20 £150,000 Belgium (Kingdom) 5.7% Bonds 28/5/2032 207 0.02 £1,600,000 SNCF Réseau 5.25% European Medium Term Notes £250,000 Belgium (Kingdom) 9.375% Bonds 21/2/2020 328 0.03 31/1/2035 2,119 0.18 £1,500,000 Caisse d’ Amortissement de la Dette Sociale 1% Senior £1,100,000 SNCF Réseau 5.375% European Medium Term Notes Notes 7/3/2018 1,508 0.13 18/3/2027 1,409 0.12 £950,000 Caisse d’Amortissement de la Dette Sociale 1% Senior £1,800,000 SNCF Réseau 5.5% European Medium Term Notes European Medium Term Notes 7/3/2019 952 0.08 1/12/2021 2,183 0.18 £1,100,000 Caisse d’Amortissement de la Dette Sociale 1.375% £600,000 Spain (Kingdom) 5.25% Bonds 6/4/2029 689 0.06 Senior European Medium Term Notes 6/2/2017 1,107 0.09 £773,000 States of Guernsey 3.375% Senior Bonds 12/12/2046 800 0.07

189 BlackRock Collective Investment Funds 190 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets £500,000 States of Jersey (Government) 3.75% Bonds 9/6/2054 586 0.05 £550,000 BNP Paribas 7.436% Guaranteed Perpetual £75,000 Tennessee Valley Authority 4.625% Bonds 7/6/2043 97 0.01 Subordinated Floating Rate Bonds 567 0.05 £350,000 Tennessee Valley Authority 5.35% Guaranteed Bonds £550,000 Bupa Finance 6.125% Guaranteed Perpetual Floating 7/6/2021 416 0.03 Rate Bonds 563 0.05 £675,000 Tennessee Valley Authority 5.625% Bonds 7/6/2032 920 0.08 £600,000 CNP Assurances 7.375% Floating Rate Bonds 30/9/2041 643 0.05 42,111 3.50 £200,000 Commonwealth Bank of Australia 4.875% Floating Rate European Medium Term Bonds 19/12/2023 211 0.02 UK Sterling Denominated Variable Rate Corporate Bonds – 6.67%; 2015 8.32% £200,000 Crédit Agricole 5% Perpetual European Medium Term £1,109,000 America Movil 6.375% Subordinated Floating Rate Floating Rate Notes 200 0.02 Notes 6/9/2073 1,093 0.09 £575,000 Danske Bank 5.375% Guaranteed Subordinated Floating £500,000 Anglian Water Services Financing 5.5% Guaranteed Rate European Medium Term Bonds 29/9/2021 585 0.05 Floating Rate European Medium Term Bonds 10/10/2040 523 0.04 £1,125,000 Direct Line Insurance 9.25% Guaranteed Floating Rate £750,000 Assicurazioni Generali 6.269% Guaranteed Perpetual Bonds 27/4/2042 1,322 0.11 Subordinated Floating Rate Bonds 650 0.05 £700,000 DNB Bank 6.0116% Guaranteed Perpetual Subordinated £1,100,000 Assicurazioni Generali 6.416% Guaranteed Perpetual Floating Rate Bonds 699 0.06 Subordinated Floating Rate Bonds 992 0.08 £1,700,000 Électricité de France 5.875% Perpetual Subordinated £1,175,000 Aviva 5.9021% Guaranteed Perpetual Subordinated Floating Rate European Medium Term Notes 1,344 0.11 Floating Rate Bonds 1,125 0.09 £2,800,000 Électricité de France 6% Perpetual Subordinated £1,760,000 Aviva 6.125% Floating Rate Bonds 14/11/2036 1,739 0.14 Floating Rate Bonds 2,376 0.20 £1,880,000 Aviva 6.125% Guaranteed Perpetual Floating Rate Bonds 1,806 0.15 £950,000 ELM 6.3024% Guaranteed Perpetual Floating Rate £1,006,000 Aviva 6.625% Guaranteed Subordinated Floating Rate European Medium Term Bonds 953 0.08 European Medium Term Bonds 3/6/2041 1,052 0.09 £700,000 ENGIE 4.625% Perpetual Floating Rate Notes 702 0.06 £1,250,000 Aviva 6.875% Guaranteed Subordinated Floating Rate £576,000 Friends Life 6.875% Guaranteed Perpetual Floating Rate European Medium Term Bonds 20/5/2058 1,242 0.10 Bonds 583 0.05 £1,650,000 AXA 5.453% Subordinated Perpetual Floating Rate Notes 1,522 0.13 £1,650,000 Glencore Finance Europe 6% Variable European Medium £1,639,000 AXA 5.625% Subordinated Floating Rate European Term Notes 3/4/2022 1,411 0.12 Medium Term Notes 16/1/2054 1,453 0.12 £800,000 HSBC 5% Guaranteed Subordinated Floating Rate £975,000 AXA 6.6862% Guaranteed Perpetual Subordinated European Medium Term Notes 20/3/2023 822 0.07 Floating Rate European Medium Term Bonds 1,005 0.08 £750,000 HSBC 5.375% Guaranteed Subordinated Floating Rate £500,000 AXA 6.772% Guaranteed Perpetual Subordinated European Medium Term Bonds 4/11/2030 773 0.06 Floating Rate European Medium Term Bonds 515 0.04 £775,000 HSBC 5.862% Guaranteed Perpetual Floating Rate Bonds 771 0.06 £540,000 Barclays 6.125% Guaranteed Perpetual Subordinated £1,950,000 HSBC 6.375% Guaranteed Subordinated Floating Rate Floating Rate Bonds 539 0.04 European Medium Term Bonds 18/10/2022 2,036 0.17 £200,000 Barclays 6.375% Perpetual Variable Rate Bonds 201 0.02 £1,465,000 HSBC Funding 5.844% Guaranteed Perpetual Floating £900,000 Barclays 6.75% Guaranteed Subordinated Floating Rate Bonds 1,486 0.12 Rate European Medium Term Bonds 16/1/2023 934 0.08 £2,025,000 ING Bank 6.875% Guaranteed Floating Rate European £400,000 Barclays 7.125% Guaranteed Perpetual Subordinated Medium Term Bonds 29/5/2023 2,183 0.18 Floating Rate Bonds 424 0.04 £790,000 Land Securities 4.875% Floating Rate European Medium £325,000 Barclays 8.25% Guaranteed Perpetual Subordinated Term Bonds 7/11/2019 842 0.07 Floating Rate European Medium Term Bonds 345 0.03 £850,000 Land Securities Capital Markets 4.875% Floating Rate £1,250,000 BG Energy Capital 6.5% Guaranteed Floating Rate European Medium Term Bonds 29/9/2025 986 0.08 European Medium Term Notes 30/11/2072 1,290 0.11

191 BlackRock Collective Investment Funds 192 Corporate Bond Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets £1,219,000 Land Securities Capital Markets 5.125% Senior Floating £1,550,000 Orange 5.875% Perpetual Subordinated Floating Rate Rate European Medium Term Bonds 7/2/2036 1,479 0.12 Notes 1,508 0.13 £925,000 Land Securities Capital Markets 5.376% Senior Floating £1,525,000 Prudential 5.7% Subordinated Floating Rate European Rate European Medium Term Bonds 30/9/2029 1,137 0.09 Medium Term Notes 19/12/2063 1,288 0.11 £750,000 Land Securities Capital Markets 5.391% Floating Rate £900,000 Prudential 11.375% Guaranteed Subordinated Floating European Medium Term Bonds 27/2/2026 893 0.07 Rate European Medium Term Bonds 29/5/2039 1,097 0.09 £1,230,000 Land Securities Capital Markets 5.391% Floating Rate £700,000 QBE Capital Funding 7.5% Variable Rate Guaranteed European Medium Term Bonds 31/3/2027 1,494 0.12 Bonds 24/5/2041 735 0.06 £500,000 Land Securities Capital Markets 5.396% Floating Rate £805,000 Rabobank Capital Funding Trust IV 5.556% Guaranteed European Medium Term Bonds 31/7/2032 622 0.05 Perpetual Floating Rate Bonds 805 0.07 £400,000 Land Securities Capital Markets 5.425% Senior Floating £565,000 Rabobank Nederland 6.91% Perpetual Subordinated Rate European Medium Term Bonds 31/3/2022 456 0.04 Floating Rate Bonds 648 0.05 £1,275,000 Legal & General 5.5% Subordinated Floating Rate £950,000 RL Finance 6.125% Guaranteed Floating Rate Notes European Medium Term Notes 27/6/2064 1,044 0.09 30/11/2043 953 0.08 £1,100,000 Legal & General 5.875% Guaranteed Perpetual £975,000 RSA Insurance 6.701% Guaranteed Perpetual Floating Subordinated Floating Rate European Medium Rate Bonds 989 0.08 Term Bonds 1,098 0.09 £1,144,000 RSA Insurance 9.375% Guaranteed Floating Rate Bonds £1,200,000 Legal & General 6.385% Guaranteed Perpetual 20/5/2039 1,307 0.11 Subordinated Floating Rate Bonds 1,198 0.10 £350,000 Santander UK 9.625% Guaranteed Subordinated £600,000 Legal & General 10% Guaranteed Subordinated Floating Rate European Medium Term Bonds Floating Rate European Medium Term Bonds 23/7/2041 745 0.06 30/10/2023 403 0.03 £725,000 Liverpool Victoria Friendly Society 6.5% Subordinated £700,000 Society of Lloyd’s 7.421% Guaranteed Perpetual Floating Rate Notes 22/5/2043 675 0.06 Subordinated Floating Rate Bonds 706 0.06 £1,200,000 Lloyds Bank 5.75% Guaranteed Subordinated Floating £650,000 Southern Water Services Finance 4.5% Senior Floating Rate European Medium Term Bonds 9/7/2025 1,250 0.10 Rate European Medium Term Bonds 31/3/2038 682 0.06 £775,000 Marstons Issuer 5.1576% Guaranteed Floating Rate £1,175,000 Standard Chartered 5.375% Perpetual Subordinated Bonds 15/10/2027 803 0.07 Floating Rate European Medium Term Bonds 1,056 0.09 £325,000 Marstons Issuer 5.1774% Guaranteed Floating Rate £130,000 Standard Chartered 7.75% Guaranteed Perpetual Bonds 15/7/2032 348 0.03 Variable Rate Subordinated European Medium £1,100,000 Munich Re 6.625% Guaranteed Subordinated Floating Term Bonds 132 0.01 Rate European Medium Term Notes 26/5/2042 1,217 0.10 £1,100,000 Standard Life 5.5% Variable Rate European Medium £477,000 Munich Re 7.625% Guaranteed Subordinated Floating Term Bonds 4/12/2042 1,106 0.09 Rate Bonds 21/6/2028 521 0.04 £719,000 Standard Life 6.546% Guaranteed Perpetual Floating £900,000 National Australia Bank 7.125% Variable Rate Rate Bonds 732 0.06 Subordinated European Medium Term Bonds 12/6/2023 975 0.08 £1,085,000 Standard Life 6.75% Guaranteed Perpetual Floating £650,000 National Capital Trust 5.62% Guaranteed Perpetual Rate Bonds 1,134 0.09 Floating Rate Bonds 648 0.05 £50,000 Suncorp Insurance Funding 6.25% Medium Term £550,000 Nederlandse Waterschapsbank 0.875% Floating Rate Floating Rate Notes 13/6/2027 50 0.00 European Medium Term Notes 7/3/2018 551 0.05 £1,350,000 Thames Water Utilities Cayman Finance 5.375% £2,200,000 NGG Finance 5.625% Floating Rate Notes 18/6/2073 2,171 0.18 Floating Rate European Medium Term Bonds 21/7/2025 1,396 0.12 £1,250,000 Orange 5.75% Perpetual Variable Rate European £500,000 Thames Water Utilities Cayman Finance 5.75% Floating Medium Term Notes 1,202 0.10 European Medium Term Bonds 13/9/2030 562 0.05

193 BlackRock Collective Investment Funds 194 Corporate Bond Tracker Portfolio Statement continued Corporate Bond Tracker Statement of Total Return for the year ended 29 February 2016

Holding or Market % of For the year For the year Nominal Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s Assets Notes £000’s £000’s £000’s £000’s £161,000 UBS Jersey Branch 6.375% Subordinated Floating Rate Income European Medium Term Bonds 19/11/2024 182 0.02 Net capital (losses)/gains 3 (48,281) 62,579 £130,000 Wales & West Utilities Finance 6.75% Guaranteed Revenue 4 39,602 31,194 Floating Rate European Medium Term Notes Expenses 5 (2,262) (1,689) 17/12/2036 144 0.01 Net revenue before taxation 37,340 29,505 £700,000 Yorkshire Water Services Bradford Finance 6% Guaranteed Floating Rate Bonds 24/4/2025 727 0.06 Taxation 6 – – £1,050,000 Zurich Finance (UK) 6.625% Guaranteed Variable Rate Net revenue after taxation 37,340 29,505 Perpetual Notes 1,096 0.09 Total return before distributions (10,941) 92,084 80,473 6.67 Distributions 7 (37,782) (30,136) Change in net assets Portfolio of investments 1,192,052 99.04 attributable to unitholders CASH EQUIVALENTS from investment activities (48,723) 61,948 Short-term Money Market Funds – 0.47%; 2015 0.77% 5,677,612 Institutional Cash Series plc – Institutional Sterling Liquidity Fund* 5,678 0.47 Corporate Bond Tracker Statement of Change in Net Assets Net other assets 5,936 0.49 Attributable to Unitholders for the year ended 29 February 2016 Total net assets 1,203,666 100.00 For the year For the year Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. to 29.2.2016 to 28.2.2015 Note: comparative figures show percentages for each category of holding at 28 February 2015. * Managed by a related party. £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 1,035,291 744,598 Amounts receivable on issue of units 377,494 416,087 Amounts payable on cancellation of units (188,779) (209,836) 188,715 206,251 Change in net assets attributable to unitholders from investment activities (48,723) 61,948 Retained distribution on accumulation units 28,383 22,494 Closing net assets attributable to unitholders 1,203,666 1,035,291

195 BlackRock Collective Investment Funds 196 Corporate Bond Tracker Balance Sheet Corporate Bond Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

1. Accounting and Distribution Policies 29.2.2016 28.2.2015 Notes £000’s £000’s The accounting and distribution policies are set out on pages 4 to 8. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 9 to 37. – Investment assets 1,192,052 1,011,187 Current assets 3. Net Capital (Losses)/Gains – Debtors 8 81,687 24,894 For the year For the year – Cash and bank balances 1,838 1,046 to 29.2.2016 to 28.2.2015 £000’s £000’s – Cash equivalents 9 5,678 8,018 The net capital (losses)/gains comprise: Total assets 1,281,255 1,045,145 (Losses)/gains on non-derivative securities (48,272) 62,587 Liabilities: Creditors Custodian transaction costs (9) (8) – Distributions payable (3,836) (3,190) Net capital (losses)/gains (48,281) 62,579 – Other creditors 10 (73,753) (6,664) 4. Revenue Total liabilities (77,589) (9,854) For the year For the year Net assets attributable to unitholders 1,203,666 1,035,291 to 29.2.2016 to 28.2.2015 £000’s £000’s Interest from overseas fixed interest securities 21,472 16,808 N C D Hall (Director) Interest from UK bank deposits 2 1 G D Bamping (Director) Interest from UK fixed interest securities 18,015 14,325 BlackRock Fund Managers Limited 28 April 2016 Revenue from short-term money market funds 31 26 Securities lending revenue 82 34 Total revenue 39,602 31,19 4

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

5. Expenses 7. Distributions For the year For the year For the year For the year to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s Payable to the Manager or associates of the Manager: First distribution 154 206 – Manager’s charge 2,068 1,524 Second distribution 150 213 – Registrar’s fees 7 10 Third distribution 159 160 2,075 1,534 Fourth distribution 166 156 Other expenses: Fifth distribution 183 184 – Audit fee 7 7 Sixth distribution 17,884 11,348 – Safe custody fees 120 82 Seventh distribution 151 142 – Trustee’s fees 60 66 Eighth distribution 158 149 187 155 Ninth distribution 149 130 Total expenses 2,262 1,689 Tenth distribution 155 124 Eleventh distribution 154 126 6. Taxation Final distribution 18,305 18 ,10 8 (a) Analysis of tax charge 37,768 31,046 For the year For the year Add: Amounts deducted on cancellation of units 402 338 to 29.2.2016 to 28.2.2015 Less: Amounts received on issue of units (388) (1,248) £000’s £000’s Distributions 37,782 3 0,13 6 Corporation tax – – Total current tax charge [see note 6(b)] – – Net revenue after taxation 37,340 29,505 (b) Factors affecting the current tax charge Add: Equalisation on conversions 442 631 The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an Distributions 37,782 3 0,13 6

authorised unit trust. The differences are explained below: Details of the distributions per unit are set out in the tables on pages 143 to 150. For the year For the year to 29.2.2016 to 28.2.2015 8. Debtors £000’s £000’s Net revenue before taxation 37,340 29,505 29.2.2016 28.2.2015 £000’s £000’s Corporation tax at 20% (28 February 2015: 20%) 7,468 5,901 Accrued revenue 23,342 19,493 Effects of: Amounts receivable for issue of units 58,345 2,773 Tax deductible interest distributions (7,468) (5,901) Sales awaiting settlement – 2,628 Total current tax charge [see note 6(a)] – – Total debtors 81,687 24,894

199 BlackRock Collective Investment Funds 200 Corporate Bond Tracker Notes to Financial Statements continued

9. Cash Equivalents The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of the Fund in any or all of the following collateral agents and central securities depositaries: Bank of 29.2.2016 28.2.2015 £000’s £000’s New York Mellon and Euroclear, depending on the type of collateral the counterparty needs to give as per the schedule in order to cover the required value of exposure. Investments in short-term money market funds 5,678 8,018 Total cash equivalents 5,678 8,018 The Investment Manager monitors the fair value of the securities loaned and additional collateral is obtained, if necessary. 10. Other Creditors Securities lending revenue is split between the Fund and the securities lending agent in the ratio 29.2.2016 28.2.2015 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s £000’s £000’s share. Accrued Audit fee 7 7 The securities lending revenue earned during the year, the value of securities on loan at the year Accrued FCA fee 1 1 end and the value of collateral held at the year end for the Fund are shown below: Accrued Manager’s charge 345 432 29.2.2016 28.2.2015 Accrued Registrar’s fee 2 3 £000’s £000’s Accrued Safe custody fees 29 20 Revenue earned during the year 82 34 Accrued Trustee’s fee 11 19 Value of securities on loan at the year end 70,847 40,704 Amounts payable for cancellation of units 70,437 378 Value of collateral held on behalf of the Fund at the year end 76,921 44,547 Custodian transaction costs 2 2 Purchases awaiting settlement 2,919 5,802 The Fund’s securities lending borrowing counterparties are Barclays Bank Plc, BNP Paribas Arbitrage, Citigroup, Goldman Sachs, Morgan Stanley & Co. and Nomura. Total other creditors 73,753 6,664

11. Contingent Assets and Liabilities 13. Related Parties There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £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 29 February 2016: The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Manager/Registrar: BlackRock Fund Managers Limited The Fund may, subject to the conditions and within the limits laid down by the Financial Investment Manager: BlackRock Investment Management (UK) Limited Conduct Authority and the Prospectus, engage in securities lending and employ techniques and Securities lending agent: BlackRock Advisors (UK) Limited instruments relating to transferable securities for efficient portfolio management purposes. The ultimate holding company of the Manager, Investment Manager and securities lending agent The securities lending agent appointed pursuant to the securities lending agreement is BlackRock is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Advisors (UK) Limited which is a related party to the Fund. Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly related to The Manager acts as either principal or agent for the Trustee in respect of all transactions of units securities loan transactions as well as the cost of indemnification against borrower default. of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any During the year the Fund engaged in securities lending. The Fund receives either cash collateral or amounts due to or from the Manager at the year end are disclosed in notes 8 and 10. Management securities as collateral for a value in excess of the market value of the securities loaned. As at the fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. balances due at the year end in respect of these fees are shown in note 10. Securities lending revenue earned by the Fund is disclosed in notes 4 and 12.

201 BlackRock Collective Investment Funds 202 Corporate Bond Tracker Notes to Financial Statements continued

The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing Direct Transaction Costs arrangements with related parties (including, without limitation, brokers who are affiliated to the Transaction Value Commissions Taxes BlackRock Group), which may result in the Fund benefiting from research or execution services Sales (excluding derivatives) £000’s £000’s % £000’s % which the Investment Manager believes are useful in the investment decision-making or trade Debt instruments 138,789 1 0.00 – – execution process. Such research or execution services may include, without limitation and to the Total sales 138,789 1 – 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 Total sales net of transaction costs 138,788 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 transaction costs 5 – these arrangements with brokers who are not affiliated to the BlackRock Group. Total transaction costs For holdings in Institutional Cash Series plc (“ICS”), there will be no initial charges or redemption as a % of average net assets 0.00% 0.00% charges payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees and expenses which may include fixed management fees, performance fees, For the year ended 28 February 2015 administration fees and custodial fees. Direct Transaction Costs

The Fund may invest in other CIS, which may or may not be operated and/or managed by an affiliate Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % of the Manager. As an investor in such other CIS, in addition to the fees, costs and expenses Debt instruments 323,706 3 0.00 – – payable by a unitholder in the Funds, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management In-specie transfers 76 ,19 5 – – – – and administration and other expenses. However, in respect of investments made in any other Total purchases 399,901 3 –

investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, Total purchases including in classes of the underlying funds which are not subject to any management charges. Alternatively, transaction costs 399,901 where this is not possible, the Manager will rebate management charges to the Fund. The Fund

will not be subject to any preliminary/initial sales fee in respect of investments made in any other Direct Transaction Costs investment fund whose manager is an affiliate of the Manager, although it may be subject to duties Transaction Value Commissions Taxes and charges in respect of subscriptions and redemptions in such investment funds. Sales (excluding derivatives) £000’s £000’s % £000’s % The Fund’s investments in other BlackRock related party entities are individually identified in the Debt instruments 167,974 1 0.00 – – portfolio statement. Total sales 167,974 1 –

As at 29 February 2016 and 28 February 2015, none of the unitholders: Total sales net of transaction costs 167,974

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or Total transaction costs 4 – (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Fund. Total transaction costs as a % of average net assets 0.00% 0.00% 14. Portfolio Transaction Costs The above analysis covers direct transaction costs incurred by the Fund during the year. For the year ended 29 February 2016 However it is important to understand the nature of other transaction costs associated with Direct Transaction Costs different investment asset classes and instruments types. Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Debt instruments 378,715 4 0.00 – – Total purchases 378,715 4 –

Total purchases including transaction costs 378,719

203 BlackRock Collective Investment Funds 204 Corporate Bond Tracker Notes to Financial Statements continued BlackRock Emerging Markets Equity Tracker Fund

For the Fund’s investment transactions in debt and money market instruments any applicable About the Fund transaction charges form part of the dealing spread for these instruments. Transactions in money market instruments to manage the Fund’s daily liquidity position are excluded from the analysis. The BlackRock Emerging Markets Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument Collective Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund types depending on a number of factors including transaction value and market sentiment. was authorised by the Financial Conduct Authority on 27 October 2009 and it was launched on 20 November 2009. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.86% (28 February 2015 – 0.77%). Investment Objective & Policy 15. Units in Issue The aim of the Fund is to seek to achieve capital growth for investors by tracking closely the The movement in units in issue for the year ended 29 February 2016 is as follows: performance of the FTSE Emerging Index by investing in companies in the Index. Investment will be A Accumulation L Income L Accumulation X Income X Accumulation made directly into constituent companies and via other transferable securities giving exposure to such Units Units Units Units Units companies. The Fund may also invest in permitted money-market instruments, permitted deposits Balance at the beginning of the year 6,269,087 17,802,765 549,723,052 22,651,285 60,494,444 and units in collective investment schemes. Derivatives and forward transactions may be used for the Issued during the year 549,899 228,707,887 278,343 15,549,189 645,558 purposes of efficient portfolio management. Cancelled during the year (1,18 3 ,15 9) (107,717,900) – (33,433,180) – Converted during the year (1,857,975) (131,429,627) 106,585,529 (4,767,204) 6,083,239 Risk and Reward Profile Balance at the end of the year 3,777,852 7,3 6 3 ,125 656,586,924 90 67,223,241

Lower risk Higher risk D Income D Accumulation H Income H Accumulation Units Units Units Units Typically lower rewards Typically higher rewards Balance at the beginning of the year 27,716,034 74,913,259 707,020 6,685,056 Unit Class Issued during the year 42 ,7 74 ,118 186,981 1,772,740 11,630,211 A Accumulation 1 2 3 4 5 6 7 Cancelled during the year (8,569,885) – (453,384) (5,352,728) L Income 1 2 3 4 5 6 7 Converted during the year (19,077,889) 2,515,507 316 ,127 37,748,773 L Accumulation 1 2 3 4 5 6 7 Balance at the end of the year 42,842,378 77,615,747 2,342,503 50,711,312 X Accumulation 1 2 3 4 5 6 7 D Accumulation 1 2 3 4 5 6 7 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The H Income 1 2 3 4 5 6 7 distribution per unit class is given in the distribution tables. All unit classes have the same rights H Accumulation 1 2 3 4 5 6 7 on winding up. `` The risk indicator was calculated incorporating historical or simulated historical data and may not 16. Post Balance Sheet Events be a reliable indication of the future risk profile of each unit class. There have been no significant events subsequent to the year end, which, in the opinion of the `` The risk category shown is not guaranteed and may change over time. Manager, may have had an impact on the financial statements for the year ended 29 February 2016. `` 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.

205 BlackRock Collective Investment Funds 206 Emerging Markets Equity Tracker Fund

This Annual Report covers the year ended 29 February 2016. Tracking Difference Tracking difference is defined as the difference in returns between a fund and its benchmark index. Performance Table

For the year For the three years For the five years The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold to 29.2.2016 to 29.2.2016 to 29.2.2016 every security or the exact concentration of a security in the benchmark index, but will aim to track TOTAL Return the benchmark index as closely as possible and may use optimisation techniques to achieve their (with net income reinvested) investment objective. Class L Accumulation Units# Cash management, sampling techniques, efficient portfolio management techniques including securities BlackRock Emerging Markets Equity lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, Tracker Fund -16.2% -16.9% -12.7% these impacts can be either positive or negative depending on the underlying circumstances. FTSE Emerging Index* -15.6% -15.7% -10.8%

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. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered Performance returns are cumulative. All returns are in Sterling. by the Fund on any income received from its investments. The level and quantum of tracking difference * Figures from Index Vendor. 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. arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of # D Accumulation class was renamed as L Accumulation class during June 2012. the Fund with various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out by the Fund. 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. The table below compares the realised Fund performance against the performance of the relevant Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: not a guide to future performance and should not be the sole factor of consideration when selecting a product. Fund return Benchmark return for the year for the year Tracking to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Before costs, the Fund underperformed the benchmark index due to security -16.15%* -15.64% -0.51% sampling techniques employed.

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

207 BlackRock Collective Investment Funds 208 Emerging Markets Equity Tracker Fund continued Emerging Markets Equity Tracker Investment Report

The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold Fund Manager’s Commentary every security or the exact concentration of a security in the benchmark index, but will aim to track The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s the benchmark index as closely as possible and may use optimisation techniques to achieve their economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US investment objective. Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s Cash management, sampling techniques, efficient portfolio management techniques including growing confidence in employment and inflation prospects. By contrast, the European Central Bank securities lending and transaction costs from rebalancing can also have an impact on tracking error extended its asset-purchase programme for another few months, as the region’s economy struggled as well as the return differential between the Fund and the benchmark index. Importantly, these to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, impacts can be either positive or negative depending on the underlying circumstances. lowered benchmark rates in a bid to stimulate growth.

The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex Emerging markets fell over the period. Oil-exporting countries suffered as oil prices fell below ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking USD$30 in early 2016. Russia’s economy shrunk by 3.9%, feeling the dual pressures of low oil prices error is annualised and calculated using data from the preceding 36 month observation period. and western sanctions. Elsewhere, Brazilian debt was downgraded by leading ratings agencies due to the country’s weakening fiscal position and the corruption scandal enveloping President Dilma Anticipated Realised Rousseff. In China, concerns over the slowing pace of economic growth led to underperformance in Tracking Error Tracking Error Explanation for difference the country’s stocks. Before costs, the Fund underperformed the benchmark index due a combination of the risk optimisation techniques employed The Fund is structured to track the FTSE Emerging Index closely, so its portfolio remains positioned so and temporary divergences that can occur when the Index that the risk characteristics are similar to those of the Index. provider calculates index values during UK bank holidays while Up to 1.30%* 0.94%* the Fund is closed. March 2016

* Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

209 BlackRock Collective Investment Funds 210 Emerging Markets Equity Tracker Performance Record

Comparative Table Comparative Table

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

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 Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 117.5 99.94 117.1 109.7 100.0 Opening net asset value per unit 119.6 101.4 118.3 111.0 94.01 109.5

Return before operating charges (18.50) 18.25 (16.49) (17.30) 12.09 Return before operating charges (18.97) 18.51 (16.60) (17.59) 17.06 (15.41)

Operating charges (0.65) (0.69) (0.67) (0.26) (0.29) Operating charges (0.28) (0.31) (0.30) (0.06) (0.07) (0.08)

Return after operating charges (19 .15 ) 17.56 (17.16) (17.56) 11.80 Return after operating charges (19.25) 18.20 (16.90) (17.65) 16.99 (15.49)

Distributions on income units N/A N/A N/A (2.41) (2 .10) Closing net asset value per unit 100.4 119.6 101.4 93.35 111.0 94.01

Closing net asset value per unit 98.35 117.5 99.94 89.73 109.7 Retained distributions on accumulation units 2.63 2.68 2.83 2.62 2.67 2.82 Retained distributions on accumulation units 2.28 2.33 2.38 N/A N/A After direct transaction costs of (0.03) (0.03) (0 .13) (0.03) (0.03) (0 .12 ) After direct transaction costs of (0.03) (0.03) (0 .13) (0.03) (0.03)

Performance Performance Return after charges1 (16.10)% 17.95% (14.29)% (15.90)% 18.07% (14.15)% Return after charges1 (16.30)% 17.57% (14.65)% (16.01)% 11.80%

Other information Other information Closing net asset value (£000’s) 280,673 533,002 438,484 18 3 ,10 6 64,378 31,402 Closing net asset value (£000’s) 4,953 9,963 13,497 – 2,410 Closing number of units 279,685,483 445,803,721 432,390,286 196,149,927 57,986,491 33,403,498 Closing number of units 5,035,317 8,479,390 13,505,253 105 2 ,197,151 Operating charges2 0.26% 0.27% 0.28% 0.06% 0.07% 0.08% Operating charges2 0.61% 0.62% 0.63% 0.26% 0.27% Direct transaction costs3 0.03% 0.03% 0.09% 0.03% 0.03% 0.09% Direct transaction costs3 0.03% 0.03% 0.09% 0.03% 0.03%

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 133.5 12 6 .1 125.7 124.0 117.0 116.3 Highest offer unit price 137.7 130.3 130.5 122.5 116.3 Lowest bid unit price 90.99 99.65 98.68 84.63 92.39 91.46 Lowest bid unit price 89.20 98.20 97.28 81.89 97.81 * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to * 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. consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as ^ The date of commencement of operations. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as prices (the price at which units are sold). the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for prices (the price at which units are sold). further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for depositary and entry/exit charges paid to an underlying collective investment scheme (if any). further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale depositary and entry/exit charges paid to an underlying collective investment scheme (if any). of equity instruments. See note 15 for further details. 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

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

Comparative Table Comparative Table

D Accumulation Units H Income Units H Accumulation Units

For the period For the period For the period For the year For the year For the year For the year from 1.2.2013* from 2.9.2015^ from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 28.2.2014 to 29.2.2016 to 28.2.2014

Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 117.9 100.0 116.8 100.0 Opening net asset value per unit 117.4 100.00 100.0

Return before operating charges (18.68) 18.20 (16.50) 1.56 Return before operating charges (18.58) 17.68 0.26

Operating charges (0.28) (0.30) (0.30) (0 .12 ) Operating charges (0.26) (0.28) (0.26)

Return after operating charges (18.96) 17.90 (16.80) 1.44 Return after operating charges (18.84) 17.40 0.00

Distributions on income units N/A N/A N/A (0.36) Closing net asset value per unit 98.56 117.4 100.0

Closing net asset value per unit 98.94 117.9 100.0 101.1 Retained distributions on accumulation units 2.60 2.54 0.00

Retained distributions on accumulation units 2.59 2.65 2.79 N/A After direct transaction costs of (0.03) (0.03) (0 .12 )

After direct transaction costs of (0.03) (0.03) (0 .13) (0.01) Performance

Performance Return after charges1 (16.05)% 17.40% (0.00)%

Return after charges1 (16.08)% 17.90% (14.38)% 1.44% Other information

Other information Closing net asset value (£000’s) 33,430 12,959 –

Closing net asset value (£000’s) 71,505 97,005 49,343 3,685 Closing number of units 33,919,440 11,036,985 100

Closing number of units 72,270,800 82,269,581 49,335,369 3,646,072 Operating charges2 0.24% 0.25% 0.26%

Operating charges2 0.26% 0.27% 0.28% 0.24% Direct transaction costs3 0.03% 0.03% 0.00%

Direct transaction costs3 0.03% 0.03% 0.09% 0.03% Prices Pence per unit Pence per unit Pence per unit

Prices Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 137.6 129.9 105.7

Highest offer unit price 131.6 124.3 124.0 113.5 Lowest bid unit price 89.36 97.86 99.52

Lowest bid unit price 89.71 98.29 97.32 91.95 * 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. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as consolidate the publication of the reports. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing ^ The date of commencement of operations. prices (the price at which units are sold). 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ prices (the price at which units are sold). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ of equity instruments. See note 15 for further details. depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

213 BlackRock Collective Investment Funds 214 Emerging Markets Equity Tracker Distribution Tables Emerging Markets Equity Tracker Portfolio Statement for the year ended 29 February 2016 at 29 February 2016

A Accumulation L Income L Accumulation X Accumulation D Accumulation H Incomeº H Accumulation AFRICA – 8.85%; 2015 9.95% Units Units Units Units Units Units Units EQUITIES – 8.85%; 2015 9.95% 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) 0.4777 0 .1174 0.5710 0.5710 0.6278 0.2488 0.6672 0.1639 0.6178 0.2130 0.3584 0.0000 0.6281 0 .174 4 Egypt – 0.27%; 2015 0.35% Equalisation† – 0.3603 – 0.0000 – 0.3790 – 0.5033 – 0.4048 – 0.3584 – 0.4537 281,335 CIB 859 0.15

Distribution payable 30.4.2016 0.4777 0.4777 0.5710 0.5710 0.6278 0.6278 0.6672 0.6672 0.6178 0.6178 0.3584 0.3584 0.6281 0.6281 248,924 EFG Hermes 162 0.03

Distribution paid 30.4.2015 0.4509 0.4509 0.5874 0.5874 0.6285 0.6285 0.6792 0.6792 0.6206 0.6206 N/A N/A 0.6333 0.6333 11,071 ElSwedy Electric 38 0.01 757,678 Global Telecom 142 0.02 Interim Distribution in Pence per Unit 92,273 Sidi Kerir Petrochemicals 95 0.02 159,840 Telecom Egypt 97 0.02 Group 1 – Units purchased prior to 1 March 2015 288,792 TMG 128 0.02 Group 2 – Units purchased 1 March 2015 to 31 August 2015 1,521 0.27 A Accumulation L Income L Accumulation X Accumulation D Accumulation H Accumulation Units Units Units Units Units Units Morocco – 0.00%; 2015 0.01% Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 South Africa – 8.58%; 2015 9.59% Net revenue (dividend) 1.7985 1.2650 1.8367 1.8367 2.0010 0.6304 1.9485 0.8113 1.9726 1.0829 1.9731 1.0964 21,717 Adcock Ingram 37 0.01 Equalisation† – 0.5335 – 0.0000 – 1.3706 – 1.1372 – 0.8897 – 0.8767 3,067 Adcock Ingram Warrants 26/7/2019^ – 0.00

Distribution paid 31.10.2015 1.7985 1.7985 1.8367 1.8367 2.0010 2.0010 1.9485 1.9485 1.9726 1.9726 1.9731 1.9731 40,703 AECI 160 0.03 574,851 African Bank Investments^ – 0.00 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 34,598 African Rainbow Minerals 139 0.02 º H Income class commenced September 2015. Group 1 units purchased 2 September 2015. Group 2 units purchased 3 September 2015 to 19,352 Anglo American Platinum 292 0.05 29 February 2016. † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included 116,612 AngloGold Ashanti 1,051 0.18 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. 105,797 Aspen Pharmacare 1,345 0.23 1,129 Assore 7 0.00 188,151 Attacq 144 0.03 88,732 AVI 305 0.05 92,320 Barclays Africa 581 0.10 60,344 Barloworld 179 0.03 93,295 Bidvest 1,510 0.26 93,207 Brait 659 0.11 13,916 Capitec Bank 296 0.05 71,462 Clicks 296 0.05 89,165 Coronation Fund Managers 252 0.04 49,892 Datatec 106 0.02 87,373 Discovery 456 0.08 39,826 Exxaro Resources 135 0.02 895,954 FirstRand 1,799 0.31 350,694 Fortress Income Fund 373 0.06 64,270 Foschini 341 0.06 234,000 Gold Fields 706 0.12 150,858 Grindrod 62 0.01 755,394 Growthpoint Properties 816 0.14

215 BlackRock Collective Investment Funds 216 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 £000’s Assets Value Investment £000’s Assets 72,374 Hyprop Investments 335 0.06 43,538 Tongaat Hulett 180 0.03 168,718 Impala Platinum 254 0.04 115,486 Truworths International 452 0.08 48,493 Imperial 270 0.05 96,809 Vodacom 659 0.11 74,103 Investec 349 0.06 264,385 Woolworths 972 0.17 20,248 JSE 129 0.02 49,681 8.58 22,148 Kumba Iron Ore 76 0.01 29,158 Liberty 164 0.03 ASIA – 55.32%; 2015 56.33% 310,482 Life Healthcare 483 0.08 EQUITIES – 55.32%; 2015 56.33% 29,321 Massmart 143 0.03 China – 21.63%; 2015 21.59% 267,455 MMI 282 0.05 409,500 Agile Property Developments 136 0.02 35,832 Mondi 460 0.08 7,406,000 Agricultural Bank of China 1,761 0.31 72,160 Mr Price 538 0.09 604,000 Air China 259 0.05 520,035 MTN 3,115 0.54 668,000 Alibaba Health Information Technology 252 0.04 165,269 Nampak 132 0.02 1,292,000 Aluminum Corporation of China 318 0.06 127,918 Naspers class ‘N’ shares 10,776 1.87 354,000 Angang Steel 104 0.02 59,499 Nedbank 499 0.09 382,000 Anhui Conch Cement class ‘H’ shares 548 0.10 422,510 Netcare 615 0.11 156,000 Anhui Expressway 86 0.02 98,194 Northam Platinum 147 0.03 60,200 Anhui Gujing Distillery 126 0.02 21,768 Omnia 118 0.02 279,000 Anta Sports Products 456 0.08 104,502 Pick n Pay 110 0.02 746,000 AviChina Industry & Technology 366 0.06 48,203 Pick n Pay Stores 122 0.02 22,022,936 Bank of China 5,972 1.03 41,976 Pioneer Foods 244 0.04 2,172,655 Bank of Communications 896 0.16 164,927 PPC 86 0.01 418,000 BBMG 167 0.03 30,080 PSG 232 0.04 440,000 Beijing Capital International Airport 276 0.05 1,249,985 Redefine Properties 573 0.10 139,500 Beijing Enterprise 467 0.08 142,280 Remgro 1,535 0.27 1,284,000 Beijing Enterprises Water 485 0.08 90,142 Resilient REIT 499 0.09 828,000 Beijing Jingneng Clean Energy 171 0.03 49,040 Reunert 142 0.02 202,000 Beijing North Star 40 0.01 178,755 RMB 460 0.08 690,409 Bengang Steel Plates 154 0.03 33,380 Royal Bafokeng Platinum 59 0.01 43,500 Biostime International 98 0.02 511,083 Sanlam 1,237 0.21 489,320 BOE Technology 89 0.02 11,301 Santam 100 0.02 808,000 Brilliance China Automotive 472 0.08 171,533 Sappi 496 0.09 218,500 BYD 781 0.14 164,954 Sasol 3,179 0.55 3,156,098 CGN Power 654 0.11 120,721 Shoprite 847 0.15 754,834 China Agri-Industries 150 0.03 230,522 Sibanye Gold 597 0.10 474,000 China Bluechemical 76 0.01 55,447 Spar 446 0.08 2,242,000 China Cinda Asset Management 483 0.08 351,874 Standard Bank 1,740 0.30 2,040,754 China CITIC Bank 811 0.14 775,986 Steinhoff International 2,836 0.49 911,801 China Coal Energy 220 0.04 23,982 Sun International 75 0.01 1,288,606 China Communications Construction 836 0.14 100,025 Telkom 244 0.04 934,800 China Communications Services 269 0.05 47,668 Tiger Brands 627 0.11 390,500 China Conch Venture 441 0.08

217 BlackRock Collective Investment Funds 218 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 £000’s Assets Value Investment £000’s Assets 27,100,930 China Construction Bank 11,400 1.97 282,600 Chongqing Changan Automobile 360 0.06 668,000 China Dongxiang 104 0.02 658,000 Chongqing Rural Commercial Bank 223 0.04 410,000 China Eastern Airlines 138 0.02 184,000 CIMC Enric 70 0.01 276,000 China Everbright 366 0.06 1,885,000 CITIC Pacific 1,848 0.32 662,000 China Everbright Bank 190 0.03 336,400 CITIC Resources 19 0.00 812,000 China Everbright International 620 0.11 647,000 CITIC Securities (Hong Kong) 898 0.16 240,000 China Foods 62 0.01 4,712,000 CNOOC 3,474 0.60 974,000 China Galaxy Securities 494 0.09 741,500 COSCO China Development 182 0.03 1,760,000 China Huishan Dairy 479 0.08 524,000 COSCO Pacific 395 0.07 139,600 China International Marine Containers 144 0.02 2,254,333 Country Garden 595 0.10 2,182,000 China Life Insurance 3,428 0.59 1,244,200 CRRC 819 0.14 1,087,000 China Longyuan Power 430 0.07 211,400 CSG 117 0.02 263,000 China Medical System 242 0.04 1,260,000 CSPC Pharmaceutical 722 0.13 368,720 China Merchants 738 0.13 213,900 Dalian Wanda Commercial Properties 632 0.11 1,350,496 China Merchants Bank class ‘H’ shares 1,821 0.32 1,076,000 Datang International Power Generation class ‘H’ shares 200 0.03 72,750 China Merchants Property Development 238 0.04 199,600 Dazhong Transportation 158 0.03 1,975,104 China Minsheng 1,170 0.20 88,400 Dongfang Electric 48 0.01 1,574,500 China Mobile 12,018 2.08 868,000 Dongfeng Motor 730 0.13 402,000 China Molybdenum 46 0.01 68,800 Double Coin 53 0.01 784,486 China National Building Material class ‘H’ shares 250 0.04 220,000 ENN Energy 723 0.13 160,000 China National Materials 21 0.00 1,671,000 Evergrande Real Estate 787 0.14 580,000 China Oilfield Services 308 0.05 864,000 Far East Horizon 461 0.08 1,132,000 China Overseas Land & Investment 2,433 0.42 203,983 Foshan Electrical & Lighting 111 0.02 759,600 China Pacific Insurance 1,770 0.31 776,336 Fosun International 719 0.12 7,457,600 China Petroleum & Chemical 2,999 0.52 1,152,000 Franshion Properties 206 0.04 524,000 China Power International Development 157 0.03 1,510,000 Geely Automobiles 404 0.07 1,058,000 China Railway 481 0.08 447,400 GF Securities 594 0.10 564,000 China Railway Construction 387 0.07 225,000 Golden Eagle Retail 187 0.03 351,064 China Resources Enterprises 411 0.07 3,557,000 GOME Electrical Appliances 340 0.06 200,000 China Resources Gas 376 0.07 982,250 Great Wall Motor 511 0.09 788,888 China Resources Land 1,358 0.24 276,000 Greentown China 159 0.03 591,272 China Resources Power 690 0.12 226,200 Guangdong Electric Power Development 91 0.02 1,049,000 China Shenhua Energy 1,064 0.18 730,000 Guangdong Investment 641 0.11 1,127,000 China Shipping 159 0.03 480,000 Guangshen Railway 152 0.03 396,000 China Shipping Development 168 0.03 723,506 Guangzhou Automobile 451 0.08 404,000 China Southern Airlines 164 0.03 60,000 Guangzhou Pharmaceutical 90 0.02 422,000 China State Construction 466 0.08 319,600 Guangzhou R&F Properties 270 0.05 462,286 China Taiping Insurance 639 0.11 76,000 Haitian International 73 0.01 4,728,000 China Telecom 1,638 0.28 990,000 Haitong Securities 1,041 0.18 1,748,000 China Unicom 1,435 0.25 168,000 Harbin Electric 41 0.01 384,000 China Vanke 625 0.11 213,000 Hengan International 1,216 0.21 596,000 China Yuran Food 64 0.01 160,000 Hopson Development 112 0.02

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 £000’s Assets Value Investment £000’s Assets 249,100 Huadian Energy 89 0.02 137,000 Shanghai Jinqiao Export Processing Zone 804,000 Huadian Fuxin Energy 104 0.02 Development 154 0.03 578,000 Huadian Power International 226 0.04 145,400 Shanghai Lujiazhui Finance & Trade Zone Development 350 0.06 1,102,000 Huaneng Power International 617 0.11 95,700 Shanghai Mechanical and Electrical Industry 156 0.03 1,496,000 Huaneng Renewables 250 0.04 205,500 Shanghai Pharmaceuticals 267 0.05 368,200 Huatai Securities 499 0.09 85,300 Shanghai Waigaoqiao Free Trade Zone Development 111 0.02 588,000 Huishang Bank 186 0.03 171,800 Shanghai Zhenhua Heavy Industry 60 0.01 21,331,655 Industrial and Commercial Bank of China class 188,000 Shengjing Bank 220 0.04 ‘H’ shares 7,587 1.31 54,100 Shenzhen Chiwan Wharf 63 0.01 420,900 Inner Mongolia Yitai Coal 222 0.04 202,000 Shenzhen Expressway 109 0.02 43,200 Jiangling Motors 88 0.02 257,500 Shenzhen International 280 0.05 302,000 Jiangsu Expressway 258 0.04 767,648 Shenzhen Investment 200 0.03 385,000 Jiangxi Copper 289 0.05 171,000 Shenzhou International 630 0.11 96,900 Jinzhou Port 36 0.01 216,000 Sichuan Expressway 46 0.01 268,000 Kingsoft 382 0.07 880,000 Sihuan Pharmaceutical 162 0.03 912,615 Kunlun Energy 471 0.08 666,000 Sinofert 64 0.01 389,141 KWG Property 165 0.03 919,500 Sino-Ocean Land 289 0.05 1,836,000 Lenovo 1,101 0.19 287,000 Sinopec Engineering 150 0.03 441,999 Li Ning 139 0.02 1,136,000 Sinopec Shanghai Petrochemical 348 0.06 384,500 Longfor Properties 341 0.06 305,600 Sinopharm 803 0.14 389,000 Luye Pharma 225 0.04 454,000 Sinotrans 122 0.02 476,000 Maanshan Iron & Steel 60 0.01 145,000 Sinotruk Hong Kong 38 0.01 405,500 Metallurgical 64 0.01 604,000 Soho China 195 0.03 241,800 New China Life Insurance 505 0.09 373,000 Sunac China 173 0.03 2,156,000 People’s Insurance 563 0.10 108,000 Tianjin Capital 49 0.01 6,218,000 PetroChina Class ‘H’ Shares 2,881 0.50 338,000 Travelsky Technology 365 0.06 992,966 PICC Property and Casualty 1,081 0.19 126,000 Tsingtao Brewery 329 0.06 1,462,000 Ping An Insurance 4,480 0.78 279,200 Weichai Power 183 0.03 836,000 Poly Investments 164 0.03 50,700 Weifu High-Technology 67 0.01 2,024,000 Renhe Commercial 58 0.01 128,200 Xinjiang Goldwind 100 0.02 235,000 Sany Heavy Equipment International 34 0.01 86,910 Yantai Changyu Pioneer Wine 179 0.03 143,300 Shandong Chenming Paper 68 0.01 558,000 Yanzhou Coal Mining 172 0.03 48,000 Shandong Chenming Paper class ‘H’ shares 24 0.00 1,453,690 Yuexiu Property 147 0.03 508,000 Shandong Weigao Medical Polymer 235 0.04 181,000 Zhaojin Mining Industry class ‘H’ shares 103 0.02 231,980 Shanghai Chlor-Alkali Chemical 120 0.02 478,000 Zhejiang Express 306 0.05 700,000 Shanghai Electric 216 0.04 260,500 Zhongsheng 85 0.01 120,000 Shanghai Fosun Pharmaceutical 202 0.04 159,500 Zhuzhou CSR Times Electric 563 0.10 92,400 Shanghai Friendship 104 0.02 1,215,000 Zijin Mining 262 0.05 224,800 Shanghai Haixin 112 0.02 527,811 Zoomlion Heavy Industry class ‘H’ shares 104 0.02 150,000 Shanghai Industrial 232 0.04 202,704 ZTE class ‘H’ shares 239 0.04 47,200 Shanghai Jinjiang International Hotels Development 97 0.02 124,352 21.63

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 £000’s Assets Value Investment £000’s Assets Hong Kong – 0.78%; 2015 0.69% Indonesia – 3.00%; 2015 2.94% 4,060,000 Alibaba Pictures 603 0.10 3,708,600 Adaro Energy 120 0.02 1,522,000 Belle International 715 0.12 5,907,800 Astra 2,161 0.37 1,260,000 Bosideng International 71 0.01 154,300 Astra Agro Lestari 123 0.02 500,000 China Gas 481 0.08 3,624,900 Bank Central Asia 2,627 0.46 439,999 China Overseas Property 35 0.01 902,181 Bank Danamon 195 0.03 554,000 China Resources Cement 99 0.02 2,760,180 Bank Mandiri Persero 1,408 0.24 3,472,000 GCL Poly Energy 361 0.06 2,172,293 Bank Negara Indonesia 589 0.10 402,000 Haier Electronics 432 0.07 3,151,500 Bank Rakyat Indonesia 1,884 0.33 187,800 Kingboard Chemical 198 0.03 2,325,000 Charoen Pokphand Indonesia 424 0.07 517,000 Lee & Man Paper Manufacturing 217 0.04 1,057,500 Global Mediacom 49 0.01 565,000 Nine Dragons Paper 271 0.05 149,600 Gudang Garam 512 0.09 409,500 Shimao Property 380 0.07 176,300 Indo Tambangraya 64 0.01 1,298,000 Sino Biopharmaceutical 684 0.12 389,000 Indocement Tunggal Prakarsa 420 0.07 4,547 0.78 338,000 Indofood Sukses 286 0.05 1,298,300 Indofoods Sukses Makmur 494 0.09 India – 5.13%; 2015 7.48% 603,300 Jasa Marga 173 0.03 126,156 Axis Bank GDR (each representing 5 ordinary shares) 2,564 0.44 5,133,500 Kalbe Farma 360 0.06 81,202 Dr Reddy’s Laboratories ADR (each representing 1 1,182,500 Media Nusantara Citra 116 0.02 ordinary share) 2,535 0.44 3,360,800 Perusahaan Gas 472 0.08 74,065 HDFC Bank ADS (each representing 3 ordinary 901,700 Semen Indonesia 498 0.09 shares) 2,810 0.49 399,300 Surya Citra Media 62 0.01 507,301 ICICI Bank ADR (each representing 2 ordinary 366,500 Tambang Batubara Bukit Asam Persero 100 0.02 shares) 1,941 0.34 14,837,400 Telekomunikasi Indonesia Class ‘B’ Shares 2,603 0.45 289,997 Infosys ADR (each representing 1 ordinary share) 3,536 0.61 625,700 Tower Bersama Infrastructure 192 0.03 124,587 Larsen & Toubro GDR (each representing 1 ordinary 363,000 Unilever Indonesia 872 0.15 share) 1,403 0.24 430,272 United Tractors 361 0.06 307,265 Reliance Industries GDR (each representing 2 877,300 Vale Indonesia 72 0.01 ordinary shares) 6,233 1.08 821,100 XL Axiata 171 0.03 116,593 State Bank of India GDR (each representing 2 17,408 3.00 ordinary shares) 1,940 0.34 139,165 Tata Motors ADR (each representing 5 ordinary Malaysia – 4.68%; 2015 4.36% shares) 2,244 0.39 367,400 AirAsia Berhad 92 0.02 380,089 Vedanta ADS (each representing 4 ordinary shares) 1,131 0.20 319,200 Alliance Financial 199 0.03 395,971 Wipro ADR (each representing 1 ordinary share) 3,227 0.56 576,800 AMMB 429 0.07 29,564 5.13 674,300 Astro Malaysia 310 0.05 1,380,768 Axiata 1,401 0.24 226,731 Berjaya Sports Toto 123 0.02 43,700 British American Tobacco – Malaysia 420 0.07 1,209,597 Bumi Armada Berhad 199 0.03 1,550,681 CIMB 1,198 0.21 1,081,751 Digi.com 914 0.16 632,400 Felda Global Ventures 165 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 £000’s Assets Value Investment £000’s Assets 591,100 Gamuda 451 0.08 2,712,400 Energy Development 234 0.04 671,318 Genting Berhad 908 0.16 9,970 Globe Telecom 267 0.05 893,700 Genting Malaysia 632 0.11 18,840 GT Capital 373 0.06 183,200 Hong Leong Bank 411 0.07 234,230 International Container Terminal Services 219 0.04 826,020 IHH Healthcare 906 0.16 710,870 JG Summit 722 0.13 949,500 IJM Corporation Berhad 551 0.10 135,958 Jollibee Foods 452 0.08 1,125,932 IOI Berhad 907 0.16 1,088,000 LT 263 0.05 643,552 IOI Properties 226 0.04 101,010 Manila Electric 498 0.09 154,939 Kuala Lumpur Kepong 632 0.11 343,431 Metropolitan Bank & Trust 394 0.07 120,300 Lafarge Malayan Cement 187 0.03 26,615 Philippine Long Distance Telephone 739 0.13 1,603,106 Malayan Banking Berhad 2,342 0.41 92,960 SM Investments 1,157 0.20 288,360 Malaysia Airports 289 0.05 2,449,175 SM Prime 762 0.13 805,500 Maxis 846 0.15 258,590 Universal Robina 771 0.13 435,600 MISC 654 0.11 11,197 1.96 214,100 MMC 60 0.01 851,685 Petronas Chemicals 987 0.17 Taiwan – 15.25%; 2015 14.44% 98,600 Petronas Dagagan 417 0.07 848,346 Acer 218 0.04 229,400 Petronas Gas 868 0.15 1,734,645 Advanced Semiconductor 1,428 0.25 171,800 PPB 472 0.08 94,221 Advantech 471 0.08 932,855 Public Bank 2,947 0.51 653,181 Asia Cement 392 0.07 254,475 RHB Capital 231 0.04 205,388 ASUSTeK Computer 1,218 0.21 1,225,700 SapuraKencana Petroleum 398 0.07 2,761,000 AU Optronics 540 0.09 955,134 Sime Darby 1,223 0.21 578,580 Capital Securities 109 0.02 220,500 SP Setia 113 0.02 219,000 Catcher Technology 1,235 0.21 326,835 Telekom Malaysia 370 0.06 2,316,907 Cathay Financial 1,872 0.32 1,034,686 Tenaga Nasional 2,330 0.40 258,000 Cathay Real Estate 76 0.01 533,500 UEM Sunrise 90 0.02 1,651,481 Chang Hwa Commercial Bank 583 0.10 209,600 UMW 254 0.04 580,101 Cheng Shin Rubber 735 0.13 385,100 Westports 266 0.05 103,660 Cheng Uei Precision Industry 97 0.02 1,657,213 YTL 444 0.08 178,166 Chicony Electronics 280 0.05 795,240 YTL Power 198 0.03 832,609 China Airlines 208 0.04 3,821,856 China Development Financial 663 0.11 27,060 4.68 206,000 China Motor 96 0.02 Philippines – 1.96%; 2015 1.84% 3,486,249 China Steel 1,556 0.27 651,000 Aboitiz Equity Ventures 563 0.10 1,094,981 Chunghwa Telecom 2,486 0.43 578,900 Aboitiz Power Corporation 377 0.07 1,322,439 Compal Electronics 559 0.10 1,340,500 Alliance Global 293 0.05 4,884,355 CTBC Financial 1,714 0.30 63,918 Ayala 667 0.12 625,660 Delta Electronics 1,821 0.32 1,848,000 Ayala Land 912 0.16 2,162,168 E.Sun Financial 806 0.14 516,219 Bank of the Philippine Islands 656 0.11 57,287 Eclat Textile 523 0.09 385,248 BDO Unibank 579 0.10 239,000 Epistar 138 0.02 674,154 Bloomberry Resorts 43 0.01 233,130 Eternal Chemical 165 0.03 1,350,650 DMCI 256 0.04 716,824 Eva Airways 277 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 £000’s Assets Value Investment £000’s Assets 655,084 Evergreen Marine 171 0.03 1,322,859 Taiwan Business Bank 241 0.04 527,321 Far East International Bank 108 0.02 1,007,127 Taiwan Cement 655 0.11 1,122,305 Far Eastern New Century 614 0.11 1,863,689 Taiwan Cooperative Financial 571 0.10 495,000 Far EasTone Telecommunications 746 0.13 218,000 Taiwan Fertilizer 212 0.04 86,000 Feng Hsin Iron & Steel 73 0.01 345,612 Taiwan Glass 96 0.02 90,000 Feng Tay Enterprises 352 0.06 507,300 Taiwan Mobile 1,124 0.19 2,255,090 First Financial 757 0.13 6,942,000 Taiwan Semiconductor Manufacturing 22,394 3.88 1,281,180 Formosa Chemical & Fibre 2,068 0.36 598,000 Teco Electric and Machinery 353 0.06 561,000 Formosa Petrochemical 1,029 0.18 144,950 Ton Yi Industrial 49 0.01 1,449,320 Formosa Plastic 2,484 0.43 80,692 TPK 124 0.02 337,000 Formosa Taffeta 221 0.04 108,000 Transcend Information 238 0.04 338,899 Foxconn Technology 481 0.08 116,000 U-Ming Marine Transport 67 0.01 2,123,561 Fubon Financial 1,820 0.32 358,000 Unimicron Technology 131 0.02 85,000 Giant Manufacturing 391 0.07 1,374,186 Uni-President Enterprises 1,702 0.29 14,000 Hermes Microvision 251 0.04 3,617,000 United Micro Electronics 1,045 0.18 4,020,625 Hon Hai Precision 6,804 1.18 308,000 Vanguard International Semiconductor 341 0.06 124,000 Hotai Motor 924 0.16 786,000 Walsin Lihwa 140 0.02 226,737 HTC 396 0.07 239,700 Wan Hai Lines 95 0.02 2,249,850 Hua Nan Financial 755 0.13 783,164 Wistron 336 0.06 2,717,746 Innolux Display 570 0.10 394,900 Yang Ming Marine Transport 75 0.01 698,000 Inotera Memories 431 0.07 3,026,046 Yuanta Financial 703 0.12 878,070 Inventec 453 0.08 417,725 Yuen Foong Yu Paper Manufacturing 92 0.02 30,000 Largan Precision 1,652 0.29 155,000 Yulon Motor 99 0.02 584,125 Lite-On Technology 487 0.08 7,000 Yulon Nissan Motor 35 0.01 993,888 Macronix International 81 0.01 88,004 15.25 431,614 MediaTek 2,203 0.38 3,270,739 Mega Financial 1,552 0.27 Thailand – 2.89%; 2015 2.99% 1,672,000 Nan Ya Plastic 2,306 0.40 180,600 Advanced Info Service (Alien Market) 624 0.11 32,540 Nan Ya Printed Circuit Boards 24 0.00 166,900 Advanced Info Service (non-voting Depository Receipts) 576 0.10 150,000 Novatek Microelectronics 448 0.08 72,500 Airports of Thailand 586 0.10 186,500 Oriental Union Chemical 88 0.02 52,300 Airports of Thailand (non-voting Depository Receipts) 423 0.07 561,534 Pegatron 962 0.17 123,200 Bangkok Bank 414 0.07 802,000 Pou Chen 718 0.12 877,000 Bangkok Dusit Medical Services 382 0.07 170,000 President Chain Store 833 0.14 367,700 Bangkok Dusit Medical Services (non-voting Depository 236,557 President Securities 65 0.01 Receipts) 160 0.03 731,000 Quanta Computer 884 0.15 351,300 Banpu (non-voting Depository Receipts) 130 0.02 119,933 Realtek Semiconductor 219 0.04 163,300 BEC World Public (Alien Market) 104 0.02 2,380,000 Shin Kong Financial 324 0.06 156,200 BEC World Public (non-voting Depository Receipts) 100 0.02 670,024 Siliconware Precision 745 0.13 105,500 Berli Jucker 78 0.01 2,962,284 SinoPac Financial 586 0.10 49,900 Big C Supercenter 252 0.04 374,870 Synnex Technology International 274 0.05 48,129 Big C Supercenter (non-voting Depository Receipts) 243 0.04 1,977,189 Taishin Financial 470 0.08

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 £000’s Assets Value Investment £000’s Assets 1,635,800 BTS (non-voting Depository Receipts) 273 0.05 EUROPE – 8.41%; 2015 7.81% 112,000 Bumrungrad Hospital 488 0.08 EQUITIES – 8.41%; 2015 7.81% 415,800 Central Pattana 392 0.07 912,400 Charoen Pokphand Foods 351 0.06 Czech Republic – 0.18%; 2015 0.23% 656,300 CP ALL (Alien Market) 575 0.10 51,219 CEZ 545 0.09 645,900 CP ALL (non-voting Depository Receipts) 566 0.10 3,950 Komercni Banka 533 0.09 163,500 Delta Electronics (Alien Market) 267 0.05 1,078 0.18 31,700 Electricity Generating Public 106 0.02 Hungary – 0.37%; 2015 0.21% 34,900 Electricity Generating Public (non-voting Depository 173,399 Magyar Telekom 188 0.03 Receipts) 117 0.02 15,206 MOL 541 0.09 103,800 Glow Energy (non-voting Depository Receipts) 169 0.03 56,219 OTP Bank 845 0.15 322,100 Indorama Ventures 140 0.02 44,259 Richter Gedeon 575 0.10 437,300 Intouch (non-voting Depository Receipts) 514 0.09 1,709,000 IRPC 151 0.03 2,149 0.37 1,683,100 IRPC (non-voting Depository Receipts) 149 0.03 Poland – 1.62%; 2015 1.64% 359,100 Kasikornbank 1,262 0.22 24,421 Asseco Poland 252 0.04 1,220,400 Krung Thai Bank (non-voting Depository Receipts) 438 0.08 8,011 Bank Handlowy w Warszawie 118 0.02 1,230,620 Land and Houses 211 0.04 193,553 Bank Millennium 208 0.04 201,200 PTT 1,060 0.18 37,882 Bank Pekao 1,024 0.18 58,200 PTT (Alien Market) 307 0.05 9,590 Bank Zachodni WBK 481 0.08 412,100 PTT Exploration & Production (non-voting Depository 8,080 CCC 216 0.04 Receipts) 566 0.10 35,526 Cyfrowy Polsat 148 0.03 81,153 PTT Global Chemical (Alien Market) 88 0.02 66,378 Enea 135 0.02 404,300 PTT Global Chemical (non-voting Depository Receipts) 440 0.08 106,475 Energa 246 0.04 108,600 Ratchaburi Electricity Generating 112 0.02 25,607 Eurocash 231 0.04 9,500 Ratchaburi Electricity Generating (non-voting Depository 1,194,765 Getin Noble Bank 125 0.02 Receipts) 10 0.00 14,842 Grupa Azoty 257 0.04 89,400 Siam Cement 801 0.14 44,527 KGHM Polska Miedz 544 0.09 21,000 Siam City Cement 126 0.02 375 LPP 341 0.06 223,600 Siam Commercial Bank 625 0.11 4,360 mBank 257 0.04 230,200 Siam Commercial Bank (non-voting Depositiory Receipts) 644 0.11 214,395 Orange Polska 245 0.04 558,900 Thai Airways International 135 0.02 93,495 PKN Orlen 1,068 0.18 281,500 Thai Oil (non-voting Depository Receipts) 362 0.06 237,821 Polska Grupa Energetyczna 558 0.10 755,120 Thai Union 303 0.05 580,342 Polskie Gornictwo Naftowe 522 0.09 3,324,200 TMB Bank 171 0.03 247,841 Powszechna Kasa Oszczednosci Bank Polski 1,101 0.19 3,236,600 TMB Bank (non-voting Depository Receipts) 167 0.03 174,663 Powszechny Zaklad Ubezpieczen 1,093 0.19 119,300 Total Access Communication (Alien Market) 76 0.01 158,406 Synthos 118 0.02 112,600 Total Access Communication GDR (non-voting 351,183 Tauron Polska Energia 160 0.03 Depository Receipts) 72 0.01 9,448 1.62 2,430,397 True 347 0.06

16,653 2.89

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 £000’s Assets Value Investment £000’s Assets Russia – 4.46%; 2015 3.97% 185,402 Petkim Petrokimya 156 0.03 1,724,793 Gazprom ADR (each representing 2 ordinary shares) 4,546 0.79 48,572 TAV Havalimanlari 206 0.04 75,193 LSR GDR (each representing 2 ordinary shares) 84 0.01 46,440 Tofas Turk Otombil Fabrikasi 223 0.04 149,714 Lukoil ADR (each representing 1 ordinary share) 3,758 0.65 38,508 Tupras-Turkiye Petrol Rafinerileri 704 0.12 87,521 Magnit GDR (5 GDR representing 1 ordinary share) 2,076 0.36 183,732 Turk Hava Yollari Anonim Ortakligi 324 0.06 31,776 Megafon GDR (each representing 1 ordinary share) 267 0.05 179,554 Turk Telekomunikasyon 251 0.04 3,601 MMC Norilsk Nickel PJSC 313 0.05 38,050 Turkcell Iletisim Hizmetleri ADR (each representing 146,739 Mobile Telesystems ADR (each representing 2 ordinary 2.5 ordinary shares) 248 0.04 shares) 738 0.13 150,155 Turkcell Iletism Hizmetleri 396 0.07 114,172 Norilsk 990 0.17 611,385 Turkiye Garanti Bankasi 1,087 0.19 37,135 Novatek GDR (each representing 50 shares) 2,273 0.39 185,058 Turkiye Halk Bankasi 446 0.08 37,548 Phosagro GDR (each representing 1/3 ordinary shares) 333 0.06 440,127 Turkiye Is Bankasi class ‘C’ shares 481 0.08 391,206 Rosneft GDR (each representing 1 ordinary share) 1,052 0.18 205,092 Turkiye Sise ve Cam Fabrikalari 165 0.03 79,807 Rostelecom ADR (each representing 6 ordinary shares) 408 0.07 353,321 Turkiye Valiflar Bankasi 353 0.06 628,947 RusHydro 415 0.07 42,464 Ulker Biskuvi Sanayi 185 0.03 718,065 Sberbank of Russia ADR (each representing 4 ordinary 276,073 Yapi ve Kredi Bankasi 249 0.04 shares) 3,125 0.54 10,279 1.78 125,669 Severstal GDR (each representing 1 share) 745 0.13 243,298 Surgutneftegas ADR (each representing 10 ordinary LATIN AMERICA – 14.68%; 2015 17.24% shares) 902 0.16 EQUITIES – 14.68%; 2015 17.24% 2,455,700 Surgutneftegas preference shares 1,035 0.18 Brazil – 6.76%; 2015 9.61% 75,702 Tatneft ADR (each representing 6 ordinary shares) 1,400 0.24 65,400 AES Tiete Energia 174 0.03 30,157 Uralkali GDR (each representing 5 ordinary shares) 231 0.04 1,362,589 AmBev 4,335 0.75 832,556 VTB Bank GDR (each representing 2000 ordinary 212,215 Banco Bradesco 853 0.15 shares) 1,110 0.19 725,186 Banco Bradesco preference shares 2,701 0.47 25,801 4.46 265,935 Banco do Brasil 631 0.11 Turkey – 1.78%; 2015 1.76% 185,000 BB Seguridade Participacoes 788 0.14 617,923 Akbank 1,115 0.19 3,210 BD084G8’ Requires SORP Long Name 1 0.00 55,593 Anadolu Efes Biracilik ve Malt Sanayii 233 0.04 499,818 BM&FBovespa 1,008 0.17 50,955 Arcelik 234 0.04 132,500 BR Malls Participacoes 307 0.05 19,240 Aselsan Elektronik 82 0.01 40,100 Braskem preference ‘A’ shares 180 0.03 65,159 BIM Birlesik Magazalar 859 0.15 258,017 BRF 2,326 0.40 23,266 Coca-Cola Icecek 184 0.03 78,600 BTG Pactual Partic 259 0.05 534,046 Emlak Konut Gayrimenkul 330 0.06 255,840 CCR 568 0.10 147,279 ENKA 170 0.03 66,561 Centrais Electricas Brasileiras preference shares 116 0.02 395,889 Eregli Demir ve Celik 328 0.06 91,389 Centrais Eletricas Brasileiras 92 0.02 22,311 Ford Otomotiv 185 0.03 68,595 CETIP- Balcao Organizado de Ativos e Derivativos 465 0.08 219,607 Haci Omer Sabanci 463 0.08 15,173 CIA de Transmissao de Energia Eletrica Paulista 183,870 KOC 576 0.10 preference shares 126 0.02 12,382 Koza Altin 46 0.01 244,112 CIA Energetica Minas Gerais preference shares 252 0.04 28,700 CIA Paranaense de Energia class ‘B’ preference shares 115 0.02 251,541 Cielo 1,384 0.24

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 £000’s Assets Value Investment £000’s Assets 42,991 Companhia Brasileira de Distribuicao Grupo Pao de Acucar 33,700 Totvs 186 0.03 preference shares 318 0.06 67,600 Tractabel Energia 424 0.07 3,154 Companhia de Gas de Sao Paulo preference shares 20 0.00 14,400 Transmissora Alianca de Energia Eletrica 48 0.01 34,624 Cosan 162 0.03 116,300 Ultrapar Participacoes 1,292 0.22 86,099 CPFL Energia 253 0.04 54,900 Usiminas Siderúrgicas de Minas Gerais 34 0.01 81,206 Duratex 90 0.02 382,349 Vale 756 0.13 38,100 Ecorodovias Infraestru Logistica 31 0.01 564,051 Vale do Rio Doce class ‘A’ preference shares 822 0.14 55,300 EDP 126 0.02 171,860 Weg 399 0.07 212,540 Empresa Brasileira de Aeronautica 1,138 0.20 39,043 6.76 57,324 Energetica de Sao Paulo class ‘B’ preference shares 145 0.03 23,727 Energetica Minas Gerais 25 0.00 Chile – 1.50%; 2015 1.36% 62,600 Equatorial Energia 430 0.07 30,740 Banco de Chile ADR (each representing 600 ordinary 35,000 Estacio Participacoes 77 0.01 shares) 1,365 0.24 66,100 Fibria Celulose 496 0.09 103,334 Banco Santander-Chile ADR (each representing 400 228,275 Gerdau preference shares 144 0.03 ordinary shares) 1,286 0.22 112,200 Hypermarcas 498 0.09 68,130 Empresa Nacional de Electricidad ADS (each 891,098 Itau Unibanco preference shares 3,964 0.69 representing 30 ordinary shares) 1,950 0.34 1 Itausa^ – 0.00 208,159 Enersis ADR (each representing 50 ordinary shares) 1,907 0.33 1,021,474 Itausa – Investimentos Itau preference shares 1,224 0.21 235,642 Latam Airlines ADR (each representing 1 ordinary share) 975 0.17 220,769 JBS 443 0.08 18,700 Latam Airlines BDR (each representing 1 ordinary share) 78 0.01 170,300 Klabin 649 0.11 83,617 Sociedad Quimica y Minera de Chile ADR (each 460,124 Kroton Educacional 785 0.14 representing 1 ordinary share) 1,082 0.19 39,060 Localiza Rent A Car 160 0.03 8,643 1.50 34,296 Lojas Americanas 72 0.01 Colombia – 0.63%; 2015 0.64% 152,992 Lojas Americanas preference shares 538 0.09 70,288 Almacenes Exito 215 0.04 192,900 Lojas Renner 604 0.10 82,861 Argos 318 0.06 12,800 M Dias Branco 146 0.03 536,339 Aval Accione preference shares 129 0.02 19,400 Multiplan Empreendimentos Imobiliarios 158 0.03 132,834 Bancolombia preference shares 711 0.12 16,000 Multiplus 77 0.01 127,196 Cementos Argos 281 0.05 60,498 Natura 287 0.05 63,000 CEMEX LatAm 146 0.03 96,253 Oi 26 0.00 1,487,576 Ecopetrol 373 0.06 1,078,629 Petroleo Brasileiro 1,341 0.23 29,444 Financiera Colombiana 242 0.04 1,250,334 Petroleo Brasileiro preference shares 1,097 0.19 102,158 Interconexión Eléctrica 174 0.03 27,500 Porto Seguro 113 0.02 73,721 Inversiones Suramericana 600 0.10 25,400 Qualicorp 58 0.01 25,934 Inversiones Suramericana preference shares 207 0.04 79,000 Raia Drogasil 637 0.11 293,189 ISAGEN 253 0.04 106,100 Saneamento Basico 426 0.07 3,649 0.63 217,111 Siderurgica Nacional 195 0.03 54,970 Sul America 154 0.03 91,400 Suzano Papel e Celulose class ‘A’ preference shares 256 0.04 107,395 Telefonica Brasil preference shares 713 0.12 270,396 Tim Participacoes 325 0.06

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 £000’s Assets Value Investment £000’s Assets Mexico – 5.58%; 2015 5.40% Peru – 0.21%; 2015 0.23% 856,630 Alfa series class ‘A’ shares 1,108 0.19 11,060 Credicorp 942 0.16 94,000 Alpek 99 0.02 82,341 Minas Buenaventura sponsored ADR (each representing 161,400 Alsea 420 0.07 1 preference share) 308 0.05 8,337,568 America Movil 4,034 0.70 1,250 0.21 90,200 Arca Continental 399 0.07 3,825,405 Cemex 1,500 0.26 MIDDLE EAST – 0.98%; 2015 0.87% 125,000 Coca-Cola Femsa 657 0.11 EQUITIES – 0.98%; 2015 0.87% 32,200 Comercial Chedraui 60 0.01 United Arab Emirates – 0.98%; 2015 0.87% 367,900 Compartamos 491 0.09 572,762 Abu Dhabi Commercial Bank 766 0.13 37,300 El Puerto de Liverpool 298 0.05 746,604 Air Arabia 195 0.03 732,300 Fibra Uno Administracion 1,068 0.18 1,025,735 Aldar Properties 500 0.09 634,744 Fomento Economico Mexicano 4,280 0.74 675,012 Arabtec 191 0.03 43,500 Gruma class ‘B’ shares 494 0.09 553,812 Damac Properties Dubai 296 0.05 104,000 Grupo Aeroportuario Del Pacifico class ‘B’ shares 599 0.10 1,055,903 Dana Gas 104 0.02 65,000 Grupo Aeroportuario del Sureste 658 0.11 49,940 DP World 613 0.11 569,863 Grupo Bimbo 1,171 0.20 537,059 Dubai Financial Market 146 0.03 139,429 Grupo Carso 409 0.07 214,233 Dubai Investments 81 0.01 11,749 Grupo Elektra 155 0.03 185,851 Dubai Islamic Bank 233 0.04 655,927 Grupo Financiero Banorte 2,328 0.40 350,000 Emaar Malls 188 0.03 635,240 Grupo Financiero Inbursa 805 0.14 1,075,522 Emaar Properties 1,228 0.21 468,100 Grupo Financiero Santander Mexico 533 0.09 332,124 First Gulf Bank 822 0.14 151,900 Grupo LALA 257 0.04 8,686 Mediclinic International 72 0.01 1,131,146 Grupo Mexico 1,700 0.29 259,884 Union National Bank 189 0.03 762,867 Grupo Televisa 2,810 0.49 311,094 Waha Capital 139 0.02 53,000 Industrias Bachoco 154 0.03 50,100 Industrias CH class ‘B’ shares 105 0.02 5,763 0.98 41,479 Industrias Penoles 351 0.06 NORTH AMERICA – 3.59%; 2015 2.35% 67,500 Infraestructura Energetica Nova 191 0.03 EQUITIES – 3.59%; 2015 2.35% 273,676 Kimberly-Clark de Mexico 437 0.08 43,900 La Comer 30 0.01 Cayman Islands – 3.59%; 2015 2.35% 98,400 Megacable 270 0.05 1,575,100 Tencent 20,740 3.59 329,196 Mexichem 482 0.08 151,487 Minera Frisco 57 0.01 241,500 OHL Mexico 202 0.03 89,200 Organizacion Soriana class ‘B’ shares 138 0.02 64,400 Promotora y Operadora de Infraestructura 537 0.09 114,800 Sanborns 109 0.02 416,878 Telesites 162 0.03 1,662,114 Wal-Mart de Mexico 2,761 0.48 32,319 5.58

235 BlackRock Collective Investment Funds 236 Emerging Markets Equity Tracker Portfolio Statement continued Emerging Markets Equity Tracker Statement of Total Return for the year ended 29 February 2016

Holding or Underlying Market % of For the year For the year Nominal Exposure – Derivatives Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s £000’s Assets Notes £000’s £000’s £000’s £000’s DERIVATIVES – (0.07)%; 2015 0.02% Income Futures – (0.07)%; 2015 0.02% Net capital (losses)/gains 3 (132,160) 86,263 273 Mini MSCI Emerging Markets March 2016 7,299 82 0.01 Revenue 4 21,360 20,846 4,007 SGX CNX Nifty March 2016 40,641 (456) (0.08) Expenses 5 (1,474) (1,675) 47,940 (374) (0.07) Interest payable and similar charges 6 (5) (23) Portfolio of investments 529,775 91.76 Net revenue before taxation 19,881 19,148 Net other assets 47,577 8.24 Taxation 7 (2,022) (2,134) Total net assets 577,352 100.00 Net revenue after taxation 17,859 17,014 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Total return before distributions (114,301) 103,277 Note: comparative figures show percentages for each category of holding at 28 February 2015. * Suspended investments fair valued at zero. Distributions 8 (15,882) (15,970) ^ Investments which are less than £500 are rounded to zero. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) Change in net assets and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. attributable to unitholders from investment activities (130,183) 87,307

Emerging Markets Equity Tracker Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016

For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 719,717 532,726 Amounts receivable on issue of units 164,699 238,068 Amounts payable on cancellation of units (193,135) (155,019) (28,436) 83,049 Change in net assets attributable to unitholders from investment activities (130,183) 87,307 Retained distribution on accumulation units 16,254 16,635 Closing net assets attributable to unitholders 577,352 719,717

237 BlackRock Collective Investment Funds 238 Emerging Markets Equity Tracker Balance Sheet Emerging Markets Equity Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

239 BlackRock Collective Investment Funds 240 Emerging Markets Equity Tracker Notes to Financial Statements continued

5. Expenses (b) Factors affecting the current tax charge For the year For the year The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an to 29.2.2016 to 28.2.2015 authorised unit trust. The differences are explained below: £000’s £000’s For the year For the year Payable to the Manager or associates of the Manager: to 29.2.2016 to 28.2.2015 – Manager’s charge 1,147 1,286 £000’s £000’s – Registrar’s fees 7 8 Net revenue before taxation 19,881 19,14 8 1,15 4 1,294 Corporation tax at 20% (28 February 2015: 20%) 3,976 3,830 Other expenses: Effects of: – ADR fee 83 99 Double taxation relief (190) (426) – Audit fee 8 8 Irrecoverable overseas tax 2,021 2,13 4 – Legal & other Professional fees 2 1 Non taxable overseas dividends (3,358) (3,195) – Safe custody fees 194 221 Non taxable stock dividends (408) (209) – Trustee’s fees 33 52 Revenue not subject to tax (20) – 320 381 Total current tax charge [see note 7(a)] 2,021 2 ,13 4 Total expenses 1,474 1,675 (c) Deferred tax 6. Interest payable and similar charges For the year For the year to 29.2.2016 to 28.2.2015 For the year For the year £000’s £000’s to 29.2.2016 to 28.2.2015 £000’s £000’s Movement in the year: Interest on bank overdrafts 5 23 Deferred tax charge 1 – Provision at the end of the year 1 – 7. Taxation (a) Analysis of tax charge 8. Distributions For the year For the year For the year For the year to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s Corporation tax – 426 Interim distribution 12,547 12,853 Deferred tax 1 – Final distribution 3,761 3,828 Double taxation relief – (426) 16,308 16,681 Irrecoverable overseas tax 2,021 2,13 4 Add: Amounts deducted on cancellation of units 1,005 917 Total current tax charge [see note 7(b)] 2,022 2 ,13 4 Less: Amounts received on issue of units (1,431) (1,628) Distributions 15,882 15,970

Net revenue after taxation 17,859 17,014 Add: Equalisation on conversions 63 2 Less: Non distributable stock dividends (2,040) (1,046) Distributions 15,882 15,970

Details of the interim and final distributions per unit are set out in the tables on page 215.

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

9. Debtors 12. Contingent Assets and Liabilities

29.2.2016 28.2.2015 There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). £000’s £000’s Accrued revenue 474 495 13. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Amounts receivable for issue of units 4,662 2,534 Currency sales awaiting settlement 1,700 5,012 The Fund may, subject to the conditions and within the limits laid down by the Financial Overseas tax recoverable 41 13 Conduct Authority and the Prospectus, engage in securities lending and employ techniques and Total debtors 6,877 8,054 instruments relating to transferable securities for efficient portfolio management purposes. The securities lending agent appointed pursuant to the securities lending agreement is BlackRock 10. Cash and Bank Balances Advisors (UK) Limited which is a related party to the Fund.

29.2.2016 28.2.2015 The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity £000’s £000’s allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly Amounts held at futures clearing houses and brokers 2,755 1,802 related to securities loan transactions as well as the cost of indemnification against borrower Cash and bank balances 43,683 37,709 default. Total cash and bank balances 46,438 39,511 During the year the Fund engaged in securities lending. The Fund receives either cash collateral or securities as collateral for a value in excess of the market value of the securities loaned. As at the 11. Other Creditors 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. 29.2.2016 28.2.2015 £000’s £000’s The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of the Fund in any or all of the following collateral agents and central securities depositaries: Bank of Accrued Audit fee 8 8 New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give Accrued FCA fee 1 1 as per the schedule in order to cover the required value of exposure. Accrued Manager’s charge 124 327 The Investment Manager monitors the fair value of the securities loaned and additional collateral Accrued Registrar’s fee 2 3 is obtained, if necessary. Accrued Safe custody fees 46 56 Accrued Trustee’s fee 5 14 Securities lending revenue is split between the Fund and the securities lending agent in the ratio 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s Amounts payable for cancellation of units 3,844 2,945 share. Currency purchases awaiting settlement 1,693 5,018 Custodian transaction costs 1 2 The securities lending revenue earned during the year, the value of securities on loan at the year Deferred taxation 1 – end and the value of collateral held at the year end for the Fund are shown below: Purchases awaiting settlement – 100 29.2.2016 28.2.2015 Total other creditors 5,725 8,474 £000’s £000’s Revenue earned during the year 263 192 Value of securities on loan at the year end 59,965 22,971 Value of collateral held on behalf of the Fund at the year end 66,356 25,728

The Fund’s securities lending borrowing counterparties are Bank of America Merrill Lynch, Barclays Bank Plc, Citigroup, Commerzbank AG, Credit Suisse International, Deutsche Bank AG, Goldman Sachs, HSBC, JP Morgan Chase Securities Plc, Morgan Stanley & Co., Société Générale, The Bank of Nova Scotia and UBS.

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

14. Related Parties 15. Portfolio Transaction Costs Parties are considered to be related if one party has the ability to control the other party or For the year ended 29 February 2016 exercise significant influence over the other party in making financial or operational decisions. Direct Transaction Costs

The ultimate holding company of the Manager, Investment Manager and securities lending agent Total purchases including transaction costs 63,985,285 is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. Direct Transaction Costs Transaction Value Commissions Taxes The Manager acts as either principal or agent for the Trustee in respect of all transactions of units Sales (excluding derivatives) £000’s £000’s % £000’s % of the Fund. The aggregate monies received through issue and paid through cancellation of units Equity instruments 93,796,257 35,701 0.04 83,980 0.09 are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any Total sales 93,796,257 35,701 83,980 amounts due to or from the Manager at the year end are disclosed in notes 9 and 11. Management Total sales net of transaction costs 93,676,576 fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 11. Securities lending revenue earned by the Fund is disclosed in notes 4 and 13. Derivative transaction costs 175 –

The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing Total transaction costs 57,595 132,463 arrangements with related parties (including, without limitation, brokers who are affiliated to the Total transaction costs BlackRock Group), which may result in the Fund benefiting from research or execution services as a % of average net assets 0.01% 0.02% 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 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, 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.

As at 29 February 2016 and 28 February 2015, none of the unitholders:

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

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

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

For the year ended 28 February 2015 16. Units in Issue

Direct Transaction Costs The movement in units in issue for the year ended 29 February 2016 is as follows:

Transaction Value Commissions Taxes A Accumulation L Income L Accumulation X Accumulation Purchases (excluding derivatives) £000’s £000’s % £000’s % Units Units Units Units Equity instruments 151,713 71 0 .11 80 0.08 Balance at the beginning of the year 8,479,390 2,197,151 445,803,721 57,986,491 Total purchases 151,713 71 80 Issued during the year 691,054 105 84,723,827 25,046,406 Total purchases including Cancelled during the year (1,386,062) (100) (137,256,216) (8,806,967) transaction costs 151,864 Converted during the year (2,749,065) (2,197,051) (113,585,849) 121,923,997 Balance at the end of the year 5,035,317 105 279,685,483 196,149,927 Direct Transaction Costs

Transaction Value Commissions Taxes D Accumulation H Income H Accumulation £000’s £000’s % £000’s % Sales (excluding derivatives) Units Unitsº Units Equity instruments 58,316 22 0.04 33 0.09 Balance at the beginning of the year 82,269,581 – 11,036,985 Corporate actions 102 – – – – Issued during the year 29,737,353 3,646,072 11,744,564 Total sales 58,418 22 33 Cancelled during the year (29,541,831) (1,951,538) (2,099,469) Total sales net of transaction costs 58,363 Converted during the year (10,194,303) 1,951,538 13,237,360 Balance at the end of the year 72,270,800 3,646,072 33,919,440 Derivative transaction costs 11 – º H Income class commenced September 2015. Total transaction costs 204 113 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and Total transaction costs as a % of average net assets 0.01% 0.02% taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights The above analysis covers direct transaction costs incurred by the Fund during the year. on winding up. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. 17. Post Balance Sheet Events Separately identifiable direct transaction costs (such as commissions and taxes) are attributable There have been no significant events subsequent to the year end, which, in the opinion of the to the Fund’s purchase and sale of equity instruments. Additionally for equity shares there is a Manager, may have had an impact on the financial statements for the year ended 29 February 2016. dealing spread cost (the difference between the buying and selling prices) which will be incurred on purchase and sale transactions. During the year the Fund utilised derivative instruments including futures contracts. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either incurred as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.31% (28 February 2015 – 0.30%).

247 BlackRock Collective Investment Funds 248 BlackRock Global Property Securities Equity Tracker Fund Global Property Securities Equity Tracker Fund

About the Fund This Annual Report covers the year ended 29 February 2016.

The BlackRock Global Property Securities Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock Performance Table Collective Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was For the year For the three years For the five years authorised by the Financial Conduct Authority on 3 June 2010 and established on 15 November 2010. to 29.2.2016 to 29.2.2016 to 29.2.2016 TOTAL Return (with net income Investment Objective & Policy reinvested) Class L Accumulation Units# The aim of the Fund is to seek to achieve capital growth for investors by tracking closely the BlackRock Global Property Securities performance of the FTSE EPRA/NAREIT Developed Index by investing in companies in the Index. Equity Tracker Fund +2.6% +20.3% +55.7%§ Investment will be made directly into constituent companies and via other transferable securities § giving exposure to such companies. The Fund may also invest in permitted money-market instruments, FTSE EPRA/NAREIT Developed Index* +2.9% +21.4% +57.0% permitted deposits and units in collective investment schemes. Derivatives and forward transactions 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. may be used for the purposes of efficient portfolio management. * Figures from Index Vendor. 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 change in the Fund’s benchmark index. # D Accumulation class was renamed as L Accumulation class during June 2012. Risk and Reward Profile § As a result of windfall gains made following an inadvertent under-investment of subscriptions to the Fund in September 2011, the Fund outperformed its benchmark by 60 basis points to the period ending 31 January 2012.

Lower risk Higher risk Typically lower rewards Typically higher rewards All financial investments involve an element of risk. Therefore, the value of your investment and Unit Class the income from it will vary and the return of your initial investment amount cannot be guaranteed. A Income 1 2 3 4 5 6 7 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 Accumulation 1 2 3 4 5 6 7 a product. 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 H Income 1 2 3 4 5 6 7 H Accumulation 1 2 3 4 5 6 7

`` The risk indicator was calculated incorporating 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.

`` During the year, the risk indicator for each unit class changed from level 6 to 5 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.

249 BlackRock Collective Investment Funds 250 Global Property Securities Equity Tracker Fund continued

The table below compares the realised Fund performance against the performance of the relevant The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period. Fund return Benchmark return for the year for the year Tracking Anticipated Realised to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Tracking Error Tracking Error Explanation for difference Before costs, the tracking difference The Fund has tracked its benchmark index within its anticipated is a result of (a) the stock markets on Up to1.50%* 0.86%* tracking error. which the benchmark index operates * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. being closed at the Fund’s valuation point, resulting 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 UK bank holidays while the Fund is closed, (c) income from securities lending activity and (d) withholding tax differences +2.59%* +2.88% -0.29% between the Fund and index.

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

251 BlackRock Collective Investment Funds 252 Global Property Securities Equity Tracker Investment Report Global Property Securities Equity Tracker Performance Record

Summary of Performance over the Period Comparative Table

During the period from 1 March 2015 to 29 February 2016, the Fund returned 2.6%,* compared with its A Income Units A Accumulation Units benchmark, the FTSE EPRA/NAREIT Developed Index, which returned 2.9%. Before costs, the tracking For the period For the period For the year For the year For the year For the year difference is a result of (a) the stock markets on which the benchmark index operates being closed from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 at the Fund’s valuation point, resulting in a temporary mismatch on days when units are created or to 28.2.2014 to 28.2.2014

redeemed, (b) temporary divergences in the calculation when the Index provider calculates index Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit values during UK bank holidays while the Fund is closed, (c) income from securities lending activity and Change in net assets per unit (d) withholding tax differences between the Fund and index. Over the six-month period to 29 February Opening net asset value per unit 146.3 119.6 124.8 156.2 125.0 127.2 2016, the Fund returned 11.1%,* underperforming its benchmark, which returned 11.6%. Return before operating charges 3.54 30.43 (1.78) 4.00 31.99 (1.42) Fund Manager’s Commentary Operating charges (0.80) (0.75) (0.76) (0.86) (0.79) (0.78) The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s Return after operating charges 2.74 29.68 (2.54) 3 .14 31.20 (2.20) economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Distributions on income units (3.02) (2.98) (2.66) N/A N/A N/A

Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by Closing net asset value per unit 146.0 146.3 119.6 159.3 156.2 125.0 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s Retained distributions on growing confidence in employment and inflation prospects. By contrast, the European Central Bank accumulation units N/A N/A N/A 3.24 3 .12 2.86

extended its asset-purchase programme for another few months, as the region’s economy struggled After direct transaction costs of (0.04) (0.03) (0 .13) (0.05) (0.03) (0 .14) to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, lowered benchmark rates in a bid to stimulate growth. Performance Return after charges1 1.87% 24.82% (2.03)% 2.01% 24.96% (1.73)% Global property securities made a small gain over the year, but volatility limited gains in comparison with direct property (according to the IPD index). In Europe, listed markets, including Spain and Ireland, Other information benefited from improvements in structural growth as well as low interest rates. In Hong Kong, slowing Closing net asset value (£000’s) 119 85 136 6 ,10 6 8 ,12 7 7,212 growth from China, coupled with policymakers’ measures to cool property prices, weighed on shares of Closing number of units 81,595 57,821 113,501 3,832,143 5,201,989 5,771,201

listed property in late 2015. Elsewhere, Japanese listed property fared well in early 2016 after the Bank Operating charges2 0.57% 0.57% 0.60% 0.57% 0.57% 0.60% of Japan announced negative interest rates. Direct transaction costs3 0.03% 0.02% 0 .11% 0.03% 0.02% 0 .11%

The Fund is structured to track the FTSE EPRA/NAREIT Developed Index closely, so its portfolio Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

remains positioned so that the risk characteristics are similar to those of the Index. Highest offer unit price 16 3 .1 163.5 152.7 174.2 173.2 156.0

Lowest bid unit price 128.3 117.9 116 .1 138.6 123.2 120.3 March 2016 * 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. * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as fees and reported for the Fund’s class L Accumulation Units. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

253 BlackRock Collective Investment Funds 254 Global Property Securities Equity Tracker Performance Record continued

Comparative Table Comparative Table

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

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 Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 158.6 126.5 128.3 144.7 115.2 116.7 Opening net asset value per unit 147.3 120.4 125.5 156.6 124.9 126.7

Return before operating charges 3.97 32.41 (1.47) 3.61 29.53 (1.44) Return before operating charges 3.37 30.61 (1.48) 3.87 32.01 (1.48)

Operating charges (0.34) (0.31) (0.33) (0.03) (0.03) (0.06) Operating charges (0.31) (0.29) (0.32) (0.33) (0.31) (0.32)

Return after operating charges 3.63 32 .10 (1.80) 3.58 29.50 (1.50) Return after operating charges 3.06 30.32 (1.80) 3.54 31.70 (1.80)

Closing net asset value per unit 162.2 158.6 126.5 148.3 144.7 115.2 Distributions on income units (3.44) (3.42) (3.30) N/A N/A N/A

Retained distributions on Closing net asset value per unit 146.9 147.3 120.4 16 0 .1 156.6 124.9 accumulation units 3.72 3.62 3.39 3.63 3.54 3.34 Retained distributions on After direct transaction costs of (0.05) (0.03) (0 .14) (0.04) (0.03) (0 .13) accumulation units N/A N/A N/A 3.68 3.57 3.35

After direct transaction costs of (0.04) (0.03) (0 .13) (0.05) (0.03) (0 .14) Performance

Return after charges1 2.29% 25.38% (1.40)% 2.47% 25.61% (1.29)% Performance

Return after charges1 2.08% 25 .19 % (1.44)% 2.26% 25.38% (1.42)% Other information

Closing net asset value (£000’s) 289,639 325,517 284,730 163,672 96,022 75,091 Other information

Closing number of units 178,534,113 205,238,399 2 25 ,16 7,174 110,378,778 66,343,360 65,194,702 Closing net asset value (£000’s) 208,318 151,147 61,780 240,034 192,381 78,827

Operating charges2 0.22% 0.22% 0.25% 0.02% 0.02% 0.05% Closing number of units 141,788,056 10 2 ,6 0 6 ,161 51,306,987 149,888,378 122,836,877 63,124,235

Direct transaction costs3 0.03% 0.02% 0 .11% 0.03% 0.02% 0 .11% Operating charges2 0.22% 0.22% 0.25% 0.22% 0.22% 0.25%

Direct transaction costs3 0.03% 0.02% 0 .11% 0.03% 0.02% 0 .11% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Highest offer unit price 168.4 167.4 150.0 153.7 152.7 136.4 Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Lowest bid unit price 141.0 124.7 121.6 128.7 113.6 110.7 Highest offer unit price 156.3 156.8 146.6 166.2 165.2 148.0

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to Lowest bid unit price 12 9 .1 118.8 117.0 139.2 123.2 12 0 .1 consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing consolidate the publication of the reports. prices (the price at which units are sold). 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ prices (the price at which units are sold). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ of equity instruments. See note 15 for further details. depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

255 BlackRock Collective Investment Funds 256 Global Property Securities Equity Tracker Performance Record Global Property Securities Equity Tracker Distribution Tables continued for the year ended 29 February 2016

Comparative Table Final Distribution in Pence per Unit

H Income Units H Accumulation Units Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 September 2015 to 29 February 2016 For the period For the period For the year For the year from 2.9.2014^ from 2.9.2014^ to 29.2.2016 to 29.2.2016 A Income A Accumulation L Accumulation X Accumulation D Income D Accumulation H Income H Accumulation to 28.2.2015 to 28.2.2015 Units Units Units Units Units Units Units Units

Pence per unit Pence per unit Pence per unit Pence per unit 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) 1.4074 1.2612 1.5210 0.6624 1.7633 0.7270 1.7224 0.9970 1.6150 0.8091 1.7427 1.0199 1.2296 0.6093 1.2575 0.6509 Change in net assets per unit Equalisation† – 0 .14 62 – 0.8586 – 1.0363 – 0.7254 – 0.8059 – 0.7228 – 0.6203 – 0.6066 Opening net asset value per unit 111.5 100.0 112.5 100.0 Distribution payable 30.4.2016 1.4074 1.4074 1.5210 1.5210 1.7633 1.7633 1.7224 1.7224 1.6150 1.6150 1.7427 1.7427 1.2296 1.2296 1.2575 1.2575 Return before operating charges 2.57 12.77 2.78 12.71 Distribution paid 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 Operating charges (0.21) (0.21) (0.22) (0.21) Return after operating charges 2.36 12.56 2.56 12.50 Interim Distribution in Pence per Unit Distributions on income units (2.62) (1.06) N/A N/A Group 1 – Units purchased prior to 1 March 2015

Closing net asset value per unit 111.2 111.5 115 .1 112.5 Group 2 – Units purchased 1 March 2015 to 31 August 2015

Retained distributions on accumulation units N/A N/A 2.66 1.07 A Income A Accumulation L Accumulation X Accumulation D Income D Accumulation H Income H Accumulation Units Units Units Units Units Units Units÷ Units÷ After direct transaction costs of (0.03) (0.03) (0.03) (0.03) 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

Performance Net revenue (dividend) 1.6145 0.7886 1.7152 0.9563 1.9608 1.3551 1.9112 0.9954 1.8230 0.8771 1.9379 1.0521 1.3894 0.2186 1.4025 0.4163 Equalisation† – 0.8259 – 0.7589 – 0.6057 – 0.9158 – 0.9459 – 0.8858 – 1.170 8 – 0.9862 Return after charges1 2 .12 % 12.56% 2.28% 25.38% Distribution payable 31.10.2015 1.6145 1.6145 1.7152 1.7152 1.9608 1.9608 1.9112 1.9112 1.8230 1.8230 1.9379 1.9379 1.3894 1.3894 1.4025 1.4025

Other information 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 N/A N/A N/A N/A

Closing net asset value (£000’s) 6,133 2 50,551 81 † 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 Closing number of units 5,512,742 1,665 43,936,243 71,656 income tax but must be deducted from the cost of units for capital gains tax purposes. Operating charges2 0.20% 0.20% 0.20% 0.20% ÷ H Income and H Accumulation classes commenced September 2014.

Direct transaction costs3 0.03% 0.01% 0.03% 0.01%

Prices Pence per unit Pence per unit Pence per unit Pence per unit

Highest offer unit price 124.3 124.6 125.4 124.6

Lowest bid unit price 97.77 94.75 99.99 94.74

^ The date of commencement of operations. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

257 BlackRock Collective Investment Funds 258 Global Property Securities Equity Tracker Portfolio Statement at 29 February 2016

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets EQUITIES – 98.51%; 2015 99.01% Europe – 8.68%; 2015 7.91% 25,842 ADLER Real Estate 214 0.02 Australia – 5.97%; 2015 5.94% 25,721 ADO Properties 546 0.06 506,774 BWP Trust 847 0.09 13,516 Aedifica 633 0.07 362,359 Charter Hall Office REIT 804 0.08 4,862 Affine 56 0.01 1,506,638 Cromwell Property 785 0.08 119,973 Alstria Office Real Estate Investment Trust 1,095 0.11 1,038,648 Dexus Property 4,029 0.42 6,187 ANF Immobilier 98 0.01 1,879,051 Goodman 6,291 0.65 17,867 Befimmo 720 0.08 1,919,332 GPT 4,871 0.50 1,153,148 Beni Stabili 542 0.06 599,721 Investa Office Fund 1,225 0.13 64,660 BUWOG 960 0.10 3,949,064 Mirvac 3,728 0.39 76,350 CA Immobilien Anlagen 937 0.10 5,482,364 Scentre 12,331 1.28 409,511 Citycon 692 0.07 786,211 SCA Properties 917 0.10 21,408 Cofinimmo 1,692 0.18 2,525,982 Stockland Trust 5,421 0.56 74,460 Conwert Immobilien 747 0.08 3,513,147 Vicinity Centres 5,600 0.58 499,574 Deutsche Annington 11,121 1.15 2,071,350 Westfield 10,685 1.11 48,403 Deutsche Euroshop 1,471 0.15 57,534 5.97 360,723 Deutsche Wohnen 6,883 0.71 Canada – 2.68%; 2015 3.10% 38,817 DIC Asset 236 0.02 82,023 Allied Properties Real Estate Investment Trust 1,414 0.15 49,308 Eurocommercial 1,480 0.15 140,624 Artis Real Estate 907 0.09 38,284 Foncière des Régions 2,256 0.23 43,087 Boardwalk Real Estate Investment Trust 1,119 0.12 42,785 Gecina 3,792 0.39 136,163 Canadian Apartment Properties 2,075 0.21 97,798 Grand City Properties 1,466 0.15 77,780 Canadian Real Estate Investment Trust 1,730 0.18 712,788 Green REIT 744 0.08 184,484 Chartwell Retirement Residences 1,264 0.13 35,551 Grivalia Properties 204 0.02 180,780 Cominar Real Estate Investment Trust 1,463 0.15 71,005 Hamborner Real Estate Investment Trust 512 0.05 85,714 Crombie Real Estate 605 0.06 720,066 Hibernia REIT 707 0.07 98,576 Dream Global Real Estate Investment Trust 423 0.04 77,019 Hispania Activos Inmobiliarios 710 0.07 116,530 Dream Office Real Estate Investment Trust 1,229 0.13 37,531 Icade 1,873 0.19 95,694 Extendicare 454 0.05 327,867 IMM Grande 190 0.02 97,548 First Capital Realty 1,023 0.11 2,378,766 Inmobiliaria Colonial 1,120 0.12 48,842 Granite Real Estate 985 0.10 13,765 Intervest Offices 258 0.03 299,647 H&R Real Estate 2,954 0.31 220,060 Klepierre 6,560 0.68 105,385 Innvest Real Estate 279 0.03 66,046 Lar Espana Real Estate 419 0.04 53,443 Killam Apartment Real Estate Investment Trust 310 0.03 1,641 Leasinvest Real Estate 121 0.01 48,993 Northview Apartment Real Estate Investment Trust 456 0.05 67,278 LEG Immobilien 3,958 0.41 197,247 Pure Industrial Real Estate Trust 477 0.05 43,462 Mercialys 688 0.07 341,872 RioCan Real Estate Investment Trust 4,670 0.48 348,867 Merlin Properties 2,626 0.27 118,057 Smart Real Estate Investment Trust 1,998 0.21 148,653 Nieuwe Steen Investments 451 0.05 25,835 2.68 264,224 Sponda 756 0.08 125,366 TAG Immobilien 1,076 0.11 98,236 Technopolis 280 0.03 56,883 TLG Immobilien 791 0.08

259 BlackRock Collective Investment Funds 260 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 £000’s Assets Value Investment £000’s Assets 105,682 Unibail-Rodamco 18,850 1.95 842 Japan Prime Realty Investment 2,494 0.26 20,334 VastNed Retail 626 0.07 1,337 Japan Real Estate 5,809 0.60 14,955 Warehouses De Pauw 913 0.10 2,604 Japan Retail Fund Investment 4,273 0.44 42,774 Wereldhave 1,552 0.16 381 Kenedix Realty Investment 1,592 0.17 1,777 Wereldhave Belgium 147 0.02 1,357,000 Mitsubishi Estate 18,153 1.88 83,769 8.68 1,018,000 Mitsui Fudosan 17,059 1.77 1,547 Mori Hills REIT Investment 1,674 0.17 Hong Kong – 6.96%; 2015 7.25% 1,042 Mori Trust Sogo 1,344 0.14 2,497,000 Champion Real Estate Investment Trust 872 0.09 496 Nippon Accommodations Fund 1,311 0.14 3,020,000 Cheung Kong Property 11,133 1.15 1,450 Nippon Building Fund 6,189 0.64 1,468,000 Fortune Real Estate Investment Trust 1,102 0.11 1,541 Nippon Prologis 2,357 0.24 2,372,881 Hang Lung Properties 2,997 0.31 126,700 Nomura Real Estate 1,636 0.17 1,091,048 Henderson Land Development 4,245 0.44 3,784 Nomura Real Estate Master Fund 3,755 0.39 1,253,781 Hong Kong Land 5,313 0.55 122,900 NTT Urban Development 865 0.09 662,000 Hysan Development 1,884 0.19 2,469 Orix J-REIT 2,706 0.28 681,695 Kerry Properties 1,156 0.12 1,393 Premier Investment 1,263 0.13 2,412,000 Link Real Estate Investment Trust 9,810 1.02 464,000 Sumitomo Realty & Development 9,203 0.95 5,791,135 New World Development 3,495 0.36 217,500 Tokyo Tatemono 1,809 0.19 3,230,594 Sino Land 3,246 0.34 1,024 Tokyu Real Estate Investment Trust 1,065 0.11 1,785,893 Sun Hung Kai Properties 14,361 1.49 172 Top Real Estate Investment Trust 479 0.05 1,240,881 Swire Properties 2,286 0.24 2,945 United Urban Investment 3,338 0.35 1,454,341 Wharf 5,260 0.55 111,902 11.60 67,160 6.96 New Zealand – 0.09%; 2015 0.08% Israel – 0.10%; 2015 0.10% 1,389,665 Kiwi Property 900 0.09 38,605 Azrieli 9 9 4 0.10 Norway – 0.06%; 2015 0.08% Japan – 11.60%; 2015 11.38% 66,022 Entra 407 0.04 527 Activia Properties 2,020 0.21 243,263 Norwegian Property 172 0.02 1,361 Advance Residence Investment 2,364 0.24 579 0.06 125,100 Aeon Mall 1,278 0.13 1,098 Aeon REIT Investment 894 0.09 Singapore – 2.02%; 2015 3.19% 337 Daiwa House REIT 980 0.10 2,183,200 Ascendas Real Estate Investment Trust 2,700 0.28 679 Daiwa House Residential 1,020 0.11 2,123,000 CapitaCommercial 1,553 0.16 284 Daiwa Office Investment 1,314 0.14 2,718,202 CapitaLand 4,157 0.43 498 Frontier Real Estate 1,639 0.17 2,840,300 CapitaMall Trust 3,178 0.33 642 Fukuoka REIT 797 0.08 717,900 CDL Hospitality Trusts 472 0.05 2,341 GLP J-REIT 1,797 0.19 1,954,700 Keppel Real Estate Investment Trust 938 0.10 378,400 Hulic 2,418 0.25 1,419,413 Mapletree Commercial Trust 1,023 0.10 335 Industrial & Infrastructure Fund 1,128 0.12 1,302,200 Mapletree Industrial Real Estate Investment Trust 1,033 0.11 2,393 Invincible Investment 1,135 0.12 1,565,503 Mapletree Logistics Trust 783 0.08 1,163 Japan Excellent 1,153 0.12 2,574,800 Suntec Real Estate Investment Trust 2,187 0.23 3,546 Japan Hotel REIT Investment 2,225 0.23 501,854 UOL 1,458 0.15 873 Japan Logistics Fund 1,366 0.14 19,482 2.02

261 BlackRock Collective Investment Funds 262 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 £000’s Assets Value Investment £000’s Assets Sweden – 1.18%; 2015 1.08% 217,219 Safestore 722 0.07 174,626 Castellum 1,903 0.20 559,365 Schroder Real Estate 313 0.03 53,897 Dios Fastigheter 266 0.03 790,694 Segro 3,228 0.33 140,627 Fabege 1,578 0.16 297,113 Shaftesbury 2,512 0.26 98,022 Fastighets AB Balder 1,637 0.17 182,797 St. Modwen Properties 599 0.06 84,579 Hemfosa Fastigheter 674 0.07 388,893 Standard Life Investment Property Trust 327 0.03 118,292 Hufvudstaden 1,244 0.13 177,892 Target Healthcare REIT 199 0.02 378,505 Klovern class ‘B’ shares 279 0.03 783,250 Tritax Big Box 1,022 0.11 190,878 Kungsleden 934 0.10 620,545 UK Commercial Property Trust 485 0.05 54,965 Pandox 647 0.07 239,889 Unite 1,472 0.15 212,252 Wallenstam 1,180 0.12 122,023 Workspace 885 0.09 70,333 Wihlborge Fast 996 0.10 51,352 5.32 11,338 1.18 United States of America – 52.95%; 2015 51.81% Switzerland – 0.90%; 2015 0.93% 72,634 Acadia Realty Trust 1,746 0.18 10,519 Allreal 1,005 0.10 18,826 Agree Realty 503 0.05 6,439 Mobimo 1,028 0.11 2,212 Alexander’s 612 0.06 42,476 PSP Swiss Property 2,615 0.27 77,209 Alexandria Real Estate 4,389 0.46 68,074 Swiss Prime Site 4,067 0.42 40,221 American Assets Trust 1,080 0.11 8,715 0.90 138,807 American Campus Communities 4,403 0.46 160,611 American Homes 4 Rent 1,646 0.17 United Kingdom – 5.32%; 2015 6.16% 167,104 Apartment Investment & Management 4,399 0.46 1,756,135 Assura 896 0.09 177,142 Apple Hospitality REIT 2,430 0.25 151,389 Big Yellow 1,131 0.12 94,047 Ashford Hospitality Trust 374 0.04 1,098,034 British Land 7,159 0.74 146,792 AvalonBay Communities 18,165 1.88 774,580 Capital & Counties Properties 2,502 0.26 164,493 Boston Properties 13,523 1.40 4,335 Daejan 240 0.03 187,279 Brandywine Realty Trust 1,674 0.17 106,279 Derwent London 3,206 0.33 187,848 Brixmor Property 3,215 0.33 140,892 Development Securities 288 0.03 92,285 Camden Property Trust 4,948 0.51 543,742 F&C Commercial Property Trust 705 0.07 89,186 Care Capital Properties 1,698 0.18 256,261 F&C UK Real Estate Investment Trust 247 0.03 179,133 CBL & Associates Properties 1,442 0.15 429,134 Grainger Trust 938 0.10 88,563 Cedar Shopping Centers 443 0.05 367,578 Great Portland Estates 2,555 0.27 39,445 Chatham Lodging Trust 586 0.06 839,206 Hammerson 4,553 0.47 66,293 Chesapeake Lodging Real Estate Investment Trust 1,223 0.13 761,290 Hansteen 821 0.09 52,807 Colony Starwood Homes 849 0.09 102,939 Helical Bar 392 0.04 132,558 Columbia Property Trust 1,971 0.20 1,000,048 Intu Properties 2,972 0.31 99,588 Corporate Office Properties Trust 1,693 0.18 843,440 Land Securities 8,417 0.87 224,701 Cousins Properties 1,413 0.15 615,578 LondonMetric Property 966 0.10 184,853 CubeSmart 4,001 0.41 351,716 MedicX Fund 302 0.03 93,709 DCT Industrial Trust 2,464 0.26 594,632 Picton Property Income Fund 400 0.04 325,834 DDR 3,930 0.41 438,186 Primary Health Properties 466 0.05 211,591 DiamondRock Hospitality 1,361 0.14 1,026,221 Redefine International 432 0.05 144,917 Digital Realty Trust 8,259 0.86

263 BlackRock Collective Investment Funds 264 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 £000’s Assets Value Investment £000’s Assets 145,815 Douglas Emmett 2,832 0.29 93,661 Mack-Cali Realty 1,368 0.14 368,793 Duke Realty 5,538 0.57 255,995 Medical Properties Trust 2,136 0.22 69,092 Dupont Fabros Technology 1,776 0.18 80,404 Mid-America Apartment Communities 5,324 0.55 33,641 EastGroup Properties 1,323 0.14 36,649 National Health Investors 1,666 0.17 67,697 Education Realty Trust 1,945 0.20 145,831 National Retail Properties 4,629 0.48 98,404 Empire State Realty 1,131 0.12 85,446 New Senior Investment 581 0.06 64,451 EPR Properties 2,875 0.30 173,277 New York REIT 1,202 0.12 135,235 Equity Commonwealth 2,638 0.27 178,146 Omega Healthcare Investors 4,114 0.43 81,407 Equity Lifestyle Properties 4,145 0.43 152,800 Paramount 1,696 0.18 99,364 Equity One 1,975 0.20 82,657 Parkway Properties 803 0.08 387,017 Equity Residential 20,823 2.16 77,172 Pebblebrook Hotel Real Estate Investment Trust 1,504 0.16 70,294 Essex Property Trust 10,655 1.10 69,020 Pennsylvania Real Estate Investment Trust 952 0.10 124,376 Extra Space Storage 7,463 0.77 116,171 Physicians Realty Trust 1,477 0.15 74,305 Federal Realty Investment Trust 7,962 0.83 157,869 Piedmont Office Realty Trust 2,106 0.22 161,357 FelCor Lodging Trust 878 0.09 57,643 Post Properties 2,318 0.24 116,148 First Industrial Realty Trust 1,809 0.19 561,981 Prologis 15,664 1.62 63,020 First Potomac Realty 380 0.04 21,201 PS Business Parks 1,424 0.15 252,612 Forest City class ‘A’ shares 3,454 0.36 155,635 Public Storage 28,544 2.96 91,812 Franklin Street Properties 627 0.07 42,566 QTS Realty Trust 1,384 0.14 92,457 Gaming and Leisure Properties 1,699 0.18 87,218 Ramco-Gershenson Properties Trust 1,071 0.11 539,624 General Growth Properties 10,771 1.12 267,521 Realty Income 11,319 1.17 29,528 Getty Realty 386 0.04 99,602 Regency Centers 5,073 0.53 61,091 Government Properties Income 647 0.07 104,192 Retail Opportunity Real Estate Investment Trust 1,403 0.15 452,935 Gramercy Property Trust 2,475 0.26 251,866 Retail Properties of America 2,665 0.28 498,904 HCP 10,769 1.12 61,586 Rexford Industrial Realty 758 0.08 107,213 Healthcare Realty Trust 2,221 0.23 133,937 RLJ Lodging Trust 2,030 0.21 135,254 Healthcare Trust of America 2,701 0.28 36,691 Rouse Properties 482 0.05 41,025 Hersha Hospitality Trust 604 0.06 51,488 Ryman Hospitality 1,777 0.18 102,498 Highwoods Properties 3,285 0.34 68,322 Sabra Health Care Real Estate Investment Trust 975 0.10 162,696 Hospitality Properties 2,855 0.30 15,704 Saul Centers 553 0.06 809,642 Host Hotels & Resorts 8,995 0.93 70,981 Select Income REIT 1,050 0.11 77,196 Hudson Pacific Properties 1,440 0.15 254,968 Senior Housing Properties Trust 2,820 0.29 91,572 Inland Real Estate 699 0.07 37,795 Silver Bay Realty Trust 379 0.04 129,441 Investors Real Estate Trust 577 0.06 333,599 Simon Property 45,855 4.75 98,443 Kilroy Realty 3,926 0.41 106,587 SL Green Realty 6,874 0.71 440,172 Kimco Realty 8,481 0.88 38,320 Sovran Self Storage 3,002 0.31 86,681 Kite Realty Trust 1,693 0.18 447,915 Spirit Realty Capital 3,495 0.36 119,741 LaSalle Hotel Properties 2,105 0.22 72,937 STAG Industrial 906 0.09 250,013 Lexington Realty 1,390 0.14 87,394 STORE Capital 1,520 0.16 157,346 Liberty Property Trust 3,252 0.34 95,145 Sumit Hotel Properties 742 0.08 37,296 LTC Properties 1,184 0.12 60,249 Sun Communities 2,959 0.31 169,180 Macerich 9,715 1.01 223,707 Sunstone Hotel 2,059 0.21

265 BlackRock Collective Investment Funds 266 Global Property Securities Equity Tracker Portfolio Statement Global Property Securities Equity Tracker Statement of continued Total Return for the year ended 29 February 2016

Holding or Underlying Market % of For the year For the year Nominal Exposure – Derivatives Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s £000’s Assets Notes £000’s £000’s £000’s £000’s 101,835 Tanger Factory Outlet Centers 2,377 0.25 Income 64,691 Taubman Centers 3,300 0.34 Net capital gains 3 7,629 125,665 43,940 Terreno Realty 710 0.07 Revenue 4 26,554 21,356 50,860 Tier REIT 479 0.05 Expenses 5 (1,499) (1,211) 280,413 UDR 6,957 0.72 Interest payable and similar 7,244 Universal Health Realty Income Trust 273 0.03 charges 6 (6) (5) 94,165 Urban Edge Properties 1,663 0.17 Net revenue before taxation 25,049 20,140 23,321 Urstadt Biddle Properties class ‘A’ shares 335 0.03 355,097 Ventas 14,199 1.47 Taxation 7 (4,203) (3,549) 967,620 VEREIT 5,553 0.58 Net revenue after taxation 20,846 16,591 181,598 Vornado Realty Trust 11,295 1.17 Total return before distributions 28,475 142,256 72,147 Washington Real Estate Investment Trust 1,354 0.14 Distributions 8 (20,032) (16,035) 119,389 Weingarten Realty Investors 3,068 0.32 Change in net assets 376,277 Welltower 17,240 1.79 attributable to unitholders 36,423 Winthrop Realty Trust 338 0.04 from investment activities 8,443 126,221 93,876 WP Carey 3,837 0.40 193,774 WP GLIMCHER 1,195 0.12 118,411 Xenia Hotels & Resorts 1,293 0.13 510,664 52.95 Global Property Securities Equity Tracker Statement of

DERIVATIVES – 0.04%; 2015 0.04% Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016 Futures – 0.04%; 2015 0.04% 25 FTSE 100 March 2016 1,514 68 0.01 For the year For the year 22 Hang Seng March 2016 1,962 (16) 0.00 to 29.2.2016 to 28.2.2015 169 S&P500 EMINI March 2016 11,829 382 0.04 £000’s £000’s £000’s £000’s 22 SPI 200 March 2016 1,379 – 0.00 Opening net assets attributable 30 TOPIX March 2016 2,491 (61) (0.01) to unitholders 773,361 507,777 19,175 373 0.04 Amounts receivable on issue of units 334,222 223,348 Amounts payable on cancellation of units (168,205) (98,091) Portfolio of Investments 950,597 98.55 Net other assets 13,975 1.45 166,017 125,257 Stamp duty reserve tax – (6) Total net assets 964,572 100.00 Change in net assets attributable to Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Note: comparative figures show percentages for each category of holding at 28 February 2015. unitholders from investment activities 8,443 126,221 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. Retained distribution on accumulation units 16,751 14,112 Closing net assets attributable to unitholders 964,572 773,361

267 BlackRock Collective Investment Funds 268 Global Property Securities Equity Tracker Balance Sheet Global Property Securities Equity Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

1. Accounting and Distribution Policies 29.2.2016 28.2.2015 Notes £000’s £000’s The accounting and distribution policies are set out on pages 4 to 8. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 9 to 37. – Investment assets 950,674 766,020 Current assets 3. Net Capital Gains – Debtors 9 2,106 4,365 For the year For the year – Cash and bank balances 10 19,497 8,715 to 29.2.2016 to 28.2.2015 £000’s £000’s Total assets 972,277 779,100 The net capital gains comprise: Liabilities: Gains on non-derivative securities 5,706 122,461 Investment liabilities (77) (1) (1,007) Creditors (Losses)/gains on derivative contracts 495 Currency gains 2,011 318 – Amounts held at futures clearing houses and brokers (389) (56) US REIT dividends 972 2,444 – Distributions payable (2,359) (1,442) Custodian transaction costs (53) (53) – Other creditors 11 (4,880) (4,240) Net capital gains 7,629 125,665 Total liabilities (7,705) (5,739) Net assets attributable to unitholders 964,572 773,361 4. Revenue For the year For the year to 29.2.2016 to 28.2.2015 N C D Hall (Director) £000’s £000’s G D Bamping (Director) Interest from UK bank deposits 13 9 BlackRock Fund Managers Limited 28 April 2016 Overseas dividends 3,716 2,806 Overseas REIT dividends 7,897 6,395 Securities lending revenue 93 23 Stock dividends 816 558 UK dividends 334 219 UK REIT dividends 692 494 US REIT dividends 12,993 10,852 Total revenue 26,554 21,356

269 BlackRock Collective Investment Funds 270 Global Property Securities Equity Tracker Notes to Financial Statements continued

5. Expenses (b) Factors affecting the current tax charge For the year For the year The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an to 29.2.2016 to 28.2.2015 authorised unit trust. The differences are explained below: £000’s £000’s For the year For the year Payable to the Manager or associates of the Manager: to 29.2.2016 to 28.2.2015 – Manager’s charge 1,378 1,10 4 £000’s £000’s – Registrar’s fees 8 7 Net revenue before taxation 25,049 20,140 1,386 1,111 Corporation tax at 20% (28 February 2015: 20%) 5,009 4,028 Other expenses: Effects of: – Audit fee 8 8 Capitalised income from US REITs 195 489 – Legal & other Professional fees 11 – Double taxation relief (2,792) (2,229) – Safe custody fees 53 44 Franked investment revenue at 20% (67) (44) – Trustee’s fees 41 48 Irrecoverable overseas tax 3,086 2,530 113 100 Movement in revenue accruals not taxable (93) (42) Total expenses 1,499 1,211 Non taxable overseas dividends (1,021) (1,093) Non taxable stock dividends (163) (112) 6. Interest payable and similar charges Total current tax charge [see note 7(a)] 4 ,15 4 3,527 For the year For the year to 29.2.2016 to 28.2.2015 (c) Analysis of deferred tax charge £000’s £000’s For the year For the year Interest on bank overdrafts 6 5 to 29.2.2016 to 28.2.2015 £000’s £000’s 7. Taxation Opening deferred tax balance 75 53 (a) Analysis of tax charge Deferred tax movement [see note 7(a)] 49 22 For the year For the year Closing deferred tax balance 124 75 to 29.2.2016 to 28.2.2015 £000’s £000’s Corporation tax 3,860 3,226 Double taxation relief (2,792) (2,229) Irrecoverable overseas tax 3,086 2,530 Total current tax charge [see note 7(b)] 4 ,15 4 3,527

Deferred tax movement [see note 7(c)] 49 22 Total tax for the year 4,203 3,549

271 BlackRock Collective Investment Funds 272 Global Property Securities Equity Tracker Notes to Financial Statements continued

8. Distributions 11. Other Creditors

For the year For the year 29.2.2016 28.2.2015 to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s Accrued Audit fee 8 8 Interim distribution 10,760 9,641 Accrued FCA fee 1 1 Final distribution 10,631 7,396 Accrued Manager’s charge 251 330 21,391 17,037 Accrued Registrar’s fee 3 3 Add: Amounts deducted on cancellation of units 668 391 Accrued Safe custody fees 14 11 Less: Amounts received on issue of units (2,027) (1,394) Accrued Trustee’s fee 8 14 Distributions 20,032 16,034 Amounts payable for cancellation of units 3,957 156 Corporation tax payable 508 434 Net revenue after taxation 20,846 16,591 Currency purchases awaiting settlement – 1,762 Add: Equalisation on conversions 2 2 Custodian transaction costs 6 9 Less: Non distributable stock dividends (816) (558) Deferred taxation 124 75 Distributions 20,032 16,035 Purchases awaiting settlement – 1,437 Details of the interim and final distributions per unit are set out in the tables on page 258. Total other creditors 4,880 4,240

9. Debtors 12. Contingent Assets and Liabilities

29.2.2016 28.2.2015 There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). £000’s £000’s Accrued revenue 1,210 807 13. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Amounts receivable for issue of units 737 1,788 Currency sales awaiting settlement – 1,765 The Fund may, subject to the conditions and within the limits laid down by the Financial Overseas tax recoverable 155 5 Conduct Authority and the Prospectus, engage in securities lending and employ techniques and instruments relating to transferable securities for efficient portfolio management purposes. Sales awaiting settlement 4 – Total debtors 2 ,10 6 4,365 The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited which is a related party to the Fund. 10. Cash and Bank Balances The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity 29.2.2016 28.2.2015 allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly £000’s £000’s related to securities loan transactions as well as the cost of indemnification against borrower Amounts held at futures clearing houses and brokers 143 188 default. Cash and bank balances 19,354 8,527 During the year the Fund engaged in securities lending. The Fund receives either cash collateral or Total cash and bank balances 19,497 8,715 securities as collateral for a value in excess of the market value of the securities loaned. As at the 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market.

The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of the Fund in any or all of the following collateral agents and central securities depositaries: Bank of New York Mellon and Euroclear, depending on the type of collateral the counterparty needs to give as per the schedule in order to cover the required value of exposure.

273 BlackRock Collective Investment Funds 274 Global Property Securities Equity Tracker Notes to Financial Statements continued

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. 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 Securities lending revenue is split between the Fund and the securities lending agent in the ratio which the Investment Manager believes are useful in the investment decision-making or trade 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s execution process. Such research or execution services may include, without limitation and to the share. extent permitted by applicable law: research reports on companies, industries and securities; and The securities lending revenue earned during the year, the value of securities on loan at the year the provision of economic and financial information and analysis. Due to the bundled nature of end and the value of collateral held at the year end for the Fund are shown below: 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 29.2.2016 28.2.2015 these arrangements with brokers who are not affiliated to the BlackRock Group. £000’s £000’s Revenue earned during the year 93 23 As at 29 February 2016 and 28 February 2015, none of the unitholders: Value of securities on loan at the year end 53,683 6,943 (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or Value of collateral held on behalf of the Fund at the year end 5 9,16 9 7,831 (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units The Fund’s securities lending borrowing counterparties are Bank of America Merrill Lynch, in issue in the Fund and are as a result, considered to be related parties to the Fund. Citigroup, Goldman Sachs, HSBC, JP Morgan Chase Securities Plc, Macquarie Bank Ltd, Morgan Stanley & Co., The Bank of Nova Scotia and UBS. 15. Portfolio Transaction Costs For the year ended 29 February 2016 14. Related Parties Direct Transaction Costs Parties are considered to be related if one party has the ability to control the other party or Transaction Value Commissions Taxes exercise significant influence over the other party in making financial or operational decisions. Purchases (excluding derivatives) £000’s £000’s % £000’s % The following entities were related parties of the Fund during the year ended 29 February 2016: Equity instruments 298,189 54 0.02 166 0.06 Manager/Registrar: BlackRock Fund Managers Limited Collective investment schemes 654 – – – – Investment Manager: BlackRock Investment Management (UK) Limited Total purchases 298,843 54 166 Securities lending agent: BlackRock Advisors (UK) Limited Total purchases including transaction costs 299,063 The ultimate holding company of the Manager, Investment Manager and securities lending agent is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services Direct Transaction Costs to the Fund during the years ended 29 February 2016 and 28 February 2015. Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % The Manager acts as either principal or agent for the Trustee in respect of all transactions of units Equity instruments 119,635 20 0.02 12 0.01 of the Fund. The aggregate monies received through issue and paid through cancellation of units Collective investment schemes 126 – – – – are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any Total sales 119,761 20 12 amounts due to or from the Manager at the year end are disclosed in notes 9 and 11. Management fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The Total sales net of transaction costs 119,729 balances due at the year end in respect of these fees are shown in note 11. Securities lending revenue earned by the Fund is disclosed in notes 4 and 13. Derivative transaction costs 12 –

Total transaction costs 86 178

Total transaction costs as a % of average net assets 0.01% 0.02%

275 BlackRock Collective Investment Funds 276 Global Property Securities Equity Tracker Notes to Financial Statements continued

For the year ended 28 February 2015 16. Units in Issue

Direct Transaction Costs The movement in units in issue for the year ended 29 February 2016 is as follows:

Transaction Value Commissions Taxes A Income A Accumulation L Accumulation X Accumulation Purchases (excluding derivatives) £000’s £000’s % £000’s % Units Units Units Units Equity instruments 203,596 47 0.02 79 0.04 Balance at the beginning of the year 57,821 5,201,989 205,238,399 66,343,360 Collective investment schemes 373 – – – – Issued during the year 817,609 – 42,292,378 68,083,436 Corporate actions 315 – – – – Cancelled during the year (1,847,592) – (68,994,827) (24,048,018) Total purchases 204,284 47 79 Converted during the year 1,053,757 (1,369,846) (1,837) – Total purchases including Balance at the end of the year 81,595 3,832,143 178,534,113 110,378,778 transaction costs 204,410

D Income D Accumulation H Income H Accumulation Direct Transaction Costs Units Units Units Units

Transaction Value Commissions Taxes Balance at the beginning of the year 102,6 0 6 ,161 122,836,877 1,665 71,656 £000’s £000’s % £000’s % Sales (excluding derivatives) Issued during the year 111,279,050 – 3,496,057 9,15 4 ,0 9 0 Equity instruments 6 9,174 16 0.02 10 0.02 Cancelled during the year (10,475,654) – (918,611) (5,445,119) Collective investment schemes 132 – – – – Converted during the year (61,621,501) 27,051,501 2,933,631 4 0,15 5 ,616 Total sales 69,306 16 10 Balance at the end of the year 141,788,056 149,888,378 5,512,742 43,936,243 Total sales net of transaction costs 69,280 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and Derivative transaction costs 72 – taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights Total transaction costs 70 89 on winding up.

Total transaction costs as a % of average net assets 0.01% 0.01% 17. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the The above analysis covers direct transaction costs incurred by the Fund during the year. Manager, may have had an impact on the financial statements for the year ended 29 February 2016. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. Separately identifiable direct transaction costs (such as commissions and taxes) are attributable to the Fund’s purchase and sale of equity instruments. Additionally for equity shares there is a dealing spread cost (the difference between the buying and selling prices) which will be incurred on purchase and sale transactions. During the year the Fund utilised derivative instruments including futures contracts. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either incurred as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.14% (28 February 2015 – 0.17%).

277 BlackRock Collective Investment Funds 278 BlackRock Index Linked Gilt Tracker Fund Index Linked Gilt Tracker Fund

About the Fund This Annual Report covers the year ended 29 February 2016. Performance Table The BlackRock Index Linked Gilt Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was authorised For the year For the three years § by the Financial Conduct Authority on 25 May 2012 and was established on 29 June 2012. to 29.2.2016 to 29.2.2016 TOTAL Return (with net income reinvested) Investment Objective & Policy Class D Accumulation Units BlackRock Index Linked Gilt Tracker Fund +3.8% +21.1% The aim of the Fund is to seek to achieve a total return for investors by tracking closely the FTSE Actuaries UK Index Linked Gilts performance of the FTSE Actuaries UK Index Linked Gilts Over 5 Years Index by investing in fixed Over 5 Years Index* +5.0% +22.0%

income securities contained in the Index. Investment will be made directly into constituent issues 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. and via other transferable securities giving exposure to such issues. The Fund may also invest in Performance returns are cumulative. All returns are in Sterling. § Five year performance data does not exist as the Fund launched in June 2012. permitted money-market instruments, permitted deposits and units in collective investment schemes. * Figures from Index Vendor. Please note that the Fund’s benchmark index, the FTSE Actuaries UK Index Linked Gilts Over 5 Years Index Derivatives and forward transactions may be used for the purposes of efficient portfolio management. 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.

Risk and Reward Profile 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 Lower risk Higher risk not a guide to future performance and should not be the sole factor of consideration when selecting Typically lower rewards Typically higher rewards Unit Class a product. A Accumulation 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 H Accumulation 1 2 3 4 5 6 7

`` The risk indicator was calculated incorporating 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.

`` During the year, the risk indicator for each unit class changed from level 4 to 5 due to an increase 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.

279 BlackRock Collective Investment Funds 280 Index Linked Gilt 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 The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible to the benchmark index over a defined period of time. the constituents of the benchmark index by holding all the securities comprising the benchmark index in similar proportions to their weightings in the benchmark index. Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, these The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible impacts can be either positive or negative depending on the underlying circumstances. the constituents of the benchmark index by holding all the securities comprising the benchmark index in similar proportions to their weightings in the benchmark index. A fund’s tracking difference may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time Cash management, efficient portfolio management techniques including securities lending and the relevant markets close for business, the tracking difference of the Fund at its valuation point may transaction costs from rebalancing can have an impact on tracking error as well as the return appear to be higher than if the Fund and the benchmark index were priced at the same time. differential between the Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. The table below compares the realised Fund performance against the performance of the relevant benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time the Fund return Benchmark return relevant markets close for business, the tracking error of the Fund at its valuation point may appear to for the year for the year Tracking be higher than if the Fund and the benchmark index were priced at the same time. to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Before costs and after adjusting for The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex a) the difference in valuation point of ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking the Fund and the pricing point of the error is annualised and calculated using data from the preceding 36 month observation period. benchmark index b) the tax incurred by the Fund which is not included in the Anticipated Realised benchmark index, the performance of the Tracking Error Tracking Error Explanation for difference Fund relative to the benchmark index has The Fund’s tracking error exceeded its anticipated tracking error +3.83%* +5.01% -1.18% been in line with expectations. primarily due to the difference in the valuation point of the Fund * Performance is calculated net of fees and reported for the Fund’s class D Accumulation Units. Up to 1.20%* 2.14%* and the pricing point of the benchmark index.

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

281 BlackRock Collective Investment Funds 282 Index Linked Gilt Tracker Investment Report Index Linked Gilt Tracker Fund Performance Record

Summary of Performance over the Period Comparative Table

During the period from 1 March 2015 to 29 February 2016, the Fund returned 3.8%,* compared to its A Accumulation Units L Accumulation Units benchmark, the FTSE Actuaries UK Index Linked Gilts Over 5 Years Index, which returned 5.0%. Before For the period For the period For the year For the year For the year For the year costs and after adjusting for a) the difference in valuation point of the Fund and the pricing point of from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 the benchmark index and b) the tax incurred by the Fund which is not included in the benchmark index, to 28.2.2014 to 28.2.2014

the performance of the Fund relative to the benchmark index has been in line with expectations. Over Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit the six-month period to 29 February 2016, the Fund returned -0.2%,* underperforming its benchmark, Change in net assets per unit which returned 1.7%. Opening net asset value per unit 121.5 103.3 10 6 .1 12 2 .1 103.6 105.9 Fund Manager’s Commentary Return before operating charges 5.06 18.20 (2.80) 5.03 18.50 (2.30) The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s Operating charges (0.63) 0.00 0.00 (0.26) 0.00 0.00 economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Return after operating charges 4.43 18.20 (2.80) 4.77 18.50 (2.30) Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by Closing net asset value per unit 125.9 121.5 103.3 126.9 12 2 .1 103.6

0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s Retained distributions on growing confidence in employment and inflation prospects. By contrast, the European Central Bank accumulation units 0 .19 0.32 0.23 0.49 0.59 0.69 extended its asset-purchase programme for another few months, as the region’s economy struggled After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, lowered benchmark rates in a bid to stimulate growth. Performance Return after charges1 3.65% 17.62% (2.64)% 3.91% 17.86% (2.17)% UK policymakers voted unanimously to keep interest rates on hold in February, following many months in which one member favoured a hike. UK inflation remained well below the Bank of England’s (“BoE”) Other information 2% target throughout the year. In December 2015, the Consumer Price Index rose to 0.2%, exceeding Closing net asset value (£000’s) 346 362 112 23,342 38,071 34,205 0.1% for the first time in nearly a year. Low inflation meant that expectations of rate hikes by the BoE Closing number of units 2 75 ,16 8 297,899 108,224 18,398,107 31,177,656 33,009,334 receded further into the distance. Operating charges2 0.51% 0.51% 0.52% 0.21% 0.21% 0.22%

Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% The Fund is structured to track the FTSE Actuaries UK Index Linked Gilts Over 5 Years Index closely, so its portfolio remains positioned so that the risk characteristics are similar to those of the Index. Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 137.3 136.7 119.8 131.7 130.8 113.9

March 2016 Lowest bid unit price 116.3 10 3 .1 99.05 116.8 103.3 99.01

* Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to fees and reported for the Fund’s class D Accumulation Units. consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 13 for further details.

283 BlackRock Collective Investment Funds 284 Index Linked Gilt Tracker Fund Performance Record continued

Comparative Table Comparative Table

X Income Units X Accumulation Units D Accumulation Units H Accumulation Units

For the period For the period For the period For the period For the year For the year For the year For the year For the year For the year For the year from 1.2.2013* from 1.2.2013* from 1.2.2013* from 2.9.2014^ to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2014 to 28.2.2014 to 28.2.2014 to 28.2.2015

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 Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 119.9 102.2 105.2 122.5 103.8 106.0 Opening net asset value per unit 122.6 104.0 106.3 107.7 100.0

Return before operating charges 4.87 18.46 (2 .14) 5.03 18.70 (2.20) Return before operating charges 5.06 18.60 (2.30) 4.40 7.70 Ø Operating charges (0.01) 0.00 0.00 (0.01) 0.00 0.00 Operating charges (0.20) 0.00 0.00 (0 .12 ) 0.00 Return after operating charges 4.86 18.60 (2.30) 4.28 7.70 Return after operating charges 4.86 18.46 (2 .14) 5.02 18.70 (2.20) Closing net asset value per unit 127.5 122.6 104.0 112.0 107.7 Distributions on income units (0.56) (0.76) (0.86) N/A N/A N/A Retained distributions on accumulation units 0.54 0.64 0.73 0.52 0.24 Closing net asset value per unit 124.2 119.9 102.2 127.5 122.5 103.8 After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 Retained distributions on accumulation units N/A N/A N/A 0.69 0.77 0.79 Performance After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 Return after charges1 3.96% 17.88% (2.16)% 3.97% 7.70%

Performance Other information 1 Return after charges 4.05% 18.06% (2.03)% 4.10% 18.02% (2.08)% Closing net asset value (£000’s) 140,750 176,008 173,485 1,724 9

Closing number of units 110,424,686 143,532,089 166,782,532 1,539,585 7,944 Other information Operating charges2 0 .16 % 0 .16 % 0 .17 % 0 .11% 0 .10 % Closing net asset value (£000’s) 1 6,758 6,664 146,270 137,221 117,842 Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% Closing number of units 995 5,637,298 6,518,277 114,702,447 111,989,042 113,514,714

Operating charges2 0.01% 0.01% 0.02% 0.01% 0.01% 0.02% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Highest offer unit price 132.3 131.4 114.3 122.0 121.1 Lowest bid unit price 117.3 103.7 99.37 10 3 .1 96.41 Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to Highest offer unit price 12 9 .1 128.9 113.3 132.3 131.3 114.0 consolidate the publication of the reports. ^ The date of commencement of operations. Lowest bid unit price 114.7 102.0 97.97 117.3 103.5 9 9 .12 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to prices (the price at which units are sold). consolidate the publication of the reports. 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing entry/exit charges paid to an underlying collective investment scheme (if any). prices (the price at which units are sold). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for of equity instruments. See note 13 for further details. further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 13 for further details.

285 BlackRock Collective Investment Funds 286 Index Linked Gilt Tracker Distribution Tables Index Linked Gilt Tracker Portfolio Statement for the year ended 29 February 2016 at 29 February 2016

A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation UK Sterling Denominated Fixed Rate Government Bonds – 99.09%; 2015 99.76% Units Units Units Units Units Units £9,799,000 Treasury 0.125% Index Linked Gilts 22/3/2024 11,510 3.68 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 £2,430,000 Treasury 0.125% Index Linked Gilts 22/3/2026 2,713 0.87

Gross Revenue 0 .1078 0.0503 0.2936 0.1515 0.2600 0 .192 9 0.4230 0 .1314 0.3280 0 .18 91 0.3168 0 .12 9 4 £9,858,441 Treasury 0.125% Index Linked Gilts 22/3/2029 12,229 3.91 Income tax 0.0216 0.0101 0.0587 0.0303 0.0520 0.0386 0.0846 0.0263 0.0656 0.0378 0.0634 0.0259 £10,719,117 Treasury 0.125% Index Linked Gilts 22/3/2044 14,858 4.76 Net revenue (interest) 0.0862 0.0402 0.2349 0.1212 0.2080 0 .15 4 3 0.3384 0 .10 51 0.2624 0 .1513 0.2534 0 .10 3 5 £5,215,000 Treasury 0.125% Index Linked Gilts 22/3/2046 6,905 2.21 £7,038,000 Treasury 0.125% Index Linked Gilts 22/3/2058 10,842 3.47 Equalisation† – 0.0460 – 0 .1137 – 0.0537 – 0.2333 – 0.1111 – 0 .14 9 9 £1,747,000 Treasury 0.125% Index Linked Gilts 22/11/2065 2,912 0.93 Distribution payable 30.4.2016 0.0862 0.0862 0.2349 0.2349 0.2080 0.2080 0.3384 0.3384 0.2624 0.2624 0.2534 0.2534 £8,378,249 Treasury 0.125% Index Linked Gilts 22/3/2068 15,240 4.88 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 £8,297,275 Treasury 0.25% Index Linked Gilts 22/3/2052 13,057 4.18 Interim Distribution in Pence per Unit £8,791,380 Treasury 0.375% Index Linked Gilts 22/3/2062 16,981 5.44 £8,379,911 Treasury 0.5% Index Linked Gilts 22/3/2050 15,635 5.00 Group 1 – Units purchased prior to 1 March 2015 £9,335,404 Treasury 0.625% Index Linked Gilts 22/3/2040 15,577 4.99 Group 2 – Units purchased 1 March 2015 to 31 August 2015 £8,266,000 Treasury 0.625% Index Linked Gilts 22/11/2042 14,541 4.65 A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation £9,634,900 Treasury 0.75% Index Linked Gilts 22/3/2034 14,106 4.51 ÷ Units Units Units Units Units Units £7,935,451 Treasury 0.75% Index Linked Gilts 22/11/2047 15,631 5.00 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 £8,966,152 Treasury 1.125% Index Linked Gilts 22/11/2037 16,954 5.43 Gross Revenue 0 .12 8 0 0.0936 0.3163 0 .14 3 0 0.4345 0 .15 4 8 0.4444 0 .18 0 5 0.3496 0 .13 6 4 0.3346 0 .14 6 9 £9,739,566 Treasury 1.25% Index Linked Gilts 22/11/2027 16,513 5.29 Income tax 0.0256 0.0187 0.0633 0.0286 0.0869 0.0310 0.0889 0.0361 0.0699 0.0273 0.0669 0.0294 £9,349,000 Treasury 1.25% Index Linked Gilts 22/11/2032 15,442 4.94 Net revenue (interest) 0 .10 24 0.0749 0.2530 0 .114 4 0.3476 0 .12 3 8 0.3555 0.1444 0.2797 0 .10 91 0.2677 0 .1175 £6,906,000 Treasury 1.25% Index Linked Gilts 22/11/2055 18,812 6.02 Equalisation† – 0.0275 – 0.1386 – 0.2238 – 0.2111 – 0 .170 6 – 0 .15 0 3 £10,911,000 Treasury 1.875% Index Linked Gilts 22/11/2022 16,746 5.36 Distribution paid 31.10.2015 0 .10 2 4 0 .10 2 4 0.2530 0.2530 0.3476 0.3476 0.3555 0.3555 0.2797 0.2797 0.2677 0.2677 £6,187,000 Treasury 2% Index Linked Gilts 26/1/2035 14,381 4.60 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 N/A N/A £4,762,655 Treasury 2.5% Index Linked Gilts 17/7/2024 16,309 5.22 £3,503,385 Treasury 4.125% Index Linked Gilts 22/7/2030 11,704 3.75 † 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. Portfolio of investments 309,598 99.09 ÷ H Accumulation class commenced September 2014. Net other assets 2,835 0.91

Total net assets 312,433 100.00

287 BlackRock Collective Investment Funds 288 Index Linked Gilt Tracker Statement of Total Return Index Linked Gilt Tracker Balance Sheet for the year ended 29 February 2016 at 29 February 2016

For the year For the year 29.2.2016 28.2.2015 to 29.2.2016 to 28.2.2015 Notes £000’s £000’s Notes £000’s £000’s £000’s £000’s Assets: Income Fixed assets Net capital gains 3 7,340 56,657 – Investment assets 309,598 357,579 Revenue 4 6,793 4,665 Current assets Expenses 5 (360) (391) – Debtors 8 5,528 922 Net revenue before taxation 6,433 4,274 – Cash and bank balances 2,255 687 Taxation 6 – – Total assets 317,381 359,188 Net revenue after taxation 6,433 4,274 Liabilities: Total return before distributions 13,773 60,931 Creditors Distributions 7 (2,105) (2,671) – Distributions payable (192) (279) Change in net assets – Other creditors 9 (4,756) (480) attributable to unitholders from investment activities 11,668 58,260 Total liabilities (4,948) (759) Net assets attributable to unitholders 312,433 358,429

Index Linked Gilt Tracker Statement of Change in Net Assets N C D Hall (Director) Attributable to Unitholders for the year ended 29 February 2016 G D Bamping (Director) BlackRock Fund Managers Limited For the year For the year 28 April 2016 to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 358,429 332,308 Amounts receivable on issue of units 69,482 47,782 Amounts payable on cancellation of units (128,768) (81,988) (59,286) (34,206) Change in net assets attributable to unitholders from investment activities 11,668 58,260 Retained distribution on accumulation units 1,622 2,067 Closing net assets attributable to unitholders 312,433 358,429

289 BlackRock Collective Investment Funds 290 Index Linked Gilt Tracker Notes to Financial Statements for the year ended 29 February 2016

1. Accounting and Distribution Policies 6. Taxation The accounting and distribution policies are set out on pages 4 to 8. (a) Analysis of tax charge

For the year For the year 2. Financial Instruments and Risks to 29.2.2016 to 28.2.2015 The financial instruments and risks are set out on pages 9 to 37. £000’s £000’s Corporation tax – – 3. Net Capital Gains Total current tax charge [see note 6(b)] – – For the year For the year to 29.2.2016 to 28.2.2015 (b) Factors affecting the current tax charge £000’s £000’s The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an The net capital gains comprise: authorised unit trust. The differences are explained below: Gains on non-derivative securities 7,342 56,658 For the year For the year Custodian transaction costs (2) (1) to 29.2.2016 to 28.2.2015 Net capital gains 7,340 56,657 £000’s £000’s Net revenue before taxation 6,433 4,274 4. Revenue Corporation tax at 20% (28 February 2015: 20%) 1,287 855 For the year For the year Effects of: to 29.2.2016 to 28.2.2015 Effective interest rate tax adjustment (865) (321) £000’s £000’s Excess expenses generated/(utilised) 443 (213) Interest from UK bank deposits 1 1 Indexation relief on index linked gilts (865) (321) Interest from UK fixed interest securities 6,792 4,664 Total current tax charge [see note 6(a)] – – Total revenue 6,793 £4,665 At 29 February 2016, the Fund had surplus management expenses of £000 3,454 (28 February 2015: £000 1,237). 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 £000 690 5. Expenses (28 February 2015: £000 247) 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 For the year For the year period interest distributions. to 29.2.2016 to 28.2.2015 £000’s £000’s 7. Distributions Payable to the Manager or associates of the Manager: For the year For the year – Manager’s charge 326 347 to 29.2.2016 to 28.2.2015 – Registrar’s fees 1 1 £000’s £000’s 327 348 Interim distribution 1,14 6 1,406 Other expenses: Final distribution 917 1,240 – Audit fee 7 7 2,063 2,646 – Safe custody fees 8 9 Add: Amounts deducted on cancellation of units 130 106 – Trustee’s fees 18 27 Less: Amounts received on issue of units (88) (81) 33 43 Distributions 2 ,10 5 2,671 Total expenses 360 391 Net revenue after taxation 6,433 4,274 Less: Equalisation on conversions (3) – Less: Effective interest rate adjustment (4,325) (1,603) Distributions 2 ,10 5 2,671

Details of the interim and final distributions per unit are set out in the tables on page 287.

291 BlackRock Collective Investment Funds 292 Index Linked Gilt Tracker Notes to Financial Statements continued

8. Debtors 12. Related Parties

29.2.2016 28.2.2015 Parties are considered to be related if one party has the ability to control the other party or £000’s £000’s exercise significant influence over the other party in making financial or operational decisions. Accrued revenue 487 718 The following entities were related parties of the Fund during the year ended 29 February 2016: Amounts receivable for issue of units 5,041 204 Manager/Registrar: BlackRock Fund Managers Limited Total debtors 5,528 922 Investment Manager: BlackRock Investment Management (UK) Limited

9. Other Creditors 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. (“PNC”) 29.2.2016 28.2.2015 is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during £000’s £000’s the years ended 29 February 2016 and 28 February 2015. Accrued Audit fee 7 7 The Manager acts as either principal or agent for the Trustee in respect of all transactions of units Accrued FCA fee 1 – of the Fund. The aggregate monies received through issue and paid through cancellation of units Accrued Manager’s charge 43 91 are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any Accrued Safe custody fees 2 2 amounts due to or from the Manager at the year end are disclosed in notes 8 and 9. Management Accrued Trustee’s fee 3 8 fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The Amounts payable for cancellation of units 3,635 372 balances due at the year end in respect of these fees are shown in note 9. Custodian transaction costs 1 – The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing Purchases awaiting settlement 1,064 – arrangements with related parties (including, without limitation, brokers who are affiliated to the Total other creditors 4,756 480 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 10. Contingent Assets and Liabilities execution process. Such research or execution services may include, without limitation and to the There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). 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 11. Efficient Portfolio Management Techniques these services and the application of such benefits across a number of BlackRock managed funds, The Fund may engage in derivative transactions for the purposes of efficient portfolio management. 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. There were no securities on loan or related collateral outstanding at the Balance Sheet date (28 February 2015: £Nil). As at 29 February 2016 and 28 February 2015, none of the unitholders: (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or

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

293 BlackRock Collective Investment Funds 294 Index Linked Gilt Tracker Notes to Financial Statements continued

13. Portfolio Transaction Costs For the year ended 28 February 2015

For the year ended 29 February 2016 Direct Transaction Costs

Total purchases 100,436 – – Total purchases including transaction costs 76,931 Total purchases including transaction costs 100,436 Direct Transaction Costs

Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Debt instruments 108,709 – – – – Debt instruments 160,084 – – – – Total sales 108,709 – –

Total sales 160,084 – – Total sales net of transaction costs 108,709 Total sales net of transaction costs 160,084 Total transaction costs – – Total transaction costs – – Total transaction costs as a % of average net assets 0.00% 0.00% Total transaction costs as a % of average net assets 0.00% 0.00% The above analysis covers direct transaction costs incurred by the Fund during the year. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. For the Fund’s investment transactions in debt and money market instruments any applicable transaction charges form part of the dealing spread for these instruments. Transactions in money market instruments to manage the Fund’s daily liquidity position are excluded from the analysis.

295 BlackRock Collective Investment Funds 296 Index Linked Gilt Tracker Notes to Financial Statements continued BlackRock Japan Equity Tracker Fund

14. Units in Issue About the Fund The movement in units in issue for the year ended 29 February 2016 is as follows:

A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation The BlackRock Japan Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Units Units Units Units Units Units Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was established Balance at the beginning of the year 297,899 31,177,656 5,637,298 111,989,042 143,532,089 7,94 4 and authorised by the Financial Conduct Authority on 21 June 2005. The Fund was previously known as Issued during the year 137,475 7,291,085 29,764,091 – 16,884,110 2 ,141,624 Merrill Lynch Japan Equity Tracker Fund. It adopted its present name with effect from 28 April 2008.

Cancelled during the year (160,206) (18,209,136) (34,511,195) – (49,692,131) (950,843) Converted during the year – (1,861,498) (8 8 9,19 9) 2,713,405 (299,382) 340,860 Investment Objective & Policy Balance at the end of the year 27 5 ,16 8 18,398,107 995 114,702,447 110,424,686 1,539,585 The aim of the Fund is to seek to achieve capital growth for investors by tracking closely the Revenue is allocated each day pro rata to the capital value of assets attributable to each class and performance of the FTSE Japan Index by investing in companies in the Index. Investment will be made taxation is computed by reference to the net revenue after expenses attributable to each class. The directly into constituent companies and via other transferable securities giving exposure to such distribution per unit class is given in the distribution tables. All unit classes have the same rights companies. The Fund may also invest in permitted money-market instruments, permitted deposits on winding up. and units in collective investment schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. 15. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class 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 H 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.

297 BlackRock Collective Investment Funds 298 Japan Equity Tracker Fund

This Annual Report covers the year ended 29 February 2016. Tracking Difference Tracking difference is defined as the difference in returns between a fund and its benchmark index. Performance Table

For the year For the three years For the five years The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible to 29.2.2016 to 29.2.2016 to 29.2.2016 the constituents of the benchmark index by holding all the securities comprising the benchmark index in similar proportions to their weightings in the benchmark index. TOTAL Return (with net income reinvested) Cash management, efficient portfolio management techniques including securities lending and # Class L Accumulation Units transaction costs from rebalancing can have an impact on tracking difference. Importantly, these BlackRock Japan Equity Tracker Fund +0.4% +23.9% +24.7% impacts can be either positive or negative depending on the underlying circumstances. FTSE Japan Index* +0.7% +24.5% +26.0% In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered 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. by the Fund on any income received from its investments. The level and quantum of tracking difference * Figures from Index Vendor. Net of withholding tax. arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of # D Accumulation class was renamed as L Accumulation class during June 2012. the Fund with various tax authorities, any benefits obtained by the Fund under a tax treaty or any

securities lending activities carried out by the Fund. 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. The table below compares the realised Fund performance against the performance of the relevant Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: not a guide to future performance and should not be the sole factor of consideration when selecting a product. Fund return Benchmark return for the year for the year Tracking to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Before costs, the tracking difference is a result of (a) the stock markets on which the benchmark index operates being closed at the Fund’s valuation point, resulting 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 UK bank holidays while the Fund is closed, (c) income from securities lending activity and (d) withholding tax differences +0.40%* +0.72% -0.32% between the Fund and index.

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

299 BlackRock Collective Investment Funds 300 Japan Equity Tracker Fund continued Japan Equity Tracker Investment Report

Tracking Error Summary of Performance over the Period Realised tracking error is the annualised standard deviation of the difference in monthly returns During the period from 1 March 2015 to 29 February 2016, the Fund returned 0.4%,* compared with between a fund and its benchmark index. Tracking error shows the consistency of the returns relative its benchmark, the FTSE Japan Index, which returned 0.7%. Before costs, the tracking difference is to the benchmark index over a defined period of time. a result of (a) the stock markets on which the benchmark index operates being closed at the Fund’s valuation point, resulting in a temporary mismatch on days when units are created or redeemed, (b) Anticipated tracking error is based on the expected volatility of differences between the returns of a temporary divergences in the calculation when the Index provider calculates index values during UK fund and the returns of its benchmark index. bank holidays while the Fund is closed, (c) income from securities lending activity and (d) withholding tax differences between the Fund and index. Over the six-month period to 29 February 2016, the Fund The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible returned -0.6%,* underperforming its benchmark, which returned 1.0%. the constituents of the benchmark index by holding all the securities comprising the benchmark index in similar proportions to their weightings in the benchmark index. Fund Manager’s Commentary The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s Cash management, efficient portfolio management techniques including securities lending and economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US transaction costs from rebalancing can have an impact on tracking error as well as the return Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by differential between the Fund and the benchmark index. Importantly, these impacts can be either 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s positive or negative depending on the underlying circumstances. growing confidence in employment and inflation prospects. By contrast, the European Central Bank extended its asset-purchase programme for another few months, as the region’s economy struggled In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, Fund on any income received from its investments. The level and quantum of tracking error arising due lowered benchmark rates in a bid to stimulate growth. to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending Japanese policymakers continued to battle deflation and a slowing pace of growth over the period. activities carried out by the Fund. Japan’s economy contracted at an annualised rate of 1.1% in the fourth quarter of 2015, putting further pressure on authorities to act. In early 2016, the Bank of Japan announced a policy of negative interest The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex rates, designed to encourage bank lending and encourage growth. ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period. The Fund is structured to track the FTSE Japan Index closely, so its portfolio remains positioned so that its risk characteristics are similar to those of the Index. Anticipated Realised Tracking Error Tracking Error Explanation for difference March 2016 The Fund’s tracking error exceeded its anticipated tracking error * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of due to temporary divergences in the calculation when the Index fees and reported for the Fund’s class L Accumulation Units. provider calculates index values during UK bank holidays while Up to 2.50%* 2.94%* the Fund is closed.

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

301 BlackRock Collective Investment Funds 302 Japan Equity Tracker Performance Record

Comparative Table Comparative Table

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

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 Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 149.2 125.9 114 .1 122.0 100.0 Opening net asset value per unit 150.6 126.6 114.4 134.3 114.6 105.2

Return before operating charges 1.51 23.99 12.48 1.72 23.23 Return before operating charges 1.45 24.29 12.49 1.23 21.76 11.46

Operating charges (0.80) (0.69) (0.68) (0.25) (0.24) Operating charges (0.34) (0.29) (0.29) (0.01) (0.02) (0.02)

Return after operating charges 0.71 23.30 11.80 1.47 22.99 Return after operating charges 1.11 24.00 12.20 1.22 21.74 11.44

Distributions on income units N/A N/A N/A (2.05) (0.99) Distributions on income units N/A N/A N/A (2 .10) (2.04) (2.04)

Closing net asset value per unit 149.9 149.2 125.9 121.4 122.0 Closing net asset value per unit 151.7 150.6 126.6 133.4 134.3 114.6

Retained distributions on accumulation units 1.76 1.59 1.49 N/A N/A Retained distributions on accumulation units 2.24 2.00 1.95 N/A N/A N/A After direct transaction costs of (0.01) (0.01) (0.02) (0.01) (0.01) After direct transaction costs of (0.01) (0.01) (0.02) (0.01) (0.01) (0.02) Performance Performance Return after charges1 0.48% 18.51% 10.34% 1.20% 22.98% Return after charges1 0.74% 18.96% 10.66% 0.91% 18.97% 10.88% Other information Other information Closing net asset value (£000’s) 1,449 2,365 3 ,15 6 – – Closing net asset value (£000’s) 1,075,752 890,755 665,655 1 9,563 8,790 Closing number of units 966,235 1,584,486 2,507,042 100 100 Closing number of units 709,071,863 591,574,293 525,606,643 1,031 7,121,0 92 7,672,415 Operating charges2 0.52% 0.52% 0.52% 0.22% 0.22% Operating charges2 0.22% 0.22% 0.22% 0.02% 0.02% 0.02% Direct transaction costs3 0.01% 0.01% 0.01% 0.01% 0.00% Direct transaction costs3 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 173.7 157.5 155.1 135.8 124.0 Highest offer unit price 167.0 151.4 148.3 149.0 136.0 136.4 Lowest bid unit price 134.0 119.3 113.5 109.4 98.50 Lowest bid unit price 135.6 12 0 .1 113.8 12 0 .1 108.6 104.5 * 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. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to ^ The date of commencement of operations. consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details. of equity instruments. See note 15 for further details.

303 BlackRock Collective Investment Funds 304 Japan Equity Tracker Performance Record continued

Comparative Table Comparative Table

X Accumulation Units D Accumulation Units H Accumulation Units

For the period For the period For the period For the year For the year For the year For the year For the year For the year from 1.2.2013* from 1.2.2013* from 26.2.2014^ to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 28.2.2014 to 28.2.2014 to 28.2.2014

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

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 140.2 117.7 106.2 14 9 .1 125.4 113.2 Opening net asset value per unit 118 .1 99.00 100.0

Return before operating charges 1.37 22.52 11.52 1.42 23.92 12.42 Return before operating charges 1.14 19.23 (0.88)

Operating charges (0.01) (0.02) (0.02) (0.26) (0.22) (0.22) Operating charges (0 .15 ) (0 .13) (0 .12 )

Return after operating charges 1.36 22.50 11.50 1.16 23.70 12.20 Return after operating charges 0.99 19 .10 (1.00)

Closing net asset value per unit 141.6 140.2 117.7 150.3 14 9 .1 125.4 Closing net asset value per unit 119 .1 118 .1 99.00

Retained distributions on Retained distributions on accumulation units 1.88 1.55 0.00 accumulation units 2.37 2 .10 2.07 2.29 2.04 1.99 After direct transaction costs of (0.01) (0.01) (0.01) After direct transaction costs of (0.01) (0.01) (0.02) (0.01) (0.01) (0.02) Performance Performance Return after charges1 0.84% 19.29% (1.00)% Return after charges1 0.97% 19 .12 % 10.83% 0.78% 18.90% 10.78% Other information Other information Closing net asset value (£000’s) 30,341 6,957 – Closing net asset value (£000’s) 157,682 45,783 35,640 42,911 29,483 12,321 Closing number of units 25,476,833 5,890,953 100 Closing number of units 111,391,520 32,650,396 30,278,701 28,557,987 19,774,543 9,829,091 Operating charges2 0 .12 % 0 .12 % 0 .12 % Operating charges2 0.02% 0.02% 0.02% 0 .17 % 0 .17 % 0 .17 % Direct transaction costs3 0.01% 0.01% 0.00% Direct transaction costs3 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% Prices Pence per unit Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 137.5 124.6 105.2 Highest offer unit price 155.5 141.0 137.6 165.3 149.8 146.7 Lowest bid unit price 106.4 94.09 99.50 Lowest bid unit price 126.5 111.6 105.5 134.3 118.8 112.6 ^ The date of commencement of operations. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as consolidate the publication of the reports. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as prices (the price at which units are sold). the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for prices (the price at which units are sold). further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for depositary and entry/exit charges paid to an underlying collective investment scheme (if any). further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale depositary and entry/exit charges paid to an underlying collective investment scheme (if any). of equity instruments. See note 15 for further details. 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

305 BlackRock Collective Investment Funds 306 Japan Equity Tracker Distribution Tables Japan Equity Tracker Portfolio Statement for the year ended 29 February 2016 at 29 February 2016

A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation EQUITIES – 96.74%; 2015 98.04% Units Units Units Units Units Units Units JAPAN – 96.74%; 2015 98.04% 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) 0.8805 0 .19 8 8 1.0200 1.0200 1.10 8 3 0 .1976 0.9442 0.9442 1.1699 0.2147 1.1313 0 .16 82 0.9264 0 .1514 Automobiles & Parts – 12.66%; 2015 13.80%

Equalisation† – 0.6817 – 0.0000 – 0.9107 – 0.0000 – 0.9552 – 0.9631 – 0.7750 118,200 Aisin Seiki 3,410 0.26

Distribution payable 30.4.2016 0.8805 0.8805 1.0200 1.0200 1.10 8 3 1.10 8 3 0.9442 0.9442 1.1699 1.1699 1.1313 1.1313 0.9264 0.9264 400,056 Bridgestone 10,105 0.77

Distribution paid 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 99,000 Calsonic Kansei 524 0.04 127,100 Daihatsu Motors 1,273 0.10 Interim Distribution in Pence per Unit 314,016 Denso 8,401 0.64 Group 1 – Units purchased prior to 1 March 2015 16,100 Exedy 231 0.02 Group 2 – Units purchased 1 March 2015 to 31 August 2015 391,000 Fuji Heavy Industries 9,232 0.71 238,000 GS Yuasa 700 0.05 A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Accumulation 1,119,720 Honda Motor 20,652 1.58 Units Units Units Units Units Units Units 141,009 JTEKT 1,390 0.11 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 80,700 Koito Manufacturing 2,565 0.20 Net revenue (dividend) 0.8830 0 .1014 1.0300 1.0300 1.13 32 0.5442 1.152 8 0 .13 4 0 1.2039 0.0769 1.1583 0.2270 0.9497 0 .15 6 3 353,600 Mazda Motor 3,552 0.27 Equalisation† – 0.7816 – 0.0000 – 0.5890 – 1.0188 – 1.12 70 – 0.9313 – 0.7934 373,500 Mitsubishi Motors 1,916 0.15 Distribution paid 31.10.2015 0.8830 0.8830 1.0300 1.0300 1.13 3 2 1.13 3 2 1.15 2 8 1.15 2 8 1.2039 1.2039 1.15 8 3 1.15 8 3 0.9497 0.9497 118,700 NGK Spark Plug 1,600 0.12 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 111,000 NHK Spring 731 0.06 † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included 25,900 Nifco 842 0.06 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. 1,458,621 Nissan Motor 9,544 0.73 39,500 Nissan Shatai 284 0.02 69,100 NOK 804 0.06 283,800 NSK 1,870 0.14 90,800 Stanley Electric 1,453 0.11 477,075 Sumitomo Electric 4,126 0.32 110,630 Sumitomo Rubber 1,140 0.09 256,131 Suzuki Motor 4,623 0.35 28,900 Tokai Rika 411 0.03 61,700 Toyo Tire & Rubber 675 0.05 45,955 Toyoda Gosei 634 0.05 34,900 Toyota Boshoku 397 0.03 101,700 Toyota Industries 3,084 0.24 1,755,298 Toyota Motor 66,141 5.06 29,100 TS Tech 467 0.04 172,883 Yamaha Motor 1,858 0.14 67,000 Yokohama Rubber 771 0.06 165,406 12.66

307 BlackRock Collective Investment Funds 308 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Banks – 7.37%; 2015 9.48% Beverages – 1.24%; 2015 1.12% 229,000 77th Bank 585 0.04 236,724 Asahi Breweries 5,014 0.38 740,894 Aozora 1,737 0.13 47,500 Coca-Cola East Japan 591 0.05 124,963 Awa Bank 407 0.03 41,400 Coca-Cola West Japan 668 0.05 224,000 Bank of Kyoto 1,011 0.08 35,358 ITO EN 723 0.06 698,085 Bank of Yokohama 2,281 0.17 47,300 Kagome 641 0.05 404,000 Chiba Bank 1,366 0.10 523,161 Kirin Brewery 4,969 0.38 117,717 Chugoku Bank 893 0.07 197,697 Sapporo 648 0.05 200,000 Daishi 478 0.04 77,000 Suntory Beverage & Food 2,352 0.18 520,900 Fukuoka Financial 1,188 0.09 103,000 Takara 545 0.04 273,012 Gunma Bank 865 0.07 16,151 1.24 245,000 Hachijuni Bank 809 0.06 364,000 Hiroshima Bank 977 0.07 Chemicals – 3.82%; 2015 4.39% 155,000 Hokkoku Bank 284 0.02 94,411 Air Water 963 0.07 806,000 Hokuhoku Financial 860 0.07 832,000 Asahi Kasei 3,393 0.26 149,000 Hyakugo Bank 387 0.03 181,000 Daicel Chemical 1,665 0.13 137,000 Hyakujushi Bank 279 0.02 271,881 Denki Kagaku Kogyo Kabushiki Kaisha 695 0.05 165,500 Iyo Bank 826 0.06 512,330 DIC 792 0.06 253,100 Japan Post Bank 1,980 0.15 61,800 Hitachi Chemical 726 0.06 444,000 Joyo Bank 1,109 0.08 115,285 JSR 1,165 0.09 202,000 Juroku Bank 456 0.03 195,000 Kaneka 1,053 0.08 134,000 Keiyo Bank 366 0.03 123,100 Kansai Paint 1,218 0.09 239,100 Kyushu Financial 1,002 0.08 203,251 Kuraray 1,601 0.12 8,653,576 Mitsubishi UFJ Financial 26,907 2.06 821,921 Mitsubishi Chemical 2,989 0.23 15,411,200 Mizuho Financial 16,347 1.25 252,023 Mitsubishi Gas Chemical 847 0.06 20,000 Musashino Bank 370 0.03 590,000 Mitsui Chemicals 1,387 0.11 412,400 Nishi-Nippon City Bank 538 0.04 69,900 Nagase 513 0.04 163,300 North Pacific Bank 291 0.02 107,000 Nippon Kayaku 756 0.06 1,450,947 Resona 3,660 0.28 110,700 Nippon Paint 1,599 0.12 91,000 San-In Godo Bank 390 0.03 20,000 Nippon Shokubai 721 0.06 175,700 Senshu Ikeda 431 0.03 90,683 Nissan Chemical Industries 1,475 0.11 395,000 Seven Bank 1,214 0.09 98,162 Nitto Denko 3,748 0.29 147,000 Shiga Bank 433 0.03 257,915 Shin-Etsu Chemical 9,336 0.71 944,540 Shinsei Bank 809 0.06 883,000 Showa Denko 626 0.05 341,172 Shizuoka Bank 1,799 0.14 953,986 Sumitomo Chemical 3,005 0.23 806,508 Sumitomo Mitsui Financial 16,290 1.25 84,100 Taiyo Nippon Sanso 550 0.04 2,357,000 Sumitomo Mitsui Trust 4,949 0.38 606,523 Teijin 1,411 0.11 106,730 Suruga Bank 1,232 0.09 948,000 Toray 5,468 0.42 138,000 Yamaguchi Financial 937 0.07 403,000 Tosoh 1,105 0.08 629,000 UBE 768 0.06 96,743 7.37 97,442 Zeon 447 0.03 50,022 3.82

309 BlackRock Collective Investment Funds 310 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Construction & Materials – 2.05%; 2015 1.84% 258,046 Hoya 6,727 0.51 604,517 Asahi Glass 2,109 0.16 66,700 Ibiden 584 0.04 68,100 Comsys 733 0.06 37,000 Japan Aviation Electronics 278 0.02 46,100 Daito Trust Construction 4,500 0.34 28,500 Keyence 10,635 0.81 182,600 Haseko 1,139 0.09 194,500 Kyocera 6,179 0.47 509,122 Kajima 2,108 0.16 33,322 Mabuchi Motor 1,055 0.08 57,000 Kandenko 303 0.02 204,743 Minebea 1,085 0.08 79,000 Kinden 710 0.05 117,267 Murata Manufacturing 10,164 0.78 159,400 LIXIL 2,360 0.18 171,477 NGK Insulators 2,202 0.17 35,000 Maeda Road Construction 375 0.03 151,400 Nidec 7,320 0.56 31,000 Nippo 333 0.03 246,000 Nippon Electric Glass 844 0.06 426,000 Obayashi 2,798 0.21 123,000 Omron 2,344 0.18 117,000 Sanwa Holdings 538 0.04 69,500 Taiyo Yuden 513 0.04 342,000 Shimizu 1,873 0.14 74,920 TDK 2,820 0.22 234,000 Sumitomo Osaka Cement 615 0.05 72,000 Toshiba Tec 162 0.01 745,876 Taiheiyo Cement 1,139 0.09 69,300 Ushio 687 0.05 678,623 Taisei 2,962 0.23 158,300 Yokogawa Electric 1,102 0.08 132,000 Toda 393 0.03 70,943 5.39 86,600 Toto 1,793 0.14 Financial Services – 2.69%; 2015 2.69% 26,781 2.05 261,401 Acom 840 0.06 Electricity – 1.79%; 2015 1.42% 67,126 Aeon Financial Service 1,081 0.08 444,703 Chubu Electric Power 4,227 0.32 183,000 Aiful 367 0.03 187,600 Chugoku Electric Power 1,806 0.14 59,600 Aplus Financial 33 – 112,700 Electric Power Development 2,506 0.19 100,000 Credit Saison 1,221 0.09 113,700 Hokkaido Electric Power 694 0.05 1,096,916 Daiwa Securities 4,673 0.36 121,416 Hokuriku Electric Power 1,305 0.10 23,900 Hitachi Capital 370 0.03 456,159 Kansai Electric Power 3,613 0.28 96,200 Iida 1,271 0.10 282,100 Kyushu Electric Power 2,046 0.16 19,673 JAFCO 390 0.03 92,068 Shikoku Electric Power 952 0.07 220,100 Japan Display 318 0.02 299,048 Tohoku Electric Power 2,755 0.21 342,400 Japan Exchange 3,829 0.29 971,185 Tokyo Electric Power 3,550 0.27 303,800 Japan Post 2,788 0.21 23,454 1.79 67,900 Matsui Securities 416 0.03 303,500 Mitsubishi UFJ 943 0.07 Electronic & Electrical Equipment – 5.39%; 2015 5.91% 2,126,020 Nomura 6,466 0.49 111,894 Alps Electric 1,326 0.10 106,000 Okasan Securities 363 0.03 43,000 Azbil 769 0.06 246,100 Orient 311 0.02 377,455 Fuji Electric 933 0.07 817,400 Orix 7,712 0.59 207,000 Fujikura 689 0.05 120,000 SBI 788 0.06 417,000 Furukawa Electric 639 0.05 144,300 Tokai Tokyo Financial 506 0.04 81,289 Hamamatsu Photonics 1,439 0.11 37,200 Zenkoku Hosho 799 0.06 20,000 Hirose Electric 1,627 0.12 35,485 2.69 2,888,850 Hitachi 8,820 0.67

311 BlackRock Collective Investment Funds 312 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Fixed Line Telecommunications – 0.65%; 2015 0.70% General Industrials – 0.85%; 2015 1.29% 275,366 Nippon Telegraph & Telephone 8,455 0.65 13,900 FP 383 0.03 893,000 IHI 1,141 0.09 Food & Drug Retailers – 0.66%; 2015 0.50% 32,200 Lintec 430 0.03 5,900 Cosmos Pharmaceutical 654 0.05 762,000 Mitsubishi Materials 1,548 0.12 37,400 FamilyMart 1,293 0.10 144,488 Rengo 508 0.04 39,900 Lawson 2,218 0.17 819,680 Sojitz 1,137 0.09 24,796 Matsumotokiyoshi 795 0.06 2,402,607 Toshiba 2,679 0.20 21,300 Sugi 720 0.06 102,600 Toyo Seikan 1,257 0.10 22,500 Sundrug 1,070 0.08 138,600 Toyota Tsusho 2,020 0.15 21,400 Tsuruha 1,305 0.10 16,000 Welcia 569 0.04 11,103 0.85 8,624 0.66 General Retailers – 4.48%; 2015 4.13% 431,300 AEON 4,079 0.31 Food Producers – 2.21%; 2015 1.86% 29,800 Aoyama Trading 793 0.06 330,000 Ajinomoto 5,834 0.45 42,900 Autobacs Seven 525 0.04 44,900 Calbee 1,310 0.10 43,378 Benesse 949 0.07 31,200 Ezaki Glico 1,202 0.09 89,800 Bic Camera 532 0.04 46,000 House Foods 632 0.05 66,000 Dena 695 0.05 71,439 Kewpie 1,153 0.09 69,698 Don Quijote 1,679 0.13 113,000 Kikkoman 2,679 0.20 32,032 Fast Retailing 6,413 0.49 85,608 Meiji Holdings 4,956 0.38 55,800 Gree 190 0.01 6,300 Mitsubishi Shokuhin 120 0.01 50,100 H2O Retailing 622 0.05 123,000 NH Foods 1,866 0.14 220,178 Isetan Mitsukoshi 1,846 0.14 145,000 Nichirei 792 0.06 23,300 Izumi 631 0.05 163,830 Nisshin Seifun 1,930 0.15 153,600 J Front Retailing 1,292 0.10 46,900 Nissin Food Products 1,552 0.12 85,600 Kakaku.com 1,085 0.08 57,853 Toyo Suisan Kaisha 1,495 0.11 19,700 Komeri 268 0.02 65,300 Yakult Honsha 2,249 0.17 24,500 K’s 574 0.04 87,434 Yamazaki Baking 1,193 0.09 150,000 Laox 127 0.01 28,963 2.21 142,700 Marui 1,411 0.11 Forestry & Paper – 0.16%; 2015 0.18% 46,500 Nitori 2,576 0.20 57,900 Nippon Paper Industries 706 0.05 65,000 Park 24 1,223 0.09 538,780 Oji 1,470 0.11 522,400 Rakuten 3,580 0.28 2,176 0.16 208,200 Recruit 4,450 0.34 13,900 Ryohin Keikaku 2,041 0.16 Gas, Water & Multiutilities – 0.75%; 2015 0.78% 486,422 Seven & I 13,968 1.07 1,234,942 Osaka Gas 3,394 0.26 27,000 Shimachu 413 0.03 322,834 Toho Gas 1,621 0.12 16,200 Shimamura 1,289 0.10 1,449,322 Tokyo Gas 4,825 0.37 27,900 Start Today 636 0.05 9,840 0.75 189,000 Takashimaya 1,089 0.08

313 BlackRock Collective Investment Funds 314 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 125,200 UNY 584 0.04 587,205 Komatsu 6,448 0.49 136,200 USS 1,545 0.12 704,299 Kubota 6,510 0.50 439,104 Yamada Denki 1,552 0.12 70,500 Kurita Water Industries 1,108 0.08 58,657 4.48 164,200 Misumi 1,580 0.12 1,230,665 Mitsubishi Electric 8,996 0.69 Healthcare Equipment & Services – 1.31%; 2015 1.04% 1,995,661 Mitsubishi Heavy Industries 5,125 0.39 30,200 Asahi Intecc 1,007 0.08 461,336 Mitsui Engineering & Shipbuilding 436 0.03 48,100 Nihon Kohden 849 0.06 72,300 Nabtesco 997 0.08 73,200 Nipro 495 0.04 311,981 NTN 708 0.05 201,312 Olympus 5,287 0.40 91,000 Okuma 467 0.04 89,300 Sysmex 3,989 0.30 48,000 OSG 584 0.04 204,500 Terumo 5,044 0.39 165,117 Shimadzu 1,856 0.14 67,600 Topcon 525 0.04 36,400 SMC 6,076 0.46 17,196 1.31 343,000 Sumitomo Heavy Industries 1,019 0.08 Household Goods & Home Construction – 1.55%; 2015 1.19% 66,000 TADANO 407 0.03 403,160 Daiwa House 7,960 0.61 70,400 THK 865 0.07 76,200 Makita 3,228 0.25 159,655 Yaskawa Electric 1,381 0.11 51,000 Panahome 260 0.02 80,321 6.14 23,998 Rinnai 1,489 0.11 Industrial Metals – 1.26%; 2015 1.88% 38,800 Sanrio 548 0.04 205,478 Daido Steel 557 0.04 226,851 Sekisui Chemical 1,813 0.14 140,000 Dowa Mining 577 0.04 364,340 Sekisui House 4,281 0.33 117,547 Hitachi Metals 902 0.07 76,100 Sumitomo Forestry 613 0.05 321,185 JFE 2,775 0.21 20,192 1.55 1,843,000 Kobe Steel 1,025 0.08 Industrial Engineering – 6.14%; 2015 6.98% 39,979 Maruichi Steel Tube 784 0.06 231,000 Amada 1,545 0.12 315,291 Mitsui Mining & Smelting 349 0.03 30,700 Century Tokyo Leasing 755 0.06 510,800 Nippon Steel & Sumitomo Metal 6,365 0.49 111,116 Chiyoda 630 0.05 61,600 Nisshin Steel 526 0.04 166,200 Daikin 8,045 0.61 286,107 Sumitomo Metal Mining 2,217 0.17 15,600 Disco 1,036 0.08 26,863 Yamato Kogyo 400 0.03 61,300 DMG Mori Seiki 392 0.03 16,477 1.26 274,000 Ebara 760 0.06 Industrial Transportation – 0.90%; 2015 1.14% 122,076 Fanuc 12,949 0.99 82,000 Fukuyama Transporting 277 0.02 175,300 Hino Motors 1,276 0.10 26,700 Hitachi Transport System 279 0.02 65,200 Hitachi Construction Machinery 654 0.05 35,100 Japan Airport Terminal 888 0.07 24,100 Hoshizaki Electric 1,344 0.10 137,000 Kamigumi 924 0.07 355,000 Isuzu Motors 2,563 0.20 576,000 Kawasaki Kisen Kaisha 696 0.05 206,000 Japan Steel Works 490 0.04 96,489 Mitsubishi Logistics 898 0.07 140,000 JGC 1,589 0.12 667,000 Mitsui OSK Lines 895 0.07 885,000 Kawasaki Heavy Industries 1,730 0.13 475,647 Nippon Express 1,520 0.12

315 BlackRock Collective Investment Funds 316 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 988,000 Nippon Yusen KK 1,307 0.10 Mobile Telecommunications – 4.37%; 2015 3.67% 87,127 Seino 642 0.05 15,200 Hikari Tsushin 774 0.06 229,200 Yamato 3,351 0.26 1,171,100 KDDI 21,529 1.65 11,677 0.90 845,700 NTT DoCoMo 14,272 1.09 575,967 Softbank 20,510 1.57 Leisure Goods – 3.39%; 2015 3.29% 57,085 4.37 139,400 Casio Computer 1,852 0.14 29,500 COLOPL 359 0.03 Non-Life Insurance – 1.69%; 2015 1.63% 63,600 Konami 1,113 0.09 321,012 MS&AD Insurance 6,299 0.48 119,005 Namco Bandai 1,708 0.13 234,000 Sompo Japan Nipponkoa 4,859 0.37 81,900 Nexon 886 0.07 436,724 Tokio Marine 10,984 0.84 213,900 Nikon 2,345 0.18 22,142 1.69 67,189 Nintendo 6,788 0.52 1,325,801 Panasonic 8,084 0.62 Oil Equipment, Services & Distribution – 0.05%; 2015 0.05% 110,096 Sega Sammy 839 0.06 61,700 Idemitsu Kosan 675 0.05 904,025 Sharp 739 0.06 Oil & Gas Producers – 0.72%; 2015 0.84% 49,200 Shimano 5,552 0.42 33,814 Cosmo Energy 261 0.02 781,930 Sony 11,919 0.91 571,100 Inpex 2,979 0.23 106,900 Yamaha 2,148 0.16 19,000 Japan Petroleum Exploration 294 0.02 44,332 3.39 1,510,600 JX 4,238 0.32 116,800 Showa Shell Sekiyu 659 0.05 Life Insurance – 0.81%; 2015 0.88% 188,000 TonenGeneral Sekiyu 1,030 0.08 703,600 Dai-ichi Life 6,146 0.47 41,700 Japan Post Insurance 658 0.05 9,461 0.72 103,796 Sony Financial 1,043 0.08 Personal Goods – 2.12%; 2015 1.87% 393,030 T&D 2,794 0.21 14,700 ABC-Mart 609 0.05 10,641 0.81 107,500 ASICS 1,412 0.11 188,600 Citizen 746 0.06 Media – 0.99%; 2015 0.93% 312,054 Kao 11,362 0.87 388,620 Dai Nippon Printing 2,411 0.18 18,200 Kose 1,129 0.09 138,724 Dentsu 4,654 0.36 159,437 Lion 1,214 0.09 19,900 Fuji Media 164 0.01 88,000 Nisshinbo Industries 595 0.05 144,600 Hakuhodo 1,178 0.09 75,000 Onward Kashiyama 328 0.03 111,000 M3 1,906 0.15 64,700 Pigeon 1,089 0.08 17,590 Nippon Television Network 217 0.02 11,400 Pola Orbis 604 0.05 69,000 Shochiku 432 0.03 244,691 Shiseido 3,843 0.29 72,700 SKY Perfect JSAT 319 0.02 527,875 Toyobo 550 0.04 70,900 Toho 1,251 0.10 212,700 Uni-Charm 3,337 0.26 17,526 Tokyo Broadcasting System 202 0.02 75,000 Wacoal 622 0.05 9,800 TV Asahi 126 0.01 27,440 2.12 12,860 0.99

317 BlackRock Collective Investment Funds 318 Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Pharmaceuticals & Biotechnology – 6.74%; 2015 5.61% Software & Computer Services – 1.18%; 2015 0.86% 114,400 Alfresa 1,493 0.11 32,518 Capcom 489 0.04 1,354,200 Astellas Pharmaceuticals 14,053 1.07 30,200 CyberAgent 895 0.07 137,000 Chugai Pharmaceutical 2,928 0.22 26,200 Itochu Techno-Solutions 378 0.03 421,400 Daiichi Sankyo 6,340 0.48 63,500 Nomura Research Institute 1,562 0.12 166,100 Eisai 7,385 0.56 17,800 NS Solutions 238 0.02 45,100 Hisamitsu Pharmaceutical 1,418 0.11 78,900 NTT Data 2,843 0.22 21,500 Kaken Pharmaceutical 1,028 0.08 42,000 OBIC 1,506 0.12 21,749 Kissei Pharmaceutical 365 0.03 22,500 Oracle Japan 791 0.06 19,500 Kobayashi Pharmaceuticals 1,200 0.09 31,300 Otsuka 1,116 0.09 29,900 Kyorin 409 0.03 25,400 SCSK 703 0.05 157,000 Kyowa Hakko Kogyo 1,687 0.13 48,400 Square-Enix 821 0.06 97,200 MediPAL 1,075 0.08 62,600 Trend Micro 1,644 0.13 36,942 Miraca 1,146 0.09 795,000 Yahoo Japan 2,250 0.17 139,500 Mitsubishi Tanabe Pharma 1,806 0.14 15,236 1.18 8,800 Mochida Pharmaceutical 477 0.04 30,000 Nippon Shinyaku 741 0.06 Support Services – 3.61%; 2015 3.55% 56,903 Ono Pharmaceutical 7,603 0.58 33,400 Glory 811 0.06 232,196 Otsuka 5,914 0.45 896,323 Itochu 7,620 0.58 56,900 Rohto Pharmaceutical 746 0.06 1,036,700 Marubeni 3,745 0.29 243,400 Santen Pharmaceutical 2,694 0.21 858,569 Mitsubishi 9,913 0.76 20,000 Sawai Pharmaceutical 994 0.08 1,062,036 Mitsui 8,829 0.67 184,900 Shionogi 5,712 0.44 36,300 Monotaro 616 0.05 99,800 Sumitomo Dainippon 817 0.06 120,899 Secom 6,210 0.47 50,035 Suzuken 1,173 0.09 42,400 Sohgo Security Services 1,582 0.12 28,200 Taisho Pharmaceutical 1,606 0.12 700,921 Sumitomo 4,974 0.38 482,268 Takeda Pharmaceutical 16,548 1.27 88,300 Temp 811 0.06 42,538 Tsumura 777 0.06 25,900 Toppan Forms 219 0.02 319,000 Toppan Printing 1,941 0.15 88,135 6.74 47,271 3.61 Real Estate Investment & Services – 2.47%; 2015 2.65% 72,700 Aeon Mall 743 0.06 Technology Hardware & Equipment – 3.26%; 2015 3.66% 190,000 Daikyo 217 0.02 109,100 Advantest 719 0.06 222,600 Hulic 1,422 0.11 141,000 Brother Industries 1,111 0.08 786,627 Mitsubishi Estate 10,523 0.80 654,109 Canon 13,216 1.01 591,116 Mitsui Fudosan 9,906 0.76 28,200 Canon Marketing Japan 342 0.03 74,568 Nomura Real Estate 963 0.07 254,887 Fujifilm 6,891 0.53 70,400 NTT Urban Development 495 0.04 1,114,159 Fujitsu 2,940 0.22 11,200 Sumitomo Real Estate 148 0.01 40,000 Hitachi High-Technologies 767 0.06 269,715 Sumitomo Realty & Development 5,350 0.41 285,942 Konica Minolta 1,730 0.13 125,500 Tokyo Tatemono 1,044 0.08 1,595,000 NEC 2,905 0.22 308,500 Tokyu Fudosan 1,406 0.11 32,217 2.47

319 BlackRock Collective Investment Funds 320 Japan 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 £000’s Assets Value Investment £000’s £000’s Net Assets 426,094 Ricoh 3,036 0.23 DERIVATIVES – (0.09)%; 2015 0.10% 54,217 Rohm 1,670 0.13 Futures – (0.09)%; 2015 0.10% 115,000 SCREEN 617 0.05 557 TSE TOPIX March 2016 46,251 (1,216) (0.09) 173,900 Seiko Epson 2,018 0.15 106,200 Sumco 486 0.04 Portfolio of investments 1,264,300 96.65 95,751 Tokyo Electron 4,168 0.32 Net other assets 43,836 3.35 42,616 3.26 Total net assets 1,308,136 100.00

Tobacco – 1.41%; 2015 1.02% Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. 643,900 Japan Tobacco 18,470 1.41 Note: comparative figures show percentages for each category of holding at 28 February 2015. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) Travel & Leisure – 6.00%; 2015 5.21% and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. 676,931 ANA 1,381 0.11 113,100 Central Japan Railway 14,609 1.12 237,214 East Japan Railway 15,029 1.15 21,500 H.I.S. 440 0.03 787,600 Hankyu 3,634 0.28 31,400 Heiwa 467 0.04 48,200 Japan Airlines 1,244 0.10 313,000 Keihan Electric Railway 1,562 0.12 303,000 Keikyu 1,936 0.15 354,000 Keio 2,343 0.18 169,000 Keisei Electric Railway 1,676 0.13 1,125,000 Kintetsu 3,472 0.27 564,000 Nagoya Railroad 1,946 0.15 335,000 Nankai Electric Railway 1,430 0.11 249,000 Nishi-Nippon Railroad 1,311 0.10 382,569 Odakyu Electric Railway 3,178 0.24 120,500 Oriental Land 5,951 0.45 39,600 Resorttrust 658 0.05 32,400 Sankyo 858 0.07 129,200 Seibu 1,833 0.14 63,600 Skylark 587 0.04 269,000 Sotetsu 1,205 0.09 638,000 Tobu Railway 2,393 0.18 710,000 Tokyu 4,283 0.33 114,687 West Japan Railway 4,843 0.37 78,269 6.00

321 BlackRock Collective Investment Funds 322 Japan Equity Tracker Statement of Total Return Japan Equity Tracker Balance Sheet for the year ended 29 February 2016 at 29 February 2016

For the year For the year 29.2.2016 28.2.2015 to 29.2.2016 to 28.2.2015 Notes £000’s £000’s Notes £000’s £000’s £000’s £000’s Assets: Income Fixed assets Net capital (losses) /gains 3 (16,351) 135,605 – Investment assets 1,265,516 966,574 Revenue 4 21,223 14,711 Current assets Expenses 5 (2,282) (1,599) – Debtors 9 2,152 1,670 Interest payable and similar – Cash and bank balances 10 47,167 18,314 charges 6 — (2) Total assets 1,314,835 986,558 Net revenue before taxation 18,941 13,110 Liabilities: Taxation 7 (2,105) (1,460) Investment liabilities (1,216) – Net revenue after taxation 16,836 11,650 Creditors Total return before distributions 485 147,255 – Amounts held at futures clearing houses and brokers – (194) Distributions 8 (16,893) (11,650) – Distributions payable – (67) Change in net assets – Other creditors 11 (5,483) (1,391) attributable to unitholders from investment activities (16,408) 135,605 Total liabilities (6,699) (1,652) Net assets attributable to unitholders 1,308,136 984,906

Japan Equity Tracker Statement of Change in Net Assets N C D Hall (Director) Attributable to Unitholders for the year ended 29 February 2016 G D Bamping (Director) BlackRock Fund Managers Limited For the year For the year 28 April 2016 to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 984,906 725,562 Amounts receivable on issue of units 497,144 199,132 Amounts payable on cancellation of units (175,851) (87,590) 321,293 111,542 Change in net assets attributable to unitholders from investment activities (16,408) 135,605 Retained distribution on accumulation units 18,345 12,197 Closing net assets attributable to unitholders 1,308,136 984,906

323 BlackRock Collective Investment Funds 324 Japan Equity Tracker Notes to Financial Statements for the year ended 29 February 2016

Overseas dividends 21,056 14,602 7. Taxation Securities lending revenue 166 109 (a) Analysis of tax charge Total revenue 21,223 14,711 For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s Irrecoverable overseas tax 2,10 5 1,460 Total current tax charge [see note 7(b)] 2 ,10 5 1,460

325 BlackRock Collective Investment Funds 326 Japan Equity Tracker Notes to Financial Statements continued

(b) Factors affecting the current tax charge 9. Debtors The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an 29.2.2016 28.2.2015 authorised unit trust. The differences are explained below: £000’s £000’s For the year For the year Accrued revenue 1,897 1,054 to 29.2.2016 to 28.2.2015 Amounts receivable for issue of units 160 436 £000’s £000’s Currency sales awaiting settlement 95 180 Net revenue before taxation 18,941 13,110 Total debtors 2 ,152 1,670 Corporation tax at 20% (28 February 2015: 20%) 3,788 2,622 Effects of: 10. Cash and Bank Balances Excess expenses for which no tax relief taken 423 298 29.2.2016 28.2.2015 Irrecoverable overseas tax 2,10 5 1,460 £000’s £000’s Non taxable overseas dividends (4,211) (2,920) Amounts held at futures clearing houses and brokers 4,481 – Total current tax charge [see note 7(a)] 2 ,10 5 1,460 Cash and bank balances 42,686 18,314 At 29 February 2016, the Fund had surplus management expenses of £000 7,846 (28 February 2015: £000 5,733). It is unlikely that the Total cash and bank balances 47,16 7 18,314 Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £000 1,569 (28 February 2015: £000 1,146) has not been recognised. 11. Other Creditors

8. Distributions 29.2.2016 28.2.2015 £000’s £000’s For the year For the year to 29.2.2016 to 28.2.2015 Accrued Audit fee 7 7 £000’s £000’s Accrued FCA fee 1 1 Interim distribution 8,693 6,352 Accrued Manager’s charge 360 407 Final distribution 9,730 6,000 Accrued Registrar’s fee 2 1 18,423 12,352 Accrued Safe custody fees 21 14 Add: Amounts deducted on cancellation of units 1,018 490 Accrued Trustee’s fee 11 15 Less: Amounts received on issue of units (2,548) (1,192) Amounts payable for cancellation of units 4,982 766 Distributions 16,893 11,650 Currency purchases awaiting settlement 95 179 Custodian transaction costs 4 1 Add: Shortfall transfer to capital 16,836 11,650 Total other creditors 5,483 1,391 Add: Equalisation on conversions 57 – Distributions 16,893 11,650 12. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). Details of the interim and final distributions per unit are set out in the tables on page 307.

327 BlackRock Collective Investment Funds 328 Japan Equity Tracker Notes to Financial Statements continued

13. 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 exercise significant influence over the other party in making financial or operational decisions. The Fund may, subject to the conditions and within the limits laid down by the Financial Conduct Authority and the Prospectus, engage in securities lending and employ techniques and The following entities were related parties of the Fund during the year ended 29 February 2016: instruments relating to transferable securities for efficient portfolio management purposes. Manager/Registrar: BlackRock Fund Managers Limited The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Investment Manager: BlackRock Investment Management (UK) Limited Advisors (UK) Limited which is a related party to the Fund. Securities lending agent: BlackRock Advisors (UK) Limited

The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity The ultimate holding company of the Manager, Investment Manager and securities lending agent allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services related to securities loan transactions as well as the cost of indemnification against borrower Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services default. to the Fund during the years ended 29 February 2016 and 28 February 2015.

During the year the Fund engaged in securities lending. The Fund receives either cash collateral or The Manager acts as either principal or agent for the Trustee in respect of all transactions of units securities as collateral for a value in excess of the market value of the securities loaned. As at the of the Fund. The aggregate monies received through issue and paid through cancellation of units 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts due to or from the Manager at the year end are disclosed in notes 9 and 11. Management The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The the Fund in any or all of the following collateral agents and central securities depositaries: Bank of balances due at the year end in respect of these fees are shown in note 11. Securities lending New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give revenue earned by the Fund is disclosed in notes 4 and 13. as per the schedule in order to cover the required value of exposure. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing The Investment Manager monitors the fair value of the securities loaned and additional collateral arrangements with related parties (including, without limitation, brokers who are affiliated to the is obtained, if necessary. BlackRock Group), which may result in the Fund benefiting from research or execution services Securities lending revenue is split between the Fund and the securities lending agent in the ratio which the Investment Manager believes are useful in the investment decision-making or trade 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s execution process. Such research or execution services may include, without limitation and to the share. 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 The securities lending revenue earned during the year, the value of securities on loan at the year these services and the application of such benefits across a number of BlackRock managed funds, end and the value of collateral held at the year end for the Fund are shown below: it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into 29.2.2016 28.2.2015 these arrangements with brokers who are not affiliated to the BlackRock Group. £000’s £000’s As at 29 February 2016 and 28 February 2015, none of the unitholders: Revenue earned during the year 166 109 Value of securities on loan at the year end 113,207 79,480 (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or Value of collateral held on behalf of the Fund at the year end 124,380 88,860 (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Fund. The Fund’s securities lending borrowing counterparties are Bank of America Merrill Lynch, BNP Paribas Arbitrage, Citigroup, Credit Suisse International, Deutsche Bank AG, Goldman Sachs, JP Morgan Chase Securities Plc, Morgan Stanley & Co.,Nomura and UBS.

329 BlackRock Collective Investment Funds 330 Japan Equity Tracker Notes to Financial Statements continued

15. Portfolio Transaction Costs For the year ended 28 February 2015

For the year ended 29 February 2016 Direct Transaction Costs

Total purchases 365,888 88 – Total purchases including transaction costs 148,900 Total purchases including transaction costs 365,976 Direct Transaction Costs

Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Equity instruments 40,951 10 0.02 – – Equity instruments 49,264 11 0.02 – – Total sales 40,951 10 –

Total sales 49,264 11 – Total sales net of transaction costs 40,941 Total sales net of transaction costs 49,253 Derivative transaction costs 11 – Derivative transaction costs 27 – Total transaction costs 57 – Total transaction costs 126 – Total transaction costs as a % of average net assets 0.01% 0.00% Total transaction costs as a % of average net assets 0.01% 0.00% The above analysis covers direct transaction costs incurred by the Fund during the year. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. Separately identifiable direct transaction costs (such as commissions and taxes) are attributable to the Fund’s purchase and sale of equity instruments. Additionally for equity shares there is a dealing spread cost (the difference between the buying and selling prices) which will be incurred on purchase and sale transactions. During the year the Fund utilised derivative instruments including futures contracts. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either incurred as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.19% (28 February 2015 – 0.15%).

331 BlackRock Collective Investment Funds 332 Japan Equity Tracker Notes to Financial Statements continued BlackRock Mid Cap UK Equity Tracker Fund

16. Units in Issue About the Fund The movement in units in issue for the year ended 29 February 2016 is as follows:

A Accumulation L Income L Accumulation X Income The BlackRock Mid Cap UK Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Units Units Units Units Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was authorised Balance at the beginning of the year 1,584,486 100 591,574,293 7,121,0 92 by the Financial Conduct Authority on 25 May 2012 and was established on 29 June 2012. Issued during the year 258,701 – 278,298,792 14,928,947 Cancelled during the year (418 ,114) 67,053,684 (14 6 ,167,76 0) (22,258,988) Investment Objective & Policy Converted during the year (458,838) (67,053,684) (14,633,462) 209,980 Balance at the end of the year 966,235 100 709,071,863 1,031 The aim of the Fund is to seek to achieve capital growth for investors by tracking closely the performance of the FTSE 250 Index by investing in companies in the Index. Investment will be made X Accumulation D Accumulation H Accumulation directly into constituent companies and via other transferable securities giving exposure to such Units Units Units companies. The Fund may also invest in permitted money-market instruments, permitted deposits Balance at the beginning of the year 32,650,396 19,774,543 5,890,953 and units in collective investment schemes. Derivatives and forward transactions may be used for the Issued during the year 110,949 22,335,866 11,007,543 purposes of efficient portfolio management. Cancelled during the year 1,535,340 (13,835,668) (2,525,927) Converted during the year 77,094,835 283,246 11,10 4 ,26 4 Risk and Reward Profile Balance at the end of the year 111,391,520 28,557,987 25,476,833

Lower risk Higher risk Revenue is allocated each day pro rata to the capital value of assets attributable to each class and Typically lower rewards Typically higher rewards taxation is computed by reference to the net revenue after expenses attributable to each class. The Unit Class distribution per unit class is given in the distribution tables. All unit classes have the same rights A Accumulation 1 2 3 4 5 6 7 on winding up. L Accumulation 1 2 3 4 5 6 7 17. Post Balance Sheet Events X Accumulation 1 2 3 4 5 6 7 There have been no significant events subsequent to the year end, which, in the opinion of the D Income 1 2 3 4 5 6 7 Manager, may have had an impact on the financial statements for the year ended 29 February 2016. D Accumulation 1 2 3 4 5 6 7

`` The risk indicator was calculated incorporating 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.

`` During the year, the risk indicator for each unit class changed from level 6 to 5 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.

333 BlackRock Collective Investment Funds 334 Mid Cap UK Equity Tracker Fund

This Annual Report covers the year ended 29 February 2016. Tracking Difference Tracking difference is defined as the difference in returns between a fund and its benchmark index. Performance Table

For the year For the three years § The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible to 29.2.2016 to 29.2.2016 the constituents of the benchmark index by holding all the securities comprising the benchmark index in similar proportions to their weightings in the benchmark index. TOTAL Return (with net income reinvested) Cash management, efficient portfolio management techniques including securities lending and Class D Accumulation Units transaction costs from rebalancing can have an impact on tracking difference. Importantly, these BlackRock Mid Cap UK Equity Tracker Fund -1.8% +29.4% impacts can be either positive or negative depending on the underlying circumstances. FTSE 250 Index* -1.6% +30.5% The table below compares the realised Fund performance against the performance of the relevant 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. benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: § Five year performance data does not exist as the Fund launched in June 2012. * Figures from Index Vendor. Fund return Benchmark return for the year for the year Tracking All financial investments involve an element of risk. Therefore, the value of your investment and to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference the income from it will vary and the return of your initial investment amount cannot be guaranteed. Before costs, the performance of the Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is Fund relative to the benchmark index has not a guide to future performance and should not be the sole factor of consideration when selecting -1.80%* -1.60% -0.20% been in line with expectations. a product. * Performance is calculated net of fees and reported for the Fund’s class D Accumulation Units.

335 BlackRock Collective Investment Funds 336 Mid Cap UK Equity Tracker Fund continued Mid Cap UK Equity Tracker Investment Report

Tracking Error Summary of Performance over the Period Realised tracking error is the annualised standard deviation of the difference in monthly returns During the period from 1 March 2015 to 29 February 2016, the Fund returned -1.8%,* compared with between a fund and its benchmark index. Tracking error shows the consistency of the returns relative its benchmark, the FTSE 250 Index, which returned -1.6%. Before costs, the performance of the Fund to the benchmark index over a defined period of time. relative to the benchmark index has been in line with expectations. Over the six-month period to 29 February 2016, the Fund returned -1.5%,* outperforming its benchmark, which returned -2.5%. Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. Fund Manager’s Commentary The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US the constituents of the benchmark index by holding all the securities comprising the benchmark index Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by in similar proportions to their weightings in the benchmark index. 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s growing confidence in employment and inflation prospects. By contrast, the European Central Bank Cash management, efficient portfolio management techniques including securities lending and extended its asset-purchase programme for another few months, as the region’s economy struggled transaction costs from rebalancing can have an impact on tracking error as well as the return to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, differential between the Fund and the benchmark index. Importantly, these impacts can be either lowered benchmark rates in a bid to stimulate growth. positive or negative depending on the underlying circumstances. Early on, markets digested the news that the Conservative Party had gained a narrow majority in The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex the general election. Throughout the period, the Bank of England kept interest rates on hold as ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking inflation stayed well below its 2% target. The economy showed some signs of resilience, however, error is annualised and calculated using data from the preceding 36 month observation period. as unemployment fell to a seven-year low in the third quarter. Meanwhile, merger and acquisition activity involving UK companies picked up pace in the first three quarters, taken by some as a sign of Anticipated Realised confidence in the UK corporate sector. Tracking Error Tracking Error Explanation for difference The Fund’s tracking error exceeded its anticipated tracking error The Fund is structured to track the FTSE 250 Index closely, so its portfolio remains positioned so that due to a temporary divergence between the valuation time the its risk characteristics are similar to those of the Index. index provider levels are taken and the Fund valuation point over UK bank holidays. The index provider will use the latest known March 2016 market values prior to the UK bank holiday and as such, the index * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of valuation time is at market close, whilst the Fund’s valuation fees and reported for the Fund’s class D Accumulation Units. point is 12 noon. This effect only occurs when UK bank holidays coincide with month-end performance reporting cycles, which Up to 0.25%* 1.02%* occurred in August 2015.

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

337 BlackRock Collective Investment Funds 338 Mid Cap UK Equity Tracker Performance Record

Comparative Table Comparative Table

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

For the period For the period For the period For the period For the year For the year For the year For the year For the year For the year For the year from 1.2.2013* from 1.2.2013* from 1.2.2013* from 9.7.2014^ to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2014 to 28.2.2014 to 28.2.2014 to 28.2.2015

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 Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 164.9 156.3 119.9 164.8 155.8 119.4 Opening net asset value per unit 166.7 157.3 119.7 162.5 100.0

Return before operating charges (3 .11) 9.38 37.14 (3.06) 9.33 36.73 Return before operating charges (3.25) 9.43 37.66 (2.63) 65.06

Operating charges (0.88) (0.78) (0.74) (0.37) (0.33) (0.33) Operating charges (0.03) (0.03) (0.06) (0.28) (0.25)

Return after operating charges (3.99) 8.60 36.40 (3.43) 9.00 36.40 Return after operating charges (3.28) 9.40 37.60 (2.91) 64.81

Closing net asset value per unit 160.9 164.9 156.3 161.4 164.8 155.8 Distributions on income units N/A N/A N/A (4.59) (2.31)

Retained distributions on Closing net asset value per unit 163.4 166.7 157.3 155.0 162.5 accumulation units 4.09 3.71 2.61 4.60 4 .15 2.86 Retained distributions on accumulation units 4.89 4.49 3.71 N/A N/A After direct transaction costs of (0.24) 0.26 (0.80) (0.24) (0.26) (0.80) After direct transaction costs of (0.24) (0.26) (0.80) (0.23) (0.26)

Performance Performance Return after charges1 (2.42)% 5.50% 30.36% (2.08)% 5.78% 30.49% Return after charges1 (1.97)% 5.78% 31.41% (1.79)% 64.81%

Other information Other information Closing net asset value (£000’s) 8,763 18,898 11,960 19,589 82,659 97,573 Closing net asset value (£000’s) 7,030 9,452 10 ,15 9 11,475 18,950 Closing number of units 5,446,058 11,463,201 7,649,870 12,139,090 5 0 ,15 7,9 07 62,620,409 Closing number of units 4,301,908 5,669,882 6,458,283 7,403,546 11,658,578 Operating charges2 0.53% 0.52% 0.54% 0.22% 0.22% 0.24% Operating charges2 0.02% 0.02% 0.04% 0 .17 % 0 .17 % Direct transaction costs3 0 .14% 0 .17 % 0.63% 0 .14% 0 .17 % 0.63% Direct transaction costs3 0 .14% 0 .17 % 0.63% 0 .14% 0 .11%

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 186.3 173.9 164.0 177.5 165.7 155.7 Highest offer unit price 179.6 167.5 15 7.1 175 .1 16 5 .1 Lowest bid unit price 147.8 135.4 121.2 148.2 135.2 120.6 Lowest bid unit price 15 0 .1 136.6 121.0 143.9 134.6 * 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. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as consolidate the publication of the reports. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing ^ The date of commencement of operations. 1 prices (the price at which units are sold). The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ prices (the price at which units are sold). 2 depositary and entry/exit charges paid to an underlying collective investment scheme (if any). Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ of equity instruments. See note 15 for further details. depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

339 BlackRock Collective Investment Funds 340 Mid Cap UK Equity Tracker Performance Record continued Mid Cap UK Equity Tracker Distribution Tables for the year ended 29 February 2016

Comparative Table Final Distribution in Pence per Unit

D Accumulation Units Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 September 2015 to 29 February 2016 For the period For the year For the year from 1.2.2013* to 29.2.2016 to 28.2.2015 A Accumulation L Accumulation X Accumulation D Income D Accumulation to 28.2.2014 Units Units Units Units Units Pence per unit Pence per unit Pence per unit Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Change in net assets per unit Net revenue (dividend) 1.4687 0.5832 1.7184 1.1868 1.8149 1.10 6 6 1.6937 0.7370 1.7711 0.8241 Opening net asset value per unit 16 7.1 157.9 120.2 Equalisation† – 0.8855 – 0.5316 – 0.7083 – 0.9567 – 0.9470 Return before operating charges (3 .15 ) 9.46 37.96 Distribution payable 30.4.2016 1.4687 1.4687 1.7184 1.7184 1.8149 1.8149 1.6937 1.6937 1.7711 1.7711 Operating charges (0.29) (0.26) (0.26) Distribution paid 30.4.2015 1.4356 1.4356 1.6567 1.6567 1.8255 1.8255 1.6933 1.6933 1.7170 1.7170 Return after operating charges (3.44) 9.20 37.70 Closing net asset value per unit 163.7 16 7.1 157.9 Interim Distribution in Pence per Unit Retained distributions on accumulation units 4.74 4.28 3.61 Group 1 – Units purchased prior to 1 March 2015 After direct transaction costs of (0.24) (0.26) (0.81) Group 2 – Units purchased 1 March 2015 to 31 August 2015

Performance A Accumulation L Accumulation X Accumulation D Income D Accumulation Units Units Units Units Units Return after charges1 (2.06)% 5.83% 31.36% Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Other information Net revenue (dividend) 2.6253 0.5500 2.8823 0.4602 3.0790 2.5123 2.8917 0.9688 2.9654 1.3501 Closing net asset value (£000’s) 121,082 119,460 105,737 Equalisation† – 2.0753 – 2.4221 – 0.5667 – 1.9229 – 1.6153 Closing number of units 73,983,690 71,488,147 66,955,868 Distribution paid 31.10.2015 2.6253 2.6253 2.8823 2.8823 3.0790 3.0790 2.8917 2.8917 2.9654 2.9654 Operating charges2 0 .17 % 0 .17 % 0 .19 % 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

3 Direct transaction costs 0 .14% 0 .17 % 0.63% † 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 Prices Pence per unit Pence per unit Pence per unit income tax but must be deducted from the cost of units for capital gains tax purposes.

Highest offer unit price 180.0 167.9 157.7

Lowest bid unit price 150.3 137.0 121.5

* 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. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

341 BlackRock Collective Investment Funds 342 Mid Cap UK Equity Tracker Portfolio Statement at 29 February 2016

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets EQUITIES – 98.68%; 2015 98.11% Electronic & Electrical Equipment – 2.01%; 2015 2.63% 190,283 Halma 1,673 1.00 UNITED KINGDOM – 98.68%; 2015 98.11% 143,641 Morgan Advanced Materials 302 0.18 Aerospace & Defence – 2.90%; 2015 2.27% 18,550 Renishaw 321 0.19 577,182 Cobham 1,483 0.88 60,035 Spectris 1,069 0.64 394,530 Meggitt 1,633 0.97 3,365 2.01 302,361 QinetiQ 702 0.42 210,918 Senior 431 0.26 Equity Investment Instruments – 13.17%; 2015 12.47% 35,255 Ultra Electronics 620 0.37 271,116 3i Infrastructure 469 0.28 48,770 Aberforth Smaller Companies Investment Trust 487 0.29 4,869 2.90 280,826 Alliance Trust 1,388 0.83 Banks – 0.70%; 2015 0.34% 56,945 Bankers Investment Trust 322 0.19 89,945 Aldermore 175 0.10 17,709 BH Macro 356 0.21 16,394 Bank of Georgia 326 0.19 191,426 BlueCrest Allblue Fund 356 0.21 48,906 OneSavings Bank 132 0.08 68,356 British Empire Securities & General Investment Trust 297 0.18 58,067 Shawbrook 159 0.10 16,678 Caledonia Investments 375 0.22 115,881 Virgin Money 384 0.23 157,047 City of London Investment Trust 564 0.34 1,176 0.70 98,851 Edinburgh Investment Trust 666 0.40 12,422 Electra Investment Trust 410 0.24 Beverages – 0.65%; 2015 0.69% 286,255 F&C Investment Trust 1,222 0.73 42,414 AG Barr 213 0.13 284,494 Fidelity China Special Situations Investment Trust 351 0.21 127,045 Britvic 871 0.52 209,157 Fidelity European Values Investment Trust 336 0.20 1,084 0.65 61,846 Finsbury Growth & Income Trust 363 0.22 Chemicals – 2.15%; 2015 2.33% 290,463 GCP Infrastructure Investments Fund 346 0.21 68,225 Croda International 2,034 1.21 69,174 Genesis Emerging Markets Fund 309 0.18 231,635 Elementis 530 0.32 41,097 Harbourvest 368 0.22 135,890 Synthomer 411 0.24 666,209 HICL Infrastructure 1,036 0.62 41,109 Victrex 638 0.38 500,569 International Public Partnership 712 0.42 3,613 2.15 344,600 John Laing Infrastructure Fund 403 0.24 141,482 JP Morgan American Investment Trust 391 0.23 Construction & Materials – 1.50%; 2015 0.97% 65,872 JP Morgan Emerging Markets Investment Trust 344 0.20 348,758 Balfour Beatty 873 0.52 48,862 Mercantile Investment Trust 766 0.46 92,687 Ibstock 182 0.11 109,151 Monks Investment Trust 432 0.26 35,688 Keller 289 0.17 65,327 Murray International Trust 549 0.33 46,223 Kier 609 0.36 626,058 NB Global Floating Rate Income Fund 528 0.31 101,602 Marshalls 293 0.17 43,954 P2P Global Investments 379 0.22 94,253 Polypipe 293 0.17 121,294 Perpetual Income & Growth Investment Trust 468 0.28 2,539 1.50 848 Personal Assets Trust 305 0.18 Electricity – 0.28%; 2015 0.53% 68,311 Polar Capital Technology Trust 379 0.23 205,089 Drax 473 0.28 363,177 Renewables Infrastructure 360 0.21 64,389 RIT Capital Partners 994 0.59 28,289 Riverstone Energy 229 0.14 53,668 Scottish Investment Trust 313 0.19

343 BlackRock Collective Investment Funds 344 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 £000’s Assets Value Investment £000’s Assets 654,423 Scottish Mortgage Investment Trust 1,632 0.97 238,584 SSP 676 0.40 33,027 Temple Bar Investment Trust 325 0.19 1,096,624 Wm Morrison Supermarkets 2,150 1.28 156,802 Templeton Emerging Markets Investment Trust 635 0.38 5,246 3.12 163,053 TR Property Investment Trust 454 0.27 99,550 Witan Investment Trust 726 0.43 Food Producers – 1.82%; 2015 1.60% 401,993 Woodford Patient Capital Trust 358 0.21 24,975 Cranswick 494 0.30 24,514 Worldwide Healthcare Trust 417 0.25 69,452 Dairy Crest 405 0.24 209,024 Greencore 793 0.47 22,120 13.17 235,849 Tate & Lyle 1,359 0.81 Financial Services – 8.74%; 2015 10.73% 3,051 1.82 197,003 Ashmore 451 0.27 134,717 Brewin Dolphin 343 0.20 Gas, Water & Multiutilities – 1.00%; 2015 0.98% 75,830 Close Brothers 1,001 0.60 208,375 Pennon 1,681 1.00 535,780 Henderson 1,256 0.75 General Industrials – 2.00%; 2015 2.93% 271,946 ICAP 1,166 0.69 475,395 DS Smith 1,820 1.09 184,063 IG 1,407 0.84 151,536 RPC 1,108 0.66 138,445 IMI 1,177 0.70 140,186 Vesuvius 425 0.25 159,279 Intermediate Capital 918 0.55 3,353 2.00 113,667 International Personal Finance 295 0.18 258,489 Investec 1,213 0.72 General Retailers – 6.84%; 2015 4.35% 275,221 IP 503 0.30 307,254 AA 877 0.52 180,190 John Laing 369 0.22 344,201 B&M European Value Retail 993 0.59 210,726 Jupiter Fund Management 839 0.50 116,874 Card Factory 393 0.23 132,472 Just Retirement 174 0.10 619,042 Debenhams 490 0.29 777,476 Man 1,202 0.72 61,928 DFS Furniture 198 0.12 150,796 Paragon 465 0.28 24,865 Dignity 614 0.37 23,968 Rathbone Brothers 541 0.32 46,222 Dunelm 453 0.27 86,964 SVG Capital 419 0.25 101,612 Halfords 407 0.24 399,246 Tritax Big Box 521 0.31 415,084 Home Retail 731 0.44 117,953 Tullett Prebon 405 0.24 222,770 Inchcape 1,628 0.97 29,757 JD Sports Fashion 337 0.20 14,665 8.74 231,201 JUST EAT 919 0.55 Fixed Line Telecommunications – 1.13%; 2015 1.30% 161,962 Lookers 251 0.15 1,402,906 Cable & Wireless 1,059 0.63 77,995 N Brown 259 0.15 266,210 Talktalk Telecom 595 0.35 693,364 Pendragon 257 0.15 30,072 Telecom Plus 250 0.15 184,402 Pets at Home 494 0.29 1,904 1.13 99,787 Poundland 180 0.11 383,160 Saga 724 0.43 Food & Drug Retailers – 3.12%; 2015 1.75% 56,192 WH Smith 1,017 0.61 831,566 Booker 1,364 0.81 119,312 Zoopla Property 276 0.16 51,332 Greggs 529 0.32 206,921 Ocado 527 0.31 11,498 6.84

345 BlackRock Collective Investment Funds 346 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 £000’s Assets Value Investment £000’s Assets Healthcare Equipment & Services – 1.85%; 2015 1.12% Mining – 1.00%; 2015 1.49% 193,904 Al Noor Hospitals 1,623 0.97 77,212 Acacia Mining 190 0.11 32,655 NMC Health 290 0.17 543,451 Centamin 501 0.30 141,831 Spire Healthcare 486 0.29 129,901 Polymetal International 852 0.51 123,893 UDG Healthcare 702 0.42 52,698 Vedanta Resources 142 0.08 3,101 1.85 1,685 1.00 Household Goods & Home Construction- 2.38%; 2015 2.92% Mobile Telecommunications – 0.00%; 2015 1.08% 61,876 Bellway 1,570 0.93 Non-Life Insurance – 2.31%; 2015 3.48% 68,454 Bovis Homes 651 0.39 261,637 Beazley 940 0.56 123,471 Crest Nicholson 690 0.41 121,334 esure 296 0.18 41,260 Galliford Try 600 0.36 66,831 Hastings 101 0.06 110,189 Redrow 480 0.29 144,116 Hiscox 1,451 0.87 3,991 2.38 61,726 Jardine Lloyd Thompson 494 0.29 Industrial Engineering – 2.19%; 2015 2.67% 100,284 Lancashire 593 0.35 98,014 Bodycote 564 0.34 3,875 2.31 72,084 Melrose Industries 237 0.14 Oil & Gas Producers – 0.94%; 2015 1.11% 437,068 Rotork 699 0.42 290,711 Cairn Energy 476 0.28 36,830 Spirax-Sarco Engineering 1,145 0.68 27,853 Nostrum Oil & Gas 71 0.04 107,845 Weir 1,022 0.61 343,975 Ophir Energy 264 0.16 3,667 2.19 460,699 Tullow Oil 770 0.46 Industrial Metals & Mining – 0.10%; 2015 0.29% 1,581 0.94 238,357 Evraz 16 3 0.10 Oil Equipment, Services & Distribution – 1.38%; 2015 1.54% Industrial Transportation – 0.75%; 2015 0.62% 184,834 John Wood 1,142 0.68 526,545 BBA Aviation 1,018 0.61 131,483 Petrofac 1,180 0.70 12,310 Clarkson 236 0.14 2,322 1.38 1,254 0.75 Personal Goods – 0.64%; 2015 0.63% Life Insurance – 0.56%; 2015 0.56% 51,105 Jimmy Choo 67 0.04 110,093 Phoenix 934 0.56 151,427 PZ Cussons 393 0.23 16,390 SuperGroup 217 0.13 Media – 4.73%; 2015 3.19% 13,458 Ted Baker 398 0.24 359,525 Auto Trader 1,307 0.78 213,142 Entertainment One 327 0.19 1,075 0.64 19,681 Euromoney Institutional Investor 176 0.10 Pharmaceuticals & Biotechnology – 1.97%; 2015 2.56% 328,538 Informa 2,244 1.34 193,105 BTG 1,214 0.72 248,194 Moneysupermarket.com 835 0.50 94,498 Circassia Pharmaceuticals 258 0.15 46,454 Rightmove 1,761 1.05 44,053 Dechra Pharmaceuticals 516 0.31 221,686 UBM 1,295 0.77 30,600 Genus 435 0.26 7,945 4.73 326,498 Indivior 550 0.33 206,218 Vectura 334 0.20

3,307 1.97

347 BlackRock Collective Investment Funds 348 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 £000’s Assets Value Investment £000’s Assets Real Estate Investment & Services – 2.87%; 2015 3.02% Support Services – 9.86%; 2015 10.58% 368,066 Capital & Counties Properties 1,189 0.71 121,696 Aggreko 1,068 0.64 8,233 CLS 120 0.07 198,653 Amec Foster Wheeler 726 0.43 77,450 Countrywide 272 0.16 87,040 Berendsen 1,000 0.60 2,433 Daejan 135 0.08 218,768 Carillion 593 0.35 265,634 F&C Commercial Property Trust 344 0.21 57,042 Diploma 402 0.24 207,468 Grainger Trust 453 0.27 223,572 Electrocomponents 537 0.32 59,737 Kennedy Wilson Europe Real Estate 657 0.39 131,923 Essentra 1,090 0.65 64,847 Savills 432 0.26 786,685 G4S 1,622 0.97 88,777 St. Modwen Properties 291 0.17 108,149 Grafton 724 0.43 303,747 UK Commercial Property Trust 237 0.14 713,408 Hays 810 0.48 112,437 Unite 690 0.41 130,592 HomeServe 527 0.31 4,820 2.87 313,736 Howden Joinery 1,540 0.92 72,575 Interserve 309 0.18 Real Estate Investment Trusts – 4.94%; 2015 4.47% 154,961 Michael Page International 575 0.34 827,716 Assura 422 0.25 183,011 MITIE 510 0.30 72,822 Big Yellow 544 0.32 67,574 Northgate 272 0.16 50,467 Derwent 1,523 0.91 32,381 PayPoint 241 0.14 174,275 Great Portland Estates 1,211 0.72 315,432 Regus 908 0.54 370,777 Hansteen 400 0.24 916,308 Rentokil Initial 1,526 0.91 294,911 LondonMetric Property 463 0.28 566,325 Serco 534 0.32 504,133 Redefine International 212 0.13 286,020 SIG 395 0.24 105,032 Safestore 349 0.21 51,221 WS Atkins 652 0.39 376,873 Segro 1,538 0.92 140,631 Shaftesbury 1,189 0.71 16,561 9.86 58,612 Workspace 425 0.25 Technology Hardware & Equipment – 0.27%; 2015 0.98% 8,276 4.94 134,956 Laird 456 0.27 Software & Computer Services – 2.07%; 2015 2.00% Travel & Leisure – 9.86%; 2015 7.93% 57,111 Allied Minds 171 0.10 70,402 888 Holdings 124 0.08 87,364 AO World 140 0.08 98,546 Cineworld 520 0.31 32,374 AVEVA 489 0.29 69,067 Domino’s Pizza 720 0.43 34,983 Computacenter 287 0.17 253,936 Enterprise Inns 220 0.13 19,234 Fidessa 429 0.26 609,055 FirstGroup 562 0.33 94,301 Micro Focus International 1,379 0.82 21,542 Go-Ahead 564 0.34 118,655 NCC 343 0.20 156,194 Greene King 1,410 0.84 115,877 Sophos 244 0.15 42,576 JD Wetherspoon 307 0.18 3,482 2.07 515,035 Ladbrokes 694 0.41 288,850 Marston’s 458 0.27

59,952 Millennium & Copthorne Hotels 251 0.15

349 BlackRock Collective Investment Funds 350 Mid Cap UK Equity Tracker Portfolio Statement continued Mid Cap UK Equity Tracker Statement of Total Return for the year ended 29 February 2016

Holding or Underlying Market % of For the year For the year Nominal Exposure – Derivatives Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s £000’s Assets Notes £000’s £000’s £000’s £000’s 118,018 Mitchells & Butlers 332 0.20 Income 214,752 National Express 712 0.42 Net capital (losses)/gains 3 (10,789) 5,869 41,894 Paddy Power Betfair 4,508 2.68 Revenue 4 6,878 6,370 106,166 Playtech 896 0.53 Expenses 5 (413) (418) 85,378 Rank 213 0.13 Interest payable and similar 100,827 Restaurant 543 0.32 charges 6 (1) – 215,958 Stagecoach 585 0.35 778,168 Thomas Cook 788 0.47 Net revenue before taxation 6,464 5,952 446,144 William Hill 1,799 1.07 Taxation 7 (4) (1) 20,558 Wizz Air 376 0.22 Net revenue after taxation 6,460 5,951 16,582 9.86 Total return before distributions (4,329) 11,820 DERIVATIVES – 0.04%; 2015 0.15% Distributions 8 (6,274) (5,873) Change in net assets Futures – 0.04%; 2015 0.15% attributable to unitholders 67 FTSE 250 Index March 2016 2,208 70 0.04 from investment activities (10,603) 5,947 Portfolio of investments 165,784 98.72 Net other assets 2,155 1.28 Total net assets 167,939 100.00 Mid Cap UK Equity Tracker Statement of Change in Net Assets

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Attributable to Unitholders for the year ended 29 February 2016 Note: comparative figures show percentages for each category of holding at 28 February 2015. 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. For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 249,418 225,430 Amounts receivable on issue of units 51,501 63,441 Amounts payable on cancellation of units (127,962) (51,140) (76,461) 12,301 Stamp duty reserve tax – (32) Change in net assets attributable to unitholders from investment activities (10,603) 5,947 Retained distribution on accumulation units 5,585 5,772 Closing net assets attributable to unitholders 167,939 249,418

351 BlackRock Collective Investment Funds 352 Mid Cap UK Equity Tracker Balance Sheet Mid Cap UK Equity Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

4. Revenue

N C D Hall (Director) For the year For the year G D Bamping (Director) to 29.2.2016 to 28.2.2015 £000’s £000’s BlackRock Fund Managers Limited 28 April 2016 Interest from UK bank deposits 5 4 Manager’s charge rebates 1 2 Overseas dividends 954 639 Overseas REIT dividends 8 – Securities lending revenue 121 11 Stock dividends 186 78 UK dividends 5,516 5,508 UK REIT dividends 87 128 Total revenue 6,878 6,370

353 BlackRock Collective Investment Funds 354 Mid Cap UK Equity Tracker Notes to Financial Statements continued

6. Interest payable and similar charges At 29 February 2016, the Fund had surplus management expenses of £000 692 (28 February 2015: £000 500). 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 £000 140 For the year For the year (28 February 2015: £000 100) has not been recognised. to 29.2.2016 to 28.2.2015 £000’s £000’s 8. Distributions Interest on bank overdrafts 1 – For the year For the year 7. Taxation to 29.2.2016 to 28.2.2015 £000’s £000’s (a) Analysis of tax charge Interim distribution 4,463 3,448 For the year For the year Final distribution 1,802 2,524 to 29.2.2016 to 28.2.2015 £000’s £000’s 6,265 5,972 Irrecoverable overseas tax 4 1 Add: Amounts deducted on cancellation of units 457 402 Total current tax charge [see note 7(b)] 4 1 Less: Amounts received on issue of units (448) (501) Distributions 6,274 5,873

Net revenue after taxation 6,460 5,951 Less: Non distributable stock dividends (186) (78) Distributions 6,274 5,873

Details of the interim and final distributions per unit are set out in the tables on page 342.

355 BlackRock Collective Investment Funds 356 Mid Cap UK Equity Tracker Notes to Financial Statements continued

9. Debtors 12. Contingent Assets and Liabilities

29.2.2016 28.2.2015 There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). £000’s £000’s Accrued revenue 204 193 13. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Amounts receivable for issue of units 165 162 Overseas tax recoverable 4 20 The Fund may, subject to the conditions and within the limits laid down by the Financial Total debtors 373 375 Conduct Authority and the Prospectus, engage in securities lending and employ techniques and instruments relating to transferable securities for efficient portfolio management purposes.

10. Cash and Bank Balances The securities lending agent appointed pursuant to the securities lending agreement is BlackRock 29.2.2016 28.2.2015 Advisors (UK) Limited which is a related party to the Fund. £000’s £000’s The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity Amounts held at futures clearing houses and brokers 24 – allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly Cash and bank balances 3,189 4,546 related to securities loan transactions as well as the cost of indemnification against borrower Total cash and bank balances 3,213 4,546 default.

11. Other Creditors During the year the Fund engaged in securities lending. The Fund receives either cash collateral or securities as collateral for a value in excess of the market value of the securities loaned. As at the 29.2.2016 28.2.2015 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. £000’s £000’s Accrued Audit fee 7 7 The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of the Fund in any or all of the following collateral agents and central securities depositaries: Bank of Accrued FCA fee 1 1 New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give Accrued Manager’s charge 44 102 as per the schedule in order to cover the required value of exposure. Accrued Registrar’s fee 3 3 The Investment Manager monitors the fair value of the securities loaned and additional collateral Accrued Safe custody fees 1 1 is obtained, if necessary. Accrued Trustee’s fee 2 4 Amounts payable for cancellation of units 1,246 12 Securities lending revenue is split between the Fund and the securities lending agent in the ratio 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s Custodian transaction costs 2 1 share. Purchases awaiting settlement – 85 Total other creditors 1,306 216 The securities lending revenue earned during the year, the value of securities on loan at the year end and the value of collateral held at the year end for the Fund are shown below:

29.2.2016 28.2.2015 £000’s £000’s Revenue earned during the year 121 11 Value of securities on loan at the year end 21,340 9,14 9 Value of collateral held on behalf of the Fund at the year end 23,917 10,341

The Fund’s securities lending borrowing counterparties are Barclays Bank Plc, Citigroup, HSBC, JP Morgan Chase Securities Plc, Société Générale and UBS.

357 BlackRock Collective Investment Funds 358 Mid Cap UK Equity Tracker Notes to Financial Statements continued

The following entities were related parties of the Fund during the year ended 29 February 2016: Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited Equity instruments 52,679 6 0.01 253 0.48 Securities lending agent: BlackRock Advisors (UK) Limited Collective investment schemes 8,077 2 0.02 20 0.25 Total purchases 60,756 8 273 The ultimate holding company of the Manager, Investment Manager and securities lending agent is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Total purchases including Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services transaction costs 61,037 to the Fund during the years ended 29 February 2016 and 28 February 2015. Direct Transaction Costs The Manager acts as either principal or agent for the Trustee in respect of all transactions of units Transaction Value Commissions Taxes of the Fund. The aggregate monies received through issue and paid through cancellation of units Sales (excluding derivatives) £000’s £000’s % £000’s % are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any Equity instruments 115,271 21 0.02 1 0.00 amounts due to or from the Manager at the year end are disclosed in notes 9 and 11. Management Collective investment schemes 15 ,117 9 0.06 – – fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 11. Securities lending Total sales 130,388 30 1 revenue earned by the Fund is disclosed in notes 4 and 13. Total sales net of transaction costs 130,357

The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing Derivative transaction costs 4 – 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 Total transaction costs 42 274 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 Total transaction costs extent permitted by applicable law: research reports on companies, industries and securities; and as a % of average net assets 0.02% 0 .12 % 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, 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.

As at 29 February 2016 and 28 February 2015, none of the unitholders:

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

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

359 BlackRock Collective Investment Funds 360 Mid Cap UK Equity Tracker Notes to Financial Statements continued

For the year ended 28 February 2015 16. Units in Issue

Direct Transaction Costs The movement in units in issue for the year ended 29 February 2016 is as follows:

Transaction Value Commissions Taxes A Accumulation L Accumulation X Accumulation D Income D Accumulation Purchases (excluding derivatives) £000’s £000’s % £000’s % Units Units Units Units Units Equity instruments 70,910 9 0.01 324 0.46 Balance at the beginning of the year 11,463,201 5 0,15 7,9 07 5,669,882 11,658,578 71,488,147 Collective investment schemes 6 ,19 0 2 0.04 24 0.38 Issued during the year 2,014,295 6,286,362 773,054 11,632,132 10,285,770 Corporate actions 126 – – – – Cancelled during the year (8,027,362) (44,305,179) (2,141,028) (15,887,164) (7,794,237) Total purchases 77,226 11 348 Converted during the year (4,076) – – – 4,010 Balance at the end of the year 5,446,058 12 ,13 9,0 9 0 4,301,908 7,403,546 73,983,690 Total purchases including transaction costs 77,585 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and

Direct Transaction Costs taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % on winding up. Equity instruments 57,869 6 0.01 1 0.00 17. Post Balance Sheet Events Collective investment schemes 6,061 2 0.03 – – There have been no significant events subsequent to the year end, which, in the opinion of the Total sales 63,930 8 1 Manager, may have had an impact on the financial statements for the year ended 29 February 2016. Total sales net of transaction costs 63,921

Derivative transaction costs 2 –

Total transaction costs 21 349

Total transaction costs as a % of average net assets 0.01% 0 .16 %

361 BlackRock Collective Investment Funds 362 BlackRock North American Equity Tracker Fund North American Equity Tracker Fund

About the Fund This Annual Report covers the year ended 29 February 2016.

The BlackRock North American Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Performance Table Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was established For the year For the three years For the five years and authorised by the Financial Conduct Authority on 21 June 2005. The Fund was previously known to 29.2.2016 to 29.2.2016 to 29.2.2016 as Merrill Lynch North American Equity Tracker Fund. It adopted its present name with effect from TOTAL Return 28 April 2008. (with net income reinvested) Class L Accumulation Units# Investment Objective & Policy BlackRock North American Equity Tracker Fund +2.5% +42.3% +76.6% The aim of the Fund is to seek to achieve capital growth for investors by tracking closely the FTSE World North America Index* +2.9% +43.2% +78.5% performance of the FTSE World North America Index by investing in companies in the Index. Investment 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. will be made directly into constituent companies and via other transferable securities giving exposure Performance returns are cumulative. All returns are in Sterling. * Figures from Index Vendor. to such companies. The Fund may also invest in permitted money-market instruments, permitted # D Accumulation class was renamed as L Accumulation class during June 2012. deposits and units in collective investment schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. 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. Risk and Reward Profile 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. 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 Accumulation 1 2 3 4 5 6 7 H 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.

363 BlackRock Collective Investment Funds 364 North American Equity Tracker Fund continued

The table below compares the realised Fund performance against the performance of the relevant In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: Fund on any income received from its investments. The level and quantum of tracking error arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with Fund return Benchmark return various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending for the year for the year Tracking activities carried out by the Fund. to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Before costs, the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex is a result of (a) the stock markets on ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking 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, resulting in a temporary mismatch Anticipated Realised on days when units are created or Tracking Error Tracking Error Explanation for difference redeemed, (b) temporary divergences in The Fund has tracked its benchmark index within its anticipated the calculation when the Index provider Up to 2.50%* 2.31%* tracking error. calculates index values during UK bank holidays while the Fund is closed, (c) * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units. income from securities lending activity and (d) withholding tax differences +2.54%* +2.90% -0.36% between the Fund and index.

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

365 BlackRock Collective Investment Funds 366 North American Equity Tracker Investment Report North American Equity Tracker Performance Record

Summary of Performance over the Period Comparative Table

During the period from 1 March 2015 to 29 February 2016, the Fund returned 2.5%,* compared with A Accumulation Units L Accumulation Units its benchmark, the FTSE World North America Index, which returned 2.9%. Before costs, the tracking For the period For the period For the year For the year For the year For the year difference is a result of (a) the stock markets on which the benchmark index operates being closed from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 at the Fund’s valuation point, resulting in a temporary mismatch on days when units are created or to 28.2.2014 to 28.2.2014

redeemed, (b) temporary divergences in the calculation when the Index provider calculates index Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit values during UK bank holidays while the Fund is closed, (c) income from securities lending activity and Change in net assets per unit (d) withholding tax differences between the Fund and index. Over the six-month period to 29 February Opening net asset value per unit 219.5 178.7 151.6 223.3 181.3 153.3 2016, the Fund returned 9.4%,* outperforming its benchmark, which returned 8.7%. Return before operating charges 6.99 41.80 27.97 7.15 42.42 28.36 Fund Manager’s Commentary Operating charges (1.10) (1.00) (0.87) (0.46) (0.42) (0.36) The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s Return after operating charges 5.89 40.80 2 7.10 6.69 42.00 28.00 economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Closing net asset value per unit 225.4 219.5 178.7 230.0 223.3 181.3

Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by Retained distributions on 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s accumulation units 2.88 2.51 2.46 3.60 3 .15 3.08 growing confidence in employment and inflation prospects. By contrast, the European Central Bank After direct transaction costs of 0.00 (0.01) (0.02) 0.00 (0.01) (0.02) extended its asset-purchase programme for another few months, as the region’s economy struggled to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, Performance lowered benchmark rates in a bid to stimulate growth. Return after charges1 2.68% 22.83% 17.88% 3.00% 2 3 .17 % 18.26%

In the months leading up to December’s interest-rate hike, the chair of the Fed, Janet Yellen, reiterated Other information that employment had to be in decent shape before rates could be raised. US non-farm payrolls (a Closing net asset value (£000’s) 8,980 17,050 23,440 2,555,809 2,526,827 1,945,947 measure of employment) were healthy over the year, with the exception of August and September, Closing number of units 3,984,618 7,76 9 ,13 8 13,115,200 1,111,248,228 1,131,668,351 1,073,400,235 when just 150,000 and 149,000 jobs, respectively, were added to the US economy. The prospect of Operating charges2 0.51% 0.51% 0.51% 0.21% 0.21% 0.21%

further rate hikes receded as US inflation expectations (as measured by the 10-year breakeven rate) Direct transaction costs3 0.00% 0.01% 0.01% 0.00% 0.01% 0.01% fell to just 1.39% in late January. Meanwhile, fourth-quarter GDP came in at an annualised rate of 0.7%, falling short of analysts’ expectations. Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 244.5 232.4 190.7 237.0 225.2 184.3

The Fund is structured to track the FTSE World North America Index closely, so its portfolio remains Lowest bid unit price 19 8 .1 175.3 151.6 201.8 177.9 153.3 positioned so that its risk characteristics are similar to those of the Index. * 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. March 2016 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for fees and reported for the Fund’s class L Accumulation Units. further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

367 BlackRock Collective Investment Funds 368 North American Equity Tracker Performance Record continued

Comparative Table Comparative Table

X Accumulation Units D Accumulation Units H Accumulation Units

For the period For the period For the period For the year For the year For the year For the year For the year from 1.2.2013* from 1.2.2013* from 2.9.2014^ to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2014 to 28.2.2014 to 28.2.2015

Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 167.8 136.0 114.7 222.0 180.2 152.2 Opening net asset value per unit 111.7 100.0

Return before operating charges 5.41 31.81 21.31 7.05 42 .10 28.28 Return before operating charges 3.56 11.82

Operating charges (0.02) (0.01) (0.01) (0.18) (0.30) (0.28) Operating charges (0.08) (0 .12 )

Return after operating charges 5.39 31.80 21.30 6.87 41.80 28.00 Return after operating charges 3.48 11.70

Closing net asset value per unit 173.2 167.8 136.0 228.9 222.0 180.2 Closing net asset value per unit 115.2 111.7

Retained distributions on Retained distributions on accumulation units 1.93 0.88 accumulation units 3.03 2.65 2.58 3.79 3.23 3 .15 After direct transaction costs of 0.00 0.00 After direct transaction costs of 0.00 (0.01) (0.01) 0.00 (0.01) (0.02) Performance Performance Return after charges1 3 .12 % 11.70% Return after charges1 3.21% 23.38% 18.57% 3.09% 23.20% 18.40% Other information Other information Closing net asset value (£000’s) 92,817 1,468 Closing net asset value (£000’s) 478,266 252,039 18 6 ,112 144,565 139,735 29,200 Closing number of units 80,581,756 1,314,651 Closing number of units 276,149,462 15 0 ,16 7,4 42 136,835,510 63,165,408 62,935,812 16,204,221 Operating charges2§ 0.07% 0 .11% Operating charges2§ 0.01% 0.01% 0.01% 0.08% 0 .15 % 0 .16 % Direct transaction costs3 0.00% 0.00% Direct transaction costs3 0.00% 0.01% 0.01% 0.00% 0.01% 0.01% Prices Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 124.4 118.3 Highest offer unit price 178.2 169.3 138.2 235.6 223.9 18 3 .1 Lowest bid unit price 101.0 93.88 Lowest bid unit price 151.9 133.5 114.7 200.8 176.8 152.2 ^ The date of commencement of operations. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as consolidate the publication of the reports. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as prices (the price at which units are sold). the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for prices (the price at which units are sold). further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for depositary and entry/exit charges paid to an underlying collective investment scheme (if any). further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ § Please note the annual management charge was reduced on 11 August 2015 from 0.1% to 0.065% in respect to H Accumulation units. depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale § Please note the annual management charge was reduced on 11 August 2015 from 0.15% to 0.065% in respect to D Accumulation units. of equity instruments. See note 15 for further details. 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

369 BlackRock Collective Investment Funds 370 North American Equity Tracker Distribution Tables North American Equity Tracker Portfolio Statement for the year ended 29 February 2016 at 29 February 2016

A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation EQUITIES – 99.78%; 2015 99.55% Units Units Units Units Units Canada – 4.50%; 2015 5.46% Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Aerospace & Defence – 0.01%; 2015 0.01% Net revenue (dividend) 1.7105 1.3189 2.0692 1.3794 1.7145 0.8846 2.2025 1.2409 1.10 9 0 0.6568 326,201 Bombardier class ‘B’ shares 182 0.01 Equalisation† – 0.3916 – 0.6898 – 0.8299 – 0.9616 – 0.4522 Automobiles & Parts – 0.08%; 2015 0.11% Distribution payable 30.4.2016 1.7105 1.7105 2.0692 2.0692 1.7145 1.7145 2.2025 2.2025 1.1090 1.1090 92,635 Magna International class ‘A’ shares 2,547 0.08 Distribution paid 30.4.2015 1.3336 1.3336 1.6699 1.6699 1.4067 1.4067 1.7117 1.7117 0.8791 0.8791 Banks – 1.34%; 2015 1.49% 147,832 Bank of Montreal 5,830 0.18 Interim Distribution in Pence per Unit 277,295 Bank of Nova Scotia 7,969 0.24 Group 1 – Units purchased prior to 1 March 2015 90,923 Canadian Imperial Bank of Commerce 4,357 0.13 Group 2 – Units purchased 1 March 2015 to 31 August 2015 79,618 National Bank of Canada 1,546 0.05 A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation 339,368 Royal Bank of Canada 12,336 0.38 Units Units Units Units Units÷ 422,184 Toronto-Dominion Bank 11,737 0.36 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 43,775 1.34 Net revenue (dividend) 1.1710 0.5747 1.5276 0.6970 1.3114 0.3035 1.5830 0.8187 0.8234 0.3163 Chemicals – 0.13%; 2015 0.22% Equalisation† – 0.5963 – 0.8306 – 1.0079 – 0.7643 – 0.5071 31,364 Agrium 1,952 0.06 Distribution paid 31.10.2015 1.1710 1.1710 1.5276 1.5276 1.3114 1.3114 1.5830 1.5830 0.8234 0.8234 191,107 Potash Corporation of Saskatchewan 2,351 0.07 Distribution paid 31.10.2014 1.17 6 2 1.17 6 2 1.4771 1.4771 1.2465 1.2465 1.5143 1.5143 N/A N/A 4,303 0.13 † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included Construction & Materials – 0.02%; 2015 0.02% 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. 29,676 SNC-Lavalin 673 0.02 ÷ H Accumulation class commenced September 2014. Electricity – 0.04%; 2015 0.05%

70,987 Fortis 1,416 0.04 Financial Services – 0.22%; 2015 0.23% 207,457 Brookfield Asset Management class ‘A’ shares 4,624 0.14 64,414 CI Financial 1,030 0.03 34,397 Franco-Nevada 1,466 0.04 20,581 IGM Financial 387 0.01 7,507 0.22 Fixed Line Telecommunications – 0.07%; 2015 0.09% 55,958 BCE 1,728 0.05 31,916 TELUS 666 0.02 2,394 0.07

371 BlackRock Collective Investment Funds 372 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 £000’s Assets Value Investment £000’s Assets Food & Drug Retailers – 0.21%; 2015 0.17% Media – 0.10%; 2015 0.11% 91,062 Alimentation Couche-Tard class ‘B’ shares 2,960 0.09 84,477 Shaw Communications class ‘B’ shares 1,050 0.03 9,902 George Weston 585 0.02 83,575 Thomson Reuters 2,198 0.07 55,396 Loblaw 2,028 0.06 3,248 0.10 50,031 Metro class ‘A’ voting shares 1,154 0.04 Mining – 0.22%; 2015 0.27% 6,727 0.21 57,272 Agnico Eagle Mines 1,424 0.04 Food Producers – 0.03%; 2015 0.03% 289,266 Barrick Gold 2,813 0.09 49,932 Saputo 1,034 0.03 197,892 Goldcorp 1,972 0.06 95,197 Silver Wheaton 1,055 0.03 Gas, Water & Multiutilities – 0.07%; 2015 0.08% 40,913 Canadian Utilities class ‘A’ shares 704 0.02 7,264 0.22 83,681 Pembina Pipeline 1,492 0.05 Mobile Telecommunications – 0.07%; 2015 0.06% 2,196 0.07 86,155 Rogers Communications class ‘B’ shares 2,269 0.07 General Retailers – 0.03%; 2015 0.04% Non-Life Insurance – 0.11%; 2015 0.09% 15,865 Canadian Tire class ‘A’ shares 1,093 0.03 5,510 Fairfax Financial 2,098 0.06 33,215 Intact Financial 1,534 0.05 Industrial Engineering – 0.01%; 2015 0.02% 40,939 Finning International 404 0.01 3,632 0.11 Industrial Metals & Mining – 0.05%; 2015 0.11% Oil & Gas Producers – 0.51%; 2015 0.73% 83,694 Cameco 721 0.02 66,029 ARC Resources 628 0.02 162,631 First Quantum Minerals 419 0.01 252,231 Canadian Natural Resources 3,675 0.11 101,373 Teck Resources class ‘B’ shares 412 0.01 201,111 Cenovus Energy 1,595 0.05 177,079 Turquoise Hill Resources 281 0.01 102,113 Crescent Point Energy 879 0.03 209,177 Encana 592 0.02 1,833 0.05 63,650 Husky Energy 475 0.02 Industrial Transportation – 0.28%; 2015 0.38% 56,539 Imperial Oil 1,284 0.04 159,034 Canadian National Railway 6,684 0.20 33,706 MEG Energy 84 0.00 30,550 Canadian Pacific Railway 2,652 0.08 365,566 Suncor Energy 6,403 0.20 9,336 0.28 56,616 Tourmaline Oil 742 0.02 Life Insurance – 0.33%; 2015 0.37% 16,357 0.51 72,836 Great-West Lifeco 1,351 0.04 Oil Equipment, Services & Distribution – 0.31%; 2015 0.36% 456,701 Manulife Financial 4,349 0.13 194,032 Enbridge 4,855 0.15 86,735 Power Corp of Canada 1,351 0.04 66,320 Inter Pipeline 862 0.03 64,474 Power Financial 1,076 0.03 162,765 TransCanada 4,302 0.13 140,094 Sun Life Financial 3,032 0.09 10,019 0.31 11,159 0.33 Pharmaceuticals & Biotechnology – 0.12%; 2015 0.28% 70,357 Valeant Pharmaceuticals 4,060 0.12

373 BlackRock Collective Investment Funds 374 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 £000’s Assets Value Investment £000’s Assets Real Estate Investment Trusts – 0.04%; 2015 0.03% Banks – 5.15%; 2015 5.34% 88,174 RioCan Real Estate Investment Trust 1,205 0.04 2,534,023 Bank of America 23,214 0.71 189,583 BB&T 4,557 0.14 Software & Computer Services – 0.05%; 2015 0.05% 719,950 Citigroup 20,519 0.63 55,959 CGI class ‘A’ shares 1,687 0.05 125,751 Citizens Financial 1,791 0.06 Technology Hardware & Equipment – 0.02%; 2015 0.02% 40,348 Comerica 1,018 0.03 102,231 BlackBerry 549 0.02 20,932 Commerce Bancshares 653 0.02 Travel & Leisure – 0.03%; 2015 0.04% 200,558 Fifth Third Bancorp 2,269 0.07 43,973 Restaurant Brands International 1,088 0.03 31,800 First Republic Bank 1,459 0.04 206,805 Huntington Bancshares 1,336 0.04 United States – 94.86%; 2015 93.96% 893,735 JP Morgan Chase 37,124 1.13 Aerospace & Defence – 2.03%; 2015 2.25% 215,093 KeyCorp 1,663 0.05 23,153 B/E Aerospace 725 0.02 35,737 M&T Bank 2,739 0.08 147,193 Boeing 12,554 0.38 124,050 New York Community Bancorp 1,380 0.04 71,905 General Dynamics 7,117 0.22 63,445 People’s United Financial 682 0.02 19,378 L-3 Communications 1,664 0.05 121,033 PNC Financial Services* 7,335 0.22 74,940 Lockheed Martin 11,748 0.36 335,357 Regions Financial 1,874 0.06 43,664 Northrop Grumman 6,056 0.19 88,448 SLM 379 0.01 72,169 Raytheon 6,485 0.20 124,037 SunTrust Banks 3,092 0.09 33,716 Rockwell Collins 2,152 0.07 426,599 US Bancorp 12,094 0.37 71,002 Textron 1,770 0.05 1,242,338 Wells Fargo 43,093 1.31 12,405 Transdigm 1,943 0.06 55,432 Zions Bancorporation 871 0.03 199,172 United Technologies 14,044 0.43 16 9,142 5 .15 66,258 2.03 Beverages – 2.22%; 2015 1.98% Automobiles & Parts – 1.12%; 2015 1.25% 30,781 Brown-Forman class ‘B’ shares 2,224 0.07 23,292 Autoliv 1,799 0.06 1,003,536 Coca-Cola 31,245 0.95 50,306 BorgWarner 1,200 0.04 58,290 Coca-Cola Enterprises 2,065 0.06 66,856 Delphi Automotive 3,221 0.10 38,763 Constellation Brands class ‘A’ shares 3,974 0.12 942,556 Ford Motor 8,478 0.26 46,169 Dr Pepper Snapple 3,072 0.09 341,529 General Motors 7,300 0.22 34,359 Molson Coors Brewing class ‘B’ shares 2,113 0.06 70,092 Gentex 732 0.02 35,932 Monster Beverage 3,392 0.10 37,268 Genuine Parts 2,455 0.07 353,610 PepsiCo 25,106 0.77 45,995 Harley-Davidson 1,440 0.04 73,191 2.22 162,032 Johnson Controls 4,331 0.13 17,165 Lear 1,261 0.04 Chemicals – 1.72%; 2015 1.94% 75,127 LKQ 1,527 0.05 51,021 Air Products & Chemicals 4,921 0.15 21,643 Tesla Motors 2,973 0.09 12,636 Airgas 1,293 0.04 15,167 Ashland 1,050 0.03 36,717 1.12 19,717 Avery Dennison 946 0.03 39,074 Celanese 1,722 0.05 60,185 CF Industries 1,518 0.05 271,548 Dow Chemical 9,552 0.29

375 BlackRock Collective Investment Funds 376 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 £000’s Assets Value Investment £000’s Assets 210,004 Du Pont de Nemours 9,323 0.28 156,510 PPL 3,933 0.12 37,781 Eastman Chemical 1,777 0.05 126,335 Public Service Enterprise 3,881 0.12 65,940 Ecolab 5,057 0.15 220,693 Southern 7,673 0.23 28,117 FMC 773 0.02 53,309 Teco Energy 1,057 0.03 21,320 International Flavors & Fragrances 1,602 0.05 123,870 Xcel Energy 3,511 0.11 90,498 Lyondellbasell Industries class ‘A’ shares 5,236 0.16 77,763 2.36 85,872 Mosaic 1,662 0.05 67,350 PPG Industries 4,772 0.15 Electronic & Electrical Equipment – 0.88%; 2015 0.86% 69,135 Praxair 5,152 0.16 83,333 Agilent Technologies 2,261 0.07 7,720 Westlake Chemical 245 0.01 22,568 Allegion 1,040 0.03 58,615 AMETEK 1,974 0.06 56,601 1.72 76,866 Amphenol class ‘A’ shares 2,936 0.09 Construction & Materials – 0.43%; 2015 0.36% 19,839 Arrow Electronics 830 0.03 22,884 Chicago Bridge & Iron 581 0.02 30,172 Avnet 903 0.03 35,221 Fluor 1,190 0.04 160,319 Emerson Electric 5,715 0.17 40,558 Fortune Brands Home & Security 1,498 0.05 15,693 First Solar 796 0.02 27,809 Jacobs Engineering 780 0.02 133,031 Flextronics International 1,038 0.03 14,974 Martin Marietta Materials 1,537 0.05 39,206 Jabil Circuit 590 0.02 78,490 Masco 1,628 0.05 35,206 Keysight Technologies 659 0.02 45,420 MDU Resources 596 0.02 5,392 Mettler-Toledo 1,233 0.04 19,013 Sherwin-Williams 3,745 0.11 24,358 Roper Industries 2,994 0.09 33,517 Vulcan Materials 2,389 0.07 43,902 Sensata technology 1,106 0.03 13,944 0.43 94,737 TE Connectivity 3,942 0.12 56,685 Trimble Navigation 965 0.03 Electricity – 2.36%; 2015 2.04% 28,982 0.88 146,431 AES 1,042 0.03 30,053 Alliant Energy 1,477 0.05 Financial Services – 4.44%; 2015 4.61% 120,240 American Electric Power 5,336 0.16 12,045 Affiliated Managers 1,191 0.04 70,080 Calpine 625 0.02 114,483 Ally Financial 1,450 0.04 71,923 CMS Energy 2,050 0.06 210,940 American Express 8,430 0.26 72,128 Consolidated Edison 3,663 0.11 43,145 Ameriprise Financial 2,694 0.08 144,891 Dominion Resources 7,324 0.22 269,991 Bank of New York Mellon 7,036 0.21 44,165 DTE Energy 2,687 0.08 30,119 BlackRock* 6,822 0.21 76,444 Edison International 3,712 0.11 112,982 Capital One 5,478 0.17 45,652 Entergy 2,364 0.07 275,338 Charles Schwab 5,059 0.15 80,114 Eversource Energy 3,167 0.10 52,022 CIT 1,127 0.03 210,972 Exelon 4,829 0.15 77,710 CME 5,223 0.16 105,920 FirstEnergy 2,509 0.08 105,808 Discover Financial Services 3,601 0.11 109,924 NextEra Energy 8,928 0.27 27,119 Equifax 2,082 0.06 70,906 NRG Energy 568 0.02 60,957 FNF 1,447 0.04 54,645 Pepco 1,049 0.03 100,185 Franklin Resources 2,614 0.08 121,098 PG&E 4,932 0.15 29,239 Pinnacle West Capital 1,446 0.04

377 BlackRock Collective Investment Funds 378 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 £000’s Assets Value Investment £000’s Assets 98,354 Goldman Sachs 10,660 0.32 Food Producers – 1.97%; 2015 1.80% 27,507 Intercontinental Exchange 4,763 0.15 150,336 Archer Daniels Midland 3,775 0.12 104,537 Invesco 2,044 0.06 33,524 Bunge 1,221 0.04 21,286 Legg Mason 439 0.01 41,583 Campbell Soup 1,860 0.06 36,989 Liberty Ventures 975 0.03 107,795 ConAgra Foods 3,275 0.10 238,999 MasterCard class ‘A’ shares 15,109 0.46 145,239 General Mills 6,185 0.19 67,096 McGraw Hill Financial 4,324 0.13 22,084 Herbalife 879 0.03 49,770 Moody’s 3,183 0.10 39,306 Hershey Foods 2,571 0.08 340,433 Morgan Stanley 6,183 0.19 70,846 Hormel Foods 2,197 0.07 92,966 Navient 710 0.02 28,414 JM Smucker 2,618 0.08 53,939 Northern Trust 2,345 0.07 57,769 Kellogg 3,062 0.09 31,815 SEI Investments 885 0.03 27,010 Keurig Green Mountain 1,792 0.05 21,284 Santander Consumer USA 161 0.01 142,868 Kraft Heinz 8,025 0.24 101,266 State Street 4,050 0.12 89,328 Leucadia National 956 0.03 200,959 Synchrony Financial 4,050 0.12 26,021 McCormick & Co 1,757 0.05 59,879 T Rowe Price 3,013 0.09 48,876 Mead Johnson 2,575 0.08 56,455 TD Ameritrade 1,189 0.04 382,831 Mondelez International 11,242 0.34 473,685 Visa 24,870 0.76 105,281 Monsanto 6,883 0.21 53,047 Voya Financial 1,140 0.04 76,602 Tyson Foods 3,603 0.11 130,277 Western Union 1,735 0.05 64,476 1.97 146,082 4.44 Forestry & Paper – 0.08%; 2015 0.11% Fixed Line Telecommunications – 2.54%; 2015 2.06% 102,173 International Paper 2,598 0.08 1,500,224 AT&T 40,201 1.23 Gas, Water & Multiutilities – 0.89%; 2015 0.85% 139,298 CenturyLink 3,034 0.09 54,686 Ameren 1,835 0.06 315,758 Frontier Communications 1,238 0.04 46,904 American Water Works 2,194 0.07 66,073 Level 3 Communications 2,337 0.07 97,199 CenterPoint Energy 1,300 0.04 990,500 Verizon Communications 36,474 1.11 168,506 Duke Energy 9,002 0.27 83,284 2.54 70,461 Nisource 1,094 0.03 Food & Drug Retailers – 1.78%; 2015 1.80% 44,727 ONEOK 742 0.02 52,588 AmerisourceBergen 3,323 0.10 43,182 Questar 767 0.02 81,312 Cardinal Health 4,873 0.15 34,626 SCANA 1,620 0.05 268,923 CVS Health 18,957 0.58 60,913 Sempra Energy 4,206 0.13 227,421 Kroger 6,477 0.20 157,724 Spectra Energy 3,326 0.10 56,368 McKesson 6,375 0.19 77,668 WEC Energy 3,164 0.10 128,218 Sysco 4,003 0.12 29,250 0.89 214,666 Walgreens Boots Alliance 12,328 0.38 82,660 Whole Foods Market 1,855 0.06 58,191 1.78

379 BlackRock Collective Investment Funds 380 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 £000’s Assets Value Investment £000’s Assets General Industrials – 3.02%; 2015 2.73% 19,264 Signet Jewelers 1,379 0.04 149,387 3M 17,065 0.52 139,724 Staples 955 0.03 35,416 Ball 1,713 0.05 149,565 Target 8,467 0.26 19,936 Bemis 702 0.02 30,618 Tiffany 1,447 0.04 140,861 Danaher 9,058 0.28 165,673 TJX 9,046 0.28 110,194 Eaton 4,556 0.14 27,329 Tractor Supply 1,672 0.05 2,275,441 General Electric 48,260 1.47 15,923 Ulta Salon Cosmetics & Fragrance 1,893 0.06 188,265 Honeywell International 14,002 0.43 22,784 Urban Outfitters 439 0.01 39,524 Owens-Illinois 433 0.01 391,035 Wal-Mart Stores 18,769 0.57 53,301 Sealed Air 1,780 0.05 190,750 5.80 66,187 WestRock 1,604 0.05 Healthcare Equipment & Services – 4.28%; 2015 3.77% 99,173 3.02 85,722 Aetna 6,802 0.21 General Retailers – 5.80%; 2015 5.13% 64,513 Anthem 6,169 0.19 17,226 Advance Auto Parts 1,866 0.06 129,778 Baxalta 3,670 0.11 91,574 Amazon 36,693 1.12 128,189 Baxter International 3,647 0.11 21,375 AutoNation 797 0.02 50,895 Becton Dickinson 5,496 0.17 7,381 AutoZone 4,165 0.13 320,027 Boston Scientific 3,976 0.12 40,018 Bed Bath & Beyond 1,415 0.04 25,013 Centene 1,041 0.03 73,925 Best Buy 1,732 0.05 63,175 Cigna 6,440 0.20 53,164 CarMax 1,811 0.06 18,779 CR Bard 2,652 0.08 106,214 Costco Wholesale 11,472 0.35 50,913 DaVita 2,443 0.07 68,191 Dollar General 3,741 0.11 36,470 Dentsply International 1,597 0.05 55,532 Dollar Tree 3,272 0.10 52,998 Edwards Lifesciences 3,363 0.10 266,120 eBay 4,645 0.14 162,155 Express Scripts 8,346 0.25 31,192 Foot Locker 1,444 0.04 73,245 HCA 3,725 0.11 25,407 GameStop 560 0.02 20,935 Henry Schein 2,531 0.08 54,898 Gap 1,079 0.03 72,340 Hologic 1,831 0.06 61,175 H&R Block 1,489 0.05 34,808 Humana 4,490 0.14 308,818 Home Depot 28,150 0.86 9,228 Intuitive Surgical 3,780 0.12 40,445 Kohl’s 1,367 0.04 24,450 Laboratory Corporation of America 1,959 0.06 54,229 L Brands 3,304 0.10 343,610 Medtronic 19,169 0.58 226,088 Lowe’s 11,278 0.34 16,958 Patterson 544 0.02 83,451 Macy’s 2,616 0.08 37,994 Quest Diagnostics 1,844 0.06 97,606 Netflix 6,678 0.20 70,140 St Jude Medical 2,763 0.08 32,535 Nordstrom 1,233 0.04 69,026 Stryker 5,050 0.15 24,524 O’Reilly Automotive 4,653 0.14 96,293 Thermo Fisher Scientific 9,087 0.28 265,181 PayPal 7,175 0.22 232,936 UnitedHealth 20,397 0.62 99,656 Ross Stores 4,048 0.12 21,444 Universal Health Services class ‘B’ shares 1,755 0.05 21,413 Varian Medical Systems 1,220 0.04 17,660 Waters 1,553 0.05 43,442 Zimmer 3,058 0.09 140,398 4.28

381 BlackRock Collective Investment Funds 382 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 £000’s Assets Value Investment £000’s Assets Household Goods & Home Construction – 1.93%; 2015 1.71% Industrial Transportation – 1.41%; 2015 1.64% 33,557 Church & Dwight 2,221 0.07 40,898 AerCap 1,048 0.03 33,104 Clorox 3,054 0.09 32,051 CH Robinson Worldwide 1,628 0.05 80,446 DR Horton 1,577 0.05 235,972 CSX 4,139 0.13 13,243 Edgewell Personal Care 735 0.02 49,606 Expeditors International of Washington 1,650 0.05 48,270 Jarden 1,860 0.06 65,201 FedEx 6,467 0.20 30,903 Leggett & Platt 1,011 0.03 20,751 JB Hunt Transport Services 1,169 0.04 39,359 Lennar class ‘A’ shares 1,200 0.04 27,792 Kansas City Southern 1,684 0.05 15,835 Mohawk Industries 2,041 0.06 71,550 Norfolk Southern 3,857 0.12 66,585 Newell Rubbermaid 1,858 0.06 11,470 Ryder System 478 0.01 871 NVR 1,022 0.03 208,618 Union Pacific 12,043 0.37 659,935 Procter & Gamble 38,622 1.18 168,455 United Parcel Service class ‘B’ shares 11,849 0.36 67,458 Pulte Homes 846 0.03 46,012 1.41 12,454 Snap-on 1,324 0.04 37,989 Stanley Black & Decker 2,622 0.08 Leisure Goods – 0.39%; 2015 0.33% 36,521 Toll Brothers 727 0.02 160,521 Activision Blizzard 3,693 0.11 19,353 Whirlpool 2,159 0.07 70,056 Electronic Arts 3,258 0.10 19,180 Harman International 1,076 0.03 62,879 1.93 29,253 Hasbro 1,614 0.05 Industrial Engineering – 1.08%; 2015 1.30% 88,226 Mattel 2,067 0.06 140,470 Caterpillar 6,780 0.21 17,738 Polaris Industries 1,169 0.04 22,177 Colfax 412 0.01 12,877 0.39 43,104 Cummins 3,038 0.09 74,314 Deere 4,263 0.13 Life Insurance – 0.68%; 2015 0.78% 36,263 Dover 1,599 0.05 95,999 Aflac 4,169 0.13 30,724 Flowserve 938 0.03 14,969 Assurant 786 0.02 78,165 Illinois Tool Works 5,356 0.16 97,911 Genworth Financial class ‘A’ shares 153 0.00 65,786 Ingersoll-Rand 2,686 0.08 57,973 Lincoln National 1,569 0.05 21,374 Joy Global 194 0.01 219,738 MetLife 6,359 0.19 83,275 Paccar 3,122 0.10 71,873 Principal Financial 1,995 0.06 31,859 Parker-Hannifin 2,350 0.07 111,365 Prudential Financial 5,385 0.16 32,884 Rockwell Automation 2,490 0.08 24,597 Torchmark 927 0.03 17,285 Wabtec 859 0.03 65,771 Unum 1,373 0.04 39,450 Xylem 1,073 0.03 22,716 0.68 35,160 1.08 Industrial Metals & Mining – 0.18%; 2015 0.30% 299,339 Alcoa 1,915 0.06 22,376 Allegheny Technologies 199 0.01 259,369 Freeport McMoRan 1,389 0.04 81,922 Nucor 2,363 0.07 5,866 0.18

383 BlackRock Collective Investment Funds 384 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 £000’s Assets Value Investment £000’s Assets Media – 3.52%; 2015 3.85% Mobile Telecommunications – 0.13%; 2015 0.14% 282,391 21st Century Fox America class ‘A’ shares 5,518 0.17 30,082 SBA Communications 2,055 0.06 106,506 21st Centruy Fox America class ‘B’ shares 2,091 0.06 262,853 Sprint 630 0.02 46,542 Cablevision Systems class ‘A’ shares 1,092 0.03 64,176 T-Mobile 1,735 0.05 109,445 CBS class ‘B’ shares 3,816 0.12 4,420 0.13 18,747 Charter Communications 2,452 0.08 592,842 Comcast class ‘A’ shares 24,775 0.76 Non-Life Insurance – 3.37%; 2015 3.24% 41,349 Discovery Communications class ‘A’ shares 748 0.02 113,282 ACE 9,610 0.29 60,462 Discovery Communications class ‘C’ shares 1,072 0.03 300,644 AIG 11,086 0.34 51,102 DISH Network class ‘A’ shares 1,723 0.05 4,248 Alleghany 1,427 0.04 10,910 Dun & Bradstreet 757 0.02 96,668 Allstate 4,487 0.14 15,497 IHS 1,169 0.04 67,131 Aon 4,639 0.14 106,195 Interpublic 1,637 0.05 29,634 Arch Capital 1,458 0.04 4,334 Liberty Broadband class ‘A’ shares 157 0.00 44,590 Arthur J Gallagher 1,289 0.04 13,171 Liberty Broadband class ‘C’ shares 477 0.01 22,687 Axis Capital 883 0.03 61,625 Liberty Global class ‘A’ shares 1,651 0.05 117 Berkshire Hathaway convertible class ‘A’ shares 16,723 0.51 150,833 Liberty Global class ‘B’ shares 3,929 0.12 277,488 Berkshire Hathaway convertible class ‘B’ shares 26,406 0.80 112,417 Liberty Interactive class ‘A’ shares 2,086 0.06 25,667 Brown & Brown 601 0.02 17,339 Liberty Media 445 0.01 36,987 Cincinnati Financial 1,697 0.05 40,721 Liberty Media class ‘C’ shares 1,022 0.03 7,689 CNA Financial 161 0.00 82,661 News Corporation class ‘A’ shares 652 0.02 9,379 Everest Re 1,265 0.04 18,059 News Corporation class ‘B’ shares 151 0.01 103,346 Hartford Financial Services 3,195 0.10 88,434 Nielsen 3,172 0.10 73,114 Loews 1,932 0.06 60,216 Omnicom 3,373 0.10 3,061 Markel 1,915 0.06 16,688 Scripps Networks Interactive 716 0.02 125,785 Marsh & McLennan 5,220 0.16 604,449 Sirius XM 1,606 0.05 50,307 Old Republic International 652 0.02 50,732 Tegna 889 0.03 10,899 PartnerRe 1,103 0.03 190,948 Time Warner 9,185 0.28 133,964 Progressive 3,104 0.09 68,005 Time Warner Cable 9,453 0.29 10,889 RenaissanceRe 899 0.03 86,479 Viacom New class ‘B’ non-voting shares 2,261 0.07 71,957 Travelers 5,635 0.17 401,398 Walt Disney 27,615 0.84 30,625 Willis Towers Watson 2,492 0.08 24,017 WR Berkley 905 0.03 115,690 3.52 77,648 XL 1,941 0.06 Mining – 0.08%; 2015 0.11% 110,725 3.37 53,245 CONSOL Energy 301 0.01 133,931 Newmont Mining 2,450 0.07 Oil & Gas Producers – 4.79%; 2015 5.64% 125,460 Anadarko Petroleum 3,441 0.10 2,751 0.08 10,709 Antero Resources 186 0.01 92,251 Apache 2,627 0.08 106,396 Cabot Oil & Gas 1,569 0.05 17,414 California Resources 6 0.00 54,868 Cheniere Energy 1,413 0.04 137,943 Chesapeake Energy 268 0.01

385 BlackRock Collective Investment Funds 386 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 £000’s Assets Value Investment £000’s Assets 458,926 Chevron 27,941 0.85 309,276 Schlumberger 16,175 0.50 22,432 Cimarex Energy 1,385 0.04 171,566 Weatherford International 795 0.02 64,741 Cobalt International Energy 121 0.00 186,153 Williams Companies 2,102 0.06 29,361 Concho Resources 1,948 0.06 41,445 1.27 296,717 ConocoPhillips 7,306 0.22 18,572 Continental Resources 302 0.01 Personal Goods – 1.53%; 2015 1.39% 101,757 Devon Energy 1,490 0.05 70,491 Coach 1,962 0.06 133,867 EOG Resources 6,524 0.20 218,259 Colgate-Palmolive 10,443 0.32 33,859 EQT 1,387 0.04 53,794 Estee Lauder class ‘A’ shares 3,565 0.11 1,012,423 Exxon Mobil 59,719 1.82 11,263 Fossil 382 0.01 22,216 Helmerich & Payne 852 0.03 91,838 Hanesbrands 1,870 0.06 64,367 Hess 2,001 0.06 88,886 Kimberly-Clark 8,423 0.26 44,990 Hollyfrontier 1,068 0.03 21,974 Lululemon Athletica 976 0.03 169,467 Marathon Oil 980 0.03 38,373 Michael Kors 1,568 0.05 131,835 Marathon Petroleum 3,255 0.10 270,266 Nike class ‘B’ shares 12,211 0.37 35,158 Murphy Oil 435 0.01 21,137 PVH 1,216 0.04 44,229 Newfield Exploration 833 0.03 13,929 Ralph Lauren class ‘A’ shares 913 0.03 106,106 Noble Energy 2,276 0.07 43,897 Under Armour 2,656 0.08 185,261 Occidental Petroleum 9,331 0.28 80,130 VF 3,754 0.11 132,052 Phillips 66 7,538 0.23 49,939 1.53 35,088 Pioneer Natural Resources 3,125 0.10 Pharmaceuticals & Biotechnology – 8.98%; 2015 8.86% 41,182 QEP Resources 319 0.01 362,383 Abbott Laboratories 10,336 0.32 37,721 Range Resources 651 0.02 419,016 AbbVie 16,936 0.52 79,762 Southwestern Energy 367 0.01 54,662 Alexion Pharmaceuticals 5,530 0.17 29,464 Tesoro 1,708 0.05 30,700 Alkermes 744 0.02 114,332 Valero Energy 4,923 0.15 94,790 Allergan 20,392 0.62 49,836 Whiting Petroleum 139 0.00 16,283 Alnylam Pharmaceuticals 681 0.02 157,434 4.79 183,484 Amgen 19,542 0.60 Oil Equipment, Services & Distribution – 1.27%; 2015 1.76% 53,800 Biogen Idec 10,271 0.31 101,456 Baker Hughes 3,239 0.10 38,654 BioMarin Pharmaceutical 2,236 0.07 46,518 Cameron International 2,218 0.07 405,026 Bristol-Myers Squibb 18,198 0.55 70,461 Columbia Pipeline 916 0.03 193,263 Celgene 14,419 0.44 9,569 Core Laboratories 726 0.02 239,567 Eli Lilly 12,727 0.39 17,012 Diamond Offshore Drilling 246 0.01 47,894 Endo International 1,830 0.06 47,447 Ensco 288 0.01 350,480 Gilead Sciences 22,265 0.68 52,168 FMC Technologies 923 0.03 35,779 Illumina 4,010 0.12 202,846 Halliburton 4,803 0.15 33,645 Incyte 1,805 0.06 455,353 Kinder Morgan 5,841 0.18 13,466 Jazz Pharmaceuticals 1,215 0.04 83,690 Nabors Industries 440 0.01 666,772 Johnson & Johnson 50,906 1.55 93,824 National Oilwell Varco 1,951 0.06 24,889 Mallinckrodt Pharmaceuticals 1,244 0.04 55,478 Noble 328 0.01 33,810 Medivation 868 0.03 23,075 Oceaneering International 454 0.01 683,708 Merck 24,989 0.76

387 BlackRock Collective Investment Funds 388 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 £000’s Assets Value Investment £000’s Assets 98,988 Mylan 3,368 0.10 40,224 Vornado Realty Trust 2,502 0.08 33,668 Perrigo 3,140 0.10 24,724 Weingarten Realty Investors 635 0.02 1,487,877 Pfizer 32,459 0.99 86,000 Welltower 3,940 0.12 19,597 Quintiles Transnational 896 0.03 199,617 Weyerhaeuser 3,685 0.11 19,635 Regeneron Pharmaceuticals 5,584 0.17 90,931 2.77 58,929 Vertex Pharmaceuticals 3,701 0.11 119,260 Zoetis 3,646 0.11 Software & Computer Services – 9.08%; 2015 7.31% 121,958 Adobe Systems 7,623 0.23 293,938 8.98 44,231 Akamai Technologies 1,764 0.05 Real Estate Investment & Services – 0.04%; 2015 0.06% 70,733 Alphabet class ‘A’ shares 36,999 1.13 71,008 CBRE class ‘A’ shares 1,343 0.04 70,454 Alphabet class ‘C’ shares 35,845 1.09 36,019 Amdocs 1,496 0.05 Real Estate Investment Trusts – 2.77%; 2015 2.56% 21,362 Ansys 1,296 0.04 95,588 American Capital 1,255 0.04 56,479 Autodesk 2,087 0.06 102,430 American Tower class ‘A’ shares 6,654 0.20 84,232 CA 1,786 0.05 215,980 Annaly Capital Management 1,587 0.05 69,027 Cerner 2,592 0.08 31,868 AvalonBay Communities 3,944 0.12 34,742 CheckPoint Software Technologies 2,072 0.06 36,360 Boston Properties 2,989 0.09 39,773 Citrix Systems 2,053 0.06 2,236 Care Capital Properties 43 0.00 148,960 Cognizant Technology 6,133 0.19 78,874 Crown Castle International 4,885 0.15 36,593 Computer Sciences 754 0.02 34,581 Digital Realty Trust 1,971 0.06 41,143 CSRA 790 0.02 90,515 Duke Realty 1,359 0.04 6,820 DST Systems 523 0.02 14,760 Equinix 3,268 0.10 523,525 Facebook 40,771 1.24 87,474 Equity Residential 4,706 0.14 450,555 Hewlett Packard Enterprise 4,368 0.13 15,624 Essex Property Trust 2,368 0.07 15,167 IAC Interactive 485 0.02 18,050 Federal Realty Investment Trust 1,934 0.06 235,568 IBM 22,446 0.68 121,576 General Growth Properties 2,427 0.07 35,609 IMS Health 670 0.02 108,077 HCP 2,333 0.07 63,638 Intuit 4,398 0.13 36,450 Hospitality Properties 640 0.02 1,851,207 Microsoft 68,516 2.09 187,574 Host Hotels & Resorts 2,084 0.06 42,917 Mobileye 982 0.03 41,984 Iron Mountain 895 0.03 59,146 Nuance Communications 836 0.03 105,057 Kimco Realty 2,024 0.06 785,555 Oracle 20,959 0.64 33,882 Liberty Property Trust 700 0.02 16,156 Palo Alto Networks 1,719 0.05 36,647 Macerich 2,105 0.07 46,025 Pentair 1,612 0.05 124,846 Prologis 3,480 0.11 21,454 Rackspace Hosting 332 0.01 35,011 Public Storage 6,421 0.20 44,786 Red Hat 2,198 0.07 23,978 Rayonier 377 0.01 145,348 Salesforce.com 7,316 0.22 55,550 Realty Income 2,350 0.07 37,143 Servicenow 1,488 0.05 21,558 Regency Centers 1,098 0.03 30,960 Splunk 928 0.03 75,113 Simon Property 10,325 0.32 172,888 Symantec 2,426 0.07 24,328 SL Green Realty 1,569 0.05 34,349 Synopsys 1,121 0.03 77,025 Ventas 3,080 0.09 31,633 Teradata 573 0.02 226,119 VEREIT 1,298 0.04 113,362 Twitter 1,468 0.04

389 BlackRock Collective Investment Funds 390 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 £000’s Assets Value Investment £000’s Assets 25,863 VeriSign 1,604 0.05 27,912 Harris 1,542 0.05 16,934 VMware 621 0.02 423,774 HP 3,252 0.10 27,609 Workday 1,186 0.04 1,149,635 Intel 24,715 0.75 209,991 Yahoo! 4,754 0.15 98,238 Juniper Networks 1,744 0.05 52,924 Yandex class ‘A’ shares 496 0.02 37,033 KLA-Tencor 1,817 0.06 298,086 9.08 39,575 Lam Research 2,108 0.06 61,175 Linear Technology 1,938 0.06 Support Services – 1.90%; 2015 1.87% 93,634 Marvell Technology 644 0.02 151,368 Accenture 11,047 0.34 73,662 Maxim Integrated Products 1,803 0.06 39,976 ADT 1,166 0.04 52,762 Microchip Technology 1,710 0.05 14,508 Alliance Data Systems 2,226 0.07 255,710 Micron Technology 1,973 0.06 114,533 Automatic Data Processing 7,081 0.22 43,036 Motorola Solutions 2,326 0.07 32,349 Broadridge Financial Solutions 1,321 0.04 35,172 NCR 598 0.02 43,484 CDK Global 1,410 0.04 68,171 NetApp 1,236 0.04 22,563 Cintas 1,382 0.04 122,848 Nvidia 2,809 0.09 68,762 Fastenal 2,245 0.07 31,068 Qorvo 974 0.03 68,532 Fidelity National Information Services 2,943 0.09 365,339 Qualcomm 13,614 0.42 53,649 Fiserv 3,794 0.12 50,481 SanDisk 2,626 0.08 18,034 Fleetcor Technologies 1,665 0.05 65,311 Seagate Technology 1,494 0.05 27,978 LinkedIn class ‘A’ shares 2,442 0.07 46,310 Skyworks Solutions 2,169 0.07 16,913 Manpower 957 0.03 247,978 Texas Instruments 9,540 0.29 77,413 Paychex 2,888 0.09 53,199 Western Digital 1,685 0.05 71,033 Republic Services 2,370 0.07 64,660 Xilinx 2,258 0.07 26,052 Robert Half International 744 0.02 223,338 6.83 19,575 Stericycle 1,632 0.05 43,246 Total System Services 1,388 0.04 Tobacco – 1.63%; 2015 1.37% 103,012 Tyco International 2,633 0.08 476,906 Altria 21,183 0.65 24,310 United Rentals 904 0.03 379,185 Philip Morris International 25,030 0.76 37,059 Verisk Analytics 1,981 0.06 203,201 Reynolds American 7,374 0.22 107,098 Waste Management 4,332 0.13 53,587 1.63 12,098 WW Grainger 1,904 0.06 228,915 Xerox 1,596 0.05 Travel & Leisure – 2.56%; 2015 2.36% 36,309 American Airlines 1,071 0.03 62,051 1.90 103,303 Carnival 3,604 0.11 Technology Hardware & Equipment – 6.83%; 2015 8.50% 7,808 Chipotle Mexican Grill 2,849 0.09 76,535 Analog Devices 2,953 0.09 27,523 Darden Restaurants 1,266 0.04 1,344,987 Apple 94,084 2.87 47,227 Delta Air Lines 1,631 0.05 283,980 Applied Materials 3,893 0.12 26,116 Expedia 1,988 0.06 1,234,476 Cisco Systems 23,518 0.72 11,449 Four Corners Property Trust 135 0.00 276,999 Corning 3,657 0.11 116,854 Hertz Global 698 0.02 470,858 EMC 8,848 0.27 133,133 Hilton Worldwide 1,990 0.06 15,301 F5 Networks 1,073 0.03 20,328 International Game Technology 219 0.01 25,280 Garmin 737 0.02 100,855 Las Vegas Sands 3,488 0.11

391 BlackRock Collective Investment Funds 392 North American Equity Tracker Portfolio Statement continued North American Equity Tracker Statement of Total Return for the year ended 29 February 2016

Holding or Underlying Market % of For the year For the year Nominal Exposure – Derivatives Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s £000’s Assets Notes £000’s £000’s £000’s £000’s 51,931 Marriott International class ‘A’ shares 2,554 0.08 Income 222,581 McDonald’s 18,804 0.57 Net capital gains 3 53,433 526,896 102,661 MGM Resorts International 1,398 0.04 Revenue 4 64,850 56,231 36,422 Norwegian Cruise Line 1,304 0.04 Expenses 5 (5,478) (5,304) 11,893 Priceline.com 10,762 0.33 Interest payable and similar 36,526 Royal Caribbean Cruises 1,982 0.06 charges 6 (1) (5) 37,606 Southwest Airlines 1,145 0.04 348,388 Starbucks 14,667 0.45 Net revenue before taxation 59,371 50,922 43,778 Starwood Hotels and Resorts Worldwide 2,188 0.07 Taxation 7 (9,136) (7,906) 22,819 TripAdvisor 1,027 0.03 Net revenue after taxation 50,235 43,016 19,880 United Continental 812 0.02 Total return before distributions 103,668 569,912 30,840 Wyndham Worldwide 1,615 0.05 Distributions 8 (50,212) (42,961) 18,114 Wynn Resorts 1,074 0.03 Change in net assets 105,450 Yum! Brands 5,435 0.17 attributable to unitholders 83,706 2.56 from investment activities 53,456 526,951 Netherlands – 0.11%; 2015 0.10% Technology Hardware & Equipment – 0.11%; 2015 0.10% 67,285 NXP Semiconductors 3,507 0.11 North American Equity Tracker Statement of Change in Net Mexico – 0.02%; 2015 0.03% Assets Attributable to Unitholders for the year ended 29 February 2016 Industrial Metals & Mining – 0.02%; 2015 0.03% For the year For the year 39,163 Southern Copper 696 0.02 to 29.2.2016 to 28.2.2015 Singapore – 0.29%; 2015 0.00% £000’s £000’s £000’s £000’s Technology Hardware & Equipment – 0.29%; 2015 0.00% Opening net assets attributable 97,291 Broadcom 9,348 0.29 to unitholders 2,937,120 2,184,699 Amounts receivable on issue of units 683,189 830,111 DERIVATIVES – 0.01%; 2015 0.01% Amounts payable on cancellation of units (444,227) (646,228) Futures – 0.01%; 2015 0.01% 238,962 183,883 52 S&P 500 E-mini March 2016 3,640 161 0.01 9 S&P 500 Future March 2016 3,150 147 0.00 Stamp duty reserve tax – (1) 112 S&P/TSX 60 Index March 2016 8,933 (114) 0.00 Change in net assets attributable to unitholders from investment activities 53,456 526,951 15,723 194 0.01 Retained distribution on Portfolio of investments 3,273,396 99.79 accumulation units 50,899 41,588 Net other assets 7,041 0.21 Closing net assets attributable Total net assets 3,280,437 100.00 to unitholders 3,280,437 2,937,120

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Note: comparative figures show percentages for each category of holding at 28 February 2015. * 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.

393 BlackRock Collective Investment Funds 394 North American Equity Tracker Balance Sheet North American Equity Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

4. Revenue

N C D Hall (Director) For the year For the year G D Bamping (Director) to 29.2.2016 to 28.2.2015 £000’s £000’s BlackRock Fund Managers Limited 28 April 2016 Interest from UK bank deposits 20 17 Overseas dividends 61,792 53,104 Overseas REIT dividends – 37 Securities lending revenue 499 468 Stock dividends 103 59 US REIT dividends 2,436 2,546 Total revenue 64,850 56,231

395 BlackRock Collective Investment Funds 396 North American Equity Tracker Notes to Financial Statements continued

For the year For the year At 29 February 2016, the Fund had surplus management expenses of £000 12,917 (28 February 2015: £000 10,284). It is unlikely that the to 29.2.2016 to 28.2.2015 Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £000 2,583 (28 February 2015: £000 2,057) has not been recognised. £000’s £000’s Interest on bank overdrafts 1 5 8. Distributions 7. Taxation For the year For the year (a) Analysis of tax charge to 29.2.2016 to 28.2.2015 £000’s £000’s For the year For the year Interim distribution 20,817 19,385 to 29.2.2016 to 28.2.2015 £000’s £000’s Final distribution 30,082 22,203 Irrecoverable overseas tax 9,136 7,906 50,899 41,588 Total current tax charge [see note 7(b)] 9,13 6 7,906 Add: Amounts deducted on cancellation of units 1,716 3,781 Less: Amounts received on issue of units (2,403) (2,408) Distributions 50,212 42,961

Net revenue after taxation 50,235 43,016 Add: Equalisation on conversions 80 4 Less: Non distributable stock dividends (103) (59) Distributions 50,212 42,961

Details of the interim and final distributions per unit are set out in the tables on page 371.

397 BlackRock Collective Investment Funds 398 North American Equity Tracker Notes to Financial Statements continued

9. Debtors 13. Efficient Portfolio Management Techniques

29.2.2016 28.2.2015 The Fund may engage in derivative transactions for the purposes of efficient portfolio management. £000’s £000’s The Fund may, subject to the conditions and within the limits laid down by the Financial Accrued revenue 6,545 5,200 Conduct Authority and the Prospectus, engage in securities lending and employ techniques and Amounts receivable for issue of units 1,403 4,968 instruments relating to transferable securities for efficient portfolio management purposes.

Currency sales awaiting settlement 5,673 4,966 The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Overseas tax recoverable 18 12 Advisors (UK) Limited which is a related party to the Fund. Total debtors 13,639 15 ,14 6 The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly 10. Cash and Bank Balances related to securities loan transactions as well as the cost of indemnification against borrower 29.2.2016 28.2.2015 default. £000’s £000’s Amounts held at futures clearing houses and brokers 597 198 During the year the Fund engaged in securities lending. The Fund receives either cash collateral or securities as collateral for a value in excess of the market value of the securities loaned. As at the Cash and bank balances 17,024 4 ,19 8 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. Total cash and bank balances 17,621 4,396 The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of 11. Other Creditors the Fund in any or all of the following collateral agents and central securities depositaries: Bank of New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give 29.2.2016 28.2.2015 as per the schedule in order to cover the required value of exposure. £000’s £000’s Accrued Audit fee 8 7 The Investment Manager monitors the fair value of the securities loaned and additional collateral Accrued FCA fee 1 1 is obtained, if necessary. Accrued Manager’s charge 838 1,302 Securities lending revenue is split between the Fund and the securities lending agent in the ratio Accrued Registrar’s fee 4 5 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s Accrued Safe custody fees 33 28 share. Accrued Trustee’s fee 26 55 The securities lending revenue earned during the year, the value of securities on loan at the year Amounts payable for cancellation of units 17,621 38 end and the value of collateral held at the year end for the Fund are shown below: Currency purchases awaiting settlement 5,686 4,966 29.2.2016 28.2.2015 Custodian transaction costs 2 – £000’s £000’s Total other creditors 24,219 6,402 Revenue earned during the year 499 468 Value of securities on loan at the year end 172,031 133,020 12. Contingent Assets and Liabilities Value of collateral held on behalf of the Fund at the year end 186,037 147,619 There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). The Fund’s securities lending borrowing counterparties are Bank of America Merrill Lynch, BNP Paribas Arbitrage, Citigroup, Credit Suisse International, Deutsche Bank AG, Goldman Sachs, HSBC, JP Morgan Chase Securities Plc, Morgan Stanley & Co., Nomura, Société Générale and UBS.

399 BlackRock Collective Investment Funds 400 North American Equity Tracker Notes to Financial Statements continued

The ultimate holding company of the Manager, Investment Manager and securities lending agent Total purchases including transaction costs 431,570 is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. Direct Transaction Costs Transaction Value Commissions Taxes The Manager acts as either principal or agent for the Trustee in respect of all transactions of units Sales (excluding derivatives) £000’s £000’s % £000’s % of the Fund. The aggregate monies received through issue and paid through cancellation of units Equity instruments 139,589 11 0.01 2 0.00 are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any Total sales 139,589 11 2 amounts due to or from the Manager at the year end are disclosed in notes 9 and 11. Management Total sales net of transaction costs 139,576 fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 11. Securities lending revenue earned by the Fund is disclosed in notes 4 and 13. Derivative transaction costs 18 –

The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing Total transaction costs 73 2 arrangements with related parties (including, without limitation, brokers who are affiliated to the Total transaction costs BlackRock Group), which may result in the Fund benefiting from research or execution services as a % of average net assets 0.00% 0.00% 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 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, 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.

As at 29 February 2016 and 28 February 2015, none of the unitholders:

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

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

401 BlackRock Collective Investment Funds 402 North American Equity Tracker Notes to Financial Statements continued

For the year ended 28 February 2015 16. Units in Issue

Direct Transaction Costs The movement in units in issue for the year ended 29 February 2016 is as follows:

Transaction Value Commissions Taxes A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation Purchases (excluding derivatives) £000’s £000’s % £000’s % Units Units Units Units Units Equity instruments 6 5 5 ,181 76 0.01 – – Balance at the beginning of the year 7,76 9,13 8 1,131,668,351 15 0,167,4 42 62,935,812 1,314,651 Total purchases 6 5 5 ,181 76 – Issued during the year 5 3 9,191 252,086,508 40,711,286 21,656,857 14,396,040 Cancelled during the year (1,815,242) (179,825,181) (14,225,079) (3,467,909) (11,361,553) Total purchases including transaction costs 655,257 Converted during the year (2,508,469) (92,681,450) 99,495,813 (17,959,352) 76,232,618 Balance at the end of the year 3,984,618 1,111,248,228 276,149,462 6 3 ,16 5 ,4 0 8 80,581,756 Direct Transaction Costs

Total sales net of transaction costs 432,777 17. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Derivative transaction costs 30 – Manager, may have had an impact on the financial statements for the year ended 29 February 2016. Total transaction costs 166 9

Total transaction costs as a % of average net assets 0.01% 0.00%

The above analysis covers direct transaction costs incurred by the Fund during the year. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. Separately identifiable direct transaction costs (such as commissions and taxes) are attributable to the Fund’s purchase and sale of equity instruments. Additionally for equity shares there is a dealing spread cost (the difference between the buying and selling prices) which will be incurred on purchase and sale transactions. During the year the Fund utilised derivative instruments including futures contracts. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either incurred as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.03% (28 February 2015 – 0.03%).

403 BlackRock Collective Investment Funds 404 BlackRock Overseas Corporate Bond Tracker Fund Overseas Corporate Bond Tracker Fund

About the Fund This Annual Report covers the year ended 29 February 2016.

The BlackRock Overseas Corporate Bond Tracker Fund (the “Fund”) is a sub-fund of BlackRock Performance Table Collective Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was For the year For the three years For the five years authorised by the Financial Conduct Authority on 28 April 2010 and established on 28 January 2011. to 29.2.2016 to 29.2.2016 to 29.2.2016 TOTAL Return Investment Objective & Policy (with net income reinvested) Class L Accumulation Units# The aim of the Fund is to seek to achieve a total return for investors by tracking closely the BlackRock Overseas Corporate Bond performance of the Barclays Global Aggregate Corporate ex GBP Index by investing in fixed income Tracker Fund +8.2% +8.4% +28.5% securities contained in the Index. Investment will be made directly into constituent issues and via other Barclays Global Aggregate Corporate ex transferable securities giving exposure to such issues. The Fund may also invest in permitted money- GBP Index* +8.7% +10.3% +3 3.1% market instruments, permitted deposits and units in collective investment schemes. Derivatives and 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. forward transactions may be used for the purposes of efficient portfolio management. Performance returns are cumulative. All returns are in Sterling. # D Accumulation class was renamed as L Accumulation class during June 2012. * Figures from Index Vendor. 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 Risk and Reward Profile represent a change in the Fund’s benchmark index.

All financial investments involve an element of risk. Therefore, the value of your investment and Lower risk Higher risk Typically lower rewards Typically higher rewards the income from it will vary and the return of your initial investment amount cannot be guaranteed. Unit Class 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 Accumulation 1 2 3 4 5 6 7 a product. 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 Income 1 2 3 4 5 6 7 D Accumulation 1 2 3 4 5 6 7 H Income 1 2 3 4 5 6 7 H Accumulation 1 2 3 4 5 6 7

`` The risk indicator was calculated incorporating 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.

405 BlackRock Collective Investment Funds 406 Overseas Corporate Bond Tracker Fund continued

Cash management, sampling techniques, efficient portfolio management techniques including securities The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, every security or the exact concentration of a security in the benchmark index, but will aim to track these impacts can be either positive or negative depending on the underlying circumstances. the benchmark index as closely as possible and may use optimisation techniques to achieve their investment objective. A fund’s tracking difference may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time Cash management, sampling techniques, efficient portfolio management techniques including the relevant markets close for business, the tracking difference of the Fund at its valuation point may securities lending and transaction costs from rebalancing can also have an impact on tracking error appear to be higher than if the Fund and the benchmark index were priced at the same time. as well as the return differential between the Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. The table below compares the realised Fund performance against the performance of the relevant benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time the Fund return Benchmark return relevant markets close for business, the tracking error of the Fund at its valuation point may appear to for the year for the year Tracking be higher than if the Fund and the benchmark index were priced at the same time. to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Before costs and after adjusting for The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex a) the difference in valuation point of ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking the Fund and the pricing point of the error is annualised and calculated using data from the preceding 36 month observation period. benchmark index b) the tax incurred by the Fund which is not included in the Anticipated Realised benchmark index, the performance of the Tracking Error Tracking Error Explanation for difference Fund relative to the benchmark index has The Fund has tracked its benchmark index within its anticipated +8.20%* +8.65% -0.45% been in line with expectations. Up to 4.00%* 1.60%* tracking error. * Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units.

407 BlackRock Collective Investment Funds 408 Overseas Corporate Bond Tracker Investment Report Overseas Corporate Bond Tracker Performance Record

Summary of Performance over the Period Comparative Table

During the period from 1 March 2015 to 29 February 2016, the Fund returned 8.2%,* compared with A Accumulation Units L Accumulation Units its benchmark, the Barclays Global Aggregate Corporate ex GBP Index, which returned 8.7%. Before For the period For the period For the year For the year For the year For the year costs and after adjusting for a) the difference in valuation point of the Fund and the pricing point of the from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 benchmark index and b) the tax incurred by the Fund which is not included in the benchmark index, to 28.2.2014 to 28.2.2014

the performance of the Fund relative to its benchmark index has been in line with expectations. Over Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit the six-month period to 29 February 2016, the Fund returned 10.9%,* underperforming its benchmark, Change in net assets per unit which returned 11.1%. Opening net asset value per unit 116.0 107.6 112.2 117.0 108.4 112.5 Fund Manager’s Commentary Return before operating charges 9.97 8.98 (4.02) 10.04 8.85 (3.85) The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s Operating charges (0.59) (0.58) (0.58) (0.24) (0.25) (0.25) economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Return after operating charges 9.38 8.40 (4.60) 9.80 8.60 (4 .10) Federal Reserve (the “Fed“) kept interest rates on hold until December 2015, when they were raised by Closing net asset value per unit 125.4 116.0 107.6 126.8 117.0 108.4

0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s Retained distributions on growing confidence in employment and inflation prospects. By contrast, the European Central Bank accumulation units 2.32 2.20 2.53 2.62 2.49 2.84 extended its asset-purchase programme for another few months, as the region’s economy struggled After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, lowered benchmark rates in a bid to stimulate growth. Performance Return after charges1 8.09% 7.81% (4.10)% 8.38% 7.93% (3.64)% Overseas corporate bond markets gained ground over the period. Although US policymakers increased interest rates, signs of slowing global growth pushed out expectations of more rate hikes. This, Other information combined with ongoing low rates in the UK and Europe, lent some support to credit markets. Late in Closing net asset value (£000’s) 465 765 841 884,226 794,836 602,290 the period, European credit spreads (the yield differential between investment grade and government Closing number of units 370,877 659,590 781,723 697,320,843 6 79 ,0 6 6 ,161 555,795,992 bonds) widened, with financial bonds particularly affected. US investment-grade credit spreads Operating charges2 0.51% 0.52% 0.52% 0.21% 0.22% 0.22%

followed a similar trend, ending the year wider. Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

The Fund is structured to track the Barclays Global Aggregate Corporate ex GBP Index closely, so its Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit portfolio is positioned so that the risk characteristics are similar to those of the Index. Highest offer unit price 132 .1 126.7 124.4 127.2 121.8 119.0

Lowest bid unit price 110.2 106.9 106.4 111.3 107.7 107.1 March 2016 * 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. * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as fees and reported for the Fund’s class L Accumulation Units. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 14 for further details.

409 BlackRock Collective Investment Funds 410 Overseas Corporate Bond Tracker Performance Record continued

Comparative Table Comparative Table

X Income Units X Accumulation Units D Income Units D Accumulation Units

For the period For the period For the period For the period For the year For the year For the year For the year For the year For the year For the year from 1.2.2013* from 1.2.2013* from 9.7.2014^ from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 29.2.2016 to 28.2.2015 to 28.2.2014 to 28.2.2014 to 28.2.2015 to 28.2.2014

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 Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 105.0 99.38 10 6 .1 111.9 103.5 104.4 Opening net asset value per unit 113.4 100.0 116.0 107.4 111.4

Return before operating charges 8.87 8.07 (3.86) 9.57 8.42 (0.88) Return before operating charges 9.52 15.21 9.89 8.79 (3.81)

Operating charges (0.01) (0.02) (0.02) (0.01) (0.02) (0.02) Operating charges (0.18) (0 .19) (0.20) (0 .19) (0 .19)

Return after operating charges 8.86 8.05 (3.88) 9.56 8.40 (0.90) Return after operating charges 9.34 15.02 9.69 8.60 (4.00)

Distributions on income units (2.08) (2.43) (2.84) N/A N/A N/A Distributions on income units (2.57) (1.62) N/A N/A N/A

Closing net asset value per unit 111.8 105.0 99.38 121.5 111.9 103.5 Closing net asset value per unit 120.2 113.4 125.7 116.0 107.4

Retained distributions on Retained distributions on accumulation units N/A N/A 2.65 2.50 2.86 accumulation units N/A N/A N/A 2.69 2.55 2.89 After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 Performance Performance Return after charges1 8.24% 15.02% 8.35% 8.01% (3.59)% Return after charges1 8.44% 8.10% (3.66)% 8.54% 8 .12 % (0.86)% Other information Other information Closing net asset value (£000’s) 3 3 ,115 19,987 37,775 20,266 9,268 Closing net asset value (£000’s) 1 27,590 2 6 ,171 8 3 ,137 11,462 8,691 Closing number of units 27,556,701 17,623,347 30,053,032 17,4 6 9 ,137 8,632,587 Closing number of units 958 26,269,305 26,334,689 68,447,158 10,240,144 8,399,946 Operating charges2 0 .16 % 0 .17 % 0 .16 % 0 .17 % 0 .17 % Operating charges2 0.01% 0.02% 0.02% 0.01% 0.02% 0.02% Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 121.9 119.2 12 6 .1 120.6 117.8 Highest offer unit price 113.0 110.6 112 .1 121.9 116.5 113.5 Lowest bid unit price 107.9 106.2 110.3 106.7 10 6 .1 Lowest bid unit price 99.92 98.80 99.46 106.5 102.9 102.3 ^ The date of commencement of operations. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to * 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. consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 14 for further details. of equity instruments. See note 14 for further details.

411 BlackRock Collective Investment Funds 412 Overseas Corporate Bond Tracker Performance Record continued Overseas Corporate Bond Tracker Distribution Tables for the year ended 29 February 2016

Comparative Table Final Distribution in Pence per Unit

H Income Units H Accumulation Units Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 September 2015 to 29 February 2016 For the period For the period For the year For the year from 2.9.2014^ from 2.9.2014^ to 29.2.2016 to 29.2.2016 A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation to 28.2.2015 to 28.2.2015 Units Units Units Units Units Units Units Units

Pence per unit Pence per unit Pence per unit Pence per unit 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

Change in net assets per unit Gross Revenue 1.4711 0.7901 1.6635 0.8139 1.0421 1.0421 1.7001 1.0050 1.6224 0.9141 1.6778 0.8881 1.4958 0.7384 1.5315 0.8850 Income tax 0.2942 0 .15 8 0 0.3327 0 .162 8 0.2084 0.2084 0.3400 0.2010 0.3245 0 .182 8 0.3356 0 .17 76 0.2992 0 .147 7 0.3063 0 .17 70 Opening net asset value per unit 102.9 100.0 104.0 100.0 Net revenue (interest) 1.176 9 0.6321 1.3308 0.6511 0.8337 0.8337 1.3601 0.8040 1.2979 0.7313 1.3422 0.7105 1.1966 0.5907 1.2252 0.7080 Return before operating charges 8.49 4 .18 8.84 4 .11 Equalisation† – 0.5448 – 0.6797 – 0.0000 – 0.5561 – 0.5666 – 0.6317 – 0.6059 – 0.5172

Operating charges (0 .11) (0 .11) (0 .11) (0 .11) Distribution payable 30.4.2016 1.17 6 9 1.17 6 9 1.3308 1.3308 0.8337 0.8337 1.3601 1.3601 1.2979 1.2979 1.3422 1.3422 1.19 6 6 1.19 6 6 1.2252 1.2252

Return after operating charges 8.38 4.07 8.73 4.00 Distribution paid 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

Distributions on income units (2.38) (1.16) N/A N/A Interim Distribution in Pence per Unit Closing net asset value per unit 108.9 102.9 112.7 104.0 Group 1 – Units purchased prior to 1 March 2015 Retained distributions on accumulation units N/A N/A 2.41 1.21 Group 2 – Units purchased 1 March 2015 to 31 August 2015 After direct transaction costs of 0.00 0.00 0.00 0.00 A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation Units Units Units Units Units Units Units÷ Units÷ Performance 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 Return after charges1 8 .14% 4.06% 8.39% 4.00% Gross Revenue 1.4264 0.9457 1.6155 1.0534 1.5552 0.7176 1.6570 1.0129 1.5937 0.8936 1.6287 0.9750 1.4733 0.7129 1.4870 0.5487 Other information Income tax 0.2853 0 .18 91 0.3231 0.2107 0.3110 0 .14 3 5 0.3314 0.2026 0.3187 0 .1787 0.3257 0 .19 5 0 0.2947 0 .142 6 0.2974 0 .10 97 Net revenue (interest) 1.1411 0.7566 1.2924 0.8427 1.2442 0.5741 1.3256 0.8103 1.2750 0.7149 1.3030 0.7800 1.178 6 0.5703 1.1896 0.4390 Closing net asset value (£000’s) 101 1 4 ,16 7 10 Equalisation† – 0.3845 – 0.4497 – 0.6701 – 0.5153 – 0.5601 – 0.5230 – 0.6083 – 0.7506

Closing number of units 92,535 491 3,696,394 9,755 Distribution paid 31.10.2015 1.1411 1.1411 1.2924 1.2924 1.2442 1.2442 1.3256 1.3256 1.2750 1.2750 1.3030 1.3030 1.17 8 6 1.17 8 6 1.1896 1.1896 Operating charges2 0 .11% 0 .11% 0 .11% 0 .11% 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

Direct transaction costs3 0.00% 0.00% 0.00% 0.00% † 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. Prices Pence per unit Pence per unit Pence per unit Pence per unit ÷ H Income and H Accumulation classes commenced September 2014. Highest offer unit price 116.0 113.5 118.8 113.6

Lowest bid unit price 97.69 98.68 98.87 98.68

413 BlackRock Collective Investment Funds 414 Overseas Corporate Bond Tracker Portfolio Statement at 29 February 2016

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets BONDS – 99.25%; 2015 98.53% Canadian Dollar Denominated Fixed Rate Corporate Bonds – 2.49%; 2015 2.58% CA$200,000 407 International 4.45% Senior Bonds 15/11/2041 117 0.01 AUSTRALIAN DOLLAR – 0.51%; 2015 0.54% CA$100,000 407 International 5.75% Guaranteed Bonds 14/2/2036 66 0.01 Australian Dollar Denominated Fixed Rate Corporate Bonds – 0.51%; 2015 0.54% CA$500,000 AltaLink 3.668% Guaranteed Notes 6/11/2023 288 0.03 AU$300,000 Anglo American Capital 5.75% Medium Term Notes CA$500,000 American Express Canada Credit 2.31% Guaranteed 27/11/2018 131 0.01 Bonds 29/3/2018 269 0.03 AU$300,000 Apple 2.85% Medium Term Notes 28/8/2019 155 0.01 CA$750,000 Bank of Montreal 2.24% Bonds 11/12/2017 405 0.04 AU$570,000 Apple 3.7% Medium Term Notes 28/8/2022 300 0.03 CA$500,000 Bank of Montreal 2.39% Guaranteed Notes 12/7/2017 270 0.03 AU$300,000 BHP Billiton Finance 3% Medium Term Notes 30/3/2020 149 0.01 CA$500,000 Bank of Montreal 3.12% Bonds 19/9/2024 265 0.03 AU$500,000 BNP Paribas 4.5% Senior Notes 4/10/2017 264 0.03 CA$600,000 Bank of Montreal 3.4% Bonds 23/4/2021 339 0.03 AU$400,000 Commonwealth Bank of Australia 3.75% Bonds CA$450,000 Bank of Montreal 3.49% Guaranteed Notes 10/6/2016 241 0.02 18/10/2019 211 0.02 CA$750,000 Bank of Nova Scotia 1.33% Bonds 1/5/2018 397 0.04 AU$500,000 Crown Finance 4.5% Medium Term Notes 18/11/2019 256 0.02 CA$1,000,000 Bank of Nova Scotia 2.09% Bonds 9/9/2020 532 0.05 AU$500,000 GE Capital Australia Funding 4.5% Guaranteed Bonds CA$750,000 Bank of Nova Scotia 2.27% Bonds 13/1/2020 403 0.04 30/1/2018 265 0.03 CA$600,000 Bank of Nova Scotia 2.37% Guaranteed Notes 11/1/2018 324 0.03 AU$750,000 Goldman Sachs 4.7% Medium Term Notes 8/9/2021 403 0.04 CA$500,000 Bank of Nova Scotia 2.873% Bonds 4/6/2021 274 0.03 AU$300,000 Goldman Sachs 7.75% Senior Bonds 23/11/2016 160 0.02 CA$300,000 Bank of Nova Scotia 3.27% Bonds 11/1/2021 167 0.02 AU$300,000 JP Morgan Chase 4.65% Senior Notes 7/11/2017 158 0.02 CA$100,000 Bank of Nova Scotia 4.1% Guaranteed Notes 8/6/2017 55 0.01 AU$500,000 JP Morgan Chase 7% Senior Notes 16/3/2016 258 0.02 CA$500,000 Bell Canada 3% Bonds 3/10/2022 270 0.03 AU$500,000 Morgan Stanley 4.75% Senior Notes 16/11/2018 265 0.03 CA$750,000 Bell Canada 3.15% Bonds 29/9/2021 410 0.04 AU$500,000 National Australia Bank 4% Senior Bonds 23/5/2018 265 0.03 CA$300,000 Bell Canada 3.25% Guaranteed Bonds 17/6/2020 166 0.02 AU$500,000 Rabobank Nederland 7.25% Senior Notes 20/4/2018 280 0.03 CA$400,000 Bell Canada 3.35% Bonds 18/6/2019 221 0.02 AU$300,000 SGSP Australia Assets 6.25% Guaranteed Notes CA$250,000 Bell Canada 4.35% Bonds 18/12/2045 122 0.01 21/2/2017 159 0.02 CA$500,000 Bell Canada 4.7% Guaranteed Bonds 11/9/2023 295 0.03 AU$500,000 Telstra 4% Medium Term Notes 16/9/2022 266 0.03 CA$200,000 BP Capital Markets 3.497% Guaranteed Bonds AU$250,000 Telstra 4.5% Guaranteed Notes 13/11/2018 134 0.01 9/11/2020 109 0.01 AU$400,000 Total Capital International 4.25% Medium Term Notes CA$500,000 Brookfield Asset Management 3.95% Senior Bonds 26/11/2021 212 0.02 9/4/2019 277 0.03 AU$400,000 Wesfarmers 4.75% Guaranteed Bonds 12/3/2020 216 0.02 CA$300,000 Brookfield Asset Management 5.04% Senior Notes AU$200,000 Westpac Banking 4.5% European Medium Term Notes 8/3/2024 173 0.02 11/3/2027 103 0.01 CA$200,000 BRP Finance 4.79% Guaranteed Bonds 7/2/2022 115 0.01 AU$500,000 Westpac Banking 6% Senior Bonds 20/2/2017 266 0.03 CA$600,000 Caisse Centrale Desjardins 1.748% Bonds 2/3/2020 316 0.03 AU$400,000 Westpac Banking 7.25% Guaranteed Senior Notes CA$200,000 Cameco 5.67% Senior Bonds 2/9/2019 116 0.01 18/11/2016 213 0.02 CA$500,000 Canadian Imperial Bank of Commerce 1.7% Bonds 5,089 0.51 9/10/2018 267 0.03 CA$400,000 Canadian Imperial Bank of Commerce 1.75% Bonds CANADIAN DOLLAR – 2.90%; 2015 3.08% 6/1/2016 213 0.02 Canadian Dollar Denominated Certificates of Deposit – 0.06%; 2015 0.09% CA$500,000 Canadian Imperial Bank of Commerce 3.95% CA$500,000 Royal Bank of Canada 2.86% Bonds 4/3/2021 275 0.03 Guaranteed Notes 14/7/2017 276 0.03 CA$500,000 Toronto-Dominion Bank 2.171% Notes 2/4/2018 270 0.03 CA$250,000 Canadian Natural Resources 3.05% Guaranteed Senior 545 0.06 Notes 19/6/2019 122 0.01

415 BlackRock Collective Investment Funds 416 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 £000’s Assets Value Investment £000’s Assets CA$500,000 Canadian Natural Resources 3.55% Bonds 3/6/2024 212 0.02 CA$250,000 Metro 5.97% Guaranteed Bonds 15/10/2035 152 0.01 CA$250,000 Canadian Pacific Railway 6.45% Senior Notes CA$500,000 Morgan Stanley 4.9% Senior Notes 23/2/2017 274 0.03 17/11/2039 161 0.02 CA$400,000 National Bank of Canada 2.404% Bonds 28/10/2019 216 0.02 CA$250,000 Canadian Utilities 3.805% Guaranteed Senior Bonds CA$500,000 National Bank of Canada 2.689% Bonds 21/8/2017 271 0.03 10/9/2042 130 0.01 CA$300,000 National Bank of Canada 2.794% Bonds 9/8/2018 164 0.02 CA$400,000 Caterpillar Financial Services 2.29% Bonds 1/6/2018 215 0.02 CA$250,000 NAV Canada 5.304% Senior Bonds 17/4/2019 148 0.01 CA$150,000 CIBC Capital Trust 10.25% Bonds 30/6/2108 110 0.01 CA$500,000 North West Redwater Partnership / NWR Financing CA$250,000 Citigroup 3.39% Bonds 18/11/2021 137 0.01 4.75% Bonds 1/6/2037 267 0.03 CA$500,000 CU 4.085% Bonds 2/9/2044 272 0.03 CA$250,000 Nova Scotia Power 4.5% Senior Notes 20/7/2043 141 0.01 CA$750,000 Daimler Canada Finance 2.23% Guaranteed Bonds CA$300,000 Pembina Pipeline 4.75% Bonds 30/4/2043 134 0.01 18/4/2016 400 0.04 CA$400,000 Rogers Communications 3% Guaranteed Notes CA$300,000 Enbridge 4.24% Senior Bonds 27/8/2042 130 0.01 6/6/2017 216 0.02 CA$250,000 Enbridge 5.17% Guaranteed Senior Notes 19/5/2016 134 0.01 CA$700,000 Rogers Communications 5.34% Guaranteed Bonds CA$500,000 Enbridge Gas 5.21% Medium Term Notes 25/2/2036 304 0.03 22/3/2021 419 0.04 CA$400,000 Enbridge Pipelines 4.45% Senior Notes 6/4/2020 229 0.02 CA$300,000 Rogers Communications 6.11% Guaranteed Bonds CA$250,000 Enbridge Pipelines 4.55% Bonds 29/9/2045 128 0.01 25/8/2040 183 0.02 CA$500,000 Fairfax Financial 4.95% Bonds 3/3/2025 271 0.03 CA$300,000 Rogers Communications 6.56% Notes 22/3/2041 193 0.02 CA$300,000 Fairfax Financial 7.5% Senior Bonds 19/8/2019 181 0.02 CA$500,000 Royal Bank of Canada 1.968% Bonds 2/3/2022 261 0.03 CA$500,000 Ford Credit Canada 2.634% Guaranteed Bonds CA$500,000 Royal Bank of Canada 2.07% Bonds 17/6/2016 267 0.03 21/11/2016 267 0.03 CA$500,000 Royal Bank of Canada 2.26% Bonds 12/3/2018 270 0.03 CA$250,000 GE Capital Canada Funding 3.55% Guaranteed Bonds CA$700,000 Royal Bank of Canada 2.35% Bonds 9/12/2019 380 0.04 11/6/2019 141 0.01 CA$800,000 Royal Bank of Canada 2.77% Bonds 11/12/2018 439 0.04 CA$700,000 GE Capital Canada Funding 5.68% Guaranteed Bonds CA$600,000 Royal Bank of Canada 2.98% Guaranteed Notes 10/9/2019 423 0.04 7/5/2019 332 0.03 CA$300,000 GE Capital Canada Funding 5.73% Guaranteed Bonds CA$500,000 Royal Bank of Canada 3.45% Bonds 29/9/2026 262 0.03 22/10/2037 206 0.02 CA$1,050,000 Royal Bank of Canada 3.66% Guaranteed Notes CA$500,000 Great West Lifeco 4.65% Guaranteed Senior Bonds 25/1/2017 572 0.05 13/8/2020 296 0.03 CA$400,000 Shaw Communications 5.65% Guaranteed Senior Notes CA$250,000 Greater Toronto Airports 7.05% Guaranteed Senior 1/10/2019 233 0.02 Bonds 12/6/2030 187 0.02 CA$300,000 Shaw Communications 6.75% Senior Bonds 9/11/2039 186 0.02 CA$250,000 Great-West Lifeco Finance Delaware LP II 7.127% CA$750,000 Suncor Energy 3.1% Bonds 26/11/2021 389 0.04 Guaranteed Senior Bonds 26/6/2068 146 0.01 CA$400,000 TELUS 3.65% Senior Notes 25/5/2016 214 0.02 CA$750,000 HSBC Canada 2.491% Bonds 13/5/2019 403 0.04 CA$600,000 TELUS 3.75% Bonds 17/1/2025 326 0.03 CA$400,000 HSBC Canada 2.901% Notes 13/1/2017 216 0.02 CA$400,000 TELUS 4.4% Bonds 29/1/2046 190 0.02 CA$400,000 HSBC Canada 2.938% Bonds 14/1/2020 218 0.02 CA$200,000 TELUS 5.05% Senior Notes 4/12/2019 117 0.01 CA$150,000 Husky Energy 5% Guaranteed Senior Bonds 12/3/2020 82 0.01 CA$300,000 TELUS 5.15% Bonds 26/11/2043 161 0.02 CA$300,000 IBM 2.2% Senior Notes 10/2/2017 161 0.02 CA$250,000 Teranets 4.807% Senior Bonds 16/12/2020 145 0.01 CA$500,000 Inter Pipeline 3.173% Bonds 24/3/2025 250 0.02 CA$350,000 Thomson Reuters 4.35% Guaranteed Bonds 30/9/2020 199 0.02 CA$500,000 Inter Pipeline 4.967% Guaranteed Bonds 2/2/2021 290 0.03 CA$400,000 Toronto-Dominion Bank 2.621% Bonds 22/12/2021 217 0.02 CA$500,000 Loblaw 4.86% Senior Notes 12/9/2023 298 0.03 CA$500,000 Toronto-Dominion Bank 2.948% Notes 2/8/2016 269 0.03 CA$150,000 Loblaw 5.9% Senior Bonds 18/1/2036 94 0.01 CA$700,000 Toronto-Dominion Bank 3.226% Bonds 24/7/2024 386 0.04 CA$300,000 Manulife Financial 7.768% Senior Notes 8/4/2019 185 0.02 CA$100,000 TransCanada Pipelines 3.65% Senior Bonds 15/11/2021 55 0.01

417 BlackRock Collective Investment Funds 418 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 £000’s Assets Value Investment £000’s Assets CA$350,000 TransCanada Pipelines 4.55% Bonds 15/11/2041 175 0.02 CA$500,000 TD Capital Trust 7.243% Guaranteed Perpetual CA$350,000 TransCanada Pipelines 8.05% Guaranteed Senior Bonds Subordinated Floating Rate Bonds 298 0.03 17/2/2039 255 0.02 CA$400,000 Toronto-Dominion Bank 5.763% Floating Rate Bonds CA$200,000 Union Gas 4.88% Bonds 21/6/2041 117 0.01 18/12/2106 226 0.02 CA$500,000 VW Credit Canada 2.8% Bonds 20/8/2018 264 0.03 CA$300,000 Toronto-Dominion Bank 5.828% Subordinated Floating CA$500,000 Wells Fargo Canada 2.78% Guaranteed Bonds Rate Notes 9/7/2023 173 0.02 15/11/2018 273 0.03 3,315 0.34 CA$500,000 Wells Fargo Canada 3.04% Bonds 29/1/2021 277 0.03 CA$400,000 Wells Fargo Finance Canada 2.944% Guaranteed Notes EURO – 22.70%; 2015 23.46% 25/7/2019 220 0.02 Euro Denominated Fixed Rate Corporate Bonds – 21.05%; 2015 21.60% 24,986 2.49 €250,000 2i Rete Gas 1.125% European Medium Term Notes 2/1/2020 198 0.02 Canadian Dollar Denominated Fixed Rate Government Bonds – 0.01%; 2015 0.00% €125,000 2i Rete Gas 1.75% Senior European Medium Term Notes CA$141,950 Royal Office Finance 5.209% Guaranteed Senior Bonds 16/7/2019 102 0.01 12/11/2037 93 0.01 €150,000 2i Rete Gas 3% Senior European Medium Term Notes Canadian Dollar Denominated Variable Rate Corporate Bonds – 0.34%; 2015 0.41% 16/7/2024 129 0.01 CA$600,000 Bank of Nova Scotia 2.898% Guaranteed Subordinated €175,000 3M 1.5% European Medium Term Notes 9/11/2026 144 0.01 Floating Rate Notes 3/8/2022 323 0.03 €200,000 3M 1.75% European Medium Term Notes 15/5/2030 166 0.02 CA$300,000 Canadian Imperial Bank of Commerce 6% Subordinated €300,000 3M 1.875% Senior Notes 15/11/2021 255 0.02 Floating Rate Bonds 6/6/2023 173 0.02 €500,000 Abbey National Treasury Services 0.875% European CA$250,000 Capital Desjardins 4.954% Guaranteed Senior Floating Medium Term Notes 13/1/2020 388 0.04 Rate Bonds 15/12/2026 147 0.01 €125,000 Abbey National Treasury Services 0.875% European CA$450,000 Manufacturers Life Insurance 4.165% Guaranteed Medium Term Notes 25/11/2020 97 0.01 Floating Rate Bonds 1/6/2022 245 0.02 €600,000 Abbey National Treasury Services 1.125% European CA$300,000 Manulife Finance Delaware 5.059% Guaranteed Floating Medium Term Notes 14/1/2022 458 0.04 Rate Notes 15/12/2041 162 0.02 €400,000 Abbey National Treasury Services 2% Guaranteed CA$100,000 Manulife Financial Capital Trust 7.405% Guaranteed European Medium Term Notes 14/1/2019 325 0.03 Subordinated Floating Rate Bonds 31/12/2108 61 0.01 €100,000 Abbey National Treasury Services 2.625% Guaranteed CA$500,000 Merrill Lynch 5.29% Subordinated Floating Rate Notes European Medium Term Notes 16/7/2020 83 0.01 30/5/2022 262 0.03 €100,000 Abertis Infraestructuras 2.5% Senior Notes 27/2/2025 83 0.01 CA$350,000 National Bank of Canada 3.261% Guaranteed Floating €250,000 Abertis Infraestructuras 4.625% Guaranteed Senior Rate Notes 11/4/2022 188 0.02 Notes 14/10/2016 202 0.02 CA$500,000 Royal Bank of Canada 2.99% Guaranteed Subordinated €300,000 Abertis Infraestructuras 4.75% Bonds 25/10/2019 270 0.03 Floating Rate Bonds 6/12/2024 269 0.03 €150,000 Abertis Infraestructuras 5.125% Senior Bonds 12/6/2017 125 0.01 CA$400,000 Royal Bank of Canada 3.04% Subordinated Floating Rate €350,000 ABN AMRO 1% European Medium Term Notes 16/4/2025 270 0.03 Notes 17/7/2024 211 0.02 €250,000 ABN AMRO 2.5% Senior European Medium Term Notes CA$300,000 Scotiabank Capital Trust 5.65% Subordinated Floating 29/11/2023 217 0.02 Rate Notes 31/12/2056 163 0.02 €300,000 ABN AMRO 2.875% European Medium Term Notes CA$350,000 Sun Life Financial 4.95% Guaranteed Senior Floating 18/1/2028 235 0.02 Rate Bonds 1/6/2036 188 0.02 €100,000 ABN AMRO 2.875% European Medium Term Notes CA$400,000 Sun Life Financial 5.59% Subordinated Floating Rate 30/6/2025 79 0.01 Notes 30/1/2023 226 0.02

419 BlackRock Collective Investment Funds 420 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 £000’s Assets Value Investment £000’s Assets €100,000 ABN AMRO 3.625% Guaranteed Senior European €200,000 Alstom 3.625% Guaranteed Notes 5/10/2018 169 0.02 Medium Term Notes 6/10/2017 83 0.01 €200,000 Alstria Office REIT 2.25% Bonds 24/3/2021 157 0.02 €150,000 ABN AMRO 4.125% Senior European Medium Term €100,000 Amadeus Capital Markets 1.625% European Medium Notes 28/3/2022 141 0.01 Term Notes 17/11/2021 80 0.01 €750,000 ABN AMRO 4.75% European Medium Term Notes €500,000 America Movil 1% Senior Notes 4/6/2018 397 0.04 11/1/2019 665 0.06 €400,000 America Movil 3% Senior Notes 12/7/2021 346 0.03 €400,000 ABN AMRO 6.375% Bonds 27/4/2021 370 0.04 €100,000 America Movil 4.125% European Medium Term Notes €124,000 ABN AMRO 7.125% European Medium Term Notes 25/10/2019 88 0.01 6/7/2022 120 0.01 €400,000 America Movil 4.75% Guaranteed Bonds 28/6/2022 382 0.04 €100,000 Accor 2.375% Bonds 17/9/2023 81 0.01 €400,000 American Honda Finance 1.375% European Medium €100,000 Accor 2.5% Senior Bonds 21/3/2019 83 0.01 Term Notes 10/11/2022 326 0.03 €200,000 Accor 2.625% Senior Notes 5/2/2021 165 0.02 €100,000 American Honda Finance 1.875% Senior European €200,000 Achmea Hypotheekbank 2% Guaranteed Senior Medium Term Notes 4/9/2019 83 0.01 European Medium Term Notes 23/1/2018 162 0.02 €225,000 Amgen 1.25% Bonds 25/2/2022 178 0.02 €100,000 Achmea Hypotheekbank 2.5% Senior European Medium €300,000 Amgen 2% Bonds 25/2/2026 238 0.02 Term Notes 19/11/2020 83 0.01 €300,000 Amgen 2.125% Guaranteed Senior Notes 13/9/2019 249 0.02 €110,000 Adecco International Financial 4.75% Guaranteed €200,000 Anglo American Capital 1.75% Guaranteed European European Medium Term Notes 13/4/2018 95 0.01 Medium Term Notes 3/4/2018 144 0.01 €100,000 Aeroporti di Roma 3.25% Senior European Medium Term €500,000 Anglo American Capital 2.875% Guaranteed European Notes 20/2/2021 88 0.01 Medium Term Notes 20/11/2020 315 0.03 €250,000 Air Liquide 2.908% Guaranteed European Medium Term €200,000 Anglo American Capital 3.25% Guaranteed European Notes 12/10/2018 210 0.02 Medium Term Notes 3/4/2023 117 0.01 €200,000 Air Liquide Finance 1.25% European Medium Term Notes €100,000 Anglo American Capital 3.5% Guaranteed European 3/6/2025 159 0.02 Medium Term Bonds 28/3/2022 60 0.01 €175,000 Air Products & Chemicals 1% Bonds 12/2/2025 137 0.01 €575,000 Anheuser-Busch InBev 1.5% European Medium Term €150,000 Air Products & Chemicals 2% Senior Bonds 7/8/2020 127 0.01 Notes 18/4/2030 430 0.04 €400,000 Airbus Finance 2.375% Guaranteed European Medium €200,000 Anheuser-Busch InBev 2.25% Guaranteed European Term Notes 2/4/2024 351 0.03 Medium Term Notes 24/9/2020 169 0.02 €100,000 Airbus Finance 5.5% Guaranteed European Medium €500,000 Anheuser-Busch InBev 2.7% European Medium Term Term Bonds 25/9/2018 89 0.01 Notes 31/3/2026 440 0.04 €500,000 Akzo Nobel Sweden Finance AB 2.625% European €500,000 Anheuser-Busch InBev 2.875% Guaranteed Medium Medium Term Notes 27/7/2022 435 0.04 Term Notes 25/9/2024 447 0.04 €500,000 Albemarle 1.875% Bonds 8/12/2021 374 0.04 €250,000 Anheuser-Busch InBev 4% Guaranteed European €200,000 ALD International 2% Senior European Medium Term Medium Term Bonds 2/6/2021 231 0.02 Notes 26/5/2017 160 0.02 €125,000 Aon 2.875% Guaranteed Notes 14/5/2026 100 0.01 €100,000 Alfa Laval Treasury International 1.375% European €500,000 AP Moeller-Maersk 4.375% Senior European Medium Medium Term Notes 12/9/2022 79 0.01 Term Notes 24/11/2017 420 0.04 €300,000 Allianz Finance 3.5% Guaranteed European Medium €250,000 Apple 1% European Medium Term Notes 10/11/2022 202 0.02 Term Bonds 14/2/2022 275 0.03 €200,000 Apple 1.625% Bonds 10/11/2026 162 0.02 €600,000 Allianz Finance II 1.375% Guaranteed European Medium €200,000 APT Pipelines 1.375% Bonds 22/3/2022 144 0.01 Term Notes 13/3/2018 484 0.05 €225,000 APT Pipelines 2% Bonds 22/3/2027 153 0.01 €100,000 Allianz Finance II 3% Guaranteed Bonds 13/3/2028 92 0.01 €200,000 Arkema 1.5% European Medium Term Notes 20/1/2025 154 0.01

421 BlackRock Collective Investment Funds 422 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 £000’s Assets Value Investment £000’s Assets €250,000 ASF 5.625% Senior European Medium Term Bonds €100,000 AusNet Services 1.5% European Medium Term Notes 4/7/2022 254 0.02 26/2/2027 76 0.01 €350,000 ASF 7.375% Guaranteed Senior European Medium €200,000 AusNet Services 2.375% Guaranteed European Medium Term Notes 20/3/2019 334 0.03 Term Notes 24/7/2020 167 0.02 €150,000 ASML 3.375% Senior Notes 19/9/2023 131 0.01 €150,000 Australia & New Zealand Banking 5.125% Subordinated €300,000 ASR Nederland 5.125% Bonds 29/9/2045 228 0.02 European Medium Term Notes 10/9/2019 134 0.01 €200,000 Assicurazioni Generali 2.875% Senior European Medium €200,000 Australia Pacific Airports Melbourne 1.75% European Term Notes 14/1/2020 167 0.02 Medium Term Notes 15/10/2024 159 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 82 0.01 Medium Term Notes 17/1/2024 269 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 430 0.04 Medium Term Notes 24/9/2018 517 0.05 €300,000 Assicurazioni Generali 5.5% European Medium Term €200,000 Autoroutes Paris-Rhin-Rhone 4.875% Guaranteed Senior Notes 27/10/2047 230 0.02 European Medium Term Notes 21/1/2019 177 0.02 €125,000 AstraZeneca 0.875% European Medium Term Notes €400,000 Aviva 3.375% European Medium Term Notes 4/12/2045 273 0.03 24/11/2021 100 0.01 €200,000 Babcock International 1.75% European Medium Term €175,000 AT&T 1.3% Bonds 5/9/2023 137 0.01 Notes 6/10/2022 160 0.02 €150,000 AT&T 1.45% Bonds 1/6/2022 120 0.01 €100,000 Bacardi 2.75% Guaranteed Bonds 3/7/2023 86 0.01 €450,000 AT&T 1.875% Guaranteed Senior Notes 4/12/2020 374 0.04 €200,000 Banco Bilbao Vizcaya Argentaria 1% Bonds 20/1/2021 157 0.02 €200,000 AT&T 2.45% Bonds 15/3/2035 146 0.01 €500,000 Bank of America 1.625% European Medium Term Notes €400,000 AT&T 2.6% Bonds 17/12/2029 322 0.03 14/9/2022 398 0.04 €400,000 AT&T 2.65% Senior Notes 17/12/2021 343 0.03 €400,000 Bank of America 2.375% Senior European Medium Term €400,000 AT&T 3.375% Senior Notes 15/3/2034 339 0.03 Notes 19/6/2024 331 0.03 €100,000 AT&T 3.5% Senior Notes 17/12/2025 90 0.01 €100,000 Bank of America 2.5% Senior European Medium Term €200,000 AT&T 3.55% Senior Notes 17/12/2032 176 0.02 Notes 27/7/2020 84 0.01 €100,000 Atlantia 2.875% Guaranteed European Medium Term €200,000 Bank of America 4.625% European Medium Term Notes Notes 26/2/2021 87 0.01 7/2/2017 163 0.02 €150,000 Atlantia 3.375% Guaranteed European Medium Term €300,000 Bank of America 4.625% Guaranteed Senior European Notes 18/9/2017 124 0.01 Medium Term Notes 7/8/2017 251 0.02 €150,000 Atlantia 4.375% Guaranteed European Medium Term €500,000 Bank of America 4.75% Senior European Medium Term Bonds 16/9/2025 146 0.01 Notes 3/4/2017 413 0.04 €250,000 Atlantia 4.375% Guaranteed Medium Term Notes €150,000 Bank of Ireland 1.25% European Medium Term Notes 16/3/2020 227 0.02 9/4/2020 117 0.01 €500,000 Atlantia 4.5% Guaranteed European Medium Term €150,000 Bank of Ireland 2% Senior European Medium Term Notes Notes 8/2/2019 442 0.04 8/5/2017 120 0.01 €200,000 Atlas Copco 2.625% Senior European Medium Term €150,000 Bank of Ireland 3.25% Senior Notes 15/1/2019 124 0.01 Notes 15/3/2019 168 0.02 €1,200,000 Bank of Tokyo-Mitsubishi UFJ 0.875% European €100,000 Atrium European Real Estate 3.625% Bonds 17/10/2022 80 0.01 Medium Term Notes 11/3/2022 935 0.09 €200,000 Atrium European Real Estate 4% Senior Notes €100,000 Bankinter 1.75% Bonds 10/6/2019 81 0.01 20/4/2020 166 0.02 €400,000 Banque Fédérative du Crédit Mutuel 1.625% European €300,000 Aurizon Network 2% European Medium Term Notes Medium Term Notes 11/1/2018 323 0.03 18/9/2024 218 0.02

423 BlackRock Collective Investment Funds 424 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 £000’s Assets Value Investment £000’s Assets €300,000 Banque Fédérative du Crédit Mutuel 1.625% European €100,000 Bayer Capital 1.25% European Medium Term Notes Medium Term Notes 19/1/2026 240 0.02 13/11/2023 82 0.01 €800,000 Banque Fédérative du Crédit Mutuel 2.625% Senior €400,000 BBVA Senior Finance 2.375% Guaranteed European European Medium Term Notes 24/2/2021 689 0.07 Medium Term Notes 22/1/2019 331 0.03 €200,000 Banque Fédérative du Crédit Mutuel 2.625% Senior €300,000 BBVA Senior Finance 3.75% Guaranteed European European Medium Term Notes 18/3/2024 175 0.02 Medium Term Notes 17/1/2018 251 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 407 0.04 Notes 26/9/2018 82 0.01 €500,000 Banque Fédérative du Crédit Mutuel 3% Senior European €375,000 Berkshire Hathaway 0.75% Bonds 16/3/2023 290 0.03 Medium Term Notes 28/11/2023 448 0.04 €325,000 Berkshire Hathaway 1.125% Bonds 16/3/2027 236 0.02 €125,000 Banque Fédérative du Crédit Mutuel 3% Subordinated €300,000 Berlin Hyp 1.625% Senior European Medium Term Notes European Medium Term Notes 21/5/2024 105 0.01 29/1/2019 244 0.02 €250,000 Banque Fédérative du Crédit Mutuel 4% Subordinated €200,000 Bertelsmann 1.75% European Medium Term Notes European Medium Term Bonds 22/10/2020 220 0.02 14/10/2024 165 0.02 €300,000 Banque Fédérative du Crédit Mutuel 4.125% European €200,000 BG Energy Capital 1.25% European Medium Term Notes Medium Term Bonds 20/7/2020 273 0.03 21/11/2022 158 0.02 €600,000 Barclays 1.5% European Medium Term Notes 1/4/2022 455 0.04 €200,000 BG Energy Capital 2.25% European Medium Term Notes €400,000 Barclays 2.125% Senior European Medium Term Notes 21/11/2029 160 0.02 24/2/2021 340 0.03 €100,000 Bharti Airtel International Netherlands 3.375% €600,000 Barclays 2.625% European Medium Term Notes Guaranteed Bonds 20/5/2021 81 0.01 11/11/2025 436 0.04 €200,000 Bharti Airtel International Netherlands 4% Guaranteed €650,000 Barclays 6% Subordinated European Medium Term Bonds 10/12/2018 167 0.02 Bonds 23/1/2018 549 0.05 €400,000 BHP Billiton Finance 2.125% Guaranteed European €200,000 Barclays 6.625% Guaranteed Subordinated European Medium Term Notes 29/11/2018 328 0.03 Medium Term Bonds 30/3/2022 185 0.02 €500,000 BHP Billiton Finance 2.25% Guaranteed European €400,000 BASF 1.5% Senior European Medium Term Notes Medium Term Notes 25/9/2020 415 0.04 1/10/2018 326 0.03 €100,000 BHP Billiton Finance 3.125% Guaranteed European €150,000 BASF 1.875% Guaranteed Senior European Medium Medium Term Notes 29/4/2033 83 0.01 Term Notes 4/2/2021 126 0.01 €250,000 BHP Billiton Finance 3.25% European Medium Term €100,000 BASF 2% Guaranteed Senior Notes 5/12/2022 85 0.01 Bonds 24/9/2027 213 0.02 €200,000 BASF 2.5% Senior European Medium Term Notes €225,000 BHP Billiton Finance 4.75% Bonds 22/4/2076 173 0.02 22/1/2024 176 0.02 €200,000 BHP Billiton Finance 5.625% Bonds 22/10/2079 153 0.01 €500,000 BAT International Finance 0.875% European Medium €250,000 Blackstones Finance 2% Bonds 19/5/2025 203 0.02 Term Notes 13/10/2023 384 0.04 €250,000 BMW Finance 1% Guaranteed European Medium Term €350,000 BAT International Finance 2% European Medium Term Notes 24/10/2016 198 0.02 Notes 13/3/2045 252 0.02 €100,000 BMW Finance 2.375% Guaranteed Notes 24/1/2023 86 0.01 €350,000 BAT International Finance 3.625% Guaranteed European €500,000 BMW Finance 2.625% Guaranteed European Medium Medium Term Notes 9/11/2021 317 0.03 Term Notes 17/1/2024 439 0.04 €200,000 BAT International Finance 5.375% Guaranteed European €350,000 BMW Finance 3.25% Guaranteed European Medium Medium Term Bonds 29/6/2017 168 0.02 Term Notes 14/1/2019 298 0.03 €100,000 Bayer 1.875% Senior European Medium Term Notes €250,000 BMW Finance 3.625% Guaranteed European Medium 25/1/2021 84 0.01 Term Notes 29/1/2018 210 0.02

425 BlackRock Collective Investment Funds 426 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 £000’s Assets Value Investment £000’s Assets €500,000 BMW Finance 3.875% European Medium Term Notes €400,000 BP Capital Markets 2.213% European Medium Term 18/1/2017 406 0.04 Notes 25/9/2026 320 0.03 €400,000 BMW US Capital 0.625% European Medium Term Notes €500,000 BP Capital Markets 2.517% European Medium Term 20/4/2022 310 0.03 Notes 17/2/2021 421 0.04 €700,000 BMW US Capital 1% European Medium Term Notes €200,000 BP Capital Markets 2.994% Guaranteed European 20/4/2027 528 0.05 Medium Term Notes 18/2/2019 169 0.02 €100,000 BMW US Capital 1% Guaranteed European Medium €800,000 BPCE 0.75% European Medium Term Notes 22/1/2020 635 0.06 Term Notes 18/7/2017 80 0.01 €400,000 BPCE 2% Senior European Medium Term Notes €125,000 BNP Paribas 1.125% European Medium Term Notes 24/4/2018 327 0.03 15/1/2023 99 0.01 €400,000 BPCE 3% Senior European Medium Term Notes €400,000 BNP Paribas 1.5% Senior European Medium Term Notes 19/7/2024 360 0.03 12/3/2018 323 0.03 €1,450,000 BPCE 3.75% Senior European Medium Term Notes €450,000 BNP Paribas 2.375% European Medium Term Notes 21/7/2017 1,198 0.11 17/2/2025 345 0.03 €300,000 BPCE 4.25% European Medium Term Bonds 6/2/2023 288 0.03 €300,000 BNP Paribas 2.375% Senior European Medium Term €100,000 BPCE 4.625% Subordinated Bonds 18/7/2023 90 0.01 Notes 20/5/2024 257 0.02 €125,000 Brambles Finance 2.375% Guaranteed Bonds 12/6/2024 104 0.01 €350,000 BNP Paribas 2.5% European Medium Term Notes €100,000 BRFkredit 2.5% Guaranteed Senior European Medium 23/8/2019 296 0.03 Term Notes 31/1/2018 82 0.01 €250,000 BNP Paribas 2.75% European Medium Term Notes €200,000 Brisa Concessao Rodoviaria 1.875% European Medium 27/1/2026 196 0.02 Term Notes 30/4/2025 137 0.01 €100,000 BNP Paribas 2.875% European Medium Term Notes €125,000 Bristol-Myers Squibb 1% Bonds 15/5/2025 99 0.01 24/10/2022 88 0.01 €200,000 Bristol-Myers Squibb 1.75% Bonds 15/5/2035 154 0.01 €800,000 BNP Paribas 2.875% Senior European Medium Term €400,000 British American Tobacco Netherlands 4% Bonds Notes 26/9/2023 709 0.07 7/7/2020 362 0.03 €300,000 BNP Paribas 2.875% Senior Notes 27/11/2017 247 0.02 €175,000 British Sky Broadcasting 1.5% European Medium Term €650,000 BNP Paribas 3.75% Guaranteed Senior European Notes 15/9/2021 140 0.01 Medium Term Bonds 25/11/2020 588 0.06 €500,000 British Sky Broadcasting 2.25% European Medium Term €500,000 BNP Paribas 5.431% Subordinated European Medium Notes 17/11/2025 405 0.04 Term Bonds 7/9/2017 421 0.04 €450,000 British Sky Broadcasting 2.5% European Medium Term €400,000 BNP Paribas 5.757% Guaranteed Subordinated Notes 15/9/2026 370 0.04 European Medium Term Bonds 4/10/2017 340 0.03 €200,000 Brussels Airport 3.25% Senior European Medium Term €200,000 BNZ International Funding 1.25% Guaranteed European Notes 1/7/2020 172 0.02 Medium Term Notes 23/5/2018 160 0.02 €150,000 Caisse Centrale du Credit Immobilier 4% Guaranteed €200,000 Bouygues 3.625% Senior Notes 16/1/2023 183 0.02 Senior European Medium Term Notes 12/1/2018 124 0.01 €250,000 Bouygues 3.641% Guaranteed Senior Notes 29/10/2019 219 0.02 €200,000 CaixaBank 1.625% European Medium Term Notes €400,000 Bouygues 4% Guaranteed Senior Notes 12/2/2018 337 0.03 21/4/2022 144 0.01 €300,000 BP Capital Markets 1.109% European Medium Term €100,000 CaixaBank 2.375% Senior Notes 9/5/2019 81 0.01 Notes 16/2/2023 230 0.02 €300,000 CaixaBank 3.125% Senior Bonds 14/5/2018 249 0.02 €300,000 BP Capital Markets 1.573% European Medium Term €200,000 Canal de Isabel II Gestion 1.68% European Medium Term Notes 16/2/2027 225 0.02 Notes 26/2/2025 152 0.01 €150,000 BP Capital Markets 2.177% Senior European Medium €300,000 Cap Gemini 1.75% Bonds 1/7/2020 243 0.02 Term Notes 28/9/2021 124 0.01 €400,000 Cap Gemini 2.5% Bonds 1/7/2023 334 0.03

427 BlackRock Collective Investment Funds 428 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 £000’s Assets Value Investment £000’s Assets €100,000 Cargill 2.5% Senior European Medium Term Notes €200,000 Citigroup 7.375% Guaranteed Senior European Medium 15/2/2023 85 0.01 Term Bonds 4/9/2019 193 0.02 €500,000 Carlsberg Breweries 2.5% Senior European Medium €200,000 Citycon 3.75% Senior Bonds 24/6/2020 172 0.02 Term Notes 28/5/2024 415 0.04 €200,000 Citycon Treasury 2.5% Bonds 1/10/2024 158 0.02 €300,000 Carlsberg Breweries 2.625% European Medium Term €250,000 Coca-Cola 0.75% Senior Notes 9/3/2023 197 0.02 Notes 3/7/2019 251 0.02 €400,000 Coca-Cola 1.125% Bonds 9/3/2027 310 0.03 €50,000 Carlsberg Breweries 3.375% Guaranteed Senior €300,000 Coca-Cola 1.625% Bonds 9/3/2035 232 0.02 European Medium Term Notes 13/10/2017 41 0.00 €125,000 Coca-Cola 1.875% Bonds 22/9/2026 105 0.01 €100,000 CARMILA 2.375% Bonds 18/9/2023 79 0.01 €400,000 Coca-Cola Enterprises 2.375% Senior Bonds 7/5/2025 331 0.03 €150,000 Carnival 1.125% Bonds 6/11/2019 118 0.01 €100,000 Coca-Cola Enterprises 2.625% Senior European €100,000 Carnival 1.625% Bonds 22/2/2021 79 0.01 Medium Term Notes 6/11/2023 85 0.01 €150,000 Carnival 1.875% Bonds 7/11/2022 118 0.01 €100,000 Coca-Cola Finance 2.375% Guaranteed European €100,000 Carrefour 1.25% European Medium Term Notes 3/6/2025 78 0.01 Medium Term Notes 18/6/2020 83 0.01 €100,000 Carrefour 1.75% Senior European Medium Term Notes €100,000 Coface 4.125% Guaranteed Bonds 27/3/2024 83 0.01 15/7/2022 82 0.01 €500,000 Commerzbank 0.5% European Medium Term Notes €700,000 Carrefour 1.75% Senior European Medium Term Notes 3/4/2018 394 0.04 22/5/2019 575 0.05 €250,000 Commerzbank 1.5% European Medium Term Notes €100,000 Carrefour 3.875% Senior European Medium Term Bonds 21/9/2022 200 0.02 25/4/2021 91 0.01 €200,000 Commerzbank 3.625% Senior European Medium Term €100,000 Carrefour 4.375% Senior European Medium Term Bonds Notes 10/7/2017 165 0.02 2/11/2016 81 0.01 €30,000 Commerzbank 3.875% Senior European Medium Term €300,000 Casino Guichard Perrachon 2.33% European Medium Notes 22/3/2017 25 0.00 Term Notes 7/2/2025 203 0.02 €200,000 Commerzbank 4% Guaranteed Senior European €100,000 Casino Guichard Perrachon 2.798% Senior European Medium Term Bonds 16/9/2020 179 0.02 Medium Term Notes 5/8/2026 69 0.01 €500,000 Commonwealth Bank of Australia 1.625% Bonds €300,000 Casino Guichard Perrachon 3.157% European Medium 4/2/2019 408 0.04 Term Notes 6/8/2019 238 0.02 €250,000 Commonwealth Bank of Australia 2% European €400,000 Casino Guichard Perrachon 3.311% European Medium Medium Term Notes 22/4/2027 181 0.02 Term Notes 25/1/2023 295 0.03 €200,000 Commonwealth Bank of Australia 4.25% Guaranteed €200,000 Casino Guichard Perrachon 3.994% European Medium Senior European Medium Term Notes 6/4/2018 171 0.02 Term Notes 9/3/2020 161 0.02 €300,000 Commonwealth Bank of Australia 5.5% Subordinate €50,000 Casino Guichard Perrachon 4.481% Guaranteed Senior European Medium Term Notes 6/8/2019 270 0.03 Notes 12/11/2018 41 0.00 €250,000 Compagnie de Saint-Gobain 4.75% Guaranteed Senior €100,000 Casino Guichard Perrachon 4.726% Senior European European Medium Term Bonds 11/4/2017 207 0.02 Medium Term Bonds 26/5/2021 82 0.01 €175,000 Compass 1.875% Senior European Medium Term Notes €500,000 Citigroup 1.75% Bonds 28/1/2025 390 0.04 27/1/2023 147 0.01 €300,000 Citigroup 2.125% European Medium Term Notes €100,000 Compass 3.125% European Medium Term Bonds 10/9/2026 237 0.02 13/2/2019 85 0.01 €300,000 Citigroup 2.375% Senior European Medium Term Notes €200,000 Conti-Gummi Finance 2.5% Guaranteed European 22/5/2024 247 0.02 Medium Term Notes 20/3/2017 161 0.02 €200,000 Citigroup 4.375% Guaranteed Senior European Medium €200,000 Continental 3.125% Guaranteed European Medium Term Bonds 30/1/2017 163 0.02 Term Notes 9/9/2020 175 0.02

429 BlackRock Collective Investment Funds 430 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 £000’s Assets Value Investment £000’s Assets €50,000 Continental Rubber of America 0.5% European Medium €500,000 Daimler 0.875% European Medium Term Notes Term Notes 19/2/2019 39 0.00 12/1/2021 395 0.04 €200,000 Corio 3.25% Guaranteed European Medium Term Notes €500,000 Daimler 2% European Medium Term Notes 25/6/2021 418 0.04 26/2/2021 176 0.02 €200,000 Daimler 2% Senior European Medium Term Notes €100,000 Coventry Building Society 2.5% Senior Notes 18/11/2020 82 0.01 5/5/2017 161 0.02 €200,000 Crédit Agricole 0.875% Senior European Medium Term €500,000 Daimler 2.25% Senior European Medium Term Notes Bonds 19/1/2022 157 0.02 24/1/2022 424 0.04 €300,000 Crédit Agricole 1.75% Senior European Medium Term €200,000 Daimler 2.625% Senior European Medium Term Notes Notes 12/3/2018 244 0.02 2/4/2019 168 0.02 €300,000 Crédit Agricole 2.375% European Medium Term Notes €200,000 Daimler 4.125% Guaranteed Senior European Medium 27/11/2020 255 0.02 Term Notes 19/1/2017 163 0.02 €1,000,000 Crédit Agricole 2.375% Senior European Medium Term €300,000 Danfoss 1.375% European Medium Term Notes Notes 20/5/2024 855 0.08 23/2/2022 238 0.02 €125,000 Crédit Agricole 2.625% Bonds 17/3/2027 94 0.01 €100,000 Danone 1.125% European Medium Term Notes 14/1/2025 79 0.01 €200,000 Crédit Agricole 3.125% Senior European Medium Term €400,000 Danone 1.25% European Medium Term Notes 30/5/2024 320 0.03 Notes 17/7/2023 181 0.02 €100,000 Danone 2.6% Senior European Medium Term Notes €400,000 Crédit Agricole 3.875% Senior European Medium Term 28/6/2023 88 0.01 Notes 13/2/2019 348 0.03 €250,000 Danone 3.6% Senior European Medium Term Bonds €250,000 Crédit Agricole 5.875% Subordinated European Medium 23/11/2020 226 0.02 Term Notes 11/6/2019 226 0.02 €200,000 Delhaize 3.125% Guaranteed Notes 27/2/2020 173 0.02 €600,000 Crédit Agricole 5.971% Subordinated European Medium €200,000 Delphi Automotive 1.5% Bonds 10/3/2025 145 0.01 Term Bonds 1/2/2018 518 0.05 €675,000 Deutsche Annington Finance 0.875% Bonds 30/3/2020 527 0.05 €500,000 Credit Mutuel Arkea 1% European Medium Term Notes €275,000 Deutsche Annington Finance 2.125% European Medium 26/1/2023 391 0.04 Term Notes 9/7/2022 223 0.02 €600,000 Credit Suisse 0.625% European Medium Term Notes €200,000 Deutsche Annington Finance 3.125% Guaranteed Bonds 20/11/2018 475 0.05 25/7/2019 168 0.02 €500,000 Credit Suisse 1.125% Bonds 15/9/2020 399 0.04 €500,000 Deutsche Bank 1.125% European Medium Term Notes €250,000 Credit Suisse 1.25% European Medium Term Notes 17/3/2025 369 0.04 14/4/2022 185 0.02 €500,000 Deutsche Bank 1.25% Senior European Medium Term €100,000 Credit Suisse 1.375% Bonds 31/1/2022 80 0.01 Notes 8/9/2021 390 0.04 €800,000 Credit Suisse 1.375% Senior Notes 29/11/2019 646 0.06 €300,000 Deutsche Bank 1.25% European Medium Term Notes €500,000 Credit Suisse London 0.5% European Medium Term 8/9/2021 235 0.02 Notes 29/3/2018 394 0.04 €600,000 Deutsche Bank 2.375% European Medium Term Notes €700,000 Credit Suisse London 4.75% Guaranteed Senior 11/1/2023 497 0.05 European Medium Term Notes 5/8/2019 630 0.06 €550,000 Deutsche Bank 5.125% Senior European Medium Term €600,000 CRH Finance Germany 1.75% European Medium Term Bonds 31/8/2017 460 0.04 Notes 16/7/2021 490 0.05 €150,000 Deutsche Boerse 1.125% Senior Bonds 26/3/2018 120 0.01 €350,000 CRH Finland Services 2.75% Guaranteed European €150,000 Deutsche Boerse 2.75% Bonds 5/2/2041 118 0.01 Medium Term Notes 15/10/2020 298 0.03 €500,000 Deutsche Pfandbriefbank 1.375% European Medium €100,000 CRH Funding 1.875% European Medium Term Notes Term Notes 15/1/2018 397 0.04 9/1/2024 81 0.01 €250,000 Deutsche Post 2.875% European Medium Term Bonds 11/12/2024 226 0.02

431 BlackRock Collective Investment Funds 432 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 £000’s Assets Value Investment £000’s Assets €300,000 Deutsche Post Finance 2.95% Guaranteed European €175,000 EDP Finance 2% European Medium Term Notes Medium Term Bonds 27/6/2022 269 0.03 22/4/2025 119 0.01 €800,000 Deutsche Telekom International Finance 3.25% €500,000 EDP Finance 2.625% European Medium Term Notes Guaranteed European Medium Term Notes 17/1/2028 753 0.07 18/1/2022 375 0.04 €150,000 Deutsche Telekom International Finance 4.5% €500,000 EDP Finance 5.75% European Medium Term Notes Guaranteed European Medium Term Bonds 28/10/2030 157 0.02 21/9/2017 420 0.04 €200,000 Deutsche Telekom International Finance 6% €100,000 EE 3.25% Medium Term Notes 3/8/2018 84 0.01 Guaranteed European Medium Term Notes 20/1/2017 165 0.02 €250,000 Eli Lilly 2.125% Bonds 3/6/2030 208 0.02 €118,000 Deutsche Wohnen 1.375% Senior Notes 24/7/2020 94 0.01 €500,000 Elia System Operator 1.375% European Medium Term €175,000 DH Europe Finance 1.7% Bonds 4/1/2022 143 0.01 Notes 27/5/2024 401 0.04 €200,000 DH Europe Finance 2.5% Guaranteed Notes 8/7/2025 172 0.02 €100,000 Elia System Operator 3.25% Senior European Medium €100,000 Diageo Finance 1.125% Guaranteed Bonds 20/5/2019 81 0.01 Term Notes 4/4/2028 93 0.01 €400,000 Diageo Finance 1.75% European Medium Term Notes €100,000 Enagas Financiaciones 1.25% European Medium Term 23/9/2024 336 0.03 Notes 6/2/2025 78 0.01 €100,000 DirecTV Financing 2.75% Guaranteed Bonds 19/5/2023 85 0.01 €200,000 Enagas Financiaciones 2.5% Guaranteed European €100,000 Discovery Communications 1.9% Bonds 19/3/2027 67 0.01 Medium Term Notes 11/4/2022 172 0.02 €125,000 Discovery Communications 2.375% Guaranteed Bonds €200,000 Enagas Financiaciones 4.25% European Medium Term 7/3/2022 97 0.01 Notes 5/10/2017 167 0.02 €400,000 DNB Bank 1.125% European Medium Term Notes €50,000 Enel 5.625% European Medium Term Bonds 21/6/2027 55 0.01 1/3/2023 316 0.03 €150,000 Enel Finance 5% Guaranteed European Medium Term €400,000 DNB Bank 3.875% Senior European Medium Term Notes Bonds 14/9/2022 146 0.01 29/6/2020 360 0.03 €626,000 Enel Finance International 1.966% European Medium €100,000 DNB Bank 4.25% European Medium Term Bonds Term Notes 27/1/2025 516 0.05 18/1/2022 94 0.01 €500,000 Enel Finance International 3.625% Guaranteed European €400,000 DNB Bank 4.375% Senior European Medium Term Bonds Medium Term Notes 17/4/2018 421 0.04 24/2/2021 371 0.04 €250,000 Enel Finance International 4.875% Guaranteed European €100,000 DS Smith 2.25% European Medium Term Notes Medium Term Notes 11/3/2020 230 0.02 16/9/2022 80 0.01 €500,000 Enel Finance International 4.875% Guaranteed European €350,000 DSM 2.375% Senior European Medium Term Notes Medium Term Notes 17/4/2023 491 0.05 3/4/2024 303 0.03 €580,000 Enel Finance International 5.75% Guaranteed European €100,000 DSM 5.25% Guaranteed Senior European Medium Term Medium Term Notes 24/10/2018 522 0.05 Bonds 17/10/2017 85 0.01 €150,000 Enel-Societa Per Azioni 5.25% Senior European Medium €500,000 DVB Bank 1% European Medium Term Notes 29/7/2019 397 0.04 Term Bonds 20/5/2024 155 0.01 €200,000 DVB Bank 1.625% Senior European Medium Term Notes €100,000 ENGIE 1% European Medium Term Notes 13/3/2026 77 0.01 28/5/2018 161 0.02 €500,000 ENGIE 1.375% Senior European Medium Term Notes €750,000 E.ON International Finance 5.5% European Medium 19/5/2020 410 0.04 Term Notes 2/10/2017 638 0.06 €200,000 ENGIE 1.5% European Medium Term Notes 13/3/2035 150 0.01 €250,000 E.ON International Finance 5.75% Guaranteed European €200,000 ENGIE 2.375% Senior European Medium Term Notes Medium Term Bonds 7/5/2020 235 0.02 19/5/2026 174 0.02 €100,000 easyJet 1.75% European Medium Term Notes 9/2/2023 80 0.01 €500,000 ENGIE 3% Senior European Medium Term Notes €100,000 Ecolab 2.625% Bonds 8/7/2025 84 0.01 1/2/2023 449 0.04

433 BlackRock Collective Investment Funds 434 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 £000’s Assets Value Investment £000’s Assets €100,000 ENGIE 3.125% Senior European Medium Term Notes €350,000 FCA Capital Ireland 2% European Medium Term Notes 21/1/2020 87 0.01 23/10/2019 277 0.03 €550,000 ENGIE 3.5% Senior European Medium Term Bonds €150,000 FCA Capital Ireland 2.625% Guaranteed European 18/10/2022 506 0.05 Medium Term Notes 17/4/2019 121 0.01 €350,000 ENGIE 5.125% Senior European Medium Term Notes €100,000 FCA Capital Ireland 4% Guaranteed European Medium 19/2/2018 302 0.03 Term Notes 17/10/2018 83 0.01 €150,000 ENGIE 5.75% Guaranteed Senior European Medium €750,000 FCE Bank 1.528% European Medium Term Notes Term Bonds 24/6/2023 158 0.02 9/11/2020 590 0.06 €50,000 ENGIE 6.875% Guaranteed Senior European Medium €100,000 FCE Bank 1.75% Senior European Medium Term Notes Term Bonds 24/1/2019 47 0.00 21/5/2018 80 0.01 €300,000 Eni 1.5% European Medium Term Notes 2/2/2026 228 0.02 €750,000 FCE Bank 1.875% European Medium Term Notes €600,000 Eni 3.5% Senior European Medium Term Notes 18/4/2019 606 0.06 29/1/2018 500 0.05 €200,000 Ferrovial Emisiones 3.375% Guaranteed Notes €250,000 Eni 3.625% European Medium Term Notes 29/1/2029 222 0.02 30/1/2018 166 0.02 €400,000 Eni 3.75% Senior European Medium Term Notes €300,000 Fonciere Des Regions 1.75% Bonds 10/9/2021 234 0.02 12/9/2025 364 0.03 €200,000 Gas Natural 2.875% Guaranteed Bonds 11/3/2024 172 0.02 €400,000 Eni 4% Senior European Medium Term Bonds €450,000 Gas Natural 4.375% Guaranteed European Medium 29/6/2020 355 0.03 Term Notes 2/11/2016 364 0.03 €500,000 Eni 4.75% Senior European Medium Term Notes €250,000 Gas Natural Capital 4.5% European Medium Term 14/11/2017 423 0.04 Notes 27/1/2020 225 0.02 €200,000 EP Energy 4.375% Senior Bonds 1/5/2018 153 0.01 €200,000 Gas Natural Capital 5.375% Guaranteed European €100,000 Ericsson 5.375% Senior European Medium Term Bonds Medium Term Notes 24/5/2019 181 0.02 27/6/2017 84 0.01 €300,000 Gas Natural Capital Markets 5.625% Guaranteed €400,000 Erste Bank 4.25% Guaranteed European Medium Term European Medium Term Notes 9/2/2017 248 0.02 Notes 12/4/2016 316 0.03 €300,000 Gas Natural Fenosa Finance 3.5% Guaranteed European €200,000 Eurogrid 1.625% European Medium Term Notes Medium Term Notes 15/4/2021 265 0.03 3/11/2023 163 0.02 €100,000 Gas Natural Fenosa Finance 3.875% Guaranteed €100,000 Eurogrid 1.875% Bonds 10/6/2025 82 0.01 European Medium Term Notes 11/4/2022 90 0.01 €400,000 Eutelsat 2.625% Senior Notes 13/1/2020 336 0.03 €200,000 GE 1.875% Bonds 28/5/2027 168 0.02 €100,000 Eutelsat 4.125% Guaranteed Senior Notes 27/3/2017 82 0.01 €100,000 GE 4.125% European Medium Term Notes 19/9/2035 101 0.01 €200,000 Eutelsat 5% Guaranteed Senior Notes 14/1/2019 177 0.02 €500,000 GE Capital 0.8% European Medium Term Notes €100,000 Evonik 1.875% Bonds 8/4/2020 84 0.01 21/1/2022 396 0.04 €175,000 Evonik Industries 1% European Medium Term Notes €250,000 GE Capital 4.625% European Medium Term Notes 23/1/2023 137 0.01 22/2/2027 266 0.03 €125,000 EXOR 2.5% Bonds 8/10/2024 94 0.01 €600,000 GE Capital European Funding 2.25% Guaranteed €225,000 Expedia 2.5% Bonds 3/6/2022 169 0.02 European Medium Term Notes 20/7/2020 510 0.05 €150,000 F Van Lanschot Bankiers 2.875% European Medium €500,000 GE Capital European Funding 2.625% Guaranteed Term Notes 17/10/2016 120 0.01 European Medium Term Bonds 15/3/2023 442 0.04 €100,000 F Van Lanschot Bankiers 3.125% Senior European €300,000 GE Capital European Funding 2.875% Guaranteed Medium Term Notes 5/6/2018 82 0.01 European Medium Term Notes 18/6/2019 257 0.02 €175,000 FCA Capital Ireland 1.375% European Medium Term €175,000 Geberit International 0.688% Bonds 30/3/2021 139 0.01 Notes 17/4/2020 135 0.01 €100,000 Gecina 1.5% European Medium Term Notes 20/1/2025 77 0.01

435 BlackRock Collective Investment Funds 436 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 £000’s Assets Value Investment £000’s Assets €100,000 Gecina 1.75% Senior European Medium Term Notes €150,000 Goldman Sachs 4.75% Subordinated Bonds 12/10/2021 135 0.01 30/7/2021 81 0.01 €250,000 Goldman Sachs 5.125% Senior European Medium Term €100,000 Gecina 2% European Medium Term Notes 17/6/2024 81 0.01 Notes 23/10/2019 227 0.02 €100,000 Gecina 4.75% Senior European Medium Term Notes €200,000 Grand City Properties 1.5% Bonds 17/4/2025 141 0.01 11/4/2019 88 0.01 €200,000 Grand City Properties 2% Bonds 29/10/2021 158 0.02 €200,000 GELF Bond Issuer I 1.75% European Medium Term €250,000 Great-West Lifeco 2.5% Senior Notes 18/4/2023 208 0.02 Notes 22/11/2021 157 0.02 €100,000 Groupe Auchan 2.375% European Medium Term Notes €150,000 General Mills 1% Bonds 27/4/2023 117 0.01 12/12/2022 86 0.01 €200,000 General Mills 1.5% Bonds 27/4/2027 157 0.02 €500,000 Groupe Auchan 3% European Medium Term Notes €100,000 General Mills 2.1% Senior Notes 16/11/2020 84 0.01 2/12/2016 402 0.04 €100,000 Gerresheimer 5% Notes 19/5/2018 86 0.01 €100,000 Groupe Auchan 3.625% Guaranteed Senior European €250,000 GlaxoSmithKline Capital 5.625% European Medium Medium Term Notes 19/10/2018 86 0.01 Term Notes 13/12/2017 216 0.02 €100,000 Hammerson 2% Senior Notes 1/7/2022 81 0.01 €750,000 GlaxoSmithKline Capital 0.625% European Medium €100,000 Hammerson 2.75% Guaranteed Senior Notes 26/9/2019 84 0.01 Term Notes 2/12/2019 601 0.06 €375,000 Harman Finance International SCA 2% Bonds 27/5/2022 285 0.03 €400,000 Glencore Finance Dubai 1.75% Guaranteed European €300,000 Heathrow Funding 1.5% European Medium Term Notes Medium Term Notes 19/5/2016 314 0.03 11/2/2030 222 0.02 €100,000 Glencore Finance Europe 1.625% European Medium €100,000 Heathrow Funding 1.875% Senior European Medium Term Notes 18/1/2022 61 0.01 Term Notes 23/5/2024 83 0.01 €550,000 Glencore Finance Europe 1.75% European Medium €100,000 Heathrow Funding 4.6% Guaranteed Senior European Term Notes 17/3/2025 307 0.03 Medium Term Notes 15/2/2020 85 0.01 €400,000 Glencore Finance Europe 3.375% Guaranteed European €300,000 Heineken 1.5% European Medium Term Notes 7/12/2024 241 0.02 Medium Term Notes 30/9/2020 284 0.03 €200,000 Heineken 2% European Medium Term Notes 6/4/2021 167 0.02 €150,000 Glencore Finance Europe 4.625% Guaranteed Notes €250,000 Heineken 2.125% Bonds 4/8/2020 210 0.02 3/4/2018 118 0.01 €50,000 Heineken 2.5% Senior European Medium Term Notes €150,000 Glencore Finance Europe 5.25% European Medium Term 19/3/2019 42 0.00 Notes 22/3/2017 120 0.01 €150,000 Heineken 3.5% Senior European Medium Term Bonds €100,000 Global Switch 5.5% Guaranteed European Medium Term 19/3/2024 138 0.01 Notes 18/4/2018 87 0.01 €100,000 Hella 1.25% Senior Notes 7/9/2017 80 0.01 €100,000 Goldman Sachs 2% European Medium Term Notes €100,000 Hella 2.375% Guaranteed Senior Notes 24/1/2020 83 0.01 27/7/2023 80 0.01 €500,000 HIT Finance 5.75% Guaranteed Bonds 9/3/2018 435 0.04 €200,000 Goldman Sachs 2.625% Senior European Medium Term €400,000 Holcim US Finance 2.625% European Medium Term Notes 19/8/2020 168 0.02 Notes 7/9/2020 335 0.03 €500,000 Goldman Sachs 2.875% Senior European Medium Term €200,000 Holding d’Infrastructures de Transport 2.25% Bonds Notes 3/6/2026 422 0.04 24/3/2025 162 0.02 €150,000 Goldman Sachs 3% European Medium Term Notes €350,000 Holding d’Infrastructures de Transport 4.875% 12/2/2031 123 0.01 Guaranteed Bonds 27/10/2021 330 0.03 €250,000 Goldman Sachs 3.25% Senior European Medium Term €225,000 Honeywell International 0.65% Bonds 21/2/2020 176 0.02 Notes 1/2/2023 217 0.02 €300,000 Honeywell International 1.3% Bonds 22/2/2023 234 0.02 €1,100,000 Goldman Sachs 4.375% Senior European Medium Term €600,000 HSBC 1.875% Senior European Medium Term Notes Notes 16/3/2017 902 0.09 16/1/2020 497 0.05

437 BlackRock Collective Investment Funds 438 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 £000’s Assets Value Investment £000’s Assets €250,000 HSBC 3.125% Guaranteed Senior European Medium €100,000 Imerys 2.5% Senior European Medium Term Notes Term Notes 15/11/2017 207 0.02 26/11/2020 84 0.01 €200,000 HSBC 3.875% Senior European Medium Term Notes €500,000 Imperial Brands Finance 4.5% Guaranteed European 24/10/2018 173 0.02 Medium Term Notes 5/7/2018 431 0.04 €150,000 HSBC 6% Subordinated European Medium Term Notes €200,000 Infra Foch 1.25% Bonds 16/10/2020 160 0.02 10/6/2019 134 0.01 €600,000 ING Bank 0.7% European Medium Term Notes 16/4/2020 474 0.05 €1,100,000 HSBC 6.25% Guaranteed Subordinated European €300,000 ING Bank 0.75% European Medium Term Notes 22/2/2021 236 0.02 Medium Term Notes 19/3/2018 954 0.09 €650,000 ING Bank 1.25% Senior Notes 13/12/2019 525 0.05 €500,000 HSBC France 1.625% European Medium Term Notes €400,000 ING Bank 4.75% Guaranteed Senior European Medium 3/12/2018 408 0.04 Term Bonds 31/5/2017 333 0.03 €100,000 HSE Netz 6.125% Senior Bonds 23/4/2041 101 0.01 €500,000 ING Bank 4.875% Senior Notes 18/1/2021 472 0.05 €200,000 Hutchison Whampoa Europe Finance 3.625% €200,000 Inmobiliaria Colonial 2.728% Bonds 5/6/2023 155 0.01 Guaranteed Notes 6/6/2022 180 0.02 €400,000 Intesa Sanpaolo 1.125% European Medium Term Notes €500,000 Hutchison Whampoa Finance 14 1.375% Bonds 14/1/2020 315 0.03 31/10/2021 395 0.04 €450,000 Intesa Sanpaolo 3% Senior European Medium Term €200,000 Iberdrola Finanzas 4.125% Guaranteed European Notes 28/1/2019 375 0.04 Medium Term Notes 23/3/2020 180 0.02 €200,000 Intesa Sanpaolo 4% Guaranteed Senior Notes 8/11/2018 171 0.02 €100,000 Iberdrola International 1.75% European Medium Term €100,000 Intesa Sanpaolo 4% Senior European Medium Term Notes 17/9/2023 81 0.01 Notes 30/10/2023 91 0.01 €200,000 Iberdrola International 1.875% European Medium Term €900,000 Intesa Sanpaolo 4.375% European Medium Term Notes Notes 8/10/2024 163 0.02 15/10/2019 791 0.08 €400,000 Iberdrola International 2.5% Guaranteed European €500,000 Intesa Sanpaolo 4.75% Guaranteed Senior Bonds Medium Term Notes 24/10/2022 342 0.03 15/6/2017 415 0.04 €300,000 Iberdrola International 3.5% Guaranteed European €200,000 Intesa Sanpaolo 5% Guaranteed Senior European Medium Medium Term Notes 1/2/2021 267 0.03 Term Notes 28/2/2017 165 0.02 €700,000 Iberdrola International 4.5% European Medium Term €350,000 Investor 4.875% Guaranteed Senior European Medium Notes 21/9/2017 587 0.06 Term Bonds 18/11/2021 337 0.03 €500,000 IBM 1.25% Bonds 26/5/2023 400 0.04 €275,000 ITV 2.125% Bonds 21/9/2022 221 0.02 €100,000 IBM 1.875% Senior Notes 6/11/2020 84 0.01 €200,000 JAB 1.5% Guaranteed Senior Notes 24/11/2021 155 0.01 €100,000 IBM 2.875% Senior European Medium Term Notes €200,000 JAB 1.625% Bonds 30/4/2025 144 0.01 7/11/2025 89 0.01 €100,000 JAB 2.125% Bonds 16/9/2022 79 0.01 €100,000 Icade 1.875% Bonds 14/9/2022 80 0.01 €400,000 Jefferies 2.375% Senior European Medium Term Notes €100,000 Icade 2.25% Senior Notes 16/4/2021 82 0.01 20/5/2020 295 0.03 €100,000 Icade 2.25% Senior Notes 30/1/2019 82 0.01 €200,000 JP Morgan Chase 1.375% European Medium Term Notes €100,000 Icade 3.375% Senior Notes 29/9/2023 88 0.01 16/9/2021 161 0.02 €100,000 ICAP 3.125% Senior European Medium Term Notes €350,000 JP Morgan Chase 1.5% European Medium Term Notes 6/3/2019 78 0.01 26/10/2022 281 0.03 €200,000 IE2 Holdco 2.375% European Medium Term Notes €300,000 JP Morgan Chase 2.625% Senior European Medium Term 27/11/2023 157 0.02 Notes 23/4/2021 256 0.02 €250,000 Illinois Tool Works 1.75% Senior European Medium Term €150,000 JP Morgan Chase 2.75% Guaranteed Senior European Notes 20/5/2022 207 0.02 Medium Term Notes 1/2/2023 130 0.01 €300,000 Illinois Tool Works 2.125% Bonds 22/5/2030 241 0.02

439 BlackRock Collective Investment Funds 440 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 £000’s Assets Value Investment £000’s Assets €350,000 JP Morgan Chase 2.75% Senior European Medium Term €200,000 Linde Finance 1.875% Guaranteed European Medium Notes 24/8/2022 303 0.03 Term Notes 22/5/2024 172 0.02 €325,000 JP Morgan Chase 3% Senior European Medium Term €100,000 Linde Finance 4.75% Guaranteed European Medium Notes 19/2/2026 288 0.03 Term Bonds 24/4/2017 83 0.01 €600,000 JP Morgan Chase 3.875% Senior European Medium €500,000 Lloyds Bank 0.625% European Medium Term Notes Term Notes 23/9/2020 541 0.05 20/4/2020 391 0.04 €300,000 KBC Groep 2.375% European Medium Term Notes €125,000 Lloyds Bank 1% European Medium Term Notes 25/11/2024 238 0.02 19/11/2021 97 0.01 €100,000 KBC IFMA 4.5% Guaranteed European Medium Term €350,000 Lloyds Bank 1.25% Senior European Medium Term Notes 27/3/2017 82 0.01 Bonds 13/1/2025 270 0.03 €125,000 Kellogg 1.75% Senior European Medium Term Notes €1,000,000 Lloyds Bank 1.875% Senior European Medium Term 24/5/2021 103 0.01 Notes 10/10/2018 819 0.08 €400,000 Kering 0.875% European Medium Term Notes 28/3/2022 310 0.03 €150,000 Lloyds Bank 5.375% Guaranteed Senior European €100,000 Kering 2.5% Senior European Medium Term Notes Medium Term Notes 3/9/2019 138 0.01 15/7/2020 85 0.01 €200,000 Luxottica 2.625% Guaranteed European Medium Term €150,000 Kerry Financial Services 2.375% Bonds 10/9/2025 126 0.01 Notes 10/2/2024 177 0.02 €200,000 Kinder Morgan 1.5% Bonds 16/3/2022 139 0.01 €500,000 LVMH Moet Hennessy Louis Vuitton 1% European €100,000 Klepierre 1% Bonds 17/4/2023 77 0.01 Medium Term Notes 24/9/2021 406 0.04 €300,000 Klepierre 2.75% Senior European Medium Term Notes €100,000 LVMH Moet Hennessy Louis Vuitton 1.25% Senior 17/9/2019 255 0.02 European Medium Term Notes 4/11/2019 82 0.01 €150,000 Klepierre 4% Guaranteed Senior European Medium Term €200,000 Macquarie Bank 1.125% European Medium Term Notes Notes 13/4/2017 123 0.01 20/1/2022 155 0.01 €150,000 KPN 4.25% European Medium Term Notes 1/3/2022 139 0.01 €600,000 Macquarie Bank 2.5% Senior European Medium Term €300,000 KPN 5.625% Medium Term Notes 30/9/2024 309 0.03 Notes 18/9/2018 495 0.05 €300,000 Lafarge 4.75% European Medium Term Notes 30/9/2020 270 0.03 €50,000 Macquarie Bank 6% European Medium Term Bonds €300,000 Lafarge 5.5% European Medium Term Notes 16/12/2019 274 0.03 21/9/2020 45 0.00 €300,000 Lafarge 6.25% European Medium Term Notes 13/4/2018 258 0.02 €100,000 Magna International 1.9% Bonds 24/11/2023 81 0.01 €150,000 Lanxess Finance 2.625% European Medium Term Notes €150,000 Manpowergroup 4.5% Senior Notes 22/6/2018 128 0.01 21/11/2022 127 0.01 €125,000 MasterCard 2.1% Bonds 1/12/2027 104 0.01 €150,000 LeasePlan 2.375% Senior European Medium Term Notes €200,000 McDonald’s 2% European Medium Term Notes 1/6/2023 167 0.02 23/4/2019 123 0.01 €500,000 McDonald’s 2.875% Senior Notes 17/12/2025 444 0.04 €200,000 LeasePlan 2.5% Senior European Medium Term Notes €500,000 Mediobanca 0.875% European Medium Term Notes 19/9/2016 159 0.02 14/11/2017 395 0.04 €150,000 Leeds Building Society 1.375% European Medium Term €125,000 Mediobanca 2.25% Senior European Medium Term Notes 5/5/2022 111 0.01 Notes 18/3/2019 102 0.01 €100,000 Leeds Building Society 2.625% Senior European Medium €400,000 Mercialys 1.787% Bonds 31/3/2023 289 0.03 Term Notes 1/4/2021 80 0.01 €300,000 Merck 1.875% Bonds 15/10/2026 253 0.02 €100,000 Legrand 4.375% Guaranteed Senior European Medium €100,000 Merck 2.5% Bonds 15/10/2034 89 0.01 Term Notes 21/3/2018 85 0.01 €200,000 Merck Financial Services 4.5% Guaranteed European €100,000 Linde 1.75% European Medium Term Notes 17/9/2020 84 0.01 Medium Term Bonds 24/3/2020 184 0.02 €500,000 Linde Finance 1.75% Guaranteed European Medium €250,000 Metro 1.375% European Medium Term Notes 28/10/2021 199 0.02 Term Notes 11/6/2019 414 0.04 €300,000 Metro 1.5% European Medium Term Notes 19/3/2025 228 0.02

441 BlackRock Collective Investment Funds 442 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 £000’s Assets Value Investment £000’s Assets €200,000 Metropolitan Life Global Funding I 2.375% European €250,000 National Grid 4.375% Senior European Medium Term Medium Term Notes 30/9/2019 167 0.02 Notes 10/3/2020 227 0.02 €150,000 Metropolitan Life Global Funding I 2.375% European €150,000 National Grid 5% Senior European Medium Term Bonds Medium Term Notes 11/1/2023 126 0.01 2/7/2018 131 0.01 €250,000 Metso 2.75% European Medium Term Notes 4/10/2019 206 0.02 €275,000 Nationwide Building Society 1.125% European Medium €300,000 Microsoft 2.125% Senior Notes 6/12/2021 259 0.02 Term Notes 3/6/2022 214 0.02 €300,000 Microsoft 3.125% Senior Notes 6/12/2028 286 0.03 €125,000 Nationwide Building Society 1.25% European Medium €275,000 Mohawk Industries 2% Bonds 14/1/2022 217 0.02 Term Notes 3/3/2025 94 0.01 €125,000 Molnlycke 1.5% Bonds 28/2/2022 100 0.01 €100,000 Nationwide Building Society 3.125% Senior European €150,000 Molnlycke 1.75% Bonds 28/2/2024 120 0.01 Medium Term Notes 3/4/2017 81 0.01 €100,000 Mondelez International 1% Bonds 7/3/2022 78 0.01 €100,000 Nationwide Building Society 6.75% Guaranteed €200,000 Mondelez International 1.125% Senior Notes 26/1/2017 159 0.02 Subordinated European Medium Term Bonds 22/7/2020 92 0.01 €175,000 Mondelez International 1.625% Bonds 20/1/2023 140 0.01 €200,000 NE Property Cooperatief 3.75% Bonds 26/2/2021 155 0.01 €200,000 Mondelez International 1.625% Bonds 8/3/2027 147 0.01 €300,000 NEF 1.875% Bonds 16/3/2026 243 0.02 €175,000 Mondelez International 2.375% Bonds 6/3/2035 124 0.01 €200,000 Nestlé 1.75% European Medium Term Notes 12/9/2022 172 0.02 €200,000 Mondelez International 2.375% Senior Notes 26/1/2021 167 0.02 €200,000 Nestlé Finance International 1.25% Guaranteed €400,000 Mondi Finance 3.375% Senior Medium Term Notes European Medium Term Notes 4/5/2020 166 0.02 28/9/2020 344 0.03 €200,000 NET4GAS 2.5% Senior European Medium Term Notes €400,000 Moody’s 1.75% Bonds 9/3/2027 310 0.03 Bonds 28/7/2021 160 0.02 €525,000 Morgan Stanley 1.75% European Medium Term Notes €100,000 NN 1% European Medium Term Notes 18/3/2022 77 0.01 30/1/2025 411 0.04 €250,000 Nomura Europe Finance 1.125% European Medium Term €400,000 Morgan Stanley 2.375% European Medium Term Notes Notes 3/6/2020 195 0.02 31/3/2021 333 0.03 €600,000 Nomura Europe Finance 1.5% European Medium Term €500,000 Morgan Stanley 3.75% Guaranteed European Medium Notes 12/5/2021 475 0.05 Term Notes 21/9/2017 415 0.04 €500,000 Nomura Europe Finance 1.875% Guaranteed European €300,000 Morgan Stanley 5.375% Medium Term Notes 10/8/2020 281 0.03 Medium Term Notes 29/5/2018 405 0.04 €500,000 Morgan Stanley 6.5% Senior European Medium Term €750,000 Nordea Bank 1.125% European Medium Term Notes Notes 28/12/2018 459 0.04 12/2/2025 588 0.06 €125,000 Motability Operations 1.625% European Medium Term €500,000 Nordea Bank 1.375% Senior European Medium Term Notes 9/6/2023 103 0.01 Notes 12/4/2018 404 0.04 €350,000 NASDAQ OMX 3.875% Senior Bonds 7/6/2021 306 0.03 €200,000 Nordea Bank 3.25% Senior European Medium Term €500,000 National Australia Bank 0.875% European Medium Term Notes 5/7/2022 181 0.02 Notes 20/1/2022 392 0.04 €150,000 Nordea Bank 4% Subordinated European Medium Term €250,000 National Australia Bank 2.75% European Medium Term Bonds 29/3/2021 132 0.01 Notes 8/8/2022 217 0.02 €100,000 Nordea Bank 4.5% Guaranteed Subordinated European €300,000 National Australia Bank 4% European Medium Term Medium Term Bonds 26/3/2020 89 0.01 Bonds 13/7/2020 271 0.03 €300,000 Nykredit Realkredit 1.75% Guaranteed European €150,000 National Australia Bank 4.625% Notes 10/2/2020 133 0.01 Medium Term Notes 2/5/2018 243 0.02 €300,000 National Australia Bank 6.75% European Medium Term €550,000 OMV 0.6% European Medium Term Notes 19/11/2018 435 0.04 Notes 26/6/2023 263 0.03 €300,000 OMV 2.625% European Medium Term Notes 27/9/2022 253 0.02 €200,000 National Grid 0.75% European Medium Term Notes €100,000 OMV 4.375% Guaranteed Senior European Medium Term 11/2/2022 156 0.01 Notes 10/2/2020 89 0.01

443 BlackRock Collective Investment Funds 444 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 £000’s Assets Value Investment £000’s Assets €300,000 Oracle 2.25% Senior European Medium Term Notes €100,000 Philip Morris International 2.875% Senior Bonds 10/1/2021 256 0.02 30/5/2024 90 0.01 €100,000 Oracle 3.125% Senior European Medium Term Notes €100,000 Philip Morris International 3.125% Senior Bonds 10/7/2025 92 0.01 3/6/2033 92 0.01 €100,000 Orange 1.875% Senior European Medium Term Notes €200,000 PKO Finance 2.324% Senior European Medium Term Bonds 3/9/2018 82 0.01 Notes 23/1/2019 161 0.02 €600,000 Orange 3% European Medium Term Notes 15/6/2022 536 0.05 €500,000 Pohjola Bank 0.75% European Medium Term Notes €100,000 Orange 3.125% Senior European Medium Term Notes 3/3/2022 391 0.04 9/1/2024 90 0.01 €500,000 Pohjola Bank 1.75% European Medium Term Notes €400,000 Orange 3.375% European Medium Term Notes 29/8/2018 408 0.04 16/9/2022 365 0.03 €300,000 Pohjola Bank 2% Senior European Medium Term Notes €300,000 Orange 3.875% Senior European Medium Term Bonds 3/3/2021 252 0.02 9/4/2020 268 0.03 €100,000 Pohjola Bank 2.625% Senior European Medium Term €125,000 Orange 4% Perputual European Medium Term Notes 95 0.01 Notes 20/3/2017 81 0.01 €450,000 Orange 4.75% Guaranteed Senior European Medium €100,000 Pohjola Bank 3% Guaranteed Senior European Medium Term Bonds 21/2/2017 370 0.04 Term Notes 8/9/2017 82 0.01 €200,000 Orange 8.125% European Medium Term Notes 28/1/2033 272 0.03 €100,000 PostNL 5.375% Guaranteed Senior Bonds 14/11/2017 85 0.01 €100,000 Origin Energy Finance 2.5% Guaranteed European €200,000 PPG Industries 1.4% Senior Medium Term Notes Medium Term Notes 23/10/2020 68 0.01 13/3/2027 149 0.01 €150,000 Origin Energy Finance 2.875% European Medium Term €200,000 Praxair 1.5% Senior European Medium Term Notes Notes 11/10/2019 108 0.01 11/3/2020 164 0.02 €200,000 Origin Energy Finance 3.5% Guaranteed Bonds €225,000 Priceline 1.8% Bonds 3/3/2027 154 0.01 4/10/2021 136 0.01 €525,000 Priceline 2.15% Bonds 25/11/2022 417 0.04 €150,000 Orlen Capital 2.5% Notes 30/6/2021 118 0.01 €300,000 Priceline 2.375% Bonds 23/9/2024 231 0.02 €400,000 Pearson Funding Five 1.875% Guaranteed Bonds €550,000 Procter & Gamble 1.125% Bonds 2/11/2023 445 0.04 19/5/2021 325 0.03 €500,000 Procter & Gamble 2% Guaranteed Bonds 5/11/2021 429 0.04 €200,000 Pentair Finance 2.45% Bonds 17/9/2019 160 0.02 €100,000 Procter & Gamble 2% Guaranteed Senior Notes €150,000 PepsiCo 1.75% Senior European Medium Term Notes 16/8/2022 86 0.01 28/4/2021 125 0.01 €100,000 Procter & Gamble 4.875% Guaranteed Senior Bonds €100,000 PepsiCo 2.625% Senior European Medium Term Notes 11/5/2027 110 0.01 28/4/2026 90 0.01 €500,000 Prologis 3% Guaranteed Bonds 2/6/2026 413 0.04 €300,000 Pernod-Ricard 5% Guaranteed Senior Notes 15/3/2017 247 0.02 €100,000 Prologis 3.375% Guaranteed Notes 20/2/2024 86 0.01 €150,000 Pfizer 4.55% Guaranteed Senior Bonds 15/5/2017 124 0.01 €150,000 Prologis International Funding II 2.75% Guaranteed €300,000 Pfizer 5.75% Bonds 3/6/2021 299 0.03 European Medium Term Notes 23/10/2018 124 0.01 €100,000 Philip Morris International 1.75% Senior Bonds €200,000 Prologis International Funding II 2.875% Guaranteed 19/3/2020 83 0.01 European Medium Term Notes 4/4/2022 167 0.02 €500,000 Philip Morris International 1.875% Senior European €200,000 Publicis Groupe 1.125% Bonds 16/12/2021 159 0.02 Medium Term Notes 3/3/2021 418 0.04 €200,000 Publicis Groupe 1.625% Bonds 16/12/2024 160 0.02 €500,000 Philip Morris International 2.125% Senior Notes €750,000 Rabobank Nederland 1.75% Senior European Medium 30/5/2019 417 0.04 Term Notes 22/1/2019 618 0.06 €100,000 Philip Morris International 2.75% Bonds 19/3/2025 89 0.01 €850,000 Rabobank Nederland 3.5% European Medium Term Notes 17/10/2018 729 0.07

445 BlackRock Collective Investment Funds 446 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 £000’s Assets Value Investment £000’s Assets €200,000 Rabobank Nederland 3.75% Subordinated European €100,000 Rio Tinto 2% European Medium Term Notes 11/5/2020 81 0.01 Medium Term Notes 9/11/2020 174 0.02 €200,000 Rio Tinto 2.875% European Medium Term Bonds €500,000 Rabobank Nederland 3.875% Subordinated Notes 11/12/2024 169 0.02 25/7/2023 434 0.04 €250,000 Robert Bosch 5.125% Senior European Medium Term €800,000 Rabobank Nederland 4% Guaranteed Senior European Notes 12/6/2017 209 0.02 Medium Term Bonds 11/1/2022 749 0.07 €200,000 Robert Bosch Investment Nederland 1.625% Guaranteed €300,000 Rabobank Nederland 4.125% European Medium Term Senior Notes 24/5/2021 166 0.02 Notes 14/9/2022 263 0.03 €100,000 Robert Bosch Investment Nederland 2.625% Guaranteed €350,000 Rabobank Nederland 4.75% Guaranteed Senior European Medium Term Notes 24/5/2028 89 0.01 European Medium Term Bonds 15/1/2018 299 0.03 €200,000 Roche 6.5% Guaranteed European Medium Term Bonds €600,000 Rabobank Nederland 4.75% Guaranteed Senior 4/3/2021 206 0.02 European Medium Term Bonds 6/6/2022 587 0.06 €400,000 Roche Finance Europe 0.875% European Medium Term €300,000 Rabobank Nederland 5.875% Guaranteed Senior Notes 25/2/2025 321 0.03 Subordinated European Medium Term Notes 20/5/2019 271 0.03 €400,000 Roche Finance Europe 2% Guaranteed European €600,000 RCI Banque 1.375% European Medium Term Notes Medium Term Notes 25/6/2018 329 0.03 17/11/2020 477 0.05 €100,000 Rolls-Royce 2.125% Guaranteed European Medium Term €400,000 RCI Banque 1.75% European Medium Term Notes Notes 18/6/2021 83 0.01 6/7/2016 315 0.03 €400,000 Royal Bank of Scotland 1.5% Senior European Medium €200,000 RCI Banque 2.875% Senior European Medium Term Term Notes 28/11/2016 317 0.03 Notes 22/1/2018 164 0.02 €200,000 Royal Bank of Scotland 1.625% Senior European Medium €200,000 RCI Banque 4.25% Senior European Medium Term Term Notes 25/6/2019 155 0.01 Notes 27/4/2017 164 0.02 €100,000 Royal Bank of Scotland 5.375% Senior European Medium €50,000 Red Electrica de Espana Finance 3.5% Guaranteed Term Notes 30/9/2019 91 0.01 Notes 7/10/2016 40 0.00 €100,000 Royal Bank of Scotland 5.5% Senior European Medium €300,000 Red Electrica de Espana Finance 3.875% Guaranteed Term Notes 23/3/2020 93 0.01 Senior European Medium Term Notes 25/1/2022 277 0.03 €100,000 RWE Finance 5.125% Guaranteed European Medium €200,000 Red Electrica Financiaciones 1.125% European Medium Term Bonds 23/7/2018 87 0.01 Term Notes 24/4/2025 154 0.01 €600,000 RWE Finance 6.5% Guaranteed European Medium Term €200,000 Red Electrica Financiaciones 4.75% Senior Medium Term Bonds 10/8/2021 591 0.06 Notes 16/2/2018 171 0.02 €250,000 RWE Finance 6.625% Guaranteed European Medium €175,000 RELX Capital 1.3% Bonds 12/5/2025 137 0.01 Term Bonds 31/1/2019 229 0.02 €200,000 REN Finance 4.75% Senior European Medium Term €650,000 Ryanair 1.125% European Medium Term Notes 10/3/2023 502 0.05 Notes 16/10/2020 177 0.02 €125,000 Saastopankkien Keskuspankki Suomi 1% European €100,000 Rentokil Initial 3.25% Guaranteed European Medium Medium Term Notes 6/5/2020 98 0.01 Term Notes 7/10/2021 87 0.01 €400,000 Saint-Gobain 4% Senior European Medium Term Notes €400,000 Repsol 4.375% European Medium Term Notes 20/2/2018 328 0.03 8/10/2018 344 0.03 €100,000 Repsol International Finance 2.625% Guaranteed €200,000 Saint-Gobain 4.5% European Medium Term Notes European Medium Term Notes 28/5/2020 76 0.01 30/9/2019 180 0.02 €400,000 Repsol International Finance 3.625% Guaranteed €125,000 Sampo 1.5% European Medium Term Notes 16/9/2021 99 0.01 European Medium Term Notes 7/10/2021 314 0.03 €500,000 Sanofi 0.875% European Medium Term Notes 22/9/2021 405 0.04 €200,000 Repsol International Finance 4.875% Guaranteed €200,000 Sanofi 1% European Medium Term Notes 14/11/2017 160 0.02 European Medium Term Notes 19/2/2019 166 0.02 €500,000 Sanofi 1.75% European Medium Term Notes 10/9/2026 420 0.04

447 BlackRock Collective Investment Funds 448 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 £000’s Assets Value Investment £000’s Assets €400,000 Sanofi 1.875% Senior European Medium Term Notes €400,000 Siemens Financieringsmaatschappij 1.75% Guaranteed 4/9/2020 338 0.03 European Medium Term Notes 12/3/2021 338 0.03 €300,000 Santander 4% European Medium Term Notes 24/1/2020 263 0.03 €300,000 Siemens Financieringsmaatschappij 5.625% Guaranteed €300,000 Santander Consumer Finance 0.9% Bonds 18/2/2020 232 0.02 European Medium Term Notes 11/6/2018 266 0.03 €1,000,000 Santander Consumer Finance 1.5% European Medium €100,000 Simon Property 2.375% Senior Notes 2/10/2020 84 0.01 Term Notes 12/11/2020 790 0.08 €300,000 Skandinaviska Enskilda Banken 0.75% European Medium €800,000 Santander Issuances 2.5% Europen Medium Term Notes Term Notes 24/8/2021 236 0.02 18/3/2025 592 0.06 €400,000 Skandinaviska Enskilda Banken 2% Senior European €150,000 SAP 1.125% European Medium Term Notes 20/2/2023 123 0.01 Medium Term Notes 18/3/2019 330 0.03 €525,000 SAP 1.75% European Medium Term Notes 22/2/2027 435 0.04 €400,000 Skandinaviska Enskilda Banken 2.5% Bonds 28/5/2026 316 0.03 €300,000 Scentre 3.25% European Medium Term Notes 11/9/2023 268 0.03 €500,000 Skandinaviska Enskilda Banken 3.875% Senior European €250,000 Scentre Management 2.25% European Medium Term Medium Term Notes 12/4/2017 410 0.04 Notes 16/7/2024 207 0.02 €100,000 SKF 1.625% Bonds 2/12/2022 79 0.01 €300,000 Schlumberger Finance 0.625% Bonds 12/2/2019 238 0.02 €100,000 SKF 2.375% Senior Notes 29/10/2020 83 0.01 €200,000 Schneider Electric 0.875% European Medium Term €225,000 Smiths 1.25% Bonds 28/4/2023 170 0.02 Notes 11/3/2025 154 0.01 €100,000 Smiths 4.125% Guaranteed Notes 5/5/2017 82 0.01 €100,000 Schneider Electric 1.5% European Medium Term Notes €100,000 Snam 2.375% Senior European Medium Term Notes 8/9/2023 82 0.01 30/6/2017 81 0.01 €500,000 Schneider Electric 2.5% Senior European Medium Term €250,000 Snam 3.25% Senior European Medium Term Notes Notes 6/9/2021 434 0.04 22/1/2024 227 0.02 €150,000 Schneider Electric 4% Senior European Medium Term €100,000 Snam 3.375% Senior European Medium Term Notes Bonds 11/8/2017 124 0.01 29/1/2021 88 0.01 €200,000 Securitas 2.25% Senior European Medium Term Notes €500,000 Snam 3.5% European Medium Term Notes 13/2/2020 437 0.04 14/3/2018 163 0.02 €400,000 Snam 3.875% European Medium Term Notes 19/3/2018 338 0.03 €100,000 SES 4.625% Guaranteed European Medium Term Bonds €304,000 Snam 5% Senior European Medium Term Notes 9/3/2020 91 0.01 18/1/2019 270 0.03 €142,000 SES 4.75% Guaranteed European Medium Term Bonds €200,000 Snam 5.25% European Medium Bonds 19/9/2022 200 0.02 11/3/2021 133 0.01 €100,000 Societá Iniziative Autostradali e Servizi 3.375% Senior €300,000 SGSP Australia Assets 2% European Medium Term Notes European Medium Term Notes 13/2/2024 89 0.01 30/6/2022 236 0.02 €500,000 Société Des Autoroutes 1.875% European Medium Term €500,000 Shell International Finance 1.25% European Medium Notes 15/1/2025 415 0.04 Term Notes 15/3/2022 400 0.04 €400,000 Société Fonciere Lyonnaise 1.875% Bonds 26/11/2021 316 0.03 €200,000 Shell International Finance 1.625% Guaranteed €100,000 Societe Fonciere Lyonnaise 2.25% Bonds 16/11/2022 80 0.01 European Medium Term Notes 24/3/2021 164 0.02 €100,000 Société Générale 0.75% European Medium Term Notes €500,000 Shell International Finance 1.875% European Medium 25/11/2020 79 0.01 Term Notes 15/9/2025 405 0.04 €500,000 Société Générale 2.25% Senior European Medium Term €250,000 Shell International Finance 2.5% Guaranteed European Notes 23/1/2020 420 0.04 Medium Term Notes 24/3/2026 212 0.02 €400,000 Société Générale 2.375% European Medium Term Notes €300,000 Shell International Finance 4.375% Guaranteed Bonds 28/2/2018 328 0.03 14/5/2018 258 0.02 €300,000 Société Générale 2.625% European Medium Term Notes €500,000 Siemens Financieringsmaatschappij 1.5% Guaranteed 27/2/2025 229 0.02 European Medium Term Notes 10/3/2020 415 0.04

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 £000’s Assets Value Investment £000’s Assets €100,000 Société Générale 3.75% European Medium Term Notes €400,000 Svenska Handelsbanken 2.25% Senior European 1/3/2017 81 0.01 Medium Term Notes 14/6/2018 330 0.03 €200,000 Société Générale 4% Subordinated European Medium €100,000 Svenska Handelsbanken 2.25% Senior European Term Notes 7/6/2023 171 0.02 Medium Term Notes 27/8/2020 85 0.01 €150,000 Société Générale 6.125% Subordinated European €250,000 Svenska Handelsbanken 3.375% Senior European Medium Term Notes 20/8/2018 133 0.01 Medium Term Notes 17/7/2017 206 0.02 €100,000 Sodexo 2.5% Senior Notes 24/6/2026 88 0.01 €250,000 Svenska Handelsbanken 4.375% European Medium €100,000 Solvay 2.75% Bonds 2/12/2027 81 0.01 Term Bonds 20/10/2021 237 0.02 €100,000 SpareBank 2% European Medium Term Notes €150,000 Swedbank 1.5% Senior European Medium Term Notes 14/5/2018 81 0.01 18/3/2019 122 0.01 €200,000 SpareBank 2.125% European Medium Term Notes €300,000 Sydney Airport Finance 2.75% Senior European Medium 3/2/2020 165 0.02 Term Notes 23/4/2024 251 0.02 €500,000 SpareBank 2.125% European Medium Term Notes €100,000 Syngenta Finance 1.25% European Medium Term Notes 14/4/2021 412 0.04 10/9/2027 68 0.01 €100,000 SpareBank 2.125% Senior European Medium Term Notes €200,000 Syngenta Finance 1.875% Guaranteed European Medium 21/2/2018 81 0.01 Term Notes 2/11/2021 158 0.02 €50,000 SpareBank 3.5% Guaranteed Senior Notes 21/4/2016 39 0.00 €100,000 Talanx 2.5% Senior Notes 23/7/2026 84 0.01 €225,000 SSE 1.75% European Medium Term Notes 8/9/2023 182 0.02 €250,000 TDC 1.75% European Medium Term Notes 27/2/2027 174 0.02 €100,000 SSE 2% Senior European Medium Term Notes 17/6/2020 83 0.01 €100,000 TDC 4.375% Guaranteed Senior European Medium Term €400,000 Standard Chartered 1.625% European Medium Term Notes 23/2/2018 84 0.01 Notes 13/6/2021 306 0.03 €600,000 Telefónica Emisiones 1.477% European Medium Term €400,000 Standard Chartered 1.75% Senior European Medium Notes 14/9/2021 473 0.05 Term Notes 29/10/2017 321 0.03 €500,000 Telefonica Emisiones 2.242% Guaranteed European €300,000 Standard Chartered 3.625% Subordinated European Medium Term Notes 27/5/2022 406 0.04 Medium Term Notes 23/11/2022 212 0.02 €200,000 Telefónica Emisiones 2.736% Guaranteed European €100,000 Standard Chartered 4.125% Senior European Medium Medium Term Notes 29/5/2019 167 0.02 Term Notes 18/1/2019 85 0.01 €300,000 Telefónica Emisiones 2.932% European Medium Term €250,000 Standard Chartered 5.875% Subordinated European Notes 17/10/2029 242 0.02 Medium Term Notes 26/9/2017 207 0.02 €250,000 Telefónica Emisiones 3.661% Guaranteed European €100,000 Suez Environnement 1.75% European Medium Term Medium Term Notes 18/9/2017 207 0.02 Notes 10/9/2025 82 0.01 €100,000 Telefónica Emisiones 3.961% European Medium Term €100,000 Suez Environnement 2.75% Senior European Medium Notes 26/3/2021 89 0.01 Term Notes 9/10/2023 89 0.01 €500,000 Telefónica Emisiones 3.987% European Medium Term €200,000 Suez Environnement 4.078% Senior European Medium Bonds 23/1/2023 446 0.04 Term Bonds 17/5/2021 186 0.02 €400,000 Telefónica Emisiones 4.693% Guaranteed Notes €250,000 Suez Environnement 6.25% European Medium Term 11/11/2019 358 0.03 Notes 8/4/2019 233 0.02 €400,000 Telefónica Emisiones 4.797% Guaranteed European €725,000 Sumitomo Mitsui Banking 1% Bonds 19/1/2022 567 0.05 Medium Term Notes 21/2/2018 342 0.03 €250,000 Svenska Cellulosa 0.5% European Medium Term Notes €100,000 Telekom Finanzmanagement 3.125% Guaranteed 5/3/2020 196 0.02 European Medium Term Notes 3/12/2021 88 0.01 €150,000 Svenska Cellulosa 1.125% European Medium Term Notes €500,000 TeliaSonera 1.375% Senior European Medium Term 5/3/2025 116 0.01 Notes 18/2/2019 405 0.04

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 £000’s Assets Value Investment £000’s Assets €175,000 TeliaSonera 1.625% European Medium Term Notes €300,000 Total Capital International 2.5% European Medium Term 23/2/2035 118 0.01 Notes 25/3/2026 259 0.02 €300,000 TeliaSonera 3.625% Senior European Medium Term €700,000 Toyota Motor Credit 0.75% European Medium Term Notes Notes 14/2/2024 276 0.03 21/7/2022 551 0.05 €150,000 TeliaSonera 3.875% Senior European Medium Term €600,000 Toyota Motor Credit 1.25% Guaranteed Senior European Bonds 1/10/2025 142 0.01 Medium Term Notes 1/8/2017 479 0.05 €200,000 TeliaSonera 4% Senior European Medium Term Bonds €100,000 Toyota Motor Credit 2.375% Guaranteed Senior European 22/3/2022 185 0.02 Medium Term Notes 1/2/2023 87 0.01 €100,000 Telstra 2.5% Guaranteed European Medium Term Notes €150,000 Transurban Finance 1.875% European Medium Term 15/9/2023 87 0.01 Notes 16/9/2024 119 0.01 €300,000 Telstra 3.5% Senior European Medium Term Bonds €250,000 Transurban Finance 2% European Medium Term Notes 21/9/2022 276 0.03 28/8/2025 197 0.02 €200,000 Telstra 4.25% Guaranteed Senior European Medium €400,000 Turkiye Garanti Bankasi 3.375% Bonds 8/7/2019 316 0.03 Term Bonds 23/3/2020 182 0.02 €100,000 TVO 4.625% Senior European Medium Term Notes €600,000 Telstra 4.75% Guaranteed European Medium Term 4/2/2019 85 0.01 Notes 21/3/2017 495 0.05 €225,000 Tyco Electronics 1.1% Bonds 1/3/2023 175 0.02 €150,000 Teollisuuden Voima 2.125% European Medium Term €125,000 Tyco International Finance 1.375% Bonds 25/2/2025 93 0.01 Notes 4/2/2025 106 0.01 €275,000 UBS 1.125% European Medium Term Notes 30/6/2020 222 0.02 €100,000 Teollisuuden Voima 2.5% Senior European Medium Term €400,000 UBS 1.25% European Medium Term Notes 3/9/2021 325 0.03 Notes 17/3/2021 78 0.01 €250,000 UBS Funding Jersey 1.75% Bonds 16/11/2022 195 0.02 €100,000 Terna 2.875% European Medium Term Notes 16/2/2018 83 0.01 €250,000 UBS Group Funding 2.125% Bonds 4/3/2024 196 0.02 €250,000 Terna 4.75% European Medium Term Bonds 15/3/2021 236 0.02 €450,000 UBS London 6% Guaranteed Senior European Medium €400,000 Terna 4.875% European Medium Term Notes 3/10/2019 365 0.03 Term Notes 18/4/2018 398 0.04 €100,000 Terna 4.9% Guaranteed Senior Bonds 28/10/2024 103 0.01 €100,000 Unibail-Rodamco 1% European Medium Term Notes €200,000 Teva Pharmaceutical 1.25% Bonds 31/3/2023 148 0.01 14/3/2025 76 0.01 €150,000 Teva Pharmaceutical 2.875% Guaranteed European €300,000 Unibail-Rodamco 2.25% European Medium Term Notes Medium Term Notes 15/4/2019 125 0.01 1/8/2018 247 0.02 €100,000 Thales 1.625% Senior European Medium Term Notes €350,000 Unibail-Rodamco 2.375% Senior European Medium Term 20/3/2018 81 0.01 Notes 25/2/2021 299 0.03 €100,000 Thermo Fisher Scientific 1.5% Bonds 1/12/2020 80 0.01 €200,000 Unibail-Rodamco 2.5% Senior European Medium Term €200,000 Thermo Fisher Scientific 2% Bonds 15/4/2025 159 0.02 Notes 12/6/2023 172 0.02 €100,000 Time Warner 1.95% Guaranteed Senior Notes 15/9/2023 81 0.01 €125,000 Unibail-Rodamco 2.5% Senior European Medium Term €700,000 Total Capital 1.875% European Medium Term Notes Notes 26/2/2024 108 0.01 9/7/2020 585 0.06 €200,000 Unibail-Rodamco 3.875% Guaranteed Senior European €50,000 Total Capital 3.125% Guaranteed European Medium Medium Term Bonds 5/11/2020 183 0.02 Term Bonds 16/9/2022 45 0.00 €500,000 UniCredit 2.25% Senior European Medium Term Notes €300,000 Total Capital 4.875% Guaranteed European Medium 16/12/2016 399 0.04 Term Notes 28/1/2019 268 0.03 €400,000 UniCredit 3.25% Senior European Medium Term Notes €500,000 Total Capital Canada 2.125% European Medium Term 14/1/2021 339 0.03 Notes 18/9/2029 408 0.04 €150,000 UniCredit 3.625% Senior European Medium Term Notes €200,000 Total Capital International 1.375% European Medium 24/1/2019 127 0.01 Term Notes 19/3/2025 159 0.02

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 £000’s Assets Value Investment £000’s Assets €400,000 UniCredit 4.875% European Medium Term Notes €275,000 Vodafone 0.875% European Medium Term Notes 7/3/2017 329 0.03 17/11/2020 215 0.02 €500,000 UniCredit Bank Austria 2.5% Senior European Medium €375,000 Vodafone 1.25% European Medium Term Notes Term Notes 27/5/2019 410 0.04 25/8/2021 297 0.03 €150,000 Unilever 0.5% Bonds 3/2/2022 119 0.01 €350,000 Vodafone 1.75% European Medium Term Notes €500,000 Unilever 1% European Medium Term Notes 3/6/2023 403 0.04 25/8/2023 278 0.03 €100,000 Unilever 1.75% Guaranteed European Medium Term €200,000 Vodafone 1.875% European Medium Term Notes Notes 5/8/2020 84 0.01 11/9/2025 156 0.01 €425,000 Unione di Banche Italiane 2.875% Senior European €225,000 Vodafone 2.2% European Medium Term Notes 25/8/2026 177 0.02 Medium Term Notes 18/2/2019 351 0.03 €300,000 Vodafone 4.65% Senior European Medium Term Bonds €100,000 United Technologies 1.25% Bonds 22/5/2023 78 0.01 20/1/2022 280 0.03 €100,000 United Utilities Water 4.25% Guaranteed Senior European €500,000 Vodafone 5% European Medium Term Notes 4/6/2018 435 0.04 Medium Term Bonds 24/1/2020 90 0.01 €500,000 Volkswagen International Finance 0.875% European €250,000 Vale 3.75% European Medium Term Bonds 10/1/2023 138 0.01 Medium Term Notes 16/1/2023 366 0.04 €100,000 Valeo 3.25% Senior European Medium Term Notes €250,000 Volkswagen International Finance 1.625% European 22/1/2024 90 0.01 Medium Term Notes 16/1/2030 175 0.02 €100,000 Valeo 4.875% Guaranteed Senior European Medium €400,000 Volkswagen International Finance 1.875% Guaranteed Term Notes 11/5/2018 86 0.01 European Medium Term Notes 15/5/2017 319 0.03 €300,000 Veolia Environnement 4.247% Senior European Medium €200,000 Volkswagen International Finance 3.25% European Term Notes 6/1/2021 277 0.03 Medium Term Notes 21/1/2019 167 0.02 €100,000 Veolia Environnement 4.625% Senior European Medium €600,000 Volkswagen Leasing 2.125% Guaranteed European Term Bonds 30/3/2027 103 0.01 Medium Term Notes 4/4/2022 480 0.05 €200,000 Veolia Environnement 5.125% Guaranteed Senior €500,000 Volkswagen Leasing 2.375% Guaranteed European European Medium Term Bonds 24/5/2022 197 0.02 Medium Term Notes 6/9/2022 404 0.04 €250,000 Veolia Environnement 6.125% Senior European Medium €80,000 Volkswagen Leasing 2.625% Guaranteed Bonds Term Notes 25/11/2033 302 0.03 15/1/2024 65 0.01 €50,000 Veolia Environnement 6.75% Senior European Medium €300,000 Volkswagen Leasing 3.375% Guaranteed European Term Notes 24/4/2019 47 0.00 Medium Term Notes 3/6/2016 237 0.02 €150,000 Verizon Communications 2.375% Senior European €150,000 Volvo Treasury 2.375% European Medium Term Notes Medium Term Notes 17/2/2022 127 0.01 26/11/2019 125 0.01 €925,000 Verizon Communications 3.25% Senior European €100,000 Vonovia Finance 2.25% European Medium Term Notes Medium Term Notes 17/2/2026 832 0.08 15/12/2023 81 0.01 €125,000 Vienna Insurance 3.75% Bonds 2/3/2046 88 0.01 €500,000 Votorantim Cimentos 3.25% Senior Notes 25/4/2021 266 0.03 €400,000 Vier Gas Transport 2% Senior European Medium Term €275,000 Walgreens Boots Alliance 2.125% Bonds 20/11/2026 204 0.02 Notes 12/6/2020 333 0.03 €300,000 Wal-Mart Stores 4.875% Guaranteed Senior Bonds €150,000 Vier Gas Transport 2.875% Senior European Medium 21/9/2029 334 0.03 Term Notes 12/6/2025 133 0.01 €500,000 Wells Fargo 1.125% European Medium Term Notes €100,000 Vinci 3.375% Senior European Medium Term Notes 29/10/2021 400 0.04 30/3/2020 88 0.01 €500,000 Wells Fargo 1.5% European Medium Term Notes €650,000 Vivendi 4% Guaranteed European Medium Term Notes 12/9/2022 405 0.04 31/3/2017 532 0.05 €150,000 Wells Fargo 1.625% Senior Notes 2/6/2025 120 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 £000’s Assets Value Investment £000’s Assets €1,000,000 Wells Fargo 2% European Medium Term Notes €300,000 Allianz 5.625% Guaranteed Subordinated Floating 27/4/2026 823 0.08 Rate Bonds 17/10/2042 274 0.03 €100,000 Wells Fargo 2.25% Senior European Medium Term €300,000 Allianz Finance 5.75% Guaranteed Floating Rate Notes 2/5/2023 84 0.01 European Medium Term Bonds 8/7/2041 271 0.03 €800,000 Wells Fargo 2.625% Senior European Medium Term €350,000 America Movil 5.125% Variable Subordinate Notes Notes 16/8/2022 692 0.07 6/9/2073 280 0.03 €300,000 Wendel 2.75% Bonds 2/10/2024 231 0.02 €200,000 America Movil 6.375% Subordinated Floating Rate Notes €200,000 Wendel 4.375% Senior Notes 9/8/2017 164 0.02 6/9/2073 161 0.02 €300,000 Wendel 5.875% Senior Notes 17/9/2019 268 0.03 €200,000 Aquarius Plus Investments 4.25% Floating Rate €450,000 Westpac Securities 3.875% Guaranteed European European Medium Term Notes 2/10/2043 165 0.02 Medium Term Notes 20/3/2017 368 0.04 €200,000 ASR Nederland 5% Perpetual Bonds 149 0.01 €175,000 Whirlpool 0.625% Bonds 12/3/2020 135 0.01 €100,000 Assicurazioni Generali 10.125% Floating Rate European €250,000 Willow No.2 3.375% Senior European Medium Term Medium Term Bonds 10/7/2042 98 0.01 Notes 27/6/2022 221 0.02 €175,000 Assicurazioni Generali 5.5% Floating Rate European €100,000 Wolters Kluwer 2.5% Senior Notes 13/5/2024 86 0.01 Medium Term Notes 17/10/2047 134 0.01 €100,000 Wolters Kluwer 2.875% Senior Bonds 21/3/2023 88 0.01 €200,000 Assicurazioni Generali 7.75% Subordinated Floating Rate €100,000 Wolters Kluwer 6.375% Guaranteed Senior Notes European Medium Term Bonds 12/12/2042 180 0.02 10/4/2018 89 0.01 €100,000 Aviva 6.125% Subordinated Floating Rate European €125,000 WP Carey 2% Bonds 20/1/2023 92 0.01 Medium Term Notes 5/7/2043 86 0.01 €150,000 WPP Finance 2.25% European Medium Term Notes €150,000 Aviva 6.875% Subordinated Floating Rate European 22/9/2026 123 0.01 Medium Term Bonds 22/5/2038 126 0.01 €100,000 WPP Finance 2013 3% Guaranteed European Medium €325,000 AXA 3.875% Perpetual Subordinated Floating Rate Term Notes 20/11/2023 89 0.01 European Medium Term Notes 249 0.02 €150,000 WPP Finance Deutschland 1.625% European Medium €300,000 AXA 3.941% Perpetual European Medium Term Notes 231 0.02 Term Notes 23/3/2030 109 0.01 €350,000 AXA 5.125% Subordinated Floating Rate European €50,000 Wuerth Finance 1.75% Guaranteed European Medium Medium Term Notes 4/7/2043 310 0.03 Term Notes 21/5/2020 42 0.00 €350,000 AXA 5.25% Guaranteed Subordinated Floating Rate €50,000 Wuerth Finance 3.75% Guaranteed Notes 25/5/2018 42 0.00 European Medium Term Bonds 16/4/2040 301 0.03 €100,000 Yorkshire Building Society 2.125% Senior European €300,000 Bayer 2.375% Floating Rate Bonds 2/4/2075 220 0.02 Medium Term Notes 18/3/2019 80 0.01 €350,000 Bayer 3% Subordinated Floating Rate European Medium 214,437 21.05 Term Notes 1/7/2075 275 0.03 €300,000 Bayer 3.75% Subordinated Floating Rate Notes 1/7/2074 234 0.02 Euro Denominated Variable Rate Corporate Bonds – 1.65%; 2015 1.86% €500,000 BBVA Subordinated Capital 3.5% Guaranteed Floating €300,000 Achmea 4.25% Perpetual European Medium Term Notes 200 0.02 Rate Notes 11/4/2024 398 0.04 €150,000 Achmea 6% Subordinated Floating Rate Notes 4/4/2043 119 0.01 €200,000 Bertelsmann 3% Floating Rate Bonds 23/4/2075 142 0.01 €250,000 Aegon 4% Subordinated Floating Rate European Medium €200,000 Bertelsmann 3.5% Floating Rate European Medium Term Notes 25/4/2044 181 0.02 Term Notes 23/4/2075 131 0.01 €200,000 AG Insurance 3.5% Floating Rate Bonds 30/6/2047 136 0.01 €500,000 BNP Paribas 2.875% Subordinated Floating Rate €200,000 Allianz 2.241% Floating Rate Bonds 7/7/2045 146 0.01 European Medium Term Notes 20/3/2026 396 0.04 €300,000 Allianz 3.375% Perpetual Floating Rate Notes 227 0.02 €150,000 BNP Paribas 5.019% Perpetual Floating Rate Notes 119 0.01 €500,000 Allianz 4.75% Perpetual Subordinated Floating Rate €50,000 BNP Paribas 7.781% Perpetual Subordinated Floating European Medium Term Notes 415 0.04 Rate Notes 43 0.00

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 £000’s Assets Value Investment £000’s Assets €200,000 BNP Paribas Cardif 4.032% Perpetual Bonds 143 0.01 €300,000 ING Bank 3.625% Subordinated Floating Rate European €400,000 Citigroup 4.25% Guaranteed Subordinated Floating Medium Term Notes 25/2/2026 249 0.02 Rate European Medium Term Bonds 25/2/2030 358 0.03 €100,000 Intesa Sanpaolo Vita 4.75% Perpetual Variable Rate Bonds 72 0.01 €300,000 Cloverie Swiss Reins 6.625% Subordinated Floating €250,000 La Mondiale 5.05% Perpetual Bonds 183 0.02 Rate European Medium Term Bonds 1/9/2042 295 0.03 €175,000 Merck 2.625% Variable Rate Bonds 12/12/2074 133 0.01 €300,000 CNP Assurances 4.25% Subordinated Floating Rate €200,000 Merck 3.375% Variable Rate Bonds 12/12/2074 152 0.01 Notes 5/6/2045 215 0.02 €300,000 Munich Re 5.767% Guaranteed Subordinated Perpetual €300,000 CNP Assurances 6% Guaranteed Subordinated Floating Floating Rate Bonds 246 0.02 Rate European Medium Term Bonds 14/9/2040 249 0.02 €100,000 Munich Re 6% Floating Rate Bonds 26/5/2041 92 0.01 €200,000 Crédit Agricole Assurances 4.25% Perpetual Bonds 142 0.01 €300,000 Munich Re 6.25% Subordinated Floating Rate European €300,000 Crédit Agricole Assurances 4.5% Perpetual Bonds 213 0.02 Medium Term Bonds 26/5/2042 286 0.03 €100,000 Danica Pension Livsforsikringsaktieselskab 4.375% €400,000 Nationwide Building Society 4.125% Floating Rate Notes Floating Rate Bonds 29/9/2045 75 0.01 20/3/2023 325 0.03 €250,000 Danske Bank 2.75% Subordinated Floating Rate €400,000 NGG Finance 4.25% Guaranteed Floating Rate Bonds European Medium Term Notes 19/5/2026 200 0.02 18/6/2076 314 0.03 €100,000 Danske Bank 3.875% Subordinated Floating Rate Notes €200,000 NN 4.5% Perpetual Subordinated Floating Rate Notes 145 0.01 4/10/2023 83 0.01 €250,000 NN 4.625% Subordinated Floating Rate Notes 8/4/2044 194 0.02 €100,000 Delta Lloyd 9% Guaranteed Subordinated Floating Rate €300,000 Nordea Bank 4.625% Subordinated Floating Rate Bonds 29/8/2042 82 0.01 European Medium Term Notes 15/2/2022 244 0.02 €100,000 Demeter Investments 4.375% Perpetual Bonds 73 0.01 €200,000 OMV 5.25% Perpetual Bonds 145 0.01 €200,000 Deutsche Annington Finance 4% Perpetual Variable Rate €150,000 OMV 6.25% Perpetual Bonds 110 0.01 Bonds 147 0.01 €100,000 OMV 6.75% Guaranteed Perpetual Subordinated €100,000 DNB Bank 3% Subordinated Floating Rate European Floating Rate European Medium Term Bonds 79 0.01 Medium Term Notes 26/9/2023 80 0.01 €300,000 Orange 4.25% Perpetual Bonds 235 0.02 €100,000 DNB Bank 4.75% Floating Rate European Medium Term €125,000 Orange 5% Perpetual Floating Rate European Medium Notes 8/3/2022 81 0.01 Term Notes 94 0.01 €100,000 ELM 5.849% Guaranteed Perpetual Floating Rate Notes 81 0.01 €400,000 Orange 5.25% Perpetual Subordinated Floating Rate €200,000 ENGIE 3% Perpetual Subordinated Floating Rate Notes 156 0.01 Notes 314 0.03 €100,000 ENGIE 3.875% Perpetual Subordinated Floating Rate €600,000 Rabobank Nederland 2.5% Subordinated Floating Rate Notes 80 0.01 Notes 26/5/2026 474 0.05 €200,000 ENGIE 3.875% Perpetual Subordinated Variable Rate €300,000 Sogecap 4.125% Perpetual Variable Rate Bonds 211 0.02 Notes 154 0.01 €100,000 SSE 2.375% Perpetual Bonds 70 0.01 €100,000 ENGIE 4.75% Perpetual Subordinated Floating Rate €500,000 Standard Chartered 4% Subordinated Floating Rate Notes 82 0.01 European Medium Term Notes 21/10/2025 354 0.03 €100,000 Hannover Finance 5.75% Guaranteed Floating Rate €100,000 Suez Environnement 2.5% Floating Rate Bonds Perpetual 73 0.01 Notes 14/9/2040 91 0.01 €200,000 Suez Environnement 3% Perpetual Subordinated €300,000 Hannover Rueck 3.375% Perpetual Bonds 230 0.02 Floating Rate Notes 154 0.01 €500,000 Hutchison Whampoa Europe Finance 13 3.75% €300,000 Svenska Handelsbanken 2.656% Subordinated Floating Guaranteed Perpetual Floating Rate Notes 389 0.04 Rate Notes 15/1/2024 243 0.02 €400,000 ING Bank 3.5% Subordinated Floating Rate European €100,000 Swedbank 3% Variable Rate European Medium Term Medium Term Notes 21/11/2023 327 0.03 Notes 5/12/2022 81 0.01

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 £000’s Assets Value Investment £000’s Assets €100,000 Talanx Finance 8.3673% Guaranteed Floating Rate ¥150,000,000 Japan (Government) 1.9% Bonds 20/6/2017 985 0.09 European Medium Term Bonds 15/6/2042 96 0.01 ¥320,000,000 Japan Finance Organization for Municipalities 1.9% €475,000 Total 2.25% European Medium Term Notes Perpetual 344 0.03 Guaranteed Notes 22/6/2018 2,142 0.21 €450,000 Total 2.625% Perpetual Floating Rate Notes 309 0.03 ¥50,000,000 Japan Finance Organization for Municipalities 2% €200,000 UNIQA Insurance 6.875% Subordinated Floating Rate Guaranteed Bonds 9/5/2016 321 0.03 European Medium Term Notes 31/7/2043 153 0.01 16,198 1.56 €200,000 Volkswagen International 2.5% Subordinated Perpetual Bonds 128 0.01 Japanese Yen Denominated Variable Rate Corporate Bonds – 0.03%; 2015 0.03% €200,000 Volkswagen International Finance 3.5% Perpetual Notes 122 0.01 ¥50,000,000 GE Capital 2% Senior Bonds 22/2/2017 325 0.03 €300,000 Volkswagen International Finance 3.75% Guaranteed NEW ZEALAND DOLLAR – 0.02%; 2015 0.02% Perpetual Floating Rate Notes 213 0.02 New Zealand Dollar Denominated Fixed Rate Corporate Bonds – 0.02%; 2015 0.02% €150,000 Volkswagen International Finance 3.875% Guaranteed NZ$350,000 Citigroup 6.25% Senior Bonds 29/6/2017 173 0.02 Perpetual Floating Rate Notes 114 0.01 €445,000 Volkswagen International Finance 4.625% Guaranteed SINGAPORE DOLLAR – 0.02%; 2015 0.02% Perpetual Floating Rate Notes 318 0.03 Singapore Dollar Denominated Variable Rate Corporate Bonds – 0.02%; 2015 0.02% €200,000 Volkswagen International Finance 5.125% Guaranteed SG$250,000 DBS Bank 3.3% Subordinated Floating Rate Notes Perpetual Floating Rate Notes 155 0.01 21/2/2022 129 0.01 17,647 1.65 SG$250,000 United Overseas Bank 3.15% Subordinated Floating Rate European Medium Term Notes 11/7/2022 129 0.01 JAPANESE YEN – 2.19%; 2015 2.27% 258 0.02 Japanese Yen Denominated Fixed Rate Corporate Bonds – 0.60%; 2015 0.64% ¥285,000,000 Bank Nederlandse Gemeenten 1.85% Guaranteed SWISS FRANC – 0.64%; 2015 0.78% Senior European Medium Term Bonds 7/11/2016 1,845 0.18 Swiss Franc Denominated Fixed Rate Corporate Bonds – 0.59%; 2015 0.75% ¥100,000,000 Citigroup 2.38% Bonds 22/6/2017 657 0.06 CHF 300,000 ABB 2.25% Senior Bonds 11/10/2021 243 0.02 ¥105,000,000 KFW 2.6% Guaranteed Bonds 20/6/2037 986 0.09 CHF 300,000 Adecco 1.875% Senior Bonds 18/12/2017 224 0.02 ¥100,000,000 Posco 1.35% Senior Notes 11/12/2018 648 0.06 CHF 525,000 Amgen 0.41% Bonds 8/3/2023 379 0.04 ¥100,000,000 Rabobank Nederland 0.434% Bonds 22/5/2019 645 0.06 CHF 800,000 Apple 0.375% Bonds 25/11/2024 594 0.06 ¥240,000,000 Rabobank Nederland 1.85% Guaranteed Senior CHF 200,000 AT&T 1.375% Bonds 4/12/2024 156 0.01 European Medium Term Bonds 12/4/2017 1,565 0.15 CHF 200,000 BAT International Finance 0.625% European Medium 6,346 0.60 Term Notes 8/9/2021 149 0.01 CHF 150,000 Deutsche Bank 0.625% European Medium Term Notes Japanese Yen Denominated Fixed Rate Government Bonds – 1.56%; 2015 1.60% 19/12/2023 104 0.01 ¥310,000,000 Japan (Government) 0.2% Bonds 20/12/2017 1,997 0.19 CHF 200,000 GE Capital 1.625% Bonds 19/10/2017 149 0.01 ¥150,000,000 Japan (Government) 0.6% Bonds 20/3/2024 1,019 0.10 CHF 300,000 GE Capital 2.25% Guaranteed Senior Notes 19/12/2016 221 0.02 ¥400,000,000 Japan (Government) 1% Bonds 20/9/2020 2,700 0.26 CHF 350,000 Glencore Finance Europe 1.25% European Medium Term ¥100,000,000 Japan (Government) 1.1% Bonds 20/9/2021 686 0.07 Notes 1/12/2020 207 0.02 ¥200,000,000 Japan (Government) 1.4% Bonds 20/9/2019 1,353 0.13 CHF 400,000 LafargeHolcim 3% Bonds 22/11/2022 332 0.03 ¥400,000,000 Japan (Government) 1.5% Bonds 20/12/2017 2,636 0.25 CHF 225,000 LGT Bank 1.5% Senior Notes 10/5/2021 174 0.02 ¥150,000,000 Japan (Government) 1.5% Bonds 20/6/2018 997 0.10 CHF 300,000 Macquarie Bank 2.125% Senior European Medium Term ¥210,000,000 Japan (Government) 1.7% Bonds 20/12/2016 1,362 0.13 Notes 29/11/2018 228 0.02

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 £000’s Assets Value Investment £000’s Assets CHF 600,000 National Australia Bank 1% Senior European Medium $250,000 3M 2% Notes 26/6/2022 179 0.02 Term Notes 17/4/2020 456 0.04 $350,000 3M 3.875% Medium Term Notes 15/6/2044 257 0.02 CHF 300,000 New York Life Global 0.375% European Medium Term $200,000 ABB Finance USA 4.375% Guaranteed Bonds 8/5/2042 151 0.01 Notes 2/2/2022 224 0.02 $500,000 ABB Treasury Center 4% Senior European Medium Term CHF 400,000 Nordea Bank 1.125% European Medium Term Notes Notes 15/6/2021 385 0.04 2/10/2020 308 0.03 $400,000 ABB Treasury Center USA 2.5% Senior Notes 15/6/2016 290 0.03 CHF 300,000 Nordea Bank 1.5% Senior European Medium Term Notes $300,000 Abbey National Treasury Services 4% Bonds 13/3/2024 230 0.02 29/9/2017 222 0.02 $450,000 Abbey National Treasury Services 4% Guaranteed Notes CHF 400,000 Novartis 0.625% Bonds 13/11/2029 301 0.03 27/4/2016 326 0.03 CHF 200,000 Philip Morris International 2% Bonds 6/12/2021 160 0.02 $500,000 Abbott Laboratories 2.95% Bonds 15/3/2025 358 0.03 CHF 295,000 Rabobank Nederland 1.125% Bonds 8/4/2021 226 0.02 $264,000 Abbott Laboratories 5.125% Senior Bonds 1/4/2019 207 0.02 CHF 300,000 Rabobank Nederland 3.625% Senior European Medium $250,000 Abbott Laboratories 5.3% Guaranteed Senior Bonds Term Notes 2/7/2019 244 0.02 27/5/2040 207 0.02 CHF 300,000 Roche Kapitalmarkt 4.5% Guaranteed Notes 23/3/2017 228 0.02 $1,350,000 AbbVie 1.75% Senior Bonds 6/11/2017 973 0.09 CHF 250,000 Royal Bank of Canada 0.75% Senior European Medium $700,000 AbbVie 2% Senior Bonds 6/11/2018 504 0.05 Term Notes 23/10/2018 186 0.02 $800,000 AbbVie 2.5% Notes 14/5/2020 578 0.06 CHF 450,000 Teva Pharmaceutical 1.5% Guaranteed Notes 25/10/2018 336 0.03 $200,000 AbbVie 2.9% Senior Notes 6/11/2022 143 0.01 CHF 350,000 Toyota Motor Credit 2.875% European Medium Term $800,000 AbbVie 3.6% Notes 14/5/2025 587 0.06 Bonds 20/9/2016 257 0.02 $600,000 AbbVie 4.4% Senior Bonds 6/11/2042 413 0.04 CHF 200,000 Zurich Insurance 1.5% European Medium Term Notes $1,200,000 AbbVie 4.5% Bonds 14/5/2035 860 0.08 25/6/2019 152 0.01 $200,000 Abengoa Transmision Sur 6.875% Senior Notes 6,460 0.59 30/4/2043 142 0.01 $1,250,000 ABN AMRO 2.5% Senior Notes 30/10/2018 911 0.09 Swiss Franc Denominated Variable Rate Corporate Bonds – 0.05%; 2015 0.03% $300,000 ABN AMRO 4.75% Bonds 28/7/2025 210 0.02 CHF 100,000 Allianz SE 3.25% Perpetual European Medium Term $100,000 ACE 3.35% Bonds 3/5/2026 74 0.01 Notes 74 0.01 $400,000 ACE 4.35% Bonds 3/11/2045 302 0.03 CHF 400,000 GE Capital 2.875% Senior Floating Rate Bonds 27/2/2017 298 0.03 $150,000 ACE INA 2.3% Bonds 3/11/2020 109 0.01 CHF 200,000 Rabobank Nederland 5.5% Perpetual Subordinated $500,000 ACE INA 2.7% Bonds 13/3/2023 357 0.03 Floating Rate Notes 155 0.01 $500,000 ACE INA 2.875% Bonds 3/11/2022 366 0.04 527 0.05 $200,000 ACE INA 4.15% Guaranteed Bonds 13/3/2043 145 0.01 US DOLLAR – 70.27%; 2015 68.36% $150,000 ACE INA 5.8% Guaranteed Bonds 15/3/2018 117 0.01 $500,000 Actavis Funding 1.875% Guaranteed Senior Notes US Dollar Denominated Fixed Rate Corporate Bonds – 69.57%; 2015 67.28% 1/10/2017 361 0.03 $250,000 21st Century Fox America 4.5% Bonds 15/2/2021 196 0.02 $500,000 Actavis Funding 2.35% Bonds 12/3/2018 363 0.03 $300,000 21st Century Fox America 4.75% Bonds 15/9/2044 202 0.02 $1,000,000 Actavis Funding 3% Bonds 12/3/2020 733 0.07 $300,000 21st Century Fox America 4.95% Bonds 15/10/2045 209 0.02 $750,000 Actavis Funding 3.45% Bonds 15/3/2022 550 0.05 $300,000 21st Century Fox America 5.4% Guaranteed Notes 1/10/2043 215 0.02 $700,000 Actavis Funding 3.8% Bonds 15/3/2025 519 0.05 $250,000 21st Century Fox America 6.15% Bonds 1/3/2037 191 0.02 $500,000 Actavis Funding 3.85% Bonds 15/6/2024 372 0.04 $150,000 21st Century Fox America 6.15% Bonds 15/2/2041 116 0.01 $1,000,000 Actavis Funding 4.55% Guaranteed Senior Bonds $450,000 21st Century Fox America 6.2% Bonds 15/12/2034 358 0.03 15/3/2035 721 0.07 $400,000 21st Century Fox America 6.55% Bonds 15/3/2033 325 0.03 $200,000 Actavis Funding 4.625% Guaranteed Senior Bonds $350,000 21st Century Fox America 6.9% Bonds 1/3/2019 287 0.03 1/10/2042 142 0.01 $150,000 21st Century Fox America 6.9% Bonds 15/8/2039 122 0.01

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 £000’s Assets Value Investment £000’s Assets $300,000 Actavis Funding SCS 4.85% Bonds 15/6/2044 221 0.02 $600,000 Altria 5.375% Guaranteed Bonds 31/1/2044 485 0.05 $500,000 Adobe Systems 3.25% Bonds 1/2/2025 359 0.03 $66,000 Altria 9.25% Guaranteed Bonds 6/8/2019 58 0.01 $300,000 Advance Auto Parts 5.75% Guaranteed Bonds 1/5/2020 236 0.02 $113,000 Altria 9.95% Guaranteed Bonds 10/11/2038 132 0.01 $400,000 Aetna 2.75% Senior Notes 15/11/2022 281 0.03 $500,000 Amazon 1.2% Guaranteed Senior Notes 29/11/2017 360 0.03 $150,000 Aetna 4.75% Bonds 15/3/2044 110 0.01 $350,000 Amazon 3.3% Bonds 5/12/2021 265 0.03 $150,000 Aetna 6.625% Guaranteed Senior Bonds 15/6/2036 134 0.01 $400,000 Amazon 4.8% Bonds 5/12/2034 312 0.03 $150,000 Aetna 6.75% Senior Bonds 15/12/2037 133 0.01 $350,000 Amazon 4.95% Bonds 5/12/2044 278 0.03 $500,000 Aflac 3.625% Bonds 15/11/2024 375 0.04 $500,000 Ameren 3.65% Bonds 15/2/2026 373 0.04 $150,000 Aflac 6.45% Guaranteed Senior Bonds 15/8/2040 134 0.01 $500,000 Ameren Illinois 3.25% Bonds 1/3/2025 375 0.04 $400,000 AGL Capital 5.875% Guaranteed Bonds 15/3/2041 328 0.03 $250,000 America Movil 2.375% Guaranteed Notes 8/9/2016 181 0.02 $500,000 Agrium 4.125% Bonds 15/3/2035 284 0.03 $300,000 America Movil 3.125% Notes 16/7/2022 215 0.02 $250,000 Agrium 4.9% Senior Bonds 1/6/2043 154 0.01 $200,000 America Movil 4.375% Senior Bonds 16/7/2042 131 0.01 $100,000 Agrium 6.125% Senior Bonds 15/1/2041 71 0.01 $500,000 America Movil 6.125% Guaranteed Bonds 30/3/2040 400 0.04 $200,000 AIA 1.75% Senior European Medium Term Notes $250,000 America Movil 6.375% Guaranteed Bonds 1/3/2035 202 0.02 13/3/2018 144 0.01 $672,126 American Airlines 2013-2 Class A Pass Through Trust $300,000 AIA 4.875% Senior Notes 11/3/2044 236 0.02 4.95% Notes 15/7/2024 511 0.05 $700,000 AIG 4.875% Senior Notes 1/6/2022 537 0.05 $500,000 American Airlines 2015-2 Class AA Pass Through Trust $100,000 AIG 6.25% Subordinated Debentures 15/3/2087 75 0.01 3.6% Bonds 22/9/2027 365 0.03 $500,000 Air Lease 3.75% Bonds 1/2/2022 335 0.03 $300,000 American Electric Power 2.95% Senior Bonds 15/12/2022 216 0.02 $750,000 Air Lease 5.625% Senior Notes 1/4/2017 555 0.05 $500,000 American Express 1.55% Senior Notes 22/5/2018 357 0.03 $250,000 Air Products & Chemicals 3% Senior Bonds 3/11/2021 185 0.02 $400,000 American Express 2.65% Bonds 2/12/2022 279 0.03 $300,000 Airbus Finance 2.7% Bonds 17/4/2023 218 0.02 $202,000 American Express 4.05% Senior Bonds 3/12/2042 140 0.01 $400,000 Airvessel Finance 3.25% Notes 11/8/2019 295 0.03 $500,000 American Express 6.15% Guaranteed Senior Bonds $300,000 Akbank 5% Guaranteed Senior Notes 24/10/2022 211 0.02 28/8/2017 384 0.04 $200,000 Alabama Power 3.75% Bonds 1/3/2045 137 0.01 $750,000 American Express Credit 1.3% Senior Notes 29/7/2016 542 0.05 $150,000 Alabama Power 3.85% Guaranteed Senior Bonds $1,250,000 American Express Credit 1.55% Medium Term Notes 1/12/2042 104 0.01 22/9/2017 900 0.09 $300,000 Alabama Power 4.15% Bonds 15/8/2044 220 0.02 $500,000 American Express Credit 2.125% Senior Notes 18/3/2019 360 0.03 $150,000 Alabama Power 4.3% Bonds 2/1/2046 113 0.01 $300,000 American Express Credit 2.375% Medium Term Notes $300,000 Alabama Power 6.125% Senior Bonds 15/5/2038 270 0.03 26/5/2020 216 0.02 $750,000 Alexandria Real Estate Equities 2.75% Bonds 15/1/2020 538 0.05 $400,000 American Express FSB 6% Senior Bonds 13/9/2017 308 0.03 $400,000 Alfa 5.25% Senior Notes 25/3/2024 291 0.03 $600,000 American Honda Finance 1.5% Bonds 11/9/2017 434 0.04 $1,000,000 Alibaba 2.5% Bonds 28/11/2019 720 0.07 $500,000 American Honda Finance 1.6% Senior Bonds 16/2/2018 361 0.03 $450,000 Alibaba 3.125% Bonds 28/11/2021 324 0.03 $750,000 American Honda Finance 2.25% Medium Term Notes $400,000 Alibaba 4.5% Bonds 28/11/2034 286 0.03 15/8/2019 548 0.05 $200,000 Alleghany 4.95% Senior Bonds 27/6/2022 158 0.02 $500,000 American Honda Finance 2.6% Senior Notes 20/9/2016 365 0.03 $500,000 Allergan 3.375% Senior Notes 15/9/2020 369 0.04 $500,000 American International 2.3% Senior Notes 16/7/2019 358 0.03 $500,000 Allstate 4.5% Senior Notes 15/6/2043 377 0.04 $500,000 American International 4.5% Senior Notes 16/7/2044 315 0.03 $400,000 Altera 2.5% Senior Notes 15/11/2018 295 0.03 $300,000 American International 4.8% Bonds 10/7/2045 197 0.02 $1,000,000 Altria 2.625% Bonds 14/1/2020 733 0.07 $900,000 American International 6.4% Bonds 15/12/2020 740 0.07 $600,000 Altria 2.95% Bonds 2/5/2023 436 0.04 $750,000 American Tower 3.45% Bonds 15/9/2021 540 0.05 $250,000 Altria 4.25% Bonds 9/8/2042 172 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 £000’s Assets Value Investment £000’s Assets $200,000 American Tower 3.5% Guaranteed Senior Bonds $300,000 Anheuser-Busch InBev 6.45% Guaranteed Bonds 31/1/2023 142 0.01 1/9/2037 266 0.03 $250,000 American Tower 4.5% Guaranteed Senior Notes 15/1/2018 188 0.02 $500,000 Anheuser-Busch InBev 6.875% Guaranteed Notes $250,000 American Tower 4.7% Senior Bonds 15/3/2022 190 0.02 15/11/2019 421 0.04 $500,000 American Tower 5% Senior Notes 15/2/2024 384 0.04 $250,000 Anheuser-Busch InBev 7.75% Guaranteed Notes $300,000 American Transmission Systems 5% Bonds 1/9/2044 217 0.02 15/1/2019 209 0.02 $500,000 American Water Capital 3.4% Bonds 1/3/2025 379 0.04 $200,000 Anheuser-Busch InBev 8.2% Guaranteed Bonds $350,000 American Water Capital 4.3% Senior Notes 1/12/2042 264 0.03 15/1/2039 213 0.02 $500,000 Ameriprise Financial 4% Bonds 15/10/2023 382 0.04 $700,000 Anheuser-Busch InBev Finance 1.9% Bonds 1/2/2019 509 0.05 $200,000 Ameriprise Financial 5.3% Senior Bonds 15/3/2020 161 0.02 $500,000 Anheuser-Busch InBev Finance 2.625% Bonds 17/1/2023 357 0.03 $500,000 AmerisourceBergen 3.25% Bonds 1/3/2025 359 0.03 $2,200,000 Anheuser-Busch InBev Finance 2.65% Bonds 1/2/2021 1,609 0.16 $300,000 AmerisourceBergen 3.5% Guaranteed Bonds 15/11/2021 224 0.02 $1,100,000 Anheuser-Busch InBev Finance 3.3% Bonds 1/2/2023 812 0.08 $350,000 Amgen 2.125% Senior Notes 15/5/2017 255 0.02 $2,500,000 Anheuser-Busch InBev Finance 3.65% Bonds 1/2/2026 1,855 0.18 $1,000,000 Amgen 2.2% Senior Notes 22/5/2019 730 0.07 $1,025,000 Anheuser-Busch InBev Finance 4.7% Bonds 1/2/2036 773 0.07 $500,000 Amgen 3.125% Bonds 1/5/2025 356 0.03 $2,000,000 Anheuser-Busch InBev Finance 4.9% Bonds 1/2/2046 1,550 0.15 $750,000 Amgen 3.45% Senior Notes 1/10/2020 563 0.05 $400,000 Anthem 3.7% Bonds 15/8/2021 298 0.03 $400,000 Amgen 3.875% Senior Bonds 15/11/2021 308 0.03 $200,000 Anthem 4.35% Senior Bonds 15/8/2020 154 0.01 $600,000 Amgen 4.4% Notes 1/5/2045 412 0.04 $400,000 Anthem 5.1% Bonds 15/1/2044 287 0.03 $250,000 Amgen 4.95% Senior Notes 1/10/2041 179 0.02 $150,000 Anthem 6.375% Senior Bonds 15/6/2037 125 0.01 $300,000 Amgen 5.15% Senior Bonds 15/11/2041 222 0.02 $400,000 ANZ 2.6% Bonds 23/9/2019 291 0.03 $200,000 Amgen 5.65% Guaranteed Senior Bonds 15/6/2042 158 0.02 $300,000 ANZ New Zealand 2.85% Bonds 6/8/2020 221 0.02 $350,000 Amgen 6.4% Guaranteed Senior Bonds 1/2/2039 298 0.03 $300,000 Aon 4.6% Guaranteed Bonds 14/6/2044 204 0.02 $200,000 Amgen 6.9% Senior Bonds 1/6/2038 180 0.02 $250,000 Aon 5% Guaranteed Senior Bonds 30/9/2020 199 0.02 $500,000 Amphenol 2.55% Senior Notes 30/1/2019 363 0.03 $150,000 Aon 6.25% Guaranteed Senior Bonds 30/9/2040 120 0.01 $300,000 Anadarko Petroleum 3.45% Bonds 15/7/2024 173 0.02 $400,000 AP Moeller-Maersk 3.875% Bonds 28/9/2025 268 0.03 $200,000 Anadarko Petroleum 4.5% Senior Notes 15/7/2044 98 0.01 $650,000 Apache 3.25% Senior Bonds 15/4/2022 407 0.04 $300,000 Anadarko Petroleum 6.375% Guaranteed Senior Notes $450,000 Apache 4.75% Senior Bonds 15/4/2043 246 0.02 15/9/2017 219 0.02 $150,000 Apache 5.1% Senior Bonds 1/9/2040 79 0.01 $650,000 Anadarko Petroleum 6.45% Senior Bonds 15/9/2036 392 0.04 $450,000 Apache 5.25% Senior Bonds 1/2/2042 254 0.02 $200,000 Anadarko Petroleum 6.95% Senior Bonds 15/6/2019 145 0.01 $300,000 Apollo Management 4% Guaranteed Bonds 30/5/2024 221 0.02 $500,000 Analog Devices 3.9% Bonds 15/12/2025 379 0.04 $250,000 Appalachian Power 4.6% Senior Bonds 30/3/2021 195 0.02 $500,000 Anglo American Capital 2.625% Guaranteed Notes $300,000 Appalachian Power 7% Bonds 1/4/2038 275 0.03 27/9/2017 339 0.03 $1,250,000 Apple 1% Senior European Medium Term Notes 3/5/2018 900 0.09 $550,000 Anglo American Capital 4.875% Bonds 14/5/2025 287 0.03 $500,000 Apple 2% Bonds 6/5/2020 364 0.03 $1,000,000 Anheuser-Busch InBev 1.25% Guaranteed Bonds $700,000 Apple 2.1% Bonds 6/5/2019 516 0.05 17/1/2018 720 0.07 $200,000 Apple 2.15% Bonds 9/2/2022 143 0.01 $300,000 Anheuser-Busch InBev 3.75% Bonds 15/7/2042 196 0.02 $1,000,000 Apple 2.4% Bonds 3/5/2023 714 0.07 $400,000 Anheuser-Busch InBev 4% Guaranteed Bonds $300,000 Apple 2.5% Bonds 9/2/2025 212 0.02 17/1/2043 270 0.03 $500,000 Apple 2.85% Bonds 6/5/2021 374 0.04 $350,000 Anheuser-Busch InBev 4.625% Guaranteed Notes $1,400,000 Apple 3.2% Notes 13/5/2025 1,042 0.10 1/2/2044 262 0.03 $400,000 Apple 3.45% Bonds 9/2/2045 241 0.02 $800,000 Anheuser-Busch InBev 5.375% Senior Notes 15/1/2020 643 0.06 $700,000 Apple 3.45% Senior Notes 6/5/2024 532 0.05

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 £000’s Assets Value Investment £000’s Assets $500,000 Apple 3.85% Bonds 4/5/2043 333 0.03 $350,000 AT&T 6.3% Senior Bonds 15/1/2038 270 0.03 $200,000 Apple 4.375% Notes 13/5/2045 143 0.01 $350,000 AT&T 6.5% Guaranteed Senior Bonds 1/9/2037 280 0.03 $300,000 Apple 4.45% Senior Notes 6/5/2044 218 0.02 $200,000 Atmos Energy 4.125% Bonds 15/10/2044 145 0.01 $500,000 Apple 4.5% Bonds 23/2/2036 376 0.04 $100,000 Atmos Energy 5.5% Guaranteed Senior Bonds 15/6/2041 85 0.01 $350,000 Apple 4.65% Bonds 23/2/2046 264 0.03 $1,000,000 Australia & New Zealand Banking 2% Bonds 16/11/2018 724 0.07 $300,000 Applied Materials 5.1% Bonds 1/10/2035 227 0.02 $1,250,000 Australia & New Zealand Banking 2.25% Senior Notes $150,000 Applied Materials 5.85% Senior Bonds 15/6/2041 120 0.01 13/6/2019 908 0.09 $400,000 APT Pipelines 5% Bonds 23/3/2035 265 0.03 $550,000 Australia & New Zealand Banking 3.25% Guaranteed $250,000 Arch Capital US 5.144% Guaranteed Notes 1/11/2043 185 0.02 Senior Notes 1/3/2016 397 0.04 $200,000 Archer Daniels Midland 4.016% Senior Bonds 16/4/2043 140 0.01 $300,000 Australia & New Zealand Banking 3.7% Bonds 16/11/2025 229 0.02 $750,000 Archer Daniels Midland 4.479% Bonds 1/3/2021 591 0.06 $100,000 Australia & New Zealand Banking 4.875% Senior Bonds $100,000 Archer Daniels Midland 4.535% Senior Bonds 26/3/2042 75 0.01 12/1/2021 80 0.01 $124,000 Archer Daniels Midland 5.45% Guaranteed Senior Bonds $500,000 Autodesk 3.6% Bonds 15/12/2022 352 0.03 15/3/2018 96 0.01 $500,000 AutoZone 1.3% Senior Notes 13/1/2017 361 0.03 $200,000 Arizona Public Service 4.5% Senior Bonds 1/4/2042 155 0.01 $100,000 AutoZone 3.7% Senior Notes 15/4/2022 75 0.01 $150,000 Arrow Electronics 4% Bonds 1/4/2025 108 0.01 $500,000 AvalonBay Communities 2.95% Bonds 15/9/2022 360 0.03 $200,000 Asciano Finance 5% Guaranteed Notes 7/4/2018 146 0.01 $100,000 AvalonBay Communities 3.45% Bonds 1/6/2025 74 0.01 $400,000 Assurant 2.5% Senior Bonds 15/3/2018 289 0.03 $500,000 Axis Bank 5.125% European Medium Term Notes 5/9/2017 375 0.04 $300,000 Assured Guaranty US 5% Notes 1/7/2024 228 0.02 $500,000 Azure Orbit II International Finance 3.375% Guaranteed $200,000 AstraZeneca 1.95% Guaranteed Senior Notes 18/9/2019 144 0.01 European Medium Term Notes 25/4/2019 369 0.04 $1,250,000 AstraZeneca 2.375% Bonds 16/11/2020 905 0.09 $300,000 BAE Systems 3.5% Senior Notes 11/10/2016 219 0.02 $500,000 AstraZeneca 3.375% Bonds 16/11/2025 365 0.03 $300,000 BAE Systems 4.75% Bonds 7/10/2044 220 0.02 $50,000 AstraZeneca 4.375% Bonds 16/11/2045 36 0.00 $200,000 BAE Systems 5.8% Senior Bonds 11/10/2041 164 0.02 $300,000 AstraZeneca 5.9% Senior Bonds 15/9/2017 231 0.02 $100,000 BAE Systems 6.375% Guaranteed Notes 1/6/2019 81 0.01 $600,000 AstraZeneca 6.45% Senior Bonds 15/9/2037 552 0.05 $400,000 Baidu 2.75% Bonds 9/6/2019 289 0.03 $400,000 AT&T 2.375% Bonds 27/11/2018 291 0.03 $500,000 Baidu 3.25% Senior Notes 6/8/2018 368 0.04 $900,000 AT&T 2.4% Senior Notes 15/8/2016 654 0.06 $350,000 Baker Hughes 5.125% Guaranteed Senior Bonds $1,500,000 AT&T 2.45% Bonds 30/6/2020 1,074 0.10 15/9/2040 221 0.02 $200,000 AT&T 2.8% Bonds 17/2/2021 145 0.01 $250,000 Baker Hughes 7.5% Senior Bonds 15/11/2018 199 0.02 $1,200,000 AT&T 3% Bonds 15/2/2022 862 0.08 $300,000 Banco Bilbao Vizcaya Argentaria 3% Bonds 20/10/2020 212 0.02 $450,000 AT&T 3% Bonds 30/6/2022 320 0.03 $328,000 Banco de Credito del Peru 4.25% Senior Bonds 1/4/2023 236 0.02 $1,000,000 AT&T 3.4% Bonds 15/5/2025 704 0.07 $400,000 Banco Inbursa SA Institucion de Banca Multiple 4.125% $500,000 AT&T 4.125% Bonds 17/2/2026 370 0.04 Bonds 6/6/2024 273 0.03 $600,000 AT&T 4.3% Senior Bonds 15/12/2042 368 0.04 $250,000 Banco Santander 4.125% Guaranteed Senior Notes $650,000 AT&T 4.35% Senior Bonds 15/6/2045 395 0.04 9/11/2022 180 0.02 $250,000 AT&T 4.45% Guaranteed Senior Bonds 15/5/2021 193 0.02 $150,000 Bancolombia 5.95% Senior Notes 3/6/2021 113 0.01 $1,750,000 AT&T 4.5% Bonds 15/5/2035 1,161 0.11 $400,000 Bangkok Bank 3.875% Senior Bonds 27/9/2022 305 0.03 $350,000 AT&T 4.8% Senior Notes 15/6/2044 230 0.02 $200,000 Bangkok Bank (HK) 4.8% Senior Bonds 18/10/2020 157 0.02 $850,000 AT&T 5.35% Guaranteed Senior Bonds 1/9/2040 590 0.06 $800,000 Bank of America 2% Guaranteed Senior Notes 11/1/2018 575 0.05 $500,000 AT&T 5.5% Guaranteed Senior Bonds 1/2/2018 385 0.04 $1,000,000 Bank of America 2.25% Bonds 21/4/2020 706 0.07 $250,000 AT&T 5.55% Senior Bonds 15/8/2041 177 0.02 $1,600,000 Bank of America 2.6% Senior Notes 15/1/2019 1,158 0.11 $150,000 AT&T 5.65% Bonds 15/2/2047 111 0.01 $1,000,000 Bank of America 2.625% Medium Term Notes 19/10/2020 715 0.07

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 £000’s Assets Value Investment £000’s Assets $500,000 Bank of America 3.3% Senior Bonds 11/1/2023 360 0.03 $400,000 Bank of New York Mellon 2.15% Bonds 24/2/2020 290 0.03 $400,000 Bank of America 3.625% Guaranteed Senior Notes $600,000 Bank of New York Mellon 2.2% Bonds 15/5/2019 435 0.04 17/3/2016 289 0.03 $500,000 Bank of New York Mellon 2.5% Bonds 15/4/2021 362 0.03 $600,000 Bank of America 4% Medium Term Notes 22/1/2025 421 0.04 $350,000 Bank of New York Mellon 2.6% Medium Term Notes $600,000 Bank of America 4% Notes 1/4/2024 447 0.04 17/8/2020 256 0.02 $500,000 Bank of America 4.1% Senior Notes 24/7/2023 375 0.04 $400,000 Bank of New York Mellon 3% Medium Term Notes $500,000 Bank of America 4.125% Senior Notes 22/1/2024 376 0.04 24/2/2025 289 0.03 $900,000 Bank of America 4.2% Medium Term Notes 26/8/2024 647 0.06 $200,000 Bank of New York Mellon 3.55% Senior Bonds 23/9/2021 152 0.01 $250,000 Bank of America 4.75% Medium Term Notes 21/4/2045 164 0.02 $1,000,000 Bank of Nova Scotia 1.3% Bonds 21/7/2017 720 0.07 $600,000 Bank of America 4.875% Senior Notes 1/4/2044 450 0.04 $500,000 Bank of Nova Scotia 1.375% Senior Notes 18/12/2017 360 0.03 $750,000 Bank of America 5% Senior Notes 21/1/2044 574 0.05 $400,000 Bank of Nova Scotia 1.45% Senior Bonds 25/4/2018 288 0.03 $350,000 Bank of America 5.3% Subordinated Bonds 15/3/2017 261 0.03 $500,000 Bank of Nova Scotia 2.05% Senior Notes 30/10/2018 362 0.03 $300,000 Bank of America 5.49% Subordinated Bonds 15/3/2019 236 0.02 $200,000 Bank of Nova Scotia 4.375% Guaranteed Senior Bonds $500,000 Bank of America 5.625% Guaranteed Senior Notes 13/1/2021 157 0.02 14/10/2016 370 0.04 $250,000 Bank of Nova Scotia 4.5% Bonds 16/12/2025 176 0.02 $450,000 Bank of America 5.625% Senior Bonds 1/7/2020 360 0.03 $500,000 Bank of Tokyo-Mitsubishi 1.7% Bonds 5/3/2018 359 0.03 $1,500,000 Bank of America 5.65% Guaranteed Senior Notes $1,000,000 Bank of Tokyo-Mitsubishi 2.3% Bonds 5/3/2020 716 0.07 1/5/2018 1,158 0.11 $800,000 Bank of Tokyo-Mitsubishi 2.35% Senior Notes 23/2/2017 582 0.06 $150,000 Bank of America 5.7% Senior Bonds 24/1/2022 122 0.01 $500,000 Bank of Tokyo-Mitsubishi 3.75% Senior Notes 10/3/2024 376 0.04 $400,000 Bank of America 5.75% Senior Notes 1/12/2017 306 0.03 $750,000 Banque Fédérative du Crédit Mutuel 2.5% Senior Notes $250,000 Bank of America 5.875% Senior Bonds 7/2/2042 209 0.02 29/10/2018 546 0.05 $400,000 Bank of America 6% Subordinated Notes 15/10/2036 340 0.03 $200,000 Barclays 10.179% Subordinated Notes 12/6/2021 186 0.02 $600,000 Bank of America 6.05% Subordinated Bonds 16/5/2016 437 0.04 $200,000 Barclays 2.5% Bonds 20/2/2019 145 0.01 $150,000 Bank of America 6.11% Subordinated Bonds 29/1/2037 116 0.01 $500,000 Barclays 2.75% Senior Medium Term Notes 8/11/2019 355 0.03 $350,000 Bank of America 6.22% Guaranteed Subordinated Bonds $450,000 Barclays 3.75% Senior Notes 15/5/2024 337 0.03 15/9/2026 286 0.03 $750,000 Barclays 4.375% Bonds 12/1/2026 522 0.05 $1,900,000 Bank of America 6.5% Guaranteed Senior Notes 1/8/2016 1,401 0.13 $250,000 Barclays 5% Senior Notes 22/9/2016 184 0.02 $500,000 Bank of America 6.875% Bonds 15/11/2018 402 0.04 $250,000 Barclays 5.125% Guaranteed Senior Notes 8/1/2020 197 0.02 $750,000 Bank of America 6.875% Senior Medium Term Notes $400,000 Barclays 5.14% Guaranteed Subordinated Bonds 25/4/2018 591 0.06 14/10/2020 310 0.03 $300,000 Bank of America 7.625% Senior Notes 1/6/2019 249 0.02 $500,000 Barclays 5.25% Senior Notes 17/8/2045 345 0.03 $400,000 Bank of America 7.75% Subordinated Bonds 14/5/2038 371 0.04 $500,000 Barclays 6.05% Bonds 4/12/2017 382 0.04 $400,000 Bank of Communications 4.5% Bonds 3/10/2024 295 0.03 $150,000 Barrick Australia Finance 5.95% Guaranteed Bonds $400,000 Bank of East Asia 2.375% Senior European Medium 15/10/2039 87 0.01 Term Notes 24/4/2017 290 0.03 $126,000 Barrick Gold 4.1% Senior Notes 1/5/2023 85 0.01 $750,000 Bank of Montreal 1.8% Medium Term Notes 31/7/2018 542 0.05 $350,000 Barrick Gold 5.25% Senior Bonds 1/4/2042 196 0.02 $800,000 Bank of Montreal 2.375% Medium Term Notes 25/1/2019 584 0.06 $650,000 Barrick North America Finance 4.4% Guaranteed Notes $550,000 Bank of Montreal 2.5% Senior Notes 11/1/2017 402 0.04 30/5/2021 459 0.04 $400,000 Bank of Montreal 2.55% Senior Bonds 6/11/2022 287 0.03 $250,000 Barrick North America Finance 5.75% Guaranteed Bonds $400,000 Bank of New York Mellon 1.3% Guaranteed Senior Notes 1/5/2043 148 0.01 25/1/2018 288 0.03 $400,000 BAT International Finance 3.95% Bonds 15/6/2025 308 0.03 $750,000 Bank of New York Mellon 2.1% Senior Notes 15/1/2019 545 0.05

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 £000’s Assets Value Investment £000’s Assets $300,000 BAT International Finance 9.5% Guaranteed Senior Notes $500,000 Bharti Airtel International Netherlands 5.35% 15/11/2018 258 0.02 Guaranteed Bonds 20/5/2024 380 0.04 $400,000 Baxalta 2.875% Bonds 23/6/2020 282 0.03 $200,000 BHP Billiton Finance 1.875% Guaranteed Notes $175,000 Baxalta 3.6% Bonds 23/6/2022 125 0.01 21/11/2016 145 0.01 $225,000 Baxalta 5.25% Bonds 23/6/2045 150 0.01 $200,000 BHP Billiton Finance 3.25% Guaranteed Bonds $800,000 Baxter International 1.85% Senior Notes 15/1/2017 580 0.06 21/11/2021 142 0.01 $1,000,000 Bayer US Finance 3% Bonds 8/10/2021 741 0.07 $250,000 BHP Billiton Finance 4.125% Guaranteed Bonds $500,000 Bayer US Finance 3.375% Bonds 8/10/2024 375 0.04 24/2/2042 152 0.01 $400,000 BB&T 2.15% Senior Notes 22/3/2017 291 0.03 $200,000 BHP Billiton Finance 6.25% Bonds 19/10/2075 140 0.01 $200,000 BB&T 5.25% Guaranteed Subordinated Bonds 1/11/2019 158 0.02 $150,000 BHP Billiton Finance 6.5% Guaranteed Bonds 1/4/2019 118 0.01 $250,000 BBVA 6.75% Guaranteed Subordinated Bonds 30/9/2022 193 0.02 $300,000 BHP Billiton Finance 6.75% Bonds 19/10/2075 209 0.02 $400,000 BBVA Banco Continental 3.25% Senior Bonds 8/4/2018 291 0.03 $750,000 BHP Billiton Finance USA 2.05% Bonds 30/9/2018 532 0.05 $750,000 Becton Dickinson 1.8% Bonds 15/12/2017 542 0.05 $500,000 BHP Billiton Finance USA 3.85% Guaranteed Bonds $300,000 Becton Dickinson 3.125% Senior Bonds 8/11/2021 221 0.02 30/9/2023 359 0.03 $500,000 Becton Dickinson 3.875% Bonds 15/5/2024 374 0.04 $500,000 BHP Billiton Finance USA 5% Guaranteed Bonds $300,000 Becton Dickinson 4.685% Bonds 15/12/2044 222 0.02 30/9/2043 345 0.03 $400,000 Bed Bath & Beyond 4.915% Senior Notes 1/8/2034 245 0.02 $150,000 BHP Billiton Finance USA 5.4% Guaranteed Bonds $500,000 Berkshire Hathaway 1.55% Senior Notes 9/2/2018 363 0.03 29/3/2017 112 0.01 $400,000 Berkshire Hathaway 4.5% Bonds 11/2/2043 290 0.03 $300,000 Bimbo 4.875% Guaranteed Bonds 30/6/2020 231 0.02 $400,000 Berkshire Hathaway Energy 5.15% Senior Notes $125,000 Biogen 2.9% Bonds 15/9/2020 91 0.01 15/11/2043 317 0.03 $750,000 Biogen 3.625% Bonds 15/9/2022 559 0.05 $100,000 Berkshire Hathaway Energy 5.75% Senior Notes 1/4/2018 78 0.01 $250,000 Biogen 4.05% Bonds 15/9/2025 186 0.02 $300,000 Berkshire Hathaway Energy 5.95% Guaranteed Senior $300,000 Biogen 5.2% Bonds 15/9/2045 220 0.02 Bonds 15/5/2037 253 0.02 $500,000 BlackRock 3.375% Senior Notes 1/6/2022* 380 0.04 $250,000 Berkshire Hathaway Energy 6.125% Guaranteed Senior $250,000 BlackRock 5% Guaranteed Senior Notes 10/12/2019* 201 0.02 Bonds 1/4/2036 216 0.02 $350,000 Blackstone Finance 4.75% Guaranteed Bonds $250,000 Berkshire Hathaway Energy 6.5% Senior Notes 15/9/2037 223 0.02 15/2/2023 271 0.03 $400,000 Berkshire Hathaway Finance 1.3% Guaranteed Bonds $500,000 Block Financial 5.25% Bonds 1/10/2025 383 0.04 15/5/2018 289 0.03 $750,000 BNP Paribas 1.375% Medium Term Notes 17/3/2017 541 0.05 $300,000 Berkshire Hathaway Finance 1.9% Senior Notes 31/1/2017 219 0.02 $400,000 BNP Paribas 3.25% Senior Notes 3/3/2023 294 0.03 $250,000 Berkshire Hathaway Finance 2.2% Senior Notes 15/8/2016 182 0.02 $400,000 BNP Paribas 4.375% Bonds 28/9/2025 276 0.03 $250,000 Berkshire Hathaway Finance 4.25% Guaranteed Bonds $850,000 BNP Paribas 5% Guaranteed Notes 15/1/2021 681 0.07 15/1/2021 199 0.02 $500,000 BNZ International 2.35% Bonds 4/3/2019 360 0.03 $250,000 Berkshire Hathaway Finance 4.3% Guaranteed Bonds $400,000 Boardwalk Pipelines 3.375% Guaranteed Bonds 15/5/2043 178 0.02 1/2/2023 226 0.02 $200,000 Berkshire Hathaway Finance 5.4% Guaranteed Notes $500,000 Boeing 0.95% Bonds 15/5/2018 358 0.03 15/5/2018 157 0.02 $75,000 Boeing 2.6% Bonds 30/10/2025 53 0.01 $200,000 Berkshire Hathaway Finance 5.75% Guaranteed Bonds $200,000 Boeing 4.875% Guaranteed Senior Bonds 15/2/2020 160 0.02 15/1/2040 170 0.02 $150,000 Boeing 5.875% Senior Bonds 15/2/2040 137 0.01 $900,000 BG Energy Capital 4% Guaranteed Bonds 15/10/2021 650 0.06 $300,000 Boeing 6.875% Senior Notes 15/3/2039 303 0.03 $250,000 Bharti Airtel International Netherlands 5.125% $500,000 BorgWarner 3.375% Bonds 15/3/2025 344 0.03 Guaranteed Bonds 11/3/2023 189 0.02 $200,000 Boston Gas Company 4.487% Senior Bonds 15/2/2042 144 0.01

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 £000’s Assets Value Investment £000’s Assets $400,000 Boston Properties 3.85% Senior Bonds 1/2/2023 298 0.03 $300,000 Bunge Finance 4.1% Guaranteed Notes 15/3/2016 217 0.02 $1,000,000 Boston Properties 4.125% Guaranteed Senior Bonds $500,000 Burlington Northern Santa Fe 3% Senior Notes 15/5/2021 763 0.07 15/3/2023 365 0.03 $500,000 Boston Scientific 2.85% Bonds 15/5/2020 363 0.03 $200,000 Burlington Northern Santa Fe 3.45% Senior Bonds $600,000 Boston Scientific 4.125% Senior Notes 1/10/2023 447 0.04 15/9/2021 152 0.01 $500,000 BP Capital Markets 1.375% Guaranteed Notes 6/11/2017 357 0.03 $250,000 Burlington Northern Santa Fe 4.375% Bonds 1/9/2042 180 0.02 $500,000 BP Capital Markets 1.846% Guaranteed Notes 5/5/2017 361 0.03 $800,000 Burlington Northern Santa Fe 4.4% Senior Notes $600,000 BP Capital Markets 2.315% Bonds 13/2/2020 423 0.04 15/3/2042 575 0.05 $350,000 BP Capital Markets 2.5% Bonds 6/11/2022 235 0.02 $500,000 Burlington Northern Santa Fe 4.7% Senior Bonds $900,000 BP Capital Markets 3.245% Guaranteed Notes 6/5/2022 632 0.06 1/10/2019 394 0.04 $500,000 BP Capital Markets 3.535% Bonds 4/11/2024 344 0.03 $300,000 Burlington Northern Santa Fe 4.9% Senior Notes $400,000 BP Capital Markets 3.561% Guaranteed Bonds 1/11/2021 290 0.03 1/4/2044 233 0.02 $500,000 BP Capital Markets 3.994% Guaranteed Bonds 26/9/2023 365 0.03 $200,000 Burlington Northern Santa Fe 4.95% Senior Bonds $300,000 BP Capital Markets 4.742% Guaranteed Bonds 11/3/2021 231 0.02 15/9/2041 154 0.01 $750,000 BP Capital Markets 4.75% Guaranteed Bonds 10/3/2019 569 0.05 $650,000 Burlington Northern Santa Fe 6.15% Guaranteed Senior $500,000 BPCE 2.5% Guaranteed Bonds 10/12/2018 363 0.03 Bonds 1/5/2037 570 0.05 $500,000 BPCE 4.5% Bonds 15/3/2025 340 0.03 $200,000 Burlington Resources Finance 7.2% Guaranteed Bonds $400,000 BPCE 4.625% Subordinated Notes 11/7/2024 271 0.03 15/8/2031 153 0.01 $400,000 BPCE 5.15% Subordinated Notes 21/7/2024 283 0.03 $250,000 CA 3.6% Bonds 1/8/2020 185 0.02 $300,000 BPCE 5.7% Subordinated Notes 22/10/2023 222 0.02 $500,000 Caisse Centrale Desjardins 1.55% Bonds 12/9/2017 359 0.03 $1,100,000 Branch Banking & Trust 2.3% Senior Notes 15/10/2018 803 0.08 $250,000 Campbell Soup 4.25% Senior Bonds 15/4/2021 194 0.02 $500,000 Branch Banking & Trust 3.8% Bonds 30/10/2026 377 0.04 $200,000 Canadian National Railway 2.85% Senior Bonds $250,000 Braskem Finance 5.375% Guaranteed Notes 2/5/2022 157 0.02 15/12/2021 148 0.01 $250,000 Braskem Finance 5.75% Guaranteed Bonds 15/4/2021 164 0.02 $250,000 Canadian National Railway 5.55% Guaranteed Senior $300,000 Braskem Finance 6.45% Guaranteed Notes 3/2/2024 194 0.02 Bonds 15/5/2018 195 0.02 $300,000 BRF 4.75% Senior Notes 22/5/2024 196 0.02 $250,000 Canadian National Railway 6.2% Senior Notes 1/6/2036 232 0.02 $500,000 Bristol-Myers Squibb 0.875% Guaranteed Bonds $400,000 Canadian National Resources 6.25% Guaranteed Senior 1/8/2017 360 0.03 Bonds 15/3/2038 211 0.02 $300,000 Bristol-Myers Squibb 4.5% Senior Notes 1/3/2044 240 0.02 $150,000 Canadian Natural Resources 3.45% Senior Notes $100,000 Bristol-Myers Squibb 6.125% Guaranteed Senior Bonds 15/11/2021 87 0.01 1/5/2038 95 0.01 $200,000 Canadian Natural Resources 7.2% Guaranteed Senior $200,000 British Sky Broadcasting 3.125% Guaranteed Notes Bonds 15/1/2032 119 0.01 26/11/2022 143 0.01 $150,000 Canadian Oil Sands 6% Senior Bonds 1/4/2042 86 0.01 $225,000 British Sky Broadcasting 3.75% Bonds 16/9/2024 160 0.02 $100,000 Canadian Pacific 7.125% Guaranteed Senior Bonds $150,000 British Sky Broadcasting 6.1% Guaranteed Bonds 15/10/2031 93 0.01 15/2/2018 116 0.01 $500,000 Canadian Pacific Railway 4.8% Bonds 15/9/2035 364 0.03 $500,000 British Telecom 9.625% Senior Bonds 15/12/2030 516 0.05 $500,000 Capital One 1.5% Senior Notes 22/3/2018 355 0.03 $500,000 British Telecommunications 5.95% Senior Bonds $500,000 Capital One 2.35% Bonds 17/8/2018 359 0.03 15/1/2018 389 0.04 $750,000 Capital One 2.95% Senior Notes 23/7/2021 536 0.05 $300,000 Brixmor Operating Partnership 3.875% Bonds 15/8/2022 201 0.02 $700,000 Capital One 3.15% Senior Notes 15/7/2016 509 0.05 $300,000 Buckeye Partners 5.85% Senior Notes 15/11/2043 160 0.02 $600,000 Capital One Financial 3.2% Bonds 5/2/2025 413 0.04 $300,000 Bunge Finance 3.5% Bonds 24/11/2020 218 0.02 $500,000 Capital One USA 2.25% Senior Notes 13/2/2019 358 0.03

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 £000’s Assets Value Investment £000’s Assets $300,000 Capital One USA 3.375% Subordinated Notes 15/2/2023 210 0.02 $300,000 Celulosa Arauco 4.75% Bonds 11/1/2022 221 0.02 $225,000 Cardinal Health 1.95% Bonds 15/6/2018 162 0.02 $300,000 Cencosud 4.875% Guaranteed Bonds 20/1/2023 204 0.02 $300,000 Cardinal Health 3.2% Senior Bonds 15/3/2023 219 0.02 $250,000 Cencosud 6.625% Bonds 12/2/2045 151 0.01 $275,000 Cardinal Health 3.75% Bonds 15/9/2025 206 0.02 $300,000 Cenovus Energy 5.2% Senior Notes 15/9/2043 133 0.01 $250,000 Cardinal Health 4.9% Bonds 15/9/2045 188 0.02 $250,000 Cenovus Energy 5.7% Senior Notes 15/10/2019 155 0.01 $750,000 Cargill 1.9% Senior Notes 1/3/2017 544 0.05 $100,000 Cenovus Energy 6.75% Senior Bonds 15/11/2039 50 0.00 $250,000 Cargill 3.25% Senior Bonds 15/11/2021 185 0.02 $100,000 CenterPoint Energy 5.85% Senior Bonds 15/1/2041 78 0.01 $300,000 Cargill 4.307% Senior Notes 14/5/2021 237 0.02 $300,000 CenterPoint Energy Houston Electric 4.5% Notes $196,000 Cargill 4.76% Bonds 23/11/2045 151 0.01 1/4/2044 233 0.02 $150,000 Carlyle II Finance 5.625% Senior Bonds 30/3/2043 114 0.01 $500,000 CenterPoint Energy Resources 4.5% Senior Notes $400,000 Carnival 3.95% Guaranteed Bonds 15/10/2020 304 0.03 15/1/2021 379 0.04 $500,000 Caterpillar 2.6% Senior Notes 26/6/2022 362 0.03 $400,000 Centrica 4% Senior Notes 16/10/2023 296 0.03 $459,000 Caterpillar 3.803% Bonds 15/8/2042 297 0.03 $250,000 CF Industries 3.45% Guaranteed Bonds 1/6/2023 165 0.02 $400,000 Caterpillar 3.9% Senior Bonds 27/5/2021 308 0.03 $400,000 CF Industries 5.375% Guaranteed Bonds 15/3/2044 245 0.02 $400,000 Caterpillar 4.75% Senior Notes 15/5/2064 279 0.03 $400,000 CF Industries 6.875% Guaranteed Notes 1/5/2018 311 0.03 $750,000 Caterpillar Financial Services 1% Medium Term Notes $150,000 Charles Schwab 3.225% Bonds 1/9/2022 112 0.01 3/3/2017 541 0.05 $200,000 Chevron 1.104% Guaranteed Senior Notes 5/12/2017 143 0.01 $1,000,000 Caterpillar Financial Services 1.25% Medium Term $400,000 Chevron 1.365% Bonds 2/3/2018 287 0.03 Notes 18/8/2017 721 0.07 $1,200,000 Chevron 1.718% Senior Bonds 24/6/2018 865 0.08 $500,000 Caterpillar Financial Services 2.05% Senior Notes $400,000 Chevron 2.411% Bonds 3/3/2022 281 0.03 1/8/2016 363 0.03 $300,000 Chevron 2.419% Bonds 17/11/2020 216 0.02 $250,000 Caterpillar Financial Services 7.15% Guaranteed Senior $750,000 Chevron 2.427% Senior Notes 24/6/2020 541 0.05 Bonds 15/2/2019 207 0.02 $550,000 Chevron 3.191% Senior Bonds 24/6/2023 396 0.04 $500,000 Catholic Health Initiatives 2.95% Bonds 1/11/2022 362 0.03 $25,000 Chevron 3.326% Bonds 17/11/2025 18 0.00 $200,000 CBL & Associates 4.6% Bonds 15/10/2024 132 0.01 $150,000 Chevron 4.95% Guaranteed Senior Notes 3/3/2019 117 0.01 $300,000 CBQ Finance 3.375% Guaranteed European Medium $300,000 Chevron Phillips Chemical 1.7% Bonds 1/5/2018 213 0.02 Term Notes 11/4/2017 219 0.02 $200,000 China Overseas Finance 5.35% Guaranteed Bonds $500,000 CBRE Services 4.875% Bonds 1/3/2026 359 0.03 15/11/2042 134 0.01 $500,000 CBS 3.375% Guaranteed Notes 1/3/2022 358 0.03 $300,000 China Overseas Finance Cayman II 5.5% European Dollar $400,000 CBS 3.7% Bonds 15/8/2024 286 0.03 10/11/2020 237 0.02 $400,000 CBS 4.6% Bonds 15/1/2045 250 0.02 $200,000 China Overseas Finance Cayman III 3.375% Notes $200,000 CBS 4.85% Guaranteed Bonds 1/7/2042 127 0.01 29/10/2018 146 0.01 $1,000,000 CCO Safari II 3.579% Bonds 23/7/2020 721 0.07 $200,000 China Overseas Finance Cayman III 6.375% Guaranteed $1,250,000 CCO Safari II 4.908% Bonds 23/7/2025 921 0.09 Bonds 29/10/2043 154 0.01 $400,000 CCO Safari II 6.384% Bonds 23/10/2035 296 0.03 $250,000 China Overseas Finance Cayman VI 5.95% Guaranteed $550,000 CCO Safari II 6.484% Bonds 23/10/2045 414 0.04 Bonds 8/5/2024 205 0.02 $200,000 CCO Safari II 6.834% Bonds 23/10/2055 144 0.01 $200,000 China Overseas Finance IV 4.875% Guaranteed Notes $500,000 Celgene 1.9% Guaranteed Senior Notes 15/8/2017 363 0.03 15/2/2017 147 0.01 $400,000 Celgene 3.25% Senior Notes 15/8/2022 289 0.03 $400,000 Chubb 5.75% Bonds 15/5/2018 314 0.03 $1,000,000 Celgene 3.875% Bonds 15/8/2025 743 0.07 $200,000 Chubb 6% Senior Bonds 11/5/2037 181 0.02 $400,000 Celgene 4.625% Senior Notes 15/5/2044 275 0.03 $200,000 Chubb 6.5% Bonds 15/5/2038 189 0.02 $200,000 Celgene 5% Bonds 15/8/2045 147 0.01 $300,000 Cia Brasileira de Aluminio 4.75% Bonds 17/6/2024 162 0.02

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 £000’s Assets Value Investment £000’s Assets $250,000 Cielo USA 3.75% Guaranteed Notes 16/11/2022 150 0.01 $100,000 CNA Financial 5.75% Guaranteed Senior Bonds 15/8/2021 80 0.01 $200,000 Cigna 4.5% Guaranteed Senior Bonds 15/3/2021 155 0.01 $1,000,000 Coca-Cola 1.65% Bonds 1/11/2018 732 0.07 $600,000 Cigna 5.125% Bonds 15/6/2020 478 0.05 $1,000,000 Coca-Cola 2.875% Bonds 27/10/2025 735 0.07 $300,000 Cigna 5.375% Senior Bonds 15/2/2042 236 0.02 $300,000 Coca-Cola 3.15% Senior Bonds 15/11/2020 230 0.02 $300,000 Cimarex Energy 4.375% Bonds 1/6/2024 199 0.02 $600,000 Coca-Cola 3.2% Senior Notes 1/11/2023 461 0.04 $200,000 Cincinnati Financial 6.92% Senior Bonds 15/5/2028 185 0.02 $600,000 Coca-Cola Femsa 2.375% Guaranteed Bonds 26/11/2018 435 0.04 $1,000,000 Cisco Systems 1.1% Senior Notes 3/3/2017 723 0.07 $250,000 Colbun 6% Guaranteed Senior Notes 21/1/2020 195 0.02 $500,000 Cisco Systems 1.6% Bonds 28/2/2019 362 0.03 $500,000 Colgate-Palmolive 1.75% Senior Notes 15/3/2019 366 0.04 $750,000 Cisco Systems 2.6% Bonds 28/2/2023 548 0.05 $400,000 Colgate-Palmolive 1.95% Guaranteed Senior Bonds $500,000 Cisco Systems 3% Bonds 15/6/2022 376 0.04 1/2/2023 283 0.03 $1,150,000 Cisco Systems 4.45% Senior Bonds 15/1/2020 909 0.09 $150,000 Colonial Pipeline 4.2% Senior Bonds 15/4/2043 95 0.01 $700,000 Cisco Systems 5.5% Guaranteed Senior Bonds 15/1/2040 601 0.06 $600,000 Columbia Pipeline 4.5% Bonds 1/6/2025 394 0.04 $200,000 Cisco Systems 5.9% Senior Bonds 15/2/2039 178 0.02 $500,000 Comcast 3.15% Bonds 1/3/2026 368 0.04 $750,000 Citigroup 1.3% Bonds 1/4/2016 542 0.05 $600,000 Comcast 3.375% Bonds 15/2/2025 450 0.04 $470,000 Citigroup 1.3% Bonds 15/11/2016 339 0.03 $500,000 Comcast 3.6% Bonds 1/3/2024 382 0.04 $250,000 Citigroup 1.7% Bonds 25/7/2016 181 0.02 $1,250,000 Comcast 4.2% Notes 15/8/2034 904 0.09 $750,000 Citigroup 1.75% Senior Notes 1/5/2018 536 0.05 $500,000 Comcast 4.25% Guaranteed Bonds 15/1/2033 369 0.04 $1,500,000 Citigroup 2.4% Bonds 18/2/2020 1,073 0.10 $100,000 Comcast 4.65% Guaranteed Bonds 15/7/2042 76 0.01 $750,000 Citigroup 2.65% Bonds 26/10/2020 540 0.05 $500,000 Comcast 4.75% Guaranteed Bonds 1/3/2044 378 0.04 $550,000 Citigroup 3.5% Bonds 15/5/2023 390 0.04 $300,000 Comcast 5.15% Guaranteed Bonds 1/3/2020 243 0.02 $300,000 Citigroup 3.875% Bonds 26/3/2025 209 0.02 $300,000 Comcast 6.3% Guaranteed Bonds 15/11/2017 234 0.02 $400,000 Citigroup 3.875% Senior Notes 25/10/2023 299 0.03 $400,000 Comcast 6.4% Guaranteed Bonds 1/3/2040 369 0.04 $600,000 Citigroup 4.3% Bonds 20/11/2026 419 0.04 $250,000 Comcast 6.45% Guaranteed Bonds 15/3/2037 228 0.02 $1,000,000 Citigroup 4.4% Bonds 10/6/2025 719 0.07 $450,000 Comcast 6.5% Guaranteed Bonds 15/11/2035 408 0.04 $500,000 Citigroup 4.45% Bonds 29/9/2027 353 0.03 $500,000 Comcast 6.95% Guaranteed Bonds 15/8/2037 476 0.05 $350,000 Citigroup 4.45% Senior Notes 10/1/2017 259 0.02 $500,000 Comerica Bank 2.5% Bonds 2/6/2020 358 0.03 $350,000 Citigroup 4.65% Bonds 30/7/2045 253 0.02 $1,300,000 Commonwealth Bank of Australia 2.5% Senior Notes $600,000 Citigroup 4.95% Senior Notes 7/11/2043 453 0.04 20/9/2018 953 0.09 $500,000 Citigroup 5.375% Guaranteed Senior Bonds 9/8/2020 404 0.04 $350,000 Commonwealth Bank of Australia 5% Senior Notes $250,000 Citigroup 5.875% Senior Bonds 30/1/2042 204 0.02 19/3/2020 278 0.03 $350,000 Citigroup 6.675% Subordinated Notes 13/9/2043 293 0.03 $500,000 Commonwealth Bank of Australia 5% Subordinate $500,000 Citigroup 8.125% Guaranteed Senior Bonds 15/7/2039 513 0.05 European Medium Term Notes 15/10/2019 396 0.04 $1,500,000 Citigroup 8.5% Guaranteed Notes 22/5/2019 1,277 0.12 $600,000 Commonwealth Bank of Australia New York Branch $400,000 Citizens Financial 4.3% Bonds 3/12/2025 294 0.03 2.4% Bonds 2/11/2020 435 0.04 $400,000 Clorox 3.8% Senior Bonds 15/11/2021 306 0.03 $500,000 Commonwealth Edison 2.15% Bonds 15/1/2019 365 0.03 $200,000 CLP Power HK Financing 2.875% European Medium $200,000 Commonwealth Edison 4.6% Bonds 15/8/2043 156 0.01 Term Bonds 26/4/2023 144 0.01 $350,000 Commonwealth Edison 4.7% Bonds 15/1/2044 277 0.03 $400,000 CLP Power HK Financing 4.25% Bonds 29/5/2049 289 0.03 $150,000 Commonwealth Edison 5.9% Bonds 15/3/2036 135 0.01 $500,000 CME 3% Bonds 15/9/2022 374 0.04 $150,000 Commonwealth Edison 5.95% Guaranteed Notes $200,000 CME 5.3% Senior Notes 15/9/2043 168 0.02 15/8/2016 111 0.01 $250,000 CMS Energy 5.05% Senior Notes 15/3/2022 200 0.02 $500,000 Compass Bank 3.875% Bonds 10/4/2025 331 0.03 $400,000 CNA Financial 3.95% Bonds 15/5/2024 283 0.03 $200,000 Computer Sciences 6.5% Senior Notes 15/3/2018 159 0.02

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 £000’s Assets Value Investment £000’s Assets $600,000 ConAgra Foods 1.9% Guaranteed Senior Notes $500,000 Cox Communications 4.8% Bonds 1/2/2035 301 0.03 25/1/2018 432 0.04 $550,000 Cox Communications 6.25% Guaranteed Senior Notes $51,000 ConAgra Foods 7% Guaranteed Senior Bonds 15/4/2019 42 0.00 1/6/2018 425 0.04 $500,000 ConocoPhillips 1.05% Guaranteed Bonds 15/12/2017 349 0.03 $150,000 Cox Communications 8.375% Senior Bonds 1/3/2039 118 0.01 $300,000 ConocoPhillips 2.4% Guaranteed Bonds 15/12/2022 187 0.02 $600,000 Crédit Agricole 2.125% Senior Bonds 17/4/2018 435 0.04 $200,000 ConocoPhillips 3.35% Bonds 15/5/2025 128 0.01 $400,000 Crédit Agricole 3% Guaranteed Notes 1/10/2017 295 0.03 $500,000 ConocoPhillips 4.3% Bonds 15/11/2044 288 0.03 $750,000 Crédit Agricole 4.375% Bonds 17/3/2025 514 0.05 $700,000 ConocoPhillips 5.75% Guaranteed Bonds 1/2/2019 525 0.05 $1,250,000 Credit Suisse 1.75% Bonds 29/1/2018 897 0.09 $250,000 ConocoPhillips 5.9% Guaranteed Bonds 15/10/2032 169 0.02 $500,000 Credit Suisse 3% Bonds 29/10/2021 361 0.03 $400,000 ConocoPhillips 5.9% Guaranteed Bonds 15/5/2038 278 0.03 $400,000 Credit Suisse 3.625% Medium Term Notes 9/9/2024 293 0.03 $650,000 ConocoPhillips 6.5% Guaranteed Bonds 1/2/2039 459 0.04 $200,000 Credit Suisse 7.125% Senior Bonds 15/7/2032 179 0.02 $400,000 ConocoPhillips Canada 5.625% Guaranteed Bonds $500,000 Credit Suisse Funding 3.75% Bonds 26/3/2025 339 0.03 15/10/2016 295 0.03 $400,000 Credit Suisse Funding 3.8% Bonds 15/9/2022 282 0.03 $700,000 Consolidated Edison 3.95% Senior Bonds 1/3/2043 491 0.05 $800,000 Credit Suisse Funding Guernsey 2.75% Bonds $300,000 Consolidated Edison 4.625% Bonds 1/12/2054 223 0.02 26/3/2020 558 0.05 $300,000 Consolidated Edison 5.5% Guaranteed Senior Bonds $500,000 Credit Suisse Funding Guernsey 4.875% Bonds 1/12/2039 256 0.02 15/5/2045 329 0.03 $300,000 Consolidated Edison 5.85% Senior Notes 1/4/2018 234 0.02 $800,000 Credit Suisse New York 4.375% Guaranteed Senior $300,000 Consolidated Edison 7.125% Guaranteed Senior Notes Bonds 5/8/2020 612 0.06 1/12/2018 246 0.02 $400,000 Credit Suisse New York 5.4% Subordinated Notes $400,000 Consumers Energy 2.85% Bonds 15/5/2022 295 0.03 14/1/2020 304 0.03 $150,000 Consumers Energy 5.65% Guaranteed Bonds 15/4/2020 124 0.01 $250,000 Credit Suisse New York 6% Guaranteed Subordinated $175,391 Continental Airlines 4.15% Bonds 11/10/2025 130 0.01 Notes 15/2/2018 191 0.02 $288,208 Continental Airlines 7.25% Guaranteed Bonds 10/5/2021 235 0.02 $700,000 Credit Suisse USA 5.85% Guaranteed Bonds 16/8/2016 516 0.05 $250,000 Continental Resources 3.8% Bonds 1/6/2024 118 0.01 $200,000 CRH America 5.125% Bonds 18/5/2045 146 0.01 $495,000 Continental Resources 5% Guaranteed Bonds 15/9/2022 259 0.02 $750,000 Crown Castle International 4.875% Bonds 15/4/2022 565 0.05 $300,000 Cooperatieve Rabobank 5.25% Bonds 4/8/2045 221 0.02 $350,000 CSX 4.1% Senior Notes 15/3/2044 232 0.02 $500,000 Corning 2.9% Bonds 15/5/2022 355 0.03 $100,000 CSX 4.25% Guaranteed Senior Bonds 1/6/2021 77 0.01 $100,000 Corning 4.75% Senior Bonds 15/3/2042 69 0.01 $100,000 CSX 4.4% Senior Bonds 1/3/2043 68 0.01 $500,000 Costco Wholesale 1.125% Bonds 15/12/2017 361 0.03 $300,000 CSX 4.75% Senior Bonds 30/5/2042 216 0.02 $500,000 Costco Wholesale 1.7% Guaranteed Senior Notes $200,000 CSX 5.5% Senior Notes 15/4/2041 158 0.02 15/12/2019 363 0.03 $400,000 CSX 6% Bonds 1/10/2036 332 0.03 $200,000 Countrywide Financial 6.25% Guaranteed Subordinated $350,000 CSX 7.375% Guaranteed Senior Bonds 1/2/2019 291 0.03 Notes 15/5/2016 146 0.01 $500,000 Cummins 3.65% Senior Notes 1/10/2023 382 0.04 $400,000 Coventry Health Care 5.45% Senior Notes 15/6/2021 323 0.03 $500,000 CVS Health 1.9% Bonds 20/7/2018 362 0.03 $400,000 Coventry Health Care 5.95% Senior Bonds 15/3/2017 302 0.03 $500,000 CVS Health 2.25% Bonds 12/8/2019 364 0.03 $150,000 Covidien International Finance 3.2% Guaranteed Bonds $500,000 CVS Health 2.25% Senior Notes 5/12/2018 365 0.03 15/6/2022 112 0.01 $750,000 CVS Health 2.75% Bonds 1/12/2022 537 0.05 $150,000 Covidien International Finance 6.55% Guaranteed Bonds $500,000 CVS Health 2.8% Bonds 20/7/2020 369 0.04 15/10/2037 139 0.01 $500,000 CVS Health 3.875% Bonds 20/7/2025 384 0.04 $200,000 Cox Communications 3.25% Senior Notes 15/12/2022 135 0.01 $350,000 CVS Health 4% Bonds 5/12/2023 272 0.03 $250,000 Cox Communications 4.5% Senior Bonds 30/6/2043 135 0.01 $250,000 CVS Health 4.125% Guaranteed Senior Bonds 15/5/2021 192 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 £000’s Assets Value Investment £000’s Assets $400,000 CVS Health 4.875% Bonds 20/7/2035 309 0.03 $600,000 Deutsche Telekom International Finance 2.25% $500,000 CVS Health 5.125% Bonds 20/7/2045 400 0.04 Bonds 6/3/2017 436 0.04 $400,000 CVS Health 5.3% Senior Notes 5/12/2043 324 0.03 $250,000 Deutsche Telekom International Finance 4.875% $200,000 CVS Health 6.125% Guaranteed Senior Bonds 15/9/2039 176 0.02 Guaranteed Bonds 6/3/2042 188 0.02 $400,000 Daimler Finance North America 1.875% Guaranteed $500,000 Deutsche Telekom International Finance 6% Bonds Bonds 11/1/2018 288 0.03 8/7/2019 406 0.04 $500,000 Daimler Finance North America 2.25% Bonds 2/3/2020 355 0.03 $550,000 Deutsche Telekom International Finance 8.75% $500,000 Daimler Finance North America 2.25% Guaranteed Guaranteed Bonds 15/6/2030 555 0.05 Notes 31/7/2019 358 0.03 $500,000 Devon Energy 3.25% Bonds 15/5/2022 275 0.03 $750,000 Daimler Finance North America 2.375% Bonds 1/8/2018 544 0.05 $250,000 Devon Energy 4% Senior Bonds 15/7/2021 147 0.01 $500,000 Daimler Finance North America 2.4% Guaranteed Bonds $150,000 Devon Energy 5.6% Senior Bonds 15/7/2041 74 0.01 10/4/2017 364 0.03 $150,000 Devon Energy 6.3% Guaranteed Senior Bonds 15/1/2019 102 0.01 $150,000 Daimler Finance North America 3% Guaranteed Notes $300,000 Devon Energy 7.95% Senior Notes 15/4/2032 172 0.02 28/3/2016 108 0.01 $400,000 Devon Financing 7.875% Guaranteed Bonds 30/9/2031 228 0.02 $500,000 Daimler Finance North America 3.25% Bonds 1/8/2024 361 0.03 $500,000 Diageo Capital 1.125% Guaranteed Bonds 29/4/2018 358 0.03 $250,000 Daimler Finance North America 8.5% Guaranteed Bonds $200,000 Diageo Capital 3.875% Guaranteed Notes 29/4/2043 138 0.01 18/1/2031 269 0.03 $200,000 Diageo Capital 5.75% Guaranteed Notes 23/10/2017 154 0.01 $250,000 Danaher 2.3% Senior Notes 23/6/2016 181 0.02 $300,000 Diageo Investment 2.875% Guaranteed Notes 11/5/2022 221 0.02 $300,000 Danaher 4.375% Bonds 15/9/2045 232 0.02 $200,000 Diageo Investment 4.25% Guaranteed Bonds 11/5/2042 145 0.01 $250,000 Danaher 5.4% Guaranteed Senior Notes 1/3/2019 199 0.02 $250,000 Diamond Offshore Drilling 4.875% Senior Notes 1/11/2043 107 0.01 $750,000 Danone 3% Senior Notes 15/6/2022 554 0.05 $250,000 Digital Realty Trust 3.4% Bonds 1/10/2020 183 0.02 $500,000 Danske Bank 3.875% Senior Notes 14/4/2016 362 0.03 $250,000 Digital Realty Trust 3.625% Bonds 1/10/2022 179 0.02 $400,000 DBS Bank Singapore 2.35% Guaranteed Senior Notes $400,000 DirecTV 4.6% Guaranteed Notes 15/2/2021 311 0.03 28/2/2017 292 0.03 $750,000 DirecTV 5.875% Bonds 1/10/2019 605 0.06 $400,000 DDR 3.375% Bonds 15/5/2023 280 0.03 $250,000 DirecTV 6.35% Guaranteed Bonds 15/3/2040 192 0.02 $450,000 DDR 4.25% Bonds 1/2/2026 321 0.03 $200,000 DirecTV Financing 3.8% Guaranteed Notes 15/3/2022 148 0.01 $250,000 Deere 3.9% Guaranteed Senior Bonds 9/6/2042 174 0.02 $600,000 DirecTV Financing 4.45% Guaranteed Notes 1/4/2024 455 0.04 $100,000 Deere 4.375% Guaranteed Senior Notes 16/10/2019 79 0.01 $300,000 DirecTV Financing 5% Guaranteed Notes 1/3/2021 238 0.02 $500,000 Delek & Avner Tamar Bond 5.082% Senior Notes $100,000 DirecTV Financing 5.2% Guaranteed Notes 15/3/2020 79 0.01 30/12/2023 356 0.03 $200,000 DirecTV Financing 6% Guaranteed Bonds 15/8/2040 149 0.01 $150,000 Delhaize 5.7% Guaranteed Bonds 1/10/2040 114 0.01 $300,000 DirecTV Financing 6.375% Guaranteed Bonds 1/3/2041 232 0.02 $1,000,000 Delphi Automotive 3.15% Bonds 19/11/2020 731 0.07 $250,000 Discover Bank 4.2% Senior Notes 8/8/2023 183 0.02 $391,119 Delta Air Lines 2012-1A 4.75% Guaranteed Notes $300,000 Discover Financial Services 3.75% Bonds 4/3/2025 204 0.02 7/11/2021 299 0.03 $750,000 Discover Financial Services 3.85% Senior Bonds $55,444 Delta Air Lines 6.821% Guaranteed Bonds 10/2/2024 46 0.00 21/11/2022 537 0.05 $200,000 Demeter Investments BV for Swiss Re 5.75% Bonds $400,000 Discovery Communications 3.25% Guaranteed Notes 15/8/2050 141 0.01 1/4/2023 265 0.03 $250,000 Detroit Edison 5.6% Guaranteed Senior Bonds 15/6/2018 197 0.02 $350,000 Discovery Communications 4.375% Guaranteed Notes $750,000 Deutsche Bank 2.95% Bonds 20/8/2020 524 0.05 15/6/2021 257 0.02 $300,000 Deutsche Bank 3.7% Senior Notes 30/5/2024 207 0.02 $200,000 Discovery Communications 4.875% Guaranteed Bonds $1,000,000 Deutsche Bank 6% Guaranteed Senior Bonds 1/9/2017 754 0.07 1/4/2043 115 0.01 $150,000 Discovery Communications 4.95% Notes 15/5/2042 86 0.01

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 £000’s Assets Value Investment £000’s Assets $250,000 Discovery Communications 5.05% Guaranteed Notes $500,000 E.I. DuPont 3.625% Guaranteed Bonds 15/1/2021 379 0.04 1/6/2020 190 0.02 $250,000 E.I. DuPont 4.15% Senior Bonds 15/2/2043 158 0.02 $300,000 DNB Bank 3.2% Senior Notes 3/4/2017 220 0.02 $300,000 E.I. DuPont 4.9% Guaranteed Bonds 15/1/2041 212 0.02 $250,000 Dollar General 3.25% Bonds15/4/2023 180 0.02 $400,000 E.I. DuPont 5.25% Guaranteed Senior Bonds 15/12/2016 298 0.03 $400,000 Dominion Gas Holdings 4.6% Bonds 15/12/2044 271 0.03 $200,000 E.ON International Finance 5.8% Guaranteed Bonds $700,000 Dominion Resources 3.625% Bonds 1/12/2024 505 0.05 30/4/2018 154 0.01 $350,000 Dominion Resources 4.9% Guaranteed Senior Bonds $350,000 E.ON International Finance 6.65% Guaranteed Bonds 1/8/2041 244 0.02 30/4/2038 290 0.03 $500,000 Dominion Resources 5.2% Guaranteed Senior Bonds $600,000 Eastman Chemical 2.7% Bonds 15/1/2020 429 0.04 15/8/2019 393 0.04 $400,000 Eastman Chemical 3.6% Senior Notes 15/8/2022 287 0.03 $200,000 Dominion Resources 6.4% Guaranteed Senior Notes $150,000 Eastman Chemical 4.8% Senior Bonds 1/9/2042 94 0.01 15/6/2018 158 0.02 $1,000,000 Eaton 2.75% Guaranteed Bonds 2/11/2022 708 0.07 $500,000 Dover 3.15% Bonds 15/11/2025 367 0.04 $150,000 Eaton 4% Bonds 2/11/2032 106 0.01 $200,000 Dover 4.3% Guaranteed Senior Bonds 1/3/2021 157 0.02 $200,000 eBay 2.6% Senior Notes 15/7/2022 135 0.01 $750,000 Dow Chemical 4.125% Senior Bonds 15/11/2021 571 0.05 $400,000 eBay 2.875% Senior Notes 1/8/2021 284 0.03 $600,000 Dow Chemical 4.25% Senior Notes 15/11/2020 458 0.04 $400,000 eBay 3.45% Bonds 1/8/2024 271 0.03 $250,000 Dow Chemical 4.375% Guaranteed Senior Bonds $150,000 eBay 4% Senior Notes 15/7/2042 82 0.01 15/11/2042 162 0.02 $400,000 Ecolab 3% Senior Notes 8/12/2016 292 0.03 $500,000 Dow Chemical 4.625% Bonds 1/10/2044 333 0.03 $300,000 Ecolab 4.35% Guaranteed Senior Bonds 8/12/2021 235 0.02 $300,000 Dow Chemical 5.25% Senior Bonds 15/11/2041 213 0.02 $300,000 Ecolab 5.5% Bonds 8/12/2041 242 0.02 $550,000 Dow Chemical 8.55% Guaranteed Senior Bonds $500,000 EDP Finance 6% Bonds 2/2/2018 374 0.04 15/5/2019 467 0.04 $250,000 El Paso Natural Gas 5.95% Guaranteed Senior Notes $500,000 Dr Pepper Snapple 3.4% Bonds 15/11/2025 366 0.04 15/4/2017 183 0.02 $500,000 DTE Electric 3.375% Notes 1/3/2025 378 0.04 $100,000 El Paso Pipeline Partners 5% Bonds 1/10/2021 67 0.01 $100,000 DTE Electric 3.7% Bonds 15/3/2045 70 0.01 $400,000 El Paso Pipeline Partners 6.5% Guaranteed Bonds $250,000 DTE Energy 3.5% Bonds 1/6/2024 185 0.02 1/4/2020 291 0.03 $750,000 Duke Energy 2.1% Senior Notes 15/6/2018 542 0.05 $150,000 El Paso Pipeline Partners 7.5% Guaranteed Bonds $150,000 Duke Energy 3% Bonds 15/9/2021 113 0.01 15/11/2040 98 0.01 $400,000 Duke Energy 3.95% Senior Notes 15/10/2023 299 0.03 $500,000 Eli Lilly 2.75% Bonds 1/6/2025 367 0.04 $500,000 Duke Energy 4.8% Bonds 15/12/2045 375 0.04 $300,000 Eli Lilly 3.7% Senior Notes 1/3/2045 214 0.02 $200,000 Duke Energy 5.3% Guaranteed Bonds 15/2/2040 170 0.02 $350,000 Eli Lilly 5.2% Senior Bonds 15/3/2017 263 0.03 $150,000 Duke Energy 5.65% Guaranteed Bonds 1/4/2040 134 0.01 $300,000 Embarq 7.082% Senior Bonds 1/6/2016 218 0.02 $250,000 Duke Energy 6.35% Guaranteed Bonds 15/9/2037 236 0.02 $300,000 Embarq 7.995% Guaranteed Senior Bonds 1/6/2036 206 0.02 $50,000 Duke Energy Carolinas 3.9% Bonds 15/6/2021 39 0.00 $750,000 EMC 1.875% Bonds 1/6/2018 518 0.05 $300,000 Duke Energy Carolinas 4% Bonds 30/9/2042 217 0.02 $700,000 EMC 2.65% Senior Bonds 1/6/2020 457 0.04 $150,000 Duke Energy Carolinas 6% Guaranteed Bonds 15/1/2038 137 0.01 $500,000 EMD Finance 1.7% Bonds 19/3/2018 359 0.03 $300,000 Duke Energy Carolinas 6.05% Bonds 15/4/2038 277 0.03 $350,000 EMD Finance 2.95% Bonds 19/3/2022 250 0.02 $800,000 Duke Energy Carolinas 7% Guaranteed Notes 15/11/2018 656 0.06 $500,000 EMD Finance 3.25% Bonds 19/3/2025 353 0.03 $250,000 Duke Energy Progress 4.15% Bonds 1/12/2044 184 0.02 $400,000 Emerson Electric 4.875% Senior Bonds 15/10/2019 318 0.03 $500,000 Duke Energy Progress 4.375% Bonds 30/3/2044 379 0.04 $300,000 Empresa Bras De Aeronau 5.15% Guaranteed Senior $300,000 Duke Realty 3.875% Guaranteed Bonds 15/10/2022 223 0.02 Notes 15/6/2022 208 0.02 $250,000 E.CL 4.5% Bonds 29/1/2025 179 0.02 $500,000 Empresa Electrica Angamos 4.875% Bonds 25/5/2029 313 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 £000’s Assets Value Investment £000’s Assets $300,000 Enable Midstream Partners 5% Bonds 15/5/2044 112 0.01 $250,000 Enterprise Products 5.7% Guaranteed Bonds 15/2/2042 170 0.02 $400,000 Enbridge 4% Senior Notes 1/10/2023 263 0.03 $400,000 Enterprise Products 6.3% Guaranteed Bonds 15/9/2017 302 0.03 $250,000 Enbridge 5.875% Guaranteed Senior Notes 15/12/2016 183 0.02 $100,000 Enterprise Products 6.45% Guaranteed Bonds 1/9/2040 71 0.01 $150,000 Enbridge Energy Partners 4.2% Senior Bonds 15/9/2021 96 0.01 $500,000 Enterprise Products Operating 2.55% Bonds 15/10/2019 349 0.03 $500,000 Enbridge Energy Partners 5.875% Bonds 15/10/2025 334 0.03 $200,000 Enterprise Products Operating 3.7% Bonds 15/2/2026 135 0.01 $150,000 Enbridge Energy Partners 7.5% Guaranteed Senior $300,000 Enterprise Products Operating 3.75% Bonds 15/2/2025 203 0.02 Bonds 15/4/2038 93 0.01 $500,000 Enterprise Products Operating 3.9% Bonds 15/2/2024 341 0.03 $500,000 Encana 3.9% Senior Notes 15/11/2021 251 0.02 $150,000 Enterprise Products Operating 4.45% Bonds 15/2/2043 86 0.01 $250,000 Encana 6.5% Guaranteed Senior Bonds 15/8/2034 108 0.01 $450,000 Enterprise Products Operating 4.85% Guaranteed Bonds $450,000 Encana 6.625% Senior Bonds 15/8/2037 196 0.02 15/3/2044 274 0.03 $250,000 Enel Finance 6% Guaranteed Bonds 7/10/2039 199 0.02 $200,000 Enterprise Products Operating 4.9% Bonds 15/5/2046 127 0.01 $400,000 Enel Finance International 6.25% Guaranteed Notes $200,000 Enterprise Products Operating 4.95% Bonds 15/10/2054 115 0.01 15/9/2017 307 0.03 $200,000 Enterprise Products Operating 5.1% Guaranteed Bonds $200,000 Enel Finance International 6.8% Guaranteed Bonds 15/2/2045 125 0.01 15/9/2037 171 0.02 $200,000 Enterprise Products Operating 7.034% Bonds 15/1/2068 142 0.01 $500,000 Energy Transfer Partners 3.6% Senior Notes 1/2/2023 291 0.03 $600,000 EOG Resources 2.45% Bonds 1/4/2020 413 0.04 $125,000 Energy Transfer Partners 4.05% Bonds 15/3/2025 75 0.01 $400,000 EOG Resources 3.15% Bonds 1/4/2025 263 0.03 $500,000 Energy Transfer Partners 4.15% Senior Notes 1/10/2020 314 0.03 $350,000 EOG Resources 5.875% Guaranteed Senior Bonds $150,000 Energy Transfer Partners 4.65% Senior Bonds 1/6/2021 93 0.01 15/9/2017 265 0.03 $250,000 Energy Transfer Partners 4.75% Bonds 15/1/2026 154 0.01 $200,000 EQT 4.875% Senior Bonds 15/11/2021 128 0.01 $500,000 Energy Transfer Partners 4.9% Bonds 15/3/2035 258 0.02 $300,000 ERAC USA Finance 2.75% Guaranteed Notes 15/3/2017 219 0.02 $250,000 Energy Transfer Partners 5.15% Bonds 15/3/2045 131 0.01 $500,000 ERAC USA Finance 2.8% Bonds 1/11/2018 365 0.03 $300,000 Energy Transfer Partners 5.2% Guaranteed Senior Bonds $500,000 ERAC USA Finance 3.3% Guaranteed Notes 15/10/2022 360 0.03 1/2/2022 185 0.02 $500,000 ERAC USA Finance 3.8% Bonds 1/11/2025 360 0.03 $250,000 Energy Transfer Partners 5.95% Senior Notes 1/10/2043 143 0.01 $150,000 ERAC USA Finance 4.5% Bonds 15/2/2045 100 0.01 $150,000 Energy Transfer Partners 6.5% Guaranteed Senior Bonds $200,000 ERAC USA Finance 5.625% Guaranteed Bonds 15/3/2042 154 0.01 1/2/2042 87 0.01 $150,000 ERAC USA Finance 7% Guaranteed Bonds 15/10/2037 133 0.01 $150,000 Energy Transfer Partners 7.5% Guaranteed Senior Bonds $300,000 ERP Operating 4.5% Senior Notes 1/7/2044 223 0.02 1/7/2038 96 0.01 $300,000 ERP Operating 4.625% Guaranteed Senior Bonds $500,000 Energy Transfer Partners 9% Bonds 15/4/2019 371 0.04 15/12/2021 239 0.02 $300,000 ENGIE 2.875% Guaranteed Senior Notes 10/10/2022 215 0.02 $400,000 ERP Operating 4.75% Senior Bonds 15/7/2020 313 0.03 $500,000 EnLink Midstream Partners 4.4% Senior Notes 1/4/2024 256 0.02 $500,000 Essex Portfolio 3.625% Guaranteed Bonds 15/8/2022 373 0.04 $400,000 Ensco 4.7% Senior Notes 15/3/2021 153 0.01 $500,000 Exelon 3.95% Bonds 15/6/2025 365 0.03 $500,000 Ensco 5.2% Bonds 15/3/2025 186 0.02 $300,000 Exelon 5.1% Bonds 15/6/2045 226 0.02 $200,000 Ensco 5.75% Bonds 1/10/2044 69 0.01 $400,000 Exelon Generation 2.95% Bonds 15/1/2020 289 0.03 $500,000 ENTEL Chile 4.75% Bonds 1/8/2026 322 0.03 $121,000 Exelon Generation 4.25% Senior Bonds 15/6/2022 89 0.01 $400,000 Entergy 4% Bonds 15/7/2022 302 0.03 $400,000 Exelon Generation 5.2% Guaranteed Senior Bonds $250,000 Entergy 5.125% Guaranteed Senior Notes 15/9/2020 196 0.02 1/10/2019 311 0.03 $250,000 Entergy Gulf States 5.59% Guaranteed Bonds 1/10/2024 211 0.02 $400,000 Exelon Generation 5.6% Senior Bonds 15/6/2042 261 0.03 $150,000 Entergy Louisiana 4.05% Notes 1/9/2023 116 0.01 $250,000 Exelon Generation 6.2% Senior Bonds 1/10/2017 192 0.02 $250,000 Enterprise Products 4.85% Guaranteed Bonds 15/8/2042 153 0.01 $100,000 Expedia 5.95% Guaranteed Notes 15/8/2020 78 0.01 $500,000 Enterprise Products 5.25% Guaranteed Bonds 31/1/2020 374 0.04 $200,000 Experian Finance 2.375% Guaranteed Notes 15/6/2017 145 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 £000’s Assets Value Investment £000’s Assets $1,000,000 Express Scripts 2.25% Notes 15/6/2019 717 0.07 $250,000 FMR 4.95% Bonds 1/2/2033 186 0.02 $200,000 Express Scripts 3.9% Guaranteed Notes 15/2/2022 147 0.01 $250,000 FMR 6.5% Senior Bonds 14/12/2040 220 0.02 $200,000 Express Scripts 4.75% Guaranteed Notes 15/11/2021 154 0.01 $300,000 Fomento Economico Mexicano 4.375% Senior Notes $100,000 Express Scripts 6.125% Guaranteed Bonds 15/11/2041 76 0.01 10/5/2043 194 0.02 $600,000 Express Scripts 7.25% Guaranteed Bonds 15/6/2019 496 0.05 $250,000 Ford Motor 7.4% Bonds 1/11/2046 213 0.02 $1,500,000 Exxon Mobil 1.305% Bonds 6/3/2018 1,080 0.10 $550,000 Ford Motor 7.45% Senior Bonds 16/7/2031 483 0.05 $300,000 Exxon Mobil 3.176% Senior Notes 15/3/2024 225 0.02 $1,000,000 Ford Motor Credit 1.461% Bonds 27/3/2017 717 0.07 $500,000 Exxon Mobil 3.567% Bonds 6/3/2045 335 0.03 $500,000 Ford Motor Credit 1.7% Senior Bonds 9/5/2016 361 0.03 $200,000 FBG Finance 5.875% Guaranteed Bonds 15/6/2035 174 0.02 $500,000 Ford Motor Credit 2.145% Bonds 9/1/2018 359 0.03 $500,000 FedEx 2.3% Bonds 1/2/2020 364 0.03 $500,000 Ford Motor Credit 2.375% Senior Bonds 16/1/2018 359 0.03 $200,000 FedEx 3.875% Guaranteed Bonds 1/8/2042 125 0.01 $600,000 Ford Motor Credit 2.597% Bonds 4/11/2019 426 0.04 $275,000 FedEx 4.75% Bonds 15/11/2045 198 0.02 $300,000 Ford Motor Credit 3% Senior Notes 12/6/2017 218 0.02 $500,000 FedEx 4.9% Guaranteed Bonds 15/1/2034 371 0.04 $750,000 Ford Motor Credit 4.134% Bonds 4/8/2025 538 0.05 $500,000 Fidelity National Information Services 3.625% Bonds $400,000 Ford Motor Credit 4.25% Guaranteed Senior Notes 15/10/2020 367 0.04 20/9/2022 294 0.03 $500,000 Fidelity National Information Services 4.5% Bonds $500,000 Ford Motor Credit 4.75% Guaranteed Senior Bonds 15/10/2022 374 0.04 15/1/2043 328 0.03 $375,000 Fidelity National Information Services 5% Bonds $300,000 Ford Motor Credit 5.875% Senior Bonds 2/8/2021 238 0.02 15/10/2025 281 0.03 $500,000 Ford Motor Credit 6.625% Senior Notes 15/8/2017 383 0.04 $300,000 Fidelty National Information Services 3.5% Bonds $350,000 Ford Motor Credit 8.125% Guaranteed Senior Bonds 15/4/2023 205 0.02 15/1/2020 294 0.03 $600,000 Fifth Third 1.15% Senior Notes 18/11/2016 433 0.04 $700,000 Forest Laboratories 4.875% Bonds 15/2/2021 551 0.05 $1,000,000 Fifth Third 2.15% Medium Term Notes 20/8/2018 726 0.07 $200,000 Franklin Resources 2.85% Bonds 30/3/2025 140 0.01 $200,000 Fifth Third 4.3% Subordinated Notes 16/1/2024 148 0.01 $400,000 Freeport-McMoRan 2.3% Bonds 14/11/2017 258 0.02 $400,000 Fifth Third 4.5% Subordinated Bonds 1/6/2018 304 0.03 $450,000 Freeport-McMoRan Copper & Gold 3.875% Guaranteed $100,000 Fifth Third 8.25% Guaranteed Subordinated Bonds Bonds 15/3/2023 197 0.02 1/3/2038 101 0.01 $110,000 Freeport-McMoRan Copper & Gold 5.45% Guaranteed $600,000 First Gulf Bank PJSC 3.25% Senior European Medium Bonds 15/3/2043 42 0.00 Term Notes 14/1/2019 438 0.04 $150,000 Gap 5.95% Senior Bonds 12/4/2021 113 0.01 $150,000 FirstEnergy 6.8% Guaranteed Senior 15/8/2039 97 0.01 $250,000 GATX 5.2% Senior Notes 15/3/2044 180 0.02 $300,000 FirstEnergy Solutions 6.05% Guaranteed Bonds $600,000 GE Capital 1.6% Guaranteed Senior Notes 20/11/2017 436 0.04 15/8/2021 230 0.02 $600,000 GE Capital 2.7% Guaranteed Senior Notes 9/10/2022 449 0.04 $500,000 Fiserv 3.5% Bonds 1/10/2022 368 0.04 $372,000 GE Capital 3.15% Senior Notes 7/9/2022 282 0.03 $250,000 Flextronics International 4.75% Bonds 15/6/2025 171 0.02 $930,000 GE Capital 3.45% Senior Notes 15/5/2024 715 0.07 $500,000 Florida Gas Transmission 7.9% Senior Notes 15/5/2019 403 0.04 $600,000 GE Capital 3.8% Senior Notes 18/6/2019 462 0.04 $500,000 Florida Power & Light 3.25% Bonds 1/6/2024 380 0.04 $400,000 GE Capital 4.125% Guaranteed Senior Bonds 9/10/2042 292 0.03 $500,000 Florida Power & Light 4.05% Guaranteed Bonds $500,000 GE Capital 4.5% Senior Notes 11/3/2044 385 0.04 1/6/2042 372 0.04 $558,000 GE Capital 4.625% Guaranteed Senior Bonds 7/1/2021 448 0.04 $150,000 Florida Power & Light 4.125% Bonds 1/2/2042 112 0.01 $150,000 GE Capital 4.65% Senior Bonds 17/10/2021 122 0.01 $200,000 Florida Power & Light 5.25% Bonds 1/2/2041 175 0.02 $1,150,000 GE Capital 5.25% Senior Bonds 6/12/2017 889 0.09 $200,000 Florida Power & Light 5.96% Guaranteed Bonds $344,000 GE Capital 5.3% Subordinated Bonds 11/2/2021 281 0.03 1/4/2039 188 0.02 $186,000 GE Capital 5.5% Guaranteed Senior Notes 8/1/2020 153 0.01

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 £000’s Assets Value Investment £000’s Assets $400,000 GE Capital 5.625% Senior Bonds 1/5/2018 315 0.03 $750,000 GlaxoSmithKline Capital 2.8% Guaranteed Bonds $465,000 GE Capital 5.875% Senior Bonds 14/1/2038 420 0.04 18/3/2023 554 0.05 $300,000 GE Capital 6.15% Senior Notes 7/8/2037 278 0.03 $250,000 GlaxoSmithKline Capital 2.85% Guaranteed Notes $422,000 GE Capital 6.75% Guaranteed Senior Bonds 15/3/2032 403 0.04 8/5/2022 187 0.02 $594,000 GE Capital 6.875% Guaranteed Senior Bonds 10/1/2039 589 0.06 $250,000 GlaxoSmithKline Capital 4.2% Guaranteed Bonds $1,888,000 GE Capital International Funding 0.964% Bonds 18/3/2043 184 0.02 15/4/2016 1,363 0.13 $500,000 GlaxoSmithKline Capital 5.65% Guaranteed Bonds $641,000 GE Capital International Funding 2.342% Bonds 15/5/2018 394 0.04 15/11/2020 467 0.04 $400,000 GlaxoSmithKline Capital 6.375% Guaranteed Bonds $1,583,000 GE Capital International Funding 3.373% Bonds 15/5/2038 370 0.04 15/11/2025 1,194 0.11 $100,000 Glencore Finance Canada 2.7% Guaranteed Notes $1,789,000 GE Capital International Funding 4.418% Bonds 25/10/2017 69 0.01 15/11/2035 1,337 0.13 $500,000 Glencore Finance Canada 4.25% Guaranteed Notes $400,000 General Dynamics 2.25% Guaranteed Bonds 15/11/2022 285 0.03 25/10/2022 283 0.03 $100,000 General Mills 3.15% Senior Bonds 15/12/2021 75 0.01 $250,000 Glencore Finance Canada 5.55% Guaranteed Bonds $300,000 General Mills 3.65% Bonds 15/2/2024 229 0.02 25/10/2042 125 0.01 $100,000 General Mills 4.15% Guaranteed Senior Bonds $200,000 Glencore Finance Canada 5.8% Guaranteed Bonds 15/2/2043 71 0.01 15/11/2016 146 0.01 $391,000 General Motors 3.15% Bonds 15/1/2020 275 0.03 $150,000 Glencore Finance Canada 6% Guaranteed Bonds $400,000 General Motors 3.45% Notes 10/4/2022 273 0.03 15/11/2041 76 0.01 $750,000 General Motors 3.5% Bonds 2/10/2018 542 0.05 $300,000 Glencore Funding 2.5% Guaranteed Bonds 15/1/2019 186 0.02 $500,000 General Motors 5% Bonds 1/4/2035 314 0.03 $750,000 Glencore Funding 2.875% Bonds 16/4/2020 451 0.04 $100,000 General Motors 6.25% Senior Notes 2/10/2043 70 0.01 $400,000 Glencore Funding 4.125% Guaranteed Bonds 30/5/2023 220 0.02 $500,000 General Motors Financial 3.25% Bonds 15/5/2018 359 0.03 $250,000 Global Logistic Properties 3.875% European Medium $750,000 General Motors Financial 3.7% Bonds 24/11/2020 532 0.05 Term Notes 4/6/2025 175 0.02 $1,000,000 General Motors Financial 4% Bonds 15/1/2025 662 0.06 $300,000 GNL Quintero 4.634% Senior Notes 31/7/2029 204 0.02 $750,000 General Motors Financial 4.375% Bonds 25/9/2021 543 0.05 $300,000 Goldcorp 3.7% Senior Bonds 15/3/2023 211 0.02 $200,000 Georgia Power 4.3% Senior Bonds 15/3/2042 142 0.01 $500,000 Goldman Sachs 2.375% Senior Notes 22/1/2018 363 0.03 $300,000 Georgia Power 4.3% Senior Bonds 15/3/2043 212 0.02 $800,000 Goldman Sachs 2.6% Bonds 23/4/2020 574 0.05 $300,000 Georgia Power 5.7% Guaranteed Senior Notes 1/6/2017 227 0.02 $750,000 Goldman Sachs 2.625% Bonds 31/1/2019 545 0.05 $700,000 Georgia-Pacific 8% Senior Bonds 15/1/2024 636 0.06 $500,000 Goldman Sachs 2.75% Bonds 15/9/2020 360 0.03 $150,000 Georgia-Pacific 8.875% Senior Bonds 15/5/2031 154 0.01 $500,000 Goldman Sachs 2.875% Bonds 25/2/2021 360 0.03 $400,000 Gerdau Trade 5.75% Guaranteed Notes 30/1/2021 219 0.02 $1,000,000 Goldman Sachs 2.9% Senior Notes 19/7/2018 733 0.07 $750,000 Gilead Sciences 2.35% Bonds 1/2/2020 547 0.05 $750,000 Goldman Sachs 3.5% Bonds 23/1/2025 536 0.05 $1,000,000 Gilead Sciences 2.55% Bonds 1/9/2020 733 0.07 $500,000 Goldman Sachs 3.625% Guaranteed Senior Notes $750,000 Gilead Sciences 3.7% Senior Notes 1/4/2024 567 0.05 22/1/2023 367 0.04 $150,000 Gilead Sciences 4.4% Senior Notes 1/12/2021 119 0.01 $600,000 Goldman Sachs 3.75% Bonds 22/5/2025 436 0.04 $500,000 Gilead Sciences 4.5% Bonds 1/2/2045 367 0.04 $1,000,000 Goldman Sachs 3.85% Senior Notes 8/7/2024 736 0.07 $500,000 Gilead Sciences 4.6% Bonds 1/9/2035 375 0.04 $400,000 Goldman Sachs 4% Senior Notes 3/3/2024 299 0.03 $500,000 Gilead Sciences 4.75% Bonds 1/3/2046 379 0.04 $300,000 Goldman Sachs 4.25% Bonds 21/10/2025 214 0.02 $300,000 Gilead Sciences 4.8% Senior Notes 1/4/2044 227 0.02 $500,000 Goldman Sachs 4.75% Bonds 21/10/2045 367 0.04 $150,000 Gilead Sciences 5.65% Senior Bonds 1/12/2041 125 0.01 $400,000 Goldman Sachs 4.8% Medium Term Notes 8/7/2044 291 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 £000’s Assets Value Investment £000’s Assets $150,000 Goldman Sachs 5.15% Bonds 22/5/2045 103 0.01 $200,000 Harley-Davidson Financial Services 2.85% European $750,000 Goldman Sachs 5.25% Guaranteed Senior Bonds Medium Term Notes 15/1/2021 147 0.01 27/7/2021 601 0.06 $750,000 Harris 3.832% Bonds 27/4/2025 547 0.05 $100,000 Goldman Sachs 5.375% Guaranteed Senior Bonds $250,000 Hartford Financial Services 5.5% Bonds 30/3/2020 200 0.02 15/3/2020 79 0.01 $350,000 Hartford Financial Services 6% Guaranteed Senior $500,000 Goldman Sachs 5.625% Guaranteed Subordinated Bonds 15/1/2019 278 0.03 Bonds 15/1/2017 373 0.04 $100,000 Hartford Financial Services 6.625% Senior Bonds $800,000 Goldman Sachs 5.75% Senior Bonds 24/1/2022 655 0.06 15/4/2042 87 0.01 $900,000 Goldman Sachs 5.95% Subordinated Bonds 15/1/2027 719 0.07 $100,000 Harvard University 4.875% Bonds 15/10/2040 88 0.01 $600,000 Goldman Sachs 6% Guaranteed Bonds 15/6/2020 486 0.05 $300,000 Hasbro 5.1% Senior Notes 15/5/2044 206 0.02 $300,000 Goldman Sachs 6.125% Senior Notes 15/2/2033 253 0.02 $100,000 HBOS 6% Subordinated Notes 1/11/2033 82 0.01 $550,000 Goldman Sachs 6.25% Guaranteed Bonds 1/2/2041 475 0.05 $400,000 HCP 4% Bonds 1/12/2022 283 0.03 $1,000,000 Goldman Sachs 6.25% Guaranteed Senior Bonds $700,000 HCP 4.25% Senior Notes 15/11/2023 488 0.05 1/9/2017 766 0.07 $250,000 HCP 5.375% Senior Bonds 1/2/2021 193 0.02 $200,000 Goldman Sachs 6.45% Subordinated Bonds 1/5/2036 158 0.02 $250,000 HCP 6.3% Guaranteed Senior Notes 15/9/2016 185 0.02 $750,000 Goldman Sachs 6.75% Guaranteed Subordinated Bonds $175,000 Heathrow Funding 4.875% Senior Bonds 15/7/2023 137 0.01 1/10/2037 613 0.06 $250,000 Heineken 1.4% Senior Notes 1/10/2017 180 0.02 $550,000 Goldman Sachs 7.5% Notes 15/2/2019 452 0.04 $500,000 Heineken 2.75% Guaranteed Bonds 1/4/2023 360 0.03 $250,000 Goldman Sachs Capital I 6.345% Notes 15/2/2034 204 0.02 $350,000 Hess 3.5% Bonds 15/7/24 198 0.02 $250,000 Goodman Funding 6% Guaranteed Notes 22/3/2022 203 0.02 $250,000 Hess 5.6% Senior Notes 15/2/2041 129 0.01 $250,000 Google 3.625% Guaranteed Senior Bonds 19/5/2021 196 0.02 $250,000 Hess 6% Guaranteed Senior Bonds 15/1/2040 135 0.01 $300,000 Greenland Global Investment 5.875% Notes 3/7/2024 211 0.02 $500,000 Hess 8.125% Senior Notes 15/2/2019 373 0.04 $600,000 Grupo Bimbo SAB de CV 3.875% Bonds 27/6/2024 423 0.04 $1,525,000 Hewlett Packard Enterprise 3.6% Bonds 15/10/2020 1,095 0.10 $500,000 GS Caltex 3.25% Senior Notes 1/10/2018 368 0.04 $600,000 Hewlett Packard Enterprise 4.9% Bonds 15/10/2025 409 0.04 $541,000 GTL Trade Finance 5.893% Guaranteed Bonds 29/4/2024 252 0.02 $500,000 Hewlett Packard Enterprise 6.2% Bonds 15/10/2035 312 0.03 $150,000 Guardian Life Insurance of America 4.875% Subordinated $250,000 Hewlett-Packard 4.05% Guaranteed Senior Bonds Notes 19/6/2064 102 0.01 15/9/2022 177 0.02 $400,000 Haitong International Finance 2015 4.2% Bonds 29/7/2020 294 0.03 $500,000 Hewlett-Packard 4.3% Senior Notes 1/6/2021 364 0.03 $300,000 Haitong International Finance 3.5% Bonds 21/4/2020 216 0.02 $450,000 Hewlett-Packard 4.65% Senior Bonds 9/12/2021 331 0.03 $500,000 Halliburton 2.7% Bonds 15/11/2020 353 0.03 $150,000 Hewlett-Packard 6% Senior Bonds 15/9/2041 89 0.01 $1,000,000 Halliburton 3.5% Senior Bonds 1/8/2023 672 0.06 $250,000 Historic TW 6.625% Guaranteed Bonds 15/5/2029 205 0.02 $150,000 Halliburton 4.5% Guaranteed Senior Bonds 15/11/2041 85 0.01 $350,000 HKT Capital No 2 3.625% Bonds 2/4/2025 251 0.02 $200,000 Halliburton 4.75% Bonds 1/8/2043 118 0.01 $500,000 Holcim 6% Guaranteed Bonds 30/12/2019 400 0.04 $500,000 Halliburton 4.85% Bonds 15/11/2035 315 0.03 $750,000 Home Depot 3% Bonds 1/4/2026 553 0.05 $400,000 Halliburton 5% Bonds 15/11/2045 253 0.02 $1,000,000 Home Depot 3.35% Bonds 15/9/2025 763 0.07 $250,000 Halliburton 6.15% Guaranteed Senior Bonds 15/9/2019 195 0.02 $300,000 Home Depot 4.2% Senior Bonds 1/4/2043 221 0.02 $100,000 Halliburton 7.45% Guaranteed Senior Bonds 15/9/2039 84 0.01 $600,000 Home Depot 4.4% Senior Bonds 1/4/2021 481 0.05 $500,000 Hana 4.375% Bonds 30/9/2024 378 0.04 $400,000 Home Depot 4.4% Senior Notes 15/3/2045 305 0.03 $200,000 Hana Bank 4% Bonds 3/11/2016 147 0.01 $300,000 Home Depot 4.875% Senior Notes 15/2/2044 242 0.02 $300,000 Harley-Davidson 3.875% Guaranteed Notes 15/3/2016 217 0.02 $250,000 Home Depot 5.875% Guaranteed Senior Bonds $500,000 Harley-Davidson Financial Services 1.55% Bonds 16/12/2036 225 0.02 17/11/2017 360 0.03 $200,000 Home Depot 5.95% Guaranteed Senior Bonds 1/4/2041 184 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 £000’s Assets Value Investment £000’s Assets $500,000 Honeywell International 4.25% Senior Notes 1/3/2021 400 0.04 $500,000 Hyundai Capital Services 3.5% Guaranteed Senior $150,000 Honeywell International 5.375% Bonds 1/3/2041 130 0.01 Notes 13/9/2017 369 0.04 $300,000 Honeywell International 5.7% Senior Notes 15/3/2037 271 0.03 $350,000 Iberdrola Finance Ireland 5% Guaranteed Notes $300,000 Hongkong Land Finance 4.5% Guaranteed European 11/9/2019 273 0.03 Medium Term Notes 1/6/2022 235 0.02 $500,000 IBM 1.625% Senior Bonds 15/5/2020 357 0.03 $200,000 Hospitality Properties Trust 4.5% Bonds 15/6/2023 139 0.01 $500,000 IBM 1.875% Senior Notes 15/5/2019 363 0.03 $200,000 Hospitality Properties Trust 5% Guaranteed Senior $750,000 IBM 1.875% Senior Notes 1/8/2022 520 0.05 Notes 15/8/2022 146 0.01 $500,000 IBM 2.875% Bonds 9/11/2022 366 0.04 $375,000 Host Hotels & Resorts 4% Bonds 15/6/2025 261 0.03 $300,000 IBM 2.9% Senior Bonds 1/11/2021 222 0.02 $300,000 Host Hotels & Resorts 5.25% Senior Bonds 15/3/2022 231 0.02 $400,000 IBM 3.45% Bonds 19/2/2026 292 0.03 $900,000 HSBC 1.5% Senior Bonds 15/5/2018 646 0.06 $218,000 IBM 4% Notes 20/6/2042 149 0.01 $700,000 HSBC 4.25% Bonds 18/8/2025 490 0.05 $211,000 IBM 5.6% Guaranteed Senior Bonds 30/11/2039 170 0.02 $500,000 HSBC 4.25% Subordinated Notes 14/3/2024 354 0.03 $300,000 IBM 5.875% Senior Notes 29/11/2032 263 0.03 $500,000 HSBC 4.75% Senior Bonds 19/1/2021 398 0.04 $1,000,000 IBM 7.625% Senior Notes 15/10/2018 832 0.08 $400,000 HSBC 4.875% Senior Notes 14/1/2022 315 0.03 $900,000 ICICI Bank 5.75% Senior Bonds 16/11/2020 724 0.07 $200,000 HSBC 5.25% Subordinated Notes 14/3/2044 137 0.01 $150,000 Illinois Tool Works 3.375% Senior Notes 15/9/2021 115 0.01 $250,000 HSBC 5.875% Guaranteed Subordinated Bonds $500,000 Illinois Tool Works 3.5% Senior Notes 1/3/2024 382 0.04 1/11/2034 198 0.02 $250,000 Illinois Tool Works 3.9% Guaranteed Senior Bonds $500,000 HSBC 6.5% Guaranteed Subordinated Bonds 15/9/2037 400 0.04 1/9/2042 176 0.02 $350,000 HSBC 6.5% Subordinated Bonds 2/5/2036 278 0.03 $700,000 Imperial Brands Finance 2.95% Bonds 21/7/2020 511 0.05 $500,000 HSBC 6.676% Guaranteed Senior Subordinated Notes $450,000 Imperial Brands Finance 3.5% Bonds 11/2/2023 325 0.03 15/1/2021 402 0.04 $300,000 Imperial Brands Finance 4.25% Senior Notes 21/7/2025 225 0.02 $600,000 HSBC 6.8% Subordinated Notes 1/6/2038 494 0.05 $100,000 Indiana Michigan Power 6.05% Guaranteed Senior $1,300,000 HSBC USA 2.75% Bonds 7/8/2020 933 0.09 Bonds 15/3/2037 83 0.01 $1,500,000 HSBC USA 3.5% Bonds 23/6/2024 1,092 0.10 $250,000 ING Bank 1.375% Senior Notes 7/3/2016 181 0.02 $250,000 HSBC USA 5.625% Guaranteed Subordinated Bonds $500,000 ING Bank 2% Bonds 26/11/2018 360 0.03 15/8/2035 189 0.02 $500,000 ING Bank 2.5% Bonds 1/10/2019 365 0.03 $300,000 Humana 3.15% Guaranteed Senior Notes 1/12/2022 215 0.02 $200,000 ING Bank 2.7% Bonds 17/8/2020 146 0.01 $350,000 Humana 4.625% Bonds 1/12/2042 240 0.02 $250,000 ING Bank 3.75% Notes 7/3/2017 185 0.02 $600,000 Huntington National 2.2% Bonds 6/11/2018 431 0.04 $327,000 ING Bank 4% Senior Notes 15/3/2016 236 0.02 $600,000 Huntington National 2.2% Senior Notes 1/4/2019 429 0.04 $300,000 ING Bank 5.8% Subordinated Notes 25/9/2023 232 0.02 $950,000 Husky Energy 3.95% Senior Bonds 15/4/2022 591 0.06 $400,000 Ingersoll-Rand Global 2.875% Guaranteed Bonds $500,000 Hutchison Whampoa 3.5% Guaranteed Notes 13/1/2017 366 0.04 15/1/2019 293 0.03 $200,000 Hutchison Whampoa 4.625% Guaranteed Bonds $300,000 Ingersoll-Rand Luxembourg Finance 4.65% Bonds 13/1/2022 158 0.02 1/11/2044 212 0.02 $700,000 Hutchison Whampoa 5.75% Guaranteed Notes 11/9/2019 564 0.05 $500,000 Ingram Micro 4.95% Bonds 15/12/2024 352 0.03 $350,000 Hutchison Whampoa 7.625% Guaranteed Notes 9/4/2019 293 0.03 $750,000 Intel 1.35% Senior Notes 15/12/2017 545 0.05 $500,000 Hutchison Whampoa International 14 3.625% Bonds $100,000 Intel 1.95% Guaranteed Senior Notes 1/10/2016 73 0.01 31/10/2024 368 0.04 $500,000 Intel 2.45% Bonds 29/7/2020 369 0.04 $250,000 Hyundai Capital America 2.6% Bonds 19/3/2020 180 0.02 $750,000 Intel 2.7% Guaranteed Senior Bonds 15/12/2022 548 0.05 $400,000 Hyundai Capital America 2.875% Bonds 9/8/2018 291 0.03 $300,000 Intel 3.3% Senior Bonds 1/10/2021 229 0.02 $200,000 Hyundai Capital America 4% Guaranteed Notes 8/6/2017 148 0.01 $600,000 Intel 3.7% Bonds 29/7/2025 466 0.04

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 £000’s Assets Value Investment £000’s Assets $350,000 Intel 4.8% Guaranteed Senior Bonds 1/10/2041 269 0.03 $500,000 Johnson & Johnson 4.5% Senior Notes 5/12/2043 415 0.04 $550,000 Intel 4.9% Bonds 29/7/2045 430 0.04 $100,000 Johnson & Johnson 4.85% Senior Bonds 15/5/2041 86 0.01 $500,000 Intercontinental Exchange 3.75% Bonds 1/12/2025 373 0.04 $250,000 Johnson & Johnson 4.95% Senior Bonds 15/5/2033 216 0.02 $200,000 Intercontinental Exchange 4% Guaranteed Bonds $500,000 Johnson & Johnson 5.15% Bonds 15/7/2018 395 0.04 15/10/2023 152 0.01 $100,000 Johnson & Johnson 5.85% Guaranteed Senior Bonds $200,000 International Lease Finance 6.75% Guaranteed Senior 15/7/2038 94 0.01 Notes 1/9/2016 147 0.01 $400,000 Johnson Controls 4.25% Guaranteed Senior Bonds $350,000 International Lease Finance 7.125% Guaranteed Senior 1/3/2021 303 0.03 Notes 1/9/2018 274 0.03 $200,000 Johnson Controls 4.95% Senior Notes 2/7/2064 128 0.01 $500,000 International Paper 3.8% Bonds 15/1/2026 348 0.03 $50,000 Johnson Controls 5.7% Senior Bonds 1/3/2041 38 0.00 $150,000 International Paper 4.8% Senior Notes 15/6/2044 93 0.01 $1,750,000 JP Morgan Chase 1.35% Senior Notes 15/2/2017 1,264 0.12 $300,000 International Paper 5% Bonds 15/9/2035 211 0.02 $2,000,000 JP Morgan Chase 1.625% Senior Notes 15/5/2018 1,436 0.14 $200,000 International Paper 5.15% Bonds 15/5/2046 126 0.01 $1,000,000 JP Morgan Chase 1.7% Medium Term Notes 1/3/2018 720 0.07 $150,000 International Paper 7.3% Senior Bonds 15/11/2039 118 0.01 $700,000 JP Morgan Chase 1.8% Senior Notes 25/1/2018 505 0.05 $300,000 Interpublic 3.75% Guaranteed Senior Bonds 15/2/2023 212 0.02 $500,000 JP Morgan Chase 2% Senior Notes 15/8/2017 363 0.03 $600,000 Intesa Sanpaolo 3.875% Guaranteed Bonds 15/1/2019 440 0.04 $750,000 JP Morgan Chase 2.25% Bonds 23/1/2020 539 0.05 $400,000 Intesa Sanpaolo 5.25% Guaranteed Notes 12/1/2024 299 0.03 $700,000 JP Morgan Chase 2.55% Bonds 29/10/2020 505 0.05 $250,000 Intesa Sanpaolo 6.5% Senior Bonds 24/2/2021 202 0.02 $750,000 JP Morgan Chase 2.75% Bonds 23/6/2020 546 0.05 $200,000 Inversiones 4.75% Bonds 15/9/2024 142 0.01 $400,000 JP Morgan Chase 3.2% Senior Bonds 25/1/2023 291 0.03 $400,000 Inversiones CMPC 4.375% Bonds 15/5/2023 282 0.03 $750,000 JP Morgan Chase 3.25% Senior Notes 23/9/2022 547 0.05 $600,000 Invesco Finance 4% Guaranteed Bonds 30/1/2024 457 0.04 $750,000 JP Morgan Chase 3.375% Bonds 1/5/2023 532 0.05 $500,000 ITC 3.65% Senior Notes 15/6/2024 357 0.03 $750,000 JP Morgan Chase 3.625% Senior Notes 13/5/2024 555 0.05 $300,000 Jabil Circuit 5.625% Senior Bonds 15/12/2020 224 0.02 $900,000 JP Morgan Chase 3.875% Bonds 10/9/2024 651 0.06 $100,000 Jefferies 5.125% Guaranteed Senior Bonds 20/1/2023 71 0.01 $500,000 JP Morgan Chase 3.9% Bonds 15/7/2025 379 0.04 $150,000 Jefferies 5.125% Senior Notes 13/4/2018 112 0.01 $1,000,000 JP Morgan Chase 4.4% Guaranteed Senior Bonds $150,000 Jefferies 6.5% Senior Bonds 20/1/2043 93 0.01 22/7/2020 773 0.07 $200,000 Jefferies 8.5% Guaranteed Senior Bonds 15/7/2019 163 0.02 $1,050,000 JP Morgan Chase 4.5% Senior Bonds 24/1/2022 815 0.08 $300,000 Jersey Central Power & Light 4.7% Senior Notes 1/4/2024 230 0.02 $500,000 JP Morgan Chase 4.85% Senior Notes 1/2/2044 401 0.04 $500,000 JM Smucker 1.75% Bonds 15/3/2018 360 0.03 $500,000 JP Morgan Chase 4.95% Bonds 1/6/2045 363 0.03 $250,000 JM Smucker 4.25% Bonds 15/3/2035 180 0.02 $250,000 JP Morgan Chase 5.4% Bonds 6/1/2042 206 0.02 $300,000 JM Smucker 4.375% Bonds 15/3/2045 214 0.02 $300,000 JP Morgan Chase 5.5% Senior Bonds 15/10/2040 251 0.02 $600,000 John Deere 1.2% Guaranteed Notes 10/10/2017 432 0.04 $250,000 JP Morgan Chase 5.6% Guaranteed Senior Bonds $400,000 John Deere 2.75% Bonds 15/3/22 293 0.03 15/7/2041 211 0.02 $300,000 John Deere 3.9% Senior Bonds 12/7/2021 233 0.02 $800,000 JP Morgan Chase 5.625% Subordinated Notes $1,000,000 John Deere Capital 1.05% Senior Notes 11/10/2016 723 0.07 16/8/2043 627 0.06 $100,000 John Deere Capital 2.25% Notes 17/4/2019 73 0.01 $700,000 JP Morgan Chase 6% Guaranteed Senior Bonds $700,000 John Deere Capital 2.3% Medium Term Notes 16/9/2019 513 0.05 15/1/2018 542 0.05 $200,000 John Deere Capital 2.8% Bonds 27/1/2023 145 0.01 $350,000 JP Morgan Chase 6% Guaranteed Subordinated Bonds $600,000 John Deere Capital 3.4% Medium Term Notes 11/9/2025 451 0.04 5/7/2017 267 0.03 $500,000 Johnson & Johnson 2.15% Guaranteed Senior Notes $700,000 JP Morgan Chase 6.3% Senior Notes 23/4/2019 566 0.05 15/5/2016 362 0.03 $300,000 JP Morgan Chase 6.4% Guaranteed Senior Bonds $400,000 Johnson & Johnson 3.375% Bonds 5/12/2023 317 0.03 15/5/2038 270 0.03

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 £000’s Assets Value Investment £000’s Assets $400,000 Juniper Networks 4.5% Senior Notes 15/3/2024 285 0.03 $300,000 Kinder Morgan Energy Partners 5% Senior Notes $500,000 Kansas City Power & Light 7.15% Bonds 1/4/2019 416 0.04 15/8/2042 162 0.02 $50,000 Kansas City Power 5.3% Senior Bonds 1/10/2041 41 0.00 $400,000 Kinross Gold 5.95% Bonds 15/3/2024 227 0.02 $250,000 Kansas City Southern 4.95% Bonds 15/8/2045 178 0.02 $200,000 KKR 5.5% Guaranteed Bonds 1/2/2043 146 0.01 $200,000 KEB Hana Bank 2.5% European Medium Term Notes $200,000 KKR FinanceIII 5.125% Bonds 1/6/2044 140 0.01 27/1/2021 145 0.01 $500,000 KLA-Tencor 4.65% Bonds 1/11/2024 354 0.03 $750,000 Kellogg 2.75% Senior Notes 1/3/2023 534 0.05 $150,000 Kohl’s 4% Senior Bonds 1/11/2021 109 0.01 $150,000 Kellogg 4% Senior Bonds 15/12/2020 115 0.01 $200,000 Kohl’s 4.25% Bonds 17/7/2025 138 0.01 $300,000 Kellogg 4.45% Senior Notes 30/5/2016 218 0.02 $200,000 Kohl’s 5.55% Bonds 17/7/2045 127 0.01 $400,000 Kentucky Utilities 3.25% Bonds 1 Mortgage Bonds $400,000 Kookmin Bank 1.625% Bonds 14/7/2017 289 0.03 1/11/2020 305 0.03 $400,000 Korea Exchange Bank 3.125% Senior Bonds 26/6/2017 294 0.03 $250,000 Kerr-McGee 6.95% Guaranteed Bonds 1/7/2024 163 0.02 $250,000 KPN 8.375% Senior Notes 1/10/2030 235 0.02 $300,000 KeyBank 3.3% Bonds 1/6/2025 220 0.02 $800,000 Kraft Heinz Foods 2.8% Bonds 2/7/2020 583 0.06 $400,000 KeyBank 5.45% Subordinated Bonds 3/3/2016 289 0.03 $325,000 Kraft Heinz Foods 3.5% Bonds 15/7/2022 241 0.02 $500,000 KeyCorp 2.3% Senior Notes 13/12/2018 361 0.03 $350,000 Kraft Heinz Foods 3.5% Guaranteed Senior Notes $250,000 KeyCorp 2.9% Medium Term Notes 15/9/2020 180 0.02 6/6/2022 260 0.02 $350,000 KeyCorp 5.1% Senior Bonds 24/3/2021 277 0.03 $500,000 Kraft Heinz Foods 3.95% Bonds 15/7/2025 377 0.04 $250,000 Keysight Technologies 3.3% Bonds 30/10/2019 179 0.02 $500,000 Kraft Heinz Foods 4.875% Bonds 15/2/2025 394 0.04 $400,000 Keyspan Gas East 5.819% Guaranteed Senior Bonds $350,000 Kraft Heinz Foods 5% Bonds 15/7/2035 263 0.03 1/4/2041 352 0.03 $350,000 Kraft Heinz Foods 5% Guaranteed Senior Bonds $200,000 Kilroy Realty 4.375% Bonds 1/10/2025 150 0.01 4/6/2042 260 0.02 $350,000 Kimberly-Clark 2.4% Senior Bonds 1/3/2022 256 0.02 $400,000 Kraft Heinz Foods 5.2% Bonds 15/7/2045 310 0.03 $250,000 Kimberly-Clark 5.3% Senior Notes 1/3/2041 215 0.02 $600,000 Kraft Heinz Foods 6.125% Guaranteed Senior Notes $150,000 Kimberly-Clark 6.625% Guaranteed Senior Bonds 23/8/2018 474 0.05 1/8/2037 146 0.01 $400,000 Kraft Heinz Foods 6.5% Senior Notes 9/2/2040 345 0.03 $400,000 Kimco Realty 6.875% Senior Notes 1/10/2019 333 0.03 $500,000 Kroger 2.3% Senior Notes 15/1/2019 367 0.04 $1,000,000 Kinder Morgan 3.05% Bonds 1/12/2019 661 0.06 $500,000 Kroger 3.3% Senior Notes 15/1/2021 377 0.04 $800,000 Kinder Morgan 4.3% Bonds 1/6/2025 515 0.05 $300,000 Kroger 5% Senior Bonds 15/4/2042 231 0.02 $800,000 Kinder Morgan 5.3% Bonds 1/12/2034 452 0.04 $150,000 Kroger 6.15% Guaranteed Bonds 15/1/2020 123 0.01 $250,000 Kinder Morgan 5.55% Bonds 1/6/2045 148 0.01 $150,000 Kuwait Projects 8.875% Guaranteed European Medium $350,000 Kinder Morgan Energy 3.5% Bonds 1/9/2023 212 0.02 Term Notes 17/10/2016 113 0.01 $500,000 Kinder Morgan Energy 3.95% Senior Bonds 1/9/2022 324 0.03 $257,000 L-3 Communications 3.95% Guaranteed Notes 28/5/2024 173 0.02 $250,000 Kinder Morgan Energy 5% Senior Bonds 1/3/2043 135 0.01 $250,000 L-3 Communications 5.2% Guaranteed Notes 15/10/2019 190 0.02 $300,000 Kinder Morgan Energy 5.3% Senior Bonds 15/9/2020 212 0.02 $500,000 Laboratory Corporation of America 2.2% Guaranteed $300,000 Kinder Morgan Energy 5.5% Senior Notes 1/3/2044 172 0.02 Senior Notes 23/8/2017 362 0.03 $300,000 Kinder Morgan Energy 5.95% Senior Bonds 15/2/2018 220 0.02 $250,000 Laboratory Corporation of America 3.6% Bonds 1/2/2025 178 0.02 $250,000 Kinder Morgan Energy 6.375% Senior Notes 1/3/2041 151 0.01 $350,000 Laboratory Corporation of America 4.7% Bonds 1/2/2045 236 0.02 $200,000 Kinder Morgan Energy 6.85% Senior Notes 15/2/2020 148 0.01 $250,000 Lasmo 7.3% Guaranteed Bonds 15/11/2027 206 0.02 $250,000 Kinder Morgan Energy 6.95% Guaranteed Senior Bonds $200,000 Legg Mason 5.625% Senior Notes 15/1/2044 138 0.01 15/1/2038 163 0.02 $200,000 Legrand France 8.5% Guaranteed Senior Bonds $150,000 Kinder Morgan Energy 7.4% Senior Bonds 15/3/2031 100 0.01 15/2/2025 194 0.02 $300,000 Leucadia National 5.5% Senior Notes 18/10/2023 193 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 £000’s Assets Value Investment £000’s Assets $300,000 Lexmark International 5.125% Bonds 15/3/2020 220 0.02 $100,000 LVMH Moet Hennessy Louis Vuitton1.625% Guaranteed $200,000 Liberty Mutual 5% Guaranteed Bonds 1/6/2021 155 0.01 Senior Notes 29/6/2017 73 0.01 $450,000 Liberty Mutual 6.5% Guaranteed Bonds 1/5/2042 377 0.04 $200,000 LYB International Finance 4.875% Guaranteed Bonds $300,000 Liberty Property 4.125% Senior Notes 15/6/2022 223 0.02 15/3/2044 129 0.01 $400,000 Life Technologies 6% Bonds 1/3/2020 322 0.03 $400,000 LyondellBasell Industries 4.625% Bonds 26/2/2055 237 0.02 $150,000 Lincoln National 3.35% Bonds 9/3/2025 103 0.01 $400,000 LyondellBasell Industries 5% Bonds 15/4/2019 305 0.03 $250,000 Lincoln National 4.2% Bonds 15/3/2022 187 0.02 $700,000 LyondellBasell Industries 5.75% Senior Bonds 15/4/2024 565 0.05 $200,000 Lincoln National 6.15% Guaranteed Senior Bonds $200,000 Macquarie Bank 2.6% Bonds 24/6/2019 145 0.01 7/4/2036 158 0.02 $600,000 Macquarie Bank 2.85% Bonds 29/7/2020 434 0.04 $100,000 Lincoln National 6.3% Senior Bonds 9/10/2037 80 0.01 $500,000 Macquarie Bank 3.9% Bonds 15/1/2026 355 0.03 $200,000 Lincoln National 8.75% Senior Bonds 1/7/2019 172 0.02 $300,000 Macquarie Bank 4.875% Bonds 10/8/2017 224 0.02 $400,000 Link Finance Cayman 2009 3.6% European Medium $300,000 Macquarie Bank 5% Senior Notes 22/2/2017 223 0.02 Term Notes 3/9/2024 294 0.03 $200,000 Macquarie Bank 6.625% Bonds 7/4/2021 163 0.02 $550,000 Lloyds Bank 2.7% Bonds 17/8/2020 397 0.04 $500,000 Macquarie Bank 7.625% Senior Notes 13/8/2019 407 0.04 $600,000 Lloyds Bank 3.5% Notes 14/5/2025 438 0.04 $200,000 Macy’s Retail 3.875% Guaranteed Senior Bonds 15/1/2022 143 0.01 $200,000 Lloyds Bank 4.2% Guaranteed Notes 28/3/2017 149 0.01 $500,000 Macy’s Retail 4.375% Guaranteed Bonds 1/9/2023 351 0.03 $200,000 Lloyds Bank 4.5% Bonds 4/11/2024 143 0.01 $400,000 Macy’s Retail 4.5% Bonds 15/12/2034 229 0.02 $1,019,000 Lloyds Bank 4.582% Bonds 10/12/2025 719 0.07 $200,000 Macy’s Retail 5.9% Guaranteed Bonds 1/12/2016 149 0.01 $200,000 Lloyds Bank 5.3% Bonds 1/12/2045 140 0.01 $100,000 Macy’s Retail 6.375% Guaranteed Bonds 15/3/2037 68 0.01 $250,000 Lloyds Bank 5.8% Guaranteed Bonds 13/1/2020 202 0.02 $250,000 Magellan Midstream 4.25% Guaranteed Senior Bonds $500,000 Lockheed Martin 1.85% Bonds 23/11/2018 363 0.03 1/2/2021 180 0.02 $500,000 Lockheed Martin 2.125% Senior Notes 15/9/2016 363 0.03 $500,000 Magna International 4.15% Bonds 1/10/2025 373 0.04 $600,000 Lockheed Martin 2.9% Bonds 1/3/2025 431 0.04 $500,000 Manufacturers & Traders Trust 1.45% Senior Notes $50,000 Lockheed Martin 3.1% Bonds 15/1/2023 37 0.00 7/3/2018 358 0.03 $550,000 Lockheed Martin 3.35% Senior Bonds 15/9/2021 417 0.04 $500,000 Manufacturers & Traders Trust 2.25% Bonds 25/7/2019 362 0.03 $645,000 Lockheed Martin 4.07% Senior Bonds 15/12/2042 453 0.04 $500,000 Marathon Oil 2.8% Guaranteed Senior Bonds 1/11/2022 235 0.02 $475,000 Lockheed Martin 4.5% Bonds 15/5/2036 360 0.03 $500,000 Marathon Oil 3.85% Bonds 1/6/2025 242 0.02 $300,000 Lockheed Martin 4.7% Bonds 15/5/2046 234 0.02 $100,000 Marathon Oil 6% Guaranteed Senior Bonds 1/10/2017 70 0.01 $450,000 Lowe’s 1.625% Senior Notes 15/4/2017 327 0.03 $100,000 Marathon Oil 6.6% Senior Bonds 1/10/2037 49 0.00 $100,000 Lowe’s 2.125% Guaranteed Senior Notes 15/4/2016 72 0.01 $300,000 Marathon Petroleum 5% Bonds 15/9/2054 141 0.01 $350,000 Lowe’s 2.625% Senior Bonds 15/5/2023 247 0.02 $300,000 Marathon Petroleum 5.125% Senior Notes 1/3/2021 215 0.02 $150,000 Lowe’s 3.12% Senior Notes 15/4/2022 113 0.01 $300,000 Marathon Petroleum 6.5% Senior Bonds 1/3/2041 167 0.02 $750,000 Lowe’s 3.75% Bonds 15/4/2021 583 0.06 $500,000 Marriott International 3.25% Bonds 15/9/2022 360 0.03 $400,000 Lowe’s 4.375% Bonds 15/9/2045 302 0.03 $300,000 Marsh & McLennan 3.5% Bonds 3/6/2024 217 0.02 $200,000 Lowe’s 4.65% Senior Bonds 15/4/2042 154 0.01 $500,000 Marsh & McLennan 3.75% Bonds 14/3/2026 365 0.03 $550,000 Lowe’s 5.8% Guaranteed Senior Bonds 15/4/2040 483 0.05 $100,000 Mass Mutual Life Insurance 8.875% Subordinated $250,000 LS Finance 2025 4.5% Bonds 26/6/2025 175 0.02 Bonds 1/6/2039 105 0.01 $150,000 Lubrizol 6.5% Guaranteed Bonds 1/10/2034 139 0.01 $400,000 Massachusetts Institute of Technology 4.678% Bonds $500,000 Lukoil International Finance 4.563% Guaranteed Bonds 1/7/2014 315 0.03 24/4/2023 327 0.03 $250,000 Massachusetts Mutual Life Insurance 4.5% Bonds $450,000 Lukoil International Finance 7.25% Guaranteed Notes 15/4/2065 166 0.02 5/11/2019 350 0.03 $500,000 MassMutual Global Funding II 2.1% Bonds 2/8/2018 364 0.03

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 £000’s Assets Value Investment £000’s Assets $500,000 MasterCard 3.375% Senior Notes 1/4/2024 377 0.04 $500,000 MetLife 3.6% Senior Notes 10/4/2024 362 0.03 $500,000 McDonald’s 2.75% Bonds 9/12/2020 370 0.04 $800,000 MetLife 4.125% Senior Notes 13/8/2042 521 0.05 $700,000 McDonald’s 3.375% Medium Term Notes 26/5/2025 518 0.05 $300,000 MetLife 4.6% Bonds 13/5/2046 211 0.02 $350,000 McDonald’s 3.625% Medium Term Notes 1/5/2043 217 0.02 $150,000 MetLife 5.7% Guaranteed Senior Bonds 15/6/2035 120 0.01 $200,000 McDonald’s 3.7% Senior Bonds 15/2/2042 124 0.01 $300,000 MetLife 6.4% Subordinated Bonds 15/12/2066 212 0.02 $600,000 McDonald’s 4.875% Medium Term Notes 9/12/2045 455 0.04 $500,000 MetLife 7.717% Bonds 15/2/2019 417 0.04 $700,000 McDonald’s 5.35% Guaranteed Senior Bonds 1/3/2018 542 0.05 $300,000 MetLife Capital Trust X 9.25% Subordinated Bonds $100,000 McDonald’s 6.3% Senior Bonds 15/10/2037 87 0.01 8/4/2068 282 0.03 $500,000 McGraw Hill Financial 2.5% Bonds 15/8/2018 363 0.03 $150,000 Metropolitan Life Global Funding 3.65% Guaranteed $550,000 McGraw Hill Financial 4% Bonds 15/6/2025 402 0.04 Notes 14/6/2018 113 0.01 $1,000,000 McKesson 2.284% Senior Notes 15/3/2019 724 0.07 $750,000 Metropolitan Life Global Funding I 1.5% Guaranteed $550,000 McKesson 2.7% Guaranteed Senior Bonds 15/12/2022 388 0.04 Bonds 10/1/2018 538 0.05 $150,000 McKesson 6% Guaranteed Senior Bonds 1/3/2041 122 0.01 $750,000 Metropolitan Life Global Funding I 1.875% Guaranteed $300,000 Mead Johnson Nutrition 4.6% Bonds 1/6/2044 208 0.02 Bonds 22/6/2018 539 0.05 $300,000 Mead Johnson Nutrition 4.9% Guaranteed Senior $1,000,000 Metropolitan Life Global Funding I 1.95% Bonds Notes 1/11/2019 235 0.02 3/12/2018 719 0.07 $750,000 Medtronic 1.375% Senior Notes 1/4/2018 542 0.05 $500,000 Metropolitan Life Global Funding I 2% Bonds 14/4/2020 355 0.03 $100,000 Medtronic 2.625% Guaranteed Senior Notes 15/3/2016 72 0.01 $250,000 Mexichem 4.875% Guaranteed Senior Notes 19/9/2022 180 0.02 $200,000 Medtronic 3.125% Guaranteed Senior Notes 15/3/2022 148 0.01 $250,000 Mexichem 5.875% Bonds 17/9/2044 149 0.01 $1,000,000 Medtronic 3.15% Bonds 15/3/2022 748 0.07 $500,000 Microsoft 0.875% Senior Notes 15/11/2017 361 0.03 $1,000,000 Medtronic 3.5% Bonds 15/3/2025 755 0.07 $500,000 Microsoft 1.3% Bonds 3/11/2018 362 0.03 $400,000 Medtronic 4% Senior Bonds 1/4/2043 277 0.03 $400,000 Microsoft 1.85% Bonds 12/2/2020 293 0.03 $750,000 Medtronic 4.375% Bonds 15/3/2035 557 0.05 $925,000 Microsoft 2% Bonds 3/11/2020 676 0.06 $600,000 Medtronic 4.45% Bonds 15/3/2020 472 0.05 $350,000 Microsoft 2.375% Bonds 12/2/2022 257 0.02 $600,000 Medtronic 4.625% Bonds 15/3/2045 459 0.04 $1,000,000 Microsoft 2.7% Bonds 12/2/2025 732 0.07 $100,000 Medtronic 5.55% Senior Bonds 15/3/2040 85 0.01 $950,000 Microsoft 3.125% Bonds 3/11/2025 720 0.07 $200,000 Mega Advance Investments 5% Guaranteed Bonds $500,000 Microsoft 3.5% Bonds 12/2/2035 346 0.03 12/5/2021 155 0.01 $450,000 Microsoft 3.75% Bonds 12/2/2045 310 0.03 $500,000 Meiji Yasuda Life Insurance 5.2% Bonds 20/10/2045 374 0.04 $250,000 Microsoft 4% Bonds 12/2/2055 167 0.02 $250,000 Memorial Sloan-Kettering Cancer Center 4.2% Bonds $600,000 Microsoft 4.2% Bonds 3/11/2035 453 0.04 1/7/2055 182 0.02 $250,000 Microsoft 4.2% Guaranteed Senior Bonds 1/6/2019 197 0.02 $250,000 Merck 1.85% Bonds 10/2/2020 182 0.02 $300,000 Microsoft 4.75% Bonds 3/11/2055 223 0.02 $250,000 Merck 2.35% Bonds 10/2/2022 181 0.02 $500,000 Microsoft 4.875% Senior Notes 15/12/2043 403 0.04 $500,000 Merck 2.4% Guaranteed Senior Bonds 15/9/2022 362 0.03 $100,000 Microsoft 5.2% Senior Bonds 1/6/2039 83 0.01 $500,000 Merck 2.75% Bonds 10/2/2025 363 0.03 $250,000 Microsoft 5.3% Senior Bonds 8/2/2041 209 0.02 $200,000 Merck 2.8% Senior Bonds 18/5/2023 148 0.01 $500,000 Mid-America Apartments 4% Bonds 15/11/2025 366 0.04 $250,000 Merck 3.6% Senior Notes 15/9/2042 170 0.02 $500,000 MidAmerican Energy 2.4% Bonds 15/3/2019 369 0.04 $300,000 Merck 3.7% Bonds 10/2/2045 206 0.02 $300,000 MidAmerican Energy 4.25% Bonds 1/5/2046 225 0.02 $750,000 Merck 4.15% Senior Notes 18/5/2043 553 0.05 $250,000 Mitsubishi 2.25% Senior Notes 14/9/2016 181 0.02 $650,000 Merck 5% Guaranteed Senior Bonds 30/6/2019 522 0.05 $200,000 Mitsubishi 2.875% Senior Bonds 18/7/2018 148 0.01 $150,000 MetLife 10.75% Bonds 1/8/2039 160 0.02 $500,000 Mitsubishi 3.375% European Medium Term Notes $500,000 MetLife 3% Bonds 1/3/2025 344 0.03 23/7/2024 364 0.03

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 £000’s Assets Value Investment £000’s Assets $500,000 Mitsubishi UFJ Lease & Finance 2.75% European $1,050,000 Morgan Stanley 5.75% Senior Bonds 18/10/2016 780 0.07 Medium Term Notes 21/10/2020 360 0.03 $1,000,000 Morgan Stanley 5.75% Senior Notes 25/1/2021 811 0.08 $500,000 Mitsubishi UFJ Trust & Banking 2.65% Bonds 19/10/2020 362 0.03 $900,000 Morgan Stanley 5.95% Guaranteed Senior Bonds $1,000,000 Mizuho Bank 1.7% Bonds 25/9/2017 720 0.07 28/12/2017 694 0.07 $1,750,000 Mizuho Bank 2.45% Guaranteed Bonds 16/4/2019 1,266 0.12 $800,000 Morgan Stanley 6.25% Guaranteed Senior Bonds $500,000 Mizuho Bank 2.55% Guaranteed Notes 17/3/2017 365 0.03 9/8/2026 680 0.07 $500,000 Mizuho Bank 3.2% Bonds 26/3/2025 364 0.03 $450,000 Morgan Stanley 6.375% Guaranteed Senior Bonds $250,000 Mizuho Financial 2 4.2% Guaranteed Notes 18/7/2022 187 0.02 24/7/2042 403 0.04 $500,000 Mizuho Financial Cayman 3 4.6% Guaranteed Bonds $500,000 Morgan Stanley 6.625% Bonds 1/4/2018 393 0.04 27/3/2024 374 0.04 $300,000 Morgan Stanley 7.25% Senior Notes 1/4/2032 283 0.03 $250,000 MMC Norilsk Nickel 5.55% Senior Notes 28/10/2020 181 0.02 $900,000 Morgan Stanley 7.3% Guaranteed Senior Notes $500,000 Molex Electronics 3.9% Bonds 15/4/2025 346 0.03 13/5/2019 741 0.07 $150,000 Molson Coors Brewing 3.5% Guaranteed Notes 1/5/2022 111 0.01 $500,000 Mosaic 4.25% Bonds 15/11/2023 352 0.03 $150,000 Molson Coors Brewing 5% Guaranteed Bonds 1/5/2042 106 0.01 $300,000 Mosaic 5.625% Senior Notes 15/11/2043 201 0.02 $400,000 Mondelez International 4% Senior Notes 1/2/2024 299 0.03 $250,000 Motiva Enterprises 5.75% Bonds 15/1/2020 186 0.02 $350,000 Mondelez International 5.375% Guaranteed Senior $200,000 Motiva Enterprises 6.85% Senior Notes 15/1/2040 142 0.01 Bonds 10/2/2020 282 0.03 $500,000 Motorola Solutions 3.5% Bonds 1/3/2023 310 0.03 $200,000 Mondelez International 6.5% Guaranteed Senior Bonds $500,000 Motorola Solutions 3.75% Senior Notes 15/5/2022 334 0.03 9/2/2040 182 0.02 $1,000,000 MPLX 4.875% Bonds 1/6/2025 586 0.06 $750,000 Monsanto 1.85% Bonds 15/11/2018 539 0.05 $300,000 MUFG Americas 3% Bonds 10/2/2025 209 0.02 $175,000 Monsanto 3.375% Senior Notes 15/7/2024 125 0.01 $600,000 MUFG Union Bank 1.5% Senior Notes 26/9/2016 434 0.04 $500,000 Monsanto 3.95% Bonds 15/4/2045 288 0.03 $275,000 Murphy Oil 2.5% Guaranteed Senior Notes 1/12/2017 164 0.02 $300,000 Monsanto 4.4% Senior Notes 15/7/2044 188 0.02 $125,000 Murphy Oil 3.7% Senior Notes 1/12/2022 52 0.00 $400,000 Moody’s 4.875% Senior Notes 15/2/2024 315 0.03 $500,000 Mylan 2.6% Senior Bonds 24/6/2018 358 0.03 $500,000 Morgan Stanley 2.125% Senior Notes 25/4/2018 361 0.03 $100,000 Mylan 3.125% Guaranteed Bonds 15/1/2023 67 0.01 $800,000 Morgan Stanley 2.5% Bonds 24/1/2019 581 0.06 $300,000 Mylan 5.4% Senior Notes 29/11/2043 196 0.02 $1,250,000 Morgan Stanley 2.65% Bonds 27/1/2020 900 0.09 $300,000 Myriad Internationals 5.5% Bonds 21/7/2025 211 0.02 $500,000 Morgan Stanley 3.7% Bonds 23/10/2024 365 0.03 $200,000 Nabors Industries 4.625% Guaranteed Notes 15/9/2021 94 0.01 $250,000 Morgan Stanley 3.75% Bonds 25/2/2023 185 0.02 $500,000 Nabors Industries 6.15% Guaranteed Bonds 15/2/2018 336 0.03 $500,000 Morgan Stanley 3.875% Bonds 27/1/2026 370 0.04 $50,000 Nabors Industries 9.25% Guaranteed Notes 15/1/2019 34 0.00 $500,000 Morgan Stanley 3.95% Bonds 23/4/2027 348 0.03 $750,000 National Australia Bank 2% Bonds 14/1/2019 542 0.05 $400,000 Morgan Stanley 4.1% Subordinated Bonds 22/5/2023 291 0.03 $750,000 National Australia Bank 2.3% Senior Notes 25/7/2018 547 0.05 $500,000 Morgan Stanley 4.3% Senior Bonds 27/1/2045 343 0.03 $500,000 National Australia Bank 2.625% Bonds 23/7/2020 364 0.03 $500,000 Morgan Stanley 4.35% Medium Term Notes 8/9/2026 358 0.03 $500,000 National Australia Bank 2.75% Senior Bonds 9/3/2017 366 0.04 $250,000 Morgan Stanley 4.875% Guaranteed Subordinated $250,000 National City Bank Cleveland 5.8% Subordinated Bonds Bonds 1/11/2022 190 0.02 7/6/2017 189 0.02 $300,000 Morgan Stanley 5% Subordinated Notes 24/11/2025 227 0.02 $500,000 National Fuel Gas 5.2% Bonds 15/7/2025 315 0.03 $500,000 Morgan Stanley 5.5% Bonds 28/7/2021 404 0.04 $250,000 National Oilwell Varco I 3.95% Guaranteed Senior Bonds $400,000 Morgan Stanley 5.5% Guaranteed Senior Notes 1/12/2042 121 0.01 26/1/2020 317 0.03 $350,000 National Retail Properties 3.3% Bonds 15/4/2023 248 0.02 $950,000 Morgan Stanley 5.5% Senior Notes 24/7/2020 759 0.07 $250,000 National Rural Utilities 10.375% Guaranteed Bonds $300,000 Morgan Stanley 5.625% Senior Notes 23/9/2019 237 0.02 1/11/2018 219 0.02

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 £000’s Assets Value Investment £000’s Assets $300,000 National Rural Utilities Cooperative Finance 2% Bonds $250,000 Newmont Mining 6.25% Guaranteed Bonds 1/10/2039 160 0.02 27/1/2020 217 0.02 $550,000 Nextera Energy Capital 4.5% Guaranteed Notes 1/6/2021 428 0.04 $300,000 National Rural Utilities Cooperative Finance 2.85% $300,000 Niagara Mohawk Power 2.721% Senior Notes 28/11/2022 216 0.02 Bonds 27/1/2025 215 0.02 $100,000 Niagara Mohawk Power 4.119% Guaranteed Senior Bonds $500,000 National Rural Utilities Cooperative Finance 3.25% 28/11/2042 71 0.01 Bonds 1/11/2025 374 0.04 $300,000 Niagara Mohawk Power 4.881% Senior Bonds 15/8/2019 235 0.02 $750,000 Nationwide Building Society 2.35% Bonds 21/1/2020 537 0.05 $250,000 Nike 2.25% Senior Bonds 1/5/2023 181 0.02 $150,000 Nationwide Building Society 9.375% Notes 15/8/2039 156 0.01 $300,000 Nike 3.875% Bonds 1/11/2045 220 0.02 $400,000 Nationwide Mutual Insurance 4.95% Subordinated $400,000 Nippon Life Insurance 4.7% Bonds 20/1/2046 291 0.03 Notes 22/4/2044 286 0.03 $500,000 Nippon Life Insurance 5.1% Bonds 16/10/2044 374 0.04 $150,000 Nationwide Mutual Insurance 8.25% Guaranteed $500,000 Nippon Telegraph & Telephone 2.15% Bonds 26/2/2020 360 0.03 Subordinated Bonds 1/12/2031 146 0.01 $200,000 NiSource Finance 5.25% Guaranteed Bonds 15/2/2043 158 0.02 $500,000 NBCUniversal Enterprise 1.662% Guaranteed Notes $300,000 NiSource Finance 5.65% Guaranteed Bonds 1/2/2045 250 0.02 15/4/2018 362 0.03 $250,000 NiSource Finance 6.8% Guaranteed Bonds 15/1/2019 201 0.02 $500,000 NBCUniversal Enterprise 1.974% Guaranteed Bonds $500,000 Nissan Motor 1.8% Bonds 15/3/2018 360 0.03 15/4/2019 363 0.03 $500,000 Nissan Motor Acceptance 1.95% Guaranteed Senior $750,000 NBCUniversal Media 2.875% Guaranteed Bonds Notes 12/9/2017 362 0.03 15/1/2023 551 0.05 $100,000 Noble 4.9% Guaranteed Bonds 1/8/2020 43 0.00 $400,000 NBCUniversal Media 4.375% Senior Notes 1/4/2021 318 0.03 $200,000 Noble 5.25% Bonds 15/3/2042 58 0.01 $400,000 NBCUniversal Media 5.15% Guaranteed Senior Notes $150,000 Noble 6.2% Guaranteed Bonds 1/8/2040 47 0.00 30/4/2020 325 0.03 $200,000 Noble Energy 4.15% Guaranteed Senior Bonds $250,000 NBCUniversal Media 5.95% Guaranteed Senior Bonds 15/12/2021 126 0.01 1/4/2041 217 0.02 $350,000 Noble Energy 5.05% Bonds 15/11/2044 185 0.02 $200,000 NBCUniversal Media 6.4% Bonds 30/4/2040 181 0.02 $250,000 Noble Energy 5.25% Senior Notes 15/11/2043 131 0.01 $100,000 Nestlé 1.375% Guaranteed European Medium Term $200,000 Noble Energy 8.25% Senior Bonds 1/3/2019 146 0.01 Notes 21/6/2017 72 0.01 $250,000 Noble International 6.95% Bonds 1/4/2045 83 0.01 $500,000 Nestlé 2.125% European Medium Term Notes 14/1/2020 368 0.04 $350,000 Nomura 6.7% Senior Bonds 4/3/2020 290 0.03 $200,000 Nevada Power 6.75% Bonds 1/7/2037 191 0.02 $1,500,000 Nordea Bank 2.5% Bonds 17/9/2020 1,088 0.10 $100,000 Nevada Power 7.125% Guaranteed Bonds 15/3/2019 82 0.01 $700,000 Nordea Bank 3.125% Senior Notes 20/3/2017 515 0.05 $750,000 New Cingular Wireless 8.75% Guaranteed Senior Bonds $200,000 Nordea Bank 4.875% Guaranteed Senior Bonds 1/3/2031 771 0.07 14/1/2021 160 0.02 $500,000 New York Life Global Funding 2.1% Guaranteed Notes $500,000 Nordea Bank 4.875% Senior Bonds 27/1/2020 395 0.04 2/1/2019 364 0.03 $250,000 Nordea Bank 4.875% Subordinated Notes 13/5/2021 193 0.02 $500,000 New York Life Global Funding 2.15% Bonds 18/6/2019 364 0.03 $250,000 Nordstrom 4.75% Guaranteed Senior Bonds 1/5/2020 195 0.02 $100,000 New York Life Insurance 5.875% Guaranteed Subordinated $400,000 Nordstrom 5% Bonds 15/1/2044 274 0.03 Bonds 15/5/2033 87 0.01 $300,000 Norfolk Southern 2.903% Senior Bonds 15/2/2023 213 0.02 $200,000 New York Life Insurance 6.75% Subordinated Bonds $200,000 Norfolk Southern 3.25% Senior Bonds 1/12/2021 145 0.01 15/11/2039 187 0.02 $400,000 Norfolk Southern 3.85% Senior Notes 15/1/2024 300 0.03 $200,000 Newcrest Finance 5.75% Guaranteed Bonds 15/11/2041 112 0.01 $250,000 Norfolk Southern 4.65% Bonds 15/1/2046 178 0.02 $500,000 Newell Rubbermaid 4% Bonds 1/12/2024 343 0.03 $300,000 Norfolk Southern 4.8% Bonds 15/8/2043 219 0.02 $400,000 Newmont Mining 4.875% Guaranteed Bonds 15/3/2042 222 0.02 $111,000 Norfolk Southern 4.837% Senior Bonds 1/10/2041 80 0.01 $400,000 Newmont Mining 5.125% Guaranteed Bonds 1/10/2019 305 0.03 $150,000 Norfolk Southern 5.59% Senior Bonds 17/5/2025 125 0.01

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 £000’s Assets Value Investment £000’s Assets $350,000 Norfolk Southern 5.9% Senior Bonds 15/6/2019 281 0.03 $250,000 Oncor Electric Delivery 5.25% Bonds 30/9/2040 198 0.02 $100,000 Norfolk Southern 6% Senior Notes 23/5/2111 78 0.01 $200,000 Oncor Electric Delivery 5.3% Guaranteed Senior Bonds $700,000 Northeast Utilities 2.8% Senior Notes 1/5/2023 494 0.05 1/6/2042 160 0.02 $500,000 Northern States Power 2.15% Guaranteed Bonds $400,000 Oncor Electric Delivery 6.8% Senior Notes 1/9/2018 320 0.03 15/8/2022 356 0.03 $250,000 Oncor Electric Delivery 7% Guaranteed Senior Bonds $500,000 Northern States Power 2.6% Notes 15/5/2023 366 0.04 1/9/2022 219 0.02 $250,000 Northern States Power 3.4% Bonds 15/8/2042 168 0.02 $500,000 ONE Gas 3.61% Bonds 1/2/2024 376 0.04 $200,000 Northern States Power 4% Bonds 15/8/2045 147 0.01 $300,000 ONEOK 3.375% Guaranteed Bonds 1/10/2022 171 0.02 $500,000 Northern Trust 3.375% Senior Notes 23/8/2021 381 0.04 $150,000 ONEOK 6.85% Guaranteed Bonds 15/10/2037 84 0.01 $150,000 Northern Trust 3.45% Guaranteed Senior Bonds $350,000 ONEOK 8.625% Guaranteed Bonds 1/3/2019 260 0.02 4/11/2020 114 0.01 $500,000 ONEOK Partners 4.9% Bonds 15/3/2025 295 0.03 $700,000 Northrop Grumman 3.25% Senior Bonds 1/8/2023 520 0.05 $150,000 ONEOK Partners 6.65% Guaranteed Bonds 1/10/2036 82 0.01 $700,000 Northrop Grumman 3.5% Bonds 15/3/2021 528 0.05 $250,000 Optus Finance 4.625% Guaranteed European Medium $200,000 Northrop Grumman 4.75% Senior Notes 1/6/2043 155 0.01 Term Notes 15/10/2019 195 0.02 $400,000 Northwestern Mutual Life 6.063% Subordinated Bonds $400,000 Oracle 1.2% Guaranteed Senior Notes 15/10/2017 290 0.03 30/3/2040 349 0.03 $750,000 Oracle 2.25% Bonds 8/10/2019 553 0.05 $500,000 Novartis Capital 2.4% Guaranteed Notes 21/9/2022 365 0.03 $1,250,000 Oracle 2.375% Senior Notes 15/1/2019 924 0.09 $400,000 Novartis Capital 3% Bonds 20/11/2025 297 0.03 $400,000 Oracle 2.5% Bonds 15/10/2022 287 0.03 $1,000,000 Novartis Capital 3.4% Guaranteed Bonds 6/5/2024 770 0.07 $750,000 Oracle 2.8% Bonds 8/7/2021 559 0.05 $200,000 Novartis Capital 4% Bonds 20/11/2045 147 0.01 $600,000 Oracle 3.4% Senior Notes 8/7/2024 451 0.04 $300,000 Novartis Capital 4.4% Bonds 6/5/2044 233 0.02 $300,000 Oracle 3.875% Senior Notes 15/7/2020 234 0.02 $300,000 Novartis Capital 4.4% Guaranteed Bonds 24/4/2020 240 0.02 $1,250,000 Oracle 4.125% Bonds 15/5/2045 879 0.08 $250,000 Novartis Securities Investment 5.125% Guaranteed $400,000 Oracle 4.3% Senior Notes 8/7/2034 295 0.03 Notes 10/2/2019 199 0.02 $300,000 Oracle 4.5% Senior Notes 8/7/2044 223 0.02 $250,000 Nstar Electric 2.375% Guaranteed Senior Notes $350,000 Oracle 5.375% Guaranteed Senior Bonds 15/7/2040 282 0.03 15/10/2022 179 0.02 $400,000 Oracle 6.5% Guaranteed Senior Bonds 15/4/2038 368 0.04 $400,000 Nucor 4.125% Senior Bonds 15/9/2022 295 0.03 $150,000 Orange 2.75% Senior Bonds 14/9/2016 109 0.01 $300,000 Nucor 5.2% Senior Notes 1/8/2043 201 0.02 $750,000 Orange 4.125% Senior Notes 14/9/2021 577 0.05 $150,000 Nucor 5.75% Guaranteed Senior Notes 1/12/2017 113 0.01 $250,000 Orange 5.375% Senior Bonds 8/7/2019 199 0.02 $400,000 NYSE Euronext 2% Senior Bonds 5/10/2017 291 0.03 $450,000 Orange 5.375% Senior Bonds 13/1/2042 346 0.03 $300,000 Occidental Petroleum 3.125% Senior Bonds 15/2/2022 214 0.02 $200,000 Orange 9% Guaranteed Senior Bonds 1/3/2031 200 0.02 $700,000 Occidental Petroleum 4.1% Guaranteed Senior Bonds $300,000 O’Reilly Automotive 3.85% Guaranteed Notes 15/6/2023 223 0.02 1/2/2021 530 0.05 $200,000 Origin Energy Finance 3.5% Guaranteed Bonds $250,000 Occidental Petroleum 4.125% Senior Notes 1/6/2016 181 0.02 9/10/2018 133 0.01 $500,000 Odebrecht Finance 5.25% Notes 27/6/2029 159 0.02 $500,000 Owens Corning 4.2% Bonds 15/12/2022 364 0.03 $150,000 Oglethorpe Power 5.375% Guaranteed Bonds 1/11/2040 120 0.01 $100,000 Owens Corning 7% Guaranteed Bonds 1/12/2036 76 0.01 $300,000 Oglethorpe Power 5.95% Notes 1/11/2039 256 0.02 $350,000 Paccar Financial 1.6% Senior Notes 15/3/2017 254 0.02 $400,000 Omega Healthcare Investors 4.95% Bonds 1/4/2024 295 0.03 $700,000 Pacific Gas & Electric 2.45% Bonds 15/8/2022 500 0.05 $300,000 Omega Healthcare Investors 5.25% Bonds 15/1/2026 219 0.02 $150,000 Pacific Gas & Electric 3.75% Guaranteed Senior Bonds $200,000 Omnicom 3.625% Senior Bonds 1/5/2022 146 0.01 15/8/2042 102 0.01 $500,000 Omnicom 3.65% Bonds 1/11/2024 360 0.03 $300,000 Pacific Gas & Electric 3.75% Senior Notes 15/2/2024 230 0.02 $300,000 Omnicom 4.45% Guaranteed Senior Bonds 15/8/2020 227 0.02 $500,000 Pacific Gas & Electric 3.85% Senior Notes 15/11/2023 387 0.04

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 £000’s Assets Value Investment £000’s Assets $150,000 Pacific Gas & Electric 4.25% Bonds 15/3/2046 111 0.01 $750,000 Pernod-Ricard 5.75% Senior Notes 7/4/2021 604 0.06 $250,000 Pacific Gas & Electric 4.3% Bonds 15/3/2045 186 0.02 $500,000 Perrigo 4% Bonds 15/11/2023 357 0.03 $150,000 Pacific Gas & Electric 4.45% Senior Bonds 15/4/2042 112 0.01 $500,000 Perrigo Finance 3.9% Bonds 15/12/2024 350 0.03 $250,000 Pacific Gas & Electric 4.6% Senior Notes 15/6/2043 192 0.02 $200,000 Petro-Canada 6.8% Bonds 15/5/2038 132 0.01 $100,000 Pacific Gas & Electric 5.4% Senior Bonds 15/1/2040 84 0.01 $300,000 Petrofac 3.4% Guaranteed Bonds 10/10/2018 184 0.02 $600,000 Pacific Gas & Electric 6.05% Guaranteed Senior Bonds $400,000 Pfizer 4.3% Senior Notes 15/6/2043 297 0.03 1/3/2034 530 0.05 $300,000 Pfizer 4.4% Senior Notes 15/5/2044 228 0.02 $200,000 Pacific Life 5.125% Senior Notes 30/1/2043 143 0.01 $500,000 Pfizer 4.65% Senior Bonds 1/3/2018 385 0.04 $400,000 Pacific Life 6% Bonds 10/2/2020 323 0.03 $1,250,000 Pfizer 6.2% Guaranteed Senior Notes 15/3/2019 1,017 0.10 $250,000 Pacific Life Insurance 9.25% Bonds 15/6/2039 251 0.02 $400,000 Pfizer 7.2% Senior Notes 15/3/2039 401 0.04 $500,000 PacifiCorp 2.95% Bonds 1/6/2023 368 0.04 $400,000 Philip Morris International 1.625% Notes 20/3/2017 291 0.03 $500,000 PacifiCorp 5.65% Notes 15/7/2018 394 0.04 $850,000 Philip Morris International 2.9% Bonds 15/11/2021 637 0.06 $250,000 PacifiCorp 5.75% Bonds 1/4/2037 219 0.02 $500,000 Philip Morris International 3.375% Bonds 11/8/2025 382 0.04 $50,000 PacifiCorp 6% Bonds 15/1/2039 45 0.00 $150,000 Philip Morris International 3.875% Bonds 21/8/2042 103 0.01 $600,000 PacifiCorp 6.25% Bonds 15/10/2037 554 0.05 $250,000 Philip Morris International 4.125% Senior Notes $400,000 Packaging Corporation of America 4.5% Senior Notes 4/3/2043 178 0.02 1/11/2023 298 0.03 $400,000 Philip Morris International 4.25% Bonds 10/11/2044 291 0.03 $400,000 Parker-Hannifin 3.3% Medium Term Notes 21/11/2024 301 0.03 $200,000 Philip Morris International 4.375% Senior Bonds $400,000 Parker-Hannifin 4.2% Medium Term Notes 21/11/2034 299 0.03 15/11/2041 149 0.01 $250,000 Pearson Funding 4% Guaranteed Notes 17/5/2016 181 0.02 $250,000 Philip Morris International 6.375% Guaranteed Senior $500,000 Penske Truck Leasing 2.5% Bonds 15/6/2019 356 0.03 Bonds 16/5/2038 229 0.02 $500,000 Penske Truck Leasing 3.3% Bonds 1/4/2021 359 0.03 $1,050,000 Philips Electronics 3.75% Senior Bonds 15/3/2022 782 0.07 $300,000 Penske Truck Leasing 3.375% Guaranteed Senior Notes $150,000 Philips Electronics 6.875% Senior Bonds 11/3/2038 126 0.01 15/3/2018 220 0.02 $500,000 Phillips 4.65% Bonds 15/11/2034 329 0.03 $550,000 Penske Truck Leasing 4.875% Guaranteed Senior Notes $300,000 Phillips 4.875% Bonds 15/11/2044 194 0.02 11/7/2022 419 0.04 $500,000 Phillips 66 2.95% Guaranteed Notes 1/5/2017 365 0.03 $200,000 Pentair Finance 3.15% Guaranteed Bonds 15/9/2022 139 0.01 $500,000 Phillips 66 4.3% Guaranteed Bonds 1/4/2022 368 0.04 $300,000 Pepsi 4.45% Bonds 14/4/2046 232 0.02 $150,000 Phillips 66 5.875% Guaranteed Bonds 1/5/2042 103 0.01 $250,000 Pepsi 4.6% Bonds 17/7/2045 196 0.02 $25,000 Phillips 66 Partners 2.646% Bonds 15/2/2020 17 0.00 $400,000 PepsiCo 1.25% Guaranteed Senior Notes 13/8/2017 290 0.03 $50,000 Phillips 66 Partners 4.68% Bonds 15/2/2045 26 0.00 $2,250,000 PepsiCo 2.25% Senior Notes 7/1/2019 1,660 0.16 $200,000 Pioneer Natural Resources 6.875% Senior Bonds $450,000 PepsiCo 2.75% Senior Notes 5/3/2022 335 0.03 1/5/2018 150 0.01 $500,000 PepsiCo 2.85% Bonds 24/2/2026 364 0.03 $400,000 Pioneer Natural Resources 7.5% Senior Notes 15/1/2020 307 0.03 $150,000 PepsiCo 3.125% Senior Bonds 1/11/2020 113 0.01 $600,000 Pitney Bowes 4.625% Senior Notes 15/3/2024 423 0.04 $200,000 PepsiCo 3.6% Senior Bonds 13/8/2042 135 0.01 $300,000 PKO Finance 4.63% Senior Bonds 26/9/2022 222 0.02 $450,000 PepsiCo 4% Senior Bonds 5/3/2042 320 0.03 $400,000 Plains All American Pipeline 2.85% Guaranteed Senior $150,000 PepsiCo 4.25% Bonds 22/10/2044 110 0.01 Bonds 31/1/2023 223 0.02 $100,000 PepsiCo 5.5% Guaranteed Senior Bonds 15/1/2040 85 0.01 $250,000 Plains All American Pipeline 3.65% Senior Bonds $50,000 PepsiCo 7.9% Senior Bonds 1/11/2018 42 0.00 1/6/2022 150 0.01 $250,000 Pernod-Ricard 4.45% Senior Bonds 15/1/2022 191 0.02 $500,000 Plains All American Pipeline 4.65% Bonds 15/10/2025 301 0.03 $150,000 Pernod-Ricard 5.5% Guaranteed Senior Bonds $250,000 Plains All American Pipeline 4.9% Bonds 15/2/2045 121 0.01 15/1/2042 113 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 £000’s Assets Value Investment £000’s Assets $200,000 Plains All American Pipeline 5% Guaranteed Bonds $200,000 Progress Energy 6% Senior Bonds 1/12/2039 166 0.02 1/2/2021 135 0.01 $300,000 Progress Energy 7.05% Guaranteed Senior Notes $250,000 Plains All American Pipeline 5.15% Senior Notes 15/3/2019 245 0.02 1/6/2042 123 0.01 $300,000 Progressive 3.75% Senior Bonds 23/8/2021 229 0.02 $1,000,000 PNC 1.15% Senior Notes 1/11/2016* 722 0.07 $300,000 Progressive 4.35% Senior Notes 25/4/2044 222 0.02 $250,000 PNC 5.125% Guaranteed Notes 8/2/2020* 199 0.02 $500,000 Prologis 3.35% Guaranteed Bonds 1/2/2021 371 0.04 $750,000 PNC Bank 2.25% Bonds 2/7/2019* 545 0.05 $150,000 Protective Life 8.45% Guaranteed Senior Bonds $600,000 PNC Bank 2.3% Medium Term Notes 1/6/2020* 433 0.04 15/10/2039 143 0.01 $500,000 PNC Bank 2.7% Subordinated Bonds 1/11/2022* 354 0.03 $750,000 Prudential Financial 2.3% Senior Notes 15/8/2018 543 0.05 $250,000 PNC Bank 6% Guaranteed Subordinated Bonds $350,000 Prudential Financial 4.5% Senior Bonds 16/11/2021 274 0.03 7/12/2017* 192 0.02 $550,000 Prudential Financial 4.6% Senior Notes 15/5/2044 379 0.04 $500,000 PNC Financial Services 2.854% Bonds 9/11/2022* 363 0.03 $250,000 Prudential Financial 5.1% Senior Notes 15/8/2043 180 0.02 $400,000 PNC Financial Services 3.9% Bonds 29/4/2024* 298 0.03 $200,000 Prudential Financial 5.375% Bonds 15/5/2045 136 0.01 $250,000 Posco 4.25% Guaranteed Senior Bonds 28/10/2020 192 0.02 $350,000 Prudential Financial 6.625% Guaranteed Senior Bonds $500,000 Potash Corporation of Saskatchewan 3% Bonds 1/12/2037 296 0.03 1/4/2025 335 0.03 $250,000 PSEG Power 5.125% Guaranteed Notes 15/4/2020 196 0.02 $100,000 Potash Corporation of Saskatchewan 5.875% $250,000 PSEG Power 5.32% Guaranteed Notes 15/9/2016 184 0.02 Guaranteed Senior Bonds 1/12/2036 78 0.01 $400,000 PTT Global Chemical 4.25% Guaranteed Senior Notes $400,000 Potomac Electric Power 3.6% Bonds 15/3/2024 305 0.03 19/9/2022 300 0.03 $150,000 PPG Industries 3.6% Guaranteed Senior Bonds $200,000 PTTEP Canada International 6.35% Guaranteed Bonds 15/11/2020 113 0.01 12/6/2042 171 0.02 $300,000 PPL Capital Funding 4.7% Guaranteed Bonds 1/6/2043 220 0.02 $500,000 PTTEP Canada International Finance 5.692% Guaranteed $250,000 PPL Electric Utilities 3% Guaranteed Bonds 15/9/2021 187 0.02 Senior Notes 5/4/2021 401 0.04 $350,000 PPL Electric Utilities 6.25% Bonds 15/5/2039 333 0.03 $250,000 Public Service 3.6% Bonds 15/9/2042 173 0.02 $400,000 Praxair 1.25% Senior Bonds 7/11/2018 286 0.03 $250,000 Public Service Electric & Gas 3.65% Medium Term Notes $250,000 Praxair 3% Guaranteed Senior Notes 1/9/2021 186 0.02 1/9/2042 174 0.02 $250,000 Praxair 3.55% Bonds 7/11/2042 166 0.02 $250,000 Public Service Electric & Gas 3.8% Guaranteed Bonds $250,000 Praxair 4.05% Bonds 15/3/2021 196 0.02 1/1/2043 178 0.02 $500,000 Precision Castparts 2.5% Guaranteed Senior Bonds $100,000 Puget Energy 3.65% Bonds 15/5/2025 73 0.01 15/1/2023 354 0.03 $300,000 Puget Sound Energy 5.625% Bonds 15/7/2022 243 0.02 $500,000 Precision Castparts 3.25% Bonds 15/6/2025 369 0.04 $250,000 Puget Sound Energy 5.638% Senior Bonds 15/4/2041 222 0.02 $300,000 President and Fellows of Harvard College 6.5% Bonds $750,000 Qualcomm 2.25% Notes 20/5/2020 544 0.05 15/1/2039 314 0.03 $500,000 Qualcomm 3.45% Bonds 20/5/2025 358 0.03 $500,000 Pricoa Global Funding I 1.6% Senior Bonds 29/5/2018 359 0.03 $750,000 Qualcomm 4.65% Bonds 20/5/2035 502 0.05 $300,000 Principal Financial 3.3% Guaranteed Bonds 15/9/2022 217 0.02 $500,000 Quest Diagnostics 2.5% Bonds 30/3/2020 356 0.03 $250,000 Principal Financial 4.625% Guaranteed Bonds 15/9/2042 174 0.02 $500,000 Quest Diagnostics 3.5% Bonds 30/3/2025 356 0.03 $100,000 Principal Financial 6.05% Guaranteed Bonds 15/10/2036 82 0.01 $300,000 QVC 4.45% Bonds 15/2/2025 202 0.02 $500,000 Principal Life Global Funding II 2.625% Bonds 19/11/2020 363 0.03 $400,000 QVC 4.85% Bonds 1/4/2024 279 0.03 $350,000 Procter & Gamble 1.45% Senior Notes 15/8/2016 254 0.02 $100,000 QVC 5.95% Senior Bonds 15/3/2043 61 0.01 $500,000 Procter & Gamble 3.1% Bonds 15/8/2023 382 0.04 $100,000 Qwest 6.5% Notes 1/6/2017 76 0.01 $600,000 Procter & Gamble 5.55% Senior Bonds 5/3/2037 547 0.05 $172,000 Qwest 6.875% Senior Notes 15/9/2033 116 0.01 $250,000 Progress Energy 4.4% Bonds 15/1/2021 192 0.02 $250,000 Rabobank 5.75% Bonds 1/12/2043 199 0.02

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 £000’s Assets Value Investment £000’s Assets $1,500,000 Rabobank Nederland 3.875% Guaranteed Bonds $1,000,000 Rio Tinto Finance USA 2.25% Guaranteed Bonds 8/2/2022 1,140 0.11 14/12/2018 701 0.07 $500,000 Rabobank Nederland 4.5% Guaranteed Bonds $1,000,000 Rio Tinto Finance USA 3.5% Guaranteed Notes 11/1/2021 394 0.04 22/3/2022 692 0.07 $700,000 Rabobank Nederland 5.25% Guaranteed Bonds $200,000 Rio Tinto Finance USA 4.75% Guaranteed Bonds 24/5/2041 577 0.05 22/3/2042 129 0.01 $400,000 Raytheon 2.5% Guaranteed Senior Bonds 15/12/2022 293 0.03 $1,000,000 Roche 2.875% Bonds 29/9/2021 750 0.07 $700,000 Raytheon 3.125% Guaranteed Senior Notes 15/10/2020 532 0.05 $700,000 Roche Holdings 4% Bonds 28/11/2044 539 0.05 $300,000 Raytheon 4.2% Bonds 15/12/2044 231 0.02 $309,000 Roche Holdings 6% Guaranteed Bonds 1/3/2019 252 0.02 $250,000 RCI Banque 3.5% Senior Notes 3/4/2018 183 0.02 $500,000 Rock-Tenn 4.9% Guaranteed Notes 1/3/2022 388 0.04 $250,000 Realty Income 4.65% Senior Bonds 1/8/2023 190 0.02 $300,000 Rogers Communications 5.45% Guaranteed Bonds $500,000 Regions Financial 3.2% Bonds 8/2/2021 359 0.03 1/10/2043 232 0.02 $250,000 Regions Financial 7.375% Notes 10/12/2037 232 0.02 $150,000 Rogers Communications 7.5% Guaranteed Bonds $300,000 Reinsurance Group of America 4.7% Medium Term 15/8/2038 140 0.01 Notes 15/9/2023 229 0.02 $500,000 Roper Industries 2.05% Senior Notes 1/10/2018 359 0.03 $100,000 Reinsurance Group of America 5% Guaranteed Senior $250,000 Rowan Companies 4.875% Guaranteed Bonds 1/6/2022 104 0.01 Bonds 1/6/2021 77 0.01 $250,000 Rowan Companies 5.85% Guaranteed Bonds 15/1/2044 91 0.01 $250,000 Reliance 4.5% Guaranteed Bonds 19/10/2020 191 0.02 $750,000 Royal Bank of Canada 1.2% Senior Notes 23/1/2017 542 0.05 $250,000 Reliance 5.4% Guaranteed Bonds 14/2/2022 197 0.02 $1,000,000 Royal Bank of Canada 2.35% Bonds 30/10/2020 724 0.07 $400,000 Reliance Industries 4.125% Bonds 28/1/2025 285 0.03 $500,000 Royal Bank of Canada 4.65% Bonds 27/1/2026 360 0.03 $250,000 Reliance Industries 4.875% Bonds 10/2/2045 161 0.02 $500,000 Royal Bank of Scotland 6.4% Senior Notes 21/10/2019 389 0.04 $500,000 Reliance Standard Life Global Funding II 2.5% Bonds $350,000 Ruby Pipeline 6% Senior Notes 1/4/2022 271 0.03 15/1/2020 359 0.03 $200,000 Ryder System 2.5% Senior Notes 1/3/2017 145 0.01 $400,000 RELX 8.625% Guaranteed Bonds 15/1/2019 337 0.03 $500,000 Ryder System 2.55% Senior Notes 1/6/2019 360 0.03 $250,000 Repsol Oil & Gas 7.75% Guaranteed Senior Notes $500,000 SABMiller 2.45% Guaranteed Bonds 15/1/2017 364 0.03 1/6/2019 159 0.02 $500,000 SABMiller 3.75% Guaranteed Senior Notes 15/1/2022 378 0.04 $500,000 Republic Services 3.2% Bonds 15/3/2025 360 0.03 $300,000 SABMiller 4.95% Guaranteed Bonds 15/1/2042 228 0.02 $700,000 Republic Services 3.55% Guaranteed Bonds 1/6/2022 528 0.05 $400,000 SABMiller 6.5% Senior Bonds 15/7/2018 317 0.03 $350,000 Republic Services 3.8% Guaranteed Notes 15/5/2018 263 0.03 $200,000 SACI 4.375% Bonds 27/1/2025 143 0.01 $200,000 Republic Services 5.25% Guaranteed Bonds 15/11/2021 162 0.02 $150,000 San Diego Gas & Electric 3% Guaranteed Notes $500,000 Reynolds American 2.3% Bonds 21/8/2017 364 0.03 15/8/2021 113 0.01 $500,000 Reynolds American 3.25% Bonds 12/6/2020 374 0.04 $400,000 San Diego Gas & Electric 3.6% Bonds 1/9/2023 309 0.03 $500,000 Reynolds American 4.45% Bonds 12/6/2025 391 0.04 $400,000 Sanofi 1.25% Senior Bonds 10/4/2018 289 0.03 $600,000 Reynolds American 5.7% Bonds 15/8/2035 489 0.05 $250,000 Sanofi 4% Guaranteed Senior Bonds 29/3/2021 195 0.02 $300,000 Reynolds American 6.15% Guaranteed Bonds 15/9/2043 256 0.02 $250,000 Santander 4.75% Bonds 15/9/2025 170 0.02 $300,000 Reynolds American 6.75% Guaranteed Notes 15/6/2017 233 0.02 $200,000 Santander 5.625% Bonds 15/9/2045 130 0.01 $100,000 Reynolds American 8.125% Bonds 23/6/2019 85 0.01 $200,000 Santander UK 3.125% Bonds 8/1/2021 144 0.01 $600,000 Rio Tinto 2.875% Guaranteed Notes 21/8/2022 400 0.04 $250,000 Santander UK 5% Subordinated Notes 7/11/2023 182 0.02 $100,000 Rio Tinto 3.75% Bonds 20/9/2021 71 0.01 $200,000 Santander USA 3.45% Senior Bonds 27/8/2018 146 0.01 $300,000 Rio Tinto Alcan 6.125% Guaranteed Senior Bonds $400,000 Santander USA 4.5% Bonds 17/7/2025 283 0.03 15/12/2033 220 0.02 $250,000 Sasol Financing 4.5% Notes 14/11/2022 169 0.02 $150,000 Rio Tinto Finance 5.2% Bonds 2/11/2040 101 0.01 $300,000 SC Johnson & Son 4% Bonds 15/5/2043 206 0.02

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 £000’s Assets Value Investment £000’s Assets $500,000 SCANA 4.75% Senior Notes 15/5/2021 380 0.04 $200,000 Shinhan Bank 4.375% Guaranteed Senior Notes $275,000 Schlumberger 3% Bonds 21/12/2020 195 0.02 27/7/2017 150 0.01 $400,000 Schlumberger Investment 1.25% Guaranteed Bonds $300,000 Siam Commercial Bank 3.375% Senior European 1/8/2017 284 0.03 Medium Term Notes 19/9/2017 221 0.02 $700,000 Schlumberger Investment 3.3% Guaranteed Bonds $500,000 Siemens Financieringsmaatschappij 2.15% Bonds 14/9/2021 511 0.05 27/5/2020 363 0.03 $275,000 Schlumberger Investment 3.625% Bonds 21/12/2022 195 0.02 $700,000 Siemens Financieringsmaatschappij 3.25% Bonds $400,000 Schlumberger Investment 3.65% Guaranteed Bonds 27/5/2025 521 0.05 1/12/2023 291 0.03 $300,000 Siemens Financieringsmaatschappij 4.4% Bonds $350,000 Schneider Electric 2.95% Guaranteed Senior Notes 27/5/2045 228 0.02 27/9/2022 256 0.02 $500,000 Siemens Financieringsmaatschappij 5.625% $500,000 Scripps Networks Interactive 3.95% Bonds 15/6/2025 347 0.03 Guaranteed European Medium Term Notes 16/3/2016 362 0.03 $400,000 Seagate HDD Cayman 3.75% Bonds 15/11/2018 283 0.03 $200,000 Siemens Financieringsmaatschappij 6.125% $500,000 Seagate HDD Cayman 4.75% Bonds 1/1/2025 276 0.03 Guaranteed Bonds 17/8/2026 183 0.02 $500,000 Select Income REIT 4.5% Bonds 1/2/2025 334 0.03 $500,000 Simon Property 2.15% Senior Notes 15/9/2017 364 0.03 $500,000 Sempra Energy 2.85% Bonds 15/11/2020 362 0.03 $500,000 Simon Property 2.2% Senior Notes 1/2/2019 365 0.03 $300,000 Sempra Energy 2.875% Senior Notes 1/10/2022 210 0.02 $500,000 Simon Property 2.5% Bonds 1/9/2020 363 0.03 $400,000 Sempra Energy 3.55% Bonds 15/6/2024 288 0.03 $800,000 Simon Property 3.375% Senior Bonds 15/3/2022 602 0.06 $100,000 Sempra Energy 6% Guaranteed Senior Bonds 15/10/2039 79 0.01 $400,000 Simon Property 4.125% Guaranteed Senior Bonds $300,000 SES Global Americas 5.3% Guaranteed Bonds 25/3/2044 198 0.02 1/12/2021 312 0.03 $400,000 SESI 7.125% Notes 15/12/2021 177 0.02 $150,000 Simon Property 4.25% Bonds 1/10/2044 108 0.01 $1,000,000 Shell 3.25% Notes 11/5/2025 695 0.07 $100,000 Simon Property 4.75% Senior Bonds 15/3/2042 77 0.01 $300,000 Shell 4.375% Notes 11/5/2045 200 0.02 $200,000 Simon Property 5.65% Guaranteed Senior Bonds $500,000 Shell International Finance 1.125% Guaranteed Bonds 1/2/2020 162 0.02 21/8/2017 358 0.03 $400,000 Singtel Treasury 2.375% Guaranteed European Medium $1,250,000 Shell International Finance 1.25% Bonds 10/11/2017 898 0.09 Term Notes 8/9/2017 293 0.03 $500,000 Shell International Finance 2.125% Bonds 11/5/2020 351 0.03 $200,000 Skandinaviska Enskilda Banken 1.75% Senior Bonds $500,000 Shell International Finance 3.4% Guaranteed Bonds 19/3/2018 145 0.01 12/8/2023 357 0.03 $750,000 Skandinaviska Enskilda Banken 2.375% Senior Notes $500,000 Shell International Finance 4.125% Bonds 11/5/2035 334 0.03 20/11/2018 546 0.05 $250,000 Shell International Finance 4.3% Guaranteed Notes $700,000 Société Générale 2.625% Bonds 16/9/2020 504 0.05 22/9/2019 190 0.02 $500,000 Société Générale 2.625% Guaranteed Bonds 1/10/2018 368 0.04 $300,000 Shell International Finance 4.55% Guaranteed Bonds $500,000 Société Générale 4.25% Bonds 14/4/2025 333 0.03 12/8/2043 208 0.02 $300,000 Société Générale 4.75% Bonds 24/11/2025 205 0.02 $700,000 Shell International Finance 5.2% Guaranteed Bonds $400,000 Société Générale 5.2% Senior Notes 15/4/2021 323 0.03 22/3/2017 524 0.05 $600,000 Solvay Finance 3.4% Bonds 3/12/2020 431 0.04 $850,000 Shell International Finance 6.375% Guaranteed Bonds $200,000 Sonoco Products 5.75% Senior Bonds 1/11/2040 163 0.02 15/12/2038 708 0.07 $100,000 South Carolina Electric & Gas 4.5% Bonds 1/6/2064 72 0.01 $500,000 Sherwin-Williams 3.45% Bonds 1/8/2025 378 0.04 $300,000 South Carolina Electric & Gas 6.05% Guaranteed Bonds $250,000 Shinhan Bank 1.875% Guaranteed Senior Notes 15/1/2038 262 0.03 30/7/2018 180 0.02 $750,000 Southern 2.45% Senior Notes 1/9/2018 548 0.05 $500,000 Shinhan Bank 2.25% Bonds 15/4/2020 362 0.03 $500,000 Southern California Edison 3.875% Bonds 1/6/2021 389 0.04

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 £000’s Assets Value Investment £000’s Assets $500,000 Southern California Edison 3.9% Bonds 15/3/2043 360 0.03 $250,000 State Street 2.875% Guaranteed Senior Notes 7/3/2016 181 0.02 $250,000 Southern California Edison 4.05% Guaranteed Bonds $700,000 State Street 3.7% Senior Notes 20/11/2023 536 0.05 15/3/2042 184 0.02 $250,000 State Street 4.375% Guaranteed Senior Bonds 7/3/2021 197 0.02 $200,000 Southern California Edison 5.5% Bonds 15/3/2040 176 0.02 $500,000 Stifel Financial 3.5% Bonds 1/12/2020 358 0.03 $450,000 Southern California Edison 5.5% Guaranteed Notes $100,000 Stryker 2% Senior Notes 30/9/2016 73 0.01 15/8/2018 356 0.03 $500,000 Stryker 3.375% Bonds 15/5/2024 361 0.03 $250,000 Southern California Edison 6.05% Guaranteed Bonds $200,000 Stryker 3.375% Bonds 1/11/2025 144 0.01 15/3/2039 232 0.02 $500,000 Sumitomo Mitsui Banking 1.45% Guaranteed Bonds $300,000 Southern California Gas 3.75% Guaranteed Bonds 19/7/2016 362 0.03 15/9/2042 213 0.02 $1,500,000 Sumitomo Mitsui Banking 1.8% Bonds 18/7/2017 1,085 0.10 $75,000 Southern Copper 3.875% Bonds 23/4/2025 48 0.00 $750,000 Sumitomo Mitsui Banking 2.25% Bonds 11/7/2019 541 0.05 $400,000 Southern Copper 5.25% Guaranteed Senior Bonds $750,000 Sumitomo Mitsui Banking 2.45% Bonds 16/1/2020 541 0.05 8/11/2042 217 0.02 $250,000 Sumitomo Mitsui Banking 3.65% Bonds 23/7/2025 187 0.02 $250,000 Southern Copper 5.875% Bonds 23/4/2045 143 0.01 $300,000 Sumitomo Mitsui Banking 3.95% Guaranteed Bonds $200,000 Southern Copper 6.75% Notes 16/4/2040 127 0.01 12/1/2022 228 0.02 $150,000 Southern Copper 7.5% Senior Bonds 27/7/2035 102 0.01 $250,000 Sumitomo Mitsui Banking 3.95% Guaranteed Bonds $100,000 Southern Union 7.6% Guaranteed Senior Bonds 1/2/2024 66 0.01 19/7/2023 190 0.02 $400,000 Southwest Airlines 2.65% Bonds 5/11/2020 292 0.03 $300,000 Sumitomo Mitsui Banking 4.85% Notes 1/3/2022 232 0.02 $200,000 Southwestern Electric Power 6.45% Senior Bonds $400,000 Sumitomo Mitsui Financial 4.436% Subordinated Notes 15/1/2019 160 0.02 2/4/2024 295 0.03 $90,000 Southwestern Energy 4.1% Guaranteed Notes 15/3/2022 37 0.00 $500,000 Sumitomo Mitsui Trust Bank 1.8% Guaranteed Bonds $150,000 Southwestern Energy 4.95% Bonds 23/1/2025 63 0.01 28/3/2018 359 0.03 $500,000 Spectra Energy 4.75% Senior Notes 15/3/2024 359 0.03 $600,000 Sun Hung Kai 4.5% Guaranteed European Medium Term $250,000 Spectra Energy 5.65% Guaranteed Bonds 1/3/2020 180 0.02 Bonds 14/2/2022 469 0.04 $350,000 St Jude Medical 3.25% Senior Bonds 15/4/2023 253 0.02 $250,000 Suncor Energy 6.1% Senior Notes 1/6/2018 185 0.02 $500,000 St Jude Medical 3.875% Bonds 15/9/2025 370 0.04 $500,000 Suncor Energy 6.5% Guaranteed Senior Bonds 15/6/2038 325 0.03 $1,000,000 Standard Chartered 1.5% Bonds 8/9/2017 714 0.07 $200,000 Suncor Energy 6.85% Senior Bonds 1/6/2039 134 0.01 $400,000 Standard Chartered 1.7% Bonds 17/4/2018 284 0.03 $250,000 Sunoco Logistics Partners Operations 3.45% Guaranteed $300,000 Standard Chartered 3.95% Bonds 11/1/2023 200 0.02 Bonds 15/1/2023 146 0.01 $300,000 Standard Chartered 5.2% Subordinated Notes 26/1/2024 214 0.02 $250,000 Sunoco Logistics Partners Operations 4.25% Guaranteed $200,000 Standard Chartered 5.3% Subordinated Notes 9/1/2043 122 0.01 Bonds 1/4/2024 151 0.01 $300,000 Standard Chartered 5.7% Guaranteed Subordinated $350,000 Sunoco Logistics Partners Operations 5.35% Bonds Bonds 25/1/2022 221 0.02 15/5/2045 187 0.02 $400,000 Standard Chartered 5.7% Subordinated Notes 26/3/2044 245 0.02 $700,000 Suntory 2.55% Bonds 29/9/2019 509 0.05 $400,000 Standard Chartered 5.875% Subordinated European $250,000 SunTrust Banks 1.35% Senior Notes 15/2/2017 180 0.02 Medium Term Bonds 24/6/2020 316 0.03 $300,000 SunTrust Banks 2.35% Senior Notes 1/11/2018 217 0.02 $400,000 Stanley Black & Decker I 2.9% Guaranteed Notes $250,000 SunTrust Banks 3.6% Senior Notes 15/4/2016 181 0.02 1/11/2022 287 0.03 $300,000 Svenska Handelsbanken 2.4% Bonds 1/10/2020 217 0.02 $500,000 Starbucks 0.875% Senior Notes 5/12/2016 361 0.03 $400,000 Svenska Handelsbanken 2.875% Guaranteed Notes $400,000 Starwood Hotels & Resorts Worldwide 4.5% Bonds 4/4/2017 293 0.03 1/10/2034 262 0.03 $500,000 Svenska Handelsbanken 5.125% Senior Notes 30/3/2020 400 0.04 $350,000 State Street 2.55% Bonds 18/8/2020 258 0.02 $1,000,000 Svenska Handelsbanken AB 1.625% Bonds 21/3/2018 720 0.07

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 £000’s Assets Value Investment £000’s Assets $500,000 Swedbank 2.125% Guaranteed Senior Notes 29/9/2017 362 0.03 $500,000 Tencent 2.875% Bonds 11/2/2020 363 0.03 $1,000,000 Swedbank 2.2% Bonds 4/3/2020 718 0.07 $300,000 Tencent 3.375% Senior European Medium Term Notes $200,000 Swire Pacific 6.25% Guaranteed European Medium 2/5/2019 222 0.02 Term Notes 18/4/2018 157 0.02 $300,000 Tennessee Gas Pipeline 7% Senior Notes 15/10/2028 216 0.02 $400,000 Swire Pacific MTN Financing 4.5% European Medium $91,000 Teva Pharmaceutical 3.65% Bonds 10/11/2021 68 0.01 Term Notes 28/2/2022 313 0.03 $200,000 Teva Pharmaceutical 3.65% Guaranteed Bonds 10/11/2021 149 0.01 $250,000 Swiss Re Treasury (US) 4.25% Guaranteed Bonds $500,000 Teva Pharmaceutical Finance 2.95% Guaranteed Bonds 6/12/2042 181 0.02 18/12/2022 350 0.03 $100,000 Sydney Airport Finance 3.9% Guaranteed Senior Bonds $350,000 Texas Eastern Transmission 2.8% Senior Notes 15/10/2022 223 0.02 22/3/2023 74 0.01 $500,000 Texas Instruments 1.65% Senior Notes 3/8/2019 361 0.03 $100,000 Symantec 2.75% Senior Notes 15/6/2017 72 0.01 $300,000 Texas Instruments 2.375% Senior Notes 16/5/2016 217 0.02 $400,000 Symantec 3.95% Senior Notes 15/6/2022 282 0.03 $200,000 Thai Oil 4.875% Guaranteed Senior Bonds 23/1/2043 138 0.01 $800,000 Synchrony Financial 3.75% Bonds 15/8/2021 580 0.06 $500,000 Thermo Fisher Scientific 2.15% Bonds 14/12/2018 361 0.03 $500,000 Synchrony Financial 4.5% Bonds 23/7/2025 365 0.03 $250,000 Thermo Fisher Scientific 3.15% Senior Bonds 15/1/2023 176 0.02 $200,000 Sysco 2.6% Guaranteed Notes 12/6/2022 142 0.01 $400,000 Thermo Fisher Scientific 3.3% Bonds 15/2/2022 288 0.03 $250,000 Sysco 3.75% Bonds 1/10/2025 187 0.02 $50,000 Thermo Fisher Scientific 3.6% Senior Notes 15/8/2021 37 0.00 $250,000 Sysco 4.85% Bonds 1/10/2045 183 0.02 $350,000 Thermo Fisher Scientific 5.3% Senior Notes 1/2/2044 269 0.03 $500,000 Takeda Pharmaceuticals 1.625% Guaranteed Senior $500,000 Thomson Reuters 1.65% Bonds 29/9/2017 359 0.03 Notes 17/3/2017 362 0.03 $400,000 Thomson Reuters 4.5% Senior Notes 23/5/2043 249 0.02 $400,000 Talent Yield Investments 4.5% Guaranteed Bonds $150,000 Thomson Reuters 5.85% Guaranteed Senior Bonds 25/4/2022 305 0.03 15/4/2040 111 0.01 $200,000 Tampa Electric 4.35% Bonds 15/5/2044 146 0.01 $250,000 Thomson Reuters 6.5% Guaranteed Bonds 15/7/2018 199 0.02 $650,000 Target 2.9% Senior Bonds 15/1/2022 486 0.05 $500,000 TIAA Asset Management Finance 4.125% Bonds 1/11/2024 370 0.04 $1,000,000 Target 3.5% Senior Notes 1/7/2024 773 0.07 $500,000 Time Warner 3.55% Guaranteed Bonds 1/6/2024 355 0.03 $450,000 Target 4% Senior Bonds 1/7/2042 327 0.03 $300,000 Time Warner 3.6% Bonds 15/7/2025 213 0.02 $250,000 Target 5.375% Senior Bonds 1/5/2017 190 0.02 $500,000 Time Warner 3.875% Bonds 15/1/2026 362 0.03 $300,000 TD Ameritrade 3.625% Bonds 1/4/2025 225 0.02 $500,000 Time Warner 4% Guaranteed Bonds 15/1/2022 373 0.04 $400,000 Teachers Insurance & Annuity Association of America $250,000 Time Warner 4.125% Guaranteed Bonds 15/2/2021 185 0.02 4.9% Bonds 15/9/2044 293 0.03 $400,000 Time Warner 4.5% Guaranteed Bonds 15/9/2042 232 0.02 $300,000 Teachers Insurance & Annuity Association of America $350,000 Time Warner 4.7% Guaranteed Bonds 15/1/2021 272 0.03 6.85% Subordinated Bonds 16/12/2039 272 0.03 $500,000 Time Warner 4.875% Guaranteed Bonds 15/3/2020 389 0.04 $300,000 Telefónica Emisiones 4.57% Guaranteed Bonds 27/4/2023 228 0.02 $200,000 Time Warner 4.9% Guaranteed Bonds 15/6/2042 126 0.01 $500,000 Telefónica Emisiones 5.134% Guaranteed Notes 27/4/2020 386 0.04 $500,000 Time Warner 5% Bonds 1/2/2020 383 0.04 $500,000 Telefónica Emisiones 6.221% Global Bonds 3/7/2017 382 0.04 $300,000 Time Warner 5.35% Guaranteed Bonds 15/12/2043 205 0.02 $150,000 Telefónica Emisiones 7.045% Guaranteed Bonds $100,000 Time Warner 5.375% Guaranteed Bonds 15/10/2041 67 0.01 20/6/2036 128 0.01 $200,000 Time Warner 6.1% Bonds 15/7/2040 151 0.01 $250,000 Telefónica Europe 8.25% Guaranteed Bonds 15/9/2030 233 0.02 $200,000 Time Warner 6.25% Bonds 29/3/2041 154 0.01 $400,000 Televisa 5% Senior Notes 13/5/2045 242 0.02 $450,000 Time Warner 6.5% Guaranteed Bonds 15/11/2036 347 0.03 $400,000 Televisa 6.625% Guaranteed Senior Bonds 18/3/2025 332 0.03 $350,000 Time Warner 6.95% Bonds 15/1/2028 299 0.03 $200,000 Telstra 4.8% Senior Bonds 12/10/2021 160 0.02 $150,000 Time Warner 7.7% Guaranteed Bonds 1/5/2032 129 0.01 $600,000 Tencent 2% Senior European Medium Term Notes $500,000 Time Warner Cable 4% Guaranteed Bonds 1/9/2021 368 0.04 2/5/2017 434 0.04 $200,000 Time Warner Cable 5.5% Guaranteed Notes 1/9/2041 129 0.01

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 £000’s Assets Value Investment £000’s Assets $300,000 Time Warner Cable 5.85% Notes 1/5/2017 225 0.02 $150,000 TransCanada Pipelines 7.625% Guaranteed Senior $250,000 Time Warner Cable 5.875% Guaranteed Bonds 15/11/2040 167 0.02 Bonds 15/1/2039 124 0.01 $400,000 Time Warner Cable 6.55% Guaranteed Bonds 1/5/2037 290 0.03 $400,000 Transportadora de Gas del Peru 4.25% Senior Notes $450,000 Time Warner Cable 6.75% Guaranteed Bonds 1/7/2018 354 0.03 30/4/2028 269 0.03 $250,000 Time Warner Cable 6.75% Guaranteed Bonds 15/6/2039 182 0.02 $150,000 Travelers Companies 4.3% Bonds 25/8/2045 112 0.01 $300,000 Time Warner Cable 7.3% Guaranteed Bonds 1/7/2038 228 0.02 $300,000 Travelers Companies 4.6% Senior Bonds 1/8/2043 233 0.02 $250,000 Time Warner Cable 8.25% Guaranteed Bonds 1/4/2019 206 0.02 $100,000 Travelers Companies 5.75% Guaranteed Senior Bonds $100,000 TJX 2.5% Senior Bonds 15/5/2023 72 0.01 15/12/2017 78 0.01 $400,000 TJX 2.75% Bonds 15/6/2021 296 0.03 $150,000 Travelers Companies 5.9% Senior Notes 2/6/2019 122 0.01 $300,000 Toronto-Dominion Bank 1.4% Senior Bonds 30/4/2018 215 0.02 $300,000 Travelers Companies 6.25% Senior Bonds 15/6/2037 278 0.03 $500,000 Toronto-Dominion Bank 2.25% Medium Term Notes $250,000 Trust F/1401 6.95% Senior Notes 30/1/2044 174 0.02 5/11/2019 364 0.03 $300,000 TSMC Global 1.625% Guaranteed Bonds 3/4/2018 214 0.02 $1,100,000 Toronto-Dominion Bank 2.375% Senior Notes 19/10/2016 801 0.08 $200,000 Turkiye Garanti Bankasi 4.75% Senior European Medium $750,000 Toronto-Dominion Bank 2.5% Senior Notes 14/7/2016 545 0.05 Term Notes 17/10/2019 144 0.01 $200,000 Toronto-Dominion Bank 2.625% Senior Notes 10/9/2018 147 0.01 $200,000 Turkiye Garanti Bankasi 5.25% Guaranteed Senior Notes $150,000 Total Capital 1.5% Guaranteed Notes 17/2/2017 108 0.01 13/9/2022 143 0.01 $1,050,000 Total Capital 1.55% Guaranteed Notes 28/6/2017 758 0.07 $300,000 Turkiye Is Bankasi 3.875% Senior Bonds 7/11/2017 218 0.02 $400,000 Total Capital 2.7% Guaranteed Bonds 25/1/2023 276 0.03 $500,000 Turkiye Is Bankasi 5% Senior European Medium Term $250,000 Total Capital 2.875% Guaranteed Bonds 17/2/2022 178 0.02 Notes 25/6/2021 352 0.03 $750,000 Total Capital International 2.1% Bonds 19/6/2019 535 0.05 $250,000 Tyco Electronics S 3.5% Guaranteed Bonds 3/2/2022 186 0.02 $750,000 Total Capital International 3.75% Guaranteed Notes $400,000 Tyco International Finance 5.125% Bonds 14/9/2045 299 0.03 10/4/2024 550 0.05 $300,000 Tyson Foods 4.5% Guaranteed Bonds 15/6/2022 233 0.02 $300,000 Toyota Motor Credit 0.8% Senior Bonds 17/5/2016 217 0.02 $125,000 Tyson Foods 4.875% Bonds 15/8/2034 92 0.01 $750,000 Toyota Motor Credit 1.45% Medium Term Notes $350,000 Tyson Foods 5.15% Bonds 15/8/2044 269 0.03 12/1/2018 542 0.05 $48,478 UAL 2009-2A Pass 9.75% Guaranteed Notes 15/1/2017 37 0.00 $500,000 Toyota Motor Credit 2% Guaranteed Senior Notes $250,000 UBM 5.75% Guaranteed Bonds 3/11/2020 195 0.02 15/9/2016 363 0.03 $750,000 UBS 2.375% Senior Notes 14/8/2019 543 0.05 $500,000 Toyota Motor Credit 2% Senior Notes 24/10/2018 365 0.03 $750,000 UBS Funding Jersey 4.125% Bonds 24/9/2025 536 0.05 $400,000 Toyota Motor Credit 2.05% Medium Term Notes 12/1/2017 291 0.03 $1,000,000 UBS Stamford 2.35% Bonds 26/3/2020 721 0.07 $500,000 Toyota Motor Credit 2.1% Senior Notes 17/1/2019 366 0.04 $250,000 UBS Stamford 4.875% Guaranteed Senior Bonds $250,000 Toyota Motor Credit 3.3% Senior Bonds 12/1/2022 189 0.02 4/8/2020 199 0.02 $500,000 Toyota Motor Credit 3.4% Medium Term Notes 15/9/2021 381 0.04 $600,000 UBS Stamford 5.75% Senior Notes 25/4/2018 468 0.04 $550,000 Toyota Motor Credit 4.5% Guaranteed Senior Bonds $400,000 UDR 4% Medium Term Notes 1/10/2025 301 0.03 17/6/2020 437 0.04 $250,000 Unilever 5.9% Guaranteed Bonds 15/11/2032 235 0.02 $250,000 Trans-Allegheny Interstate Line 3.85% Bonds 1/6/2025 185 0.02 $150,000 Union Electric 5.3% Guaranteed Senior Bonds 1/8/2037 127 0.01 $250,000 Transalta 4.5% Guaranteed Senior Bonds 15/11/2022 120 0.01 $300,000 Union Pacific 2.95% Senior Bonds 15/1/2023 221 0.02 $200,000 Transatlantic Holdings 8% Senior Notes 30/11/2039 187 0.02 $500,000 Union Pacific 3.25% Bonds 15/1/2025 372 0.04 $500,000 TransCanada Pipelines 2.5% Senior Notes 1/8/2022 332 0.03 $500,000 Union Pacific 3.375% Senior Bonds 1/2/2035 331 0.03 $200,000 TransCanada Pipelines 3.75% Senior Notes 16/10/2023 141 0.01 $50,000 Union Pacific 4% Guaranteed Senior Bonds 1/2/2021 39 0.00 $700,000 TransCanada Pipelines 3.8% Senior Bonds 1/10/2020 509 0.05 $250,000 Union Pacific 4.05% Bonds 15/11/2045 178 0.02 $250,000 TransCanada Pipelines 5% Senior Notes 16/10/2043 166 0.02 $200,000 Union Pacific 4.3% Senior Bonds 15/6/2042 147 0.01 $450,000 TransCanada Pipelines 6.1% Senior Bonds 1/6/2040 324 0.03 $100,000 Union Pacific 4.75% Senior Bonds 15/9/2041 78 0.01

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 £000’s Assets Value Investment £000’s Assets $150,000 Union Pacific 4.85% Senior Notes 15/6/2044 120 0.01 $400,000 Valero Energy 9.375% Guaranteed Notes 15/3/2019 335 0.03 $500,000 United Airlines 2015-1 Class AA Pass Through Trust $300,000 Ventas Realty 2% Notes 15/2/2018 215 0.02 3.45% Bonds 1/12/2027 363 0.03 $500,000 Ventas Realty 4.125% Bonds 15/1/2026 365 0.03 $250,000 United Overseas Bank 2.25% Senior Notes 7/3/2017 182 0.02 $750,000 Ventas Realty 4.25% Guaranteed Bonds 1/3/2022 565 0.05 $300,000 United Parcel Service 2.45% Guaranteed Senior Bonds $300,000 Verisk Analytics 4% Bonds 15/6/2025 213 0.02 1/10/2022 221 0.02 $300,000 Verizon Communications 2.45% Bonds 1/11/2022 209 0.02 $400,000 United Parcel Service 6.2% Senior Notes 15/1/2038 383 0.04 $491,000 Verizon Communications 2.5% Senior Notes 15/9/2016 357 0.03 $600,000 United Technologies 1.8% Senior Notes 1/6/2017 437 0.04 $724,000 Verizon Communications 2.625% Medium Term Notes $750,000 United Technologies 3.1% Senior Notes 1/6/2022 562 0.05 21/2/2020 529 0.05 $300,000 United Technologies 4.15% Bonds 15/5/2045 213 0.02 $1,100,000 Verizon Communications 3.5% Senior Notes 1/11/2021 826 0.08 $150,000 United Technologies 4.5% Guaranteed Senior Bonds $1,350,000 Verizon Communications 3.65% Senior Notes 14/9/2018 1,019 0.10 15/4/2020 118 0.01 $400,000 Verizon Communications 4.15% Senior Notes 15/3/2024 306 0.03 $700,000 United Technologies 4.5% Senior Bonds 1/6/2042 522 0.05 $977,000 Verizon Communications 4.272% Bonds 15/1/2036 637 0.06 $500,000 United Technologies 5.7% Senior Notes 15/4/2040 431 0.04 $500,000 Verizon Communications 4.4% Bonds 1/11/2034 333 0.03 $300,000 United Technologies 6.125% Guaranteed Senior Bonds $400,000 Verizon Communications 4.5% Senior Notes 15/9/2020 314 0.03 1/2/2019 243 0.02 $1,159,000 Verizon Communications 4.522% Notes 15/9/2048 758 0.07 $200,000 United Technologies 6.125% Senior Bonds 15/7/2038 179 0.02 $1,145,000 Verizon Communications 4.672% Notes 15/3/2055 710 0.07 $300,000 UnitedHealth 1.4% Bonds 15/12/2017 217 0.02 $50,000 Verizon Communications 4.75% Senior Bonds 1/11/2041 34 0.00 $750,000 UnitedHealth 2.7% Bonds 15/7/2020 554 0.05 $1,080,000 Verizon Communications 4.862% Bonds 21/8/2046 754 0.07 $200,000 UnitedHealth 2.875% Senior Bonds 15/3/2022 147 0.01 $1,213,000 Verizon Communications 5.012% Senior Notes 21/8/2054 804 0.08 $150,000 UnitedHealth 3.375% Senior Bonds 15/11/2021 115 0.01 $500,000 Verizon Communications 5.05% Senior Notes 15/3/2034 360 0.03 $1,100,000 UnitedHealth 3.75% Bonds 15/7/2025 842 0.08 $950,000 Verizon Communications 5.85% Guaranteed Senior $800,000 UnitedHealth 4.25% Senior Notes 15/3/2043 576 0.05 Bonds 15/9/2035 730 0.07 $250,000 UnitedHealth 4.625% Bonds 15/7/2035 194 0.02 $300,000 Verizon Communications 6% Guaranteed Senior Bonds $150,000 UnitedHealth 4.625% Senior Bonds 15/11/2041 114 0.01 1/4/2041 234 0.02 $250,000 UnitedHealth 5.95% Senior Bonds 15/2/2041 224 0.02 $1,600,000 Verizon Communications 6.1% Guaranteed Senior Bonds $900,000 UnitedHealth 6% Guaranteed Senior Bonds 15/2/2018 704 0.07 15/4/2018 1,256 0.12 $250,000 UnitedHealth 6.875% Senior Bonds 15/2/2038 240 0.02 $300,000 Verizon Communications 6.35% Guaranteed Senior $800,000 UPS 3.125% Senior Bonds 15/1/2021 612 0.06 Bonds 1/4/2019 244 0.02 $400,000 US Bancorp 1.65% Guaranteed Senior Notes 15/5/2017 290 0.03 $855,000 Verizon Communications 6.4% Senior Notes 15/9/2033 705 0.07 $500,000 US Bancorp 1.95% Senior Notes 15/11/2018 364 0.03 $1,036,000 Verizon Communications 6.55% Senior Notes 15/9/2043 899 0.09 $500,000 US Bancorp 2.2% Senior Notes 15/11/2016 364 0.03 $350,000 Verizon Global Funding 7.75% Senior Bonds 1/12/2030 334 0.03 $400,000 US Bancorp 2.95% Subordinated Notes 15/7/2022 292 0.03 $150,000 Verizon Maryland 5.125% Senior Bonds 15/6/2033 106 0.01 $250,000 US Bancorp 3% Senior Bonds 15/3/2022 187 0.02 $500,000 Viacom 2.2% Senior Notes 1/4/2019 354 0.03 $350,000 US Bancorp 3.7% Medium Term Notes 30/1/2024 271 0.03 $750,000 Viacom 2.75% Bonds 15/12/2019 539 0.05 $750,000 US Bank National Association 2.125% Bonds 28/10/2019 548 0.05 $500,000 Viacom 3.25% Senior Notes 15/3/2023 327 0.03 $700,000 Vale 5.625% Guaranteed Senior Bonds 11/9/2042 313 0.03 $200,000 Viacom 4.375% Senior Bonds 15/3/2043 96 0.01 $500,000 Vale Overseas 4.375% Guaranteed Bonds 11/1/2022 277 0.03 $250,000 Viacom 5.25% Senior Notes 1/4/2044 139 0.01 $350,000 Vale Overseas 5.625% Guaranteed Notes 15/9/2019 228 0.02 $250,000 Viacom 5.85% Senior Bonds 1/9/2043 153 0.01 $550,000 Vale Overseas 6.875% Guaranteed Bonds 21/11/2036 272 0.03 $300,000 Viacom 6.125% Guaranteed Senior Bonds 5/10/2017 227 0.02 $200,000 Vale Overseas 8.25% Bonds 17/1/2034 113 0.01 $150,000 Viacom 6.875% Guaranteed Senior Bonds 30/4/2036 101 0.01 $500,000 Valero Energy 6.625% Guaranteed Bonds 15/6/2037 352 0.03 $200,000 Virginia Electric & Power 6.35% Bonds 30/11/2037 190 0.02

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 £000’s Assets Value Investment £000’s Assets $400,000 Virginia Electric and Power 2.75% Senior Notes $400,000 Wal-Mart Stores 5.25% Senior Notes 1/9/2035 339 0.03 15/3/2023 290 0.03 $300,000 Wal-Mart Stores 5.625% Guaranteed Senior Bonds $100,000 Virginia Electric and Power 2.95% Senior Bonds 15/4/2041 266 0.03 15/1/2022 74 0.01 $550,000 Wal-Mart Stores 5.625% Senior Bonds 1/4/2040 481 0.05 $300,000 Virginia Electric and Power 4.65% Bonds 15/8/2043 234 0.02 $400,000 Wal-Mart Stores 5.8% Guaranteed Senior Bonds $250,000 Virginia Electric and Power 6% Guaranteed Senior 15/2/2018 315 0.03 Bonds 15/1/2036 225 0.02 $500,000 Wal-Mart Stores 6.5% Guaranteed Senior Bonds $300,000 Virginia Electric and Power 8.875% Senior Notes 15/8/2037 475 0.05 15/11/2038 341 0.03 $250,000 Wal-Mart Stores 7.55% Bonds 15/2/2030 259 0.02 $825,000 Visa 2.2% Bonds 14/12/2020 606 0.06 $750,000 Walt Disney 1.35% Senior Notes 16/8/2016 543 0.05 $1,175,000 Visa 3.15% Bonds 14/12/2025 879 0.08 $750,000 Walt Disney 1.85% Bonds 30/5/2019 551 0.05 $400,000 Visa 4.15% Bonds 14/12/2035 306 0.03 $300,000 Walt Disney 2.55% Senior Bonds 15/2/2022 222 0.02 $650,000 Visa 4.3% Bonds 14/12/2045 503 0.05 $500,000 Walt Disney 3% Bonds 13/2/2026 377 0.04 $750,000 Vodafone 1.5% Bonds 19/2/2018 536 0.05 $350,000 Walt Disney 3.75% Guaranteed Senior Bonds 1/6/2021 274 0.03 $200,000 Vodafone 1.625% Senior Notes 20/3/2017 145 0.01 $200,000 Walt Disney 4.125% Bonds 1/6/2044 149 0.01 $250,000 Vodafone 2.5% Guaranteed Senior Notes 26/9/2022 171 0.02 $300,000 Walt Disney 4.375% Guaranteed Senior Bonds 16/8/2041 231 0.02 $200,000 Vodafone 4.375% Senior Notes 19/2/2043 118 0.01 $200,000 Wanda Properties International 7.25% Guaranteed $600,000 Vodafone 5.45% Guaranteed Senior Notes 10/6/2019 474 0.05 Notes 29/1/2024 145 0.01 $550,000 Vodafone 6.15% Guaranteed Senior Bonds 27/2/2037 408 0.04 $400,000 Waste Management 2.9% Bonds 15/9/2022 289 0.03 $200,000 Vodafone 7.875% Bonds 15/2/2030 170 0.02 $500,000 Waste Management 3.5% Guaranteed Bonds 15/5/2024 374 0.04 $200,000 Volkswagen International Finance 2.375% Guaranteed $75,000 Waste Management 3.9% Bonds 1/3/2035 52 0.00 Notes 22/3/2017 144 0.01 $250,000 Waste Management 4.6% Guaranteed Bonds 1/3/2021 194 0.02 $1,000,000 Volkswagen of America Finance 2.125% Guaranteed $200,000 WEA Finance 2.7% Bonds 17/9/2019 144 0.01 Bonds 23/5/2019 692 0.07 $400,000 WEA Finance 3.25% Bonds 5/10/2020 293 0.03 $250,000 Voya Financial 5.5% Bonds 15/7/2022 199 0.02 $200,000 WEA Finance 4.75% Bonds 17/9/2044 144 0.01 $750,000 VW Credit 1.875% Guaranteed European Medium Term $400,000 WEC Energy 6.25% Bonds 15/5/2067 214 0.02 Notes 13/10/2016 540 0.05 $400,000 WellPoint 1.875% Guaranteed Senior Notes 15/1/2018 288 0.03 $100,000 Wachovia 5.5% Subordinated Bonds 1/8/2035 79 0.01 $250,000 WellPoint 3.125% Guaranteed Bonds 15/5/2022 177 0.02 $500,000 Wachovia 5.625% Guaranteed Subordinated Notes $700,000 WellPoint 3.3% Bonds 15/1/2023 497 0.05 15/10/2016 371 0.04 $300,000 WellPoint 4.625% Senior Bonds 15/5/2042 204 0.02 $400,000 Wachovia 5.75% Guaranteed Senior Bonds 15/6/2017 304 0.03 $700,000 Wells Fargo 2.125% Bonds 22/4/2019 508 0.05 $250,000 Walgreen 3.1% Guaranteed Senior Bonds 15/9/2022 177 0.02 $750,000 Wells Fargo 2.15% Medium Term Notes 30/1/2020 538 0.05 $200,000 Walgreen 4.4% Guaranteed Senior Bonds 15/9/2042 123 0.01 $500,000 Wells Fargo 2.625% Senior Notes 15/12/2016 366 0.04 $800,000 Walgreens Boots Alliance 3.3% Bonds 18/11/2021 581 0.06 $1,000,000 Wells Fargo 3% Bonds 19/2/2025 717 0.07 $500,000 Walgreens Boots Alliance 4.5% Bonds 18/11/2034 325 0.03 $800,000 Wells Fargo 3.3% Medium Term Notes 9/9/2024 590 0.06 $600,000 Wal-Mart Stores 2.55% Bonds 11/4/2023 441 0.04 $1,100,000 Wells Fargo 3.5% Senior Notes 8/3/2022 833 0.08 $550,000 Wal-Mart Stores 2.8% Senior Notes 15/4/2016 398 0.04 $500,000 Wells Fargo 4.125% Subordinated Notes 15/8/2023 381 0.04 $500,000 Wal-Mart Stores 3.3% Senior Notes 22/4/2024 384 0.04 $500,000 Wells Fargo 4.3% Bonds 22/7/2027 372 0.04 $750,000 Wal-Mart Stores 3.625% Bonds 8/7/2020 582 0.06 $258,000 Wells Fargo 4.48% Bonds 16/1/2024 198 0.02 $400,000 Wal-Mart Stores 4% Senior Bonds 11/4/2043 288 0.03 $300,000 Wells Fargo 4.6% Guaranteed Senior Bonds 1/4/2021 238 0.02 $500,000 Wal-Mart Stores 4.3% Senior Notes 22/4/2044 379 0.04 $750,000 Wells Fargo 4.65% Medium Term Notes 4/11/2044 529 0.05 $250,000 Wal-Mart Stores 4.875% Bonds 8/7/2040 198 0.02 $400,000 Wells Fargo 4.9% Bonds 17/11/2045 294 0.03

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 £000’s Assets Value Investment £000’s Assets $400,000 Wells Fargo 5.375% Guaranteed Senior Bonds 7/2/2035 330 0.03 $300,000 Wm. Wrigley Jr. 2.4% Senior Notes 21/10/2018 218 0.02 $300,000 Wells Fargo 5.375% Subordinated Notes 2/11/2043 230 0.02 $200,000 Wm. Wrigley Jr. 3.375% Senior Notes 21/10/2020 149 0.01 $500,000 Wells Fargo 5.606% Subordinated Notes 15/1/2044 393 0.04 $500,000 Woodside Finance 3.65% Bonds 5/3/2025 308 0.03 $750,000 Wells Fargo 5.75% Medium Term Notes 1/2/2018 582 0.06 $100,000 Woodside Finance 4.6% Guaranteed Bonds 10/5/2021 72 0.01 $350,000 Wells Fargo 5.75% Subordinated Bonds 16/5/2016 255 0.02 $250,000 Woolworths 4.55% Guaranteed Bonds 12/4/2021 190 0.02 $150,000 Wells Fargo 5.95% Bonds 1/12/2086 109 0.01 $500,000 Woori Bank 4.75% Bonds 30/4/2024 373 0.04 $750,000 Wells Fargo Bank 5.85% Guaranteed Subordinated $500,000 WPP Finance 3.625% Bonds 7/9/2022 365 0.03 Bonds 1/2/2037 651 0.06 $200,000 WPP Finance 5.125% Guaranteed Bonds 7/9/2042 139 0.01 $400,000 Wells Fargo Bank 6% Subordinated Notes 15/11/2017 310 0.03 $200,000 WR Berkley 4.75% Bonds 1/8/2044 140 0.01 $250,000 Welltower 3.75% Guaranteed Senior Bonds 15/3/2023 179 0.02 $250,000 WW Grainger 4.6% Bonds 15/6/2045 195 0.02 $500,000 Welltower 4% Bonds 1/6/2025 353 0.03 $400,000 Wyeth 5.95% Guaranteed Bonds 1/4/2037 354 0.03 $400,000 Welltower 4.125% Senior Notes 1/4/2019 302 0.03 $200,000 Wyeth 6% Guaranteed Bonds 15/2/2036 177 0.02 $250,000 Welltower 5.25% Guaranteed Senior Bonds 15/1/2022 194 0.02 $200,000 Wyndham Worldwide 3.9% Senior Bonds 1/3/2023 142 0.01 $250,000 Wesfarmers 2.983% Guaranteed Notes 18/5/2016 181 0.02 $100,000 Xcel Energy 4.7% Guaranteed Senior Bonds 15/5/2020 78 0.01 $300,000 Westar Energy 4.125% Notes 1/3/2042 221 0.02 $150,000 Xcel Energy 6.5% Senior Bonds 1/7/2036 137 0.01 $250,000 Western Gas Partners 4% Senior Bonds 1/7/2022 136 0.01 $500,000 Xerox 2.75% Senior Notes 15/3/2019 343 0.03 $750,000 Western Union 3.65% Senior Notes 22/8/2018 552 0.05 $250,000 Xerox 3.8% Senior Notes 15/5/2024 158 0.02 $200,000 Western Union 5.253% Senior Notes 1/4/2020 155 0.01 $350,000 Xerox 6.35% Guaranteed Senior Bonds 15/5/2018 266 0.03 $800,000 Westpac Banking 1.6% Guaranteed Senior Notes $400,000 XLIT 4.45% Bonds 31/3/2025 282 0.03 12/1/2018 577 0.05 $150,000 XLIT 5.5% Bonds 31/3/2045 103 0.01 $500,000 Westpac Banking 1.95% Bonds 23/11/2018 361 0.03 $100,000 XLIT 5.75% Guaranteed Bonds 1/10/2021 82 0.01 $750,000 Westpac Banking 2.25% Bonds 30/7/2018 546 0.05 $500,000 Yapi ve Kredi Bankasi 5.25% Senior Notes 3/12/2018 367 0.04 $500,000 Westpac Banking 2.25% Senior Notes 17/1/2019 364 0.03 $300,000 Yuexiu Property 4.5% Senior Notes 24/1/2023 199 0.02 $600,000 Westpac Banking 2.6% Bonds 23/11/2020 437 0.04 $300,000 Zimmer Biomet 4.25% Bonds 15/8/2035 201 0.02 $250,000 Westpac Banking 4.875% Senior Notes 19/11/2019 197 0.02 $1,000,000 Zimmer Biomet s 2.7% Bonds 1/4/2020 721 0.07 $200,000 Westvaco 8.2% Guaranteed Bonds 15/1/2030 183 0.02 $500,000 Zimmer Biomet s 4.45% Bonds 15/8/2045 331 0.03 $400,000 Weyerhaeuser 7.375% Senior Bonds 1/10/2019 327 0.03 $100,000 Zoetis 3.25% Senior Notes 1/2/2023 69 0.01 $375,000 Weyerhaeuser 7.375% Senior Bonds 15/3/2032 315 0.03 $275,000 Zoetis 4.5% Bonds 13/11/2025 204 0.02 $250,000 Wharf Finance 4.625% European Medium Term Bonds $550,000 Zoetis 4.7% Senior Notes 1/2/2043 347 0.03 8/2/2017 185 0.02 731,243 69.57 $250,000 Whirlpool 4% Bonds 1/3/2024 189 0.02 $1,000,000 Williams 3.6% Bonds 15/3/2022 562 0.05 US Dollar Denominated Variable Rate Corporate Bonds – 0.70%; 2015 1.08% $750,000 Williams Partners 4.125% Senior Bonds 15/11/2020 439 0.04 $300,000 ABN AMRO 6.25% Floating Rate European Medium $300,000 Williams Partners 4.3% Senior Notes 4/3/2024 165 0.02 Term Notes 13/9/2022 225 0.02 $350,000 Williams Partners 4.9% Senior Notes 15/1/2045 164 0.02 $350,000 AIG 8.175% Floating Rate Bonds 15/5/2068 315 0.03 $400,000 Williams Partners 5.1% Bonds 15/9/2045 193 0.02 $200,000 Allstate 5.75% Subordinated Floating Rate Notes $300,000 Williams Partners 5.8% Senior Notes 15/11/2043 152 0.01 15/8/2053 143 0.01 $150,000 Williams Partners 6.3% Guaranteed Senior Bonds $100,000 Allstate 6.5% Subordinated Floating Rate Bonds 15/4/2040 83 0.01 15/5/2067 78 0.01 $100,000 Williams Partners 7.25% Senior Notes 1/2/2017 72 0.01 $400,000 Australia & New Zealand Banking 3.45% Floating Rate $300,000 Willis 5.75% Guaranteed Notes 15/3/2021 242 0.02 European Medium Term Notes 8/8/2022 293 0.03 $300,000 Wisconsin Electric Power 2.95% Senior Bonds 15/9/2021 223 0.02 $100,000 AXA 6.379% Subordinated Perpetual Floating Rate Notes 75 0.01

529 BlackRock Collective Investment Funds 530 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 Net Value Investment £000’s Assets Value Investment £000’s £000’s Assets $300,000 AXA 6.463% Guaranteed Perpetual Subordinated $250,000 Prudential Financial 8.875% Subordinated Floating Rate Floating Rate Bonds 217 0.02 Notes 15/6/2068 197 0.02 $300,000 BG Energy Capital 6.5% Guaranteed Floating Rate $200,000 QBE Capital Funding II 7.25% Floating Rate Bonds Notes 30/11/2072 223 0.02 24/5/2041 155 0.01 $200,000 BNP Paribas 7.195% Guaranteed Perpetual Subordinated $250,000 QBE Insurance 6.75% Variable Rate Bonds 2/12/2044 185 0.02 Floating Rate Bonds 155 0.01 $750,000 Rabobank Nederland 11% Guaranteed Subordinated $200,000 China Taiping Insurance 5.45% Perpetual Bonds 146 0.01 Perpetual Floating Rate Bonds 639 0.06 $100,000 Chubb 6.375% Guaranteed Subordinated Floating Rate $200,000 Sompo Japan Insurance 5.325% Subordinated Floating Bonds 29/3/2067 64 0.01 Rate Notes 28/3/2073 151 0.01 $200,000 Cloverie Zurich Insurance 8.25% Perpetual Subordinated $200,000 SSE 5.625% Variable Perpetual Bonds 145 0.01 Floating Rate European Medium Term Bonds 155 0.01 $100,000 Standard Chartered 7.014% Guaranteed Perpetual $200,000 CNP Assurances 6.875% Perpetual Bonds 151 0.01 Subordinated Floating Rate Bonds 69 0.01 $200,000 Dai-ichi Life Insurance 5.1% Perpetual Bonds 149 0.01 $250,000 Sumitomo Life Insurance 6.5% Subordinated Floating $100,000 Dai-ichi Mutual Life 7.25% Perpetual Floating Rate Bonds 83 0.01 Rate Notes 20/9/2073 203 0.02 $300,000 DBS Bank Singapore 3.625% Subordinated Floating Rate $150,000 TransCanada Pipelines 6.35% Guaranteed Subordinated Bonds 21/9/2022 221 0.02 Floating Rate Bonds 15/5/2067 68 0.01 $300,000 Farmers Exchange Capital II 6.151% Subordinated $200,000 United Overseas Bank 2.875% Subordinated Floating Floating Rate Notes 1/11/2053 237 0.02 Rate European Medium Term Notes 17/10/2022 146 0.01 $150,000 HSBC 10.176% Perpetual Floating Rate Bonds 157 0.02 $500,000 United Overseas Bank 3.75% Subordinated Floating $200,000 Hutchison Whampoa 6% Guaranteed Perpetual Floating Rate European Medium Term Notes 19/9/2024 371 0.04 Rate Bonds 150 0.01 $300,000 Wal-Mart Stores 6.2% Senior Floating Rate Bonds $300,000 ING Bank 4.125% Subordinated Floating Rate European 15/4/2038 276 0.03 Medium Term Notes 21/11/2023 216 0.02 7,546 0.70 $300,000 Li & Fung 6% Guaranteed Perpetual Subordinated Floating Rate Bonds 218 0.02 DERIVATIVES – 0.00%; 2015 0.00% $100,000 Lloyds Bank 9.875% Guaranteed Subordinated Floating Forward Currency Contracts – 0.00%; 2015 0.00% Rate European Medium Term Bonds 16/12/2021 76 0.01 KRW 1,590,000,000 South Korean won vs UK sterling 928 15 0.00 $100,000 Mitsui Sumitomo Insurance 7% Subordinated Floating Rate Bonds 15/3/2072 83 0.01 Portfolio of investments 1,035,203 99.25 $150,000 National Rural Utilities 8% Senior Floating Rate Bonds Net other assets 7,784 0.75 1/3/2032 154 0.01 Total net assets 1,042,987 100.00 $200,000 Nippon Life Insurance 5% Guaranteed Floating Rate Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Bonds 18/10/2042 151 0.01 Note: comparative figures show percentages for each category of holding at 28 February 2015. * Related party to the Fund. $300,000 Oversea-Chinese Banking 4% Subordinated Floating # The counterparty for the forward currency contract is JP Morgan Chase Bank. Rate Notes 15/10/2024 223 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. $300,000 Petro-Canada 6.05% Senior Floating Rate Notes 15/5/2018 222 0.02 $250,000 Prudential Financial 5.625% Guaranteed Subordinated Floating Rate Bonds 15/6/2043 178 0.02 $250,000 Prudential Financial 5.875% Guaranteed Subordinated Floating Rate Bonds 15/9/2042 183 0.02

531 BlackRock Collective Investment Funds 532 Overseas Corporate Bond Tracker Statement of Total Return Overseas Corporate Bond Tracker Balance Sheet for the year ended 29 February 2016 at 29 February 2016

For the year For the year 29.2.2016 28.2.2015 to 29.2.2016 to 28.2.2015 Notes £000’s £000’s Notes £000’s £000’s £000’s £000’s Assets: Income Fixed assets Net capital gains 3 57,781 38,853 – Investment assets 1,035,203 862,098 Revenue 4 27,868 22,220 Current assets Expenses 5 (1,814) (1,530) – Debtors 9 21,582 15,271 Interest payable and similar – Cash and bank balances 9,301 13,045 charges 6 (6) (2) Total assets 1,066,086 890,414 Net revenue before taxation 26,048 20,688 Liabilities: Taxation 7 (14) (9) Creditors Net revenue after taxation 26,034 20,679 – Distributions payable (3,044) (2,745) Total return before distributions 83,815 59,532 – Other creditors 10 (20,055) (12,753) Distributions 8 (26,044) (20,680) Total liabilities (23,099) (15,498) Change in net assets attributable to unitholders Net assets attributable to unitholders 1,042,987 874,916 from investment activities 57,771 38,852

N C D Hall (Director) G D Bamping (Director) Overseas Corporate Bond Tracker Statement of Change in BlackRock Fund Managers Limited Net Assets Attributable to Unitholders for the year ended 29 February 2016 28 April 2016

For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 874,916 647,262 Amounts receivable on issue of units 230,985 234,769 Amounts payable on cancellation of units (140,735) (62,382) 90,250 172,387 Change in net assets attributable to unitholders from investment activities 57,771 38,852 Retained distribution on accumulation units 20,050 16,415 Closing net assets attributable to unitholders 1,042,987 874,916

533 BlackRock Collective Investment Funds 534 Overseas Corporate Bond Tracker Notes to Financial Statements for the year ended 29 February 2016

1. Accounting and Distribution Policies 5. Expenses The accounting and distribution policies are set out on pages 4 to 8. For the year For the year to 29.2.2016 to 28.2.2015 2. Financial Instruments and Risks £000’s £000’s The financial instruments and risks are set out on pages 9 to 37. Payable to the Manager or associates of the Manager: – Manager’s charge 1,701 1,412 3. Net Capital Gains – Registrar’s fees 2 2 For the year For the year 1,703 1,414 to 29.2.2016 to 28.2.2015 £000’s £000’s Other expenses: The net capital gains comprise: – Audit fee 7 7 Gains on derivative securities 57,356 46 – Safe custody fees 58 52 (Losses)/gains on non-derivative securities (6) 38,685 – Trustee’s fees 46 57 Currency gains 441 137 111 116 Custodian transaction costs (10) (15) Total expenses 1,814 1,530 Net capital gains 57,781 38,853 6. Interest payable and similar charges 4. Revenue For the year For the year to 29.2.2016 to 28.2.2015 For the year For the year £000’s £000’s to 29.2.2016 to 28.2.2015 £000’s £000’s Interest on bank overdrafts 6 2 Interest from overseas fixed interest securities 26,284 20,917 7. Taxation Interest from UK bank deposits 7 5 (a) Analysis of tax charge Interest from UK fixed interest securities 1,501 1,262 For the year For the year Securities lending revenue 76 36 to 29.2.2016 to 28.2.2015 Total revenue 27,868 22,220 £000’s £000’s Irrecoverable overseas tax 14 9 Total current tax charge [see note 7(b)] 14 9

535 BlackRock Collective Investment Funds 536 Overseas Corporate Bond Tracker Notes to Financial Statements continued

(b) Factors affecting the current tax charge 9. Debtors The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an 29.2.2016 28.2.2015 authorised unit trust. The differences are explained below: £000’s £000’s For the year For the year Accrued revenue 11,517 9,682 to 29.2.2016 to 28.2.2015 Amounts receivable for issue of units 4,588 560 £000’s £000’s Currency sales awaiting settlement 3,588 2,295 Net revenue before taxation 26,048 20,688 Sales awaiting settlement 1,889 2,734 Corporation tax at 20% (28 February 2015: 20%) 5,210 4 ,13 8 Total debtors 21,582 15,271 Effects of: Irrecoverable overseas tax 14 9 10. Other Creditors Tax deductible interest distributions (5,207) (4 ,136) 29.2.2016 28.2.2015 Tax effect on overseas tax (3) (2) £000’s £000’s Total current tax charge [see note 7(a)] 14 9 Accrued Audit fee 7 7 Accrued FCA fee 1 1 8. Distributions Accrued Manager’s charge 295 401 For the year For the year Accrued Registrar’s fee 1 1 to 29.2.2016 to 28.2.2015 £000’s £000’s Accrued Safe custody fees 14 13 Interim distribution 12,540 9,846 Accrued Trustee’s fee 9 16 Final distribution 13,708 11,590 Amounts payable for cancellation of units 11,041 45 26,248 21,436 Currency purchases awaiting settlement 3,579 2,294 Add: Amounts deducted on cancellation of units 928 251 Custodian transaction costs 4 5 Less: Amounts received on issue of units (1,132) (1,007) Purchases awaiting settlement 5 ,10 4 9,970 Distributions 26,044 20,680 Total other creditors 20,055 12,753

11. Contingent Assets and Liabilities Net revenue after taxation 26,034 20,679 There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). Add: Equalisation on conversions 10 1 Distributions 26,044 20,680

Details of the interim and final distributions per unit are set out in the tables on page 414.

537 BlackRock Collective Investment Funds 538 Overseas Corporate Bond Tracker Notes to Financial Statements continued

12. Efficient Portfolio Management Techniques 13. 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 exercise significant influence over the other party in making financial or operational decisions. The Fund may, subject to the conditions and within the limits laid down by the Financial Conduct Authority and the Prospectus, engage in securities lending and employ techniques and The following entities were related parties of the Fund during the year ended 29 February 2016: instruments relating to transferable securities for efficient portfolio management purposes. Manager/Registrar: BlackRock Fund Managers Limited The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Investment Manager: BlackRock Investment Management (UK) Limited Advisors (UK) Limited which is a related party to the Fund. Securities lending agent: BlackRock Advisors (UK) Limited

During the year the Fund engaged in securities lending. The Fund receives either cash collateral or The Manager acts as either principal or agent for the Trustee in respect of all transactions of units securities as collateral for a value in excess of the market value of the securities loaned. As at the of the Fund. The aggregate monies received through issue and paid through cancellation of units 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts due to or from the Manager at the year end are disclosed in notes 9 and 10. Management The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The the Fund in any or all of the following collateral agents and central securities depositaries: Bank of balances due at the year end in respect of these fees are shown in note 10. Securities lending New York Mellon, Euroclear and JP Morgan, depending on the type of collateral the counterparty revenue earned by the Fund is disclosed in notes 4 and 12. needs to give as per the schedule in order to cover the required value of exposure. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing The Investment Manager monitors the fair value of the securities loaned and additional collateral arrangements with related parties (including, without limitation, brokers who are affiliated to the is obtained, if necessary. BlackRock Group), which may result in the Fund benefiting from research or execution services Securities lending revenue is split between the Fund and the securities lending agent in the ratio which the Investment Manager believes are useful in the investment decision-making or trade 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s execution process. Such research or execution services may include, without limitation and to the share. 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 The securities lending revenue earned during the year, the value of securities on loan at the year these services and the application of such benefits across a number of BlackRock managed funds, end and the value of collateral held at the year end for the Fund are shown below: it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into 29.2.2016 28.2.2015 these arrangements with brokers who are not affiliated to the BlackRock Group. £000’s £000’s As at 29 February 2016 and 28 February 2015, none of the unitholders: Revenue earned during the year 76 36 Value of securities on loan at the year end 21,838 11,208 (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or Value of collateral held on behalf of the Fund at the year end 24 ,178 12,412 (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Fund. The Fund’s securities lending borrowing counterparties are Barclays Bank Plc, BNP Paribas Arbitrage, Citigroup, Goldman Sachs, HSBC, JP Morgan Chase Securities Plc and Morgan Stanley & Co.

539 BlackRock Collective Investment Funds 540 Overseas Corporate Bond Tracker Notes to Financial Statements continued

14. Portfolio Transaction Costs For the year ended 28 February 2015

For the year ended 29 February 2016 Direct Transaction Costs

Total purchases 278,556 – – Total purchases including transaction costs 280,379 Total purchases including transaction costs 278,556 Direct Transaction Costs

Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Debt instruments 86,968 – – – – Debt instruments 156,818 – – – – Total sales 86,968 – –

Total sales 156,818 – – Total sales net of transaction costs 86,968 Total sales net of transaction costs 156,818 Total transaction costs 1 – Total transaction costs – – Total transaction costs as a % of average net assets 0.00% 0.00% Total transaction costs as a % of average net assets 0.00% 0.00% The above analysis covers direct transaction costs incurred by the Fund during the year. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. For the Fund’s investment transactions in debt and money market instruments any applicable transaction charges form part of the dealing spread for these instruments. Transactions in money market instruments to manage the Fund’s daily liquidity position are excluded from the analysis.

During the year the Fund utilised derivative instruments including futures contracts. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either incurred as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.34% (28 February 2015 – 0.34%).

541 BlackRock Collective Investment Funds 542 Overseas Corporate Bond Tracker Notes to Financial Statements BlackRock Overseas Government Bond Tracker Fund continued 15. Units in Issue About the Fund The movement in units in issue for the year ended 29 February 2016 is as follows:

A Accumulation L Accumulation X Income X Accumulation The BlackRock Overseas Government Bond Tracker Fund (the “Fund”) is a sub-fund of BlackRock Units Units Units Units Collective Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was Balance at the beginning of the year 659,590 679,0 6 6 ,161 26,269,305 10,240,144 authorised by the Financial Conduct Authority on 28 April 2010 and established on 28 January 2011. Issued during the year 168,950 13 8 ,173,397 26,848,267 – Cancelled during the year (451,019) (77,652,735) (36,776,681) – Investment Objective & Policy Converted during the year (6,644) (42,265,980) (16,339,933) 58,207,014 Balance at the end of the year 370,877 697,320,843 958 68,447,158 The aim of the Fund is to seek to achieve a total return for investors by tracking closely the performance of the JP Morgan Global Government Bond Index ex UK by investing in fixed income D Income D Accumulation H Income H Accumulation securities contained in the Index. Investment will be made directly into constituent issues and via other Units Units Units Units transferable securities giving exposure to such issues. The Fund may also invest in permitted money- Balance at the beginning of the year 17,623,347 17,4 6 9,137 491 9,755 market instruments, permitted deposits and units in collective investment schemes. Derivatives and Issued during the year 12,170,02 9 22,441,707 113,869 1,826,801 forward transactions may be used for the purposes of efficient portfolio management. Cancelled during the year (2,245,666) (8,695,911) (21,825) (750,376) Converted during the year 8,991 (1,161,901) – 2,610,214 Risk and Reward Profile Balance at the end of the year 27,556,701 30,053,032 92,535 3,696,394

Revenue is allocated each day pro rata to the capital value of assets attributable to each class and Lower risk Higher risk Typically lower rewards Typically higher rewards taxation is computed by reference to the net revenue after expenses attributable to each class. The Unit Class distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. A Accumulation 1 2 3 4 5 6 7 L Accumulation 1 2 3 4 5 6 7 16. Post Balance Sheet Events X Accumulation 1 2 3 4 5 6 7 There have been no significant events subsequent to the year end, which, in the opinion of the D Accumulation 1 2 3 4 5 6 7 Manager, may have had an impact on the financial statements for the year ended 29 February 2016. H Accumulation 1 2 3 4 5 6 7

`` The risk indicator was calculated incorporating 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.

543 BlackRock Collective Investment Funds 544 Overseas Government Bond Tracker Fund

This Annual Report covers the year ended 29 February 2016. Tracking Difference Tracking difference is defined as the difference in returns between a fund and its benchmark index. Performance Table

For the year For the three years For the five years The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold to 29.2.2016 to 29.2.2016 to 29.2.2016 every security or the exact concentration of a security in the benchmark index, but will aim to track the benchmark index as closely as possible and may use optimisation techniques to achieve their TOTAL Return (with net income reinvested) investment objective. # Class L Accumulation Units Cash management, sampling techniques, efficient portfolio management techniques including securities BlackRock Overseas Government Bond lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, Tracker Fund +14.6% +7.7% +19.7% these impacts can be either positive or negative depending on the underlying circumstances. JP Morgan Global Government Bond Index ex UK* +14.6% +8.7% +22.4% A fund’s tracking difference may be affected if the times at which a fund and its benchmark index are

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. priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time Performance returns are cumulative. All returns are in Sterling. the relevant markets close for business, the tracking difference of the Fund at its valuation point may # D Accumulation class was renamed as L Accumulation class during June 2012. * Figures from Index Vendor. 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 All financial investments involve an element of risk. Therefore, the value of your investment and benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: 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 Fund return Benchmark return for the year for the year Tracking a product. to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Before costs and after adjusting for a) the difference in valuation point of the Fund and the pricing point of the benchmark index 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 +14.58%* +14.57% 0.01% been in line with expectations.

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

545 BlackRock Collective Investment Funds 546 Overseas Government Bond Tracker Fund continued Overseas Government Bond Tracker Investment Report

Tracking Error Summary of Performance over the Period Realised tracking error is the annualised standard deviation of the difference in monthly returns During the period from 1 March 2015 to 29 February 2016, the Fund returned 14.6%,* compared with between a fund and its benchmark index. Tracking error shows the consistency of the returns relative its benchmark, the JP Morgan Global Government Bond Index ex UK, which also returned 14.6%. Before to the benchmark index over a defined period of time. costs and after adjusting for a) the difference in valuation point of the Fund and the pricing point of the benchmark index b) the tax incurred by the Fund which is not included in the benchmark index, Anticipated tracking error is based on the expected volatility of differences between the returns of a the performance of the Fund relative to the benchmark index has been in line with expectations. Over fund and the returns of its benchmark index. the six-month period to 29 February 2016, the Fund returned 15.7%,* marginally underperforming its benchmark, which returned 15.8%. The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every security or the exact concentration of a security in the benchmark index, but will aim to track Fund Manager’s Commentary the benchmark index as closely as possible and may use optimisation techniques to achieve their The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s investment objective. economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by Cash management, sampling techniques, efficient portfolio management techniques including 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s securities lending and transaction costs from rebalancing can also have an impact on tracking error growing confidence in employment and inflation prospects. By contrast, the European Central Bank as well as the return differential between the Fund and the benchmark index. Importantly, these extended its asset-purchase programme for another few months, as the region’s economy struggled impacts can be either positive or negative depending on the underlying circumstances. to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, lowered benchmark rates in a bid to stimulate growth. A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time the Global government bonds made solid gains over the year, confounding expectations that the prospect relevant markets close for business, the tracking error of the Fund at its valuation point may appear to of rising rates would undermine the asset class. Central bankers in the eurozone and UK kept interest be higher than if the Fund and the benchmark index were priced at the same time. rates low, while in emerging economies (including China and India), policymakers cut rates. Meanwhile, inflation in developed markets stayed very low. These factors provided a supportive backdrop for The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex government bonds, which also benefited from ‘safe haven’ status relative to equities, as stockmarkets ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking were very volatile. error is annualised and calculated using data from the preceding 36 month observation period. The Fund is structured to track its benchmark, the JP Morgan Global Government Bond Index ex UK Anticipated Realised closely, so its portfolio is positioned so that the risk characteristics are similar to those of the Index. Tracking Error Tracking Error Explanation for difference The Fund has tracked its benchmark index within its anticipated March 2016 Up to 4.00%* 1.68%* tracking error. * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units.

547 BlackRock Collective Investment Funds 548 Overseas Government Bond Tracker Performance Record

Comparative Table Comparative Table

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

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 Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 101.8 98.08 105.2 102.8 98.78 105.8 Opening net asset value per unit 98.91 94.92 101.5 102.4 98.39 105.3

Return before operating charges 15.22 4.24 (6.58) 15.32 4.24 (6.79) Return before operating charges 14.76 4.01 (6.56) 15.33 4 .19 (6.73)

Operating charges (0.53) (0.52) (0.54) (0.23) (0.22) (0.23) Operating charges (0.02) (0.02) (0.02) (0 .19) (0.18) (0.18)

Return after operating charges 14.69 3.72 (7.12 ) 15.09 4.02 (7.02) Return after operating charges 14.74 3.99 (6.58) 15 .14 4.01 (6.91)

Closing net asset value per unit 116.5 101.8 98.08 117.9 102.8 98.78 Closing net asset value per unit 113.7 98.91 94.92 117.5 102.4 98.39

Retained distributions on Retained distributions on accumulation units 0.73 0.84 1.06 0.99 1.09 1.33 accumulation units 1.11 1.21 1.45 1.03 1.12 1.36

After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00

Performance Performance

Return after charges1 14.43% 3.79% (6.77)% 14.68% 4.07% (6.64)% Return after charges1 14.90% 4.20% (6.48)% 14.79% 4.08% (6.56)%

Other information Other information

Closing net asset value (£000’s) 153 115 37 149,326 14 0 ,12 8 136,991 Closing net asset value (£000’s) 68,437 9,221 6,907 11,786 3,893 1,264

Closing number of units 131,287 113 ,15 8 37,551 126,663,499 136,357,027 138,679,612 Closing number of units 60,215,721 9,322,539 7,277,002 10,027,446 3,801,789 1,284,281

Operating charges2 0.52% 0.52% 0.52% 0.22% 0.22% 0.22% Operating charges2 0.02% 0.02% 0.02% 0 .18 % 0 .18 % 0 .17 %

Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Highest offer unit price 122.6 111.7 115.3 118.2 107.3 110.5 Highest offer unit price 113.9 103.3 105.9 117.8 107.0 110.0

Lowest bid unit price 96.67 96.84 96.66 97.67 97.61 97.32 Lowest bid unit price 94.05 93.85 93.49 97.33 97.24 96.92

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to * 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. consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 13 for further details. of equity instruments. See note 13 for further details.

549 BlackRock Collective Investment Funds 550 Overseas Government Bond Tracker Performance Record continued Overseas Government Bond Tracker Distribution Tables for the year ended 29 February 2016

Comparative Table Final Distribution in Pence per Unit

H Accumulation Units Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 September 2015 to 29 February 2016 For the period For the year from 2.9.2014^ to 29.2.2016 A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation to 28.2.2015 Units Units Units Units Units Pence per unit Pence per unit Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Change in net assets per unit Gross Revenue 0.4393 0.0273 0.6041 0 .15 8 6 0.6744 0.2379 0.6259 0.2374 0.6523 0 .18 9 3 Opening net asset value per unit 102.0 100.0 Income tax 0.0879 0.0055 0 .12 0 8 0.0317 0 .13 4 9 0.0476 0 .1252 0.0475 0 .13 0 5 0.0379 Return before operating charges 15.20 2 .10 Net revenue (interest) 0.3514 0.0218 0.4833 0 .12 6 9 0.5395 0 .19 0 3 0.5007 0 .18 9 9 0.5218 0 .1514 Operating charges (0 .12 ) (0 .10) Equalisation† – 0.3296 – 0.3564 – 0.3492 – 0.3108 – 0.3704 Return after operating charges 15.08 2.00 Distribution payable 30.4.2016 0.3514 0.3514 0.4833 0.4833 0.5395 0.5395 0.5007 0.5007 0.5218 0.5218 Closing net asset value per unit 117.1 102.0 Distribution paid 30.4.2015 0.4075 0.4075 0.5335 0.5335 0.5920 0.5920 0.5488 0.5488 0.6376 0.6376 Retained distributions on accumulation units 1.07 0.64 After direct transaction costs of 0.00 0.00 Interim Distribution in Pence per Unit Group 1 – Units purchased prior to 1 March 2015 Performance Group 2 – Units purchased 1 March 2015 to 31 August 2015 Return after charges1 14.78% 2.00% A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation Other information Units Units Units Units Units÷

Closing net asset value (£000’s) 3,580 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Closing number of units 3,057,370 1,479 Gross Revenue 0.4786 0.3858 0.6390 0.3364 0.7139 0.5345 0.6576 0.3695 0.6857 0.4116

2 Operating charges 0 .12 % 0 .10 % Income tax 0.0957 0.0772 0 .12 78 0.0673 0 .142 8 0 .10 6 9 0 .1315 0.0739 0 .1371 0.0823

3 Direct transaction costs 0.00% 0.00% Net revenue (interest) 0.3829 0.3086 0.5112 0.2691 0.5711 0.4276 0.5261 0.2956 0.5486 0.3293 † – 0.0743 – 0.2421 – 0 .14 3 5 – 0.2305 – 0.2193 Prices Pence per unit Pence per unit Equalisation 0.3829 0.3829 0.5112 0.5112 0.5711 0.5711 0.5261 0.5261 0.5486 0.5486 Highest offer unit price 123.3 111.8 Distribution paid 31.10.2015 0.4366 0.4366 0.5580 0.5580 0.6133 0.6133 0.5744 0.5744 N/A N/A Lowest bid unit price 96.96 98.56 Distribution paid 31.10.2014 † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included ^ The date of commencement of operations. 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 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as income tax but must be deducted from the cost of units for capital gains tax purposes. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing ÷ H Accumulation class commenced September 2014. prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 13 for further details.

551 BlackRock Collective Investment Funds 552 Overseas Government Bond Tracker Portfolio Statement at 29 February 2016

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets BONDS – 99.12%; 2015 99.38% CA$220,000 Canada (Government) 3.75% Debentures 1/6/2019 129 0.06 CA$290,000 Canada (Government) 4% Debentures 1/6/2041 216 0.09 Australian Dollar Denominated Fixed Rate Government Bonds – 1.28%; 2015 1.28% CA$160,000 Canada (Government) 5% Debentures 1/6/2037 130 0.06 AU$650,000 Australia (Commonwealth) 1.75% Bonds 21/11/2020 333 0.14 CA$185,000 Canada (Government) 5.75% Debentures 1/6/2029 148 0.06 AU$200,000 Australia (Commonwealth) 2.75% Bonds 21/10/2019 107 0.05 CA$255,000 Canada (Government) 5.75% Debentures 1/6/2033 215 0.09 AU$370,000 Australia (Commonwealth) 2.75% Bonds 21/4/2024 197 0.08 CA$45,000 Canada (Government) 8% Debentures 1/6/2027 41 0.02 AU$100,000 Australia (Commonwealth) 2.75% Bonds 21/6/2035 50 0.02 AU$180,000 Australia (Commonwealth) 3.25% Bonds 21/10/2018 96 0.04 2,844 1.24 AU$650,000 Australia (Commonwealth) 3.25% Bonds 21/4/2025 360 0.15 Danish Krone Denominated Fixed Rate Government Bonds – 0.46%; 2015 0.55% AU$150,000 Australia (Commonwealth) 3.25% Bonds 21/4/2029 83 0.04 DKK 680,000 Denmark (Kingdom) 1.5% Bonds 15/11/2023 79 0.03 AU$100,000 Australia (Commonwealth) 3.25% Bonds 21/6/2039 53 0.02 DKK 1,800,000 Denmark (Kingdom) 1.75% Bonds 15/11/2025 213 0.09 AU$100,000 Australia (Commonwealth) 3.75% Bonds 21/4/2037 58 0.02 DKK 2,050,000 Denmark (Kingdom) 3% Bonds 15/11/2021 254 0.11 AU$250,000 Australia (Commonwealth) 4.25% Bonds 21/7/2017 133 0.06 DKK 250,000 Denmark (Kingdom) 4% Bonds 15/11/2017 28 0.01 AU$430,000 Australia (Commonwealth) 4.25% Bonds 21/4/2026 257 0.11 DKK 1,110,000 Denmark (Kingdom) 4% Bonds 15/11/2019 135 0.06 AU$310,000 Australia (Commonwealth) 4.5% Bonds 15/4/2020 177 0.08 DKK 1,750,000 Denmark (Kingdom) 4.5% Bonds 15/11/2039 323 0.14 AU$150,000 Australia (Commonwealth) 4.5% Bonds 21/4/2033 95 0.04 DKK 281,000 Denmark (Kingdom) 7% Bonds 10/11/2024 47 0.02 AU$260,000 Australia (Commonwealth) 4.75% Bonds 21/4/2027 164 0.07 1,079 0.46 AU$310,000 Australia (Commonwealth) 5.25% Bonds 15/3/2019 176 0.08 AU$190,000 Australia (Commonwealth) 5.5% Bonds 21/1/2018 105 0.05 Euro Denominated Fixed Rate Government Bonds – 28.21%; 2015 29.09% AU$300,000 Australia (Commonwealth) 5.5% Bonds 21/4/2023 188 0.08 €300,000 Belgium (Kingdom) 0.8% Bonds 22/6/2025 244 0.10 AU$360,000 Australia (Commonwealth) 5.75% Bonds 15/5/2021 220 0.09 €100,000 Belgium (Kingdom) 1% Bonds 22/6/2026 82 0.04 AU$215,000 Australia (Commonwealth) 5.75% Bonds 15/7/2022 135 0.06 €70,000 Belgium (Kingdom) 1% Bonds 22/6/2031 55 0.02 2,987 1.28 €280,000 Belgium (Kingdom) 1.25% Bonds 22/6/2018 229 0.10 €50,000 Belgium (Kingdom) 1.9% Bonds 22/6/2038 43 0.02 Canadian Dollar Denominated Fixed Rate Government Bonds – 1.24%; 2015 1.41% €190,000 Belgium (Kingdom) 2.25% Bonds 22/6/2023 173 0.07 CA$250,000 Canada (Government) 0.25% Bonds 1/11/2017 133 0.06 €320,000 Belgium (Kingdom) 2.6% Bonds 22/6/2024 300 0.13 CA$190,000 Canada (Government) 0.75% Bonds 1/9/2020 102 0.04 €210,000 Belgium (Kingdom) 3% Bonds 28/9/2019 185 0.08 CA$220,000 Canada (Government) 1.5% Bonds 1/6/2026 119 0.05 €70,000 Belgium (Kingdom) 3% Bonds 22/6/2034 72 0.03 CA$70,000 Canada (Government) 2.75% Bonds 1/12/2048 44 0.02 €240,000 Belgium (Kingdom) 3.5% Bonds 28/6/2017 198 0.08 CA$200,000 Canada (Government) 1.25% Debentures 1/2/2018 108 0.05 €200,000 Belgium (Kingdom) 3.75% Bonds 28/9/2020 187 0.08 CA$220,000 Canada (Government) 1.5% Debentures 1/2/2017 118 0.05 €150,000 Belgium (Kingdom) 3.75% Bonds 22/6/2045 182 0.08 CA$295,000 Canada (Government) 1.5% Debentures 1/3/2017 159 0.07 €170,000 Belgium (Kingdom) 4% Bonds 28/3/2017 140 0.06 CA$250,000 Canada (Government) 1.5% Debentures 1/9/2017 135 0.06 €190,000 Belgium (Kingdom) 4% Bonds 28/3/2018 163 0.07 CA$320,000 Canada (Government) 1.5% Notes 1/6/2023 176 0.08 €320,000 Belgium (Kingdom) 4% Bonds 28/3/2019 286 0.12 CA$200,000 Canada (Government) 1.75% Debentures 1/3/2019 110 0.05 €160,000 Belgium (Kingdom) 4% Bonds 28/3/2022 157 0.07 CA$240,000 Canada (Government) 1.75% Debentures 1/9/2019 133 0.06 €160,000 Belgium (Kingdom) 4% Bonds 28/3/2032 181 0.08 CA$130,000 Canada (Government) 2.25% Debentures 1/6/2025 76 0.03 €330,000 Belgium (Kingdom) 4.25% Bonds 28/9/2021 324 0.14 CA$220,000 Canada (Government) 2.5% Debentures 1/6/2024 130 0.06 €270,000 Belgium (Kingdom) 4.25% Bonds 28/9/2022 273 0.12 CA$120,000 Canada (Government) 2.75% Debentures 1/6/2022 71 0.03 €260,000 Belgium (Kingdom) 4.25% Bonds 28/3/2041 331 0.14 CA$60,000 Canada (Government) 2.75% Debentures 1/12/2064 40 0.02 €120,000 Belgium (Kingdom) 4.5% Bonds 28/3/2026 132 0.06 CA$200,000 Canada (Government) 3.25% Debentures 1/6/2021 120 0.05 €310,000 Belgium (Kingdom) 5% Bonds 28/3/2035 404 0.17 CA$85,000 Canada (Government) 3.5% Debentures 1/6/2020 51 0.02 €210,000 Belgium (Kingdom) 5.5% Bonds 28/3/2028 256 0.11 CA$195,000 Canada (Government) 3.5% Debentures 1/12/2045 140 0.06 €300,000 France (Government) 0% Bonds 25/2/2018 238 0.10

553 BlackRock Collective Investment Funds 554 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 £000’s Assets Value Investment £000’s Assets €800,000 France (Government) 0% Bonds 25/5/2020 636 0.27 €400,000 Germany (Federal Republic) 0.25% Bonds 13/4/2018 320 0.14 €170,000 France (Government) 0.25% Bonds 25/11/2020 137 0.06 €300,000 Germany (Federal Republic) 0.25% Bonds 11/10/2019 242 0.10 €550,000 France (Government) 0.5% Bonds 25/11/2019 446 0.19 €200,000 Germany (Federal Republic) 0.25% Bonds 16/10/2020 162 0.07 €850,000 France (Government) 0.5% Bonds 25/5/2025 675 0.29 €330,000 Germany (Federal Republic) 0.5% Bonds 7/4/2017 262 0.11 €300,000 France (Government) 1% Bonds 25/7/2017 241 0.10 €550,000 Germany (Federal Republic) 0.5% Bonds 13/10/2017 439 0.19 €410,000 France (Government) 1% Bonds 25/5/2018 332 0.14 €60,000 Germany (Federal Republic) 0.5% Bonds 23/2/2018 48 0.02 €360,000 France (Government) 1% Bonds 25/11/2018 294 0.13 €320,000 Germany (Federal Republic) 0.5% Bonds 12/4/2019 260 0.11 €400,000 France (Government) 1% Bonds 25/5/2019 328 0.14 €340,000 Germany (Federal Republic) 0.5% Bonds 15/2/2025 279 0.12 €250,000 France (Government) 1% Bonds 25/11/2025 207 0.09 €190,000 Germany (Federal Republic) 0.5% Bonds 15/2/2026 155 0.07 €120,000 France (Government) 1.5% Bonds 25/5/2031 101 0.04 €260,000 Germany (Federal Republic) 1% Bonds 12/10/2018 213 0.09 €450,000 France (Government) 1.75% Bonds 25/5/2023 397 0.17 €290,000 Germany (Federal Republic) 1% Bonds 22/2/2019 238 0.10 €430,000 France (Government) 1.75% Bonds 25/11/2024 381 0.16 €200,000 Germany (Federal Republic) 1% Bonds 15/8/2024 172 0.07 €495,000 France (Government) 2.25% Bonds 25/10/2022 448 0.19 €380,000 Germany (Federal Republic) 1% Bonds 15/8/2025 326 0.14 €785,000 France (Government) 2.25% Bonds 25/5/2024 721 0.31 €315,000 Germany (Federal Republic) 1.5% Bonds 4/9/2022 277 0.12 €375,000 France (Government) 2.5% Bonds 25/10/2020 332 0.14 €255,000 Germany (Federal Republic) 1.5% Bonds 15/2/2023 225 0.10 €395,000 France (Government) 2.5% Bonds 25/5/2030 376 0.16 €280,000 Germany (Federal Republic) 1.5% Bonds 15/5/2023 248 0.11 €715,000 France (Government) 2.75% Bonds 25/10/2027 691 0.30 €210,000 Germany (Federal Republic) 1.5% Bonds 15/5/2024 187 0.08 €505,000 France (Government) 3% Bonds 25/4/2022 472 0.20 €205,000 Germany (Federal Republic) 1.75% Bonds 4/7/2022 182 0.08 €855,000 France (Government) 3.25% Bonds 25/10/2021 801 0.34 €370,000 Germany (Federal Republic) 1.75% Bonds 15/2/2024 335 0.14 €270,000 France (Government) 3.25% Bonds 25/5/2045 303 0.13 €85,000 Germany (Federal Republic) 2% Bonds 4/1/2022 76 0.03 €370,000 France (Government) 3.5% Bonds 25/4/2020 337 0.14 €650,000 Germany (Federal Republic) 2% Bonds 15/8/2023 596 0.26 €390,000 France (Government) 3.5% Bonds 25/4/2026 397 0.17 €300,000 Germany (Federal Republic) 2.25% Bonds 4/9/2020 265 0.11 €650,000 France (Government) 3.75% Bonds 25/4/2017 536 0.23 €120,000 Germany (Federal Republic) 2.25% Bonds 4/9/2021 108 0.05 €535,000 France (Government) 3.75% Bonds 25/10/2019 483 0.21 €490,000 Germany (Federal Republic) 2.5% Bonds 4/1/2021 440 0.19 €650,000 France (Government) 3.75% Bonds 25/4/2021 615 0.26 €210,000 Germany (Federal Republic) 2.5% Bonds 4/7/2044 237 0.10 €560,000 France (Government) 4% Bonds 25/4/2018 482 0.21 €240,000 Germany (Federal Republic) 2.5% Bonds 15/8/2046 274 0.12 €370,000 France (Government) 4% Bonds 25/10/2038 445 0.19 €305,000 Germany (Federal Republic) 3% Bonds 4/7/2020 276 0.12 €265,000 France (Government) 4% Bonds 25/4/2055 354 0.15 €300,000 Germany (Federal Republic) 3.25% Bonds 4/1/2020 270 0.12 €175,000 France (Government) 4% Bonds 25/4/2060 238 0.10 €335,000 Germany (Federal Republic) 3.25% Bonds 4/7/2021 315 0.14 €510,000 France (Government) 4.25% Bonds 25/10/2017 432 0.19 €230,000 Germany (Federal Republic) 3.25% Bonds 4/7/2042 288 0.12 €510,000 France (Government) 4.25% Bonds 25/10/2018 450 0.19 €250,000 Germany (Federal Republic) 3.5% Bonds 4/7/2019 223 0.10 €610,000 France (Government) 4.25% Bonds 25/4/2019 549 0.24 €280,000 Germany (Federal Republic) 4% Bonds 4/1/2018 239 0.10 €575,000 France (Government) 4.25% Bonds 25/10/2023 595 0.26 €370,000 Germany (Federal Republic) 4% Bonds 4/1/2037 478 0.20 €445,000 France (Government) 4.5% Bonds 25/4/2041 586 0.25 €380,000 Germany (Federal Republic) 4.25% Bonds 4/7/2018 332 0.14 €350,000 France (Government) 4.75% Bonds 25/4/2035 445 0.19 €190,000 Germany (Federal Republic) 4.25% Bonds 4/7/2039 262 0.11 €495,000 France (Government) 5.5% Bonds 25/4/2029 617 0.26 €160,000 Germany (Federal Republic) 4.75% Bonds 4/7/2028 195 0.08 €465,000 France (Government) 5.75% Bonds 25/10/2032 630 0.27 €320,000 Germany (Federal Republic) 4.75% Bonds 4/7/2034 434 0.19 €240,000 France (Government) 6% Bonds 25/10/2025 290 0.12 €320,000 Germany (Federal Republic) 4.75% Bonds 4/7/2040 477 0.20 €600,000 Germany (Federal Republic) 0% Bonds 16/6/2017 475 0.20 €310,000 Germany (Federal Republic) 5.5% Bonds 4/1/2031 421 0.18 €150,000 Germany (Federal Republic) 0% Bonds 15/9/2017 119 0.05 €280,000 Germany (Federal Republic) 5.625% Bonds 4/1/2028 360 0.15 €300,000 Germany (Federal Republic) 0% Bonds 15/12/2017 238 0.10 €150,000 Germany (Federal Republic) 6.25% Bonds 4/1/2024 178 0.08 €730,000 Germany (Federal Republic) 0% Bonds 17/4/2020 585 0.25 €130,000 Germany (Federal Republic) 6.25% Bonds 4/1/2030 184 0.08

555 BlackRock Collective Investment Funds 556 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 £000’s Assets Value Investment £000’s Assets €50,000 Germany (Federal Republic) 6.5% Bonds 4/7/2027 67 0.03 €306,000 Italy (Republic) 5% Bonds 1/9/2040 353 0.15 €250,000 Italy (Republic) 0.65% Bonds 1/11/2020 198 0.08 €430,000 Italy (Republic) 5.25% Bonds 1/8/2017 363 0.16 €180,000 Italy (Republic) 0.7% Bonds 1/5/2020 144 0.06 €410,000 Italy (Republic) 5.25% Bonds 1/11/2029 454 0.19 €1,000,000 Italy (Republic) 0.75% Bonds 15/1/2018 797 0.34 €820,000 Italy (Republic) 5.5% Bonds 1/9/2022 832 0.36 €150,000 Italy (Republic) 1.15% Bonds 15/5/2017 120 0.05 €350,000 Italy (Republic) 5.5% Bonds 1/11/2022 356 0.15 €200,000 Italy (Republic) 1.35% Bonds 15/4/2022 163 0.07 €395,000 Italy (Republic) 5.75% Bonds 1/2/2033 473 0.20 €200,000 Italy (Republic) 1.45% Bonds 15/9/2022 163 0.07 €550,000 Italy (Republic) 6% Bonds 1/5/2031 659 0.28 €400,000 Italy (Republic) 1.5% Bonds 1/8/2019 328 0.14 €300,000 Italy (Republic) 6.5% Bonds 1/11/2027 355 0.15 €430,000 Italy (Republic) 1.5% Bonds 1/6/2025 342 0.15 €200,000 Italy (Republic) 7.25% Bonds 1/11/2026 245 0.10 €410,000 Italy (Republic) 2% Bonds 1/12/2025 338 0.14 €150,000 Italy (Republic) 9% Bonds 1/11/2023 186 0.08 €390,000 Italy (Republic) 2.15% Bonds 15/12/2021 332 0.14 €280,000 Netherlands (Kingdom) 0% Bonds 15/4/2018 222 0.10 €1,120,000 Italy (Republic) 2.25% Bonds 31/7/2021 847 0.36 €130,000 Netherlands (Kingdom) 0.25% Bonds 15/1/2020 105 0.05 €530,000 Italy (Republic) 2.5% Bonds 1/5/2019 448 0.19 €300,000 Netherlands (Kingdom) 0.25% Bonds 15/7/2025 236 0.10 €220,000 Italy (Republic) 2.5% Bonds 1/12/2024 190 0.08 €250,000 Netherlands (Kingdom) 1.25% Bonds 15/1/2018 203 0.09 €180,000 Italy (Republic) 3.25% Bonds 1/9/2046 163 0.07 €250,000 Netherlands (Kingdom) 1.25% Bonds 15/1/2019 206 0.09 €400,000 Italy (Republic) 3.5% Bonds 1/11/2017 333 0.14 €180,000 Netherlands (Kingdom) 1.75% Bonds 15/7/2023 160 0.07 €550,000 Italy (Republic) 3.5% Bonds 1/6/2018 466 0.20 €240,000 Netherlands (Kingdom) 2% Bonds 15/7/2024 219 0.09 €660,000 Italy (Republic) 3.5% Bonds 1/12/2018 567 0.24 €230,000 Netherlands (Kingdom) 2.25% Bonds 15/7/2022 209 0.09 €260,000 Italy (Republic) 3.5% Bonds 1/3/2030 246 0.11 €220,000 Netherlands (Kingdom) 2.5% Bonds 15/1/2033 222 0.10 €420,000 Italy (Republic) 3.75% Bonds 1/3/2021 383 0.16 €170,000 Netherlands (Kingdom) 2.75% Bonds 15/1/2047 197 0.08 €250,000 Italy (Republic) 3.75% Bonds 1/5/2021 228 0.10 €280,000 Netherlands (Kingdom) 3.25% Bonds 15/7/2021 262 0.11 €580,000 Italy (Republic) 3.75% Bonds 1/8/2021 532 0.23 €200,000 Netherlands (Kingdom) 3.5% Bonds 15/7/2020 184 0.08 €250,000 Italy (Republic) 3.75% Bonds 1/9/2024 235 0.10 €160,000 Netherlands (Kingdom) 3.75% Bonds 15/1/2023 159 0.07 €380,000 Italy (Republic) 4% Bonds 1/9/2020 347 0.15 €250,000 Netherlands (Kingdom) 3.75% Bonds 15/1/2042 327 0.14 €470,000 Italy (Republic) 4% Bonds 1/2/2037 473 0.20 €400,000 Netherlands (Kingdom) 4% Bonds 15/7/2018 348 0.15 €375,000 Italy (Republic) 4.25% Bonds 1/2/2019 330 0.14 €250,000 Netherlands (Kingdom) 4% Bonds 15/7/2019 226 0.10 €420,000 Italy (Republic) 4.25% Bonds 1/9/2019 376 0.16 €205,000 Netherlands (Kingdom) 4% Bonds 15/1/2037 260 0.11 €280,000 Italy (Republic) 4.25% Bonds 1/3/2020 255 0.11 €230,000 Netherlands (Kingdom) 4.5% Bonds 15/7/2017 193 0.08 €330,000 Italy (Republic) 4.5% Bonds 1/3/2019 293 0.13 €165,000 Netherlands (Kingdom) 5.5% Bonds 15/1/2028 205 0.09 €280,000 Italy (Republic) 4.5% Bonds 1/2/2020 256 0.11 €125,000 Netherlands (Kingdom) 7.5% Bonds 15/1/2023 150 0.06 €225,000 Italy (Republic) 4.5% Bonds 1/5/2023 220 0.09 €325,000 Spain (Kingdom) 0.25% Bonds 30/4/2018 256 0.11 €220,000 Italy (Republic) 4.5% Bonds 1/3/2024 216 0.09 €550,000 Spain (Kingdom) 1.15% Bonds 30/7/2020 444 0.19 €360,000 Italy (Republic) 4.5% Bonds 1/3/2026 363 0.16 €295,000 Spain (Kingdom) 1.4% Bonds 31/1/2020 241 0.10 €210,000 Italy (Republic) 4.75% Bonds 1/6/2017 175 0.07 €250,000 Spain (Kingdom) 1.6% Bonds 30/4/2025 198 0.08 €305,000 Italy (Republic) 4.75% Bonds 1/9/2021 293 0.13 €150,000 Spain (Kingdom) 1.95% Bonds 30/4/2026 121 0.05 €275,000 Italy (Republic) 4.75% Bonds 1/8/2023 273 0.12 €190,000 Spain (Kingdom) 1.95% Bonds 30/7/2030 147 0.06 €370,000 Italy (Republic) 4.75% Bonds 1/9/2028 388 0.17 €295,000 Spain (Kingdom) 2.1% Bonds 30/4/2017 238 0.10 €280,000 Italy (Republic) 4.75% Bonds 1/9/2044 320 0.14 €305,000 Spain (Kingdom) 2.15% Bonds 31/10/2025 252 0.11 €300,000 Italy (Republic) 5% Bonds 1/3/2022 294 0.13 €650,000 Spain (Kingdom) 2.75% Bonds 30/4/2019 551 0.24 €310,000 Italy (Republic) 5% Bonds 1/3/2025 319 0.14 €250,000 Spain (Kingdom) 2.75% Bonds 31/10/2024 217 0.09 €260,000 Italy (Republic) 5% Bonds 1/8/2034 292 0.13 €365,000 Spain (Kingdom) 3.75% Bonds 31/10/2018 314 0.13 €335,000 Italy (Republic) 5% Bonds 1/8/2039 388 0.17 €300,000 Spain (Kingdom) 3.8% Bonds 30/4/2024 279 0.12

557 BlackRock Collective Investment Funds 558 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 £000’s Assets Value Investment £000’s Assets €320,000 Spain (Kingdom) 4% Bonds 30/4/2020 288 0.12 ¥50,000,000 Japan (Government) 0.4% Bonds 20/3/2018 324 0.14 €215,000 Spain (Kingdom) 4.1% Bonds 30/7/2018 185 0.08 ¥50,000,000 Japan (Government) 0.4% Bonds 20/6/2018 324 0.14 €245,000 Spain (Kingdom) 4.2% Bonds 31/1/2037 247 0.11 ¥50,000,000 Japan (Government) 0.4% Bonds 20/6/2025 334 0.14 €260,000 Spain (Kingdom) 4.3% Bonds 31/10/2019 233 0.10 ¥61,000,000 Japan (Government) 0.5% Bonds 20/9/2024 411 0.18 €650,000 Spain (Kingdom) 4.4% Bonds 31/10/2023 628 0.27 ¥76,000,000 Japan (Government) 0.5% Bonds 20/12/2024 513 0.22 €430,000 Spain (Kingdom) 4.5% Bonds 31/1/2018 367 0.16 ¥85,000,000 Japan (Government) 0.6% Bonds 20/3/2023 575 0.25 €265,000 Spain (Kingdom) 4.6% Bonds 30/7/2019 238 0.10 ¥12,500,000 Japan (Government) 0.6% Bonds 20/9/2023 85 0.04 €260,000 Spain (Kingdom) 4.65% Bonds 30/7/2025 260 0.11 ¥57,000,000 Japan (Government) 0.6% Bonds 20/12/2023 387 0.17 €155,000 Spain (Kingdom) 4.7% Bonds 30/7/2041 169 0.07 ¥40,000,000 Japan (Government) 0.6% Bonds 20/3/2024 272 0.12 €220,000 Spain (Kingdom) 4.8% Bonds 31/1/2024 218 0.09 ¥40,000,000 Japan (Government) 0.6% Bonds 20/6/2024 272 0.12 €230,000 Spain (Kingdom) 4.85% Bonds 31/10/2020 216 0.09 ¥33,000,000 Japan (Government) 0.7% Bonds 20/12/2022 224 0.10 €280,000 Spain (Kingdom) 4.9% Bonds 30/7/2040 311 0.13 ¥42,000,000 Japan (Government) 0.8% Bonds 20/9/2020 281 0.12 €320,000 Spain (Kingdom) 5.15% Bonds 31/10/2028 342 0.15 ¥128,000,000 Japan (Government) 0.8% Bonds 20/6/2022 871 0.37 €190,000 Spain (Kingdom) 5.15% Bond 31/10/2044 222 0.10 ¥127,000,000 Japan (Government) 0.8% Bonds 20/9/2022 866 0.37 €275,000 Spain (Kingdom) 5.4% Bonds 31/1/2023 278 0.12 ¥60,000,000 Japan (Government) 0.8% Bonds 20/12/2022 410 0.18 €280,000 Spain (Kingdom) 5.5% Bonds 30/7/2017 237 0.10 ¥78,000,000 Japan (Government) 0.8% Bonds 20/6/2023 536 0.23 €360,000 Spain (Kingdom) 5.5% Bonds 30/4/2021 352 0.15 ¥15,000,000 Japan (Government) 0.8% Bonds 20/9/2023 103 0.04 €285,000 Spain (Kingdom) 5.75% Bonds 30/7/2032 334 0.14 ¥33,000,000 Japan (Government) 0.9% Bonds 20/3/2022 225 0.10 €250,000 Spain (Kingdom) 5.85% Bonds 31/1/2022 253 0.11 ¥62,000,000 Japan (Government) 0.9% Bonds 20/6/2022 424 0.18 €300,000 Spain (Kingdom) 5.9% Bonds 30/7/2026 330 0.14 ¥45,000,000 Japan (Government) 1% Bonds 20/9/2020 304 0.13 €300,000 Spain (Kingdom) 6% Bonds 31/1/2029 345 0.15 ¥64,000,000 Japan (Government) 1% Bonds 20/9/2021 437 0.19 65,931 28.21 ¥89,500,000 Japan (Government) 1% Bonds 20/12/2021 613 0.26 ¥60,000,000 Japan (Government) 1% Bonds 20/3/2022 412 0.18 Japanese Yen Denominated Fixed Rate Government Bonds – 24.56%; 2015 23.62% ¥144,700,000 Japan (Government) 1.1% Bonds 20/6/2020 978 0.42 ¥25,000,000 Japan (Government) 0.1% Bonds 15/6/2017 160 0.07 ¥38,000,000 Japan (Government) 1.1% Bonds 20/3/2021 259 0.11 ¥90,000,000 Japan (Government) 0.1% Bonds 20/12/2017 579 0.25 ¥15,000,000 Japan (Government) 1.1% Bonds 20/6/2021 103 0.04 ¥95,000,000 Japan (Government) 0.1% Bonds 20/3/2018 612 0.26 ¥10,000,000 Japan (Government) 1.1% Bonds 20/3/2033 72 0.03 ¥22,000,000 Japan (Government) 0.1% Bonds 20/6/2019 142 0.06 ¥109,000,000 Japan (Government) 1.2% Bonds 20/12/2020 745 0.32 ¥35,000,000 Japan (Government) 0.1% Bonds 20/9/2019 226 0.10 ¥68,000,000 Japan (Government) 1.2% Bonds 20/6/2021 468 0.20 ¥80,000,000 Japan (Government) 0.1% Bonds 20/12/2019 518 0.22 ¥43,000,000 Japan (Government) 1.2% Bonds 20/12/2034 310 0.13 ¥150,000,000 Japan (Government) 0.2% Bonds 20/3/2017 962 0.41 ¥45,000,000 Japan (Government) 1.2% Bonds 20/3/2035 324 0.14 ¥90,000,000 Japan (Government) 0.2% Bonds 20/6/2017 578 0.25 ¥90,000,000 Japan (Government) 1.3% Bonds 20/12/2019 609 0.26 ¥81,000,000 Japan (Government) 0.2% Bonds 20/9/2017 521 0.22 ¥27,500,000 Japan (Government) 1.3% Bonds 20/3/2020 187 0.08 ¥75,000,000 Japan (Government) 0.2% Bonds 20/12/2017 483 0.21 ¥42,000,000 Japan (Government) 1.3% Bonds 20/6/2020 286 0.12 ¥40,000,000 Japan (Government) 0.2% Bonds 20/9/2018 259 0.11 ¥60,000,000 Japan (Government) 1.3% Bonds 20/3/2021 413 0.18 ¥133,000,000 Japan (Government) 0.2% Bonds 20/12/2018 861 0.37 ¥41,000,000 Japan (Government) 1.3% Bonds 20/6/2035 299 0.13 ¥105,000,000 Japan (Government) 0.2% Bonds 20/3/2019 680 0.29 ¥60,000,000 Japan (Government) 1.4% Bonds 20/12/2018 401 0.17 ¥50,000,000 Japan (Government) 0.2% Bonds 20/6/2019 324 0.14 ¥25,400,000 Japan (Government) 1.4% Bonds 20/6/2019 171 0.07 ¥140,000,000 Japan (Government) 0.2% Bonds 20/9/2019 909 0.39 ¥92,000,000 Japan (Government) 1.4% Bonds 20/9/2019 623 0.27 ¥85,600,000 Japan (Government) 0.3% Bonds 20/3/2017 550 0.24 ¥70,000,000 Japan (Government) 1.4% Bonds 20/3/2020 477 0.20 ¥18,000,000 Japan (Government) 0.3% Bonds 20/3/2018 116 0.05 ¥25,000,000 Japan (Government) 1.4% Bonds 20/12/2022 178 0.08 ¥60,000,000 Japan (Government) 0.3% Bonds 20/6/2018 388 0.17 ¥45,000,000 Japan (Government) 1.4% Bonds 20/9/2034 335 0.14 ¥60,000,000 Japan (Government) 0.3% Bonds 20/12/2024 398 0.17

559 BlackRock Collective Investment Funds 560 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 £000’s Assets Value Investment £000’s Assets ¥27,000,000 Japan (Government) 1.4% Bonds 20/9/2045 195 0.08 ¥27,000,000 Japan (Government) 1.8% Bonds 20/6/2030 212 0.09 ¥17,000,000 Japan (Government) 1.4% Bonds 20/3/2055 122 0.05 ¥20,000,000 Japan (Government) 1.8% Bonds 20/9/2030 157 0.07 ¥65,000,000 Japan (Government) 1.5% Bonds 20/12/2017 428 0.18 ¥22,000,000 Japan (Government) 1.9% Bonds 20/9/2030 175 0.08 ¥40,000,000 Japan (Government) 1.5% Bonds 20/6/2018 266 0.11 ¥30,000,000 Japan (Government) 1.9% Bonds 20/3/2031 239 0.10 ¥60,000,000 Japan (Government) 1.5% Bonds 20/9/2018 401 0.17 ¥17,000,000 Japan (Government) 1.8% Bonds 20/6/2031 134 0.06 ¥20,000,000 Japan (Government) 1.5% Bonds 20/6/2019 135 0.06 ¥53,000,000 Japan (Government) 1.8% Bonds 20/9/2031 419 0.18 ¥12,000,000 Japan (Government) 1.5% Bonds 20/6/2032 91 0.04 ¥15,000,000 Japan (Government) 1.8% Bonds 20/12/2031 119 0.05 ¥20,000,000 Japan (Government) 1.5% Bonds 20/3/2033 152 0.07 ¥33,500,000 Japan (Government) 1.8% Bonds 20/3/2032 265 0.11 ¥53,500,000 Japan (Government) 1.5% Bonds 20/3/2034 406 0.17 ¥25,000,000 Japan (Government) 1.8% Bonds 20/12/2032 198 0.08 ¥42,000,000 Japan (Government) 1.5% Bonds 20/6/2034 318 0.14 ¥69,000,000 Japan (Government) 1.9% Bonds 20/9/2042 554 0.24 ¥25,000,000 Japan (Government) 1.5% Bonds 20/12/2044 185 0.08 ¥40,000,000 Japan (Government) 1.8% Bonds 20/3/2043 316 0.14 ¥31,000,000 Japan (Government) 1.5% Bonds 20/3/2045 229 0.10 ¥31,000,000 Japan (Government) 1.9% Bonds 20/6/2043 250 0.11 ¥30,000,000 Japan (Government) 1.6% Bonds 20/6/2030 230 0.10 ¥15,000,000 Japan (Government) 1.8% Bonds 20/9/2043 119 0.05 ¥20,000,000 Japan (Government) 1.6% Bonds 20/3/2032 154 0.07 ¥15,000,000 Japan (Government) 1.9% Bonds 20/3/2053 123 0.05 ¥20,000,000 Japan (Government) 1.6% Bonds 20/6/2032 154 0.07 ¥40,000,000 Japan (Government) 2% Bonds 21/3/2022 290 0.12 ¥42,000,000 Japan (Government) 1.6% Bonds 20/3/2033 324 0.14 ¥27,000,000 Japan (Government) 2% Bonds 20/12/2024 205 0.09 ¥33,000,000 Japan (Government) 1.6% Bonds 20/12/2033 254 0.11 ¥24,500,000 Japan (Government) 2% Bonds 20/6/2025 187 0.08 ¥18,000,000 Japan (Government) 1.6% Bonds 20/6/2045 136 0.06 ¥45,000,000 Japan (Government) 2% Bonds 20/12/2025 346 0.15 ¥9,000,000 Japan (Government) 1.7% Bonds 20/3/2017 59 0.03 ¥20,000,000 Japan (Government) 2% Bonds 20/6/2030 161 0.07 ¥52,800,000 Japan (Government) 1.7% Bonds 20/9/2017 347 0.15 ¥25,000,000 Japan (Government) 2% Bonds 20/12/2030 201 0.09 ¥46,000,000 Japan (Government) 1.7% Bonds 20/3/2018 306 0.13 ¥20,000,000 Japan (Government) 2% Bonds 20/3/2031 161 0.07 ¥75,000,000 Japan (Government) 1.7% Bonds 20/6/2018 501 0.21 ¥46,950,000 Japan (Government) 2% Bonds 20/9/2040 383 0.16 ¥23,000,000 Japan (Government) 1.7% Bonds 20/9/2031 180 0.08 ¥47,500,000 Japan (Government) 2% Bonds 20/9/2041 388 0.17 ¥39,000,000 Japan (Government) 1.7% Bonds 20/12/2031 304 0.13 ¥38,650,000 Japan (Government) 2% Bonds 20/3/2042 316 0.14 ¥10,000,000 Japan (Government) 1.7% Bonds 20/3/2032 78 0.03 ¥24,000,000 Japan (Government) 2% Bonds 20/3/2052 201 0.09 ¥17,000,000 Japan (Government) 1.7% Bonds 20/6/2032 133 0.06 ¥50,000,000 Japan (Government) 2.1% Bonds 20/3/2024 378 0.16 ¥46,000,000 Japan (Government) 1.7% Bonds 20/9/2032 360 0.15 ¥33,000,000 Japan (Government) 2.1% Bonds 20/9/2024 252 0.11 ¥33,000,000 Japan (Government) 1.7% Bonds 20/12/2032 258 0.11 ¥12,000,000 Japan (Government) 2.1% Bonds 20/9/2025 93 0.04 ¥58,000,000 Japan (Government) 1.7% Bonds 20/6/2033 454 0.19 ¥15,000,000 Japan (Government) 2.1% Bonds 20/12/2025 116 0.05 ¥65,000,000 Japan (Government) 1.7% Bonds 20/9/2033 508 0.22 ¥18,000,000 Japan (Government) 2.1% Bonds 20/3/2026 140 0.06 ¥17,000,000 Japan (Government) 1.7% Bonds 20/12/2043 132 0.06 ¥57,000,000 Japan (Government) 2.1% Bonds 20/12/2026 448 0.19 ¥23,000,000 Japan (Government) 1.7% Bonds 20/3/2044 178 0.08 ¥30,000,000 Japan (Government) 2.1% Bonds 20/3/2027 236 0.10 ¥21,000,000 Japan (Government) 1.7% Bonds 20/6/2044 162 0.07 ¥6,650,000 Japan (Government) 2.1% Bonds 20/6/2027 53 0.02 ¥21,000,000 Japan (Government) 1.7% Bonds 20/9/2044 163 0.07 ¥22,500,000 Japan (Government) 2.1% Bonds 20/12/2027 179 0.08 ¥19,000,000 Japan (Government) 1.7% Bonds 20/3/2054 149 0.06 ¥20,000,000 Japan (Government) 2.1% Bonds 20/9/2028 160 0.07 ¥25,000,000 Japan (Government) 1.9% Bonds 20/6/2017 164 0.07 ¥21,000,000 Japan (Government) 2.1% Bonds 20/12/2028 168 0.07 ¥65,000,000 Japan (Government) 1.8% Bonds 20/6/2018 435 0.19 ¥24,000,000 Japan (Government) 2.1% Bonds 20/3/2029 193 0.08 ¥20,000,000 Japan (Government) 1.9% Bonds 22/3/2021 142 0.06 ¥55,000,000 Japan (Government) 2.1% Bonds 20/6/2029 443 0.19 ¥20,000,000 Japan (Government) 1.9% Bonds 20/06/2022 145 0.06 ¥52,000,000 Japan (Government) 2.1% Bonds 20/9/2029 420 0.18 ¥27,000,000 Japan (Government) 1.9% Bonds 20/12/2023 201 0.09 ¥29,000,000 Japan (Government) 2.1% Bonds 20/12/2029 235 0.10 ¥16,000,000 Japan (Government) 1.9% Bonds 20/3/2025 121 0.05 ¥58,000,000 Japan (Government) 2.1% Bonds 20/3/2030 470 0.20 ¥25,000,000 Japan (Government) 1.9% Bonds 20/12/2028 196 0.08 ¥50,000,000 Japan (Government) 2.1% Bonds 20/12/2030 407 0.17

561 BlackRock Collective Investment Funds 562 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 £000’s Assets Value Investment £000’s Assets ¥35,000,000 Japan (Government) 2.2% Bonds 20/12/2021 256 0.11 ¥30,000,000 Japan (Government) 10 Year 0.4% Bonds 20/9/2025 201 0.09 ¥20,000,000 Japan (Government) 2.2% Bonds 20/3/2026 157 0.07 ¥43,000,000 Japan (Government) 20 Year 1% Bonds 20/12/2035 297 0.13 ¥20,000,000 Japan (Government) 2.2% Bonds 20/6/2026 157 0.07 ¥43,000,000 Japan (Government) 20 Year 1.2% Bonds 20/9/2035 308 0.13 ¥22,000,000 Japan (Government) 2.2% Bonds 20/9/2027 176 0.08 ¥10,000,000 Japan (Government) 30 Year 1.4% Bonds 20/12/2045 72 0.03 ¥15,000,000 Japan (Government) 2.2% Bonds 20/9/2028 121 0.05 57,180 24.56 ¥30,000,000 Japan (Government) 2.2% Bonds 20/12/2029 246 0.11 ¥15,000,000 Japan (Government) 2.2% Bonds 20/3/2030 123 0.05 Swedish Krona Denominated Fixed Rate Government Bonds – 0.32%; 2015 0.34% ¥27,000,000 Japan (Government) 2.2% Bonds 20/9/2039 227 0.10 SEK 990,000 Sweden (Kingdom) 1.5% Bonds 13/11/2023 91 0.04 ¥40,000,000 Japan (Government) 2.2% Bonds 20/3/2041 339 0.15 SEK 600,000 Sweden (Kingdom) 2.25% Bonds 1/6/2032 58 0.02 ¥37,000,000 Japan (Government) 2.2% Bonds 20/3/2049 322 0.14 SEK 1,350,000 Sweden (Kingdom) 2.5% Bonds 12/5/2025 134 0.06 ¥18,000,000 Japan (Government) 2.2% Bonds 20/3/2050 157 0.07 SEK 500,000 Sweden (Kingdom) 3.5% Bonds 1/6/2022 51 0.02 ¥27,000,000 Japan (Government) 2.2% Bonds 20/3/2051 236 0.10 SEK 770,000 Sweden (Kingdom) 3.5% Bonds 30/3/2039 89 0.04 ¥8,000,000 Japan (Government) 2.3% Bonds 20/3/2026 63 0.03 SEK 1,900,000 Sweden (Kingdom) 4.25% Bonds 12/3/2019 183 0.08 ¥53,000,000 Japan (Government) 2.3% Bonds 20/6/2026 421 0.18 SEK 1,300,000 Sweden (Kingdom) 5% Bonds 1/12/2020 137 0.06 ¥8,000,000 Japan (Government) 2.3% Bonds 20/9/2026 64 0.03 743 0.32 ¥30,000,000 Japan (Government) 2.3% Bonds 20/6/2027 241 0.10 US Dollar Denominated Fixed Rate Government Bonds – 43.05%; 2015 43.09% ¥30,000,000 Japan (Government) 2.3% Bonds 20/6/2028 244 0.10 $600,000 US Treasury 0.625% Bonds 31/5/2017 433 0.19 ¥22,000,000 Japan (Government) 2.3% Bonds 20/3/2035 187 0.08 $500,000 US Treasury 0.625% Bonds 31/7/2017 360 0.15 ¥15,000,000 Japan (Government) 2.3% Bonds 20/6/2035 127 0.05 $750,000 US Treasury 0.875% Bonds 15/7/2017 542 0.23 ¥23,000,000 Japan (Government) 2.3% Bonds 20/12/2035 195 0.08 $500,000 US Treasury 0.875% Bonds 15/10/2018 361 0.15 ¥47,500,000 Japan (Government) 2.3% Bonds 20/3/2039 406 0.17 $350,000 US Treasury 1% Bonds 15/5/2018 254 0.11 ¥52,000,000 Japan (Government) 2.3% Bonds 20/3/2040 445 0.19 $480,000 US Treasury 1.375% Bonds 30/6/2018 351 0.15 ¥20,000,000 Japan (Government) 2.4% Bonds 20/3/2028 164 0.07 $1,180,000 US Treasury 1.375% Bonds 31/8/2020 858 0.37 ¥15,000,000 Japan (Government) 2.4% Bonds 20/6/2028 123 0.05 $530,000 US Treasury 1.375% Bonds 30/9/2020 385 0.17 ¥11,600,000 Japan (Government) 2.4% Bonds 20/12/2034 100 0.04 $900,000 US Treasury 1.375% Bonds 31/10/2020 654 0.28 ¥23,000,000 Japan (Government) 2.4% Bonds 20/3/2037 198 0.08 $350,000 US Treasury 1.625% Bonds 31/7/2020 257 0.11 ¥51,000,000 Japan (Government) 2.4% Bonds 20/9/2038 441 0.19 $800,000 US Treasury 1.625% Bonds 30/11/2020 588 0.25 ¥21,000,000 Japan (Government) 2.5% Bonds 20/6/2034 183 0.08 $1,200,000 US Treasury 1.625% Bonds 30/11/2020 882 0.38 ¥12,000,000 Japan (Government) 2.5% Bonds 20/9/2034 104 0.04 $500,000 US Treasury 1.75% Bonds 31/12/2020 370 0.16 ¥15,000,000 Japan (Government) 2.5% Bonds 20/9/2035 131 0.06 $450,000 US Treasury 1.75% Bonds 28/2/2022 331 0.14 ¥19,000,000 Japan (Government) 2.5% Bonds 20/3/2036 165 0.07 $550,000 US Treasury 1.75% Bonds 30/9/2022 403 0.17 ¥15,000,000 Japan (Government) 2.5% Bonds 20/6/2036 131 0.06 $300,000 US Treasury 1.75% Bonds 31/1/2023 220 0.09 ¥32,000,000 Japan (Government) 2.5% Bonds 20/9/2037 279 0.12 $550,000 US Treasury 1.875% Bonds 31/8/2022 406 0.17 ¥28,000,000 Japan (Government) 2.5% Bonds 20/3/2038 245 0.11 $750,000 US Treasury 1.875% Bonds 31/10/2022 554 0.24 ¥170,000,000 Japan (Government) 2 Year 0.1% Bonds 15/4/2017 1,090 0.47 $500,000 US Treasury 2% Bonds 31/7/2022 372 0.16 ¥15,000,000 Japan (Government) 2 Year 0.1% Bonds 15/7/2017 96 0.04 $1,050,000 US Treasury 2% Bonds 15/8/2025 774 0.33 ¥50,000,000 Japan (Government) 5 Year 0.1% Bonds 20/3/2020 324 0.14 $200,000 US Treasury 2.125% Bonds 31/12/2022 150 0.06 ¥35,000,000 Japan (Government) 5 Year 0.1% Bonds 20/9/2020 227 0.10 $700,000 US Treasury 2.125% Bonds 31/12/2022 526 0.23 ¥80,000,000 Japan (Government) 5 Year 0.1% Bonds 20/12/2020 519 0.22 $650,000 US Treasury 3% Bonds 15/11/2045 507 0.22 ¥20,000,000 Japan (Government) 5 Year 0.3% Bonds 20/9/2018 130 0.06 $495,000 US Treasury 4.375% Bonds 15/5/2041 485 0.21 ¥55,600,000 Japan (Government) 10 Year 0.3% Bonds 20/12/2025 368 0.16 $100,000 US Treasury 6.875% Bonds 15/8/2025 105 0.05 ¥45,000,000 Japan (Government) 10 Year 0.4% Bonds 20/3/2025 301 0.13 $1,540,000 US Treasury 0.5% Notes 30/4/2017 1,109 0.48

563 BlackRock Collective Investment Funds 564 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 £000’s Assets Value Investment £000’s Assets $450,000 US Treasury 0.5% Notes 31/7/2017 324 0.14 $350,000 US Treasury 1.125% Notes 31/3/2020 252 0.11 $350,000 US Treasury 0.625% Notes 30/6/2017 252 0.11 $400,000 US Treasury 1.125% Notes 30/4/2020 288 0.12 $1,200,000 US Treasury 0.625% Notes 30/9/2017 864 0.37 $1,100,000 US Treasury 1.375% Notes 31/7/2018 804 0.34 $850,000 US Treasury 0.625% Notes 31/8/2017 612 0.26 $1,080,000 US Treasury 1.375% Notes 30/9/2018 790 0.34 $450,000 US Treasury 0.625% Notes 30/11/2017 324 0.14 $300,000 US Treasury 1.375% Notes 30/11/2018 220 0.09 $800,000 US Treasury 0.625% Notes 30/4/2018 575 0.25 $390,000 US Treasury 1.375% Notes 31/12/2018 285 0.12 $400,000 US Treasury 0.75% Notes 30/6/2017 289 0.12 $650,000 US Treasury 1.375% Notes 28/2/2019 475 0.20 $950,000 US Treasury 0.75% Notes 31/10/2017 685 0.29 $450,000 US Treasury 1.375% Notes 31/1/2020 328 0.14 $400,000 US Treasury 0.75% Notes 31/12/2017 289 0.12 $500,000 US Treasury 1.375% Notes 29/2/2020 364 0.16 $850,000 US Treasury 0.75% Notes 31/1/2018 613 0.26 $500,000 US Treasury 1.375% Notes 31/3/2020 364 0.16 $300,000 US Treasury 0.75% Notes 31/3/2018 216 0.09 $450,000 US Treasury 1.375% Notes 30/4/2020 328 0.14 $1,000,000 US Treasury 0.75% Notes 15/4/2018 721 0.31 $300,000 US Treasury 1.375% Notes 31/5/2020 218 0.09 $800,000 US Treasury 0.875% Notes 15/4/2017 579 0.25 $300,000 US Treasury 1.375% Notes 31/01/2021 218 0.09 $680,000 US Treasury 0.875% Notes 15/6/2017 492 0.21 $1,000,000 US Treasury 1.5% Notes 31/8/2018 734 0.31 $1,000,000 US Treasury 0.875% Notes 15/8/2017 723 0.31 $450,000 US Treasury 1.5% Notes 31/12/2018 330 0.14 $900,000 US Treasury 0.875% Notes 15/10/2017 651 0.28 $750,000 US Treasury 1.5% Notes 31/1/2019 550 0.24 $500,000 US Treasury 0.875% Notes 15/11/2017 362 0.16 $450,000 US Treasury 1.5% Notes 28/2/2019 330 0.14 $1,400,000 US Treasury 0.875% Notes 30/11/2017 1,012 0.43 $1,000,000 US Treasury 1.5% Notes 31/5/2019 734 0.31 $250,000 US Treasury 0.875% Notes 15/1/2018 181 0.08 $600,000 US Treasury 1.5% Notes 31/10/2019 440 0.19 $900,000 US Treasury 0.875% Notes 31/1/2018 651 0.28 $600,000 US Treasury 1.5% Notes 30/11/2019 439 0.19 $300,000 US Treasury 0.875% Notes 31/7/2019 215 0.09 $500,000 US Treasury 1.5% Notes 31/5/2020 366 0.16 $600,000 US Treasury 1% Notes 31/3/2017 435 0.19 $350,000 US Treasury 1.5% Notes 31/1/2022 254 0.11 $2,200,000 US Treasury 1% Notes 15/9/2017 1,594 0.68 $1,000,000 US Treasury 1.625% Notes 31/3/2019 736 0.32 $350,000 US Treasury 1% Notes 31/12/2017 254 0.11 $450,000 US Treasury 1.625% Notes 30/4/2019 331 0.14 $200,000 US Treasury 1% Notes 15/3/2018 145 0.06 $470,000 US Treasury 1.625% Notes 30/6/2019 346 0.15 $870,000 US Treasury 1% Notes 15/9/2018 630 0.27 $500,000 US Treasury 1.625% Notes 31/7/2019 368 0.16 $500,000 US Treasury 1% Notes 30/6/2019 361 0.15 $500,000 US Treasury 1.625% Notes 31/8/2019 368 0.16 $725,000 US Treasury 1% Notes 30/9/2019 522 0.22 $500,000 US Treasury 1.625% Notes 31/12/2019 368 0.16 $500,000 US Treasury 1% Notes 30/11/2019 360 0.15 $1,015,000 US Treasury 1.625% Notes 15/8/2022 740 0.32 $750,000 US Treasury 1.125% Notes 15/6/2018 545 0.23 $830,000 US Treasury 1.625% Notes 15/11/2022 604 0.26 $300,000 US Treasury 1.25% Notes 31/10/2018 219 0.09 $350,000 US Treasury 1.75% Notes 31/10/2018 259 0.11 $300,000 US Treasury 1.25% Notes 15/11/2018 219 0.09 $285,000 US Treasury 1.75% Notes 30/9/2019 211 0.09 $1,800,000 US Treasury 1.25% Notes 15/11/2018 1,312 0.56 $380,000 US Treasury 1.75% Notes 31/10/2020 280 0.12 $150,000 US Treasury 1.25% Notes 30/11/2018 109 0.05 $400,000 US Treasury 1.75% Notes 31/3/2022 294 0.13 $1,700,000 US Treasury 1.25% Notes 15/12/2018 1,239 0.53 $400,000 US Treasury 1.75% Notes 30/4/2022 294 0.13 $850,000 US Treasury 1.25% Notes 31/1/2019 620 0.27 $1,270,000 US Treasury 1.75% Notes 15/5/2022 933 0.40 $350,000 US Treasury 1.25% Notes 30/4/2019 255 0.11 $1,050,000 US Treasury 1.75% Notes 15/5/2023 769 0.33 $300,000 US Treasury 1.125% Notes 31/5/2019 218 0.09 $300,000 US Treasury 1.875% Notes 30/11/2021 222 0.10 $530,000 US Treasury 1.25% Notes 31/10/2019 385 0.17 $300,000 US Treasury 1.875% Notes 31/5/2022 222 0.10 $1,300,000 US Treasury 1.125% Notes 31/12/2019 939 0.40 $400,000 US Treasury 2% Notes 31/7/2020 298 0.13 $400,000 US Treasury 1.25% Notes 31/1/2020 290 0.12 $400,000 US Treasury 2% Notes 30/9/2020 299 0.13 $450,000 US Treasury 1.25% Notes 29/2/2020 326 0.14 $500,000 US Treasury 2% Notes 30/11/2020 373 0.16

565 BlackRock Collective Investment Funds 566 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 £000’s Assets Value Investment £000’s Assets $880,000 US Treasury 2% Notes 28/2/2021 657 0.28 $675,000 US Treasury 2.875% Notes 15/8/2045 513 0.22 $300,000 US Treasury 2% Notes 31/5/2021 224 0.10 $815,000 US Treasury 3% Notes 15/5/2042 642 0.28 $430,000 US Treasury 2% Notes 31/8/2021 321 0.14 $720,000 US Treasury 3% Notes 15/11/2044 562 0.24 $540,000 US Treasury 2% Notes 31/10/2021 403 0.17 $680,000 US Treasury 3% Notes 15/5/2045 530 0.23 $1,506,000 US Treasury 2% Notes 15/11/2021 1,124 0.48 $700,000 US Treasury 3.125% Notes 30/4/2017 520 0.22 $1,250,000 US Treasury 2% Notes 15/2/2022 933 0.40 $650,000 US Treasury 3.125% Notes 15/5/2019 501 0.21 $750,000 US Treasury 2% Notes 30/11/2022 558 0.24 $780,000 US Treasury 3.125% Notes 15/5/2021 614 0.26 $1,150,000 US Treasury 2% Notes 15/2/2023 857 0.37 $680,000 US Treasury 3.125% Notes 15/11/2041 549 0.24 $1,070,000 US Treasury 2% Notes 15/2/2025 790 0.34 $645,000 US Treasury 3.125% Notes 15/2/2042 521 0.22 $340,000 US Treasury 2.125% Notes 31/8/2020 255 0.11 $670,000 US Treasury 3.125% Notes 15/2/2043 538 0.23 $1,000,000 US Treasury 2.125% Notes 31/1/2021 751 0.32 $690,000 US Treasury 3.125% Notes 15/8/2044 552 0.24 $300,000 US Treasury 2.125% Notes 30/6/2021 225 0.10 $600,000 US Treasury 3.25% Notes 31/3/2017 445 0.19 $725,000 US Treasury 2.125% Notes 15/8/2021 544 0.23 $740,000 US Treasury 3.375% Notes 15/11/2019 579 0.25 $400,000 US Treasury 2.125% Notes 30/9/2021 300 0.13 $680,000 US Treasury 3.375% Notes 15/5/2044 571 0.24 $400,000 US Treasury 2.125% Notes 31/12/2021 300 0.13 $1,570,000 US Treasury 3.5% Notes 15/5/2020 1,240 0.53 $430,000 US Treasury 2.125% Notes 30/6/2022 323 0.14 $350,000 US Treasury 3.5% Notes 15/2/2039 302 0.13 $1,200,000 US Treasury 2.125% Notes 15/5/2025 895 0.38 $690,000 US Treasury 3.625% Notes 15/8/2019 542 0.23 $250,000 US Treasury 2.25% Notes 31/3/2021 189 0.08 $850,000 US Treasury 3.625% Notes 15/2/2020 672 0.29 $420,000 US Treasury 2.25% Notes 30/4/2021 317 0.14 $1,060,000 US Treasury 3.625% Notes 15/2/2021 851 0.36 $1,020,000 US Treasury 2.25% Notes 15/11/2024 769 0.33 $500,000 US Treasury 3.625% Notes 15/8/2043 441 0.19 $1,450,000 US Treasury 2.25% Notes 15/11/2025 1,093 0.47 $590,000 US Treasury 3.625% Notes 15/2/2044 519 0.22 $500,000 US Treasury 2.375% Notes 31/7/2017 369 0.16 $750,000 US Treasury 3.75% Notes 15/11/2018 583 0.25 $550,000 US Treasury 2.375% Notes 31/5/2018 411 0.18 $655,000 US Treasury 3.75% Notes 15/8/2041 586 0.25 $400,000 US Treasury 2.375% Notes 31/12/2020 304 0.13 $830,000 US Treasury 3.75% Notes 15/11/2043 748 0.32 $1,170,000 US Treasury 2.375% Notes 15/8/2024 891 0.38 $500,000 US Treasury 3.875% Notes 15/5/2018 385 0.17 $400,000 US Treasury 2.5% Notes 30/6/2017 295 0.13 $605,000 US Treasury 3.875% Notes 15/8/2040 550 0.24 $1,500,000 US Treasury 2.5% Notes 15/8/2023 1,156 0.50 $1,640,000 US Treasury 4% Notes 15/8/2018 1,277 0.55 $820,000 US Treasury 2.5% Notes 15/5/2024 631 0.27 $560,000 US Treasury 4.25% Notes 15/5/2039 538 0.23 $770,000 US Treasury 2.5% Notes 15/2/2045 542 0.23 $780,000 US Treasury 4.25% Notes 15/11/2040 749 0.32 $525,000 US Treasury 2.625% Notes 30/4/2018 394 0.17 $360,000 US Treasury 4.375% Notes 15/2/2038 353 0.15 $900,000 US Treasury 2.625% Notes 15/8/2020 689 0.30 $620,000 US Treasury 4.375% Notes 15/11/2039 605 0.26 $855,000 US Treasury 2.625% Notes 15/11/2020 656 0.28 $600,000 US Treasury 4.375% Notes 15/5/2040 586 0.25 $400,000 US Treasury 2.75% Notes 31/5/2017 296 0.13 $150,000 US Treasury 4.5% Notes 15/5/2017 113 0.05 $850,000 US Treasury 2.75% Notes 31/12/2017 635 0.27 $415,000 US Treasury 4.5% Notes 15/2/2036 413 0.18 $600,000 US Treasury 2.75% Notes 28/2/2018 450 0.19 $312,000 US Treasury 4.5% Notes 15/5/2038 311 0.13 $1,200,000 US Treasury 2.75% Notes 15/2/2019 912 0.39 $710,000 US Treasury 4.5% Notes 15/8/2039 705 0.30 $865,000 US Treasury 2.75% Notes 15/11/2023 678 0.29 $500,000 US Treasury 4.625% Notes 15/2/2040 506 0.22 $390,000 US Treasury 2.75% Notes 15/2/2024 305 0.13 $250,000 US Treasury 4.75% Notes 15/8/2017 191 0.08 $860,000 US Treasury 2.75% Notes 15/8/2042 644 0.28 $280,000 US Treasury 4.75% Notes 15/2/2037 287 0.12 $670,000 US Treasury 2.75% Notes 15/11/2042 501 0.21 $785,000 US Treasury 4.75% Notes 15/2/2041 810 0.35 $380,000 US Treasury 2.875% Notes 31/3/2018 286 0.12 $180,000 US Treasury 5% Notes 15/5/2037 191 0.08 $500,000 US Treasury 2.875% Notes 15/5/2043 382 0.16 $100,000 US Treasury 5.25% Notes 15/11/2028 99 0.04

567 BlackRock Collective Investment Funds 568 Overseas Government Bond Tracker Portfolio Statement continued Overseas Government Bond Tracker Statement of Total Return for the year ended 29 February 2016

Holding or Market % of For the year For the year Nominal Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s Assets Notes £000’s £000’s £000’s £000’s $200,000 US Treasury 5.25% Notes 15/2/2029 198 0.08 Income $235,000 US Treasury 5.375% Notes 15/2/2031 243 0.10 Net capital gains 3 24,167 3,393 $150,000 US Treasury 5.5% Notes 15/8/2028 151 0.06 Revenue 4 2,205 2,311 $230,000 US Treasury 6% Notes 15/2/2026 230 0.10 Expenses 5 (287) (302) $420,000 US Treasury 6.125% Notes 15/11/2027 438 0.19 Net revenue before taxation 1,918 2,009 $160,000 US Treasury 6.125% Notes 15/8/2029 172 0.07 $250,000 US Treasury 6.25% Notes 15/8/2023 240 0.10 Taxation 6 – – $270,000 US Treasury 6.25% Notes 15/5/2030 297 0.13 Net revenue after taxation 1,918 2,009 $200,000 US Treasury 6.5% Notes 15/11/2026 210 0.09 Total return before distributions 26,085 5,402 $100,000 US Treasury 6.75% Notes 15/8/2026 106 0.05 Distributions 7 (1,940) (2,009) $250,000 US Treasury 7.125% Notes 15/2/2023 248 0.11 Change in net assets $80,000 US Treasury 7.25% Notes 15/8/2022 78 0.03 attributable to unitholders $400,000 US Treasury 8% Notes 15/11/2021 394 0.17 from investment activities 24,145 3,393 $150,000 US Treasury 8.125% Notes 15/5/2021 145 0.06 100,465 43.05

Portfolio of investments 231,229 99.12 Overseas Government Bond Tracker Statement of Change in Net other assets 2,053 0.88 Net Assets Attributable to Unitholders for the year ended 29 February 2016 Total net assets 233,282 100.00 For the year For the year Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Note: comparative figures show percentages for each category of holding at 28 February 2015. to 29.2.2016 to 28.2.2015 All securities in the portfolio at 29 February 2016 are investment grade. £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 153,358 145,199 Amounts receivable on issue of units 94,930 79,716 Amounts payable on cancellation of units (40,866) (76,562) 54,064 3,154 Change in net assets attributable to unitholders from investment activities 24,145 3,393 Retained distribution on accumulation units 1,715 1,612 Closing net assets attributable to unitholders 233,282 153,358

569 BlackRock Collective Investment Funds 570 Overseas Government Bond Tracker Balance Sheet Overseas Government Bond Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

29.2.2016 28.2.2015 1. Accounting and Distribution Policies Notes £000’s £000’s The accounting and distribution policies are set out on pages 4 to 8. Assets: Fixed assets 2. Financial Instruments and Risks The financial instruments and risks are set out on pages 9 to 37. – Investment assets 231,229 152,406 Current assets 3. Net Capital Gains – Debtors 8 9,023 4,832 For the year For the year – Cash and bank balances 1,139 432 to 29.2.2016 to 28.2.2015 Total assets 241,391 157,670 £000’s £000’s Liabilities: The net capital gains comprise: Creditors Gains on non-derivative securities 24 ,174 3,429 – Distributions payable (199) (181) Losses on derivative securities – (2) – Other creditors 9 (7,910) (4,131) Currency gains/(losses) 1 (23) Total liabilities (8,109) (4,312) Custodian transaction costs (8) (11) Net assets attributable to unitholders 233,282 153,358 Net capital gains 24,167 3,393

4. Revenue N C D Hall (Director) For the year For the year G D Bamping (Director) to 29.2.2016 to 28.2.2015 BlackRock Fund Managers Limited £000’s £000’s 28 April 2016 Interest from overseas fixed interest securities 2,202 2,310 Interest from UK bank deposits 1 – Securities lending revenue 2 1 Total revenue 2,205 2,311

5. Expenses For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s Payable to the Manager or associates of the Manager: – Manager’s charge 261 277 – Registrar’s fees 1 1 262 278 Other expenses: – Audit fee 7 7 – Safe custody fees 10 6 – Trustee’s fees 8 11 25 24 Total expenses 287 302

571 BlackRock Collective Investment Funds 572 Overseas Government Bond Tracker Notes to Financial Statements continued

6. Taxation 8. Debtors

(a) Analysis of tax charge 29.2.2016 28.2.2015 For the year For the year £000’s £000’s to 29.2.2016 to 28.2.2015 Accrued revenue 1,436 1,016 £000’s £000’s Amounts receivable for issue of units 236 272 Corporation tax – – Currency sales awaiting settlement 3,845 1,586 Total current tax charge [see note 6(b)] – – Sales awaiting settlement 3,506 1,958 Total debtors 9,023 4,832 (b) Factors affecting the current tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an 9. Other Creditors authorised unit trust. The differences are explained below: 29.2.2016 28.2.2015 For the year For the year £000’s £000’s to 29.2.2016 to 28.2.2015 £000’s £000’s Accrued Audit fee 7 7 Net revenue before taxation 1,918 2,009 Accrued FCA fee 1 1 Corporation tax at 20% (28 February 2015: 20%) 384 402 Accrued Manager’s charge 42 66 Effects of: Accrued Safe custody fees 2 2 Tax deductible interest distribution (384) (402) Accrued Trustee’s fee 2 3 Total current tax charge [see note 6(a)] – – Amounts payable for cancellation of units 4,007 33 Currency purchases awaiting settlement 3,848 1,587 7. Distributions Custodian transaction costs 1 1 For the year For the year Purchases awaiting settlement – 2,431 to 29.2.2016 to 28.2.2015 Total other creditors 7,910 4 ,131 £000’s £000’s Interim distribution 901 1,029 10. Contingent Assets and Liabilities Final distribution 1,202 985 There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). 2,10 3 2,014 Add: Amounts deducted on cancellation of units 130 154 Less: Amounts received on issue of units (293) (159) Distributions 1,940 2,009

Net revenue after taxation 1,918 2,009 Add: Equalisation on conversions 22 – Distributions 1,940 2,009

Details of the interim and final distributions per unit are set out in the tables on page 552.

573 BlackRock Collective Investment Funds 574 Overseas Government Bond Tracker Notes to Financial Statements continued

11. Efficient Portfolio Management Techniques 12. 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 exercise significant influence over the other party in making financial or operational decisions. The Fund may, subject to the conditions and within the limits laid down by the Financial Conduct Authority and the Prospectus, engage in securities lending and employ techniques and The following entities were related parties of the Fund during the year ended 29 February 2016: instruments relating to transferable securities for efficient portfolio management purposes. Manager/Registrar: BlackRock Fund Managers Limited The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Investment Manager: BlackRock Investment Management (UK) Limited Advisors (UK) Limited which is a related party to the Fund. Securities lending agent: BlackRock Advisors (UK) Limited

During the year the Fund engaged in securities lending. The Fund receives either cash collateral or The Manager acts as either principal or agent for the Trustee in respect of all transactions of units securities as collateral for a value in excess of the market value of the securities loaned. As at the of the Fund. The aggregate monies received through issue and paid through cancellation of units 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any amounts due to or from the Manager at the year end are disclosed in notes 8 and 9. Management The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The the Fund in any or all of the following collateral agents and central securities depositaries: Bank of balances due at the year end in respect of these fees are shown in note 9. Securities lending New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give revenue earned by the Fund is disclosed in notes 4 and 11. as per the schedule in order to cover the required value of exposure. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing The Investment Manager monitors the fair value of the securities loaned and additional collateral arrangements with related parties (including, without limitation, brokers who are affiliated to the is obtained, if necessary. BlackRock Group), which may result in the Fund benefiting from research or execution services Securities lending revenue is split between the Fund and the securities lending agent in the ratio which the Investment Manager believes are useful in the investment decision-making or trade 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s execution process. Such research or execution services may include, without limitation and to the share. 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 The securities lending revenue earned during the year, the value of securities on loan at the year these services and the application of such benefits across a number of BlackRock managed funds, end and the value of collateral held at the year end for the Fund are shown below: it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into 29.2.2016 28.2.2015 these arrangements with brokers who are not affiliated to the BlackRock Group. £000’s £000’s As at 29 February 2016 and 28 February 2015, none of the unitholders: Revenue earned during the year 2 1 Value of securities on loan at the year end 1,870 1,492 (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or Value of collateral held on behalf of the Fund at the year end 2,303 1,849 (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Fund. The Fund’s securities lending borrowing counterparties are Barclays Bank Plc, JP Morgan Chase Securities Plc, Nomura, The Bank of Nova Scotia and UBS.

575 BlackRock Collective Investment Funds 576 Overseas Government Bond Tracker Notes to Financial Statements continued

13. Portfolio Transaction Costs For the Fund’s investment transactions in debt and money market instruments any applicable For the year ended 29 February 2016 transaction charges form part of the dealing spread for these instruments. Transactions in money market instruments to manage the Fund’s daily liquidity position are excluded from the analysis. Direct Transaction Costs

Transaction Value Commissions Taxes Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument Purchases (excluding derivatives) £000’s £000’s % £000’s % types depending on a number of factors including transaction value and market sentiment. Debt instruments 101,817 – – – – At the Balance Sheet date the average portfolio dealing spread (difference between bid and Total purchases 101,817 – – offer prices of all investments expressed as a percentage of the offer price value) was 0.03% Total purchases including (28 February 2015 – 0.03%). transaction costs 101,817 14. Units in Issue Direct Transaction Costs The movement in units in issue for the year ended 29 February 2016 is as follows: Transaction Value Commissions Taxes A Accumulation L Accumulation X Accumulation D Accumulation H Accumulation Sales (excluding derivatives) £000’s £000’s % £000’s % Units Units Units Units Units Debt instruments 45,962 – – – – Balance at the beginning of the year 113,15 8 136,357,027 9,322,539 3,801,789 1,479 Total sales 45,962 – – Issued during the year 180,931 70,960,832 7,419,044 7,454,821 2,485,685 Total sales net of transaction costs 45,962 Cancelled during the year (157,399) (28,821,459) (9,573,950) (865,586) (498,985) Converted during the year (5,403) (51,832,901) 53,048,088 (363,578) 1,0 6 9,191 Total transaction costs – – Balance at the end of the year 131,287 126,663,499 60,215,721 10,027,446 3,057,370 Total transaction costs as a % of average net assets 0.00% 0.00% Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The For the year ended 28 February 2015 distribution per unit class is given in the distribution tables. All unit classes have the same rights Direct Transaction Costs on winding up. Transaction Value Commissions Taxes £000’s £000’s % £000’s % Purchases (excluding derivatives) 15. Post Balance Sheet Events Debt instruments 96,219 – – – – There have been no significant events subsequent to the year end, which, in the opinion of the Total purchases 96,219 – – Manager, may have had an impact on the financial statements for the year ended 29 February 2016. Total purchases including transaction costs 96,219

Direct Transaction Costs

Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Debt instruments 90,469 – – – – Total sales 90,469 – –

Total sales net of transaction costs 90,469

Total transaction costs – –

Total transaction costs as a % of average net assets 0.00% 0.00%

577 BlackRock Collective Investment Funds 578 BlackRock Pacific ex Japan Equity Tracker Fund Pacific ex Japan Equity Tracker Fund

About the Fund This Annual Report covers the year ended 29 February 2016.

The BlackRock Pacific ex Japan Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Performance Table Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was established For the year For the three years For the five years and authorised by the Financial Conduct Authority on 21 June 2005. The Fund was previously known to 29.2.2016 to 29.2.2016 to 29.2.2016 as Merrill Lynch Pacific ex Japan Equity Tracker Fund. It adopted its present name with effect from TOTAL Return 28 April 2008. (with net income reinvested) Class L Accumulation Units# BlackRock Pacific ex Japan Equity Investment Objective & Policy -9.7% -9.1% +9.0% Tracker Fund The aim of the Fund is to seek to achieve capital growth for investors by tracking closely the FTSE World Asia Pacific ex-Japan Index* -9.5% -8.6% +9.6% performance of the FTSE World Asia Pacific ex-Japan Index by investing in companies in the Index. 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. Investment will be made directly into constituent companies and via other transferable securities Performance returns are cumulative. All returns are in Sterling. * Figures from Index Vendor. giving exposure to such companies. The Fund may also invest in permitted money-market instruments, # D Accumulation class was renamed as L Accumulation class during June 2012. permitted deposits and units in collective investment schemes. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. 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. Risk and Reward Profile 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. 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 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 H 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.

579 BlackRock Collective Investment Funds 580 Pacific ex Japan Equity Tracker Fund continued

* Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. Anticipated Realised Tracking Error Tracking Error Explanation for difference The Fund has tracked its benchmark index within its anticipated Up to 0.75%* 0.68%* tracking error.

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

581 BlackRock Collective Investment Funds 582 Pacific ex Japan Equity Tracker Investment Report Pacific ex Japan Equity Tracker Performance Record

Summary of Performance over the Period Comparative Table

During the period from 1 March 2015 to 29 February 2016, the Fund returned -9.7%,* compared with A Accumulation Units L Accumulation Units its benchmark, the FTSE World Asia Pacific ex-Japan Index, which returned -9.5%. Before costs, the For the period For the period For the year For the year For the year For the year performance of the Fund relative to the benchmark index has been in line with expectations. Over the from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 six-month period to 29 February 2016, the Fund returned 6.8%,* underperforming its benchmark, to 28.2.2014 to 28.2.2014

which returned 7.5%. Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Change in net assets per unit Fund Manager’s Commentary Opening net asset value per unit 224.9 201.8 210.9 229.4 205.2 213.8 The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s Return before operating charges (21.00) 24.26 (7.94) (21.43) 24.73 (8.07) economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by Operating charges (1.12 ) (1.16) (1.16) (0.51) (0.53) (0.53) 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s Return after operating charges (2 2 .12 ) 2 3 .10 (9 .10) (21.94) 24.20 (8.60) growing confidence in employment and inflation prospects. By contrast, the European Central Bank Closing net asset value per unit 202.8 224.9 201.8 207.5 229.4 205.2

extended its asset-purchase programme for another few months, as the region’s economy struggled Retained distributions on to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, accumulation units 5.69 5.38 5.70 6.45 6.09 6.50 lowered benchmark rates in a bid to stimulate growth. After direct transaction costs of (0.05) (0.09) (0.16) (0.05) (0.09) (0.16)

China was a key point of focus over the period, as investors fretted over a slowing pace of growth and Performance volatile commodity prices. Extreme volatility in August culminated in ‘Black Monday’ (24 August 2015), Return after charges1 (9.84)% 11.45% (4.31)% (9.56)% 11.79% (4.02)% when Chinese shares fell 8.5% during one trading session. The reverberations were felt throughout the Asia Pacific region. In early 2016, Chinese authorities tried out a new stock market ‘circuit breaker’, Other information which automatically ceased trading if shares dropped by more than 7%. However, the measure Closing net asset value (£000’s) 1,581 3,097 5 ,170 576,733 655,020 4 97,10 3 unnerved investors, so it was put to one side. Overall, the Chinese economy grew by 6.9% in 2015, Closing number of units 779,483 1,376,909 2,562,225 277,993,688 285,539,611 242,206,043 falling behind India, which recorded growth of 7.5%. Elsewhere, news that North Korea tested an Operating charges2 0.54% 0.54% 0.55% 0.24% 0.24% 0.25%

atomic bomb in January unsettled South Korean markets. Direct transaction costs3 0.02% 0.04% 0.08% 0.02% 0.04% 0.08%

The Fund is structured to track the FTSE World Asia Pacific ex-Japan Index closely, so its portfolio Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit remains positioned so that its risk characteristics are similar to those of the Index. Highest offer unit price 255.4 244.4 242.2 24 8 .1 2 37.1 234.0

Lowest bid unit price 175.5 199.8 192.9 179.3 203.3 195.9 March 2016 * 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. * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as fees and reported for the Fund’s class L Accumulation units. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details.

583 BlackRock Collective Investment Funds 584 Pacific ex Japan Equity Tracker Performance Record continued

Comparative Table Comparative Table

X Income Units X Accumulation Units D Accumulation Units H Accumulation Units

For the period For the period For the period For the period For the year For the year For the year For the year For the year For the year For the year For the year from 1.2.2013* from 1.2.2013* from 1.2.2013* from 26.2.2014^ to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 28.2.2014 to 28.2.2014 to 28.2.2014 to 28.2.2014

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 Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 114.0 104.7 112.7 122.8 109.7 114 .1 Opening net asset value per unit 226.5 202.5 211.1 110.7 99.00 100.0

Return before operating charges (10.86) 12.62 (4.32) (11.49) 13 .15 (4.34) Return before operating charges (21.14) 24.41 (8.18) (10.37) 11.85 (0.85)

Operating charges (0.04) (0.04) (0.06) (0.05) (0.05) (0.06) Operating charges (0.40) (0.41) (0.42) (0 .14) (0 .15 ) (0 .15 )

Return after operating charges (10.90) 12.58 (4.38) (11.54) 13 .10 (4.40) Return after operating charges (21.54) 24.00 (8.60) (10.51) 11.70 (1.00)

Distributions on income units (4 .14) (3.28) (3.62) N/A N/A N/A Closing net asset value per unit 205.0 226.5 202.5 100.2 110.7 99.00

Closing net asset value per unit 98.95 114.0 104.7 111.3 122.8 109.7 Retained distributions on accumulation units 6.47 6 .11 6.51 3.22 2.91 0.00 Retained distributions on accumulation units N/A N/A N/A 3.69 3.45 3.69 After direct transaction costs of (0.05) (0.09) (0.16) (0.02) (0.04) (0.07)

After direct transaction costs of (0.02) (0.04) (0.08) (0.03) (0.05) (0.09) Performance

Performance Return after charges1 (9.51)% 11.85% (4.07)% (9.49)% 11.82% (1.00)%

Return after charges1 (9.57)% 12.01% (3.89)% (9.40)% 11.94% (3.86)% Other information

Other information Closing net asset value (£000’s) 3 5 ,176 3 6 ,110 19,539 21,288 4,920 –

Closing net asset value (£000’s) – 3,049 3,080 134,053 96,397 142,065 Closing number of units 17,162,589 15,943,098 9,646,633 21,248,514 4,446,227 100

Closing number of units 99 2,674,639 2,940,788 120,488,356 78,488,986 129,488,551 Operating charges2 0 .19 % 0 .19 % 0.20% 0 .14% 0 .14% 0 .15 %

Operating charges2 0.04% 0.04% 0.05% 0.04% 0.04% 0.05% Direct transaction costs3 0.02% 0.04% 0.08% 0.02% 0.04% 0.00%

Direct transaction costs3 0.02% 0.04% 0.08% 0.02% 0.04% 0.08% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 245.0 2 3 4 .1 230.9 125.7 12 0 .1 105.0

Highest offer unit price 123.3 119 .1 123.3 132.8 126.8 124.8 Lowest bid unit price 177.0 200.7 193.3 86.50 98.00 99.26

Lowest bid unit price 8 9 .17 103.8 10 2 .1 96.08 108.7 104.6 * 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. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to ^ The date of commencement of operations. consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 15 for further details. of equity instruments. See note 15 for further details.

585 BlackRock Collective Investment Funds 586 Pacific ex Japan Equity Tracker Distribution Tables Pacific ex Japan Equity Tracker Portfolio Statement for the year ended 29 February 2016 at 29 February 2016

A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation PACIFIC – 98.91%; 2015 98.49% Units Units Units Units Units Units EQUITIES – 98.91%; 2015 98.49% Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Australia – 31.08%; 2015 32.91% Net revenue (dividend) 2.2270 1.0978 2.5750 1.4559 2 .10 4 6 1.3695 1.4881 0.7512 2.5884 1.0122 1.2932 0.6054 175,988 Adelaide Brighton 449 0.06 † Equalisation – 1.12 92 – 1.1191 – 0.7351 – 0.7369 – 1.5762 – 0.6878 285,013 AGL Energy 2,696 0.35 Distribution payable 30.4.2016 2.2270 2.2270 2.5750 2.5750 2 .10 4 6 2 .10 4 6 1.4881 1.4881 2.5884 2.5884 1.2932 1.2932 206,068 ALS 394 0.05 Distribution paid 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 1,115,091 Alumina 774 0.10 490,264 Amcor 3,543 0.46 Interim Distribution in Pence per Unit 1,239,340 AMP 3,401 0.44 Group 1 – Units purchased prior to 1 March 2015 62,059 Ansell 551 0.07 Group 2 – Units purchased 1 March 2015 to 31 August 2015 468,566 APA 2,105 0.27 267,232 Aristocrat Leisure 1,379 0.18 A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation 262,247 Asciano 1,200 0.16 Units Units Units Units Units Units 82,551 ASX 1,790 0.23 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 850,630 Aurizon 1,786 0.23 Net revenue (dividend) 3.4651 2.2107 3.8765 2 .170 4 2.0394 0.9366 2.1970 0.7659 3.8816 2.2931 1.9237 0.8520 786,282 AusNet Services 592 0.08 Equalisation† – 1.2544 – 1.7061 – 1.10 2 8 – 1.4311 – 1.5885 – 1.0717 1,217,227 Australia & New Zealand Banking 14,059 1.83 Distribution paid 31.10.2015 3.4651 3.4651 3.8765 3.8765 2.0394 2.0394 2 .19 7 0 2 .19 7 0 3.8816 3.8816 1.9237 1.9237 163,219 Bank of Queensland 888 0.12

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 187,651 Bendigo & Adelaide Bank 829 0.11 2,223,675 BGP* – 0.00 † 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, 1,358,510 BHP Billiton 10,912 1.42 it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. 235,686 Bluescope Steel 666 0.09 314,101 Boral 945 0.12 672,716 Brambles 4,327 0.56 113,716 Caltex Australia 2,141 0.28 237,283 Challenger Financial Services 920 0.12 109,995 Charter Hall Office REIT* – 0.00 42,894 CIMIC 698 0.09 226,253 Coca-Cola Amatil 992 0.13 24,100 Cochlear 1,274 0.17 718,948 Commonwealth Bank of Australia 26,010 3.38 207,243 Computershare 973 0.13 158,670 Crown Resorts 951 0.12 197,999 CSL 10,492 1.36 208,030 CSR 317 0.04 408,744 Dexus Property 1,586 0.21 185,611 Downer Edi 318 0.04 172,707 DuluxGroup 582 0.08 1,047,573 Fairfax Media 416 0.05 23,665 Flight Centre 505 0.07 667,800 Fortescue Metals 699 0.09

587 BlackRock Collective Investment Funds 588 Pacific ex Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 738,098 Goodman 2,471 0.32 1,020,445 Stockland Trust 2,190 0.28 763,458 GPT 1,938 0.25 543,455 Suncorp 3,140 0.41 179,519 Gunns* – 0.00 454,467 Sydney Airport 1,512 0.20 223,728 Harvey Norman 552 0.07 364,170 Tabcorp 808 0.11 702,025 Healthscope 894 0.12 611,527 Tatts 1,224 0.16 167,973 Iluka Resources 581 0.08 1,823,259 Telstra 4,928 0.64 706,365 Incitec Pivot 1,060 0.14 137,439 TPG Telecom 742 0.10 1,051,669 Insurance Australia 2,805 0.36 856,974 Transurban 5,018 0.65 120,249 IOOF 518 0.07 301,955 Treasury Wine Estates 1,502 0.20 187,482 James Hardie 1,732 0.23 1,390,895 Vicinity Centres 2,217 0.29 238,884 Lend Lease 1,606 0.21 473,612 Wesfarmers 9,550 1.24 130,801 Macquarie 4,332 0.56 820,007 Westfield 4,230 0.55 174,377 Macquarie Atlas 424 0.06 1,406,410 Westpac Banking 20,859 2.71 1,152,431 Medibank 1,498 0.19 237,066 Whitehaven Coal 67 0.01 399,727 Metcash 345 0.04 304,358 Woodside Petroleum 3,980 0.52 1,557,214 Mirvac 1,470 0.19 536,183 Woolworths 6,331 0.82 1,106,895 National Australia Bank 13,807 1.80 102,712 WorleyParsons 222 0.03 102,416 New Hope 70 0.01 238,829 31.08 321,595 Newcrest Mining 2,903 0.38 85,596 Nufarm 302 0.04 Bermuda – 1.07%; 2015 1.11% 497,845 Oil Search 1,708 0.22 254,000 Cheung Kong Infrastructure 1,863 0.24 155,037 Orica 1,140 0.15 1,866,000 China Oceanwide 147 0.02 755,939 Origin Energy 1,720 0.22 821,943 Esprit 527 0.07 484,876 Orora 570 0.07 121,971 Great Eagle 255 0.03 111,569 Oz Minerals 290 0.04 495,197 Hong Kong Land 2,098 0.27 16,087 Perpetual Trustees Australia 344 0.04 291,218 Kerry Properties 494 0.06 108,696 Platinum Asset Management 333 0.04 2,441,059 Li & Fung 995 0.13 441,917 Qantas Airways 880 0.11 1,808,155 Noble 320 0.04 572,591 QBE Insurance 3,122 0.41 87,800 Orient Overseas 230 0.03 54,222 Ramsay Health Care 1,853 0.24 471,136 Shangri-La Asia 322 0.04 22,050 REA 591 0.08 266,000 Texwinca 184 0.02 143,585 Recall 510 0.07 366,500 Yue Yuen Industrial 938 0.12 180,937 Rio Tinto 3,760 0.49 8,373 1.07 666,250 Santos 1,134 0.15 Cayman Islands – 0.46%; 2015 0.64% 314,500 SCA Property 367 0.05 103,206 ASM Pacific Technology 596 0.08 2,177,525 Scentre 4,898 0.64 1,141,000 China Mengniu Dairy 1,182 0.15 145,936 Seek 1,168 0.15 421,125 Hopewell Highway 141 0.02 436,399 Seven West Media 222 0.03 315,298 MGM China 259 0.03 71,912 Sims Metal Management 249 0.03 10,884,000 Semiconductor Manufacturing 637 0.08 169,452 Sonic Healthcare 1,606 0.21 848,394 Tingyi 578 0.08 2,284,563 South32 1,467 0.19 120,835 TPK 186 0.02 337,687 Star Entertainment 909 0.12 3,579 0.46

589 BlackRock Collective Investment Funds 590 Pacific ex Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets China – 0.01%; 2015 0.05% 334,000 Melco International Developments 281 0.04 3,018,000 China Huarong Energy 64 0.01 598,889 MTR 1,996 0.26 965,000 New World China Land 664 0.09 Hong Kong – 13.97%; 2015 13.56% 2,241,878 New World Development 1,353 0.18 299,000 AAC Technologies 1,494 0.19 587,439 NWS 601 0.08 5,097,719 AIA 18,722 2.44 1,734,382 PCCW 794 0.10 481,854 Bank of East Asia 1,103 0.14 563,197 Power Assets 3,844 0.50 1,521,126 BOC Hong Kong 2,846 0.37 416,000 SA SA International 92 0.01 1,460,000 Brightoil Petroleum 268 0.03 538,500 Samsonite International 1,135 0.15 146,000 Cafe de Coral 285 0.04 1,016,823 Sands China 2,554 0.33 439,000 Cathay Pacific Airways 505 0.07 1,522,000 Shougang Fushan 123 0.02 1,028,000 Champion Real Estate Investment Trust 359 0.05 1,358,380 Shui On Land 243 0.03 1,191,109 Cheung Kong Property 4,391 0.57 859,193 Shun Tak 194 0.03 933,000 China Oceanwide Rights 11/3/2016 1 0.00 1,273,280 Sino Land 1,279 0.17 1,098,000 China Travel International 275 0.04 721,000 SJM 317 0.04 468,400 Chow Tai Fook Jewellery 202 0.03 944,500 Sun Art Retail 411 0.05 1,192,609 CK Hutchison 10,405 1.35 705,397 Sun Hung Kai Properties 5,673 0.74 646,331 CLP 4,066 0.53 249,965 Swire Pacific 1,758 0.23 171,977 Dah Sing Banking 206 0.03 491,760 Swire Properties 906 0.12 67,371 Dah Sing Financial 256 0.03 532,500 Techtronic Industries 1,464 0.19 977,000 FIH Mobile 252 0.03 108,400 Television Broadcasts 307 0.04 1,009,150 First Pacific 501 0.07 274,000 Towngas China 101 0.01 892,300 Galaxy Entertainment 2,158 0.28 578,400 Uni-President 277 0.04 2,487,059 Global Brands 210 0.03 64,500 Vtech 522 0.07 1,080,000 Good Resources 82 0.01 2,749,117 Want Want China 1,312 0.17 1,056,000 Guotai Junan International 192 0.02 2,173,500 WH 906 0.12 726,000 Haitong International Securities 246 0.03 583,659 Wharf 2,111 0.27 952,665 Hang Lung Properties 1,203 0.16 341,177 Wheelock 965 0.13 325,126 Hang Seng Bank 3,958 0.52 441,600 Wynn Macau 366 0.05 439,530 Henderson Land Development 1,710 0.22 826,000 Xinyi Glass 314 0.04 2,908,376 Hong Kong & China Gas 3,689 0.48 1,078,000 Xinyi Solar 216 0.03 506,913 Hong Kong Exchanges & Clearing 7,955 1.03 221,500 Hopewell 488 0.06 107,154 13.97 822,500 Huabao International 204 0.03 Malaysia – 5.08%; 2015 4.84% 511,000 Hutchison Telecommunications 124 0.02 367,000 AirAsia Berhad 92 0.01 256,970 Hysan Development 731 0.10 469,708 Alliance Financial 293 0.04 156,304 Johnson Electric 334 0.04 783,712 AMMB 583 0.08 218,109 Kerry Logistics Network 232 0.03 934,400 Astro Malaysia 430 0.06 128,400 Kowloon Development 68 0.01 1,926,296 Axiata 1,954 0.25 184,000 Lifestyle International 161 0.02 333,814 Berjaya Sports Toto 181 0.02 953,296 Link Real Estate Investment Trust 3,877 0.50 61,900 British American Tobacco – Malaysia 595 0.08 181,250 L’Occitane International 261 0.03 1,562,600 Bumi Armada Berhad 258 0.03 602,000 Macau Legend Development 55 0.01 2,311,552 CIMB 1,786 0.23

591 BlackRock Collective Investment Funds 592 Pacific ex Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 1,598,688 Digi.com 1,350 0.18 528,388 Kiwi Property 342 0.04 748,000 Felda Global Ventures 195 0.03 265,543 Mighty River Power 332 0.04 884,700 Gamuda 674 0.09 164,972 Ryman Healthcare 630 0.08 932,196 Genting Berhad 1,261 0.16 243,421 Sky City 516 0.07 1,192,700 Genting Malaysia 844 0.11 183,665 Sky Network Television 375 0.05 256,800 Hong Leong Bank 577 0.08 773,410 Spark New Zealand 1,260 0.16 94,394 Hong Leong Financial 226 0.03 105,837 Vector 164 0.02 1,194,500 IHH Healthcare 1,310 0.17 72,330 Warehouse 92 0.01 1,312,100 IJM Corporation Berhad 761 0.10 32,688 Xero 231 0.03 1,547,045 IOI Berhad 1,246 0.16 8,008 1.03 870,262 IOI Properties 306 0.04 216,000 KLCC Property 259 0.03 Singapore – 6.78%; 2015 6.98% 222,500 Kuala Lumpur Kepong 908 0.12 872,000 Ascendas Real Estate Investment Trust 1,079 0.14 187,500 Lafarge Malayan Cement 292 0.04 890,380 CapitaLand Commercial Trust 651 0.08 2,299,980 Malayan Banking Berhad 3,360 0.44 1,085,394 CapitaLand 1,660 0.22 413,920 Malaysia Airports 415 0.05 1,135,406 CapitaLand Mall Trust 1,270 0.17 1,129,632 Maxis 1,187 0.15 258,946 City Developments 945 0.12 638,600 MISC 959 0.12 865,959 ComfortDelGro 1,333 0.17 353,600 MMC 99 0.01 443,000 COSCO 69 0.01 1,246,626 Petronas Chemicals 1,445 0.19 753,965 DBS 5,251 0.68 133,800 Petronas Dagagan 566 0.07 148,300 Frasers Centrepoint 119 0.02 343,224 Petronas Gas 1,299 0.17 2,487,485 Genting Singapore 964 0.13 253,900 PPB 697 0.09 1,264,900 Global Logistic Properties 1,143 0.15 1,331,488 Public Bank 4,206 0.55 2,622,608 Golden Agri-Resources 491 0.06 389,480 RHB Capital 353 0.05 2,099,000 Hutchison Port 697 0.09 1,597,300 SapuraKencana Petroleum 518 0.07 217,000 Indofood Agri Resources 48 0.01 1,383,553 Sime Darby 1,772 0.23 44,526 Jardine Cycle & Carriage 879 0.11 311,600 SP Setia 160 0.02 103,793 Jardine Matheson 4,356 0.57 467,418 Telekom Malaysia 530 0.07 95,167 Jardine Strategic 2,026 0.26 1,510,300 Tenaga Nasional 3,402 0.44 609,465 Keppel 1,617 0.21 598,800 UEM Sunrise 101 0.01 151,675 M1 197 0.03 290,400 UMW 351 0.05 380,250 Neptune Orient Lines 244 0.03 401,200 Westports 277 0.04 43,000 Olam International 35 0.00 2,281,233 YTL 611 0.08 1,370,548 Oversea-Chinese Banking 5,669 0.74 1,239,705 YTL Power 309 0.04 392,130 SembCorp Industries 539 0.07 355,630 SembCorp Marine 278 0.04 38,998 5.08 87,900 SIA Engineering 156 0.02 New Zealand – 1.03%; 2015 0.85% 212,433 Singapore Airlines 1,267 0.16 232,861 Air New Zealand 302 0.04 364,897 Singapore Exchange 1,356 0.18 367,051 Auckland International Airport 1,066 0.14 575,200 Singapore Post 425 0.06 326,037 Contact Energy 694 0.09 595,250 Singapore Press 1,136 0.15 243,569 Fisher & Paykel Healthcare 1,021 0.13 647,500 Singapore Technologies Engineering 987 0.13 289,363 Fletcher Building 983 0.13 3,096,139 Singapore Telecommunications 5,911 0.77

593 BlackRock Collective Investment Funds 594 Pacific ex Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 309,000 SMRT 256 0.03 71,155 Hanon Systems 412 0.05 265,170 StarHub 463 0.06 4,134 Hanssem 614 0.08 992,700 Suntec Real Estate Investment Trust 843 0.11 15,203 Hanwah Techwin 347 0.05 507,025 United Overseas Bank 4,460 0.58 19,379 Hanwha 383 0.05 209,484 UOL 609 0.08 32,735 Hanwha Chemical 458 0.06 98,900 Venture 414 0.05 93,972 Hanwha Life Insurance 336 0.04 905,530 Wilmar International 1,441 0.19 12,382 Hite Jinro 212 0.03 186,221 Wing Tai 149 0.02 13,597 Hotel Shilla 502 0.07 929,400 Yangzijiang Shipbuilding 432 0.06 9,928 Hyosung 724 0.09 286,600 Yanlord Land 155 0.02 6,252 Hyundai Department Store 493 0.06 52,020 6.78 25,434 Hyundai Development 584 0.08 29,706 Hyundai Engineering & Construction 658 0.09 South Korea – 19.59%; 2015 18.20% 7,727 Hyundai Glovis 868 0.11 13,361 Amorepacific 2,862 0.37 19,313 Hyundai Heavy Industries 1,161 0.15 12,230 Amorepacific (New) 1,010 0.13 25,705 Hyundai Marine & Fire Insurance 460 0.06 3,970 Amorepacific preference shares 512 0.07 32,821 Hyundai Merchant Marine 56 0.01 3,935 BGF retail 372 0.05 4,895 Hyundai Mipo Dockyard 182 0.02 130,253 BNK Financial 655 0.09 27,949 Hyundai Mobis 4,062 0.53 30,644 Celltrion 1,789 0.23 61,345 Hyundai Motor 5,282 0.69 27,576 Cheil Worldwide 272 0.04 15,448 Hyundai Motor 2nd preference shares 924 0.12 5,658 CJ 786 0.10 8,318 Hyundai Motor preference shares 493 0.06 3,033 CJ CheilJedang 641 0.08 63,504 Hyundai Securities 239 0.03 3,174 C J Korea Express 361 0.05 32,300 Hyundai Steel 1,046 0.14 22,696 Coway 1,292 0.17 6,824 Hyundai Wai 436 0.06 12,400 Daelim Industrial 582 0.08 109,973 Industrial Bank of Korea 748 0.10 85,356 Daewoo Engineering & Construction 267 0.03 14,415 Kakao 799 0.10 19,979 Daewoo International 222 0.03 46,484 Kangwon Land 1,119 0.15 80,307 Daewoo Securities 374 0.05 163,580 KB Financial 2,836 0.37 39,574 Daewoo Shipbuilding & Marine Engineering 98 0.01 2,332 KCC 581 0.08 66,657 DGB Financial 321 0.04 6,079 KEPCO Engineering & Construction 96 0.01 19,826 Dongbu Insurance 781 0.10 9,548 KEPCO Plant Service & Engineering 397 0.05 11,084 Dongsuh 191 0.02 109,457 Kia Motors 2,945 0.38 3,600 Doosan 158 0.02 21,829 Korea Aerospace Industries 900 0.12 20,535 Doosan Heavy Industry 198 0.03 108,353 Korea Electric Power 3,713 0.48 58,300 Doosan Infracore 139 0.02 12,427 Korea Gas 279 0.04 8,917 E-Mart 916 0.12 16,115 Korea Investment 391 0.05 21,839 GS 676 0.09 4,286 Korea Zinc 1,117 0.15 21,122 GS Engineering & Construction 309 0.04 14,776 Korean Air Lines 222 0.03 126,762 Hana Financial 1,543 0.20 33,958 KT 573 0.07 62,489 Hanjin Shipping 103 0.01 46,916 KT&G 2,917 0.38 32,836 Hankook Tire 1,022 0.13 7,749 Kumho Petro Chemical 277 0.04 2,546 Hanmi Pharm 969 0.13 37,830 LG 1,585 0.21 4,494 Hanmi Science 386 0.05

595 BlackRock Collective Investment Funds 596 Pacific ex Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 18,490 LG Chemical 3,233 0.42 224,265 SK Hynix 3,921 0.51 3,313 LG Chemical preference shares 389 0.05 26,356 SK Innovation 2,231 0.29 97,072 LG Display 1,388 0.18 64,378 SK Networks 224 0.03 45,728 LG Electronics 1,730 0.23 9,706 SK Telecom 1,317 0.17 7,728 LG Electronics preference shares 158 0.02 9,417 SKC 171 0.02 2,476 LG Hausys 176 0.02 17,546 S-Oil 809 0.11 3,815 LG Household & Health Care 1,928 0.25 122,511 Woori Bank 622 0.08 823 LG Household & Health Care preference shares 221 0.03 3,262 Yuhan 491 0.06 86,286 LG UPlus 534 0.07 150,801 19.59 6,114 Lotte Chemical 1,140 0.15 286 Lotte Chilsung Beverage 343 0.04 Taiwan – 16.70%; 2015 16.01% 229 Lotte Confectionery 321 0.04 1,121,036 Acer 289 0.04 4,605 Lotte Shopping 669 0.09 2,633,036 Advanced Semiconductor 2,168 0.28 8,034 LS Cable 196 0.03 139,286 Advantech 696 0.09 2,973 Mando 259 0.03 1,056,198 Asia Cement 633 0.08 28,047 Mirae Asset Securities 323 0.04 298,805 ASUSTeK Computer 1,772 0.23 11,394 NAVER 3,804 0.50 3,877,745 AU Optronics 758 0.10 6,686 NCsoft 935 0.12 908,924 Capital Securities 171 0.02 58,727 NH Investment & Securities 335 0.04 308,222 Catcher Technology 1,737 0.23 5,754 NHN Entertainment 183 0.02 3,358,587 Cathay Financial 2,714 0.35 1,426 Nong Shim 337 0.04 404,000 Cathay Real Estate 119 0.02 7,031 OCI 375 0.05 2,154,428 Chang Hwa Commercial Bank 760 0.10 1,672 Orion 895 0.12 729,256 Cheng Shin Rubber 924 0.12 21,768 Paradise 186 0.02 155,278 Cheng Uei Precision Industry 146 0.02 28,777 Posco 3,334 0.43 264,528 Chicony Electronics 416 0.05 7,769 S1 416 0.05 1,108,448 China Airlines 277 0.04 30,157 Samsung C & T 2,720 0.35 6,081,210 China Development Financial 1,054 0.14 12,911 Samsung Card 269 0.03 327,024 China Motor 152 0.02 22,920 Samsung Electro Mechanics 724 0.09 5,231,956 China Steel 2,336 0.30 44,878 Samsung Electronics 30,859 4.01 1,609,149 Chunghwa Telecom 3,653 0.48 8,321 Samsung Electronics preference shares 4,770 0.62 1,764,444 Compal Electronics 745 0.10 48,096 Samsung Engineering 267 0.03 7,127,077 CTBC Financial 2,500 0.33 7,502 Samsung Fine Chemicals 162 0.02 890,891 Delta Electronics 2,593 0.34 14,565 Samsung Fire & Marine 2,563 0.33 3,201,445 E.Sun Financial 1,193 0.16 63,310 Samsung Heavy Industries 386 0.05 87,977 Eclat Textile 803 0.10 33,211 Samsung Life 2,171 0.28 387,000 Epistar 223 0.03 24,028 Samsung SDI 1,400 0.18 333,730 Eternal Chemical 236 0.03 12,411 Samsung SDS 1,344 0.17 878,009 Eva Airways 339 0.04 23,544 Samsung Securities 536 0.07 846,035 Evergreen Marine 221 0.03 192,674 Shinhan Financial 4,268 0.56 785,397 Far East International Bank 161 0.02 3,055 Shinsegae 379 0.05 1,681,379 Far Eastern New Century 920 0.12 14,886 SK 2,155 0.28 670,710 Far EasTone Telecommunications 1,011 0.13 197,773 Feng Hsin Iron & Steel 167 0.02

597 BlackRock Collective Investment Funds 598 Pacific ex Japan Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 115,000 Feng Tay Enterprises 450 0.06 499,153 Taiwan Glass 139 0.02 3,846,872 First Financial 1,291 0.17 719,453 Taiwan Mobile 1,594 0.21 1,854,284 Formosa Chemical & Fibre 2,993 0.39 120,937 Taiwan Secom 243 0.03 802,953 Formosa Petrochemical 1,472 0.19 10,139,015 Taiwan Semiconductor Manufacturing 32,707 4.25 2,074,674 Formosa Plastic 3,556 0.46 842,000 Teco Electric and Machinery 497 0.06 454,590 Formosa Taffeta 299 0.04 292,861 Ton Yi Industrial 98 0.01 442,859 Foxconn Technology 629 0.08 122,318 Transcend Information 270 0.04 3,075,313 Fubon Financial 2,635 0.34 187,740 U-Ming Marine Transport 109 0.01 125,095 Giant Manufacturing 576 0.07 529,597 Unimicron Technology 194 0.03 25,000 Hermes Microvision 449 0.06 2,084,186 Uni-President Enterprises 2,581 0.34 5,890,366 Hon Hai Precision 9,968 1.30 4,993,284 United Micro Electronics 1,443 0.19 177,000 Hotai Motor 1,319 0.17 385,196 Vanguard International Semiconductor 427 0.06 315,780 HTC 551 0.07 1,362,641 Walsin Lihwa 243 0.03 3,112,635 Hua Nan Financial 1,045 0.14 396,468 Wan Hai Lines 158 0.02 4,063,260 Innolux Display 852 0.11 1,107,571 Wistron 475 0.06 992,000 Inotera Memories 613 0.08 179,237 Ya Hsin Industrial* – 0.00 1,343,282 Inventec 693 0.09 603,389 Yang Ming Marine Transport 115 0.01 41,566 Largan Precision 2,289 0.30 4,456,374 Yuanta Financial 1,036 0.13 870,959 Lite-On Technology 726 0.09 565,237 Yuen Foong Yu Paper Manufacturing 124 0.02 1,377,104 Macronix International 113 0.01 367,005 Yulon Motor 235 0.03 618,246 MediaTek 3,156 0.41 9,000 Yulon Nissan Motor 45 0.01 4,515,876 Mega Financial 2,143 0.28 128,329 16.70 2,415,441 Nan Ya Plastic 3,332 0.43 103,384 Nan Ya Printed Circuit Boards 77 0.01 Thailand – 3.14%; 2015 3.34% 165,811 Nanya Technology 148 0.02 183,000 Advanced Info Service (Alien Market) 632 0.08 232,238 Novatek Microelectronics 694 0.09 330,200 Advanced Info Service (non-voting Depository Receipts) 1,141 0.15 299,509 Oriental Union Chemical 141 0.02 67,500 Airports of Thailand 546 0.07 798,952 Pegatron 1,369 0.18 111,500 Airports of Thailand (non-voting Depository Receipts) 901 0.12 1,180,451 Pou Chen 1,056 0.14 195,700 Bangkok Bank 658 0.09 236,895 President Chain Store 1,160 0.15 345,000 Bangkok Dusit Medical Services 150 0.02 257,754 President Securities 71 0.01 1,221,400 Bangkok Dusit Medical Services (non-voting Depository 1,108,421 Quanta Computer 1,341 0.17 Receipts) 532 0.07 193,506 Realtek Semiconductor 353 0.05 187,380 Bangkok Life Assurance 157 0.02 3,294,624 Shin Kong Financial 449 0.06 127,900 Banpu 47 0.01 936,709 Siliconware Precision 1,042 0.14 356,800 Banpu (non-voting Depository Receipts) 132 0.02 4,112,476 SinoPac Financial 814 0.11 142,000 BEC World Public (Alien Market) 91 0.01 523,700 Synnex Technology International 383 0.05 268,500 BEC World Public (non-voting Depository Receipts) 171 0.02 3,691,738 Taishin Financial 878 0.11 67,400 Berli Jucker 50 0.01 1,741,484 Taiwan Business Bank 317 0.04 93,400 Berli Jucker Public 69 0.01 1,435,484 Taiwan Cement 934 0.12 22,600 Big C Supercenter 114 0.01 3,353,637 Taiwan Cooperative Financial 1,027 0.13 117,280 Big C Supercenter (non-voting Depository Receipts) 592 0.08 314,000 Taiwan Fertilizer 305 0.04 2,653,300 BTS (non-voting Depository Receipts) 443 0.06 152,900 Bumrungrad Hospital 666 0.09

599 BlackRock Collective Investment Funds 600 Pacific ex Japan 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 £000’s Assets Value Investment £000’s £000’s Assets 158,800 Central Pattana 150 0.02 407,900 Siam Commercial Bank (non-voting Depositiory 376,500 Central Pattana (non-voting Depository Receipts) 355 0.05 Receipts) 1,140 0.15 569,900 Charoen Pokphand Foods 219 0.03 222,100 Thai Airways International 54 0.01 795,800 Charoen Pokphand Foods (non-voting Depository 55,600 Thai Airways International (non-voting Depository Receipts) 306 0.04 Receipts) 13 0.00 813,300 CP ALL (Alien Market) 713 0.09 145,000 Thai Oil (Alien Market) 187 0.02 1,096,200 CP ALL (non-voting Depository Receipts) 961 0.12 179,800 Thai Oil (non-voting Depository Receipts) 231 0.03 155,600 Delta Electronics 255 0.03 320,080 Thai Union 128 0.02 68,800 Delta Electronics (Alien Market) 113 0.01 574,700 Thai Union Frozen Products (non-voting Depository 60,800 Electricity Generating Public 203 0.03 Receipts) 231 0.03 29,300 Electricity Generating Public (non-voting Depository 3,270,900 TMB Bank 168 0.02 Receipts) 98 0.01 6,357,200 TMB Bank (non-voting Depository Receipts) 327 0.04 86,800 Glow Energy 142 0.02 137,900 Total Access Communication (Alien Market) 88 0.01 101,000 Glow Energy (non-voting Depository Receipts) 165 0.02 173,400 Total Access Communication GDR (non-voting 1,701,412 Home Product Center 246 0.03 Depository Receipts) 112 0.01 281,500 Indorama (non-voting Depository Receipts) 123 0.02 3,357,102 True 480 0.06 364,300 Indorama Ventures 159 0.02 24,266 3.14 318,500 Intouch 395 0.05 EUROPE – 0.08%; 2015 0.14% 351,100 Intouch (non-voting Depository Receipts) 413 0.05 2,588,700 IRPC 229 0.03 EQUITIES – 0.08%; 2015 0.14% 1,826,000 IRPC (non-voting Depository Receipts) 161 0.02 Italy – 0.06%; 2015 0.10% 487,700 Kasikornbank 1,714 0.22 235,700 Prada 488 0.06 493,700 Krung Thai Bank 177 0.02 Russia – 0.02%; 2015 0.04% 1,039,400 Krung Thai Bank (non-voting Depository Receipts) 373 0.05 668,000 United Company 153 0.02 1,052,480 Land and Houses 180 0.02 539,300 Land and Houses (non-voting Depository Receipts) 91 0.01 DERIVATIVES – (0.01)%; 2015 0.01% 683,920 Minor International 495 0.06 Futures – (0.01)%; 2015 0.01% 208,200 PTT 1,097 0.14 26 Hang Seng Index March 2016 2,318 (31) 0.00 148,200 PTT (Alien Market) 781 0.10 41 Kospi 200 Index March 2016 2,822 26 0.00 256,777 PTT Exploration & Production (Alien Market) 352 0.05 70 MSCI Singapore Index ETS March 2016^ 1,084 – 0.00 333,900 PTT Exploration & Production (non-voting Depository 105 MSCI Taiwan Index March 2016 2,328 14 0.00 Receipts) 458 0.06 70 SPI 200 March 2016 4,389 (85) (0.01) 326,800 PTT Global Chemical (Alien Market) 356 0.05 12,941 (76) (0.01) 355,300 PTT Global Chemical (non-voting Depository Receipts) 387 0.05 81,100 Ratchaburi Electricity Generating 84 0.01 Portfolio of investments 760,986 98.98 60,300 Ratchaburi Electricity Generating (non-voting Depository Net other assets 7,845 1.02 Receipts) 62 0.01 Total net assets 768,831 100.00 127,000 Siam Cement 1,137 0.15 16,700 Siam City Cement 100 0.01 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Note: comparative figures show percentages for each category of holding at 28 February 2015. 7,400 Siam City Cement (non-voting Depository Receipts) 44 0.01 * Suspended investments fair valued at zero. 257,900 Siam Commercial Bank 721 0.09 ^Investments which are less than £500 are rounded to zero. 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.

601 BlackRock Collective Investment Funds 602 Pacific ex Japan Equity Tracker Statement of Total Return Pacific ex Japan Equity Tracker Balance Sheet for the year ended 29 February 2016 at 29 February 2016

For the year For the year 29.2.2016 28.2.2015 to 29.2.2016 to 28.2.2015 Notes £000’s £000’s Notes £000’s £000’s £000’s £000’s Assets: Income Fixed assets Net capital (losses)/gains 3 (107,097) 54,276 – Investment assets 761,102 787,748 Revenue 4 28,926 23,556 Current assets Expenses 5 (1,614) (1,509) – Debtors 9 5,147 6,414 Interest payable and similar – Cash and bank balances 10 9,941 6,739 charges 6 (9) (14) Total assets 776,190 800,901 Net revenue before taxation 27,303 22,033 Liabilities: Taxation 7 (1,847) (1,345) Investment liabilities (116) (16) Net revenue after taxation 25,456 20,688 Creditors Total return before distributions (81,641) 74,964 – Bank overdraft – (6) Distributions 8 (24,320) (19,919) – Amounts due to futures clearing houses and brokers (12) – Change in net assets – Distributions payable – (35) attributable to unitholders from investment activities (105,961) 55,045 – Other creditors 11 (7,231) (2,252) Total liabilities (7,359) (2,309) Net assets attributable to unitholders 768,831 798,592 Pacific ex Japan Equity Tracker Statement of Change in for the year ended 29 February 2016 Net Assets Attributable to Unitholders N C D Hall (Director) G D Bamping (Director) For the year For the year BlackRock Fund Managers Limited to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s 28 April 2016

Opening net assets attributable to unitholders 798,592 666,957 Amounts receivable on issue of units 178,993 250,561 Amounts payable on cancellation of units (127,713) (194,891) 51,280 55,670 Change in net assets attributable to unitholders from investment activities (105,961) 55,045 Retained distribution on accumulation units 24,920 20,920 Closing net assets attributable to unitholders 768,831 798,592

603 BlackRock Collective Investment Funds 604 Pacific ex Japan Equity Tracker Notes to Financial Statements for the year ended 29 February 2016

4. Revenue 6. Interest payable and similar charges For the year For the year For the year For the year to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s Interest from UK bank deposits 29 27 Interest on bank overdrafts 9 14 Interest received on margin deposits 1 1 7. Taxation Overseas dividends 25,823 21,371 (a) Analysis of tax charge Overseas REIT dividends 1,361 1,10 4 For the year For the year Securities lending revenue 562 283 to 29.2.2016 to 28.2.2015 Stock dividends 1,15 0 770 £000’s £000’s Total revenue 28,926 23,556 Irrecoverable overseas tax 1,847 1,345 Total current tax charge [see note 7(b)] 1,847 1,345

605 BlackRock Collective Investment Funds 606 Pacific ex Japan Equity Tracker Notes to Financial Statements continued

(b) Factors affecting the current tax charge 9. Debtors The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an 29.2.2016 28.2.2015 authorised unit trust. The differences are explained below: £000’s £000’s For the year For the year Accrued revenue 4 ,178 3,516 to 29.2.2016 to 28.2.2015 Amounts receivable for issue of units 417 1,436 £000’s £000’s Currency sales awaiting settlement 518 1,445 Net revenue before taxation 27,303 22,033 Overseas tax recoverable 34 17 Corporation tax at 20% (28 February 2015: 20%) 5,461 4,407 Total debtors 5 ,147 6,414 Effects of: Excess expenses for which no tax relief taken (65) 22 10. Cash and Bank Balances Irrecoverable overseas tax 1,847 1,345 29.2.2016 28.2.2015 Non taxable overseas dividends (5,166) (4,275) £000’s £000’s Non taxable stock dividends (230) (154) Amounts held at futures clearing houses and brokers 1,039 684 Total current tax charge [see note 7(a)] 1,847 1,345 Cash and bank balances 8,902 6,055 At 29 February 2016, the Fund had surplus management expenses of £000 3,014 (28 February 2015: £000 3,339). It is unlikely that the Total cash and bank balances 9,941 6,739 Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £000 603 (28 February 2015: £000 668) has not been recognised. 11. Other Creditors

8. Distributions 29.2.2016 28.2.2015 £000’s £000’s For the year For the year to 29.2.2016 to 28.2.2015 Accrued Audit fee 7 7 £000’s £000’s Accrued FCA fee 1 1 Interim distribution 15,301 12,441 Accrued Manager’s charge 196 327 Final distribution 9,688 8,573 Accrued Registrar’s fee 1 2 24,989 21,014 Accrued Safe custody fees 53 49 Add: Amounts deducted on cancellation of units 695 786 Accrued Trustee’s fee 7 15 Less: Amounts received on issue of units (1,364) (1,881) Amounts payable for cancellation of units 6,444 322 Distributions 24,320 19,919 Currency purchases awaiting settlement 518 1,445 Custodian transaction costs 4 3 Net revenue after taxation 25,456 20,688 Purchases awaiting settlement – 81 Add: Equalisation on conversions 14 1 Total other creditors 7,231 2,252 Less: Non distributable stock dividends (1,150) (770) Distributions 24,320 19,919 12. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). Details of the interim and final distributions per unit are set out in the tables on page 587.

607 BlackRock Collective Investment Funds 608 Pacific ex Japan Equity Tracker Notes to Financial Statements continued

During the year the Fund engaged in securities lending. The Fund receives either cash collateral or The Manager acts as either principal or agent for the Trustee in respect of all transactions of units securities as collateral for a value in excess of the market value of the securities loaned. As at the of the Fund. The aggregate monies received through issue and paid through cancellation of units 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts due to or from the Manager at the year end are disclosed in notes 9 and 11. Management The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The the Fund in any or all of the following collateral agents and central securities depositaries: Bank of balances due at the year end in respect of these fees are shown in note 11. Securities lending New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give revenue earned by the Fund is disclosed in notes 4 and 13. as per the schedule in order to cover the required value of exposure. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing The Investment Manager monitors the fair value of the securities loaned and additional collateral arrangements with related parties (including, without limitation, brokers who are affiliated to the is obtained, if necessary. BlackRock Group), which may result in the Fund benefiting from research or execution services Securities lending revenue is split between the Fund and the securities lending agent in the ratio which the Investment Manager believes are useful in the investment decision-making or trade 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s execution process. Such research or execution services may include, without limitation and to the share. 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 The securities lending revenue earned during the year, the value of securities on loan at the year these services and the application of such benefits across a number of BlackRock managed funds, end and the value of collateral held at the year end for the Fund are shown below: it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into 29.2.2016 28.2.2015 these arrangements with brokers who are not affiliated to the BlackRock Group. £000’s £000’s As at 29 February 2016 and 28 February 2015, none of the unitholders: Revenue earned during the year 562 283 Value of securities on loan at the year end 181,104 76,499 (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or Value of collateral held on behalf of the Fund at the year end 201,023 85,425 (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Fund. The Fund’s securities lending borrowing counterparties are Bank of America Merrill Lynch, Citigroup, Credit Suisse International, Deutsche Bank AG, Goldman Sachs, HSBC, JP Morgan Chase Securities Plc, Macquarie Bank Ltd, Morgan Stanley & Co., Nomura, Société Générale, The Bank of Nova Scotia and UBS.

609 BlackRock Collective Investment Funds 610 Pacific ex Japan Equity Tracker Notes to Financial Statements continued

15. Portfolio Transaction Costs For the year ended 28 February 2015

For the year ended 29 February 2016 Direct Transaction Costs

Direct Transaction Costs Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Equity instruments 134,597 54 0.04 22 0.02 Equity instruments 144,306 45 0.03 33 0.02 In-specie transfers 72,318 – – – – Total purchases 144,306 45 33 Total purchases 206,915 54 22

Total purchases including Total purchases including transaction costs 144,384 transaction costs 206,991

Direct Transaction Costs Direct Transaction Costs

Transaction Value Commissions Taxes Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Sales (excluding derivatives) £000’s £000’s % £000’s % Equity instruments 67,971 22 0.03 86 0 .13 Equity instruments 135,878 51 0.04 162 0 .12 Total sales 67,971 22 86 Corporate actions 89 – – – –

Total sales net of transaction costs 67,863 Total sales 135,967 51 162 Total sales net of transaction costs 135,754 Derivative transaction costs 20 – Derivative transaction costs 15 – Total transaction costs 87 119 Total transaction costs 120 184 Total transaction costs as a % of average net assets 0.01% 0.01% Total transaction costs as a % of average net assets 0.01% 0.03%

Separately identifiable direct transaction costs (such as commissions and taxes) are attributable to the Fund’s purchase and sale of equity instruments. Additionally for equity shares there is a dealing spread cost (the difference between the buying and selling prices) which will be incurred on purchase and sale transactions.

611 BlackRock Collective Investment Funds 612 Pacific ex Japan Equity Tracker Notes to Financial Statements BlackRock UK Equity Tracker Fund continued Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument About the Fund types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and The BlackRock UK Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Investment offer prices of all investments expressed as a percentage of the offer price value) was 0.26% Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was established and (28 February 2015 – 0.37%). authorised by the Financial Conduct Authority on 21 June 2005. The Fund was previously known as Merrill Lynch UK Equity Tracker Fund. It adopted its present name with effect from 28 April 2008. 16. Units in Issue The movement in units in issue for the year ended 29 February 2016 is as follows: Investment Objective & Policy A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation Units Units Units Units Units Units

Balance at the beginning of the year 1,376,909 285,539,611 2,674,639 78,488,986 15,943,098 4,446,227 The aim of 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 in the Index. Investment will be Issued during the year 80,762 63,251,561 18,918,169 – 8,146,473 5,463,173 made directly into constituent companies and via other transferable securities giving exposure to such Cancelled during the year (375,535) (50,385,372) (11,805,191) – (3,435,119) (2,178,066) companies. The Fund may also invest in permitted money-market instruments, permitted deposits Converted during the year (302,653) (20,412,112) (9,787,518) 41,999,370 (3,491,863) 13 ,517,18 0 and units in collective investment schemes. Derivatives and forward transactions may be used for the Balance at the end of the year 779,483 277,993,688 99 120,488,356 17,16 2 ,5 8 9 21,248,514 purposes of efficient portfolio management.

Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The Risk and Reward Profile distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. Lower risk Higher risk Typically lower rewards Typically higher rewards 17. Post Balance Sheet Events Unit Class There have been no significant events subsequent to the year end, which, in the opinion of the A Accumulation 1 2 3 4 5 6 7 Manager, may have had an impact on the financial statements for the year ended 29 February 2016. 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 H 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.

`` During the year, the risk indicator for each unit class changed from level 6 to 5 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.

613 BlackRock Collective Investment Funds 614 UK Equity Tracker Fund

This Annual Report covers the year ended 29 February 2016. Tracking Difference Tracking difference is defined as the difference in returns between a fund and its benchmark index. Performance Table

For the year For the three years For the five years The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible to 29.2.2016 to 29.2.2016 to 29.2.2016 the constituents of the benchmark index by holding all the securities comprising the benchmark index in similar proportions to their weightings in the benchmark index. TOTAL Return (with net income reinvested) Cash management, efficient portfolio management techniques including securities lending and # Class L Accumulation Units transaction costs from rebalancing can have an impact on tracking difference. Importantly, these BlackRock UK Equity Tracker Fund -7.8% +9.9% +27.0% impacts can be either positive or negative depending on the underlying circumstances. FTSE All-Share Index* -7.6% +10.5% +28.0% The table below compares the realised Fund performance against the performance of the relevant 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. benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: * Figures from Index Vendor. # D Accumulation class was renamed as L Accumulation class during June 2012. Fund return Benchmark return for the year for the year Tracking All financial investments involve an element of risk. Therefore, the value of your investment and to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference the income from it will vary and the return of your initial investment amount cannot be guaranteed. Before costs, the performance of the Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is Fund relative to the benchmark index has not a guide to future performance and should not be the sole factor of consideration when selecting -7.77%* -7.56% -0.21% been in line with expectations. a product. * Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units.

615 BlackRock Collective Investment Funds 616 UK Equity Tracker Fund continued UK Equity Tracker Investment Report

Tracking Error Summary of Performance over the Period Realised tracking error is the annualised standard deviation of the difference in monthly returns During the period from 1 March 2015 to 29 February 2016, the Fund returned -7.8%,* compared with between a fund and its benchmark index. Tracking error shows the consistency of the returns relative its benchmark, the FTSE All-Share Index, which returned -7.6%. Before costs, the performance of the to the benchmark index over a defined period of time. Fund relative to the benchmark index has been in line with expectations. Over the six-month period to 29 February 2016, the Fund returned -0.5%,* outperforming its benchmark, which returned -1.6%. Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. Fund Manager’s Commentary The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US the constituents of the benchmark index by holding all the securities comprising the benchmark index Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by in similar proportions to their weightings in the benchmark index. 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s growing confidence in employment and inflation prospects. By contrast, the European Central Bank Cash management, efficient portfolio management techniques including securities lending and extended its asset-purchase programme for another few months, as the region’s economy struggled transaction costs from rebalancing can have an impact on tracking error as well as the return to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, differential between the Fund and the benchmark index. Importantly, these impacts can be either lowered benchmark rates in a bid to stimulate growth. positive or negative depending on the underlying circumstances. Early on, markets digested the news that the Conservative Party had gained a narrow majority in The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex the general election. Throughout the period, the Bank of England kept interest rates on hold as ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking inflation stayed well below its 2% target. The economy showed some signs of resilience, however, error is annualised and calculated using data from the preceding 36 month observation period. as unemployment fell to a seven-year low in the third quarter. Meanwhile, merger and acquisition activity involving UK companies picked up pace in the first three quarters, taken by some as a sign of Anticipated Realised confidence in the UK corporate sector. Tracking Error Tracking Error Explanation for difference The Fund’s tracking error exceeded its anticipated tracking error The Fund is structured to track the FTSE All-Share Index closely, so its portfolio remains positioned so due to a temporary divergence between the valuation time the that its risk characteristics are similar to those of the Index. index provider levels are taken and the Fund valuation point over UK bank holidays. The index provider will use the latest known March 2016 market values prior to the UK bank holiday and as such, the index * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of valuation time is at market close, whilst the Fund’s valuation fees and reported for the Fund’s class L Accumulation Units. point is 12 noon. This effect only occurs when UK bank holidays coincide with month-end performance reporting cycles, which Up to 0.20%* 1.00%* occurred in August 2015.

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

617 BlackRock Collective Investment Funds 618 UK Equity Tracker Performance Record

Comparative Table Comparative Table

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

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 Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 179.3 170.6 14 8 .1 183.0 173.6 150.2 Opening net asset value per unit 130.2 127.5 114.0 141.7 134.2 115.8

Return before operating charges (13.69) 9.56 23.31 (13.98) 9.76 23.74 Return before operating charges (10.01) 6.95 17.97 (10.85) 7.51 18.41

Operating charges (0.88) (0.86) (0.81) (0.37) (0.36) (0.34) Operating charges (0.01) (0.01) (0.01) (0.01) (0.01) (0.01)

Return after operating charges (14.57) 8.70 22.50 (14.35) 9.40 23.40 Return after operating charges (10.02) 6.94 17.96 (10.86) 7.50 18.40

Closing net asset value per unit 164.7 179.3 170.6 168.7 183.0 173.6 Distributions on income units (4.47) (4.24) (4.46) N/A N/A N/A

Retained distributions on Closing net asset value per unit 115.7 130.2 127.5 130.8 141.7 134.2 accumulation units 5.32 4.87 4.94 5.97 5.48 5.58 Retained distributions on After direct transaction costs of (0.05) (0.07) (0 .14) (0.05) (0.07) (0 .14) accumulation units N/A N/A N/A 4.90 4.50 4.57

After direct transaction costs of (0.04) (0.05) (0 .11) (0.04) (0.06) (0 .11) Performance

Return after charges1 (8.13)% 5 .10 % 15 .19 % (7.84)% 5.41% 15.58% Performance

Return after charges1 (7.70)% 5.44% 15.76% (7.66)% 5.59% 15.89% Other information

Closing net asset value (£000’s) 6,463 10,466 16 ,172 4,741,725 5,975,978 4,689,356 Other information

Closing number of units 3,923,319 5,836,942 9,477,691 2,811,624,992 3,265,286,690 2,700,660,244 Closing net asset value (£000’s) 78,403 129,553 109,264 2,909,139 2,200,095 2 ,187,3 82

Operating charges2 0.51% 0.51% 0.51% 0.21% 0.21% 0.21% Closing number of units 67,757,145 99,470,080 8 5 ,707,16 7 2,223,511,838 1,552,279,142 1,629,693,780

Direct transaction costs3 0.03% 0.04% 0 .10 % 0.03% 0.04% 0 .10 % Operating charges2 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%

Direct transaction costs3 0.03% 0.04% 0 .10 % 0.03% 0.04% 0 .10 % Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Highest offer unit price 195.9 189.2 179.9 190.5 183.9 174.4 Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Lowest bid unit price 149.9 154.8 146.4 153.4 157.8 148.7 Highest offer unit price 135.7 132.4 129.4 147.6 142.4 134.8

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to Lowest bid unit price 106.6 113.5 113.0 119.0 12 2 .1 114.8 consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing consolidate the publication of the reports. prices (the price at which units are sold). 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ prices (the price at which units are sold). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ of equity instruments. See note 16 for further details. depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 16 for further details.

619 BlackRock Collective Investment Funds 620 UK Equity Tracker Performance Record continued UK Equity Tracker Distribution Tables for the year ended 29 February 2016

Comparative Table Final Distribution in Pence per Unit

D Accumulation Units H Accumulation Units Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 September 2015 to 29 February 2016 For the period For the period For the year For the year For the year from 1.2.2013* from 2.9.2014^ to 29.2.2016 to 28.2.2015 to 29.2.2016 A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation to 28.2.2014 to 28.2.2015 Units Units Units Units Units Units

Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Change in net assets per unit Net revenue (dividend) 1.7335 1.0166 2.0310 1.2772 1.5292 0.7989 1.7065 0.8756 2 .115 3 1.1425 1.2157 0.7151

Opening net asset value per unit 179.6 170.3 147.2 103.3 100.0 Equalisation† – 0.7169 – 0.7538 – 0.7303 – 0.8309 – 0.9728 – 0.5006

Return before operating charges (13.80) 9.57 23.35 (8.03) 3.41 Distribution payable 30.4.2016 1.7335 1.7335 2.0310 2.0310 1.5292 1.5292 1.7065 1.7065 2 .115 3 2 .115 3 1.2157 1.2157

Operating charges (0 .10) (0.27) (0.25) (0.06) (0 .11) Distribution paid 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 Return after operating charges (13.90) 9.30 2 3 .10 (8.09) 3.30 Closing net asset value per unit 165.7 179.6 170.3 95.21 103.3 Interim Distribution in Pence per Unit Retained distributions on accumulation units 6.04 5.46 5.55 3.49 1.13 Group 1 – Units purchased prior to 1 March 2015 After direct transaction costs of (0.05) (0.07) (0 .14) (0.03) (0.04) Group 2 – Units purchased 1 March 2015 to 31 August 2015

A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation Performance Units Units Units Units Units Units÷ Return after charges1 (7.74)% 5.46% 15.69% (7.83)% 3.30% Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Other information Net revenue (dividend) 3.5893 1.6721 3.9434 1.4868 2.9371 0.4807 3 .1973 1.2256 3.9249 1.7466 2.2787 0.9474

Closing net asset value (£000’s) 219,732 161,409 69,497 33,912 290 Equalisation† – 1.9172 – 2.4566 – 2.4564 – 1.9717 – 2 .178 3 – 1.3313

Closing number of units 132,611,520 89,868,502 40,799,789 35,618,778 280,879 Distribution paid 31.10.2015 3.5893 3.5893 3.9434 3.9434 2.9371 2.9371 3 .19 7 3 3 .19 7 3 3.9249 3.9249 2.2787 2.2787

Operating charges2§ 0.06% 0 .16 % 0 .16 % 0.06% 0 .11% 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 N/A N/A

Direct transaction costs3 0.03% 0.04% 0 .10 % 0.03% 0.02% † 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. Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit ÷ H Accumulation class commenced September 2014. Highest offer unit price 187.0 180.4 171.1 113.0 109.0 Lowest bid unit price 150.7 154.8 145.8 86.59 89.02

* 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 date of commencement of operations. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). § Please note that the annual management charges were reduced on 11 August 2015 from 0.15% to 0.055% in respect to D Accumulation units and from 0.10% to 0.055% in respect to H Accumulation units. 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 16 for further details.

621 BlackRock Collective Investment Funds 622 UK Equity Tracker Portfolio Statement at 29 February 2016

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets EQUITIES – 96.19%; 2015 99.08% Chemicals – 0.59%; 2015 0.69% 231,428 Carclo 301 0.00 UNITED KINGDOM – 96.19%; 2015 99.08% 540,339 Croda International 16,113 0.20 Aerospace & Defence – 1.98%; 2015 2.18% 1,762,695 Elementis 4,037 0.05 86,012 Avon Rubber 648 0.01 762,298 Johnson Matthey 19,187 0.24 12,513,020 BAE Systems 63,816 0.80 920,435 Synthomer 2,782 0.03 1,255,996 Chemring 1,589 0.02 327,065 Victrex 5,073 0.06 4,726,933 Cobham 12,148 0.15 148,414 Zotefoams 407 0.01 3,130,117 Meggitt 12,956 0.16 47,900 0.59 2,595,274 QinetiQ 6,029 0.08 7,278,898 Rolls-Royce 49,205 0.62 Construction & Materials – 1.03%; 2015 0.92% 1,642,721 Senior 3,354 0.04 2,789,810 Balfour Beatty 6,986 0.09 267,352 Ultra Electronics 4,705 0.06 153,899 Costain 527 0.01 157,058 Wizz Air 2,871 0.04 3,221,093 CRH 58,688 0.73 312,889 Henry Boot 658 0.01 157,321 1.98 368,209 Ibstock 724 0.01 Automobiles & Parts – 0.23%; 2015 0.28% 282,771 Keller 2,290 0.03 6,687,795 GKN 18,425 0.23 364,335 Kier 4,802 0.06 Banks – 9.11%; 2015 10.19% 918,699 Low & Bonar 547 0.01 535,417 Aldermore 1,043 0.01 635,257 Marshalls 1,833 0.02 110,406 Bank of Georgia 2,196 0.03 120,736 Morgan Sindall 930 0.01 66,288,185 Barclays 112,922 1.41 164,192 Norcros 284 0.00 76,778,142 HSBC 352,450 4.41 853,184 Polypipe 2,653 0.03 253,213,831 Lloyds Banking Group 182,162 2.28 573,783 Tyman 1,502 0.02 613,859 Northern Rock* - 0.00 82,424 1.03 368,129 OneSavings Bank 996 0.01 Electricity – 0.72%; 2015 0.80% 12,835,754 Royal Bank of Scotland 28,996 0.36 1,697,668 Drax 3,913 0.05 356,263 Shawbrook 973 0.01 3,905,631 SSE 53,898 0.67 10,625,144 Standard Chartered 44,344 0.55 983,132 Virgin Money 3,259 0.04 57,811 0.72 729,341 9.11 Electronic & Electrical Equipment – 0.41%; 2015 0.47% 93,745 Dialight 390 0.00 Beverages – 4.52%; 2015 4.03% 678,251 e2v Technologies 1,463 0.02 284,754 AG Barr 1,432 0.02 1,486,335 Halma 13,065 0.16 1,010,731 Britvic 6,929 0.09 1,115,966 Morgan Advanced Materials 2,349 0.03 788,370 Coca-Cola 10,604 0.13 196,462 Oxford Instruments 1,383 0.02 9,962,512 Diageo 185,153 2.32 132,765 Renishaw 2,297 0.03 3,740,138 SABMiller 155,814 1.95 474,793 Spectris 8,451 0.11 764,413 Stock Spirits 1,129 0.01 506,791 TT Electronics 768 0.01 361,061 4.52 302,356 Xaar 1,407 0.02 45,662 XP Power 717 0.01 32,290 0.41

623 BlackRock Collective Investment Funds 624 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Equity Investment Instruments – 3.50%; 2015 3.31% 549,460 Dexion Absolute 940 0.01 621,725 Aberdeen Asian Income Fund 936 0.01 1,281,204 Diverse Income Trust 1,166 0.01 146,672 Aberdeen Asian Smaller Companies Investment Trust 1,066 0.01 485,595 Dunedin Income Growth Investment Trust 1,037 0.01 398,270 Aberdeen New Dawn Investment Trust 562 0.01 151,135 Dunedin Smaller Companies Investment Trust 284 0.00 103,990 Aberdeen New Thai Investment Trust 413 0.01 673,333 Ecofin Water & Power Opportunities 731 0.01 326,959 Aberdeen UK Tracker Investment Trust 929 0.01 685,754 Edinburgh Dragon Investment Trust 1,541 0.02 405,738 Aberforth Geared Income Trust 706 0.01 757,505 Edinburgh Investment Trust 5,106 0.06 379,072 Aberforth Smaller Companies Investment Trust 3,787 0.05 157,408 Edinburgh Worldwide Investment Trust 615 0.01 167,237 Advance Developing Markets Fund 629 0.01 131,315 Electra Investment Trust 4,333 0.05 484,977 Alcentra European Floating Rate Income Fund* 473 0.01 123,695 Electric & General Investment Trust* – 0.00 2,246,975 Alliance Trust 11,109 0.14 158,160 EP Global Opportunities Trust 353 0.00 85,869 Allianz Technology Trust 483 0.01 134,178 Euro Investment Trust 871 0.01 141,131 Artemis Alpha Trust 306 0.00 278,302 F&C Capital & Income Investment Trust 676 0.01 246,778 Asian Total Return Investment 492 0.01 216,867 F&C Global Small Companies 1,989 0.02 1,393,550 BACIT 1,784 0.02 2,137,025 F&C Investment Trust 9,123 0.11 301,389 Baillie Gifford Japan Investment Trust 1,281 0.02 226,243 F&C Private Equity Trust 507 0.01 219,260 Baillie Gifford Shin Nippon 987 0.01 192,894 Fidelity Asian Values Investment Trust 454 0.01 412,975 Bankers Investment Trust 2,337 0.03 2,478,039 Fidelity China Special Situations Investment Trust 3,058 0.04 82,799 Baring Emerging Europe 371 0.00 1,545,504 Fidelity European Values Investment Trust 2,479 0.03 11,107 BH Credit Catalysts 122 0.00 197,859 Fidelity Japanese Values Investment Trust 157 0.00 135,450 BH Global – GBP shares 1,673 0.02 980,280 Fidelity Special Values Investment Trust 1,823 0.02 142,561 BH Macro 2,867 0.04 414,657 Finsbury Growth & Income Trust 2,432 0.03 1,523,970 Bilfinger Berger Global 1,985 0.02 2,042,815 GCP Infrastructure Investments Fund 2,435 0.03 255,062 Biotech Growth Trust 1,506 0.02 522,151 Genesis Emerging Markets Fund 2,335 0.03 177,278 BlackRock British Smaller Companies Trust** 1,530 0.02 262,021 Graphite Enterprise Investment Trust 1,357 0.02 296,962 BlackRock Commodities Income Investment Trust** 166 0.00 1,846,052 Greencoat UK Wind 1,901 0.02 369,731 BlackRock Frontier Market Investment Trust** 390 0.00 12,758 Hansa Trust 93 0.00 325,722 BlackRock Greater Europe Investment Trust** 796 0.01 316,482 Harbourvest 2,837 0.04 940,942 BlackRock Income Strategies Trust** 1,113 0.01 458,303 Henderson Diversified Income 395 0.00 131,529 BlackRock Latin American Investment Trust** 354 0.00 54,784 Henderson European Investment Trust 537 0.01 333,686 BlackRock North American Income Trust** 397 0.00 62,733 Henderson Eurotrust 524 0.01 233,248 BlackRock Throgmorton Trust** 725 0.01 450,904 Henderson Far East Income Fund 1,216 0.02 657,923 BlackRock World Mining Trust** 1,336 0.02 127,424 Henderson Global Investment Trust 463 0.01 1,729,014 Bluecrest Allblue Fund 3,216 0.04 289,371 Henderson High Income Investment Trust 483 0.01 1,051,735 Bluefield Solar Income Fund 999 0.01 278,654 Henderson Smaller Companies Investment Trust 1,645 0.02 512,758 British Empire Securities & General Investment Trust 2,230 0.03 140,117 Henderson Value Trust 291 0.00 96,646 Brunner Investment Trust 480 0.01 301,052 Herald Investment Trust 1,957 0.02 129,341 Caledonia Investments 2,909 0.04 117,706 HG Capital Investment Trust 1,158 0.01 8,337 Capital Gearing 281 0.00 5,042,039 HICL Infrastructure 7,840 0.10 232,049 City Merchants High Yield Trust 397 0.00 927,251 HomeServe 3,739 0.05 1,142,314 City of London Investment Trust 4,105 0.05 141,091 ICG-Longbow Senior Secured UK Property Debt 953,642 CVC Credit Partners 915 0.01 Investments 143 0.00

625 BlackRock Collective Investment Funds 626 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 918,800 Impax Environmental Markets 1,420 0.02 4,666,202 NB Global Floating Rate Income Fund 3,934 0.05 193,153 International Biotech Trust 811 0.01 943,146 New City High Yield Fund 512 0.01 3,765,245 International Public Partnership 5,354 0.07 189,606 New India Investment Trust 538 0.01 307,227 Invesco Asia Investment Trust 519 0.01 1,115,426 NextEnergy Solar Fund 1,029 0.01 186,621 Invesco Income & Growth Investment Trust 485 0.01 100,470 North American Income Trust 851 0.01 170,686 Invesco Perpetual UK Smaller Companies Investment Trust 608 0.01 32,042 North Atlantic Smaller Companies Investment Trust 743 0.01 647,265 John Laing Environmental Assets 607 0.01 338,570 P2P Global Investments 2,917 0.04 3,079,883 John Laing Infrastructure Fund 3,600 0.05 371,915 Pacific Assets Investment Trust 675 0.01 1,079,771 JP Morgan American Investment Trust 2,987 0.04 202,601 Pacific Horizon Investment Trust 312 0.00 251,281 JP Morgan Asian Investment Trust 493 0.01 115,430 Pantheon International Participations Fund 1,371 0.02 243,534 JP Morgan Chinese Investment Trust 353 0.00 903,559 Perpetual Income & Growth Investment Trust 3,489 0.04 175,241 JP Morgan Claverhouse Investment Trust 957 0.01 5,829 Personal Assets Trust 2,098 0.03 502,279 JP Morgan Emerging Markets Investment Trust 2,622 0.03 449,680 Polar Capital 742 0.01 597,579 JP Morgan Euro Smaller Companies Trust 1,564 0.02 452,321 Polar Capital Global Financials Trust 405 0.01 517,861 JP Morgan European Investment Trust 957 0.01 489,366 Polar Capital Technology Trust 2,716 0.03 575,770 JP Morgan Global Convertibles Income Fund 507 0.01 54,093 Ranger Direct Lending 501 0.01 1,077,767 JP Morgan Global Emerging Markets Income Trust 900 0.01 2,940,837 Renewables Infrastructure 2,914 0.04 369,220 JP Morgan Indian Investment Trust 1,660 0.02 479,690 RIT Capital Partners 7,402 0.09 648,805 JP Morgan Japanese Investment Trust 1,727 0.02 198,310 Riverstone Energy 1,606 0.02 125,695 JP Morgan Japanese Smaller Companies Investment Trust 312 0.00 516,895 Ruffer Investment Red preference shares 1,023 0.01 77,707 JP Morgan Mid Cap Investment Trust 733 0.01 607,582 Schroder Asia Pacific Fund 1,561 0.02 411,010 JP Morgan Overseas Investment Trust 785 0.01 220,817 Schroder Income Growth Fund 523 0.01 173,167 JP Morgan Russian Securities 506 0.01 383,726 Schroder Japan Growth Fund 539 0.01 59,136 JP Morgan Smaller Companies Investment Trust 478 0.01 780,241 Schroder Oriental Income Fund 1,395 0.02 572,483 Jupiter European Opportunities Trust 3,149 0.04 516,662 Schroder UK Growth Fund 774 0.01 67,292 Jupiter US Smaller Companies 386 0.00 115,658 Schroder UK Mid & Small Cap Fund 495 0.01 42,373 Keystone Investment Trust 712 0.01 422,301 Scottish American Investment Trust 1,062 0.01 422,483 Law Debenture 1,884 0.02 388,185 Scottish Investment Trust 2,267 0.03 343,201 LMS Capital 237 0.00 5,135,940 Scottish Mortgage Investment Trust 12,809 0.16 75,520 London & St Lawrence Investment 243 0.00 96,393 Scottish Oriental Smaller Companies Trust 684 0.01 107,934 Lowland Investment Company 1,268 0.02 320,599 Securities Trust of Scotland 415 0.01 90,713 Majedie Investment Trust 230 0.00 870,340 Sequoia Economic Infrastructure Income Fund 888 0.01 335,992 Martin Currie Global Portfolio Investment Trust 591 0.01 116,624 Standard Life Equity Income Trust 482 0.01 119,997 Martin Currie Pacific Investment Trust 307 0.00 261,336 Standard Life European Private Equity Trust 502 0.01 383,206 Mercantile Investment Trust 6,009 0.08 207,522 Standard Life UK Smaller Companies Trust 730 0.01 388,011 Merchants Investment Trust 1,567 0.02 1,218,825 Starwood European Real Estate Finance 1,274 0.02 252,759 Middlefield Canadian Income Trust 182 0.00 252,158 Temple Bar Investment Trust 2,481 0.03 820,352 Monks Investment Trust 3,247 0.04 1,223,281 Templeton Emerging Markets Investment Trust 4,957 0.06 29,697 Montanaro European Smaller Companies Fund 157 0.00 159,977 TR European Growth Investment Trust 957 0.01 101,393 Montanaro UK Smaller Companies Investment Trust 459 0.01 1,172,258 TR Property Investment Trust 3,261 0.04 238,304 Murray Income Trust 1,543 0.02 715,753 Troy Income & Growth Trust 508 0.01 468,208 Murray International Trust 3,938 0.05 413,441 Twenty Four Income rights 9/3/2016 21 0.00

627 BlackRock Collective Investment Funds 628 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 1,240,325 TwentyFour Income Fund 1,315 0.02 3,995,377 RSA Insurance 17,332 0.22 380,392 TwentyFour Select Monthly Income Fund 317 0.00 10,160 S&U 231 0.00 898,682 Utilico Emerging Markets 1,555 0.02 447,691 Schroders 11,600 0.15 123,467 Value & Income Investment Trust 282 0.00 883,844 SQN Asset Finance Income 959 0.01 801,384 VPC Specialty Lending Investments 731 0.01 7,699,495 Standard Life 25,478 0.32 802,118 Witan Investment Trust 5,851 0.07 720,425 SVG Capital 3,474 0.04 212,563 Witan Pacific Investment Trust 468 0.01 3,557,450 Tritax Big Box 4,642 0.06 3,081,193 Woodford Patient Capital Trust 2,744 0.03 858,511 Tullett Prebon 2,945 0.04 172,673 Worldwide Healthcare Trust 2,939 0.04 4,160,084 Worldpay 12,389 0.15 277,786 3.50 281,207 3.51 Financial Services – 3.51%; 2015 2.81% Fixed Line Telecommunications – 2.24%; 2015 1.91% 3,763,789 3i 16,278 0.20 33,111,637 BT 160,807 2.01 2,174,878 3i Infrastructure 3,765 0.05 11,263,188 Cable & Wireless 8,504 0.11 3,920,140 Aberdeen Asset Management 9,440 0.12 2,897,880 KCOM 3,180 0.04 539,581 Arrow Global 1,188 0.01 2,135,863 Talktalk Telecom 4,772 0.06 1,653,463 Ashmore 3,781 0.05 234,059 Telecom Plus 1,943 0.02 979,712 Brewin Dolphin 2,494 0.03 179,206 2.24 168,795 Charles Taylor Consulting 397 0.00 71,088 City of London Investment 203 0.00 Food & Drug Retailers – 1.42%; 2015 1.56% 599,970 Close Brothers 7,920 0.10 6,607,972 Booker 10,837 0.14 914,083 Custodian 973 0.01 416,755 Greggs 4,293 0.05 1,129,164 Foresight Solar Fund 1,042 0.01 5,529,608 J Sainsbury 13,901 0.18 58,518 Fundsmith Emerging Equities Trust 545 0.01 259,258 McColl’s Retail 363 0.00 870,956 Hargreaves Lansdown 10,791 0.13 1,659,069 Ocado 4,229 0.05 4,213,493 Henderson 9,876 0.12 1,917,801 SSP 5,433 0.07 2,148,617 ICAP 9,211 0.12 32,117,644 Tesco 57,780 0.72 1,459,982 IG 11,162 0.14 8,614,398 Wm Morrison Supermarkets 16,893 0.21 1,084,965 IMI 9,228 0.12 113,729 1.42 1,354,935 Intermediate Capital 7,811 0.10 Food Producers – 2.76%; 2015 2.38% 950,625 International Personal Finance 2,468 0.03 65,560 Anglo-Eastern Plantations 319 0.00 2,036,195 Investec 9,558 0.12 1,384,412 Associated British Foods 46,710 0.59 2,065,441 IP 3,774 0.05 226,116 Carr’s Milling 360 0.00 1,477,016 John Laing 3,020 0.04 167,985 Cranswick 3,323 0.04 1,746,235 Jupiter Fund Management 6,955 0.09 587,472 Dairy Crest 3,425 0.04 128,976 Liontrust 324 0.00 523,309 Devro 1,582 0.02 1,237,550 London Stock Exchange 33,129 0.41 1,682,233 Greencore 6,384 0.08 6,230,532 Man 9,632 0.12 149,030 Hilton Food 767 0.01 1,238,607 Paragon 3,821 0.05 2,972,285 Premier Foods 899 0.01 580,970 Provident Financial 18,614 0.23 1,845,601 Tate & Lyle 10,631 0.14 176,432 Rathbone Brothers 3,982 0.05 4,773,831 Unilever 146,413 1.83 269,536 Real Estate Credit Investments 411 0.01 220,813 2.76 269,355 RM 364 0.00

629 BlackRock Collective Investment Funds 630 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Forestry & Paper – 0.23%; 2015 0.23% 6,474,183 Marks & Spencer 27,353 0.34 1,435,455 Mondi 18,403 0.23 313,074 Moss Bros 310 0.00 467,503 Mothercare 927 0.01 Gas, Water & Multiutilities – 3.04%; 2015 2.76% 573,307 N Brown 1,902 0.02 19,991,036 Centrica 41,461 0.52 585,269 Next 39,652 0.50 14,925,296 National Grid 143,522 1.80 8,211,705 Pendragon 3,040 0.04 1,632,824 Pennon 13,169 0.16 1,521,037 Pets at Home 4,078 0.05 929,734 Severn Trent 19,738 0.25 902,350 Poundland 1,626 0.02 2,686,752 United Utilities 24,664 0.31 2,753,346 Saga 5,204 0.07 242,554 3.04 1,022,867 Sports Direct International 4,054 0.05 General Industrials – 0.75%; 2015 0.69% 457,435 Topps Tiles 667 0.01 78,335 British Polythene 537 0.01 460,872 WH Smith 8,342 0.10 3,762,490 DS Smith 14,403 0.18 1,007,420 Zoopla Property 2,331 0.03 398,198 Exova 504 0.01 215,072 2.67 2,770,604 Rexam 16,804 0.21 Healthcare Equipment & Services – 0.90%; 2015 0.75% 1,249,345 RPC 9,139 0.11 1,581,549 Al Noor Hospitals 13,238 0.17 1,540,268 Smiths 15,418 0.19 325,730 Cambian 270 0.00 1,028,645 Vesuvius 3,121 0.04 196,629 Consort 1,944 0.02 50,098 Volution 83 0.00 2,762,581 Indivior 4,649 0.06 60,009 0.75 255,002 NMC Health 2,262 0.03 General Retailers – 2.67%; 2015 2.32% 3,570,807 Smith & Nephew 41,778 0.52 2,591,331 AA 7,393 0.09 981,308 Spire Healthcare 3,366 0.04 2,875,060 B&M European Value Retail 8,292 0.10 882,394 UDG Healthcare 4,999 0.06 744,824 Card Factory 2,504 0.03 72,506 0.90 161,004 Carpetright 547 0.01 Household Goods & Home Construction – 3.60%; 2015 2.91% 1,692,854 Darty 1,951 0.02 3,882,374 Barratt Developments 22,712 0.28 4,753,378 Debenhams 3,765 0.05 488,246 Bellway 12,392 0.16 336,446 DFS Furniture 1,077 0.01 500,749 Berkeley 16,575 0.21 185,305 Dignity 4,573 0.06 531,525 Bovis Homes 5,057 0.06 3,895,879 Dixons Carphone 16,854 0.21 857,792 Crest Nicholson 4,795 0.06 355,987 Dunelm 3,489 0.04 315,099 Galliford Try 4,585 0.06 269,793 Findel 507 0.01 317,313 Headlam 1,549 0.02 325,904 Game Digital 420 0.01 579,310 McBride 1,028 0.01 837,527 Halfords 3,353 0.04 78,151 MJ Gleeson 453 0.01 3,315,464 Home Retail 5,835 0.07 1,194,428 Persimmon 26,397 0.33 1,775,182 Inchcape 12,977 0.16 2,515,178 Reckitt Benckiser 164,845 2.06 208,914 JD Sports Fashion 2,369 0.03 842,787 Redrow 3,670 0.05 1,845,199 Just Eat 7,338 0.09 12,603,556 Taylor Wimpey 23,493 0.29 9,169,700 Kingfisher 30,737 0.38 793,575 Laura Ashley 186 0.00 287,551 3.60 917,279 Lookers 1,419 0.02

631 BlackRock Collective Investment Funds 632 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Industrial Engineering – 0.37%; 2015 0.67% 591,239 Partnership Assurance 621 0.01 738,140 Bodycote 4,244 0.05 933,702 Phoenix 7,922 0.10 741,354 Fenner 954 0.01 10,097,829 Prudential 125,011 1.56 8,551 Goodwin 122 0.00 2,028,790 St. James’s Place Capital 17,153 0.21 443,551 Hill & Smith 3,482 0.04 308,472 3.86 573,080 Melrose Industries 1,880 0.02 152,716 Porvair 435 0.01 Media – 3.86%; 2015 3.53% 617,503 Renold 216 0.00 81,464 4imprint 937 0.01 936,497 Severfield 492 0.01 3,156,313 Auto Trader 11,473 0.14 289,140 Spirax-Sarco Engineering 8,986 0.11 226,147 Bloomsbury Publishing 351 0.00 400,800 Trifast 467 0.01 391,433 Centaur Media 225 0.00 118,539 Vitec 622 0.01 1,737,523 Entertainment One 2,665 0.03 865,800 Weir 8,208 0.10 118,690 Euromoney Institutional Investor 1,059 0.01 733,758 Huntsworth 271 0.00 30,108 0.37 2,562,328 Informa 17,501 0.22 Industrial Metals & Mining – 0.02%; 2015 0.05% 922,275 ITE 1,206 0.02 2,019,004 Evraz 1,384 0.02 14,867,007 ITV 37,063 0.47 478,584 Ferrexpo 117 0.00 279,447 Johnston Press 122 0.00 1,501 0.02 1,944,117 Moneysupermarket.com 6,538 0.08 3,169,556 Pearson 27,274 0.34 Industrial Transportation – 0.36%; 2015 0.27% 4,446,854 RELX 55,097 0.69 4,219,320 BBA Aviation 8,156 0.10 365,557 Rightmove 13,855 0.17 56,412 Braemar Shipping Services 237 0.00 4,151,045 Sky 43,212 0.54 97,325 Clarkson 1,867 0.02 125,737 STV 541 0.01 129,948 James Fisher & Sons 1,254 0.02 926,155 Trinity Mirror 1,468 0.02 3,559,901 Royal Mail 16,158 0.20 1,748,149 UBM 10,209 0.13 971,589 Stobart 1,010 0.01 236,861 UTV Media 411 0.01 64,260 UK Mail 184 0.00 5,135,842 WPP 77,551 0.97 343,910 Wincanton 555 0.01 309,029 3.86 29,421 0.36 Mining – 3.75%; 2015 6.23% Leisure Goods – 0.10%; 2015 0.02% 605,609 Acacia Mining 1,492 0.02 99,721 Games Workshop 504 0.01 5,111,269 Anglo American 24,291 0.30 741,110 Photo-Me 1,277 0.02 1,407,746 Antofagasta 6,977 0.09 3,459,271 Rotork 5,531 0.07 4,017,880 Aquarius Platinum 522 0.01 7,312 0.10 8,359,937 BHP Billiton 60,852 0.76 Life Insurance – 3.86%; 2015 4.97% 4,564,339 Centamin 4,211 0.05 16,034,514 Aviva 69,333 0.87 699,071 Fresnillo 7,124 0.09 507,111 Chesnara 1,640 0.02 344,494 Gem Diamonds 398 0.00 131,222 Hansard Global 140 0.00 46,189,198 Glencore 62,032 0.78 1,031,342 Just Retirement 1,352 0.02 791,495 Hochschild Mining 548 0.01 23,521,746 Legal & General 52,830 0.66 1,021,103 Kaz Minerals 1,647 0.02 19,361,700 Old Mutual 32,470 0.41 1,325,719 Lonmin 1,240 0.02

633 BlackRock Collective Investment Funds 634 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 1,845,002 Petra Diamonds 1,734 0.02 Oil Equipment, Services & Distribution – 0.28%; 2015 0.28% 11,184,175 Petropavlovsk 766 0.01 382,439 Cape 820 0.01 1,043,143 Polymetal International 6,838 0.09 479,577 Gulf Marine Services 355 0.00 360,977 Randgold Resources 23,843 0.30 590,587 Hunting 2,027 0.03 4,868,780 Rio Tinto 92,556 1.16 1,475,091 John Wood 9,116 0.11 459,368 Vedanta Resources 1,240 0.02 730,195 Lamprell 728 0.01 298,311 3.75 1,023,516 Petrofac 9,186 0.12 22,232 0.28 Mobile Telecommunications – 3.07%; 2015 2.89% 1,753,510 Inmarsat 17,149 0.21 Personal Goods – 0.38%; 2015 0.47% 105,054,584 Vodafone 228,599 2.86 1,742,813 Burberry 22,587 0.28 245,748 3.07 426,949 Jimmy Choo 564 0.01 1,075,683 PZ Cussons 2,790 0.04 Non-Life Insurance – 0.81%; 2015 1.13% 140,163 SuperGroup 1,856 0.02 775,433 Admiral 13,399 0.17 89,402 Ted Baker 2,645 0.03 2,042,351 Beazley 7,334 0.09 30,442 0.38 5,399,912 Direct Line 20,962 0.26 1,141,345 esure 2,788 0.03 Pharmaceuticals and Biotechnology – 7.49%; 2015 7.78% 1,098,656 Hiscox 11,063 0.14 4,990,500 AstraZeneca 207,380 2.59 447,399 Jardine Lloyd Thompson 3,581 0.04 1,546,910 BTG 9,722 0.12 764,011 Lancashire 4,515 0.06 702,239 Circassia Pharmaceuticals 1,919 0.02 242,968 Novae 1,896 0.02 343,169 Dechra Pharmaceuticals 4,019 0.05 65,538 0.81 215,471 Genus 3,066 0.04 19,185,631 GlaxoSmithKline 268,599 3.36 Oil & Gas Producers – 9.84%; 2015 11.81% 532,203 Hikma Pharmaceuticals 10,059 0.13 72,106,803 BP 252,482 3.16 10,019,282 Oxford Biomedica 656 0.01 2,313,219 Cairn Energy 3,791 0.05 2,328,230 Shire 89,660 1.12 3,002,503 Enquest 413 0.01 389,123 Skyepharma 1,486 0.02 448,677 Exillon Energy 315 0.00 1,321,792 Vectura 2,139 0.03 170,764 Nostrum Oil & Gas 434 0.01 598,705 7.49 2,788,313 Ophir Energy 2,143 0.03 2,083,408 Premier Oil 828 0.01 Real Estate Investment & Services – 0.66%; 2015 0.62% 15,840,577 Royal Dutch Shell class ‘A’ shares 261,457 3.27 2,907,272 Capital & Counties Properties 9,390 0.12 15,550,235 Royal Dutch Shell class ‘B’ shares 256,734 3.21 1,968,753 Capital & Regional 1,196 0.02 891,205 SOCO International 1,473 0.02 51,457 CLS 747 0.01 3,577,972 Tullow Oil 5,979 0.07 598,188 Countrywide 2,100 0.03 786,049 9.84 15,476 Daejan 857 0.01 389,086 Development Securities 795 0.01 1,542,665 Empiric Student Property 1,708 0.02 1,834,446 F&C Commercial Property Trust 2,377 0.03

635 BlackRock Collective Investment Funds 636 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 937,041 F&C UK Real Estate Investment Trust 904 0.01 Software & Computer Services – 0.68%; 2015 0.62% 1,177,484 Foxtons 1,875 0.02 435,388 Allied Minds 1,307 0.02 1,535,486 Grainger Trust 3,355 0.04 651,158 AO World 1,042 0.01 331,737 Helical Bar 1,265 0.02 255,544 AVEVA 3,856 0.05 471,497 Kennedy Wilson Europe Real Estate 5,182 0.06 224,085 Computacenter 1,836 0.02 270,147 LSL Property Services 702 0.01 256,508 FDM 1,232 0.02 265,562 Macau Property Opportunities Fund 309 0.00 149,186 Fidessa 3,327 0.04 1,448,285 MedicX Fund 1,242 0.02 661,853 Micro Focus International 9,676 0.12 5,758 Mountview Estates 642 0.01 732,528 NCC 2,115 0.03 2,079,555 Picton Property Income Fund 1,398 0.02 4,297,371 Sage 25,247 0.32 1,610,404 Raven Russia 535 0.01 255,677 SDL 1,101 0.01 3,242,537 Redefine International 1,366 0.02 243,774 Servelec 751 0.01 476,848 Savills 3,176 0.04 998,580 Sophos 2,103 0.03 2,028,642 Schroder Real Estate 1,136 0.01 53,593 0.68 604,338 St. Modwen Properties 1,979 0.02 1,155,545 Standard Life Investment Property Trust 971 0.01 Support Services – 4.65%; 2015 4.84% 2,352,198 UK Commercial Property Trust 1,838 0.02 242,780 Acal 588 0.01 897,652 Unite 5,507 0.07 958,967 Aggreko 8,415 0.11 1,543,340 Amec Foster Wheeler 5,641 0.07 52,552 0.66 1,962,495 Ashtead 17,721 0.22 Real Estate Investment Trusts – 1.91%; 2015 2.03% 1,967,692 Babcock International 18,054 0.23 6,543,262 Assura 3,337 0.04 684,887 Berendsen 7,869 0.10 549,318 Big Yellow 4,103 0.05 374,555 Brammer 713 0.01 4,059,863 British Land 26,470 0.33 1,291,754 Bunzl 24,905 0.31 400,458 Derwent 12,082 0.15 2,602,798 Capita 26,054 0.33 1,364,816 Great Portland Estates 9,485 0.12 1,733,834 Carillion 4,697 0.06 3,090,877 Hammerson 16,768 0.21 412,929 Communisis 173 0.00 2,678,460 Hansteen 2,890 0.04 745,459 Connect 1,100 0.01 3,673,759 Intu Properties 10,918 0.14 358,232 DCC 20,151 0.25 3,115,223 Land Securities 31,090 0.39 431,178 De La Rue 1,827 0.02 2,470,511 LondonMetric Property 3,876 0.05 417,580 Diploma 2,944 0.04 243,223 McKay Securities 564 0.01 1,629,806 Electrocomponents 3,915 0.05 148,069 Mucklow (A&J) 700 0.01 451,149 Equiniti 635 0.01 1,702,632 Primary Health Properties 1,809 0.02 1,040,673 Essentra 8,601 0.11 767,436 Safestore 2,549 0.03 3,877,620 Experian 45,446 0.57 2,976,393 Segro 12,150 0.15 6,197,795 G4S 12,780 0.16 1,127,746 Shaftesbury 9,535 0.12 848,906 Grafton 5,679 0.07 229,564 Strategic Equity Capital 432 0.01 5,750,134 Hays 6,532 0.08 70,287 Town Centre Securities 221 0.00 770,515 Hogg Robinson 485 0.01 433,034 Workspace 3,139 0.04 2,502,531 Howden Joinery 12,280 0.15 152,118 1.91

637 BlackRock Collective Investment Funds 638 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 541,123 Interserve 2,304 0.03 Tobacco – 5.37%; 2015 4.60% 633,484 Intertek 18,371 0.23 7,354,915 British American Tobacco 287,026 3.59 154,790 John Menzies 705 0.01 3,812,276 Imperial Brands 142,579 1.78 524,185 Lavendon 725 0.01 429,605 5.37 363,208 Mears 1,454 0.02 1,269,343 Michael Page International 4,711 0.06 Travel & Leisure – 4.72%; 2015 4.12% 1,361,426 MITIE 3,792 0.05 528,646 888 Holdings 928 0.01 518,797 Northgate 2,086 0.03 716,440 Carnival 25,412 0.32 211,841 PayPoint 1,574 0.02 781,143 Cineworld 4,124 0.05 1,530,824 Premier Farnell 1,776 0.02 6,528,875 Compass 81,480 1.02 2,522,857 Regus 7,258 0.09 552,264 Domino’s Pizza 5,755 0.07 7,216,230 Rentokil Initial 12,015 0.15 966,411 easyJet 14,361 0.18 165,416 Ricardo 1,423 0.02 2,039,429 Enterprise Inns 1,767 0.02 209,644 Robert Walters 625 0.01 4,501,122 FirstGroup 4,152 0.05 695,329 RPS 1,189 0.01 758,012 Flybe 523 0.01 276,938 Sanne 942 0.01 97,380 Fuller, Smith & Turner class ‘A’ shares 1,042 0.01 4,594,622 Serco 4,330 0.05 164,835 Go-Ahead 4,319 0.05 1,321,795 Shanks 1,018 0.01 1,278,279 Greene King 11,543 0.14 2,319,902 SIG 3,206 0.04 922,426 InterContinental Hotels 24,906 0.31 1,644,740 Speedy Hire 576 0.01 7,217,544 International Consolidated Airlines 39,408 0.49 376,787 St. Ives 907 0.01 341,037 JD Wetherspoon 2,461 0.03 362,704 SThree 1,090 0.01 4,218,110 Ladbrokes 5,682 0.07 973,418 Travis Perkins 17,220 0.22 2,337,763 Marston’s 3,708 0.05 298,451 Tribal 116 0.00 2,771,469 Merlin Entertainments 12,580 0.16 52,332 Vp 345 0.00 462,137 Millennium & Copthorne Hotels 1,938 0.02 1,027,384 Wolseley 37,931 0.47 924,914 Mitchells & Butlers 2,598 0.03 386,594 WS Atkins 4,921 0.06 1,685,427 National Express 5,589 0.07 756,879 Xchanging 1,434 0.02 342,639 Paddy Power Betfair 36,868 0.46 849,176 Playtech 7,163 0.09 371,249 4.65 838,542 Punch Taverns 813 0.01 Technology Hardware & Equipment – 0.80%; 2015 0.96% 668,477 Rank 1,671 0.02 5,600,702 ARM 55,055 0.69 828,746 Restaurant 4,467 0.06 940,153 Imagination Technologies 1,624 0.02 305,845 Sportech 161 0.00 1,068,582 Laird 3,610 0.05 1,733,289 Stagecoach 4,695 0.06 846,711 Nanoco 337 0.00 6,230,423 Thomas Cook 6,311 0.08 541,673 Sepura 1,014 0.01 1,852,897 TUI 19,789 0.25 2,596,060 Spirent Communications 2,142 0.03 717,713 Whitbread 27,754 0.35 63,782 0.80 3,542,281 William Hill 14,282 0.18 378,250 4.72

639 BlackRock Collective Investment Funds 640 UK Equity Tracker Portfolio Statement continued UK Equity Tracker Statement of Total Return for the year ended 29 February 2016

Holding or Underlying Market % of For the year For the year Nominal Exposure – Derivatives Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s £000’s Assets Notes £000’s £000’s £000’s £000’s INVESTMENT FUNDS – 0.39%; 2015 0.00% Income Exchange Traded Funds – 0.39%; 2015 0.00% Net capital (losses)/gains 3 (952,158) 156,413 1,942,215 iShares Exchange Traded Fund FTSE 250 UCITS 30,988 0.39 Revenue 4 311,840 262,838 Expenses 5 (11,751) (11,466) DERIVATIVES – 0.05%; 2015 0.04% Interest payable and similar Forward Currency Contracts – 0.00%; 2015 0.00% charges 6 (22) (25) £9,078,910 UK sterling vs US dollar 9,385 (305) 0.00 Net revenue before taxation 300,067 251,347 Futures – 0.05%; 2015 0.04% Taxation 7 (1,230) (221) 4,594 FTSE 100 Index March 2016 278,236 3,501 0.04 Net revenue after taxation 298,837 251,126 883 FTSE 250 Index March 2016 29,097 483 0.01 Total return before distributions (653,321) 407,539 307,333 3,984 0.05 Distributions 8 (282,811) (246,394) Portfolio of investments 7,724,093 96.63 Change in net assets attributable to unitholders CASH EQUIVALENTS from investment activities (936,132) 161,145 Short-term Money Market Funds – 2.37%; 2015 0.00% 189,769,980 Institutional Cash Series plc – Institutional Sterling Liquidity Fund* 189,770 2.37 UK Equity Tracker Statement of Change in Net Assets Net other assets 75,511 1.00 Attributable to Unitholders for the year ended 29 February 2016 Total net assets 7,989,374 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. For the year For the year Note: comparative figures show percentages for each category of holding at 28 February 2015. to 29.2.2016 to 28.2.2015 * Suspended investments fair valued at zero. ** Managed by a related party. £000’s £000’s £000’s £000’s # The counterparty for the forward currency contract is JP Morgan. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) Opening net assets attributable and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. to unitholders 8,477,790 7,071,670 Amounts receivable on issue of units 898,862 1,930,242 Amounts payable on cancellation of units (732,740) (941,545) 166,122 988,697 Stamp duty reserve tax – (854) Change in net assets attributable to unitholders from investment activities (936,132) 161,145 Retained distribution on accumulation units 281,594 257,132 Closing net assets attributable to unitholders 7,989,374 8,477,790

641 BlackRock Collective Investment Funds 642 UK Equity Tracker Balance Sheet UK Equity Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

1. Accounting and Distribution Policies 29.2.2016 28.2.2015 Notes £000’s £000’s The accounting and distribution policies are set out on pages 4 to 8. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 9 to 37. – Investment assets 7,724,398 8,402,770 Current assets 3. Net Capital (Losses)/Gains – Debtors 9 54,640 34,951 For the year For the year – Cash and bank balances 10 79,594 47,877 to 29.2.2016 to 28.2.2015 – Cash equivalents 11 189,770 – £000’s £000’s The net capital (losses)/gains comprise: Total assets 8,048,402 8,485,598 (Losses)/gains on non-derivative securities (935,160) 146,980 Liabilities: (Losses)/gains on derivative contracts (17,393) 9,483 Investment liabilities (305) – Creditors Currency gains/(losses) 363 (86) Manager’s charge rebates 43 53 – Amounts held at futures clearing houses and brokers (5,073) (519) Custodian transaction costs (11) (17) – Distributions payable (1,036) (1,499) Net capital (losses)/gains (952,158) 156,413 – Other creditors 12 (52,614) (5,790) Total liabilities (59,028) (7,808) 4. Revenue Net assets attributable to unitholders 7,989,374 8,477,790 For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s N C D Hall (Director) Interest from UK bank deposits 269 182 G D Bamping (Director) Manager’s charge rebates 34 19 BlackRock Fund Managers Limited 28 April 2016 Overseas dividends 30,075 11,516 Overseas REIT dividends 65 – Revenue from short-term money market funds 105 – Securities lending revenue 1,929 1,351 Stock dividends 16,341 4,734 UK dividends 260,212 242,611 UK REIT dividends 2,810 2,425 Total revenue 311,840 262,838

643 BlackRock Collective Investment Funds 644 UK Equity Tracker Notes to Financial Statements continued

5. Expenses (b) Factors affecting the current tax charge For the year For the year The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an to 29.2.2016 to 28.2.2015 authorised unit trust. The differences are explained below: £000’s £000’s For the year For the year Payable to the Manager or associates of the Manager: to 29.2.2016 to 28.2.2015 – Manager’s charge 11,215 10,668 £000’s £000’s – Registrar’s fees 8 9 Net revenue before taxation 300,067 251,347 11,223 10,677 Corporation tax at 20% (28 February 2015: 20%) 60,013 50,269 Other expenses: Effects of: – Audit fee 7 7 Excess expenses for which no tax relief taken 1,325 1,520 – Legal & other Professional fees – 5 Franked investment revenue at 20% (52,042) (48,522) – Safe custody fees 227 182 Irrecoverable overseas tax 1,230 221 – Trustee’s fees 294 595 Non taxable overseas dividends (6,028) (2,320) 528 789 Non taxable stock dividends (3,268) (947) Total expenses 11,751 11,466 Total current tax charge [see note 7(a)] 1,230 221 At 29 February 2016, the Fund had surplus management expenses of £000 38,103 (28 February 2015: £000 31,476). It is unlikely that the 6. Interest payable and similar charges Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £000 7,620 (28 February 2015: £000 6,295) has not been recognised. For the year For the year to 29.2.2016 to 28.2.2015 8. Distributions £000’s £000’s Interest on bank overdrafts 22 25 For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s 7. Taxation Interim distribution 186,130 169,730 (a) Analysis of tax charge Final distribution 99,392 91,514 For the year For the year 285,522 261,244 to 29.2.2016 to 28.2.2015 £000’s £000’s Add: Amounts deducted on cancellation of units 6 ,167 4,593 Irrecoverable overseas tax 1,230 221 Less: Amounts received on issue of units (8,878) (19,443) Total current tax charge [see note 7(b)] 1,230 221 Distributions 282,811 246,394

Net revenue after taxation 298,837 251,126 Add: Equalisation on conversions 315 2 Less: Non distributable stock dividends (16,341) (4,734) Distributions 282,811 246,394

Details of the interim and final distributions per unit are set out in the tables on page 622.

645 BlackRock Collective Investment Funds 646 UK Equity Tracker Notes to Financial Statements continued

9. Debtors 14. Efficient Portfolio Management Techniques

29.2.2016 28.2.2015 The Fund may engage in derivative transactions for the purposes of efficient portfolio management. £000’s £000’s The Fund may, subject to the conditions and within the limits laid down by the Financial Accrued Manager’s charge rebate 20 15 Conduct Authority and the Prospectus, engage in securities lending and employ techniques and Accrued revenue 42,449 28,448 instruments relating to transferable securities for efficient portfolio management purposes.

Amounts receivable for issue of units 12,022 6,243 The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Income tax recoverable 3 – Advisors (UK) Limited which is a related party to the Fund. Overseas tax recoverable 146 245 The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity Total debtors 54,640 34,951 allows for 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 10. Cash and Bank Balances default. 29.2.2016 28.2.2015 £000’s £000’s During the year the Fund engaged in securities lending. The Fund receives either cash collateral or securities as collateral for a value in excess of the market value of the securities loaned. As at the Amounts held at futures clearing houses and brokers 15,955 – 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. Cash and bank balances 63,639 47,877 Total cash and bank balances 79,594 47,877 The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of the Fund in any or all of the following collateral agents and central securities depositaries: Bank of 11. Cash Equivalents New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give as per the schedule in order to cover the required value of exposure. 29.2.2016 28.2.2015 £000’s £000’s The Investment Manager monitors the fair value of the securities loaned and additional collateral Investments in short-term money market funds 189,770 – is obtained, if necessary. Total cash equivalents 189,770 – Securities lending revenue is split between the Fund and the securities lending agent in the ratio 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s 12. Other Creditors share.

29.2.2016 28.2.2015 The securities lending revenue earned during the year, the value of securities on loan at the year £000’s £000’s end and the value of collateral held at the year end for the Fund are shown below: Accrued Audit fee 7 7 29.2.2016 28.2.2015 Accrued FCA fee 1 1 £000’s £000’s Accrued Manager’s charge 1,555 2,874 Revenue earned during the year 1,929 1,351 Accrued Registrar’s fee 3 3 Value of securities on loan at the year end 460,024 331,536 Accrued Safe custody fees 55 46 Value of collateral held on behalf of the Fund at the year end 506,340 370,268 Accrued Trustee’s fee 54 154 Amounts payable for cancellation of units 50,938 2,704 The Fund’s securities lending borrowing counterparties are Bank of America Merrill Lynch, Abbey Custodian transaction costs 1 1 National Plc, Barclays Bank Plc, Citigroup, Commerzbank AG, Credit Suisse International, Deutsche Bank AG, Goldman Sachs, HSBC, JP Morgan Chase Securities Plc, Macquarie Bank Ltd, Morgan Total other creditors 52,614 5,790 Stanley & Co., Nomura, Société Générale, The Bank of Nova Scotia and UBS. 13. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil).

647 BlackRock Collective Investment Funds 648 UK Equity Tracker Notes to Financial Statements continued

15. Related Parties 16. Portfolio Transaction Costs Parties are considered to be related if one party has the ability to control the other party or For the year ended 29 February 2016 exercise significant influence over the other party in making financial or operational decisions. Direct Transaction Costs

The following entities were related parties of the Fund during the year ended 29 February 2016: Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited Equity instruments 514,580 80 0.02 2,359 0.46 Securities lending agent: BlackRock Advisors (UK) Limited Collective investment schemes 53,726 15 0.03 69 0 .13 Total purchases 568,306 95 2,428 The ultimate holding company of the Manager, Investment Manager and securities lending agent is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Total purchases including Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services transaction costs 570,829 to the Fund during the years ended 29 February 2016 and 28 February 2015. Direct Transaction Costs The Manager acts as either principal or agent for the Trustee in respect of all transactions of units Transaction Value Commissions Taxes of the Fund. The aggregate monies received through issue and paid through cancellation of units Sales (excluding derivatives) £000’s £000’s % £000’s % are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any Equity instruments 329,574 20 0.01 1 – amounts due to or from the Manager at the year end are disclosed in notes 9 and 12. Management Collective investment schemes 2,314 1 0.04 – – fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 12. Securities lending Total sales 331,888 21 1 revenue earned by the Fund is disclosed in notes 4 and 14. Total sales net of transaction costs 331,866

The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing Derivative transaction costs 52 – 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 Total transaction costs 168 2,429 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 Total transaction costs extent permitted by applicable law: research reports on companies, industries and securities; and as a % of average net assets 0.00% 0.03% 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, 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.

As at 29 February 2016 and 28 February 2015, none of the unitholders:

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

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

649 BlackRock Collective Investment Funds 650 UK Equity Tracker Notes to Financial Statements continued

For the year ended 28 February 2015 During the year the Fund utilised derivative instruments including futures contracts. The settlement values for opening and closing derivative positions are not comparable to principal Direct Transaction Costs values for transactions in direct holding investments and therefore purchase and sale amounts for Transaction Value Commissions Taxes derivative transactions are not quantified in the analysis above. Transaction costs for derivatives Purchases (excluding derivatives) £000’s £000’s % £000’s % positions will be either incurred as direct costs or form part of the dealing spread for the Equity instruments 720,641 90 0.01 3 ,15 4 0.44 instruments. Any direct costs are identified in the analysis above. Collective investment schemes 25,888 7 0.03 75 0.29 In-specie transfers 1,062,286 – – – – Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. Corporate actions 67 – – – – Total purchases 1,808,882 97 3,229 At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.13% Total purchases including transaction costs 1,812,208 (28 February 2015 – 0.10%).

17. Units in Issue Direct Transaction Costs The movement in units in issue for the year ended 29 February 2016 is as follows: Transaction Value Commissions Taxes

Sales (excluding derivatives) £000’s £000’s % £000’s % A Accumulation L Accumulation X Income X Accumulation D Accumulation H Accumulation Units Units Units Units Units Units Equity instruments 121,458 6 0.00 – – Balance at the beginning of the year 5,836,942 3,265,286,690 99,470,080 1,552,279,142 89,868,502 280,879 Collective investment schemes 3,705 – – – – Issued during the year 615,457 234,347,969 2 81,137,9 01 39,086,566 5 5 ,0 3 9 ,19 6 8,564,897 In-specie transfers 423,345 – – – – Cancelled during the year (991,944) (302,365,826) (150,180,961) – (4,466,545) (6,429,470) Total sales 548,508 6 – Converted during the year (1,537,136) (385,643,841) (162,669,875) 6 32 ,14 6 ,13 0 (7,829,633) 33,202,472 Total sales net of transaction costs 548,502 Balance at the end of the year 3,923,319 2,811,624,992 67,757,145 2,223,511,838 132,611,520 35,618,778

Derivative transaction costs 42 – Revenue is allocated each day pro rata to the capital value of assets attributable to each class and Total transaction costs 145 3,229 taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights Total transaction costs on winding up. as a % of average net assets 0.00% 0.04%

The above analysis covers direct transaction costs incurred by the Fund during the year. 18. Post Balance Sheet Events However it is important to understand the nature of other transaction costs associated with There have been no significant events subsequent to the year end, which, in the opinion of the different investment asset classes and instruments types. Manager, may have had an impact on the financial statements for the year ended 29 February 2016.

For the Fund’s investment in collective investment scheme holdings there will potentially be dealing spread costs applicable to purchases and sales. However additionally there are indirect transaction costs incurred in those underlying funds, throughout the holding period for the instruments, which are not separately identifiable and do not form part of the analysis above.

651 BlackRock Collective Investment Funds 652 BlackRock UK Gilts All Stocks Tracker Fund UK Gilts All Stocks Tracker Fund

About the Fund This Annual Report covers the year ended 29 February 2016. The BlackRock UK Gilts All Stocks Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Performance Table Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was established and authorised by the Financial Conduct Authority on 21 June 2005. The Fund was previously known as For the year For the three years For the five years to 29.2.2016 to 29.2.2016 to 29.2.2016 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. TOTAL Return (with net income reinvested) Investment Objective & Policy Class L Accumulation Units# BlackRock UK Gilts All Stocks The aim of the Fund is to seek to achieve a total return for investors by tracking closely the Tracker Fund +4.3% +14.4% +3 4 .1% performance of the FTSE Actuaries UK Conventional Gilts All Stocks Index by investing in fixed income securities contained in the Index. Investment will be made directly into constituent issues and via other FTSE Actuaries UK Conventional Gilts transferable securities giving exposure to such issues. The Fund may also invest in other transferable All Stocks Index* +4.8% +14.5% +34.0% securities, permitted money-market instruments, permitted deposits and units in collective 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. investment schemes. Derivatives and forward transactions may be used for the purposes of efficient * Figures from BlackRock. Please note that the Fund’s benchmark index, the FTSE Actuaries UK Conventional Gilts All Stocks Index was portfolio management. previously referred to as the FTSE Actuaries UK Gilts All Stocks Total Return Index. This is a clarificatory update and does not represent a change in the Fund’s benchmark index. # D Accumulation class was renamed as L Accumulation class during June 2012. Risk and Reward Profile All financial investments involve an element of risk. Therefore, the value of your investment and Lower risk Higher risk the income from it will vary and the return of your initial investment amount cannot be guaranteed. Typically lower rewards Typically higher rewards Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is Unit Class not a guide to future performance and should not be the sole factor of consideration when selecting A Income 1 2 3 4 5 6 7 a product. A Accumulation 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 Income 1 2 3 4 5 6 7 D Accumulation 1 2 3 4 5 6 7 H Income 1 2 3 4 5 6 7 H 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.

653 BlackRock Collective Investment Funds 654 UK Gilts All Stocks Tracker Fund continued

Cash management, sampling techniques, efficient portfolio management techniques including securities The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, every security or the exact concentration of a security in the benchmark index, but will aim to track these impacts can be either positive or negative depending on the underlying circumstances. the benchmark index as closely as possible and may use optimisation techniques to achieve their investment objective. A fund’s tracking difference may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time Cash management, sampling techniques, efficient portfolio management techniques including the relevant markets close for business, the tracking difference of the Fund at its valuation point may securities lending and transaction costs from rebalancing can also have an impact on tracking error appear to be higher than if the Fund and the benchmark index were priced at the same time. as well as the return differential between the Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. The table below compares the realised Fund performance against the performance of the relevant benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: A fund’s tracking error may be affected if the times at which a fund and its benchmark index are priced are different. As the Fund is valued at 12 noon, but the benchmark index is valued at the time the Fund return Benchmark return relevant markets close for business, the tracking error of the Fund at its valuation point may appear to for the year for the year Tracking be higher than if the Fund and the benchmark index were priced at the same time. to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Before costs and after adjusting for The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex a) the difference in valuation point of ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking the Fund and the pricing point of the error is annualised and calculated using data from the preceding 36 month observation period. benchmark index b) the tax incurred by the Fund which is treated differently in Anticipated Realised the benchmark index, the performance of Tracking Error Tracking Error Explanation for difference the Fund relative to the benchmark index The Fund has tracked its benchmark index within its anticipated +4.31%* +4.78% -0.47% has been in line with expectations. Up to 2.10%* 1.19%* tracking error. * Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class L Accumulation Units.

655 BlackRock Collective Investment Funds 656 UK Gilts All Stocks Tracker Investment Report UK Gilts All Stocks Tracker Performance Record

Summary of Performance over the Period Comparative Table

During the period from 1 March 2015 to 29 February 2016, the Fund returned 4.3%,* compared with its A Income Units A Accumulation Units benchmark, the FTSE Actuaries UK Conventional Gilts All Stocks Index, which returned 4.8%. Before For the period For the period For the year For the year For the year For the year costs and after adjusting for a) the difference in valuation point of the Fund and the pricing point of from 1.2.2013* from 1.2.2013* to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 the benchmark index and b) the tax incurred by the Fund which is treated differently in the benchmark to 28.2.2014 to 28.2.2014

index, the performance of the Fund relative to the benchmark index has been in line with expectations. Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Over the six-month period to 29 February 2016, the Fund returned 4.0%,* underperforming its Change in net assets per unit benchmark, which returned 4.8%. Opening net asset value per unit 138.3 126.5 129.7 148.9 134.3 135.6 Fund Manager’s Commentary Return before operating charges 6.59 14.28 (0.54) 7.10 15.32 (0.61) The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s Operating charges (0.71) (0.71) (0.65) (0.76) (0.72) (0.69) economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Return after operating charges 5.88 13.57 (1.19) 6.34 14.60 (1.30) Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by Distributions on income units (1.83) (1.77) (2.01) N/A N/A N/A

0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s Closing net asset value per unit 142.4 138.3 126.5 155.2 148.9 134.3 growing confidence in employment and inflation prospects. By contrast, the European Central Bank Retained distributions on extended its asset-purchase programme for another few months, as the region’s economy struggled accumulation units N/A N/A N/A 1.98 1.91 2 .10

Global government bonds gained ground over the year, as yields on many developed-world government Return after charges1 4.25% 10.73% (0.92)% 4.26% 10.87% (0.96)% bonds fell. Bouts of risk aversion, coupled with signs of a deteriorating global economy, help to anchor yields. In the UK, the Bank of England kept interest rates on hold throughout the period, while the Other information consensus among policymakers became more bearish. By the end of February 2016, the decision to Closing net asset value (£000’s) 1,590 1,866 3,925 13,418 13,055 13,891 keep rates low was unanimous. Overall, the 10-year gilt yield moved from 1.79%** to 1.33%** over the Closing number of units 1,116,903 1,348,754 3 ,10 4 ,2 24 8,643,946 8,766,358 10,340,797

year, hitting fresh lows along the way. Operating charges2 0.51% 0.54% 0.51% 0.51% 0.51% 0.51%

Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% The Fund is structured to track the FTSE Actuaries UK Conventional Gilts All Stocks Index closely, so its portfolio remains positioned so that its risk characteristics are similar to those of the Index. Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Highest offer unit price 153.0 152.8 141.4 165.7 163.5 147.9 March 2016 Lowest bid unit price 134.3 126.0 124 .1 144.6 133.8 130.9

* Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to fees and reported for the Fund’s class L Accumulation Units. consolidate the publication of the reports. 1 ** Figures from BlackRock. The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 13 for further details.

657 BlackRock Collective Investment Funds 658 UK Gilts All Stocks Tracker Performance Record continued

Comparative Table Comparative Table

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

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 Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 150.6 135.6 136.5 105.8 96.70 99.20 Opening net asset value per unit 110.9 99.62 100.2 143.3 131.0 134.3

Return before operating charges 7.13 15.30 (0.61) 5 .17 10.89 (0.54) Return before operating charges 5 .15 11.29 (0.57) 6.69 14.75 (0.75)

Operating charges (0.32) (0.30) (0.29) (0.01) (0.01) (0.01) Operating charges (0.01) (0.01) (0.01) (0.23) (0.22) (0.21)

Return after operating charges 6.81 15.00 (0.90) 5 .16 10.88 (0.55) Return after operating charges 5 .14 11.28 (0.58) 6.46 14.53 (0.96)

Distributions on income units N/A N/A N/A (1.86) (1.78) (1.95) Distributions on income units N/A N/A N/A (2.29) (2.23) (2.34)

Closing net asset value per unit 157.4 150.6 135.6 10 9 .1 105.8 96.70 Closing net asset value per unit 116.0 110.9 99.62 147.5 143.3 131.0

Retained distributions on Retained distributions on accumulation units 2.37 2.27 2.46 N/A N/A N/A accumulation units 1.92 1.84 1.98 N/A N/A N/A

After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00

Performance Performance

Return after charges1 4.52% 11.06% (0.66)% 4.88% 11.25% (0.55)% Return after charges1 4.63% 11.32% (0.58)% 4.51% 11.09% (0.71)%

Other information Other information

Closing net asset value (£000’s) 2,282,598 2,430,740 1,433,761 – 20,754 17,643 Closing net asset value (£000’s) 9 5 7,119 8 0 9 ,19 5 440,479 14,392 11,211 1,19 9

Closing number of units 1,450,139,543 1,613,528,243 1,057,636,528 96 19,615,466 18,245,438 Closing number of units 824,847,255 729,785,545 442,161,892 9,759,037 7,822,678 915,275

Operating charges2 0.21% 0.21% 0.21% 0.01% 0.01% 0.01% Operating charges2 0.01% 0.01% 0.01% 0 .16 % 0 .16 % 0 .16 %

Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Highest offer unit price 160.0 157.4 141.9 111.8 111.5 10 3 .1 Highest offer unit price 118.0 115.9 10 4 .1 151.1 151.0 139.6

Lowest bid unit price 146.4 13 5 .1 132.0 102.9 96.36 94.94 Lowest bid unit price 107.8 99.26 96.91 139.3 130.5 128.6

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to * 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. consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 13 for further details. of equity instruments. See note 13 for further details.

659 BlackRock Collective Investment Funds 660 UK Gilts All Stocks Tracker Performance Record continued

Comparative Table Comparative Table

D Accumulation Units H Income Units H Accumulation Units

For the period For the period For the period For the year For the year For the year For the year from 1.2.2013* from 2.9.2014^ from 2.9.2014^ to 29.2.2016 to 28.2.2015 to 29.2.2016 to 29.2.2016 to 28.2.2014 to 28.2.2015 to 28.2.2015

Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 149.6 134.6 135.6 105.3 100.0 Opening net asset value per unit 106.3 100.0

Return before operating charges 7.10 15.02 (0.78) 4.95 6.36 Return before operating charges 4.95 6.41

Operating charges (0.24) (0.02) (0.22) (0 .12 ) (0 .11) Operating charges (0 .12 ) (0 .11)

Return after operating charges 6.86 15.00 (1.00) 4.83 6.25 Return after operating charges 4.83 6.30

Distributions on income units N/A N/A N/A (1.74) (0.95) Closing net asset value per unit 111.1 106.3

Closing net asset value per unit 156.5 149.6 134.6 108.4 105.3 Retained distributions on accumulation units 1.76 0.95

Retained distributions on accumulation units 2.41 2.31 2.49 N/A N/A After direct transaction costs of 0.00 0.00

After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 Performance

Performance Return after charges1 4.54% 6.30%

Return after charges1 4.59% 11.14% (0.74)% 4.59% 6.25% Other information

Other information Closing net asset value (£000’s) 55,592 1,488

Closing net asset value (£000’s) 89,369 4 8 ,18 0 8,679 119,585 1 Closing number of units 50,026,779 1,400,243

Closing number of units 57,117,654 32,196,297 6,447,974 110,313,700 562 Operating charges2 0 .11% 0 .11%

Operating charges2 0 .16 % 0 .16 % 0 .16 % 0 .11% 0 .11% Direct transaction costs3 0.00% 0.00%

Direct transaction costs3 0.00% 0.00% 0.00% 0.00% 0.00% Prices Pence per unit Pence per unit

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 118.6 116.6

Highest offer unit price 15 9 .1 156.4 140.9 116.6 116.9 Lowest bid unit price 103.3 98.69

Lowest bid unit price 145.4 13 4 .1 131.0 102.4 98.69 ^ The date of commencement of operations. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing consolidate the publication of the reports. prices (the price at which units are sold). ^ The date of commencement of operations. 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing depositary and entry/exit charges paid to an underlying collective investment scheme (if any). prices (the price at which units are sold). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for of equity instruments. See note 13 for further details. further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 13 for further details.

661 BlackRock Collective Investment Funds 662 UK Gilts All Stocks Tracker Distribution Tables UK Gilts All Stocks Tracker Portfolio Statement for the year ended 29 February 2016 at 29 February 2016

A Income A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation BONDS – 100.01%; 2015 99.35% Units 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 Group 1 Group 2 UK Sterling Denominated Fixed Rate Government Bonds – 100.01%; 2015 99.35% Gross Revenue 1.14 8 5 0.4579 1.2450 0.8230 1.4904 0.6214 1.1875 0.0000 1.2095 0.5833 1.4375 0.7399 1.5186 0.8340 1.0881 0.6269 1.1059 0.5935 £87,077,857 Treasury 1% Notes 7/9/2017 87,957 2.49 Income tax 0.2297 0.0916 0.2490 0 .16 4 6 0.2981 0 .124 3 0.2375 0.0000 0.2419 0 .116 7 0.2875 0 .14 8 0 0.3037 0 .16 6 8 0.2176 0 .125 4 0.2212 0 .1187 £95,186,000 Treasury 1.25% Stock 22/7/2018 97,109 2.75 Net revenue (interest) 0.9188 0.3663 0.9960 0.6584 1.192 3 0.4971 0.9500 0.0000 0.9676 0.4666 1.15 0 0 0.5919 1.2149 0.6672 0.8705 0.5015 0.8847 0.4748 £60,002,000 Treasury 1.5% Bonds 22/1/2021 62,111 1.76 Equalisation† – 0.5525 – 0.3376 – 0.6952 – 0.9500 – 0.5010 – 0.5581 – 0.5477 – 0.3690 – 0.4099 £77,527,725 Treasury 1.75% Bonds 7/9/2022 81,350 2.30 Distribution payable 30.4.2016 0.9188 0.9188 0.9960 0.9960 1.19 2 3 1.19 2 3 0.9500 0.9500 0.9676 0.9676 1.15 0 0 1.15 0 0 1.2149 1.2149 0.8705 0.8705 0.8847 0.8847 £74,212,000 Treasury 1.75% Gilts 22/7/2019 77,229 2.19 Distribution paid 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 £71,543,756 Treasury 1.75% Notes 22/1/2017 72,442 2.05 £56,686,000 Treasury 2% Gilts 7/9/2025 59,914 1.70 Interim Distribution in Pence per Unit £94,728,000 Treasury 2% Notes 22/7/2020 100,151 2.83 Group 1 – Units purchased prior to 1 March 2015 £76,388,000 Treasury 2.25% Stock 7/9/2023 82,556 2.34 Group 2 – Units purchased 1 March 2015 to 31 August 2015 £11,869,000 Treasury 2.5% Bonds 22/7/2065 12,988 0.37

A Income A Accumulation L Accumulation X Income X Accumulation D Income D Accumulation H Income H Accumulation £74,307,000 Treasury 2.75% Gilts 7/9/2024 83,228 2.35 Units Units Units Units Units Units Units Units÷ Units÷ £77,668,492 Treasury 3.25% Stock 22/1/2044 92,200 2.61 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 £53,274,000 Treasury 3.5% Bonds 22/7/2068 74,879 2.12 Gross Revenue 1.13 9 6 0.6584 1.2270 0.4643 1.4684 0.9966 1.13 81 0.5484 1.192 6 0.7628 1.4289 0.7972 1.4957 0.7717 1.0817 0.4922 1.0895 0.4942 £70,960,000 Treasury 3.5% Notes 22/1/2045 88,328 2.50 Income tax 0.2279 0 .1317 0.2454 0.0929 0.2937 0 .19 9 3 0.2276 0 .10 97 0.2385 0 .152 6 0.2858 0 .15 9 4 0.2991 0 .15 4 3 0.2163 0.0984 0.2179 0.0988 £55,343,498 Treasury 3.75% Bonds 7/9/2020 63,119 1.79 Net revenue (interest) 0.9117 0.5267 0.9816 0.3714 1.1747 0.7973 0.9105 0.4387 0.9541 0.6102 1.14 31 0.6378 1.1966 0.6174 0.8654 0.3938 0.8716 0.3954 £72,675,737 Treasury 3.75% Gilts 7/9/2019 81,030 2.29 Equalisation† – 0.3850 – 0.6102 – 0.3774 – 0.4718 – 0.3438 – 0.5053 – 0.5792 – 0.4716 – 0.4762 £72,477,485 Treasury 3.75% Gilts 7/9/2021 84,045 2.38 Distribution paid 31.10.2015 0.9117 0.9117 0.9816 0.9816 1.1747 1.1747 0.9105 0.9105 0.9541 0.9541 1.14 31 1.14 31 1.19 6 6 1.19 6 6 0.8654 0.8654 0.8716 0.8716 £57,916,829 Treasury 3.75% Gilts 22/7/2052 79,572 2.25 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 N/A N/A N/A N/A £100,747,560 Treasury 4% Gilts 7/3/2022 119,597 3.38 † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included £97,187,056 Treasury 4% Stock 7/9/2016 99,000 2.80 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. £60,978,360 Treasury 4% Stock 22/1/2060 92,132 2.61 ÷ H Income and H Accumulation classes commenced September 2014. £65,145,565 Treasury 4.25% Bonds 7/12/2040 89,494 2.53 £50,701,578 Treasury 4.25% Gilts 7/12/2049 74,574 2.11 £65,086,320 Treasury 4.25% Loan Stock 7/12/2055 100,607 2.85 £86,835,139 Treasury 4.25% Stock 7/12/2027 111,974 3.17 £93,641,983 Treasury 4.25% Stock 7/6/2032 123,551 3.50 £76,508,611 Treasury 4.25% Stock 7/3/2036 102,636 2.90 £57,035,786 Treasury 4.25% Stock 7/9/2039 77,697 2.20 £57,584,130 Treasury 4.25% Stock 7/12/2046 82,458 2.33 £86,008,769 Treasury 4.5% Bonds 7/9/2034 118,034 3.34 £92,929,540 Treasury 4.5% Gilts 7/3/2019 104,481 2.96 £70,700,600 Treasury 4.5% Stock 7/12/2042 101,855 2.88 £86,074,480 Treasury 4.75% Stock 7/3/2020 100,488 2.84 £88,066,240 Treasury 4.75% Stock 7/12/2030 121,395 3.44 £67,318,396 Treasury 4.75% Stock 7/12/2038 97,652 2.76 £88,692,288 Treasury 5% Gilts 7/3/2018 97,202 2.75 £111,650,905 Treasury 5% Stock 7/3/2025 147,351 4.17

663 BlackRock Collective Investment Funds 664 UK Gilts All Stocks Tracker Portfolio Statement continued UK Gilts All Stocks Tracker Statement of Total Return for the year ended 29 February 2016

Holding or Market % of For the year For the year Nominal Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s Assets Notes £000’s £000’s £000’s £000’s £50,722,413 Treasury 6% Stock 7/12/2028 76,702 2.17 Income £60,623,101 Treasury 8% Stock 7/6/2021 83,342 2.36 Net capital gains 3 101,330 269,179 £28,064,581 Treasury 8.75% Stock 25/8/2017 31,630 0.89 Revenue 4 74,871 61,731 3,534,060 100.01 Expenses 5 (5,345) (4,540) Net revenue before taxation 69,526 57,191 Portfolio of investments 3,534,060 100.01 Net other liabilities (397) (0.01) Taxation 6 – – Net revenue after taxation 69,526 57,191 Total net assets 3,533,663 100.00 Total return before distributions 170,856 326,370 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Note: comparative figures show percentages for each category of holding at 28 February 2015. Distributions 7 (71,556) (57,193) Change in net assets attributable to unitholders from investment activities 99,300 269,177

UK Gilts All Stocks Tracker Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016

For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 3,336,490 1,919,579 Amounts receivable on issue of units 536,270 1,354,608 Amounts payable on cancellation of units (491,803) (256,631) 44,467 1,097,977 Change in net assets attributable to unitholders from investment activities 99,300 269,177 Retained distribution on accumulation units 53,406 49,757 Closing net assets attributable to unitholders 3,533,663 3,336,490

665 BlackRock Collective Investment Funds 666 UK Gilts All Stocks Tracker Balance Sheet UK Gilts All Stocks Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

1. Accounting and Distribution Policies 29.2.2016 28.2.2015 Notes £000’s £000’s The accounting and distribution policies are set out on pages 4 to 8. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 9 to 37. – Investment assets 3,534,060 3,314,737 Current assets 3. Net Capital Gains – Debtors 8 54,527 38,266 For the year For the year – Cash and bank balances 10,614 9,516 to 29.2.2016 to 28.2.2015 £000’s £000’s Total assets 3,599,201 3,362,519 The net capital gains comprise: Liabilities: Creditors Gains on non-derivative securities 101,331 26 9,18 0 Custodian transaction costs (1) (1) – Distributions payable (8,107) (6,624) Net capital gains 101,330 26 9,17 9 – Other creditors 9 (57,431) (19,405) Total liabilities (65,538) (26,029) 4. Revenue Net assets attributable to unitholders 3,533,663 3,336,490 For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s N C D Hall (Director) Interest from UK bank deposits 20 20 G D Bamping (Director) Interest from UK fixed interest securities 72,738 60,817 BlackRock Fund Managers Limited 28 April 2016 Securities lending revenue 2,113 894 Total revenue 74,871 61,731

5. Expenses For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s Payable to the Manager or associates of the Manager: – Manager’s charge 5,087 4,245 – Registrar’s fees 11 10 5,098 4,255 Other expenses: – Audit fee 7 7 – Safe custody fees 85 65 – Trustee’s fees 155 213 247 285 Total expenses 5,345 4,540

667 BlackRock Collective Investment Funds 668 UK Gilts All Stocks Tracker Notes to Financial Statements continued

6. Taxation 8. Debtors

(a) Analysis of tax charge 29.2.2016 28.2.2015 For the year For the year £000’s £000’s to 29.2.2016 to 28.2.2015 Accrued revenue 3 4 ,128 35,007 £000’s £000’s Amounts receivable for issue of units 20,399 3,259 Corporation tax – – Total debtors 54,527 38,266 Total current tax charge [see note 6(b)] – – 9. Other Creditors (b) Factors affecting the current tax charge 29.2.2016 28.2.2015 The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an £000’s £000’s authorised unit trust. The differences are explained below: Accrued Audit fee 7 7 For the year For the year Accrued FCA fee 1 1 to 29.2.2016 to 28.2.2015 £000’s £000’s Accrued Manager’s charge 813 1,226 Net revenue before taxation 69,526 5 7,191 Accrued Registrar’s fee 5 4 Corporation tax at 20% (28 February 2015: 20%) 13,905 11,438 Accrued Safe custody fees 21 18 Effects of: Accrued Trustee’s fee 28 63 Tax deductible interest distributions (13,905) (11,438) Amounts payable for cancellation of units 21,935 1,676 Total current tax charge [see note 6(a)] – – Purchases awaiting settlement 34,621 16,410 Total other creditors 57,431 19,405 7. Distributions For the year For the year 10. Contingent Assets and Liabilities to 29.2.2016 to 28.2.2015 There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). £000’s £000’s Interim distribution 34,464 29,128 11. Efficient Portfolio Management Techniques Final distribution 34,600 32,575 The Fund may engage in derivative transactions for the purposes of efficient portfolio management. 69,064 61,703 The Fund may, subject to the conditions and within the limits laid down by the Financial Add: Amounts deducted on cancellation of units 4,682 1,026 Conduct Authority and the Prospectus, engage in securities lending and employ techniques and Less: Amounts received on issue of units (2,190) (5,536) instruments relating to transferable securities for efficient portfolio management purposes. Distributions 71,556 57,19 3 The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited which is a related party to the Fund. Net revenue after taxation 69,526 5 7,191 The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity Add: Equalisation on conversions 2,030 2 allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly Distributions 71,556 57,19 3 related to securities loan transactions as well as the cost of indemnification against borrower Details of the interim and final distributions per unit are set out in the tables on page 663. default.

669 BlackRock Collective Investment Funds 670 UK Gilts All Stocks Tracker Notes to Financial Statements continued

The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing the Fund in any or all of the following collateral agents and central securities depositaries: Bank of arrangements with related parties (including, without limitation, brokers who are affiliated to the New York Mellon, Euroclear and JP Morgan, depending on the type of collateral the counterparty BlackRock Group), which may result in the Fund benefiting from research or execution services needs to give as per the schedule in order to cover the required value of exposure. 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 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 provision of economic and financial information and analysis. Due to the bundled nature of Securities lending revenue is split between the Fund and the securities lending agent in the ratio these services and the application of such benefits across a number of BlackRock managed funds, 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into share. these arrangements with brokers who are not affiliated to the BlackRock Group.

The securities lending revenue earned during the year, the value of securities on loan at the year As at 29 February 2016 and 28 February 2015, none of the unitholders: end and the value of collateral held at the year end for the Fund are shown below: (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or 29.2.2016 28.2.2015 (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units £000’s £000’s in issue in the Fund and are as a result, considered to be related parties to the Fund. Revenue earned during the year 2,113 894 Value of securities on loan at the year end 2,588,812 1,621,893 13. Portfolio Transaction Costs Value of collateral held on behalf of the Fund at the year end 2,8 5 4 ,191 1,840,898 For the year ended 29 February 2016

The Fund’s securities lending borrowing counterparties are Abbey National Plc, Barclays Bank Plc, Direct Transaction Costs Citigroup, Credit Suisse International, Deutsche Bank AG, HSBC, Morgan Stanley & Co., Société Transaction Value Commissions Taxes Générale and UBS. Purchases (excluding derivatives) £000’s £000’s % £000’s % Debt instruments 686,817 – – – – 12. Related Parties Total purchases 686,817 – –

Parties are considered to be related if one party has the ability to control the other party or Total purchases including exercise significant influence over the other party in making financial or operational decisions. transaction costs 686,817 The following entities were related parties of the Fund during the year ended 29 February 2016: Direct Transaction Costs Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Securities lending agent: BlackRock Advisors (UK) Limited Debt instruments 532,644 – – – – The ultimate holding company of the Manager, Investment Manager and securities lending agent Total sales 532,644 – – is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Total sales net of transaction costs 532,644 Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. Total transaction costs – – The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units Total transaction costs are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any as a % of average net assets 0.00% 0.00% amounts due to or from the Manager at the year end are disclosed in notes 8 and 9. Management fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 9. Securities lending revenue earned by the Fund is disclosed in notes 4 and 11.

671 BlackRock Collective Investment Funds 672 UK Gilts All Stocks Tracker Notes to Financial Statements continued

For the year ended 28 February 2015 14. Units in Issue

Direct Transaction Costs The movement in units in issue for the year ended 29 February 2016 is as follows:

Transaction Value Commissions Taxes A Income A Accumulation L Accumulation X Income X Accumulation Purchases (excluding derivatives) £000’s £000’s % £000’s % Units Units Units Units Units Debt instruments 1,656,210 – – – – Balance at the beginning of the year 1,348,754 8,766,358 1,613,528,243 19,615,466 729,785,545 Total purchases 1,656,210 – – Issued during the year 3,343,074 – 157,355,443 87,030,042 1,505,269 Cancelled during the year (2,698,422) (13,225) (240,938,433) (108,681,870) – Total purchases including transaction costs 1,656,210 Converted during the year (876,503) (10 9,187 ) (79,805,710) 2,036,458 93,556,441 Balance at the end of the year 1,116 ,9 0 3 8,643,946 1,450,139,543 96 824,847,255 Direct Transaction Costs

Transaction Value Commissions Taxes D Income D Accumulation H Income H Accumulation Sales (excluding derivatives) £000’s £000’s % £000’s % Units Units Units Units Debt instruments 487,777 – – – – Balance at the beginning of the year 7,822,678 32,196,297 562 1,400,243 Total sales 487,777 – – Issued during the year 42,835,668 – 107,166,473 25,639,223 Cancelled during the year (3,902,465) – (90,223) (3,280,004) Total sales net of transaction costs 487,777 Converted during the year (36,996,844) 24,921,357 3,236,888 26,267,317

Total transaction costs – – Balance at the end of the year 9,759,037 57,117,654 110,313,700 50,026,779

Total transaction costs Revenue is allocated each day pro rata to the capital value of assets attributable to each class and as a % of average net assets 0.00% 0.00% taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights The above analysis covers direct transaction costs incurred by the Fund during the year. on winding up. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. 15. Post Balance Sheet Events For the Fund’s investment transactions in debt and money market instruments any applicable There have been no significant events subsequent to the year end, which, in the opinion of the transaction charges form part of the dealing spread for these instruments. Transactions in money Manager, may have had an impact on the financial statements for the year ended 29 February 2016. market instruments to manage the Fund’s daily liquidity position are excluded from the analysis.

Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment.

At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.04% (28 February 2015 – 0.01%).

673 BlackRock Collective Investment Funds 674 BlackRock US Equity Tracker Fund US Equity Tracker Fund

About the Fund This Annual Report covers the year ended 29 February 2016.

The BlackRock US Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Investment Performance Table Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was authorised by the For the year For the three years § Financial Conduct Authority on 28 April 2010 and was established on 29 June 2012. to 29.2.2016 to 29.2.2016 TOTAL Return (with net income reinvested) Investment Objective & Policy Class D Accumulation Units BlackRock US Equity Tracker Fund +3.6% +46.6% The aim of the Fund is to seek to achieve capital growth for investors by tracking closely the FTSE USA Index* +3.8% +47.5% performance of the FTSE USA Index by investing in companies in the Index. Investment will be made 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. directly into constituent companies and via other transferable securities giving exposure to such Performance returns are cumulative. All returns are in Sterling. companies. The Fund may also invest in permitted money-market instruments, permitted deposits § Five year performance data does not exist as the Fund launched in June 2012. * Figures from Index Vendor. Please note that the Fund’s benchmark index, the FTSE USA Index was previously referred to as the FTSE and units in collective investment schemes. Derivatives and forward transactions may be used for the All-World USA Index. This is a clarificatory update and does not represent a change in the Fund’s benchmark index. purposes of efficient portfolio management. 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. Risk and Reward Profile 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 Lower risk Higher risk a product. Typically lower rewards Typically higher rewards Unit Class 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 H Income 1 2 3 4 5 6 7

`` The risk indicator was calculated incorporating 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.

`` During the year, the risk indicator for each unit class, with the exception of H Income, changed from level 6 to 5 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.

675 BlackRock Collective Investment Funds 676 US Equity Tracker Fund continued

The table below compares the realised Fund performance against the performance of the relevant In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: Fund on any income received from its investments. The level and quantum of tracking error arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with Fund return Benchmark return various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending for the year for the year Tracking activities carried out by the Fund. to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference The tracking difference is a result The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex of (a) the stock market on which the ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking benchmark index operates being closed error is annualised and calculated using data from the preceding 36 month observation period. at the Fund’s valuation point, resulting in a temporary mismatch on days when Anticipated Realised units are created or redeemed, (b) Tracking Error Tracking Error Explanation for difference temporary divergences in the calculation The Fund has tracked its benchmark index within its anticipated when the Index provider calculates index Up to 2.50%* 2.26%* tracking error. values during UK bank holidays while the Fund is closed, (c) income from securities * Figures represent the anticipated tracking error and realised tracking error for the Fund’s class D Accumulation Units. lending activity and (d) withholding tax +3.58%* +3.78% -0.20% differences between the Fund and index.

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

677 BlackRock Collective Investment Funds 678 US Equity Tracker Investment Report US Equity Tracker Performance Record

Summary of Performance over the Period Comparative Table

During the period from 1 March 2015 to 29 February 2016, the Fund returned 3.6%,* compared with A Accumulation Units L Income Units its benchmark, the FTSE USA Index, which returned 3.8%. Before costs, the tracking difference is For the period For the period For the year For the year For the year a result of (a) the stock market on which the benchmark index operates being closed at the Fund’s from 1.2.2013* from 24.4.2014^ to 29.2.2016 to 28.2.2015 to 29.2.2016 valuation point, resulting in a temporary mismatch on days when units are created or redeemed, (b) to 28.2.2014 to 28.2.2015

temporary divergences in the calculation when the Index provider calculates index values during UK Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit bank holidays while the Fund is closed, (c) income from securities lending activity and (d) withholding Change in net assets per unit tax differences between the Fund and index. Over the six-month period to 29 February 2016, the Fund Opening net asset value per unit 162.5 131.2 109.8 121.1 100.0 returned 10.0%,* outperforming its benchmark, which returned 9.1%. Return before operating charges 6.68 32.03 22.05 4.80 22.79 Fund Manager’s Commentary Operating charges (0.82) (0.73) (0.65) (0.25) (0.23) The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s Return after operating charges 5.86 31.30 21.40 4.55 22.56 economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Distributions on income units N/A N/A N/A (1.89) (1.46)

Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised Closing net asset value per unit 168.5 162.5 131.2 123.8 121.1 by 0.25%. This rate rise marked the first rise in US interest rates since 2006, and it reflected the Fed’s Retained distributions on accumulation units 2 .10 1.76 1.72 N/A N/A growing confidence in employment and inflation prospects. By contrast, the European Central Bank After direct transaction costs of (0.01) (0.00) (0.01) (0.00) (0.00) extended its asset-purchase programme for another few months, as the region’s economy struggled

to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, Performance lowered benchmark rates in a bid to stimulate growth. Return after charges1 3.61% 23.86% 19.49% 3.76% 22.56%

In the months leading up to December’s interest rate hike, the chair of the Fed, Janet Yellen, reiterated Other information

that employment had to be in decent shape before rates could be raised. US non-farm payrolls (a Closing net asset value (£000’s) 932 878 793 – 8,250 measure of employment) were healthy over the period, with the exception of August and September, Closing number of units 553,215 539,989 604,472 100 6,813,279 when just 150,000 and 149,000 jobs, respectively, were added to the US economy. The prospect of Operating charges2 0.51% 0.51% 0.52% 0.21% 0.21% further rate hikes receded as US inflation expectations (as measured by the 10-year breakeven rate) 3 fell to just 1.39% in late January 2016. Meanwhile, fourth-quarter GDP came in at an annualised rate Direct transaction costs 0.00% 0.00% 0.01% 0.00% 0.00% of 0.7%, falling short of analysts’ expectations. Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Highest offer unit price 181.0 172.3 140.0 128.5 12 3 .1 The Fund is structured to track the FTSE USA Index closely, so its portfolio remains positioned so that its risk characteristics are similar to those of the Index. Lowest bid unit price 147.4 128.4 110.0 110.0 97.98 * 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. March 2016 ^ The date of commencement of operations. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing fees and reported for the Fund’s class D Accumulation Units. prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 14 for further details.

679 BlackRock Collective Investment Funds 680 US Equity Tracker Performance Record continued

Comparative Table Comparative Table

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

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 Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 163.4 131.5 109.7 157.5 128.5 10 9 .1 Opening net asset value per unit 161.2 130.0 109.4 164.2 132 .1 110.2

Return before operating charges 6.66 32.20 22.08 6.27 31.42 21.81 Return before operating charges 6.52 31.21 20.62 6.73 32.35 2 2 .11

Operating charges (0.34) (0.30) (0.28) (0.02) (0.01) (0.02) Operating charges (0.02) (0.01) (0.02) (0 .13) (0.23) (0.21)

Return after operating charges 6.32 31.90 21.80 6.25 31.41 21.79 Return after operating charges 6.50 31.20 20.60 6.60 32 .10 21.90

Distributions on income units N/A N/A N/A (2.84) (2.41) (2.39) Closing net asset value per unit 167.7 161.2 130.0 170.8 164.2 132 .1

Closing net asset value per unit 169.7 163.4 131.5 160.9 157.5 128.5 Retained distributions on accumulation units 2.87 1.97 1.41 2.78 2.28 2.22 Retained distributions on accumulation units 2.60 2.20 2 .15 N/A N/A N/A After direct transaction costs of (0.01) (0.00) (0.01) (0.01) (0.00) (0.01)

After direct transaction costs of (0.01) (0.00) (0.01) (0.01) (0.00) (0.01) Performance

Performance Return after charges1 4.03% 24.00% 18.83% 4.02% 23.01% 19.87%

Return after charges1 3.87% 24.26% 19.87% 3.97% 24.44% 19.97% Other information

Other information Closing net asset value (£000’s) 107,411 119,578 1 332,552 316,377 239,469

Closing net asset value (£000’s) 340,514 265,337 191,661 2 24,636 24,053 Closing number of units 64,049,109 74,163,634 1,000 194,699,828 192,627,561 181,291,736

Closing number of units 200,634,790 162,394,315 145,775,090 968 15,646,261 18,716,115 Operating charges2§ 0.01% 0.01% 0.02% 0.08% 0 .16 % 0 .17 %

Operating charges2 0.21% 0.21% 0.22% 0.01% 0.01% 0.02% Direct transaction costs3 0.00% 0.00% 0.01% 0.00% 0.00% 0.01%

Direct transaction costs3 0.00% 0.00% 0.01% 0.00% 0.00% 0.01% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 171.1 162.7 132.3 174.3 165.8 134.3

Highest offer unit price 173.4 165.0 133.7 167.2 160.3 131.8 Lowest bid unit price 146.6 127.0 109.3 149.2 129.3 110.3

Lowest bid unit price 148.4 128.7 109.9 14 3 .1 125.8 109.2 * 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. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as consolidate the publication of the reports. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as prices (the price at which units are sold). the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for prices (the price at which units are sold). further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for depositary and entry/exit charges paid to an underlying collective investment scheme (if any). further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ § Please note that the annual management charge was reduced on 11 August 2015 from 0.15% to 0.065% in respect to class D depositary and entry/exit charges paid to an underlying collective investment scheme (if any). Accumulation units. 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 14 for further details. of equity instruments. See note 14 for further details.

681 BlackRock Collective Investment Funds 682 US Equity Tracker Performance Record continued US Equity Tracker Distribution Tables for the year ended 29 February 2016

Comparative Table Final Distribution in Pence per Unit

H Income Units Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 September 2015 to 29 February 2016 For the period ^ from 2.9.2015 A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation H Income to 29.2.2016 Units Units Units Units Units Units Units÷

Pence per unit 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) 1.2555 0.9888 1.0800 1.0800 1.5026 0.8255 1.6270 1.6270 1.6384 0.7570 1.6200 0.9029 1.0242 1.0242 Change in net assets per unit Equalisation† – 0.2667 – 0.0000 – 0.6771 – 0.0000 – 0.8814 – 0.7171 – 0.0000 Opening net asset value per unit 100.0 Distribution payable 30.4.2016 1.2555 1.2555 1.0800 1.0800 1.5026 1.5026 1.6270 1.6270 1.6384 1.6384 1.6200 1.6200 1.0242 1.0242 Return before operating charges 10.97 Distribution paid 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 N/A N/A Operating charges (0.08) Return after operating charges 10.89 Interim Distribution in Pence per Unit Distributions on income units (1.02) Group 1 – Units purchased prior to 1 March 2015 Closing net asset value per unit 109.9 Group 2 – Units purchased 1 March 2015 to 31 August 2015

After direct transaction costs of (0.00) A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation Units Units Units Units Units Units Performance 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 after charges1 9.03% Net revenue (dividend) 0.8432 0 .18 0 9 0.8095 0.7335 1.0927 0.6855 1.2085 0.2952 1.2364 0.9999 1.1473 0.5410

Other information Equalisation† – 0.6623 – 0.0760 – 0.4072 – 0.9133 – 0.2365 – 0.6063

Closing net asset value (£000’s) 10,472 Distribution paid 31.10.2015 0.8432 0.8432 0.8095 0.8095 1.0927 1.0927 1.2085 1.2085 1.2364 1.2364 1.1473 1.1473

Closing number of units 9,532,310 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

2 Operating charges 0.08% † 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 Direct transaction costs3 0.00% income tax but must be deducted from the cost of units for capital gains tax purposes. ÷ H Income class commenced September 2015. Group 1 units purchased 2 September 2015. Group 2 units purchased 3 September 2015 to Prices Pence per unit 29 February 2016.

Highest offer unit price 116.5

Lowest bid unit price 98.08

683 BlackRock Collective Investment Funds 684 US Equity Tracker Portfolio Statement at 29 February 2016

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets EQUITIES – 101.30%; 2015 99.78% 50,883 KeyCorp 393 0.05 7,627 M&T Bank 585 0.07 UNITED STATES –101.30%; 2015 99.78% 27,326 New York Community Bancorp 304 0.04 Aerospace & Defence – 2.15%; 2015 2.38% 19,973 People’s United Financial 215 0.03 6,570 B/E Aerospace 206 0.03 31,737 PNC Financial Services* 1,923 0.24 38,607 Boeing 3,293 0.42 78,879 Regions Financial 441 0.06 18,509 General Dynamics 1,832 0.23 27,074 SLM 116 0.01 5,181 L-3 Communications 445 0.06 32,139 SunTrust Banks 801 0.10 19,396 Lockheed Martin 3,041 0.38 110,724 US Bancorp 3,139 0.40 11,861 Northrop Grumman 1,645 0.21 320,345 Wells Fargo 11,112 1.40 19,141 Raytheon 1,720 0.22 12,791 Zions Bancorporation 201 0.03 7,806 Rockwell Collins 498 0.06 43,430 5.49 16,881 Textron 421 0.05 2,901 Transdigm 454 0.06 Beverages – 2.34%; 2015 2.09% 48,436 United Technologies 3,415 0.43 7,918 Brown-Forman class ‘B’ shares 572 0.07 255,823 Coca-Cola 7,965 1.01 16,970 2.15 12,721 Coca-Cola Enterprises 451 0.06 Automobiles & Parts – 1.21%; 2015 1.32% 10,062 Constellation Brands class ‘A’ shares 1,032 0.13 5,836 Autoliv 451 0.06 11,288 Dr Pepper Snapple 751 0.09 14,888 BorgWarner 355 0.04 7,591 Molson Coors Brewing class ‘B’ shares 467 0.06 17,760 Delphi Automotive 856 0.11 9,011 Monster Beverage 851 0.11 240,979 Ford Motor 2,168 0.27 90,030 PepsiCo 6,392 0.81 90,484 General Motors 1,934 0.24 18,481 2.34 20,226 Gentex 211 0.03 9,107 Genuine Parts 600 0.08 Chemicals – 1.86%; 2015 2.07% 4,480 Lear 329 0.04 13,392 Air Products & Chemicals 1,292 0.16 12,284 Harley-Davidson 384 0.05 3,681 Airgas 377 0.05 41,076 Johnson Controls 1,098 0.14 3,909 Ashland 271 0.03 17,940 LKQ 365 0.05 5,844 Avery Dennison 280 0.04 5,871 Tesla Motors 807 0.10 10,084 Celanese 444 0.06 15,339 CF Industries 387 0.05 9,558 1.21 70,169 Dow Chemical 2,468 0.31 Banks – 5.49%; 2015 5.67% 56,142 Du Pont de Nemours 2,492 0.31 646,487 Bank of America 5,922 0.75 8,765 Eastman Chemical 412 0.05 48,586 BB&T 1,168 0.15 16,857 Ecolab 1,293 0.16 186,235 Citigroup 5,308 0.67 8,424 FMC 231 0.03 32,948 Citizens Financial 469 0.06 4,842 International Flavors & Fragrances 364 0.05 11,927 Comerica 301 0.04 24,451 Lyondellbasell Industries class ‘A’ shares 1,415 0.18 5,986 Commerce Bancshares 187 0.02 19,503 Mosaic 377 0.05 49,842 Fifth Third Bancorp 564 0.07 16,849 PPG Industries 1,194 0.15 8,392 First Republic Bank 385 0.05 18,171 Praxair 1,354 0.17 52,022 Huntington Bancshares 336 0.04 2,461 Westlake Chemical 78 0.01 230,151 JP Morgan Chase 9,560 1.21 14,729 1.86

685 BlackRock Collective Investment Funds 686 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Construction & Materials – 0.45%; 2015 0.38% 5,827 Arrow Electronics 244 0.03 7,406 Chicago Bridge & Iron 188 0.02 8,972 Avnet 268 0.03 8,121 Fluor 274 0.03 41,079 Emerson Electric 1,464 0.18 10,657 Fortune Brands Home & Security 394 0.05 4,420 First Solar 224 0.03 8,692 Jacobs Engineering 244 0.03 38,784 Flextronics International 303 0.04 4,039 Martin Marietta Materials 415 0.05 11,095 Jabil Circuit 167 0.02 22,348 Masco 464 0.06 11,540 Keysight Technologies 216 0.03 13,571 MDU Resources 178 0.02 1,378 Mettler-Toledo 315 0.04 4,674 Sherwin-Williams 921 0.12 6,022 Roper Industries 740 0.09 8,277 Vulcan Materials 590 0.07 11,079 Sensata Technology 279 0.04 3,668 0.45 24,836 TE Connectivity 1,033 0.13 17,058 Trimble Navigation 290 0.04 Electricity – 2.49%; 2015 2.18% 7,581 0.96 38,389 AES 273 0.03 7,553 Alliant Energy 371 0.05 Financial Services – 4.72%; 2015 4.88% 30,422 American Electric Power 1,350 0.17 3,182 Affiliated Managers 315 0.04 19,971 Calpine 178 0.02 33,084 Ally Financial 419 0.05 18,403 CMS Energy 525 0.07 54,402 American Express 2,174 0.27 17,714 Consolidated Edison 899 0.11 10,997 Ameriprise Financial 687 0.09 36,551 Dominion Resources 1,848 0.23 67,668 Bank of New York Mellon 1,763 0.22 11,621 DTE Energy 707 0.09 7,620 BlackRock* 1,726 0.22 19,924 Edison International 967 0.12 30,009 Capital One 1,455 0.18 11,576 Entergy 600 0.08 67,872 Charles Schwab 1,247 0.16 19,019 Eversource Energy 752 0.10 11,957 CIT 259 0.03 53,254 Exelon 1,219 0.15 19,946 CME 1,341 0.17 27,483 FirstEnergy 651 0.08 26,904 Discover Financial Services 916 0.12 28,240 NextEra Energy 2,294 0.29 7,684 Equifax 590 0.07 21,034 NRG Energy 168 0.02 17,849 FNF 424 0.05 16,262 Pepco 312 0.04 24,570 Franklin Resources 641 0.08 28,778 PG&E 1,172 0.15 25,566 Goldman Sachs 2,771 0.35 7,409 Pinnacle West Capital 367 0.05 6,881 Intercontinental Exchange 1,192 0.15 40,988 PPL 1,030 0.13 25,779 Invesco 504 0.06 31,245 Public Service Enterprise 960 0.12 6,170 Legg Mason 127 0.02 55,740 Southern 1,938 0.24 9,180 Liberty Ventures 242 0.03 15,669 Teco Energy 311 0.04 61,715 MasterCard class ‘A’ shares 3,901 0.49 30,678 Xcel Energy 869 0.11 16,974 McGraw Hill Financial 1,094 0.14 19,761 2.49 12,475 Moody’s 798 0.10 85,004 Morgan Stanley 1,544 0.19 Electronic & Electrical Equipment – 0.96%; 2015 0.90% 26,748 Navient 204 0.03 19,967 Agilent Technologies 542 0.07 14,335 Northern Trust 623 0.08 6,402 Allegion 295 0.04 4,127 Santander Consumer USA 31 0.00 14,468 AMETEK 487 0.06 8,393 SEI Investments 234 0.03 18,681 Amphenol class ‘A’ shares 714 0.09 25,750 State Street 1,030 0.13

687 BlackRock Collective Investment Funds 688 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 51,413 Synchrony Financial 1,036 0.13 101,574 Mondelez International 2,983 0.38 15,165 T Rowe Price 763 0.10 28,543 Monsanto 1,866 0.24 14,087 TD Ameritrade 297 0.04 9,059 Rayonier 143 0.02 120,670 Visa 6,336 0.80 19,957 Tyson Foods 939 0.12 13,562 Voya Financial 291 0.04 16,894 2.15 33,153 Western Union 442 0.06 Forestry & Paper – 0.08%; 2015 0.12% 37,417 4.72 25,726 International Paper 654 0.08 Fixed Line Telecommunications – 2.69%; 2015 2.19% Gas, Water & Multiutilities – 0.95%; 2015 0.91% 382,854 AT&T 10,259 1.30 14,254 Ameren 478 0.06 33,343 CenturyLink 726 0.09 11,663 American Water Works 546 0.07 81,678 Frontier Communications 320 0.04 26,665 CenterPoint Energy 357 0.05 16,909 Level 3 Communications 598 0.08 42,641 Duke Energy 2,278 0.29 252,683 Verizon Communications 9,305 1.18 20,927 Nisource 325 0.04 21,208 2.69 11,684 ONEOK 194 0.02 Food & Drug Retailers – 1.89%; 2015 1.92% 10,924 Questar 194 0.02 13,281 AmerisourceBergen 839 0.11 8,175 SCANA 382 0.05 20,685 Cardinal Health 1,240 0.16 15,329 Sempra Energy 1,058 0.13 69,292 CVS Health 4,885 0.62 41,453 Spectra Energy 874 0.11 58,181 Kroger 1,657 0.21 20,459 WEC Energy 833 0.11 14,068 McKesson 1,591 0.20 7,519 0.95 34,053 Sysco 1,063 0.13 General Industrials – 3.20%; 2015 2.89% 55,572 Walgreens Boots Alliance 3,191 0.40 38,433 3M 4,390 0.55 21,863 Whole Foods Market 491 0.06 8,701 Ball 421 0.05 14,957 1.89 5,150 Bemis 181 0.02 Food Producers – 2.15%; 2015 1.92% 35,867 Danaher 2,306 0.29 38,172 Archer Daniels Midland 958 0.12 29,129 Eaton 1,204 0.15 8,411 Bunge 306 0.04 580,320 General Electric 12,308 1.55 11,339 Campbell Soup 507 0.06 48,716 Honeywell International 3,623 0.46 27,739 ConAgra Foods 843 0.11 11,765 Owens-Illinois 129 0.02 37,519 General Mills 1,598 0.20 13,641 Sealed Air 456 0.06 5,616 Herbalife 224 0.03 15,467 WestRock 375 0.05 9,524 Hershey Foods 623 0.08 25,393 3.20 17,956 Hormel Foods 557 0.07 General Retailers – 6.14%; 2015 5.40% 6,719 JM Smucker 619 0.08 4,487 Advance Auto Parts 486 0.06 14,928 Kellogg 791 0.10 23,368 Amazon 9,363 1.18 8,345 Keurig Green Mountain 554 0.07 4,835 AutoNation 180 0.02 35,969 Kraft Heinz 2,020 0.26 1,909 AutoZone 1,077 0.14 20,568 Leucadia National 220 0.03 11,157 Bed Bath & Beyond 394 0.05 7,405 McCormick & Co 500 0.06 18,424 Best Buy 432 0.05 12,196 Mead Johnson 643 0.08 12,840 CarMax 438 0.06

689 BlackRock Collective Investment Funds 690 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 27,459 Costco Wholesale 2,966 0.37 12,998 Edwards Lifesciences 825 0.10 17,189 Dollar General 943 0.12 42,119 Express Scripts 2,168 0.27 12,585 Dollar Tree 741 0.09 19,500 HCA 992 0.13 67,797 eBay 1,183 0.15 5,358 Henry Schein 648 0.08 9,182 Foot Locker 425 0.05 17,040 Hologic 431 0.05 7,242 GameStop 160 0.02 9,205 Humana 1,187 0.15 15,921 Gap 313 0.04 2,226 Intuitive Surgical 912 0.12 13,484 H&R Block 328 0.04 5,970 Laboratory Corporation of America 478 0.06 79,232 Home Depot 7,222 0.91 86,961 Medtronic 4,851 0.61 11,859 Kohl’s 401 0.05 6,047 Patterson 194 0.02 13,381 L Brands 815 0.10 7,648 Quest Diagnostics 371 0.05 58,244 Lowe’s 2,905 0.37 17,235 St Jude Medical 679 0.09 19,987 Macy’s 627 0.08 17,637 Stryker 1,290 0.16 25,130 Netflix 1,719 0.22 24,473 Thermo Fisher Scientific 2,309 0.29 8,458 Nordstrom 321 0.04 59,127 UnitedHealth 5,177 0.65 6,181 O’Reilly Automotive 1,173 0.15 5,018 Universal Health Services class ‘B’ shares 411 0.05 68,254 PayPal 1,847 0.23 6,433 Varian Medical Systems 366 0.05 25,281 Ross Stores 1,027 0.13 5,044 Waters 444 0.06 4,775 Signet Jewelers 342 0.04 12,373 Zimmer 871 0.11 38,036 Staples 260 0.03 35,817 4.53 39,573 Target 2,240 0.28 6,313 Tiffany 298 0.04 Household Goods & Home Construction – 2.02%; 2015 1.82% 42,548 TJX 2,323 0.29 7,687 Church & Dwight 509 0.06 6,666 Tractor Supply 408 0.05 7,888 Clorox 728 0.09 3,664 Ulta Salon Cosmetics & Fragrance 436 0.06 21,531 DR Horton 422 0.05 6,528 Urban Outfitters 126 0.02 4,039 Edgewell Personal Care 224 0.03 100,088 Wal-Mart Stores 4,804 0.61 12,191 Jarden 470 0.06 8,610 Leggett & Platt 282 0.04 4 8 ,723 6 .14 11,431 Lennar class ‘A’ shares 348 0.04 Healthcare Equipment & Services – 4.53%; 2015 4.01% 4,072 Mohawk Industries 525 0.07 21,971 Aetna 1,743 0.22 16,143 Newell Rubbermaid 451 0.06 16,457 Anthem 1,574 0.20 211 NVR 248 0.03 32,758 Baxalta 926 0.12 168,415 Procter & Gamble 9,856 1.24 32,908 Baxter International 936 0.12 19,953 Pulte Homes 250 0.03 13,038 Becton Dickinson 1,408 0.18 3,257 Snap-on 346 0.04 82,049 Boston Scientific 1,019 0.13 9,114 Stanley Black & Decker 629 0.08 7,422 Centene 309 0.04 10,627 Toll Brothers 211 0.03 16,081 Cigna 1,639 0.21 5,133 Whirlpool 573 0.07 4,533 CR Bard 640 0.08 16,072 2.02 12,933 DaVita 620 0.08 9,117 Dentsply International 399 0.05

691 BlackRock Collective Investment Funds 692 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Industrial Engineering – 1.23%; 2015 1.43% Leisure Goods – 0.40%; 2015 0.34% 36,945 Caterpillar 1,783 0.23 41,667 Activision Blizzard 959 0.12 7,159 Colfax 133 0.02 18,534 Electronic Arts 862 0.11 10,779 Cummins 760 0.10 4,151 Harman International 233 0.03 19,323 Deere 1,109 0.14 7,520 Hasbro 415 0.05 9,995 Dover 441 0.06 18,768 Mattel 440 0.06 8,684 Flowserve 265 0.03 3,995 Polaris Industries 263 0.03 20,647 Illinois Tool Works 1,415 0.18 3,172 0.40 15,920 Ingersoll-Rand 650 0.08 5,826 Joy Global 53 0.01 Life Insurance – 0.74%; 2015 0.83% 21,533 Paccar 807 0.10 26,032 Aflac 1,131 0.14 8,812 Parker-Hannifin 650 0.08 4,311 Assurant 226 0.03 10,857 Pentair 380 0.05 29,608 Genworth Financial class ‘A’ shares 46 0.01 8,072 Rockwell Automation 611 0.08 15,581 Lincoln National 422 0.05 4,435 Wabtec 220 0.03 54,521 MetLife 1,578 0.20 12,103 Xylem 329 0.04 17,632 Principal Financial 489 0.06 27,564 Prudential Financial 1,333 0.17 9,606 1.23 8,177 Torchmark 308 0.04 Industrial Metals – 0.21%; 2015 0.34% 14,742 Unum 308 0.04 85,975 Alcoa 550 0.07 5,841 0.74 6,735 Allegheny Technologies 60 0.01 67,520 Freeport McMoRan 362 0.05 Media – 3.80%; 2015 4.11% 17,591 Nucor 507 0.06 12,367 Cablevision Systems class ‘A’ shares 290 0.04 10,420 Southern Copper 185 0.02 26,999 CBS class ‘B’ shares 941 0.12 4,838 Charter Communications 633 0.08 1,664 0.21 152,746 Comcast class ‘A’ shares 6,383 0.81 Industrial Transportation – 1.50%; 2015 1.74% 8,861 Discovery Communications class ‘A’ shares 160 0.02 10,824 AerCap 277 0.03 16,488 Discovery Communications class ‘C’ shares 292 0.04 9,450 CH Robinson Worldwide 480 0.06 13,845 DISH Network class ‘A’ shares 467 0.06 61,592 CSX 1,080 0.14 105,083 Disney 7,229 0.91 12,142 Expeditors International of Washington 404 0.05 2,369 Dun & Bradstreet 164 0.02 16,810 FedEx 1,667 0.21 4,382 IHS 331 0.04 6,160 JB Hunt Transport Services 347 0.04 26,183 Interpublic 404 0.05 5,842 Kansas City Southern 354 0.04 1,298 Liberty Broadband class ‘A’ shares 47 0.01 18,704 Norfolk Southern 1,008 0.13 3,774 Liberty Broadband class ‘C’ shares 137 0.02 2,775 Ryder System 116 0.01 15,947 Liberty Global class ‘A’ shares 427 0.05 54,181 Union Pacific 3,128 0.40 38,048 Liberty Global class ‘B’ shares 991 0.13 43,615 United Parcel Service class ‘B’ shares 3,068 0.39 26,542 Liberty Interactive class ‘A’ shares 492 0.06 11,929 1.50 6,716 Liberty Media 172 0.02 11,924 Liberty Media class ‘C’ shares 299 0.04

693 BlackRock Collective Investment Funds 694 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 25,651 News Corporation class ‘A’ shares 202 0.03 33,057 Marsh & McLennan 1,372 0.17 7,631 News Corporation class ‘B’ shares 64 0.01 15,956 Old Republic International 207 0.03 21,894 Nielsen 785 0.10 3,288 PartnerRe 333 0.04 15,114 Omnicom 847 0.11 33,355 Progressive 773 0.10 4,934 Scripps Networks Interactive 212 0.03 3,019 RenaissanceRe 249 0.03 156,438 Sirius XM 416 0.05 19,444 Travelers 1,523 0.19 14,404 Tegna 252 0.03 8,987 Willis Towers Watson 731 0.09 50,934 Time Warner 2,450 0.31 6,566 WR Berkley 247 0.03 17,313 Time Warner Cable 2,407 0.30 19,368 XL 484 0.06 25,553 Twenty-First Century Fox America class ‘A’ shares 502 0.06 28,651 3.61 74,313 Twenty-First Century Fox America class ‘B’ shares 1,452 0.18 22,205 Viacom New class ‘B’ non-voting shares 581 0.07 Oil & Gas Producers – 5.05%; 2015 5.98% 31,736 Anadarko Petroleum 870 0.11 30,029 3.80 3,444 Antero Resources 60 0.01 Mining – 0.09%; 2015 0.11% 22,837 Apache 650 0.08 14,857 CONSOL Energy 84 0.01 27,454 Cabot Oil & Gas 405 0.05 33,275 Newmont Mining 609 0.08 4,441 California Resources 2 0.00 693 0.09 13,951 Cheniere Energy 359 0.05 40,389 Chesapeake Energy 78 0.01 Mobile Telecommunications – 0.14%; 2015 0.14% 117,024 Chevron 7,125 0.90 7,324 SBA Communications 500 0.06 6,072 Cimarex Energy 375 0.05 59,878 Sprint 144 0.02 19,778 Cobalt International Energy 37 0.00 16,727 T-Mobile 452 0.06 7,211 Concho Resources 478 0.06 1,096 0.14 76,668 ConocoPhillips 1,888 0.24 Non-Life Insurance – 3.61%; 2015 3.41% 5,562 Continental Resources 91 0.01 28,815 ACE 2,444 0.31 24,990 Devon Energy 366 0.05 80,792 AIG 2,979 0.38 34,288 EOG Resources 1,671 0.21 955 Alleghany 321 0.04 10,002 EQT 410 0.05 25,021 Allstate 1,161 0.15 258,649 Exxon Mobil 15,257 1.93 17,467 Aon 1,207 0.15 15,473 Hess 481 0.06 7,446 Arch Capital 366 0.05 10,033 Hollyfrontier 238 0.03 11,273 Arthur J Gallagher 326 0.04 44,429 Marathon Oil 257 0.03 5,996 Axis Capital 233 0.03 33,509 Marathon Petroleum 827 0.10 29 Berkshire Hathaway convertible class ‘A’ shares 4,145 0.52 10,774 Murphy Oil 133 0.02 70,907 Berkshire Hathaway convertible class ‘B’ shares 6,747 0.85 11,242 Newfield Exploration 212 0.03 7,868 Brown & Brown 184 0.02 27,658 Noble Energy 593 0.07 9,024 Cincinnati Financial 414 0.05 47,247 Occidental Petroleum 2,380 0.30 1,384 CNA Financial 29 0.00 32,813 Phillips 66 1,873 0.24 2,901 Everest Re 391 0.05 9,130 Pioneer Natural Resources 813 0.10 25,139 Hartford Financial Services 777 0.10 12,901 QEP Resources 100 0.01 18,654 Loews 493 0.06 11,382 Range Resources 196 0.02 823 Markel 515 0.07 25,519 Southwestern Energy 117 0.01

695 BlackRock Collective Investment Funds 696 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 7,058 Tesoro 409 0.05 Pharmaceuticals & Biotechnology – 9.50%; 2015 9.44% 31,010 Valero Energy 1,335 0.17 93,793 Abbott Laboratories 2,675 0.34 13,430 Whiting Petroleum 38 0.00 105,955 AbbVie 4,283 0.54 4 0,124 5 .0 5 14,055 Alexion Pharmaceuticals 1,422 0.18 7,868 Alkermes 191 0.02 Oil Equipment, Services & Distribution – 1.39%; 2015 1.89% 24,089 Allergan 5,182 0.65 26,791 Baker Hughes 855 0.11 4,225 Alnylam Pharmaceuticals 177 0.02 11,221 Cameron International 535 0.07 46,617 Amgen 4,965 0.63 20,927 Columbia Pipeline 272 0.03 13,735 Biogen Idec 2,622 0.33 2,744 Core Laboratories 208 0.03 9,505 BioMarin Pharmaceutical 550 0.07 4,563 Diamond Offshore Drilling 66 0.01 102,689 Bristol-Myers Squibb 4,614 0.58 15,893 Ensco 96 0.01 49,359 Celgene 3,683 0.47 14,364 FMC Technologies 254 0.03 62,094 Eli Lilly 3,299 0.42 53,408 Halliburton 1,265 0.16 13,013 Endo International 497 0.06 6,515 Helmerich & Payne 250 0.03 90,893 Gilead Sciences 5,774 0.73 116,170 Kinder Morgan 1,490 0.19 8,891 Illumina 996 0.13 19,728 Nabors Industries 104 0.01 8,514 Incyte 457 0.06 22,977 National Oilwell Varco 478 0.06 3,654 Jazz Pharmaceuticals 330 0.04 13,981 Noble 83 0.01 170,091 Johnson & Johnson 12,986 1.64 6,129 Oceaneering International 121 0.02 7,656 Mallinckrodt Pharmaceuticals 383 0.05 78,103 Schlumberger 4,085 0.52 9,365 Medivation 240 0.03 51,684 Weatherford International 240 0.03 174,139 Merck 6,365 0.80 46,379 Williams Companies 524 0.07 25,778 Mylan 877 0.11 10,926 1.39 8,498 Perrigo 793 0.10 Personal Goods – 1.62%; 2015 1.46% 379,718 Pfizer 8,284 1.05 18,167 Coach 506 0.06 4,951 Quintiles Transnational 226 0.03 56,214 Colgate-Palmolive 2,690 0.34 5,021 Regeneron Pharmaceuticals 1,428 0.18 13,504 Estee Lauder class ‘A’ shares 895 0.11 15,338 Vertex Pharmaceuticals 963 0.12 3,073 Fossil 104 0.01 30,784 Zoetis 941 0.12 26,033 Hanesbrands 530 0.07 75,203 9.50 22,906 Kimberly-Clark 2,171 0.27 Real Estate Investment & Services – 0.04%; 2015 0.05% 6,647 Lululemon Athletica 295 0.04 17,052 CBRE class ‘A’ shares 322 0.04 10,601 Michael Kors 433 0.05 69,844 Nike class ‘B’ shares 3,156 0.40 Real Estate Investment Trusts – 2.87%; 2015 2.72% 4,373 PVH 252 0.03 22,692 American Capital 298 0.04 3,901 Ralph Lauren class ‘A’ shares 256 0.03 26,630 American Tower class ‘A’ shares 1,730 0.22 11,573 Under Armour 700 0.09 56,433 Annaly Capital Management 415 0.05 20,988 VF 983 0.12 8,108 AvalonBay Communities 1,003 0.13 9,230 Boston Properties 759 0.10 12,971 1.62 4,674 Care Capital Properties 89 0.01

697 BlackRock Collective Investment Funds 698 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 20,820 Crown Castle International 1,289 0.16 8,899 CSRA 171 0.02 7,819 Digital Realty Trust 446 0.06 2,273 DST Systems 174 0.02 22,114 Duke Realty 332 0.04 3,595 Equinix 796 0.10 22,226 Equity Residential 1,196 0.15 135,616 Facebook 10,561 1.33 4,266 Essex Property Trust 647 0.08 109,134 Hewlett Packard Enterprise 1,058 0.13 4,103 Federal Realty Investment Trust 440 0.06 4,392 IAC Interactive 141 0.02 29,963 General Growth Properties 598 0.08 60,128 IBM 5,729 0.72 27,744 HCP 599 0.08 8,443 IMS Health 159 0.02 8,592 Hospitality Properties 151 0.02 15,755 Intuit 1,089 0.14 49,312 Host Hotels & Resorts 548 0.07 476,521 Microsoft 17,637 2.23 11,677 Iron Mountain 249 0.03 11,487 Mobileye 263 0.03 27,143 Kimco Realty 523 0.07 12,097 Nuance Communications 171 0.02 9,774 Liberty Property Trust 202 0.03 202,874 Oracle 5,413 0.68 9,388 Macerich 539 0.07 5,070 Palo Alto Networks 540 0.07 32,596 Prologis 909 0.11 7,633 Rackspace Hosting 118 0.01 9,061 Public Storage 1,662 0.21 11,749 Red Hat 576 0.07 14,790 Realty Income 626 0.08 36,749 Salesforce.com 1,850 0.23 6,417 Regency Centers 327 0.04 9,384 Servicenow 376 0.05 19,322 Simon Property 2,656 0.34 7,822 Splunk 234 0.03 5,895 SL Green Realty 380 0.05 38,249 Symantec 537 0.07 20,171 Ventas 807 0.10 9,981 Synopsys 326 0.04 51,773 VEREIT 297 0.04 10,289 Teradata 186 0.02 10,056 Vornado Realty Trust 625 0.08 28,979 Twitter 375 0.05 7,709 Weingarten Realty Investors 198 0.03 7,488 VeriSign 464 0.06 21,426 Welltower 982 0.12 4,905 VMware 180 0.02 49,356 Weyerhaeuser 911 0.12 6,965 Workday 299 0.04 22,433 2.87 54,846 Yahoo! 1,242 0.16 13,748 Yandex class ‘A’ shares 129 0.02 Software & Computer Services – 9.67%; 2015 7.74% 76,740 9.67 30,598 Adobe Systems 1,912 0.24 11,187 Akamai Technologies 446 0.06 Support Services – 1.96%; 2015 1.96% 18,117 Alphabet class ‘A’ shares 9,477 1.20 39,187 Accenture 2,860 0.36 17,782 Alphabet class ‘C’ shares 9,047 1.14 10,671 ADT 311 0.04 10,187 Amdocs 423 0.05 3,759 Alliance Data Systems 577 0.07 5,626 Ansys 341 0.04 28,883 Automatic Data Processing 1,786 0.23 12,828 Autodesk 474 0.06 7,907 Broadridge Financial Solutions 323 0.04 19,161 CA 406 0.05 5,448 Cintas 334 0.04 18,005 Cerner 676 0.09 15,842 Fastenal 517 0.07 8,048 CheckPoint Software Technologies 480 0.06 17,408 Fidelity National Information Services 748 0.09 9,899 Citrix Systems 511 0.06 14,702 Fiserv 1,040 0.13 38,138 Cognizant Technology 1,570 0.20 4,611 Fleetcor Technologies 426 0.05 8,899 Computer Sciences 183 0.02 7,157 LinkedIn class ‘A’ shares 625 0.08

699 BlackRock Collective Investment Funds 700 US Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 5,159 Manpower 292 0.04 13,102 SanDisk 682 0.09 19,772 Paychex 737 0.09 16,364 Seagate Technology 374 0.05 16,169 Republic Services 539 0.07 11,333 Skyworks Solutions 531 0.07 8,026 Robert Half International 229 0.03 63,751 Texas Instruments 2,452 0.31 4,777 Stericycle 398 0.05 13,022 Western Digital 412 0.05 9,277 Total System Services 298 0.04 15,949 Xilinx 557 0.07 25,031 Tyco International 640 0.08 60,696 7.68 5,270 United Rentals 196 0.02 10,018 Verisk Analytics 535 0.07 Tobacco – 1.71%; 2015 1.46% 27,991 Waste Management 1,132 0.14 120,817 Altria 5,366 0.68 3,670 WW Grainger 577 0.07 96,452 Philip Morris International 6,367 0.80 69,743 Xerox 486 0.06 50,589 Reynolds American 1,836 0.23 15,606 1.96 13,569 1.71 Technology Hardware & Equipment – 7.68%; 2015 9.09% Travel & Leisure – 2.77%; 2015 2.49% 19,096 Analog Devices 737 0.09 9,139 American Airlines 270 0.03 345,348 Apple 24,158 3.05 25,711 Carnival 897 0.11 74,597 Applied Materials 1,023 0.13 10,533 CDK Global 342 0.04 24,770 Broadcom 2,380 0.30 1,901 Chipotle Mexican Grill 694 0.09 314,227 Cisco Systems 5,986 0.76 8,398 Darden Restaurants 386 0.05 75,458 Corning 996 0.13 13,118 Delta Air Lines 453 0.06 121,059 EMC 2,275 0.29 6,401 Expedia 487 0.06 3,611 F5 Networks 253 0.03 2,799 Four Corners Property Trust 33 0.00 7,682 Garmin 224 0.03 30,863 Hertz Global 184 0.02 7,941 Harris 439 0.06 33,709 Hilton Worldwide 504 0.06 109,045 HP 837 0.11 6,938 International Game Technology 75 0.01 292,878 Intel 6,296 0.80 24,642 Las Vegas Sands 852 0.11 23,236 Juniper Networks 412 0.05 12,265 Marriott International class ‘A’ shares 603 0.08 10,180 KLA-Tencor 500 0.06 58,001 McDonald’s 4,900 0.62 9,669 Lam Research 515 0.07 29,025 MGM Resorts International 395 0.05 15,681 Linear Technology 497 0.06 10,036 Norwegian Cruise Line 359 0.05 28,095 Marvell Technology 193 0.02 3,167 Priceline.com 2,866 0.36 17,152 Maxim Integrated Products 420 0.05 9,259 Royal Caribbean Cruises 502 0.06 13,580 Microchip Technology 440 0.06 10,962 Southwest Airlines 334 0.04 66,277 Micron Technology 511 0.06 88,961 Starbucks 3,745 0.47 10,114 Motorola Solutions 547 0.07 10,004 Starwood Hotels and Resorts Worldwide 500 0.06 11,464 NCR 195 0.02 6,347 TripAdvisor 286 0.04 15,976 NetApp 290 0.04 5,888 United Continental 241 0.03 33,454 Nvidia 765 0.10 7,793 Wyndham Worldwide 408 0.05 17,157 NXP Semiconductors 894 0.11 5,387 Wynn Resorts 320 0.04 7,935 Qorvo 249 0.03 27,120 Yum! Brands 1,398 0.18 98,102 Qualcomm 3,656 0.46 22,034 2.77

701 BlackRock Collective Investment Funds 702 US Equity Tracker Portfolio Statement continued US Equity Tracker Statement of Total Return for the year ended 29 February 2016

Holding or Underlying Market % of For the year For the year Nominal Exposure – Derivatives Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s £000’s Assets Notes £000’s £000’s £000’s £000’s DERIVATIVES – 0.01%; 2015 0.00% Income Futures – 0.01%; 2015 0.00% Net capital gains 3 15,430 133,446 46 S&P 500 E-Mini Index March 2016 3,220 101 0.01 Revenue 4 16,805 12,578 Expenses 5 (1,123) (980) Portfolio of investments 802,238 101.31 Net revenue before taxation 15,682 11,598 Net other liabilities (10,355) (1.31) Taxation 6 (2,401) (1,778) Total net assets 791,883 100.00 Net revenue after taxation 13,281 9,820 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Total return before distributions 28,711 143,266 Note: comparative figures show percentages for each category of holding at 28 February 2015. * Related party to the Fund. Distributions 7 (13,223) (9,804) 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. Change in net assets attributable to unitholders from investment activities 15,488 133,462

US Equity Tracker Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016

For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 735,056 455,977 Amounts receivable on issue of units 200,970 199,887 Amounts payable on cancellation of units (172,449) (63,812) 28,521 136,075 Change in net assets attributable to unitholders from investment activities 15,488 133,462 Retained distribution on accumulation units 12,818 9,542 Closing net assets attributable to unitholders 791,883 735,056

703 BlackRock Collective Investment Funds 704 US Equity Tracker Balance Sheet US Equity Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

4. Revenue

N C D Hall (Director) For the year For the year G D Bamping (Director) to 29.2.2016 to 28.2.2015 £000’s £000’s BlackRock Fund Managers Limited 28 April 2016 Interest from UK bank deposits 1 – Overseas dividends 16,034 11,971 Securities lending revenue 24 28 Stock dividends 27 17 US REIT dividends 719 562 Total revenue 16,805 12,578

705 BlackRock Collective Investment Funds 706 US Equity Tracker Notes to Financial Statements continued

For the year For the year 8. Debtors to 29.2.2016 to 28.2.2015 £000’s £000’s 29.2.2016 28.2.2015 Irrecoverable overseas tax 2,401 1,778 £000’s £000’s Total current tax charge [see note 6(b)] 2,401 1,778 Accrued revenue 1,579 1,290 Amounts receivable for issue of units 542 – (b) Factors affecting the current tax charge Currency sales awaiting settlement 294 150 The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an Overseas tax recoverable 1 1 authorised unit trust. The differences are explained below: Total debtors 2,416 1,441 For the year For the year to 29.2.2016 to 28.2.2015 9. Cash and Bank Balances £000’s £000’s 29.2.2016 28.2.2015 Net revenue before taxation 15,682 11,598 £000’s £000’s Corporation tax at 20% (28 February 2015: 20%) 3,136 2,320 Amounts held at futures clearing houses and brokers 157 69 Effects of: Cash and bank balances 2,095 1,054 Capitalised income from US REITs – 29 Total cash and bank balances 2,252 1,123 Excess expenses for which no tax relief taken 76 48 Irrecoverable overseas tax 2,401 1,778 Non taxable overseas dividends (3,207) (2,394) Non taxable stock dividends (5) (3) Total current tax charge [see note 6(a)] 2,401 1,778

At 29 February 2016, the Fund had surplus management expenses of £000 1,059 (28 February 2015: £000 680 ). 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 £000 212 (28 February 2015: £000 136) has not been recognised.

707 BlackRock Collective Investment Funds 708 US Equity Tracker Notes to Financial Statements continued

10. Other Creditors Securities lending revenue is split between the Fund and the securities lending agent in the ratio 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s 29.2.2016 28.2.2015 £000’s £000’s share. Accrued Audit fee 8 7 The securities lending revenue earned during the year, the value of securities on loan at the year Accrued FCA fee 1 – end and the value of collateral held at the year end for the Fund are shown below: Accrued Manager’s charge 146 252 29.2.2016 28.2.2015 Accrued Registrar’s fee 1 1 £000’s £000’s Accrued Safe custody fees 8 7 Revenue earned during the year 24 28 Accrued Trustee’s fee 7 14 Value of securities on loan at the year end 1,933 627 Amounts payable for cancellation of units 14,351 248 Value of collateral held on behalf of the Fund at the year end 2,18 6 708 Currency purchases awaiting settlement 292 149 The Fund’s securities lending borrowing counterparties are Barclays Bank Plc, Citigroup, Goldman Custodian transaction costs 5 1 Sachs and UBS. Total other creditors 14,819 679 13. Related Parties 11. Contingent Assets and Liabilities Parties are considered to be related if one party has the ability to control the other party or There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). 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 29 February 2016: The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited The Fund may, subject to the conditions and within the limits laid down by the Financial Securities lending agent: BlackRock Advisors (UK) Limited Conduct Authority and the Prospectus, engage in securities lending and employ techniques and instruments relating to transferable securities for efficient portfolio management purposes. The ultimate holding company of the Manager, Investment Manager and securities lending agent is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services Advisors (UK) Limited which is a related party to the Fund. to the Fund during the years ended 29 February 2016 and 28 February 2015.

The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity The Manager acts as either principal or agent for the Trustee in respect of all transactions of units allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly of the Fund. The aggregate monies received through issue and paid through cancellation of units related to securities loan transactions as well as the cost of indemnification against borrower are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any default. amounts due to or from the Manager at the year end are disclosed in notes 8 and 10. Management During the year the Fund engaged in securities lending. The Fund receives either cash collateral or fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The securities as collateral for a value in excess of the market value of the securities loaned. As at the balances due at the year end in respect of these fees are shown in note 10. Securities lending 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. revenue earned by the Fund is disclosed in notes 4 and 12.

The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing the Fund in any or all of the following collateral agents and central securities depositaries: Bank of arrangements with related parties (including, without limitation, brokers who are affiliated to the New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give BlackRock Group), which may result in the Fund benefiting from research or execution services as per the schedule in order to cover the required value of exposure. 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 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 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, 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.

709 BlackRock Collective Investment Funds 710 US Equity Tracker Notes to Financial Statements continued

As at 29 February 2016 and 28 February 2015, none of the unitholders: For the year ended 28 February 2015

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or Direct Transaction Costs Transaction Value Commissions Taxes (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units Purchases (excluding derivatives) £000’s £000’s % £000’s % in issue in the Fund and are as a result, considered to be related parties to the Fund. Equity instruments 70,022 9 0.01 – – In-specie transfers 112,670 – – – – 14. Portfolio Transaction Costs Total purchases 182,692 9 – For the year ended 29 February 2016 Total purchases including Direct Transaction Costs transaction costs 182,701 Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Direct Transaction Costs Equity instruments 161,656 18 0.01 – – Transaction Value Commissions Taxes Total purchases 161,656 18 – Sales (excluding derivatives) £000’s £000’s % £000’s % Total purchases including Equity instruments 34,746 4 0.01 1 0.00 transaction costs 161,674 Total sales 34,746 4 1

Total sales net of transaction costs 34,741 Direct Transaction Costs

Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Total transaction costs 13 1 Equity instruments 108,796 9 0.01 2 0.00 Total transaction costs Total sales 108,796 9 2 as a % of average net assets 0.00% 0.00%

Total sales net of transaction costs 108,785 The above analysis covers direct transaction costs incurred by the Fund during the year. However it is important to understand the nature of other transaction costs associated with Derivative transaction costs 9 – different investment asset classes and instruments types. Total transaction costs 36 2 Separately identifiable direct transaction costs (such as commissions and taxes) are attributable Total transaction costs to the Fund’s purchase and sale of equity instruments. Additionally for equity shares there is a as a % of average net assets 0.00% 0.00% dealing spread cost (the difference between the buying and selling prices) which will be incurred on purchase and sale transactions.

Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment.

711 BlackRock Collective Investment Funds 712 US Equity Tracker Notes to Financial Statements continued BlackRock 100 UK Equity Tracker Fund

15. Units in Issue About the Fund The movement in units in issue for the year ended 29 February 2016 is as follows:

A Accumulation L Income L Accumulation X Income The BlackRock 100 UK Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Units Units Units Units Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was authorised Balance at the beginning of the year 539,989 6,813,279 162,394,315 15,646,261 by the Financial Conduct Authority on 25 May 2012 and was established on 29 June 2012. Issued during the year 175,793 1,640,689 107,414,009 5,217,078 Cancelled during the year (162,567) – (69,173,534) (31,263,177) Investment Objective & Policy Converted during the year – (8,453,868) – 10,400,806 Balance at the end of the year 553,215 100 200,634,790 968 The aim of 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 in the Index. Investment will be made X Accumulation D Accumulation H Income directly into constituent companies and via other transferable securities giving exposure to such Units Units Unitsº companies. The Fund may also invest in permitted money-market instruments, permitted deposits Balance at the beginning of the year 74,163,634 192,627,561 – and units in collective investment schemes. Derivatives and forward transactions may be used for the Issued during the year – 8,802,243 100 purposes of efficient portfolio management. Cancelled during the year – (6,729,976) – Converted during the year (10,114,526) – 9,532,210 Risk and Reward Profile Balance at the end of the year 6 4 ,0 4 9,10 9 194,699,828 9,532,310

º H Income class commenced September 2015. Lower risk Higher risk Typically lower rewards Typically higher rewards Revenue is allocated each day pro rata to the capital value of assets attributable to each class and Unit Class taxation is computed by reference to the net revenue after expenses attributable to each class. The A Accumulation 1 2 3 4 5 6 7 distribution per unit class is given in the distribution tables. All unit classes have the same rights L Accumulation 1 2 3 4 5 6 7 on winding up. X Income 1 2 3 4 5 6 7 16. Post Balance Sheet Events X Accumulation 1 2 3 4 5 6 7 There have been no significant events subsequent to the year end, which, in the opinion of the D Accumulation 1 2 3 4 5 6 7 Manager, may have had an impact on the financial statements for the year ended 29 February 2016. `` The risk indicator was calculated incorporating 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.

`` During the year, the risk indicator for each unit class changed from level 6 to 5 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.

713 BlackRock Collective Investment Funds 714 100 UK Equity Tracker Fund

This Annual Report covers the year ended 29 February 2016. Tracking Difference Tracking difference is defined as the difference in returns between a fund and its benchmark index. Performance Table

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 table below compares the realised Fund performance against the performance of the relevant § Five year performance data does not exist as the Fund launched in June 2012. benchmark index during the year ended 29 February 2016. An explanation for the difference is provided: * Figures from Index Vendor.

Fund return Benchmark return All financial investments involve an element of risk. Therefore, the value of your investment and for the year for the year Tracking the income from it will vary and the return of your initial investment amount cannot be guaranteed. to 29.2.2016 to 29.2.2016 difference Explanation of the tracking difference Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is Before costs, the performance of the not a guide to future performance and should not be the sole factor of consideration when selecting Fund relative to the benchmark index has a product. -8.98%* -8.98% 0.00% been in line with expectations.

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

715 BlackRock Collective Investment Funds 716 100 UK Equity Tracker Fund continued 100 UK Equity Tracker Investment Report

Tracking Error Summary of Performance over the Period Realised tracking error is the annualised standard deviation of the difference in monthly returns During the period from 1 March 2015 to 29 February 2016, the Fund returned -9.0%,* compared with between a fund and its benchmark index. Tracking error shows the consistency of the returns relative its benchmark, the FTSE 100 Index, which also returned -9.0%. Before costs, the performance of the to the benchmark index over a defined period of time. Fund relative to the benchmark index has been in line with expectations. Over the six-month period to 29 February 2016, the Fund returned 0%,* outperforming its benchmark, which returned -1.3%. Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. Fund Manager’s Commentary The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US the constituents of the benchmark index by holding all the securities comprising the benchmark index Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by in similar proportions to their weightings in the benchmark index. 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s growing confidence in employment and inflation prospects. By contrast, the European Central Bank Cash management, efficient portfolio management techniques including securities lending and extended its asset-purchase programme for another few months, as the region’s economy struggled transaction costs from rebalancing can have an impact on tracking error as well as the return to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, differential between the Fund and the benchmark index. Importantly, these impacts can be either lowered benchmark rates in a bid to stimulate growth. positive or negative depending on the underlying circumstances. Early on, markets digested the news that the Conservative Party had gained a narrow majority in The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex the general election. Throughout the period, the Bank of England kept interest rates on hold as ante basis) against the realised tracking error of the Fund as at 29 February 2016. The realised tracking inflation stayed well below its 2% target. The economy showed some signs of resilience, however, error is annualised and calculated using data from the preceding 36 month observation period. as unemployment fell to a seven-year low in the third quarter. Meanwhile, merger and acquisition activity involving UK companies picked up pace in the first three quarters, taken by some as a sign of Anticipated Realised confidence in the UK corporate sector. Tracking Error Tracking Error Explanation for difference The Fund’s tracking error exceeded its anticipated tracking error The Fund is structured to track the FTSE 100 Index closely, so its portfolio remains positioned so that due to a temporary divergence between the valuation time the its risk characteristics are similar to those of the Index. index provider levels are taken and the Fund valuation point over UK bank holidays. The index provider will use the latest known March 2016 market values prior to the UK bank holiday and as such, the index * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of valuation time is at market close, whilst the Fund’s valuation fees and reported for the Fund’s class D Accumulation Units. point is 12 noon. This effect only occurs when UK bank holidays coincide with month-end performance reporting cycles, which Up to 0.20%* 1.09%* occurred in August 2015.

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

717 BlackRock Collective Investment Funds 718 100 UK Equity Tracker Performance Record

Comparative Table Comparative Table

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

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 Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 134.4 127.9 114 .1 134.4 127.6 113.2 Opening net asset value per unit 125 .1 122.5 112.6 135.3 128.2 122.8

Return before operating charges (11.99) 7.16 14.42 (11.96) 7.07 14.65 Return before operating charges (11.19) 6.76 14.36 (12.18) 7.11 5.41

Operating charges (0.64) (0.66) (0.62) (0.27) (0.27) (0.25) Operating charges (0.01) (0.01) (0.01) (0.01) (0.01) (0.01)

Return after operating charges (12.63) 6.50 13.80 (12.23) 6.80 14.40 Return after operating charges (11.20) 6.75 14.35 (12 .19) 7.10 5.40

Closing net asset value per unit 121.8 134.4 127.9 122.2 134.4 127.6 Distributions on income units (4.38) (4 .15 ) (4.45) N/A N/A N/A

Retained distributions on Closing net asset value per unit 109.5 125 .1 122.5 12 3 .1 135.3 128.2 accumulation units 4 .19 3.69 3.66 4.57 4 .10 4.24 Retained distributions on After direct transaction costs of (0.03) (0.07) (0 .13) (0.03) (0.07) (0 .13) accumulation units N/A N/A N/A 4.85 4.37 3.79

After direct transaction costs of (0.03) (0.07) (0 .13) (0.03) (0.07) (0 .13) Performance

Return after charges1 (9.40)% 5.08% 12.09% (9.10)% 5.33% 12.72% Performance

Return after charges1 (8.95)% 5.51% 12.74% (9.01)% 5.54% 4.40% Other information

Closing net asset value (£000’s) 335 69 241 80,206 88,446 68,843 Other information

Closing number of units 275,554 51,111 18 8 ,12 7 65,650,170 65,784,766 53,966,725 Closing net asset value (£000’s) 1 16 ,10 4 15,757 19,221 23,244 9,846

Operating charges2 0.50% 0.52% 0.51% 0.21% 0.21% 0.21% Closing number of units 951 12,870,395 12,860,813 15,612,541 17,182,333 7,683,220

Direct transaction costs3 0.02% 0.05% 0 .11% 0.02% 0.05% 0 .11% Operating charges2 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%

Direct transaction costs3 0.02% 0.05% 0 .11% 0.02% 0.05% 0 .11% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Highest offer unit price 145.8 141.7 135.3 139.0 13 5 .1 128.5 Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Lowest bid unit price 110.4 117.0 111.7 110.7 116.9 111.1 Highest offer unit price 129.5 127.2 124.7 139.9 135.9 129.0

* As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to Lowest bid unit price 100.6 110.0 110.6 111.6 117.6 111.7 consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing consolidate the publication of the reports. prices (the price at which units are sold). 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ prices (the price at which units are sold). depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ of equity instruments. See note 14 for further details. depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 14 for further details.

719 BlackRock Collective Investment Funds 720 100 UK Equity Tracker Performance Record continued 100 UK Equity Tracker Distribution Tables for the year ended 29 February 2016

Comparative Table Final Distribution in Pence per Unit

D Accumulation Units Group 1 – Units purchased prior to 1 September 2015 Group 2 – Units purchased 1 September 2015 to 29 February 2016 For the period For the year For the year from 1.2.2013* to 29.2.2016 to 28.2.2015 A Accumulation L Accumulation X Income X Accumulation D Accumulation to 28.2.2014 Units Units Units Units Units Pence per unit Pence per unit Pence per unit Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Change in net assets per unit Net revenue (dividend) 1.3717 0.7249 1.5506 0.6882 1.4507 0.8459 1.6775 0.7390 1.6593 0.9449 Opening net asset value per unit 136.0 129.0 114.4 Equalisation† – 0.6468 – 0.8624 – 0.6048 – 0.9385 – 0.7144 Return before operating charges (12.21) 7.21 14.80 Distribution payable 30.4.2016 1.3717 1.3717 1.5506 1.5506 1.4507 1.4507 1.6775 1.6775 1.6593 1.6593 Operating charges (0.08) (0.21) (0.20) Distribution paid 30.4.2015 1.2305 1.2305 1.4207 1.4207 1.4563 1.4563 1.5547 1.5547 1.4689 1.4689 Return after operating charges (12.29) 7.00 14.60 Closing net asset value per unit 123.7 136.0 129.0 Interim Distribution in Pence per Unit Retained distributions on accumulation units 4.75 4.21 4.35 Group 1 – Units purchased prior to 1 March 2015 After direct transaction costs of (0.03) (0.07) (0 .13) Group 2 – Units purchased 1 March 2015 to 31 August 2015

Performance A Accumulation L Accumulation X Income X Accumulation D Accumulation Units Units Units Units Units Return after charges1 (9.04)% 5.43% 12.76% Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2

Other information Net revenue (dividend) 2.8151 1.3095 3.0171 0.9256 2.9320 0.5188 3 .16 79 1.1478 3.0931 1.0741 † Closing net asset value (£000’s) 523,909 558,000 514,868 Equalisation – 1.5056 – 2.0915 – 2.4132 – 2.0201 – 2.0190 2.8151 2.8151 3.0171 3.0171 2.9320 2.9320 3 .16 7 9 3 .16 7 9 3.0931 3.0931 Closing number of units 423,502,133 410,239,320 3 9 9 ,15 3 ,82 9 Distribution paid 31.10.2015 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 Operating charges2§ 0.06% 0 .16 % 0 .16 % † Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included Direct transaction costs3 0.02% 0.05% 0 .11% 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. Prices Pence per unit Pence per unit Pence per unit

Highest offer unit price 140.6 136.6 129.9

Lowest bid unit price 112 .1 118.3 112.3

* 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. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). § Please note the annual management charge was reduced on 11 August 2015 from 0.15% to 0.055% in respect to class D Accumulation units. 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 14 for further details.

721 BlackRock Collective Investment Funds 722 100 UK Equity Tracker Portfolio Statement at 29 February 2016

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets EQUITIES – 96.40%; 2015 97.83% Forestry & Paper – 0.29%; 2015 0.27% 142,012 Mondi 1,820 0.29 UNITED KINGDOM – 96.40%; 2015 97.83% Gas, Water & Multiutilities – 3.58%; 2015 3.15% Aerospace & Defence – 1.76%; 2015 2.15% 1,908,709 Centrica 3,959 0.63 1,228,564 BAE Systems 6,266 1.00 1,456,169 National Grid 14,002 2.24 705,920 Rolls-Royce 4,772 0.76 91,970 Severn Trent 1,953 0.31 11,038 1.76 268,710 United Utilities 2,467 0.40 Automobiles & Parts – 0.28%; 2015 0.33% 22,381 3.58 634,728 GKN 1,749 0.28 Financial Services – 1.56%; 2015 1.20% Banks – 11.28%; 2015 12.35% 368,529 3i 1,594 0.26 6,463,928 Barclays 11,011 1.76 386,163 Aberdeen Asset Management 930 0.15 7,530,653 HSBC 34,569 5.54 84,658 Hargreaves Lansdown 1,049 0.17 24,598,942 Lloyds Banking 17,696 2.84 119,905 London Stock Exchange 3,210 0.51 1,230,728 Royal Bank of Scotland 2,780 0.45 56,179 Provident Financial 1,800 0.29 1,030,497 Standard Chartered 4,301 0.69 43,474 Schroders 1,126 0.18 70,357 11.28 9,709 1.56 Beverages – 5.50%; 2015 4.75% General Industrials – 0.50%; 2015 0.25% 76,023 Coca-Cola 1,022 0.16 269,973 Rexam 1,637 0.26 972,174 Diageo 18,068 2.90 150,712 Smiths 1,509 0.24 364,981 SABMiller 15,205 2.44 3,146 0.50 34,295 5.50 General Retailers – 1.86%; 2015 1.89% Chemicals – 0.30%; 2015 0.39% 377,817 Dixons Carphone 1,634 0.26 74,181 Johnson Matthey 1,867 0.30 913,322 Kingfisher 3,061 0.49 Construction & Materials – 0.92%; 2015 0.82% 632,390 Marks & Spencer 2,672 0.43 316,025 CRH 5,758 0.92 57,270 Next 3,880 0.62 99,303 Sports Direct International 393 0.06 Electricity – 0.84%; 2015 0.86% 378,778 SSE 5,227 0.84 11,640 1.86 Fixed Line Telecommunications – 2.52%; 2015 2.05% Healthcare Equipment & Services – 0.64%; 2015 0.59% 3,230,615 BT 15,689 2.52 343,127 Smith & Nephew 4,015 0.64 Food & Drug Retailers – 1.12%; 2015 1.55% Household Goods & Home Construction – 3.98%; 2015 2.94% 537,367 J Sainsbury 1,351 0.22 380,135 Barratt Developments 2,224 0.36 3,120,210 Tesco 5,613 0.90 48,458 Berkeley 1,604 0.26 117,231 Persimmon 2,591 0.41 6,964 1.12 245,401 Reckitt Benckiser 16,084 2.58 Food Producers – 3.01%; 2015 2.52% 1,247,190 Taylor Wimpey 2,325 0.37 133,579 Associated British Foods 4,507 0.72 24,828 3.98 465,749 Unilever 14,284 2.29 18,791 3.01

723 BlackRock Collective Investment Funds 724 100 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Industrial Engineering – 0.00%; 2015 0.20% Oil & Gas Producers – 12.09%; 2015 14.13% 7,038,184 BP 24,644 3.95 Industrial Transportation – 0.24%; 2015 0.15% 1,542,991 Royal Dutch Shell class ‘A’ shares 25,468 4.08 333,903 Royal Mail 1,516 0.24 1,532,362 Royal Dutch Shell class ‘B’ shares 25,299 4.06 Life Insurance – 5.06%; 2015 5.86% 75,411 12.09 1,569,111 Aviva 6,785 1.09 2,286,042 Legal & General 5,134 0.82 Personal Goods – 0.35% ; 2015 0.46% 1,879,277 Old Mutual 3,152 0.51 169,664 Burberry 2,199 0.35 984,980 Prudential 12,194 1.96 Pharmaceuticals & Biotechnology – 9.01%; 2015 8.99% 195,738 St. James’s Place Capital 1,655 0.27 487,050 AstraZeneca 20,239 3.25 765,466 Standard Life 2,533 0.41 1,876,235 GlaxoSmithKline 26,267 4.21 31,453 5.06 51,000 Hikma Pharmaceuticals 964 0.15 226,947 Shire 8,740 1.40 Media – 3.78%; 2015 3.53% 404,562 British Sky Broadcasting 4,211 0.68 56,210 9.01 1,446,322 ITV 3,606 0.58 Real Estate Investment Trusts – 1.32%; 2015 1.48% 310,948 Pearson 2,676 0.43 387,097 British Land 2,524 0.40 434,466 RELX 5,383 0.86 302,088 Hammerson 1,639 0.26 508,414 WPP 7,677 1.23 358,074 Intu Properties 1,064 0.17 23,553 3.78 306,984 Land Securities 3,064 0.49 Mining – 4.36%; 2015 7.21% 8,291 1.32 500,288 Anglo American 2,378 0.38 Software & Computer Services – 0.39%; 2015 0.28% 137,406 Antofagasta 681 0.11 411,079 Sage 2,415 0.39 812,300 BHP Billiton 5,913 0.95 62,054 Fresnillo 632 0.10 Support Services – 3.72%; 2015 3.63% 4,506,839 Glencore 6,053 0.97 191,919 Ashtead 1,733 0.28 35,831 Randgold Resources 2,367 0.38 193,725 Babcock International 1,777 0.28 481,685 Rio Tinto 9,157 1.47 126,518 Bunzl 2,439 0.39 253,170 Capita 2,534 0.41 27,181 4.36 33,905 DCC 1,907 0.31 Mobile Telecommunications – 3.85%; 2015 3.30% 386,754 Experian 4,533 0.73 174,310 Inmarsat 1,705 0.27 61,681 Intertek 1,789 0.29 10,252,701 Vodafone 22,310 3.58 95,063 Travis Perkins 1,682 0.27 24,015 3.85 100,347 Wolseley 3,705 0.59 357,434 Worldpay 1,064 0.17 Non-Life Insurance – 0.81%; 2015 0.67% 23,16 3 3.72 76,066 Admiral 1,314 0.21 526,990 Direct Line 2,046 0.33 Technology Hardware & Equipment – 0.87%; 2015 0.90% 393,694 RSA Insurance 1,708 0.27 550,014 ARM 5,407 0.87 5,068 0.81

725 BlackRock Collective Investment Funds 726 100 UK Equity Tracker Portfolio Statement continued 100 UK Equity Tracker Statement of Total Return for the year ended 29 February 2016

Holding or Underlying Market % of For the year For the year Nominal Exposure – Derivatives Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s £000’s Assets Notes £000’s £000’s £000’s £000’s Tobacco – 6.73%; 2015 5.61% Income 719,350 British American Tobacco 28,073 4.50 Net capital (losses)/gains 3 (86,611) 13,515 371,933 Imperial Brands 13,910 2.23 Revenue 4 26,136 22,601 41,983 6.73 Expenses 5 (763) (1,021) Travel & Leisure – 3.88%; 2015 3.37% Net revenue before taxation 25,373 21,580 70,183 Carnival 2,489 0.40 Taxation 6 (143) (128) 642,534 Compass 8,019 1.29 Net revenue after taxation 25,230 21,452 95,142 easyJet 1,414 0.23 Total return before distributions (61,381) 34,967 91,252 InterContinental Hotels 2,464 0.40 Distributions 7 (23,685) (20,620) 705,443 International Consolidated Airlines 3,852 0.62 Change in net assets 269,000 Merlin Entertainments 1,221 0.20 attributable to unitholders 180,663 TUI 1,929 0.31 from investment activities (85,066) 14,347 69,374 Whitbread 2,683 0.43 24,071 3.88 DERIVATIVES – 0.13%; 2015 0.13% 100 UK Equity Tracker Statement of Change in Net Assets Forward Currency Contracts- (0.01)%; 2015 0.00% Attributable to Unitholders for the year ended 29 February 2016 £1,428,441 UK sterling vs US dollar 1,477 (48) (0.01)

Futures- 0.14%; 2015 0.13% For the year For the year 362 FTSE 100 Index March 2016 21,925 894 0.14 to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s Portfolio of investments 602,056 96.53 Opening net assets attributable Net other assets 21,616 3.47 to unitholders 685,863 609,556 Total net assets 623,672 100.00 Amounts receivable on issue of units 66,651 63,196 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Amounts payable on cancellation of units (67,309) (21,609) Note: comparative figures show percentages for each category of holding at 28 February 2015. # The counterparty for the forward currency contract is JP Morgan. (658) 41,587 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. Stamp duty reserve tax – (21) Change in net assets attributable to unitholders from investment activities (85,066) 14,347 Retained distribution on accumulation units 23,533 20,394 Closing net assets attributable to unitholders 623,672 685,863

727 BlackRock Collective Investment Funds 728 100 UK Equity Tracker Balance Sheet 100 UK Equity Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

1. Accounting and Distribution Policies 29.2.2016 28.2.2015 Notes £000’s £000’s The accounting and distribution policies are set out on pages 4 to 8. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 9 to 37. – Investment assets 602,104 671,852 Current assets 3. Net Capital (Losses)/Gains – Debtors 8 5,046 2,677 For the year For the year – Cash and bank balances 9 16,703 12,529 to 29.2.2016 to 28.2.2015 £000’s £000’s Total assets 623,853 687,058 The net capital (losses)/gains comprise: Liabilities: (Losses)/gains on non-derivative securities (85,818) 13,026 Investment liabilities (48) – Creditors (Losses)/gains on derivative contracts (793) 498 Currency gains/(losses) 4 (1) – Amounts held at futures clearing houses and brokers – (278) Custodian transaction costs (4) (8) – Distributions payable – (187) Net capital (losses)/gains (86,611) 13,515 – Other creditors 10 (133) (730) Total liabilities (181) (1,195) 4. Revenue Net assets attributable to unitholders 623,672 685,863 For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s N C D Hall (Director) Interest from UK bank deposits 12 12 G D Bamping (Director) Overseas dividends 2,137 1,494 BlackRock Fund Managers Limited 28 April 2016 Securities lending revenue 59 23 Stock dividends 1,545 832 UK dividends 22,19 4 20,091 UK REIT dividends 189 149 Total revenue 26 ,13 6 22,601

729 BlackRock Collective Investment Funds 730 100 UK Equity Tracker Notes to Financial Statements continued

Details of the interim and final distributions per unit are set out in the tables on page 722. 6. Taxation (a) Analysis of tax charge 8. Debtors For the year For the year 29.2.2016 28.2.2015 to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s Irrecoverable overseas tax 143 128 Accrued revenue 4,063 2,655 Total current tax charge [see note 6(b)] 143 128 Amounts receivable for issue of units 941 – Income tax recoverable 5 – (b) Factors affecting the current tax charge Overseas tax recoverable 37 22 The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an Total debtors 5,046 2,677 authorised unit trust. The differences are explained below: For the year For the year 9. Cash and Bank Balances to 29.2.2016 to 28.2.2015 29.2.2016 28.2.2015 £000’s £000’s £000’s £000’s Net revenue before taxation 25,373 21,580 Amounts held at futures clearing houses and brokers 174 – Corporation tax at 20% (28 February 2015: 20%) 5,075 4,316 Cash and bank balances 16,529 12,529 Effects of: Total cash and bank balances 16,703 12,529 Excess expenses for which no tax relief taken 101 167 Franked investment revenue at 20% (4,439) (4,018) Irrecoverable overseas tax 143 128 Non taxable overseas dividends (428) (299) Non taxable stock dividends (309) (166) Total current tax charge [see note 6(a)] 143 128

At 29 February 2016, the Fund had surplus management expenses of £000 2,469 (28 February 2015: £000 1,966). 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 £000 494 (28 February 2015: £000 393) has not been recognised.

731 BlackRock Collective Investment Funds 732 100 UK Equity Tracker Notes to Financial Statements continued

10. Other Creditors The securities lending revenue earned during the year, the value of securities on loan at the year end and the value of collateral held at the year end for the Fund are shown below: 29.2.2016 28.2.2015 £000’s £000’s 29.2.2016 28.2.2015 Accrued Audit fee 7 7 £000’s £000’s Accrued FCA fee 1 – Revenue earned during the year 59 23 Accrued Manager’s charge 71 239 Value of securities on loan at the year end 19,093 7,748 Accrued Safe custody fees 4 4 Value of collateral held on behalf of the Fund at the year end 21,481 8,597 Accrued Trustee’s fee 5 13 The Fund’s securities lending borrowing counterparties are Barclays Bank Plc, HSBC, JP Morgan Amounts payable for cancellation of units 44 466 Chase Securities Plc, Société Générale and UBS. Custodian transaction costs 1 1 Total other creditors 133 730 13. Related Parties Parties are considered to be related if one party has the ability to control the other party or 11. Contingent Assets and Liabilities exercise significant influence over the other party in making financial or operational decisions. There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £Nil). The following entities were related parties of the Fund during the year ended 29 February 2016: 12. Efficient Portfolio Management Techniques Manager/Registrar: BlackRock Fund Managers Limited The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Investment Manager: BlackRock Investment Management (UK) Limited Securities lending agent: BlackRock Advisors (UK) Limited The Fund may, subject to the conditions and within the limits laid down by the Financial Conduct Authority and the Prospectus, engage in securities lending and employ techniques and The ultimate holding company of the Manager, Investment Manager and securities lending agent instruments relating to transferable securities for efficient portfolio management purposes. is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services The securities lending agent appointed pursuant to the securities lending agreement is BlackRock to the Fund during the years ended 29 February 2016 and 28 February 2015. Advisors (UK) Limited which is a related party to the Fund. The Manager acts as either principal or agent for the Trustee in respect of all transactions of units The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity of the Fund. The aggregate monies received through issue and paid through cancellation of units allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any related to securities loan transactions as well as the cost of indemnification against borrower amounts due to or from the Manager at the year end are disclosed in notes 8 and 10. Management default. fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 5. Securities lending During the year the Fund engaged in securities lending. The Fund receives either cash collateral or revenue earned by the Fund is disclosed in notes 4 and 12. securities as collateral for a value in excess of the market value of the securities loaned. As at the 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. 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 The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of BlackRock Group), which may result in the Fund benefiting from research or execution services the Fund in any or all of the following collateral agents and central securities depositaries: Bank of which the Investment Manager believes are useful in the investment decision-making or trade New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give execution process. Such research or execution services may include, without limitation and to the as per the schedule in order to cover the required value of exposure. extent permitted by applicable law: research reports on companies, industries and securities; and The Investment Manager monitors the fair value of the securities loaned and additional collateral the provision of economic and financial information and analysis. Due to the bundled nature of is obtained, if necessary. 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 Securities lending revenue is split between the Fund and the securities lending agent in the ratio these arrangements with brokers who are not affiliated to the BlackRock Group. 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s share.

733 BlackRock Collective Investment Funds 734 100 UK Equity Tracker Notes to Financial Statements continued

The following investor(s) 14. Portfolio Transaction Costs

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or For the year ended 29 February 2016 Direct Transaction Costs (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Funds. Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % As at 29 February 2016: Equity instruments 31,913 3 0.01 157 0.49 Total purchases 31,913 3 157 Total % of units Number of investors held by unitholders Total purchases including holding 51% or more holding 51% or more transaction costs 32,073 of the voting units of the voting units in issue who are not in issue who are not Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds Direct Transaction Costs Nil 1 65% Transaction Value Commissions Taxes £000’s £000’s % £000’s % Sales (excluding derivatives) As at 28 February 2015: Equity instruments 16,980 1 – – – Total sales 16,980 1 – Total % of units Number of investors held by unitholders Total sales net of transaction costs 16,979 holding 51% or more holding 51% or more of the voting units of the voting units Derivative transaction costs 4 – in issue who are not in issue who are not Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds Total transaction costs 8 157 Nil 1 65% Total transaction costs as a % of average net assets 0.00% 0.02% 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

more favourable than those received by other investors investing into the same unit classes.

735 BlackRock Collective Investment Funds 736 100 UK Equity Tracker Notes to Financial Statements continued

For the year ended 28 February 2015 15. Units in Issue

Direct Transaction Costs The movement in units in issue for the year ended 29 February 2016 is as follows:

Transaction Value Commissions Taxes A Accumulation L Accumulation X Income X Accumulation D Accumulation Purchases (excluding derivatives) £000’s £000’s % £000’s % Units Units Units Units Units Equity instruments 73,952 6 0.01 336 0.45 Balance at the beginning of the year 51,111 65,784,766 12,870,395 17,182,333 410,239,320 Total purchases 73,952 6 336 Issued during the year 241,662 14,973,292 1,518,874 18,773,443 17,942,194 Cancelled during the year Total purchases including (17,219) (15,107,888) (14,388,318) (20,343,235) (4,679,381) transaction costs 74,294 Converted during the year – – – – – Balance at the end of the year 275,554 65,650,170 951 15,612,541 423,502,133 Direct Transaction Costs

Transaction Value Commissions Taxes Revenue is allocated each day pro rata to the capital value of assets attributable to each class and Sales (excluding derivatives) £000’s £000’s % £000’s % taxation is computed by reference to the net revenue after expenses attributable to each class. The Equity instruments 17,910 – – – – distribution per unit class is given in the distribution tables. All unit classes have the same rights Corporate actions 90 – – – – on winding up. Total sales 18,000 – – 16. Post Balance Sheet Events Total sales net of transaction costs 18,000 There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. Derivative transaction costs 4 –

Total transaction costs 10 336

Total transaction costs as a % of average net assets 0.00% 0.05%

Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment.

737 BlackRock Collective Investment Funds 738 BlackRock 350 UK Equity Tracker Fund 350 UK Equity Tracker Fund

About the Fund This Annual Report covers the year ended 29 February 2016.

The BlackRock 350 UK Equity Tracker Fund (the “Fund”) is a sub-fund of BlackRock Collective Performance Table Investment Funds, a UCITS scheme established under the COLL Sourcebook. The Fund was established For the year to 29.2.2016§ on 30 September 2013 and was authorised by the Financial Conduct Authority on 6 September 2013. TOTAL Return (with net income reinvested) Class L Accumulation Units Investment Objective & Policy BlackRock 350 UK Equity Tracker Fund -7.9% FTSE 350 Index (GBP)* -7.8% The aim of the Fund is to seek to achieve capital growth for investors by tracking closely the 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 of the FTSE 350 Index by investing in companies in the Index. Investment will be made Performance returns are cumulative. All returns are in Sterling. directly into constituent companies and via other transferable securities giving exposure to such § Three and five year performance data does not exist as the Fund launched in September 2013. * Figures from Index Vendor. companies. 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 purposes of efficient portfolio management. 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 Risk and Reward Profile not a guide to future performance and should not be the sole factor of consideration when selecting a product.

`` The risk indicator was calculated incorporating 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.

`` During the year, the risk indicator for each unit class changed from level 6 to 5 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.

739 BlackRock Collective Investment Funds 740 350 UK Equity Tracker Fund continued

* Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. Where a Fund has not been trading for 36 months, the annualised tracking error since inception has been presented.

Anticipated Realised Tracking Error Tracking Error Explanation for difference The Fund’s return history is too short to be statistically Up to 0.25%* N/A* significant.

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

741 BlackRock Collective Investment Funds 742 350 UK Equity Tracker Investment Report 350 UK Equity Tracker Performance Record

Summary of Performance over the Period Comparative Table

During the period from 1 March 2015 to 29 February 2016, the Fund returned -7.9%,* compared with A Accumulation Units L Income Units its benchmark, the FTSE 350 Index, which returned -7.8%. Before costs, the performance of the Fund For the period For the period For the year For the year For the year For the year relative to the benchmark index has been in line with expectations. Over the six-month period to from 30.9.2013^ from 30.9.2013^ to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 29 February 2016, the Fund returned -0.4%,* outperforming its benchmark, which returned -1.5%. to 28.2.2014 to 28.2.2014

Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Fund Manager’s Commentary Change in net assets per unit The period to 29 February 2016 was marked by diverging monetary policies, concerns over China’s Opening net asset value per unit 114.0 108.0 100.0 108.9 106.5 100.0 economy and commodity price volatility. In the US, a mixed bag of economic data meant that the US Federal Reserve (the “Fed”) kept interest rates on hold until December 2015, when they were raised by Return before operating charges (8.62) 6.55 8.53 (8.47) 5.82 7.71 0.25%. This rate rise marked the first move in US interest rates since 2006, and it reflected the Fed’s Operating charges (0.55) (0.55) (0.53) (0.22) (0.22) (0.22) growing confidence in employment and inflation prospects. By contrast, the European Central Bank Return after operating charges (9 .17 ) 6.00 8.00 (8.69) 5.60 7.49 extended its asset-purchase programme for another few months, as the region’s economy struggled Distributions on income units N/A N/A N/A (3.61) (3.20) (0.99)

to grow. Elsewhere, central bankers in several emerging economies, including India, China and Russia, Closing net asset value per unit 104.8 114.0 108.0 96.60 108.9 106.5 lowered benchmark rates in a bid to stimulate growth. Retained distributions on accumulation units 3.67 3.58 0.89 N/A N/A N/A

Early on, markets digested the news that the Conservative Party had gained a narrow majority in After direct transaction costs of (0.04) (0.02) (0.01) (0.04) (0.02) (0.01) the general election. Throughout the period, the Bank of England kept interest rates on hold as inflation stayed well below its 2% target. The economy showed some signs of resilience, however, Performance as unemployment fell to a seven-year low in the third quarter. Meanwhile, merger and acquisition Return after charges1 (8.04)% 5.56% 8.00% (7.98)% 5.26% 7.49% activity involving UK companies picked up pace in the first three quarters, taken by some as a sign of confidence in the UK corporate sector. Other information Closing net asset value (£000’s) 46 – – 929,761 1,068,734 1,106,333

The Fund is structured to track the FTSE 350 Index closely, so its portfolio remains positioned so that Closing number of units 43,960 100 100 962,479,685 981,184,498 1,038,981,881

its risk characteristics are similar to those of the Index. Operating charges2 0.50% 0.51% 0.51% 0.21% 0.21% 0.21%

Direct transaction costs3 0.04% 0.02% 0.01% 0.04% 0.02% 0.01% March 2016 Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund’s class L Accumulation Units. Highest offer unit price 125.0 120.5 113.6 113.3 110.7 108.0 Lowest bid unit price 95.21 98.23 98.63 88.83 94.79 98.51

743 BlackRock Collective Investment Funds 744 350 UK Equity Tracker Performance Record continued

Comparative Table Comparative Table

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

For the period For the period For the period For the period For the year For the year For the year For the year For the year For the year For the year For the year from 30.9.2013^ from 30.9.2013^ from 30.9.2013^ from 30.9.2013^ to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 to 28.2.2014 to 28.2.2014 to 28.2.2014 to 28.2.2014

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 Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 113.4 108.0 100.0 109.0 106.0 100.0 Opening net asset value per unit 113.0 108.0 100.0 113.4 108.0 100.0

Return before operating charges (8.82) 5.62 8.22 (8.65) 6.36 7.09 Return before operating charges (8.48) 5.01 8.01 (8.84) 5.57 8 .17

Operating charges (0.23) (0.22) (0.22) 0.00 (0.01) (0.01) Operating charges 0.00 (0.01) (0.01) (0 .17 ) (0 .17 ) (0 .17 )

Return after operating charges (9.05) 5.40 8.00 (8.65) 6.35 7.08 Return after operating charges (8.48) 5.00 8.00 (9.01) 5.40 8.00

Distributions on income units N/A N/A N/A (3.67) (3.35) (1.08) Closing net asset value per unit 104.5 113.0 108.0 104.4 113.4 108.0

Closing net asset value per unit 104.4 113.4 108.0 96.68 109.0 106.0 Retained distributions on accumulation units 3.98 3.41 1.08 3.84 3.41 1.08 Retained distributions on accumulation units 3.79 3.39 1.08 N/A N/A N/A After direct transaction costs of (0.04) (0.02) (0.01) (0.04) (0.02) (0.01)

After direct transaction costs of (0.04) (0.02) (0.01) (0.04) (0.02) (0.01) Performance

Performance Return after charges1 (7.50)% 4.63% 8.00% (7.95)% 5.00% 8.00%

Return after charges1 (7.98)% 5.00% 8.00% (7.94)% 5.99% 7.08% Other information

Other information Closing net asset value (£000’s) – – – 196 2 108

Closing net asset value (£000’s) 626,649 72 8 ,10 3 – – – – Closing number of units 100 100 100 187,645 2,008 100

Closing number of units 600,541,494 642,112,536 100 100 100 100 Operating charges2 0.01% 0.01% 0.01% 0 .16 % 0 .16 % 0 .16 %

Operating charges2 0.21% 0.21% 0.21% 0.01% 0.01% 0.01% Direct transaction costs3 0.04% 0.02% 0.01% 0.04% 0.02% 0.01%

Direct transaction costs3 0.04% 0.02% 0.01% 0.04% 0.02% 0.01% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 117.8 113.9 108.0 117.9 113.9 108.0

Highest offer unit price 117.9 113.9 108.0 113 .1 110.7 108.0 Lowest bid unit price 94.91 97.59 98.49 94.80 97.59 98.49

Lowest bid unit price 94.76 97.59 98.49 88.89 94.71 98.49 ^ The date of commencement of operations. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as ^ The date of commencement of operations. the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as prices (the price at which units are sold). the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for prices (the price at which units are sold). further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ 2 Operating charges were previously known as Ongoing Charges prior to the adoption of the new IMA SORP 2014. See note 1(a) for depositary and entry/exit charges paid to an underlying collective investment scheme (if any). further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale depositary and entry/exit charges paid to an underlying collective investment scheme (if any). of equity instruments. See note 13 for further details. 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments. See note 13 for further details.

745 BlackRock Collective Investment Funds 746 350 UK Equity Tracker Distribution Tables 350 UK Equity Tracker Portfolio Statement for the year ended 29 February 2016 at 29 February 2016

A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation EQUITIES – 99.15%; 2015 99.73% Units Units Units Units Units Units UNITED KINGDOM – 99.15%; 2015 99.73% Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Aerospace & Defence – 2.02%; 2015 2.22% Net revenue (dividend) 1.2150 0.5150 1.2179 1.2179 1.2992 0.6867 1.2000 1.2000 1.3900 1.3900 1.3259 0.5602 2,574,644 BAE Systems 13,131 0.84 † Equalisation – 0.7000 – 0.0000 – 0.6125 – 0.0000 – 0.0000 – 0.7657 945,972 Cobham 2,431 0.16 Distribution payable 30.4.2016 1.2150 1.2150 1.2179 1.2179 1.2992 1.2992 1.2000 1.2000 1.3900 1.3900 1.3259 1.3259 655,027 Meggitt 2,711 0.17 Distribution paid 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 501,017 QinetiQ 1,164 0.07 1,524,143 Rolls-Royce 10,303 0.66 Interim Distribution in Pence per Unit 369,385 Senior 754 0.05 Group 1 – Units purchased prior to 1 March 2015 61,532 Ultra Electronics 1,083 0.07 Group 2 – Units purchased 1 March 2015 to 31 August 2015 31,577 2.02

A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation Automobiles & Parts – 0.25%; 2015 0.28% Units Units Units Units Units Units 1,390,240 GKN 3,830 0.25 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Banks – 9.66%; 2015 10.59% Net revenue (dividend) 2.4500 2.4500 2.3900 1.8101 2.4885 1.4566 2.4700 2.4700 2.5900 2.5900 2.5158 0.3999 94,731 Aldermore 185 0.01 Equalisation† – 0.0000 – 0.5799 – 1.0319 – 0.0000 – 0.0000 – 2 .115 9 30,011 Bank of Georgia 597 0.04 Distribution paid 31.10.2015 2.4500 2.4500 2.3900 2.3900 2.4885 2.4885 2.4700 2.4700 2.5900 2.5900 2.5158 2.5158 13,658,388 Barclays 23,267 1.49

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 15,874,096 HSBC 72,870 4.68 52,226,036 Lloyds Banking 37,571 2.41 † 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, 52,026 OneSavings Bank 141 0.01 it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. 2,591,374 Royal Bank of Scotland 5,854 0.38 63,357 Shawbrook 173 0.01 2,208,760 Standard Chartered 9,218 0.59 206,269 Virgin Money 684 0.04 150,560 9.66 Beverages – 4.76%; 2015 4.17% 76,874 AG Barr 387 0.02 197,348 Britvic 1,353 0.09 159,207 Coca-Cola 2,141 0.14 2,054,001 Diageo 38,174 2.45 769,899 SABMiller 32,074 2.06 74,129 4.76 Chemicals – 0.65%; 2015 0.72% 113,264 Croda International 3,378 0.22 374,895 Elementis 859 0.05 158,064 Johnson Matthey 3,978 0.26 243,598 Synthomer 736 0.05 66,347 Victrex 1,029 0.07 9,980 0.65

747 BlackRock Collective Investment Funds 748 350 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Construction & Materials – 1.00%; 2015 0.86% 602,014 John Laing Infrastructure Fund 704 0.04 567,419 Balfour Beatty 1,421 0.09 246,791 JP Morgan American Investment Trust 683 0.04 664,084 CRH 12,100 0.78 115,681 JP Morgan Emerging Markets Investment Trust 604 0.04 117,302 Ibstock 231 0.01 86,276 Mercantile Investment Trust 1,353 0.09 60,997 Keller 494 0.03 195,093 Monks Investment Trust 772 0.05 75,030 Kier 989 0.06 112,725 Murray International Trust 948 0.06 79,847 Marshalls 230 0.01 1,113,145 NB Global Floating Rate Income Fund 938 0.06 95,649 Polypipe 297 0.02 38,692 P2P Global Investments 333 0.02 15,762 1.00 10,003 P2P Global Investments class ‘C’ shares 86 0.01 209,555 Perpetual Income & Growth Investment Trust 809 0.05 Electricity – 0.76%; 2015 0.82% 115,293 Polar Capital Technology Trust 640 0.04 333,673 Drax 769 0.05 522,315 Renewables Infrastructure 518 0.03 803,564 SSE 11,089 0.71 112,531 RIT Capital Partners 1,736 0.11 11,858 0.76 43,446 Riverstone Energy 352 0.02 Electronic & Electrical Equipment – 0.35%; 2015 0.42% 100,646 Scottish Investment Trust 588 0.04 309,304 Halma 2,719 0.17 1,076,358 Scottish Mortgage Investment Trust 2,684 0.17 252,039 Morgan Advanced Materials 531 0.03 58,957 Temple Bar Investment Trust 580 0.04 32,922 Renishaw 570 0.04 285,576 Templeton Emerging Markets Investment Trust 1,157 0.07 100,546 Spectris 1,790 0.11 289,185 TR Property Investment Trust 805 0.05 172,840 Witan Investment Trust 1,261 0.08 5,610 0.35 638,489 Woodford Patient Capital Trust 569 0.04 Equity Investment Instruments – 2.35%; 2015 2.08% 43,371 Worldwide Healthcare Trust 738 0.05 482,460 3i Infrastructure 835 0.05 36,874 2.35 83,523 Aberforth Smaller Companies Investment Trust 834 0.05 467,860 Alliance Trust 2,313 0.15 Financial Services – 3.16%; 2015 2.80% 101,097 Bankers Investment Trust 572 0.04 800,694 3i 3,463 0.22 35,624 BH Macro 716 0.05 793,218 Aberdeen Asset Management 1,910 0.12 338,012 BlueCrest AllBlue Fund 629 0.04 289,805 Ashmore 663 0.04 119,952 British Empire Securities & General Investment Trust 522 0.03 249,448 Brewin Dolphin 635 0.04 29,997 Caledonia Investments 675 0.04 125,558 Close Brothers 1,657 0.11 254,350 City of London Investment Trust 914 0.06 177,028 Hargreaves Lansdown 2,193 0.14 173,667 Edinburgh Investment Trust 1,171 0.07 875,065 Henderson 2,051 0.13 22,686 Electra Investment Trust 749 0.05 437,877 ICAP 1,877 0.12 491,944 F&C Investment Trust 2,100 0.13 289,935 IG 2,217 0.14 505,249 Fidelity China Special Situations Investment Trust 623 0.04 224,699 IMI 1,911 0.12 383,775 Fidelity European Values Investment Trust 616 0.04 265,360 Intermediate Capital 1,530 0.10 68,736 Finsbury Growth & Income Trust 403 0.03 206,143 International Personal Finance 535 0.03 355,270 GCP Infrastructure Investments Fund 423 0.03 417,181 Investec 1,958 0.13 122,241 Genesis Emerging Markets Fund 547 0.03 384,630 IP 703 0.04 58,000 HarbourVest 520 0.03 299,785 John Laing 613 0.04 1,056,717 HICL Infrastructure 1,643 0.11 345,593 Jupiter Fund Management 1,377 0.09 851,676 International Public Partnership 1,211 0.08 184,717 Just Retirement 242 0.02 257,110 London Stock Exchange 6,883 0.44

749 BlackRock Collective Investment Funds 750 350 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets 1,304,337 Man 2,017 0.13 Gas, Water & Multiutilities – 3.22%; 2015 2.85% 236,742 Paragon 730 0.05 4,113,014 Centrica 8,530 0.55 119,263 Provident Financial 3,821 0.25 3,072,528 National Grid 29,545 1.90 41,525 Rathbone Brothers 937 0.06 344,282 Pennon 2,777 0.18 94,053 Schroders 2,437 0.16 194,090 Severn Trent 4,121 0.26 1,612,069 Standard Life 5,334 0.34 559,304 United Utilities 5,134 0.33 153,703 SVG Capital 741 0.05 50,107 3.22 206,774 Tullett Prebon 709 0.05 General Industrials – 0.80%; 2015 0.68% 4 9,14 4 3.16 788,380 DS Smith 3,018 0.19 Fixed Line Telecommunications – 2.33%; 2015 1.96% 588,199 Rexam 3,567 0.23 6,825,555 BT 33,148 2.13 246,687 RPC 1,805 0.12 2,312,278 Cable & Wireless 1,746 0.11 328,454 Smiths 3,288 0.21 437,325 Talktalk Telecom 977 0.06 244,566 Vesuvius 742 0.05 52,858 Telecom Plus 439 0.03 12,420 0.80 36,310 2.33 General Retailers – 2.73%; 2015 2.32% Food & Drug Retailers – 1.49%; 2015 1.60% 512,141 AA 1,461 0.09 1,295,290 Booker 2,124 0.14 531,417 B&M European Value Retail 1,533 0.10 81,688 Greggs 841 0.05 156,462 Card Factory 526 0.03 1,176,976 J Sainsbury 2,959 0.19 1,082,107 Debenhams 857 0.05 327,327 Ocado 834 0.05 44,315 Dignity 1,094 0.07 379,369 SSP 1,075 0.07 809,416 Dixons Carphone 3,502 0.22 6,601,332 Tesco 11,876 0.76 82,348 Dunelm 807 0.05 1,811,993 Wm Morrison Supermarkets 3,553 0.23 150,209 Halfords 601 0.04 23,262 1.49 665,309 Home Retail 1,171 0.07 358,500 Inchcape 2,621 0.17 Food Producers – 2.88%; 2015 2.40% 51,259 JD Sports Fashion 581 0.04 287,796 Associated British Foods 9,710 0.62 383,792 JUST EAT 1,526 0.10 44,560 Cranswick 881 0.06 1,924,382 Kingfisher 6,451 0.41 120,435 Dairy Crest 702 0.04 120,000 Lookers 186 0.01 328,551 Greencore 1,247 0.08 1,357,656 Marks & Spencer 5,736 0.37 382,654 Tate & Lyle 2,204 0.14 138,482 N Brown 459 0.03 982,684 Unilever 30,139 1.94 121,686 Next 8,244 0.53 44,883 2.88 941,229 Pendragon 348 0.02 Forestry & Paper – 0.25%; 2015 0.23% 313,285 Pets at Home 840 0.05 304,844 Mondi 3,908 0.25 159,114 Poundland 287 0.02 584,586 Saga 1,105 0.07 205,649 Sports Direct International 815 0.05 93,680 WH Smith 1,696 0.11 172,360 Zoopla Property 399 0.03 42,846 2.73

751 BlackRock Collective Investment Funds 752 350 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Healthcare Equipment & Services – 0.87%; 2015 0.68% Life Insurance – 4.04%; 2015 5.09% 322,192 Al Noor Hospitals 2,697 0.17 3,311,365 Aviva 14,318 0.92 56,938 NMC Health 505 0.03 4,836,724 Legal & General 10,863 0.70 742,523 Smith & Nephew 8,688 0.56 4,043,246 Old Mutual 6,781 0.44 189,894 Spire Healthcare 651 0.04 188,488 Phoenix 1,599 0.10 198,026 UDG Healthcare 1,122 0.07 2,081,032 Prudential 25,763 1.65 13,663 0.87 429,848 St. James’s Place Capital 3,634 0.23 62,958 4.04 Household Goods & Home Construction – 3.79%; 2015 2.97% 822,792 Barratt Developments 4,813 0.31 Media – 4.05%; 2015 3.56% 98,207 Bellway 2,492 0.16 656,518 Auto Trader 2,386 0.15 102,537 Berkeley 3,394 0.22 865,792 British Sky Broadcasting 9,013 0.58 110,756 Bovis Homes 1,054 0.07 253,081 Entertainment One 388 0.02 206,814 Crest Nicholson 1,156 0.07 34,146 Euromoney Institutional Investor 305 0.02 64,600 Galliford Try 940 0.06 545,075 Informa 3,723 0.24 249,509 Persimmon 5,514 0.35 3,095,236 ITV 7,716 0.50 518,466 Reckitt Benckiser 33,980 2.18 350,282 Moneysupermarket.com 1,178 0.08 166,975 Redrow 727 0.05 672,420 Pearson 5,786 0.37 2,638,594 Taylor Wimpey 4,918 0.32 916,734 RELX 11,358 0.73 58,988 3.79 77,040 Rightmove 2,920 0.19 371,304 UBM 2,168 0.14 Industrial Engineering – 0.36%; 2015 0.61% 1,057,566 WPP 15,969 1.03 148,185 Bodycote 852 0.05 62,910 4.05 118,210 Melrose Industries 388 0.02 723,170 Rotork 1,156 0.07 Mining – 3.91%; 2015 6.44% 57,092 Spirax-Sarco Engineering 1,774 0.11 133,837 Acacia Mining 330 0.02 174,573 Weir 1,655 0.11 1,076,229 Anglo American 5,115 0.33 5,825 0.36 299,151 Antofagasta 1,483 0.10 1,723,483 BHP Billiton 12,545 0.81 Industrial Metals & Mining – 0.02%; 2015 0.05% 930,530 Centamin 858 0.06 453,185 Evraz 311 0.02 131,263 Fresnillo 1,338 0.09 Industrial Transportation – 0.34%; 2015 0.22% 9,652,731 Glencore 12,964 0.83 848,716 BBA Aviation 1,641 0.11 212,943 Polymetal International 1,396 0.09 16,186 Clarkson 310 0.02 76,935 Randgold Resources 5,082 0.33 711,919 Royal Mail 3,231 0.21 1,004,312 Rio Tinto 19,092 1.23 5,182 0.34 90,064 Vedanta Resources 243 0.02 60,446 3.91 Mobile Telecommunications – 3.26%; 2015 3.00% 364,509 Inmarsat 3,565 0.23 21,663,342 Vodafone 47,139 3.03 50,704 3.26

753 BlackRock Collective Investment Funds 754 350 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Non-Equity Investment Instruments – 0.07%; 2015 0.06% 3,953,860 GlaxoSmithKline 55,354 3.56 95,533 Kennedy Wilson Europe Real Estate 1,050 0.07 110,623 Hikma Pharmaceuticals 2,091 0.13 532,426 Indivior 896 0.06 Non-Life Insurance – 1.10%; 2015 1.14% 479,326 Shire 18,459 1.19 160,243 Admiral 2,769 0.18 300,000 Vectura 485 0.03 429,179 Beazley 1,541 0.10 1,122,438 Direct Line 4,357 0.28 123,979 7.97 181,493 esure 443 0.03 Real Estate Investment & Services – 0.47%; 2015 0.45% 61,525 Hastings 93 0.01 604,692 Capital & Counties Properties 1,953 0.13 237,836 Hiscox 2,395 0.15 12,277 CLS 178 0.01 105,425 Jardine Lloyd Thompson 844 0.05 130,711 Countrywide 459 0.03 167,619 Lancashire 991 0.06 4,440 Daejan 246 0.02 851,259 RSA Insurance 3,693 0.24 479,821 F&C Commercial Property Trust 622 0.04 17,126 1.10 372,427 Grainger Trust 814 0.05 828,499 Redefine International 349 0.02 Oil & Gas Producers – 10.38%; 2015 12.26% 110,848 Savills 738 0.05 14,823,088 BP 51,903 3.33 159,005 St. Modwen Properties 521 0.03 512,051 Cairn Energy 839 0.05 368,187 UK Commercial Property Trust 288 0.02 53,086 Nostrum Oil & Gas 135 0.01 178,033 Unite 1,092 0.07 578,975 Ophir Energy 445 0.03 3,288,918 Royal Dutch Shell class ‘A’ shares 54,285 3.48 7,260 0.47 3,205,826 Royal Dutch Shell class ‘B’ shares 52,928 3.40 Real Estate Investment Trusts – 2.22%; 2015 1.98% 730,236 Tullow Oil 1,220 0.08 1,201,317 Assura 613 0.04 161,755 10.38 125,953 Big Yellow 941 0.06 850,750 British Land 5,547 0.36 Oil Equipment, Services & Distribution – 0.25%; 2015 0.25% 83,634 Derwent 2,523 0.16 291,325 John Wood 1,800 0.12 283,045 Great Portland Estates 1,967 0.13 219,492 Petrofac 1,970 0.13 650,075 Hammerson 3,527 0.23 3,770 0.25 612,395 Hansteen 661 0.04 Personal Goods – 0.42%; 2015 0.50% 785,917 Intu Properties 2,336 0.15 363,097 Burberry 4,706 0.30 651,236 Land Securities 6,499 0.42 93,536 Jimmy Choo 123 0.01 460,520 LondonMetric Property 723 0.05 271,900 PZ Cussons 705 0.05 121,562 Safestore 404 0.03 29,074 SuperGroup 385 0.02 595,998 Segro 2,433 0.16 23,081 Ted Baker 683 0.04 236,298 Shaftesbury 1,998 0.13 6,602 0.42 591,015 Tritax Big Box 771 0.05 102,595 Workspace 744 0.05 Pharmaceuticals and Biotechnology – 7.97%; 2015 8.11% 836,610 Worldpay 2,491 0.16 1,029,044 AstraZeneca 42,762 2.75 34,178 2.22 309,877 BTG 1,948 0.12 103,355 Circassia Pharmaceuticals 282 0.02 78,523 Dechra Pharmaceuticals 920 0.06 54,984 Genus 782 0.05

755 BlackRock Collective Investment Funds 756 350 UK Equity Tracker Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets Software & Computer Services – 0.70%; 2015 0.58% 215,334 Wolseley 7,950 0.51 65,814 Allied Minds 198 0.01 81,675 WS Atkins 1,040 0.07 160,215 AO World 256 0.02 74,238 4.79 51,627 AVEVA 779 0.05 Technology Hardware & Equipment – 0.77%; 2015 0.93% 61,638 Computacenter 505 0.03 1,146,660 ARM 11,272 0.72 33,563 Fidessa 748 0.05 232,519 Laird 785 0.05 156,625 Micro Focus International 2,290 0.15 171,688 NCC 496 0.03 12,057 0.77 895,820 Sage 5,263 0.34 Tobacco – 5.69%; 2015 4.80% 145,233 Sophos 306 0.02 1,514,301 British American Tobacco 59,096 3.80 10,841 0.70 785,768 Imperial Brands 29,388 1.89 Support Services – 4.79%; 2015 4.85% 88,484 5.69 196,007 Aggreko 1,720 0.11 Travel & Leisure – 5.02%; 2015 4.20% 322,878 Amec Foster Wheeler 1,180 0.08 149,410 Carnival 5,300 0.34 417,339 Ashtead 3,769 0.24 150,762 Cineworld 796 0.05 416,160 Babcock International 3,818 0.25 1,344,330 Compass 16,777 1.08 137,125 Berendsen 1,576 0.10 103,803 Domino’s Pizza 1,082 0.07 271,774 Bunzl 5,240 0.34 208,042 easyJet 3,092 0.20 545,857 Capita 5,464 0.35 459,870 Enterprise Inns 398 0.03 351,782 Carillion 953 0.06 955,004 FirstGroup 881 0.06 73,309 DCC 4,124 0.26 37,764 Go-Ahead 989 0.06 102,648 Diploma 724 0.05 257,384 Greene King 2,324 0.15 390,397 Electrocomponents 938 0.06 193,694 InterContinental Hotels 5,230 0.34 206,515 Essentra 1,707 0.11 1,517,656 International Consolidated Airlines 8,286 0.53 798,141 Experian 9,354 0.60 81,122 JD Wetherspoon 585 0.04 1,299,490 G4S 2,680 0.17 821,632 Ladbrokes 1,107 0.07 178,602 Grafton 1,195 0.08 506,440 Marston’s 803 0.05 1,182,719 Hays 1,344 0.09 587,443 Merlin Entertainments 2,666 0.17 230,522 HomeServe 929 0.06 119,746 Millennium & Copthorne Hotels 502 0.03 512,723 Howden Joinery 2,516 0.16 201,541 Mitchells & Butlers 566 0.04 127,271 Interserve 542 0.03 373,162 National Express 1,237 0.08 134,636 Intertek 3,904 0.25 68,734 Paddy Power Betfair 7,396 0.47 236,694 Michael Page International 878 0.06 168,227 Playtech 1,419 0.09 294,879 Mitie 821 0.05 92,032 Rank 230 0.01 117,615 Northgate 473 0.03 161,590 Restaurant 871 0.06 58,734 PayPoint 436 0.03 352,547 Stagecoach 955 0.06 519,870 Regus 1,496 0.10 1,219,380 Thomas Cook 1,235 0.08 1,483,876 Rentokil Initial 2,471 0.16 384,697 TUI 4,109 0.26 918,437 Serco 866 0.06 151,362 Whitbread 5,853 0.38 416,791 SIG 576 0.04 711,219 William Hill 2,868 0.18 200,897 Travis Perkins 3,554 0.23 32,228 Wizz Air 589 0.04 78,146 5.02

757 BlackRock Collective Investment Funds 758 350 UK Equity Tracker Portfolio Statement continued 350 UK Equity Tracker Statement of Total Return for the year ended 29 February 2016

Holding or Underlying Market % of For the year For the year Nominal Exposure – Derivatives Value Total Net to 29.2.2016 to 28.2.2015 Value Investment £000’s £000’s Assets Notes £000’s £000’s £000’s £000’s DERIVATIVES – 0.05%; 2015 0.05% Income Forward Currency Contracts – 0.00%; 2015 0.00% Net capital (losses)/gains 3 (199,465) 60,379 £1,885,646 UK sterling vs US dollar 1,949 (63) – Revenue 4 66,172 42,775 Expenses 5 (3,529) (2,636) Futures – 0.05%; 2015 0.05% 413 FTSE 100 Index March 2016 25,013 774 0.05 Net revenue before taxation 62,643 40,139 Taxation 6 (253) (185) Portfolio of investments 1,544,244 99.20 Net revenue after taxation 62,390 39,954 Net other asset 12,408 0.80 Total return before distributions (137,075) 100,333 Total net assets 1,556,652 100.00 Distributions 7 (58,817) (37,080) Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Change in net assets Note: comparative figures show percentages for each category of holding at 28 February 2015. # The Counterparty for the forward currency contract is JP Morgan. attributable to unitholders Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) from investment activities (195,892) 63,253 and represents the market value of an equivalent position in the assets underlying each financial derivative instrument.

350 UK Equity Tracker Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016

For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 1,796,840 1,106,334 Amounts receivable on issue of units 113,931 691,113 Amounts payable on cancellation of units (181,313) (71,818) (67,382) 619,295 Change in net assets attributable to unitholders from investment activities (195,892) 63,253 Retained distribution on accumulation units 23,086 7,958 Closing net assets attributable to unitholders 1,556,652 1,796,840

759 BlackRock Collective Investment Funds 760 350 UK Equity Tracker Balance Sheet 350 UK Equity Tracker Notes to Financial Statements at 29 February 2016 for the year ended 29 February 2016

1. Accounting and Distribution Policies 29.2.2016 28.2.2015 Notes £000’s £000’s The accounting and distribution policies are set out on pages 4 to 8. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 9 to 37. – Investment assets 1,544,307 1,792,929 Current assets 3. Net Capital (Losses)/Gains – Debtors 8 9,429 6,328 For the year For the year – Cash and bank balances 14,670 10,737 to 29.2.2016 to 28.2.2015 – Pledged cash collateral 1,315 – £000’s £000’s The net capital (losses)/gains comprise: Total assets 1,569,721 1,809,994 (Losses)/gains on non-derivative securities (198,528) 60,014 Liabilities: (Losses)/gains on derivative contracts (1,054) 374 Investment liabilities (63) – 125 Creditors Currency gains/(losses) (2) Manager’s charge rebates 1 3 – Amounts held at futures clearing houses and brokers (509) (225) Custodian transaction costs (9) (10) – Distributions payable (11,723) (11,559) Net capital (losses)/gains (199,465) 60,379 – Other creditors 9 (774) (1,370) Total liabilities (13,069) (13,154) 4. Revenue Net assets attributable to unitholders 1,556,652 1,796,840 For the year For the year to 29.2.2016 to 28.2.2015 £000’s £000’s N C D Hall (Director) Interest from UK bank deposits 7 10 G D Bamping (Director) Manager’s charge rebates – 3 BlackRock Fund Managers Limited 28 April 2016 Overseas dividends 6,374 2,736 Overseas REIT dividends 14 – Securities lending revenue 445 108 Stock dividends 3,573 2,874 UK dividends 55,223 36,686 UK REIT dividends 536 358 Total revenue 6 6 ,172 42,775

761 BlackRock Collective Investment Funds 762 350 UK Equity Tracker Notes to Financial Statements continued

5. Expenses 7. Distributions For the year For the year For the year For the year to 29.2.2016 to 28.2.2015 to 29.2.2016 to 28.2.2015 £000’s £000’s £000’s £000’s Payable to the Manager or associates of the Manager: Interim distribution 38,284 19,854 – Manager’s charge 3,387 2,518 Final distribution 19,528 19,517 3,387 2,518 57,812 39,371 Other expenses: Add: Amounts deducted on cancellation of units 1,743 832 – Audit fee 9 5 Less: Amounts received on issue of units (738) (3,123) – Safe custody fees 47 17 Distributions 58,817 37,080 – Trustee’s fees 86 96 142 118 Net revenue after taxation 62,390 39,954 Total expenses 3,529 2,636 Less: Non distributable stock dividends (3,573) (2,874) Distributions 58,817 37,080 6. Taxation Details of the interim and final distributions per unit are set out in the tables on page 747. (a) Analysis of tax charge

For the year For the year 8. Debtors to 29.2.2016 to 28.2.2015 £000’s £000’s 29.2.2016 28.2.2015 Irrecoverable overseas tax 253 185 £000’s £000’s Total current tax charge [see note 6(b)] 253 185 Accrued revenue 8,919 6,232 Amounts receivable from brokers on futures contracts – 38 (b) Factors affecting the current tax charge Amounts receivable on issue of units 256 – The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an Overseas tax recoverable 254 58 authorised unit trust. The differences are explained below: Total debtors 9,429 6,328 For the year For the year to 29.2.2016 to 28.2.2015 9. Other Creditors £000’s £000’s 29.2.2016 28.2.2015 Net revenue before taxation 62,643 4 0,139 £000’s £000’s Corporation tax at 20% (28 February 2015: 20%) 12,529 8,028 Accrued Audit fee 7 5 Effects of: Accrued Manager’s charge 502 853 Excess expenses for which no tax relief taken 507 431 Accrued Safe custody fees 15 14 Franked investment revenue at 20% (11,045) (7,337) Accrued Trustee’s fee 14 33 Irrecoverable overseas tax 253 185 Amounts payable for cancellation of units 231 459 Non taxable overseas dividends (1,276) (547) Custodian transaction costs 5 6 Non taxable stock dividends (715) (575) Total other creditors 774 1,370 Total current tax charge [see note 6(a)] 253 185

At 29 February 2016, the Fund had surplus management expenses of £000 5,548 (28 February 2015: £000 3,016). 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 £000 1,110 (28 February 2015: £000 603) has not been recognised.

763 BlackRock Collective Investment Funds 764 350 UK Equity Tracker Notes to Financial Statements continued

10. Contingent Assets and Liabilities 12. Related Parties There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: £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. 11. Efficient Portfolio Management Techniques The following entities were related parties of the Fund during the year ended 29 February 2016: The Fund may engage in derivative transactions for the purposes of efficient portfolio management. Manager/Registrar: BlackRock Fund Managers Limited The Fund may, subject to the conditions and within the limits laid down by the Financial Investment Manager: BlackRock Investment Management (UK) Limited Conduct Authority and the Prospectus, engage in securities lending and employ techniques and Securities lending agent: BlackRock Advisors (UK) Limited instruments relating to transferable securities for efficient portfolio management purposes. The ultimate holding company of the Manager, Investment Manager and securities lending agent The securities lending agent appointed pursuant to the securities lending agreement is BlackRock is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Advisors (UK) Limited which is a related party to the Fund. Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. The Fund benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity allows for full replacement of securities lent. BlackRock Inc. bears all operational costs directly The Manager acts as either principal or agent for the Trustee in respect of all transactions of units related to securities loan transactions as well as the cost of indemnification against borrower of the Fund. The aggregate monies received through issue and paid through cancellation of units default. are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any amounts due to or from the Manager at the year end are disclosed in notes 8 and 9. Management During the year the Fund engaged in securities lending. The Fund receives either cash collateral or fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The securities as collateral for a value in excess of the market value of the securities loaned. As at the balances due at the year end in respect of these fees are shown in note 9. Securities lending 29 February 2016 the collateral consists of securities admitted to or dealt on a regulated market. revenue earned by the Fund is disclosed in notes 4 and 11. The collateral is registered and held in the name of BlackRock Advisors (UK) Limited on behalf of The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing the Fund in any or all of the following collateral agents and central securities depositaries: Bank of arrangements with related parties (including, without limitation, brokers who are affiliated to the New York Mellon and JP Morgan, depending on the type of collateral the counterparty needs to give BlackRock Group), which may result in the Fund benefiting from research or execution services as per the schedule in order to cover the required value of exposure. which the Investment Manager believes are useful in the investment decision-making or trade The Investment Manager monitors the fair value of the securities loaned and additional collateral execution process. Such research or execution services may include, without limitation and to the is obtained, if necessary. 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 Securities lending revenue is split between the Fund and the securities lending agent in the ratio these services and the application of such benefits across a number of BlackRock managed funds, 62.5:37.5 in favour of the Fund, with all operational costs borne out of the securities lending agent’s it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into share. these arrangements with brokers who are not affiliated to the BlackRock Group. The securities lending revenue earned during the year, the value of securities on loan at the year As at 29 February 2016 and 28 February 2015, none of the unitholders: end and the value of collateral held at the year end for the Fund are shown below: (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or 29.2.2016 28.2.2015 £000’s £000’s (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units Revenue earned during the year 445 108 in issue in the Fund and are as a result, considered to be related parties to the Fund. Value of securities on loan at the year end 77,308 62,330 Value of collateral held on behalf of the Fund at the year end 8 5 ,191 69,437

The Fund’s securities lending borrowing counterparties Citigroup, Credit Suisse International, HSBC, JP Morgan Chase Securities Plc, Morgan Stanley & Co., Skandinaviska Enskilda AB, Société Générale and UBS.

765 BlackRock Collective Investment Funds 766 350 UK Equity Tracker Notes to Financial Statements continued

13. Portfolio Transaction Costs For the year ended 28 February 2015

For the year ended 29 February 2016 Direct Transaction Costs

Direct Transaction Costs Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Equity instruments 50,344 5 0.01 203 0.40 Equity instruments 133,643 18 0.01 621 0.46 Collective investment schemes 495 – – 1 0 .15 Collective investment schemes 4,224 2 0.05 14 0.33 In-specie transfers 659,205 – – – – Total purchases 137,867 20 635 Corporate actions 174 – – – –

Total purchases including Total purchases 710,218 5 204 transaction costs 138,522 Total purchases including transaction costs 710,427 Direct Transaction Costs

Transaction Value Commissions Taxes Direct Transaction Costs Sales (excluding derivatives) £000’s £000’s % £000’s % Transaction Value Commissions Taxes Equity instruments 190,084 24 0.01 1 0.00 Sales (excluding derivatives) £000’s £000’s % £000’s % Collective investment schemes 2 ,19 5 1 0.05 – – Equity instruments 88,991 11 0.01 1 0.00 Total sales 192,279 25 1 Collective investment schemes 2,857 1 0.04 – –

Total sales net of transaction costs 192,253 Total sales 91,848 12 1 Total sales net of transaction costs 91,835 Derivative transaction costs 5 – Derivative transaction costs 4 – Total transaction costs 50 636 Total transaction costs 21 205

Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.04% as a % of average net assets 0.00% 0.02%

767 BlackRock Collective Investment Funds 768 350 UK Equity Tracker Notes to Financial Statements continued Statement of Manager’s and Trustee’s Responsibilities

During the year the Fund utilised derivative instruments including futures contracts. The The Manager is required by the terms of the Sourcebook to prepare the financial statements for each settlement values for opening and closing derivative positions are not comparable to principal financial year. These financial statements must be prepared in accordance with generally accepted values for transactions in direct holding investments and therefore purchase and sale amounts for accounting standards in the United Kingdom to give a true and fair view of the state of affairs of the derivative transactions are not quantified in the analysis above. Transaction costs for derivatives Trust at the year end and of the net revenue for the year. positions will be either incurred as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above. The financial statements should comply with the disclosure requirements of the Statement of Recommended Practice (the “SORP”) for Authorised Funds issued by the Investment Management Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument Association (subsequently The Investment Association) and must comply with any relevant provisions types depending on a number of factors including transaction value and market sentiment. of the Trust Deed. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.09% The Manager is responsible for keeping such accounting records as are necessary to enable it to (28 February 2015 – 0.08%). ensure that the financial statements comply with the Sourcebook, the SORP and the Trust Deed.

14. Units in Issue The Trustee is responsible for the safekeeping of all the property of the Scheme (other than tangible The movement in units in issue for the year ended 29 February 2016 is as follows: moveable property) which is entrusted to it and for the collection of revenue that arises from that property. A Accumulation L Income L Accumulation X Income X Accumulation D Accumulation Units Units Units Units Units Units

Balance at the beginning of the year 100 981,184,498 642,112,536 100 100 2,008 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, Issued during the year 43,860 5 7,74 5 ,187 4 8 ,0 02 ,170 – – 186,099 and dealings in, units in the Trust; the application of revenue of the Scheme; and the investment and Cancelled during the year – (76,450,000) (89,573,212) – – (462) borrowing powers of the Trust. Converted during the year – – – – – –

Balance at the end of the year 43,960 962,479,685 600,541,494 100 100 187,645 Report of the Trustee Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The Having carried out such procedures as we considered necessary to discharge our responsibilities as distribution per unit class is given in the distribution tables. All unit classes have the same rights Trustee of the Trust, it is our opinion, based on the information available to us and the explanations on winding up. provided, that, in all material respects, the Manager:

15. Post Balance Sheet Events (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the There have been no significant events subsequent to the year end, which, in the opinion of the Trust’s units and the application of the Trust’s revenue in accordance with the Sourcebook, the Trust Manager, may have had an impact on the financial statements for the year ended 29 February 2016. 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 28 April 2016

769 BlackRock Collective Investment Funds 770 Independent Auditor’s Report to the Unitholders of BlackRock Collective Investment Funds In addition, we read all the financial and non-financial information in the Annual Report to We have audited the financial statements of BlackRock Collective Investment Funds identify material inconsistencies with the audited financial statements and to identify any (the “Trust”) for the year ended 29 February 2016 which comprise the Statement of Total information that is apparently materially incorrect based on, or materially inconsistent Return and the Statement of Changes in Net Assets Attributable to Unitholders together with, the knowledge acquired by us in the course of performing the audit. If we become with the Balance Sheet for each of the Trust’s sub-funds, the accounting policies of the aware of any apparent material misstatements or inconsistencies we consider the Trust, the related notes for each sub-fund and the Distribution Table(s). The financial implications for our report. reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Opinion on financial statements Practice). In our opinion:

This report is made solely to the unitholders of the Trust, as a body, pursuant to Paragraph `` the financial statements give a true and fair view of the financial position of the Trust 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of the Financial comprising each of its sub-funds as at 29 February 2016 and of the net revenue Conduct Authority. Our audit work has been undertaken so that we might state to the or expense and the net capital gains or losses on the scheme property of the Trust unitholders those matters we are required to state to them in an auditor’s report and comprising each of its sub-funds for the year then ended; and for no other purpose. To the fullest extent permitted by law, we do not accept or assume `` the financial statements have been properly prepared in accordance with United responsibility to anyone other than the Trust and the unitholders as a body, for our audit Kingdom Generally Accepted Accounting Practice. work, for this report, or for the opinions we have formed.

Respective responsibilities of the Manager and Auditor Opinion on other matters prescribed by the rules of the Collective Investment Schemes As explained more fully in the Manager’s responsibilities statement set out on page 770, Sourcebook of the Financial Conduct Authority the Manager is responsible for the preparation of the financial statements and for being In our opinion: satisfied that they give a true and fair view. `` the financial statements have been properly prepared in accordance with the Our responsibility is to audit and express an opinion on the financial statements in Statement of Recommended Practice relating to Authorised Funds, the rules of the accordance with applicable law and International Standards on Auditing (UK and Collective Investment Schemes Sourcebook of the Financial Conduct Authority ) and Ireland). Those standards require us to comply with the Auditing Practices Board’s the Instrument of Incorporation; Ethical Standards for Auditors. `` the information given in the Manager’s report for the financial year for which the financial statements are prepared is consistent with the financial statements; Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial `` there is nothing to indicate that proper accounting records have not been kept or that statements sufficient to give reasonable assurance that the financial statements are the financial statements are not in agreement with those records; and free from material misstatement, whether caused by fraud or error. This includes an `` we have received all the information and explanations which, to the best of our assessment of: knowledge and belief, are necessary for the purposes of our audit.

`` 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. Ernst & Young LLP Edinburgh Statutory Auditor 28 April 2016

771 BlackRock Collective Investment Funds 772 Notes General Information

Manager & Registrar BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: 020 7743 3000 Dealing and Investor Services: 0800 44 55 22

Member of The Investment Association (formerly the Investment Management Association) and authorised and regulated by the Financial Conduct Authority.

Directors of the Manager G D Bamping* R A Damm N C D Hall* R A R Hayes A M Lawrence A J Stenning E E Tracey M T Zemek* (appointed 2 June 2015) * Non-executive Director.

Trustee BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street, London EC4V 4LA

Authorised and regulated by the Financial Conduct Authority.

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

Authorised and regulated by the Financial Conduct Authority.

Auditor Ernst & Young LLP 1 More London Place, London SE1 2AF

Custodian The Bank of New York Mellon (International) Limited 1 Canada Square, London E14 5AL

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

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

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

For your protection, telephone calls are usually recorded.

773 BlackRock Collective Investment Funds 774 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 2016, the fi rm manages £3.29 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