· BlackRock Strategic Funds (BSF) Audited Annual Report and Accounts 31 May 2012 Report for Investors in Switzerland BlackRock Strategic Funds, SICAV Investment Fund incorporated

BlackRock Strategic Funds (BSF)

Audited Annual Report and Accounts 31 May 2012Report for Investors in Switzerland

BlackRock Strategic Funds, SICAV Investment Fund incorporated under Luxembourg Law

R.C.S. Luxembourg: B 127481

Some sub-funds of the SICAV are not approved for public distribution in or from Switzerland. Therefore, no information in relation with these sub-funds is mentioned in this report. However, the

investors’ attention is drawn to the fact that certain information contained in this report is expressed on a consolidated basis and, as a consequence, contains also information concerning the

sub-funds which are not approved for public distribution in or from Switzerland.

Audited Annual Report and Accounts 1

Contents

Subscriptions may be made only on the basis of the current Prospectus, together with the most recent audited annual report and accounts and unaudited interim report and accounts. Copies are

available from the Investor Services Centre, the Transfer Agent, the Manager or any of the Distributors.

BSF Chairman’s Letter to Shareholders 2

BSF Investment Adviser’s Report 4

Board of Directors 6

Management and Administration 6

Statement of Net Assets 8

Three Year Summary of Net Asset Values 11

Statement of Operations and Changes in Net Assets 14

Statement of Changes in Shares Outstanding 17

Portfolio of Investments BlackRock Americas Diversified Equity Absolute Return Fund 19

BlackRock Asia Extension Fund 38

BlackRock Emerging Markets Extension Fund 42

BlackRock Euro Dynamic Diversified Growth Fund 48

BlackRock European Absolute Return Fund 51

BlackRock European Credit Strategies Fund 54

BlackRock European Diversified Equity Absolute Return Fund 62

BlackRock European Opportunities Absolute Return Fund 76

BlackRock European Opportunities Extension Fund 79

BlackRock Fixed Income Strategies Fund 82

BlackRock Fund of iShares - Conservative 88

BlackRock Fund of iShares - Dynamic 89

BlackRock Fund of iShares - Growth 90

BlackRock Fund of iShares - Moderate 91

BlackRock Global Absolute Return Bond Fund 92

BlackRock Global Currency Absolute Return Fund 93

BlackRock Latin American Opportunities Fund 95

BlackRock Mining Opportunities Fund 97

Notes to the Financial Statements 98

Report of the Réviseur d’Entreprises Agréé 106

Appendix I - Global Exposure and Leverage (Unaudited) 107

Appendix II - Total Expense Ratio 109

Appendix III - Portfolio Turnover Rates 111

Appendix IV - Performance 112

General Information 114

2 BlackRock Strategic Funds (BSF)

BSF Chairman’s Letter to ShareholdersMay 2012

Dear Shareholder

I am writing to update you on the activities of BlackRock Strategic Funds (“the Company”), a Luxembourg UCITS Fund range

providing clients with access to BlackRock investment products which seek to take full advantage of the expanded investment

powers incorporated in the UCITS directive. This report covers the Company’s financial year 1 June 2011 to 31 May 2012.

Throughout this time period, political turmoil and unrest in the Middle East remained front page news. Even though the turmoil in

some oil-producing countries showed no sign of abating, there was a sharp correction in oil prices in the second half of 2011. In

addition, the European periphery economic crisis gained momentum, particularly with regard to a potential Greek debt default and

its implications for contagion and bank capital adequacy. Doubts about the ability of politicians to find a solution to these issues

led to a sharp deterioration in investor confidence.

Towards the end of 2011, equity markets showed quite a notable decline in volatility from the very elevated levels which

characterised the third quarter of 2011. Economic data releases were mixed and although, overall, they continued to suggest a

slowdown in global economic activity and a weakening outlook for the Eurozone, there were some more positive data from the

United States. In late November 2011, the European political scene gave some signs of consensus in finding a solution to the

sovereign debt crisis, bringing confidence back to investors. Six central banks, including the US Federal Reserve and the

European Central Bank (“ECB”), announced coordinated action to reduce the price of their US dollar swap arrangements. The

ECB’s move to inject much needed liquidity into the European banking system was probably most noteworthy. European leaders

also began the process of laying the groundwork for a greater fiscal unity.

On the whole, in early-2012, the global economy proved more resilient than in recent months. Many of the economic data

releases from the US have been particularly encouraging, but even some of the data from Europe has been more positive than

consensus expectations predicted. Furthermore, whilst Chinese economic growth may be decelerating, the absolute growth rate

remains robust. Some of the emerging markets are now commencing looser monetary policy strategies, as well as possibly

looser fiscal policy, as growth and inflation slow down. The fears of a global recession which were so prevalent last year have

broadly abated, even if Europe continues to struggle. However, macroeconomic risk will continue until there is evidence that the

recovery is self-sustaining. The overall economic backdrop has improved over recent months, but we are not yet in an

environment of firm economic growth that is independent of any material policy stimulus. Investor confidence has yet to

overcome the concerns regarding reduced economic growth and the Eurozone debt crisis.

This scenario was clearly reflected in the first half of 2012 when a brief “risk-on” phase developed as a result of the ECB's

aggressive provision of liquidity, and easier global monetary conditions generally, which was followed by a broad “risk-off” move

in April driven by a combination of escalating worries over the European debt crisis and slowing economic activity. The return of

the “risk-on” trade was mainly driven by the ECB’s long-term refinancing operations (“LTRO”) announcement in December. The

near-term systemic risk of a European bank failure appears to have been taken off the table and, therefore, banks globally

rallied on the perceived lower contagion risk to the global financial system. In the US, the financial sector performed well on the

back of stronger than expected economic reports, including improvement in the labour market.

The performance of the Funds is covered in more detail in the separate Investment Adviser's report, which also sets out some

views regarding the investment outlook.

We launched five new funds during the period. In mid-February 2012, three new funds commenced operations: the BlackRock Asia

Extension Fund, the BlackRock Emerging Markets Extension Fund, and the BlackRock Americas Diversified Equity Absolute Return

Fund. In addition, in May 2012, we launched the BlackRock Global Absolute Return Bond Fund and the BlackRock Mining

Opportunities Fund.

The BlackRock Asia Extension Fund and the BlackRock Emerging Markets Extension Fund (both launched 10 February 2012)

seek to maximise long term returns through the use of an extension strategy, which means that they, in addition to having up to

100% of the Funds’ assets exposed to equity securities via long and/or synthetic long positions, intend to enter into synthetic

short positions in order to achieve additional investment exposure. The proceeds of these synthetic short positions will be used

to buy additional synthetic long positions (broadly in the same proportions as the short positions it holds). Meanwhile, the

BlackRock Americas Diversified Equity Absolute Return Fund (launched 17 February 2012) seeks to generate absolute returns

regardless of market conditions through investing in equities and equity-related securities (including derivatives) of, or giving

exposure to, companies incorporated or listed in the United States, Canada and Latin America (the “Americas”). The fund seeks

to use synthetic long and synthetic short positions to add value through stock selection on a highly diversified basis, whilst

mitigating the market directional risk of its investments.

In addition, the BlackRock Global Absolute Return Bond Fund (launched 25 May 2012) seeks to achieve a positive absolute

return in Euros for investors regardless of market movements. The Fund seeks to achieve this investment objective by taking

long, synthetic long and synthetic short investment exposure. The Fund will seek to gain at least 70% of its investment exposure


BSF Chairman’s Letter to ShareholdersMay 2012 continued

through fixed income, fixed income related securities (including derivatives) and money-market instruments issued by, or giving

exposure to companies, governments and agencies worldwide. Meanwhile, the BlackRock Mining Opportunities Fund

(launched 31 May 2012) seeks to maximise total return through an investment of at least 70% of its total assets in equity and

equity-related securities (including derivatives) of small and mid-capitalisation mining and metal companies worldwide whose

predominant economic activity is the exploration and production of industrial metals and minerals as well as precious metals.

Small and mid-capitalisation mining and metal companies are considered companies which, at the time of purchase, form the

bottom 70% by market capitalisation of the HSBC Global Mining Index.

During the year, there was good interest in a number of the BlackRock Strategies Fund, mainly reflecting strong inflows into the

BlackRock European Credit Strategies Fund, which has raised €473.3m, increasing its Assets Under Management (“AUM”) by

225.49%, and outperformed its benchmark by 1.01%; and the BlackRock European Absolute Return Fund, which has raised

€418.5m, increasing its AUM by 249.6%, and outperformed its benchmark by 10.33%.

Over the year, the BlackRock Americas Diversified Equity Absolute Return Fund, the BlackRock Global Absolute Return Bond Fund,

the BlackRock Mining Opportunities Fund, the BlackRock Asia Extension Fund and the BlackRock Emerging Markets Extension

Fund have grown from a small base, raising $6.8m, €50m, $10.5m, $9.1m, and $8.9m respectively.

Over the last twelve months, the BlackRock European Opportunities Extension Fund has decreased by 69.4% from €34.6m to €10.6m;

however, it has outperformed its benchmark index by 4.67%. The Latin American Opportunities Fund has decreased by 27.9% from

$240.4m to $173.3m, underperforming its benchmark by 5.11%. This Fund was reopened to subscriptions on 30 December. The Board

of Directors decided that, given this Fund’s decrease in AUM (mainly due to market movements), which put the Fund well below its

investment capacity and, therefore, its potential to offer appropriate risk adjusted returns was no longer at stake.

In addition, the BlackRock Fixed Income Strategies Fund underperformed its benchmark by 0.74%, and its AUM increased by 11.9%,

from €60.3m to €67.5m. The BlackRock Global Currency Absolute Return Fund decreased its value by 8.1%, from $96.5m to $88.7m,

and underperformed its benchmark by 4.0%. The BlackRock European Opportunities Absolute Return Fund increased its value by

130.3%, from €9.9m to €22.8m, and outperformed its benchmark by 3.3%. The BlackRock Euro Dynamic Diversified Growth Fund

increased its AUM by 275.3%, from €17.8m to €66.8m, but underperformed its benchmark by 3.7%. On the other hand, the European

Diversified Equity Absolute Return Fund saw the largest decrease in value (66.5%), from €674.9m to €225.8m, and underperformed

its benchmark by 13.6%. Meanwhile, all the BlackRock Funds of iShares have performed within their risk tolerances.

Overall, the assets under management in the BSF range have increased from $1,877m to $2,046m.

It is worth mentioning that Standard and Poor’s have gone through a rebranding of their rating categorisations. S&P replaced

their A, AA, AAA ratings with Silver, Gold, Platinum, respectively, and added a fourth category (Bronze), which is equivalent to the

Tenure Rating (“TR”) used in the former qualifying system.

Due to this change, the BlackRock European Absolute Return Fund, the BlackRock European Diversified Equity Absolute Return

Fund, and the BlackRock European Opportunities Absolute Return Fund have a Silver grading; whilst the BlackRock European

Opportunities Extension Fund and the BlackRock Fixed Income Strategies Fund are graded as Gold.

BlackRock is fully committed to remaining at the forefront of the European mutual funds industry by bringing innovative

investment products to our clients and is actively working on adding other funds to the range as our product development process

brings forward appropriate investment opportunities for clients.

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

Yours faithfully,

Nicholas C.D. Hall

Chairman


BSF Investment Adviser’s Report

Performance Overview

1 June 2011 – 31 May 2012

A roller-coaster risk-on, risk-off rideThe ongoing eurozone crisis continued to dominate market

sentiment during the year, creating levels of volatility in

markets not seen since the financial crisis of 2008. The third

quarter was one of the worst for risk assets on record,

following the threat of Greek debt default over the summer

and the historic downgrade of the US’s AAA credit rating in

August. European stock markets plunged by more than 10%

in August alone, while a flight to quality saw the gold price hit

a record of more than $1,900 an ounce.1 At the peak of the

volatility, such was the safe haven appeal of the Swiss franc

that the country’s central bank moved to set a trading ceiling

for it against the euro in order to safeguard the country’s

exports.2

A partial resolution to the Greek crisis after a bailout package

was agreed sent risk assets rising again in October. The ECB

brought some festive cheer in the run-up to Christmas as its

widely applauded LTRO in December, repeated in February,

enabled more than 800 cash-strapped European banks to

access almost €1 trillion in cheap three-year funding.3 The

LTROs, combined with successful government bond auctions

in peripheral eurozone countries, sustained an equity market

rally that lasted from December until the end of March.

The party came to a sudden end in April, when economic

concerns took over market sentiment. The eurozone narrowly

avoided recession, while the UK officially entered one, following

two consecutive periods of negative growth, amid fears that

China’s economic growth faced a hard landing. In contrast, US

growth continued to surprise on the upside, and the US dollar

continued to strengthen against the Euro over the year.

Political risk also re-emerged in the late Spring as a Socialist

French president was elected, Greek elections proved

inconclusive, requiring a second round in June, and the Dutch

government collapsed amid rows over austerity measures.

The combination of gloomy economic and political news

firmly reintroduced risk-off sentiment, producing a flight to

safety that saw yields on 10-year benchmark German Bunds,

US Treasuries and UK Gilts all hit record lows. The benchmark

Bund’s all-time low of 1.12%,1 with shorter-term German

government bills yielding close to zero, marked a watershed

for safe haven assets, in that investors increasingly viewed

them as a safe place to park money, rather than as a means

of earning any real investment income. Equity markets ended

the period significantly lower than they began, with European

stocks trading at the end of May on multiples of close

to 10 times earnings, despite a reasonable first-quarter

earnings season.1 More generally, equity valuations still

appear attractive, with stock market price/earnings multiples

at historically low levels, but many strategists view equity

market risk as simply not being rewarded given the current

macro and political headwinds.

1 Source: BlackRock, DataStream data for the 12 months to 31 May 20122 Source: Swiss National Bank, October 20113 Source: European Central Bank, February 2012

BlackRock Strategic Funds Fund Range Performance

Equity FundsEquities fell heavily over the reporting period, with the STOXX

Europe 600 Index dropping 11.3% in euro terms and 24.2% in

US dollar terms in the 12 months to 31 May 2012. The MSCI All

Country World Index which includes higher-growth emerging

markets fell 11.8% in US dollar terms. Falls in bond yields were

quite stark over the year due to the flight to safety: the yield on

benchmark 10-year German Bunds plummeted from 3.0% on

31 May 2011 to 1.2% on 31 May 2012, while the equivalent US

Treasury yield fell from 3.0% to 1.6% and the benchmark UK

Gilt yield dropped from 3.3% to 1.5%. Globally, yields in the

Citigroup Global Bond Index fell from 2.3% to 1.4%.1

It was not all bad though for investors in the equity-based

funds within the BlackRock Strategic Funds range. The star

performers were our Absolute Return Fundamental Equity

funds, both of which lived up to their name. The BlackRock European Absolute Return Fund rose 11.6% in the 12 months

to 31 May 2012, comfortably beating 3-month Euribor, which

returned 1.2%. The BlackRock European Opportunities Absolute Return Fund gained 4.5%, also significantly

outperforming the Euribor benchmark.1 Both funds therefore

continued to match their objectives of providing positive

performance within a low-volatility and risk-aware strategy.

The BlackRock European Opportunities Extension Fund fell

6.9% in the year, but still significantly outperformed its S&P

Europe BMI benchmark, which fell 11.6%.1 The Fund

celebrated its fourth anniversary in August, combing short

strategies with long equity portfolios to generate some

degree of outperformance in the worst equity market seen for

many years. Two sister funds using this extension strategies

structure, the BlackRock Asia Extension Fund and the

BlackRock Emerging Markets Extension Fund, were

launched on 10 February 2012. They are managed by our

Scientific Active Equity teams in San Francisco who utilise

model-driven investment approaches.

The BlackRock Latin American Opportunities Fund fell by

26.8% over the year, underperforming the MSCI EM Latin

America index, which fell 21.7%. Its record is considerably

more fruitful over three years, rising by a cumulative total of

85.9% compared to a 21.5% cumulative rise in the

benchmark.1 Although investment focusses particularly on

small and mid-cap stocks, Brazil is still seen as a high risk

market, so investors generally tend to stay away from the

country during risk-off periods. The Fund still firmly believes

that Latin America’s fundamentals remain among the most

attractive in the world, especially when compared to

comparable economic growth opportunities in the developed

world, with smaller companies in the region exhibiting

particularly strong growth characteristics.


BSF Investment Adviser’s Report

Performance Overview

1 June 2011 – 31 May 2012 continued

The BlackRock European Diversified Equity Absolute Return Fund, which is based on model-driven investment insights, fell

12.3% over the year, underperforming 3-month Euribor.1 The

Fund had been closed to new investors after reaching its initial

investment capacity, but was reopened for one day on

2 November 2011, successfully raising just over $150m.1

A sister fund in this style, the BlackRock Americas Diversified Equity Absolute Return Fund was launched on

17 February 2012.

Bond FundsThe performance of Fixed Income and Currency funds within

the range was relatively stable over the period. The BlackRock European Credit Strategies Fund, launched on 17 February 2011,

rose 2.2% over the year, outperforming 3-month Euribor.

Performance since launch has been stronger, with the Fund

rising 4.6% compared to a 1.6% gain for the benchmark.1

Elsewhere in the credit sector, the BlackRock Fixed Income Strategies Fund had a tougher year, falling 0.1% over the

period, underperforming the EONIA benchmark, which rose by

0.7%. The BlackRock Global Currency Fund also had a tough

period, falling by 3.9% and underperforming the US Fed

Funds rate, which rose 0.1%.

Mixed Asset FundsThe BlackRock European Dynamic Diversified Growth Fund

fell 3.1% over the year, underperforming the EONIA benchmark.1

The BlackRock Funds of iShares Range had its first full year of

operation following its launch in September 2010. The range

offers investors four diversified, multi-asset class funds for

different risk appetites: Conservative, Moderate, Growth and

Dynamic. They deliver their objectives via a combination of the

asset-allocation expertise of BlackRock and subsequent

investment in BlackRock’s award-winning iShares Exchange

Traded Funds (“ETF”) range. All four funds achieved levels of

risk appropriate to their respective profiles.

Will they ever sort out the eurozone?Much has been done to alleviate the eurozone crisis, but

investors are now faced with a twin problem. Efforts to bail

out stricken nations, such as the €100 billion recapitalisation

of Spanish banks in June,4 remain work-in-progress, with no

sign of an overall solution just yet. In tandem with this,

low-to-no economic growth is curtailing the ability of

eurozone governments to reign in deficits, as tax takes are

cut and unemployment benefits rise.

It is far too soon to tell whether or not the latest eurozone bank

bailout will break the unpleasant circle and allow bank lending

and economic growth to start again. Future moves are likely to

be triggered in part by crisis and in part by government or

central bank action, which reminds us that the any credible

solution must be pan-European; markets simply don’t believe

4 Source: Bloomberg, March 20125 Source: US Federal Reserve May 2012

in the guarantees of any single country any more. Some form of

European federalism is perhaps inevitable – the eurozone is

17 countries divided by one union, and not one single union like

the US. Further action is almost certain to require creditors

and debtors to give up sovereignty, and because of the

complexity and sensitivity of this issue, any proposed solutions

will inevitably come at the very last minute.

Plausible solutions include pan-European bank regulation

and deposit insurance, looser terms for the multinational

fiscal pact and ring-fencing bad banks – all relatively

painless in the scheme of things. More radical options include

issuing Eurobonds, a full fiscal union, or Greece accepting

austerity forever, none of which seems politically acceptable

at the moment.

Investors therefore look set to have to wait further if they seek

exposure to risk assets. Equity valuations are currently at

attractive levels by historical standards, particularly in Europe,

even allowing for the low growth environment in developed

economies. On the positive side, US economic data has

stabilised, with growth of 2%-2.5% now expected in 2012, and

that in turn has put equity markets on a more level footing.5

Over the next few months the focus of attention is probably

going to switch to the US and the logjam on fiscal policy that

will arise in the second half of this year in the run-up to

presidential and congressional elections. The assumption that

‘all things are good in America’ will come more open to doubt

as we move forward and affect perception of relative values

for US equities against European stocks.

In fixed income markets, it seems that the chasing down of

yields in safe haven sovereign debt has come to an end for

the time being. People buying benchmark bunds, gilts and

treasuries appear now to be looking more for somewhere to

park their capital than to earn a real rate of return. With

government yields still so low, the high yield sector which

commands a premium above safe haven sovereigns look set

to continue to see reasonable demand.

Fund performance data is calculated in the share class currency of denomination using Last

traded prices, with gross dividends reinvested, net of expenses.


Board of Directors1 Management

and Administration continued

Nicholas C.D. Hall (Chairman)

Frank P. Le Feuvre

Geoffrey D. Radcliffe

Francine Keiser

James Charrington2

Douglas Shaw3

Alexander C. Hoctor-Duncan4

Maarten F. Slendebroek5

1 All Directors are non-executive Directors.

2 Resigned 1 June 2011

3 Resigned 21 November 2011

4 Appointed 27 April 2012

5 Resigned 27 April 2012

Management

and Administration

Management CompanyBlackRock (Luxembourg) S.A.

6D, route de Trèves

L-2633 Senningerberg

Grand-Duchy of Luxembourg

Investment Advisers BlackRock Financial Management, Inc.,

Park Avenue plaza

55 East 52nd Street

New York, NY 10055

USA

BlackRock Institutional Trust Company N.A.

400 Howard Street

San Francisco CA 94105

USA

BlackRock Investment Management, LLC

100 Bellevue Parkway

Wilmington

Delaware 19809

USA

BlackRock Investment Management (UK) Limited

12 Throgmorton Avenue

London EC2N 2DL

United Kingdom

BlackRock (Singapore) Limited

#18-01 Twenty Anson

20 Anson Road

Singapore, 079912

Sub-Investment AdviserBlackRock Japan Co., Ltd

Nihonbashi 1-chome Building

1-4-1, Nihonbashi, Chuo-Ku

Tokyo 103-0027

Japan

BlackRock (Hong Kong) Limited

16/F Cheung Kong Center

2 Queen’s Road, Central, Hong Kong

Hong Kong

Principal DistributorBlackRock (Channel Islands) Limited

One Waverley Place

Union Street

St. Helier

Jersey JE1 0BR

Channel Islands

Investor Services Written Enquiries:

BlackRock Investment Management (UK) Limited,

c/o BlackRock (Luxembourg) S.A.

P.O. Box 1058

L-1010 Luxembourg


All other enquiries:

Telephone: + 44 207 743 3300,

Fax: + 44 207 743 1143

Custodian and Fund AccountantState Street Bank Luxembourg S.A.

49, avenue J.F. Kennedy

L-1855 Luxembourg


Transfer Agent and RegistrarJ.P. Morgan Bank Luxembourg S.A.

6C, route de Trèves

L-2633 Senningerberg


Independent AuditorsDeloitte Audit, Société à responsabilité limitée

560, rue de Neudorf

L-2220 Luxembourg



Legal AdviserLinklaters LLP

35, avenue J.F. Kennedy

L-1855 Luxembourg


Paying AgentsA list of Paying Agents is to be found on page 114.

Registered Office49, avenue J.F. Kennedy

L-1855 Luxembourg


Management

and Administration continued


Statement of Net Assets as at 31 May 2012

BlackRock Strategic

Funds Combined

BlackRock Americas

Diversified Equity

Absolute Return

Fund*

BlackRock Asia

Extension Fund**

BlackRock Emerging

Markets Extension

Fund**

BlackRock Euro

Dynamic Diversified

Growth Fund

BlackRock European Absolute

Return Fund

Notes US$ US$ US$ US$ € €

Assets

Securities portfolio at cost 1,100,228,111 5,996,531 7,420,688 5,903,977 56,535,761 154,596,082

Unrealised appreciation/(depreciation) (4,015,664) 1,684 3,102 2,041 922,254 (2,035,866)

Securities portfolio at market value 1,096,212,447 5,998,215 7,423,790 5,906,018 57,458,015 152,560,216

Cash at bank 2(a) 102,964,460 822,452 1,572,014 818,663 7,076,941 2,731,655

Cash equivalent 755,377,664 – – 400,000 – 249,110,000

Margin cash 2(d) 10,378,241 139,857 784,367 2,795,435 1,382,885 –

Dividend receivable on contracts for difference 2(c) 1,848,676 5,331 55,794 91,781 – –

Interest and dividends receivable 8,296,808 74 – – 225,348 406,655

Interest receivable on swaps 15,040 – – – 12,164 –

Receivable for investments sold 70,869,822 – – – – 16,921,240

Receivable for Fund shares sold 26,392,231 – – – 2,167,780 3,423,868

Net, unrealised appreciation on:

Open Future contracts 2,966,545 – – – 80,393 2,315,479

Open Forward foreign exchange contracts 159,114 – – – – –

Contracts for difference 2(d) 11,460,902 169,335 – – – 9,064,123

Market value of swaps 15,220,705 – – – – –

Market value of purchased options 2,082,219 – – – 172,624 –

Other assets 10,439 – – – 1,191 –

Total assets 2,104,255,313 7,135,264 9,835,965 10,011,897 68,577,341 436,533,236

Liabilities –

Cash owed to bank (7,620) – – – – –

Interest payable on contracts for difference 2(d) (712,768) 42,994 16,676 12,111 – 105,547

Margin cash (16,451,065) – – – – 1,651,642

Interest payable on swaps (683,460) – – – – –

Dividend payable on contracts for difference (715,142) – – – – 418,997

Payable for investments purchased 2(a) (79,036,750) 135,396 – – – 7,252,269

Payable for Fund shares redeemed (14,302,344) – – – 7,325 2,953,010

Net, unrealised depreciation on:

Open Futures contracts (754,142) – – – – –

Open Forward foreign exchange contracts (7,914,053) 75,361 199 – 1,163,706 146

Contracts for difference 2(d) (5,269,695) – 711,602 1,106,920 – –

Market value of swaps (997,334) – – – 153,231 –

Market value of written options (1,003,175) – – – 376,530 –

Other liabilities (10,834,000) 75,991 32,414 29,729 47,766 5,698,518

Total liabilities (138,681,548) 329,742 760,891 1,148,760 1,748,558 18,080,129

Total net assets 1,965,573,765 6,805,522 9,075,074 8,863,137 66,828,783 418,453,107

*: The Fund commenced trading on 17 February 2012.

**: The Funds commenced trading on 10 February 2012.


The notes on pages 98 to 105 form an integral part of these financial statements.

Statement of Net Assetsas at 31 May 2012 continued

BlackRock European

Credit Strategies

Fund

BlackRock European

Diversified Equity

Absolute Return

Fund

BlackRock European

Opportunities Absolute

Return Fund

BlackRock European

Opportunities Extension

Fund

BlackRock Fixed Income

Strategies Fund

BlackRock Fund of

iShares - Conservative

BlackRock Fund of

iShares - Dynamic

Notes € € € € € € €

Assets

Securities portfolio at cost 214,435,708 120,448,526 10,694,398 8,331,306 61,215,964 1,214,246 1,756,057

Unrealised appreciation/(depreciation) 3,767,742 (33,033) (357,819) (169,525) 2,246,375 18,413 (63,174)

Securities portfolio at market value 218,203,450 120,415,493 10,336,579 8,161,781 63,462,339 1,232,659 1,692,883

Cash at bank 2(a) 19,313,631 25,503,427 372,346 665,374 1,650,816 70,519 47,728

Cash equivalent 232,305,697 86,877,449 11,570,000 1,450,000 3,400,021 – –

Margin cash 2(d) – 610,738 305,963 81,717 1,593,889 – –

Dividend receivable on contracts

for difference 2(c) – 1,314,680 – 54,809 – – –

Interest and dividends receivable 3,833,948 707,060 19,536 13,725 675,893 1,274 8,693

Interest receivable on swaps – – – – – – –

Receivable for investments sold 24,155,772 160,167 1,819,870 896,487 3,501,972 – –

Receivable for Fund shares sold 7,105,890 – 104 – – 8,873 838


Open Future contracts – – – – – – –

Open Forward foreign exchange contracts – 114,057 – 14,442 – – –

Contracts for difference 2(d) – – 54,845 – – – –

Market value of swaps 12,292,104 – – – – – –

Market value of purchased options 457,236 – – – 50,048 – –

Other assets – – 490 – – 2,128 1,029

Total assets 517,667,728 235,703,071 24,479,733 11,338,335 74,334,978 1,315,453 1,751,171

LiabilitiesCash owed to bank – – – – – – –

Interest payable on contracts for difference 2(d) – 391,316 14,604 6,188 – – –

Margin cash 11,634,090 – – – – – –

Interest payable on swaps 542,962 – – – 8,994 – –

Dividend payable on contracts for difference – – 158,545 – – – –

Payable for investments purchased 2(a) 27,766,650 – 1,378,785 443,214 4,981,681 – 25,251

Payable for Fund shares redeemed 2,415,919 6,155,605 14,188 448 – – –


Open Futures contracts 234,123 – – – 374,915 – –

Open Forward foreign exchange contracts 134,195 – 16,053 – 796,752 – –

Contracts for difference 2(d) – 2,780,112 – 7,024 – – –

Market value of swaps – – – – 652,430 – –

Market value of written options 233,497 – – – 9,436 – –

Other liabilities 1,446,604 476,522 117,251 305,708 55,915 6,149 7,207

Total liabilities 44,408,040 9,803,555 1,699,426 762,582 6,880,123 6,149 32,458

Total net assets 473,259,688 225,899,516 22,780,307 10,575,753 67,454,855 1,309,304 1,718,713


Statement of Net Assetsas at 31 May 2012 continued

BlackRock Fund of

iShares - Growth

BlackRock Fund of

iShares - Moderate

BlackRock Global

Absolute Return

Bond Fund****

BlackRock Global

Currency Absolute

Return Fund

BlackRock Latin

American Opportunities

Fund

BlackRock Mining

Opportunities Fund*****

Notes € € € US$ US$ US$

Assets

Securities portfolio at cost 3,954,965 4,914,709 19,905,525 77,227,020 180,747,157 8,261,648

Unrealised appreciation/(depreciation) (46,275) 19,991 (1,078) 2,161 (9,232,124) (75,727)

Securities portfolio at market value 3,908,690 4,934,700 19,904,447 77,229,181 171,515,033 8,185,921

Cash at bank 2(a) 16,387 201,964 19,889,334 3,020,660 729,314 –

Cash equivalent – – 25,000,000 – – –

Margin cash 2(d) – – – 1,738,788 – –

Dividend receivable on contracts for difference 2(c) – – – – – –

Interest and dividends receivable 15,095 12,283 181,530 1,814 740,710 –

Interest receivable on swaps – – – – – –

Receivable for investments sold – – – 11,000,000 1,108,013 –

Receivable for Fund shares sold 86,603 43,619 – – – 10,500,000


Open Future contracts – – – – – –

Open Forward foreign exchange contracts – – – – – –

Contracts for difference 2(d) – – – – – –

Market value of swaps – – – – – –

Market value of purchased options – – – 1,240,633 – –

Other assets 1,676 1,918 – – – –

Total assets 4,028,451 5,194,484 64,975,311 94,231,076 174,093,070 18,685,921

LiabilitiesCash owed to bank – – – – – 7,620

Interest payable on contracts for difference 2(d) – – – – – –

Margin cash – – – – – –

Interest payable on swaps – – – – – –

Dividend payable on contracts for difference – – – – – –

Payable for investments purchased 2(a) 50,061 – 14,972,388 – 256,590 8,225,085

Payable for Fund shares redeemed 3,960 – – – – –


Open Futures contracts – – – – – –

Open Forward foreign exchange contracts – – 219 5,220,393 – 6,161

Contracts for difference 2(d) – – – – – –

Market value of swaps – – – – – –

Market value of written options – – – 236,803 – –

Other liabilities 11,457 10,873 626 50,375 509,574 1,423

Total liabilities 65,478 10,873 14,973,233 5,507,571 766,164 8,240,289

Total net assets 3,962,973 5,183,611 50,002,078 88,723,505 173,326,906 10,445,632

****: The Fund commenced trading on 25 May 2012.

*****: The Fund commenced trading on 31 May 2012.



Three year summary of Net Asset Values as at 31 May 2012

Currency 31 May 2012 31 May 2011 31 May 2010

BlackRock Americas Diversified Equity Absolute Return Fund*Total net assets USD 6,805,522 – –Net asset value per:

A Class non-distributing hedged share EUR 105.07 – –

A Class UK reporting non-distributing fund share GBP hedged GBP 108.44 – –

A Class non-distributing share USD 105.15 – –

A Class non-distributing hedged share SEK 105.06 – –

D Class non-distributing hedged share EUR 104.81 – –

BlackRock Asia Extension Fund**Total net assets USD 9,075,074 – –Net asset value per:

A Class UK reporting non-distributing fund share GBP hedged GBP 90.73 – –


D Class non-distributing share USD 90.77 – –

E Class non-distributing share USD 90.59 – –

BlackRock Emerging Markets Extension Fund**Total net assets USD 8,863,137 – –Net asset value per:


D Class non-distributing share USD 88.75 – –

E Class non-distributing share USD 88.49 – –

BlackRock Euro Dynamic Diversified Growth FundTotal net assets EUR 66,828,783 17,761,370 –Net asset value per:

A Class non-distributing share EUR 99.03 102.16 –

A Class non-distributing hedged share SEK 99.54 – –

D Class non-distributing share EUR 99.69 102.22 –

E Class non-distributing share EUR 98.91 – –

I Class non-distributing share EUR 100.17 102.45 –

X Class non-distributing share EUR 100.46 – –

BlackRock European Absolute Return FundTotal net assets EUR 418,453,107 119,692,214 80,583,277Net asset value per:

A Class non-distributing share EUR 118.77 106.46 103.67

A Class distributing share EUR 118.76 106.46 103.65

D Class non-distributing share EUR 120.20 107.32 104.16

D Class non-distributing hedged share CHF 120.08 – –

E Class non-distributing share EUR 117.46 105.71 103.30

I Class non-distributing share EUR 120.22 – –

BlackRock European Credit Strategies FundTotal net assets EUR 473,259,688 145,400,755 –Net asset value per:

H Class non-distributing share EUR 104.64 102.35 –

H Class UK reporting non-distributing fund share GBP hedged GBP 104.65 102.40 –

H Class non-distributing hedged share USD 104.42 – –


I Class UK reporting non-distributing fund share GBP hedged GBP 105.14 102.41 –

I Class non-distributing hedged share USD 104.74 – –

X Class non-distributing share EUR 107.81 103.45 –

X Class UK reporting non-distributing fund share GBP hedged GBP 105.57 – –




Three year summary of Net Asset Valuesas at 31 May 2012 continued


BlackRock European Diversified Equity Absolute Return FundTotal net assets EUR 225,899,516 674,914,313 –Net asset value per:

A Class non-distributing hedged share CHF 98.56 113.39 –


A Class UK reporting non-distributing fund share GBP hedged GBP 100.06 113.97 –

A Class non-distributing hedged share SEK 100.49 112.89 –

D Class UK reporting non-distributing fund share EUR 100.74 114.34 –

D Class UK reporting non-distributing fund share GBP hedged GBP 100.63 113.99 –

D Class non-distributing hedged share USD 97.94 111.39 –

E Class non-distributing share EUR 98.90 113.39 –


I Class UK reporting non-distributing fund share GBP hedged GBP 101.07 114.22 –


BlackRock European Opportunities Absolute Return FundTotal net assets EUR 22,780,307 9,921,579 –Net asset value per:


D Class non-distributing share EUR 104.22 – –

D Class UK reporting non-distributing fund share GBP hedged GBP 104.34 – –

E Class non-distributing share EUR 103.44 99.69 –


BlackRock European Opportunities Extension FundTotal net assets EUR 10,575,753 34,621,130 42,598,490Net asset value per:


A Class UK reporting distributing fund share GBP 80.44 94.19 75.47

D Class non-distributing share EUR 101.47 – –


BlackRock Fixed Income Strategies FundTotal net assets EUR 67,454,855 60,297,267 39,100,014Net asset value per:


D Class non-distributing share EUR 104.12 103.81 100.94




BlackRock Fund of iShares - ConservativeTotal net assets EUR 1,309,304 1,013,909 –Net asset value per:

K Class non-distributing share EUR 10.34 10.17 –

L Class non-distributing share EUR 10.24 10.14 –

M Class non-distributing share EUR 10.20 10.12 –

BlackRock Fund of iShares - DynamicTotal net assets EUR 1,718,713 962,404 –Net asset value per:




BlackRock Fund of iShares - GrowthTotal net assets EUR 3,962,973 2,361,887 –Net asset value per:



M Class UK reporting non-distributing fund share EUR 9.80 10.42 –



Three year summary of Net Asset Valuesas at 31 May 2012 continued


BlackRock Fund of iShares - ModerateTotal net assets EUR 5,183,611 1,924,160 –Net asset value per:




BlackRock Global Absolute Return Bond Fund****Total net assets EUR 50,002,078 – –Net asset value per:

A Class non-distributing share EUR 99.99 – –

X Class non-distributing share EUR 100.00 – –

BlackRock Global Currency Absolute Return FundTotal net assets USD 88,723,505 96,534,151 59,851,587Net asset value per:

A Class non-distributing share USD 99.19 103.23 104.77

X Class non-distributing share USD 103.81 106.75 106.98

X Class UK reporting distributing fund share GBP hedged GBP 104.98 107.26 107.12

BlackRock Latin American Opportunities FundTotal net assets USD 173,326,906 240,378,746 78,541,418Net asset value per:


A Class UK reporting non-distributing fund share GBP hedged GBP 71.97 92.17 70.17

A Class non-distributing share USD 115.57 157.85 106.09

C Class non-distributing share USD 109.18 150.65 102.11

BlackRock Mining Opportunities Fund*****Total net assets USD 10,445,632 – –Net asset value per:

D Class UK reporting non-distributing fund share USD 99.48 – –




Statement of Operations and Changes in Net Assetsfor the year ended 31 May 2012

BlackRockStrategic

FundsCombined

BlackRock Americas

Diversified Equity

Absolute Return Fund*

BlackRock Asia

Extension Fund**

BlackRock Emerging

Markets Extension

Fund**

BlackRock Euro

Dynamic Diversified

Growth Fund

BlackRock European Absolute

Return Fund

Notes US$ US$ US$ US$ € €

Net assets at the beginning of the year 1,877,042,179 – – – 17,761,370 119,692,214Income

Bank interest 3,797,288 – 7 – 43,510 582,589

Bond interest 18,558,246 74 1,203 798 110,943 –

Interest on swaps, net 25,862 – – – 20,916 –

Dividends 8,101,239 – – – 41,398 2,295,515

Dividends on contracts for difference, net 2(d) 6,315,444 5,331 86,838 138,104 – 35,939

Other income 8,255 – – – 6,676 –

Total income 36,806,334 5,405 88,048 138,902 223,443 2,914,043

Expenses

Bank interest 5,846 – – – – –

Interest on contracts for difference, net 2(d) 17,332,199 61,556 50,394 44,457 – 293,370

Interest on swaps, net 7,570,672 – – – – –

Dividends on contracts for difference, net 2(d) 407,398 – – – – –

Administration fees 5 3,586,862 5,147 9,646 8,785 42,140 610,621

Custodian and depositary fees 6 577,579 46 297 297 12,365 39,416

Custodian transaction fees 6 1,306,318 2,241 14,593 14,593 20,022 103,200

Luxembourg tax 8 626,125 1,236 2,203 1,982 9,783 119,827

Management fees 4 18,391,751 24,548 46,874 43,913 174,015 2,641,558

Performance fees 7 8,188,610 62,971 1,868 1 – 5,085,281

Distribution fees 4 489,324 – 15 15 26 58,670

Belgium tax 8 2,792 – – – – –

Brazilian transaction tax 9 505,335 – – – – –

Other charges 2,283 – – – – –

Total expenses before reimbursement 58,993,094 157,745 125,890 114,043 258,351 8,951,943

Reimbursement of expenses 4 155,706 – 22,988 3,372 – –

Total expenses after reimbursement 58,837,388 157,745 102,902 110,671 258,351 8,951,943

Net income/(deficit) (22,031,054) (152,340) (14,854) 28,231 (34,908) (6,037,900) Net gain/(loss) realised on:

Investments (51,681,063) 4,928 (5,348) 79,499 (297,082) 3,669,349

Contracts for difference 2(b) (18,920,052) 189,019 (333,693) (140,666) – 13,241,909

Futures contracts (1,282,917) – 16,780 408 (143,752) 5,877,292

Currencies 20,875,732 (23,125) 79 – 220,304 94,956

Swap transactions 15,938,292 – – – – –

Options contracts (5,225,510) – – – (40,573) –

Net realised gain/(loss) for the year (40,295,518) 170,822 (322,182) (60,759) (261,103) 22,883,506

Net change in unrealised appreciation/

(depreciation) on:

Investments (41,684,826) 1,684 3,102 2,041 793,740 (4,458,793)

Contracts for difference 2(b) 16,049,895 168,761 (711,602) (1,106,920) – 7,256,718

Futures contracts 3,214,652 – – – 76,922 2,882,587

Currencies (10,734,488) (75,361) (199) – (1,166,340) (3,937)

Swap transactions 8,317,300 – – – (73,434) –

Options contracts 1,546,500 – – – 21,661 –

Net change in unrealised appreciation/(depreciation) for the year (23,290,967) 95,084 (708,699) (1,104,879) (347,451) 5,676,575

Increase/(Decrease) in net assets as a result of operations (85,617,539) 113,566 (1,045,735) (1,137,407) (643,462) 22,522,181

Movements in share capital

Net receipts as a result of issue of shares 1,352,990,428 7,250,948 11,497,388 10,000,544 61,444,418 336,337,091

Net payments as a result of repurchase of shares (962,210,131) (558,992) (1,376,579) – (11,733,543) (60,098,379)

Increase/(Decrease) in net assets as a result of movements in share capital 390,780,297 6,691,956 10,120,809 10,000,544 49,710,875 276,238,712

Foreign exchange valuation movement 2(f) (216,631,172)

Net assets at the end of the year 1,965,573,765 6,805,522 9,075,074 8,863,137 66,828,783 418,453,107





BlackRock European

Credit Strategies

Fund

BlackRock European

Diversified Equity

Absolute Return Fund

BlackRock European

Opportunities Absolute

Return Fund

BlackRock European

Opportunities Extension

Fund

BlackRock Fixed

Income Strategies

Fund

BlackRock Fund of

iShares - Conservative

BlackRock Fund of

iShares - Dynamic

Notes € € € € € € €

Net assets at the beginning of the year 145,400,755 674,914,313 9,921,579 34,621,130 60,297,267 1,013,909 962,404IncomeBank interest 130,658 2,162,635 42,332 38,550 37,488 21 42

Bond interest 11,805,041 348,885 – – 2,658,061 – –

Interest on swaps, net – – – – – – –

Dividends – – 184,913 252,546 – 22,911 29,774

Dividends on contracts for difference, net 2(d) – 4,722,049 – 156,341 – – –

Other income – – – – – – –

Total income 11,935,699 7,233,569 227,245 447,437 2,695,549 22,932 29,816

ExpensesBank interest – – – – – – –

Interest on contracts for difference, net 2(d) – 13,445,972 54,567 77,106 – – –

Interest on swaps, net 6,017,708 – – – 96,299 – –

Dividends on contracts for difference, net 2(d) – – 329,011 – – – –

Administration fees 5 268,471 1,220,339 16,732 55,726 90,554 1,051 1,347

Custodian and depositary fees 6 46,601 9,254 3,550 1,203 12,663 4,668 4,728

Custodian transaction fees 6 117,179 453,441 66,856 67,978 82,439 7,514 5,400

Luxembourg tax 8 63,895 178,149 3,236 7,982 21,378 567 721

Management fees 4 2,170,877 5,509,533 188,374 278,626 227,470 6,306 8,081

Performance fees 7 1,139,416 1,329 69,361 262,826 – – –

Distribution fees 4 – 243,243 2,904 1,123 3,618 1,074 3,503

Belgium tax 8 – 1,899 105 – – – –

Brazilian transaction tax 9 – – – – – – –

Other charges – – 342 1,502 – – –

Total expenses before reimbursement 9,824,147 21,063,159 735,038 754,072 534,421 21,180 23,780

Reimbursement of expenses 4 – – 3,697 13,072 13,753 13,710 13,496

Total expenses after reimbursement 9,824,147 21,063,159 731,341 741,000 520,668 7,470 10,284

Net income/(deficit) 2,111,552 (13,829,590) (504,096) (293,563) 2,174,881 15,462 19,532Net gain/(loss) realised on:

Investments (7,857,498) (20,300,847) (328,866) (3,415,166) 567,411 (14,776) (63,720)

Contracts for difference 2(b) – (30,791,202) 1,698,298 801,769 – – –

Futures contracts (2,114,022) (1,793,101) (147) 1,855 (2,878,287) – –

Currencies 12,237,891 6,306,867 38,716 839,557 (86,706) 935 1,822

Swap transactions 12,777,250 – – – 94,371 – –

Options contracts 394,542 (1,221,513) – – (108,074) – –

Net realised gain/(loss) for the year 15,438,163 (47,799,796) 1,408,001 (1,771,985) (2,411,285) (13,841) (61,898)


(depreciation) on:

Investments 3,974,915 (33,033) (510,000) (1,025,226) 2,319,549 15,266 (78,232)

Contracts for difference 2(b) – 7,389,111 (17,479) (334,267) – – –

Futures contracts (187,512) – – – (175,761) – –

Currencies (372,925) (773,138) (3,542) 101,147 (948,338) 113 714

Swap transactions 7,402,344 – – – (612,040) – –

Options contracts (20,943) – – – 48,018 – –

Net change in unrealised appreciation/(depreciation) for the year 10,795,879 6,582,940 (531,021) (1,258,346) 631,428 15,379 (77,518)

Increase/(Decrease) in net assets as a result of operations 28,345,594 (55,046,446) 372,884 (3,323,894) 395,024 17,000 (119,884)

Movements in share capitalNet receipts as a result of issue of shares 392,648,958 112,127,379 19,852,012 3,798,317 25,370,924 987,009 1,479,360

Net payments as a result of repurchase of shares (93,135,619) (506,095,730) (7,366,168) (24,519,800) (18,608,360) (708,614) (603,167)

Increase/(Decrease) in net assets as a result of movements in share capital 299,513,339 (393,968,351) 12,485,844 (20,721,483) 6,762,564 278,395 876,193

Foreign exchange valuation movement 2(f)

Net assets at the end of the year 473,259,688 225,899,516 22,780,307 10,575,753 67,454,855 1,309,304 1,718,713

Statement of Operations and Changes in Net Assets for the year ended 31 May 2012 continued


BlackRock Fund of

iShares - Growth

BlackRock Fund of

iShares - Moderate

BlackRock Global

Absolute Return

Bond Fund****

BlackRock Global

Currency Absolute

Return Fund

BlackRock Latin

American Opportunities

Fund

BlackRockMining

Opportunities Fund*****

Notes € € € US$ US$ US$

Net assets at the beginning of the year 2,361,887 1,924,160 – 96,534,151 240,378,746 –Income

Bank interest 130 139 – 35,438 – –

Bond interest – – – 19,670 58,375 –

Interest on swaps, net – – – – – –

Dividends 68,081 80,044 – – 4,417,293 –

Dividends on contracts for difference, net 2(d) – – – – – –

Other income – – – – – –

Total income 68,211 80,183 – 55,108 4,475,668 –

ExpensesBank interest – – – – 5,846 –

Interest on contracts for difference, net 2(d) – – – – – –

Interest on swaps, net – – – – – –

Dividends on contracts for difference, net 2(d) – – – – – –

Administration fees 5 3,119 3,583 68 75,083 623,187 86

Custodian and depositary fees 6 5,246 5,279 33 17,000 380,401 7

Custodian transaction fees 6 9,598 11,689 510 75,563 28,071 123

Luxembourg tax 8 1,660 2,005 14 16,653 96,436 919

Management fees 4 18,712 21,497 – 197,668 4,154,585 288

Performance fees 7 – – – – 3,059 –

Distribution fees 4 2,302 1,254 – – 95,881 –

Belgium tax 8 – – – – 311 –

Brazilian transaction tax 9 – – – – 505,335 –

Other charges – – – – – –

Total expenses before reimbursement 40,637 45,307 625 381,967 5,893,112 1,423

Reimbursement of expenses 4 22,415 24,316 – – – –

Total expenses after reimbursement 18,222 20,991 625 381,967 5,893,112 1,423

Net income/(deficit) 49,989 59,192 (625) (326,859) (1,417,444) (1,423) Net gain/(loss) realised on:

Investments (98,667) (38,887) – 4,867 (16,873,192) –

Contracts for difference 2(b) – – – – – –

Futures contracts – – – – – –

Currencies 14,028 6,284 – 3,387,312 (6,850,288) –

Swap transactions – – – – – –

Options contracts – – – (4,017,524) – –

Net realised gain/(loss) for the year (84,639) (32,603) – (625,345) (23,723,480) –


(depreciation) on: –

Investments (59,242) 11,421 (1,078) 2,215 (42,792,167) (75,727)

Contracts for difference 2(b) – – – – – –

Futures contracts – – – – – –

Currencies 454 615 (219) (6,722,797) (41,460) 22,782

Swap transactions – – – – – –

Options contracts – – – 1,486,192 – –

Net change in unrealised appreciation/(depreciation) for the year (58,788) 12,036 (1,297) (5,234,390) (42,833,627) (52,945)

Increase/(Decrease) in net assets as a result of operations (93,438) 38,625 (1,922) (6,186,594) (67,974,551) (54,368)

Movements in share capital

Net receipts as a result of issue of shares 1,870,445 4,022,626 50,004,000 75,098 63,215,176 10,500,000

Net payments as a result of repurchase of shares (175,921) (801,800) – (1,699,150) (62,292,465) –

Increase/(Decrease) in net assets as a result of movements in share capital 1,694,524 3,220,826 50,004,000 (1,624,052) 922,711 10,500,000

Foreign exchange valuation movement 2(f)

Net assets at the end of the year 3,962,973 5,183,611 50,002,078 88,723,505 173,326,906 10,445,632



Statement of Operations and Changes in Net Assets for the year ended 31 May 2012 continued



Statement of Changes in Shares Outstandingas at 31 May 2012

Shares outstanding at the beginning

of the yearSharesissued

Sharesrepurchased

Shares outstanding at the end

of the year

BlackRock Americas Diversified Equity Absolute Return Fund*A Class non-distributing hedged share EUR – 1,060 293 767

A Class UK reporting non-distributing fund share GBP hedged – 30 – 30

A Class non-distributing hedged share SEK – 330 – 330

A Class non-distributing share USD – 49,950 – 49,950

D Class non-distributing hedged share EUR – 14,940 3,818 11,122

BlackRock Asia Extension Fund**A Class UK reporting non-distributing fund share GBP hedged – 32 – 32

A Class non-distributing share USD – 99,803 – 99,803

D Class non-distributing share USD – 14,551 14,450 101

E Class non-distributing share USD – 101 – 101

BlackRock Emerging Markets Extension Fund**A Class non-distributing share USD – 99,804 – 99,804

D Class non-distributing share USD – 101 – 101

E Class non-distributing share USD – 101 – 101

BlackRock Euro Dynamic Diversified Growth FundA Class non-distributing share EUR 9,028 46,857 3,823 52,062

A Class non-distributing hedged share SEK – 165,409 1,302 164,107

D Class non-distributing share EUR 64,613 123,635 13,942 174,306

E Class non-distributing share EUR – 301 – 301

I Class non-distributing share EUR 99,900 234,855 101,387 233,368

X Class non-distributing share EUR – 189,863 – 189,863

BlackRock European Absolute Return FundA Class non-distributing share EUR 628,379 1,193,288 270,412 1,551,255

A Class distributing share EUR 16,297 75,825 17,959 74,163

D Class non-distributing share EUR 390,162 1,406,850 223,456 1,573,556

D Class non-distributing hedged share CHF – 56,487 1,155 55,332

E Class non-distributing share EUR 86,937 101,833 12,367 176,403

I Class non-distributing share EUR – 83,289 – 83,289

BlackRock European Credit Strategies FundH Class non-distributing share EUR 280,008 130,528 91,783 318,753

H Class UK reporting non-distributing fund share GBP hedged 482,557 1 477,557 5,001

H Class non-distributing hedged share USD – 22,715 182 22,533

I Class non-distributing share EUR – 1,099,470 9,633 1,089,837

I Class UK reporting non-distributing fund share GBP hedged 163,944 295,029 24,723 434,250

I Class non-distributing hedged share USD – 609,574 58,014 551,559

X Class non-distributing share EUR 396,665 1,153,399 150,000 1,400,064

X Class UK reporting non-distributing fund share GBP hedged – 520,298 – 520,298

BlackRock European Diversified Equity Absolute Return FundA Class non-distributing hedged share CHF 2,694 46 1,250 1,490

A Class non-distributing share EUR 675,874 16,023 450,065 241,832

A Class UK reporting non-distributing fund share GBP hedged 30,924 1 28,496 2,429

A Class non-distributing hedged share SEK 6,638,673 2,856,073 4,315,690 5,179,056

D Class UK reporting non-distributing fund share EUR 2,684,818 491,123 2,492,261 683,680

D Class UK reporting non-distributing fund share GBP hedged 100,561 6,051 64,414 42,198

D Class non-distributing hedged share USD 545,141 80,548 544,175 81,514

E Class non-distributing share EUR 595,669 200 374,836 221,033


I Class UK reporting non-distributing fund share GBP hedged 135,172 1 – 135,173

X Class non-distributing share EUR 91 1 – 92



***: The Fund commenced trading on 21 September 2011.


Statement of Changes in Shares Outstandingas at 31 May 2012 continued

Shares outstanding at the beginning

of the yearSharesissued

Sharesrepurchased

Shares outstanding at the end

of the year

BlackRock European Opportunities Absolute Return FundA Class non-distributing share EUR 12,708 26,060 14,755 24,013

D Class non-distributing share EUR – 46,296 31,472 14,824

D Class UK reporting non-distributing fund share GBP hedged – 921 921



BlackRock European Opportunities Extension FundA Class non-distributing share EUR 312,025 32,706 248,619 96,112

A Class UK reporting distributing fund share GBP 2,925 3,262 6,187

D Class non-distributing share EUR – 35 35


BlackRock Fixed Income Strategies FundA Class non-distributing share EUR 35,351 9,548 39,645 5,254

D Class non-distributing share EUR 410,656 11,935 116,996 305,595


I Class non-distributing share EUR – 37 37

X Class non-distributing share EUR 129,260 221,956 19,160 332,056

BlackRock Fund of iShares - ConservativeK Class non-distributing share EUR 52,871 95,942 24,568 124,245

L Class non-distributing share EUR 43,235 1,148 43,768 615

M Class non-distributing share EUR 3,720 991 2,885 1,826

BlackRock Fund of iShares - DynamicK Class non-distributing share EUR 63,525 80,598 24,922 119,201

L Class non-distributing share EUR 3,119 66,468 31,898 37,689


BlackRock Fund of iShares - GrowthK Class non-distributing share EUR 181,252 184,479 5,003 360,728


M Class non-distributing share EUR 19,611 1,956 4,876 16,691

BlackRock Fund of iShares - ModerateK Class non-distributing share EUR 154,869 398,207 56,735 496,341



BlackRock Global Absolute Return Bond Fund****A Class non-distributing share EUR – 40 – 40

X Class non-distributing share EUR – 500,000 – 500,000

BlackRock Global Currency Absolute Return FundA Class non-distributing share USD 200,154 673 1,685 199,142

X Class non-distributing share USD 153,243 1 14,982 138,262

X Class UK reporting distributing fund share GBP hedged 336,727 109 – 336,836

BlackRock Latin American Opportunities FundA Class non-distributing share EUR 249,133 23,514 91,008 181,639

A Class UK reporting non-distributing fund share GBP hedged 11,688 254,382 6,911 259,159

A Class non-distributing share USD 1,215,821 169,129 362,557 1,022,393

C Class non-distributing share USD 99,945 1,648 45,888 55,705

BlackRock Mining Opportunities Fund*****D Class UK reporting non-distributing fund share USD – 105,000 – 105,000





BlackRock Americas Diversified Equity Absolute Return Fund

BONDS

United States US$ 300,000 Antalis Funding 0.00 % 6/6/2012

(Zero coupon) 299,987 4.41

US$ 250,000 Aspen Funding 0.00 % 29/6/2012

(Zero coupon) 249,950 3.67

US$ 250,000 Atlantis One Funding 0.00 %

12/10/2012 (Zero coupon) 249,611 3.67

US$ 300,000 Bank of Nova Scotia 1.00 % 30/8/2012 299,853 4.41

US$ 250,000 Chariot Funding 0.00 % 21/6/2012

(Zero coupon) 249,977 3.67

US$ 250,000 Fannie Mae Discount Notes 0.00 %

25/7/2012 (Zero coupon) 249,985 3.67

US$ 1,100,000 Federal Home Loan Discount 0.00 %

29/8/2012 (Zero coupon) 1,099,708 16.16

US$ 250,000 ING Funding 0.00 % 15/6/2012

(Zero coupon) 249,977 3.67

US$ 300,000 Jupiter Second Term 0.00 % 18/6/2012

(Zero coupon) 299,962 4.41

US$ 250,000 Metlife Term Funding 0.00 % 5/6/2012

(Zero coupon) 249,992 3.67

US$ 250,000 Mizuho Funding 0.00 % 5/7/2012

(Zero coupon) 249,951 3.67

US$ 300,000 Natixis 0.00 % 4/6/2012 (Zero coupon) 300,009 4.41

US$ 300,000 Nordea North America 0.00 %

14/8/2012 (Zero coupon) 299,843 4.41

US$ 250,000 Oversea-Chinese Banking 0.00 %

1/6/2012 (Zero coupon) 249,998 3.67

US$ 300,000 Rabobank 0.00 % 6/8/2012

(Zero coupon) 299,841 4.41

US$ 300,000 Svenska Handelsbanken AB 0.00 %

15/8/2012 (Zero coupon) 299,811 4.40

US$ 500,000 United States Treasury Bill 0.00 %

23/8/2012 (Zero coupon) 499,924 7.35

US$ 300,000 United States Treasury Bill 0.00 %

8/11/2012 (Zero coupon) 299,836 4.41

5,998,215 88.14

Total Bonds 5,998,215 88.14

Total Portfolio 5,998,215 88.14

Other Net Assets 807,307 11.86

Total Net Assets (US$) 6,805,522 100.00

Portfolio of Investments as at 31 May 2012

Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market

Holding Description Value (US$) %



United States continued

Open Forward Foreign Exchange Contractsas at 31 May 2012

Purchases Sales Maturity date

Unrealised profit/(loss)

US$

€ 1,513,948 US$ 1,959,019 15/6/2012 (84,286)

US$ 338,276 € 265,783 15/6/2012 9,155

SEK 35,946 US$ 5,190 15/6/2012 (236)

US$ 172 SEK 1,205 15/6/2012 6

Net unrealised loss (USD commitment - US$ 2,302,658) (75,361)

Sector Breakdownas at 31 May 2012

% of netassets

Financial 88.14

Other net assets 11.86

100.00


BlackRock Americas Diversified Equity Absolute Return Fund continued

Brazil 100 AES Tiete (86) 1,341

(600) Aliansce Shopping Centers 307 (5,165)

(5,600) All America Latina Logistica 7,120 (22,666)

100 Amil Participacoes (98) 903

(600) Anhanguera Educacional Participacoes 1,083 (7,146)

(1,800) B2W Cia Global Do Varejo 2,505 (5,242)

500 Banco ABC Brasil (1,172) 2,730

1,600 Banco Daycoval (3,056) 7,092

(1,500) Banco do Brasil 8,275 (14,734)

700 Banco Industrial e Comercial (658) 2,229

1,000 Banco Santander Brasil (2,814) 7,922

(2,400) BR Malls Participacoes 5,237 (25,198)

(1,200) BR Properties 950 (13,730)

300 Bradespar (1,135) 4,558

4,200 Brasil Brokers Participacoes (6,340) 12,294

(1,100) BRF - Brasil Foods 5,017 (16,875)

(3,600) Brookfield Incorporacoes 6,024 (6,184)

2,400 CCR (1,645) 18,279

(1,000) CCX Carvao da Colombia (3,396) (3,396)

(1,400) CETIP - Mercados Organizados 4,381 (19,605)

(400) Cia Brasileira de Distribuicao Grupo Pao

de Acucar 3,560 (15,223)

500 Cia de Bebidas das Americas (2,911) 18,483

300 Cia de Gas de Sao Paulo (1,388) 6,098

500 Cia de Saneamento Basico do Estado

de Sao Paulo (1,417) 17,373

(300) Cia de Saneamento de Minas

Gerais-COPASA 24 (6,662)

(900) Cia de Transmissao de Energia

Eletrica Paulista 2,803 (26,779)

750 Cia Energetica de Minas Gerais (599) 12,916

(800) Cia Energetica de Sao Paulo 4,012 (13,458)

900 Cia Energetica do Ceara (3,062) 15,584

900 Cia Hering (5,368) 18,156

(300) Cia Paranaense de Energia 1,100 (5,954)

(2,400) Cia Siderurgica Nacional 8,046 (15,341)

240 Cielo (503) 6,250

1,000 Cosan Industria e Comercio (3,485) 14,769

(3,700) Diagnosticos da America 5,603 (25,386)

(400) Direcional Engenharia 676 (1,856)

(2,400) Duratex 2,647 (11,290)

(1,000) EcoRodovias Infraestrutura e Logistica 737 (7,824)

(1,800) EDP - Energias do Brasil 1,321 (11,115)

(1,800) Eletropaulo Metropolitana Eletricidade

de Sao Paulo 11,155 (20,826)

(1,600) Equatorial Energia (402) (11,483)

(1,500) Estacio Participacoes (872) (18,229)

2,900 Even Construtora e Incorporadora (2,107) 9,247

2,500 Ez Tec Empreendimentos e Participacoes (5,108) 24,224

(1,000) Gerdau 2,331 (7,809)

(3,500) Gol Linhas Aereas Inteligentes 8,217 (14,184)

(4,100) Hypermarcas 7,249 (21,391)

1,500 Iochpe-Maxion (9,791) 18,710

(900) Itau Unibanco Holding 5,760 (12,594)

2,420 Itausa - Investimentos Itau (5,350) 10,034

700 JSL (634) 2,975

900 Klabin (569) 3,687

100 Kroton Educacional 130 1,444

(700) Light 2,742 (8,186)

(600) LLX Logistica 337 (681)

(1,700) Localiza Rent a Car 4,870 (25,812)

(2,800) Log-in Logistica Intermodal 377 (10,836)

2,300 Lojas Americanas (5,360) 13,612

(100) Lojas Renner 737 (2,875)

(200) Lupatech 287 (376)

(733) Lupatech (4) (4)

2,300 Magnesita Refratarios (2,555) 7,039

5,100 Marcopolo (2,384) 23,815

(100) Marisa Lojas 43 (1,136)

1,800 Metalurgica Gerdau (5,220) 17,512

(1,000) MPX Energia 9,681 (17,730)

(132) MPX Energia (1) (1)

100 MRV Engenharia e Participacoes (396) 426

100 Multiplan Empreendimentos Imobiliarios 114 2,339

1,200 Multiplus 3,237 27,342

900 Natura Cosmeticos (2,417) 19,040

2,500 Obrascon Huarte Lain Brasil (859) 20,472

3,300 Odontoprev (1,737) 17,120

(4,200) OGX Petroleo e Gas Participacoes 15,084 (21,043)

(100) Oi 291 (405)

2,100 OSX Brasil (3,587) 13,973

(4,300) Paranapanema 4,030 (4,648)

600 PDG Realty Empreendimentos

e Participacoes (1,795) 1,001

(200) Porto Seguro 391 (1,721)

(800) Positivo Informatica 868 (2,298)

(1,300) Profarma Distribuidora de Produtos

Farmaceuticos 2,308 (6,391)

800 QGEP Participacoes (1,868) 4,048

(100) Qualicorp 77 (853)

300 Raia Drogasil (108) 2,703

(2,200) Randon Participacoes 4,162 (10,034)

(2,900) Rossi Residencial 9,168 (7,658)

1,400 Santos Brasil Participacoes (5,274) 20,448

600 Sao Martinho (1,396) 5,923

(1,000) Sonae Sierra Brasil 113 (14,685)

1,600 Souza Cruz (1,563) 20,976

1,220 Sul America (3,990) 8,587

(800) Suzano Papel e Celulose 1,894 (2,085)

(2,900) Technos 4,162 (23,190)

(2,100) Tecnisa 3,053 (7,826)

5,800 Tereos Internacional (2,132) 7,759

800 Tim Participacoes (1,059) 3,945

800 Totvs (1,328) 13,600

(900) Tractebel Energia 989 (14,971)

(5,100) Usinas Siderurgicas de Minas Gerais 11,234 (22,078)

400 Vale (2,691) 7,134

100 Valid Solucoes (135) 1,372

(7,900) Viver Incorporadora e Construtora 3,736 (7,409)

(2,700) Weg 2,582 (27,028)

81,012

Chile (53) Cap 264 (1,802)

(184) Empresas COPEC 403 (2,421)

(7) Sociedad Quimica y Minera

de Chile 27 (371)

694

Mexico 1,800 Alfa (1,986) 22,701

14,884 Alsea (834) 17,367

5,700 America Movil (47) 6,691

(5,700) Arca Continental (1,451) (28,053)

(57,700) Axtel 8,307 (12,487)

13,700 Bolsa Mexicana de Valores (2,266) 24,641

3,216 Cemex (761) 1,737

(500) Coca-Cola Femsa (315) (5,718)

(12,600) Compartamos 1,452 (13,281)

Contracts For Difference as at 31 May 2012

Holding Description

Unrealisedprofit/(loss)

US$

ValueUS$ Holding Description


US$

ValueUS$

Brazil continued




(5,800) Consorcio ARA 311 (1,633)

6,700 Corp GEO (3,368) 6,363

(600) Desarrolladora Homex 467 (1,283)

(2,700) El Puerto de Liverpool 2,285 (19,438)

(4,600) Empresas ICA 1,690 (6,824)

(11,100) Genomma Lab Internacional 3,305 (19,202)

10,100 Gruma (3,877) 22,332

7,800 Grupo Aeromexico (2,278) 10,964

(3,600) Grupo Aeroportuario del Centro Norte 117 (6,603)

(2,800) Grupo Aeroportuario del Pacifico 886 (9,619)

2,300 Grupo Aeroportuario del Sureste 639 16,542

(11,900) Grupo Bimbo 2,537 (25,079)

(8,500) Grupo Carso 973 (25,188)

(3,200) Grupo Comercial Chedraui 494 (7,721)

(470) Grupo Elektra 18,576 (17,282)

(7,200) Grupo Famsa 1,382 (5,905)

1,200 Grupo Financiero Banorte (270) 5,403

(11,600) Grupo Financiero Inbursa 916 (23,853)

3,600 Grupo Mexico (2,166) 9,339

(2,700) Grupo Modelo (1,426) (19,345)

8,600 Grupo Simec 788 25,756

4,300 Grupo Televisa (2,276) 16,383

5,700 Industrias CH (1,456) 24,137

(315) Industrias Penoles 3,070 (11,737)

(11,000) Kimberly-Clark de Mexico 2,156 (19,368)

2,300 Megacable Holdings (746) 4,349

7,600 Mexichem (2,323) 25,954

(6,500) Minera Frisco 3,477 (25,494)

(13,500) OHL Mexico 8,122 (14,466)

700 Organizacion Soriana (29) 1,852

127,200 Sare Holding (6,410) 10,423

(42,800) TV Azteca 1,937 (25,480)

21,300 Urbi Desarrollos Urbanos (7,218) 17,872

(3,200) Wal-Mart de Mexico 1,014 (8,030)

23,398

United States (864) 3D Systems (4,545) (25,618)

(2,024) 8x8 483 (8,197)

(3,648) A123 Systems 4,036 (3,320)

(632) AAON 314 (11,882)

746 Aaron’s 140 19,605

(497) Abaxis (2,255) (15,924)

361 Abercrombie & Fitch (3,717) 11,924

(788) ABM Industries 1,474 (16,627)

(1,928) Abraxas Petroleum 2,185 (5,167)

844 Acacia Research (4,950) 28,603

(300) Acadia Healthcare (366) (5,109)

(17) Accelrys (8) (130)

(180) Accenture 260 (10,307)

(75) ACCO Brands (677) (676)

500 Accretive Health 199 5,700

(1,498) Accuray 1,892 (8,868)

189 Aceto 32 1,607

(1,141) Achillion Pharmaceuticals 2,794 (8,227)

(1,706) ACI Worldwide 929 (65,613)

549 Acorda Therapeutics (1,724) 11,825

(370) Acorn Energy 920 (3,237)

(650) Active Network 1,511 (9,146)

(1,725) Activision Blizzard 871 (20,433)

1,109 Actuant (2,409) 28,612

(150) Actuant (23) (3,870)

908 Actuate 355 6,093

103 Acuity Brands (12) 5,512

3,228 Acura Pharmaceuticals (548) 9,490

(800) ADA-ES (702) (20,840)

327 Adams Resources & Energy (1,305) 11,416

(277) Adobe Systems 257 (8,609)

(493) ADTRAN 865 (14,213)

277 Advance Auto Parts (5,186) 19,922

(733) Advanced Energy Industries (1,418) (9,888)

(1,783) Advanced Micro Devices 2,601 (10,716)

(8,316) Advantage Oil & Gas 5,593 (23,229)

243 Advent Software 166 6,289

(309) Advisory Board (4,088) (29,633)

671 AECOM Technology (814) 10,843

1,553 Aecon Group (341) 17,728

(100) Aegerion Pharmaceuticals 255 (1,458)

(844) Aegion 1,639 (13,293)

(334) Aeropostale 655 (6,106)

1,340 AES (104) 16,442

(2,947) AES (12) (36,160)

(918) Aetna (1,146) (37,363)

(536) Affymax (906) (7,434)

244 Aflac (63) 9,565

300 AG Mortgage Investment Trust 17 5,997

310 AGCO (1,136) 12,502

(2,459) AGF Management 10,772 (27,498)

99 Agilent Technologie (40) 4,018

1,059 Agilysys (793) 7,487

(277) Agnico-Eagle Mines (1,017) (10,437)

278 Agree Realty (443) 5,752

(270) Agrium 2,359 (20,805)

996 AH Belo (727) 4,044

6,821 Aimia (206) 87,392

82 Air Lease (32) 1,700

(212) Air Methods (1,275) (19,402)

(19) Air Products & Chemicals 22 (1,496)

871 Air Transport Services Group (823) 4,355

2,460 Aircastle (4,072) 27,208

(244) AK Steel Holding 326 (1,481)

(221) Akamai Technologies 12 (6,369)

(629) Akorn (813) (8,580)

(634) Alacer Gold 2,175 (3,591)

(781) Alamos Gold 219 (13,892)

97 Alaska Air Group 124 3,266

(703) Albany International 3,667 (12,900)

3,279 Albany Molecular Research (727) 8,788

774 Alcoa (540) 6,517

748 Alere (2,493) 13,733

(149) Alexander & Baldwin (205) (7,517)

184 Alexion Pharmaceuticals 330 16,720

3,637 Algonquin Power & Utilities (716) 21,765

299 Alico 505 7,415

2,117 Alimentation Couche Tard 14,557 82,130

(100) Alimera Sciences (116) (280)

(697) Alkermes 1,252 (10,995)

32 Alleghany (24) 10,433

1,112 Allegheny Technologies (3,165) 35,684

(235) Allegiant Travel (1,398) (15,193)

(287) Alliance Fiber Optic Products 306 (2,371)

676 Alliance HealthCare Services (250) 710

(2,121) Alliance One International 856 (6,087)

(340) Allied Nevada Gold 1,542 (8,806)

200 Allied Nevada Gold (677) 5,171

(235) Allied World Assurance Holdings AG 437 (17,609)

6,311 Allos Therapeutics (176) 11,297

664 Allscripts Healthcare Solutions (3,597) 7,271

(75) Allscripts Healthcare Solutions (15) (821)

(44) Alpha & Omega Semiconductor 46 (393)

261 Alphatec Holdings (118) 431

2,920 AltaGas (5,312) 82,271


Holding Description


US$



US$

ValueUS$

United States continued Mexico continued



266 Altera (1,585) 8,938

(739) Altera 257 (24,830)

(15) AM Castle 41 (158)

(90) Amazon.com 1,188 (18,755)

(3,061) Ambassadors Group 1,181 (15,427)

(784) AMCOL International 1,228 (22,258)

982 Amdocs (98) 28,282

106 Ameren 16 3,415

736 America Movil (159) 17,289

60 America’s Car-Mart (133) 2,568

(41) American Axle & Manufacturing Holdings 155 (369)

594 American Capital 243 5,483

(720) American Capital Agency (1,469) (23,386)

850 American Capital Mortgage Investment 1,415 20,052

496 American Eagle Outfitters (454) 9,503

530 American Equity Investment Life Holding (990) 5,512

(34) American Greetings 50 (469)

95 American International (33) 2,716

(10) American National Bankshares 7 (219)

154 American National Insurance (1,121) 10,338

1,754 American Public Education (16,176) 50,787

300 American Safety Insurance Holdings (680) 5,331

(6,142) American Superconductor 1,804 (23,708)

122 American Woodmark 301 2,014

(884) Amerigon 2,860 (10,599)

126 Amerigroup (143) 7,745

(12) Ameriprise Financial 5 (568)

15 Ameriprise Financial (15) 711

888 AmerisourceBergen (246) 32,598

278 Ameristar Casinos (262) 5,074

(76) Ames National 16 (1,613)

132 Amgen (14) 9,138

(145) Amicus Therapeutics 225 (695)

449 Ampco-Pittsburgh (626) 7,045

(3,400) Ampio Pharmaceuticals (154) (10,982)

(89) Amtech Systems 227 (400)

(218) Amylin Pharmaceuticals 108 (5,908)

(4,454) Amyris 6,544 (11,358)

200 Anacor Pharmaceuticals (174) 1,042

245 Anadarko Petroleum (1,914) 14,876

(938) Anadigics 396 (1,838)

938 Ancestry.com (915) 20,373

3,040 AngioDynamics (1,768) 36,176

279 Anika Therapeutics 59 3,790

(2,724) Annaly Capital Management (215) (45,028)

(16) Ansys – (986)

(5,314) Antares Pharma (495) (14,667)

500 Anthera Pharmaceuticals (44) 955

1,335 Anworth Mortgage Asset 166 8,958

19 AO Smith 26 864

(250) AOL (197) (6,705)

(1,292) Aon 1,733 (59,962)

294 Apache (4,173) 23,693

375 Apollo Group (5,680) 11,884

2,713 Apollo Investment 208 20,076

565 Apollo Residential Mortgage 580 10,526

62 Apple 2,513 35,761

1,768 Applied Materials (595) 18,308

(966) Applied Micro Circuits 1,622 (5,202)

(787) Approach Resources 6,001 (21,540)

(98) Aptargroup 375 (4,903)

(4,372) Aqua America (1,165) (100,775)

747 Arbor Realty Trust 425 4,415

(2,072) ARC Resources (3,493) (42,161)

(474) Arch Coal 3,541 (3,171)

322 Arctic Cat 288 11,483

(2) Arden Group 5 (167)

(1,765) Arena Pharmaceuticals (7,907) (11,384)

301 Ares Capital (57) 4,503

783 Argan (569) 10,766

(1,400) Argonaut Gold 27 (11,026)

(726) Ariad Pharmaceuticals (1,213) (11,819)

36 Arkansas Best (249) 450

454 Arlington Asset Investment (418) 10,124

(3,700) Armour Residential REIT (868) (25,789)

(35) Armstrong World Industries 48 (1,599)

(312) Arqule 624 (1,813)

(1,877) Arris Group 1,176 (23,181)

(333) Arrow Financial 648 (7,935)

(77) Artesian Resources 36 (1,455)

2,030 ArthroCare 1,302 52,333

758 Aruba Networks (1,775) 9,990

(70) Asbury Automotive Group 48 (1,821)

2,758 Ashford Hospitality Trust (2,132) 22,781

(504) Aspen Insurance Holdings (47) (14,052)

(660) Aspen Technology (49) (14,223)

1,821 Aspen Technology 2,191 39,243

131 Assisted Living Concepts (486) 1,717

1,541 Associated Banc (1,186) 19,216

715 Assured Guaranty (1,332) 8,537

93 Asta Funding 118 828

5,835 Astex Pharmaceuticals (509) 10,036

(278) Astoria Financial 173 (2,460)

(59) Astronics 555 (1,526)

(641) AT&T (506) (21,788)

1,244 Atco 4,341 85,580

(300) Athabasca Oil 402 (3,000)

(153) athenahealth (165) (11,063)

(4,390) Atlantic Power 3,288 (59,221)

(6,427) Atlantic Power 4,681 (86,832)

(243) Atlantic Tele-Network 1,686 (7,975)

(1,313) Atlas Air Worldwide Holdings 1,738 (59,545)

282 Atmel (28) 1,988

(685) Atmel 2,424 (4,829)

47 Atmos Energy 41 1,543

472 ATP Oil & Gas (647) 2,440

74 Atrion (2,062) 14,727

(377) Atwood Oceanics 2,789 (14,496)

(2,179) AuRico Gold 2,354 (16,632)

542 Aurizon Mines (220) 2,618

55 Autodesk (336) 1,744

(192) Autoliv 205 (11,011)

(3) Automatic Data Processing 2 (157)

20 AutoZone 32 7,506

2,580 Auxilium Pharmaceuticals 1,114 49,020

769 Avago Technologies (841) 25,354

(8,849) AVANIR Pharmaceuticals 456 (25,574)

158 AVG Technologies (77) 2,198

1,348 Aviat Networks (264) 3,397

(151) Avis Budget Group 262 (2,117)

28 Avnet (156) 853

(377) Axis Capital Holdings 795 (12,283)

(266) B&G Foods (175) (6,336)

2,389 B2Gold (1,962) 7,160

558 Babcock & Wilcox (1,144) 13,487

(252) Badger Meter (466) (8,964)

(618) Baker Hughes 209 (25,968)

397 Balchem (1,217) 11,378

(56) Baldwin & Lyons 20 (1,201)

5,022 Ballantyne Strong 3,373 32,091

(347) Bally Technologies (174) (15,858)

119 Bancfirst (447) 4,479

474 Banco Santander Brasil (1,330) 3,735

153 Banco Santander Chile (1,377) 11,256


Holding Description


US$



US$

ValueUS$

United States continued United States continued




(381) BancorpSouth 24 (5,037)

103 Bank Mutual (21) 353

(1,606) Bank of Montreal 8,496 (84,922)

1,737 Bank of Nova Scotia (5,854) 88,261

(717) Bankers Petroleum 1,956 (1,405)

698 Bankrate (1,623) 12,006

(100) BankUnited 84 (2,352)

100 BankUnited (22) 2,352

746 Banro (434) 2,995

950 Barnes Group (270) 21,850

1,337 Barrick Gold (4,198) 51,908

1,387 Basic Energy Services (6,204) 15,729

589 Baxter International (954) 30,057

1,120 Baytex Energy (9,420) 48,806

200 Bazaarvoice (342) 3,396

(2,115) BCE 1,205 (83,550)

766 Beacon Roofing Supply (55) 19,073

492 Becton Dickinson (626) 35,955

(210) Bel Fuse 459 (3,457)

(1,143) Bell Aliant 1,786 (29,189)

2,126 Bellatrix Exploration (2,488) 7,052

(571) Bemis 137 (17,113)

(945) Benchmark Electronics 4,122 (12,672)

39 Berkshire Hills Bancorp (39) 860

142 Berry Petroleum (52) 5,358

(279) Berry Petroleum 2,553 (10,527)

(101) Best Buy (74) (1,901)

(586) Big 5 Sporting Goods 684 (3,692)

594 Big Lots (246) 21,616

(200) Big Medicine 573 (998)

37 Biglari Holdings (557) 14,430

50 Bill Barrett (24) 963

282 Bio-Reference Labs (11) 5,454

234 Biogen Idec (295) 30,584

(2,846) Biolase 655 (6,859)

(316) BioMarin Pharmaceutical (520) (11,446)

566 BioMimetic Therapeutics 198 1,421

(330) Biotime 453 (1,353)

(2,094) Birchcliff Energy 6,855 (12,572)

(49) BJ’s Restaurants 60 (2,122)

293 Black Box 31 6,508

(306) Black Diamond (165) (2,754)

97 Blackbaud (27) 2,490

1,221 BlackPearl Resources (948) 4,571

(335) Blue Nile 330 (10,526)

116 BMC Software 352 4,906

400 Body Central (5,567) 5,812

145 Boeing (84) 10,066

696 Bombardier (592) 2,619

(117) Bon-Ton Stores 219 (628)

700 Bonanza Creek Energy 79 11,984

(2,363) Bonavista Energy 6,010 (40,428)

(314) Bonterra Energy 1,313 (14,177)

5 Boston Beer 7 521

388 Boston Private Financial Holdings (156) 3,442

2,481 Boston Scientific (395) 14,142

(661) Bottomline Technologies 5,288 (11,680)

448 Brady (101) 12,208

107 Braskem (639) 1,180

(200) Bravo Brio Restaurant Group 740 (3,322)

484 Bridgepoint Education (2,659) 9,399

(404) Bridgepoint Education 67 (7,846)

148 Brightcove (1,354) 1,850

298 Brightpoint (1,625) 1,416

934 Bristow Group (3,466) 37,024

(237) Broadcom 204 (7,539)

202 Broadridge Financial Solutions (602) 4,070

5,514 Broadwind Energy (2,384) 1,654

(863) Brookdale Senior Living 1,325 (14,015)

1,749 Brookfield Asset Management (997) 55,266

(3,367) Brookfield Office Properties 3,650 (55,874)

(832) Brooks Automation 2,004 (7,829)

(811) Brown Shoe (837) (9,578)

(8) Brown-Forman 7 (698)

(216) Brunswick 559 (4,592)

(438) Buckeye Technologies 123 (12,124)

2,300 Buckle (12,983) 90,160

2,165 Build-A-Bear Workshop (297) 9,937

666 Builders FirstSource 555 2,611

141 C&J Energy Services (468) 2,439

(85) C&J Energy Services (15) (1,470)

(413) CA 53 (10,284)

12 Cabela’s (6) 418

199 Cablevision Systems (48) 2,237

38 Cabot (123) 1,422

23 Cabot Microelectronics (407) 718

(108) Cabot Microelectronics 246 (3,371)

(69) Cabot Oil & Gas 178 (2,194)

870 CACI International (14,215) 37,410

(6,559) Cadence Pharmaceuticals 6,303 (18,004)

(1,354) Cadiz 1,852 (10,358)

(1,686) CAE 1,440 (16,303)

43 Caesars Entertainment (30) 514

(178) Caesars Entertainment 315 (2,129)

(1,505) CAI International 2,948 (27,692)

8 Cal-Maine Foods (29) 285

2,694 Calamos Asset Management (5,463) 29,230

1,396 CalAmp 2,519 8,488

(18) Calavo Growers 18 (493)

845 Calfrac Well Services (3,804) 18,350

(350) Calgon Carbon 822 (4,595)

(2,176) Callaway Golf 2,053 (11,946)

(4,627) Callidus Software 9,506 (23,783)

886 Callon Petroleum (3,069) 3,836

433 Calpine (14) 7,313

2,872 CAMAC Energy (325) 1,982

(100) Cambium Learning Group 179 (130)

1,571 Cambrex (383) 11,295

(529) Cameco 2,657 (10,025)

(40) Cameron International 98 (1,820)

(230) Campbell Soup 124 (7,332)

1,191 Canaccord Financial (3,111) 6,861

(1,271) Canadian Imperial Bank of Commerce 8,356 (87,893)

(1,090) Canadian National Railway (3,131) (88,168)

2,583 Canadian Natural Resources (12,924) 73,453

(598) Canadian Oil Sands 1,314 (11,727)

504 Canadian Tire Corp (2,121) 32,707

1,235 Canadian Utilities 1,991 81,032

1,021 Canadian Western Bank (3,616) 26,291

(253) Canexus (86) (2,034)

(1,132) Canfor 581 (12,055)

(100) Cape Bancorp 26 (825)

126 Capital City Bank Group (289) 834

(3,253) Capital Power 5,601 (72,534)

(675) CapitalSource 407 (4,198)

(3,077) Capitol Federal Financial 248 (35,786)

2,676 CapLease (817) 10,410

1,670 Capstead Mortgage 280 22,912

(1,389) Capstone Mining 1,420 (3,072)

(3,598) Capstone Turbine 648 (3,742)

(96) CARBO Ceramics 248 (7,813)

39 CARBO Ceramics (470) 3,174


Holding Description


US$



US$

ValueUS$




700 Carbonite (1,253) 5,341

44 Cardinal Health 26 1,814

(2,028) Cardiovascular Systems 241 (18,495)

175 CareFusion (360) 4,233

(638) CarMax 2,801 (17,832)

2,724 Carmike Cinemas 6,602 38,354

(498) Carnival (84) (15,846)

191 Carpenter Technology (284) 8,629

44 Carrizo Oil & Gas (87) 979

(1,406) Carrizo Oil & Gas 6,156 (31,284)

(174) Carter’s 372 (9,152)

610 Cash America International (717) 26,810

(397) Cass Information Systems 1,055 (14,510)

3,254 Casual Male Retail (555) 9,925

(128) Caterpillar 579 (11,059)

(745) Cathay General Bancorp 660 (12,129)

(249) Cavium 1,215 (5,685)

11 CBL & Associates Properties (9) 189

500 CBOE Holdings (95) 12,495

(300) CBOE Holdings 828 (7,497)

2,359 CCL Industries (968) 84,654

(103) Celadon Group 27 (1,558)

2,541 Celestica (4,861) 18,286

471 Celgene (459) 32,499

(1,038) Celtic Exploration 3,131 (12,604)

1,223 Cemex (2,521) 6,592

2,813 Cenovus Energy (15,342) 87,387

506 Centene (970) 18,302

(1,869) CenterPoint Energy (519) (37,735)

(704) Centerra Gold 1,849 (6,978)

57 Centrais Eletricas Brasileiras (243) 506

(24) Central European Distribution 49 (97)

(186) Central European Media Enterprises 460 (1,090)

281 Central Garden and Pet 73 2,518

(122) Central Garden and Pet 155 (1,114)

348 Central Pacific Financial (125) 4,454

594 Century Aluminum (301) 4,140

375 CenturyLink 264 14,681

8,912 Cenveo (3,244) 18,537

17 Cepheid (8) 640

(1,798) Cerus 78 (6,131)

612 Ceva (5,442) 10,282

19 CF Industries Holdings 209 3,234

(86) CF Industries Holdings (378) (14,640)

690 CGI Group 1,356 15,747

(264) CH Energy Group 307 (17,289)

233 CH Robinson Worldwide (1,385) 13,551

759 Charles River Laboratories International (1,710) 25,275

(25) Charles Schwab 14 (306)

(100) Charter Communications 79 (6,240)

(11) Charter Financial 11 (96)

182 Chatham Lodging Trust 88 2,346

8 Check Point Software Technologies (13) 410

(189) Cheesecake Factory 66 (6,067)

300 Chefs’ Warehouse (814) 5,706

106 Chemical Financial (395) 2,144

600 Chemocentryx (671) 7,320

1,050 Chemtura (1,578) 15,446

(980) Chesapeake Energy 928 (15,729)

942 Chesapeake Lodging Trust 388 16,702

200 Chicago Bridge & Iron (1,390) 7,076

(26) Chico’s FAS (52) (382)

700 China Biologic Products 153 6,006

6,400 China Cord Blood (1,641) 16,640

212 China Gold International Resources (58) 701

680 China Green Agriculture (427) 2,482

(2,810) Chindex International 997 (26,555)

259 Chiquita Brands International (83) 1,362

1,356 Choice Hotels International 70 48,897

(21) Choice Hotels International 7 (757)

(2,507) CI Financial 5,397 (52,545)

456 Cia de Bebidas das Americas (2,435) 16,940


de Sao Paulo (1,217) 15,802

944 Cia Energetica de Minas Gerais (1,163) 16,237

(512) Ciena 2,125 (6,518)

(686) Cigna 2,730 (29,958)

(52) Cimarex Energy 1,499 (2,736)

351 Cimarex Energy (975) 18,470

(562) Cincinnati Financial 152 (19,895)

257 Cinemark Holdings (180) 5,888

(1,583) Cineplex (1,929) (45,277)

(26) CIRCOR International 232 (838)

(179) CIT Group 163 (6,056)

(899) Citi Trends (2,267) (12,604)

359 Citigroup (2,580) 9,309

(496) Citizens 1,124 (4,023)

(4) Clayton Williams Energy 96 (220)

(1,656) Clean Energy Fuels 8,873 (21,545)

52 Clean Energy Fuels (37) 677

(21) Clear Channel Outdoor Holdings 164 (129)

(211) Clearwater Paper 1,436 (6,587)

(528) Clearwire 532 (618)

4,792 Clearwire (115) 5,607

1,171 Cleco 1,382 47,730

(166) Cliffs Natural Resources 461 (7,927)

20 Cliffs Natural Resources (46) 955

(305) Clifton Savings Bancorp 187 (3,023)

(900) Cloud Peak Energy 987 (13,689)

500 Clovis Oncology (416) 8,865

(1,231) CML HealthCare 942 (11,939)

1,314 CNA Financial (671) 37,015

(277) CNB Financial 257 (4,086)

(29) CNO Financial Group (7) (195)

296 Coach (2,352) 19,850

(322) Coach 526 (21,593)

104 Cobalt International Energy (436) 2,302

(10) Coca-Cola Bottling Consolidated 34 (608)

1,900 Codexis (2,194) 5,947

(2,008) Cogeco Cable 6,547 (88,632)

210 Cognizant Technology Solutions (357) 12,121

(31) Cohu 98 (288)

435 Coinstar (676) 26,574

(5) Coinstar 6 (305)

(28) Colgate-Palmolive 8 (2,759)

(1,313) Collective Brands (2,975) (27,941)

3,118 Collectors Universe (5,578) 43,621

(2,417) Colossus Minerals 5,019 (9,424)

433 Columbia Banking System (1,717) 7,772

(707) Columbia Sportswear 257 (33,809)

1,446 Columbus McKinnon (1,365) 21,921

(475) Comcast 19 (13,685)

(47) Comfort Systems USA 153 (418)

1,284 Commercial Metals (2,136) 15,190

(166) CommonWealth REIT 553 (2,925)

22 Communications Systems (96) 238

(340) Community Bank System 467 (8,969)

(747) Community Health Systems (1) (16,367)

99 Community Health Systems 112 2,169

71 Community Trust Bancorp 87 2,315

1,423 CommVault Systems (9,478) 65,728

(327) Compass Minerals International 1,602 (23,142)

(2,600) Complete Genomics 1,738 (6,136)

747 Computer Programs & Systems (1,454) 40,487


Holding Description


US$



US$

ValueUS$





(1,048) Computer Sciences 3,070 (27,741)

(172) Computer Task Group 460 (2,110)

(1,041) Compuware (256) (9,338)

(438) comScore 2,070 (7,888)

151 Comtech Telecommunications (626) 4,353

(38) Concho Resources 299 (3,278)

(294) Concur Technologies (1,261) (17,899)

209 Conmed (536) 5,597

(58) Connecticut Water Service 193 (1,587)

478 ConocoPhillips (1,393) 24,717

(1,093) CONSOL Energy 5,870 (30,746)

(367) Consolidated Communications Holdings 1,642 (5,395)

244 Consolidated Graphics (643) 7,139

293 Consolidated Water (208) 2,227

466 Contango Oil & Gas (2,955) 24,409

(310) Continental Resources 2,747 (22,354)

(2,022) Convergys (1,367) (28,288)

46 Cooper Cos 296 3,887

(369) Cooper Tire & Rubber 299 (5,590)

447 Copa Holdings 1,092 36,189

(1,148) Corcept Therapeutics (786) (4,581)

389 CoreLogic 311 6,527

(363) CoreLogic 83 (6,091)

1,836 Coresite Realty 2,005 43,017

(117) Corinthian Colleges 262 (310)

(394) Cornerstone OnDemand (53) (7,746)

120 Cornerstone Therapeutics (84) 636

(188) Corning 62 (2,401)

168 Corning (162) 2,145

(181) Corporate Office Properties Trust 498 (3,935)

3,677 Corus Entertainment (1,788) 83,237

(290) CoStar Group (364) (21,185)

62 Costco Wholesale 74 5,312

1,634 Cott 1,046 12,456

1,497 Courier Corp 33 16,153

(42) Covance 8 (1,953)

50 Covenant Transportation Group 1 181

1,721 Cowen Group (626) 4,199

676 CPFL Energia (4,628) 16,332

71 CRA International (77) 1,371

(454) Cracker Barrel Old Country Store (1,776) (27,449)

710 Crane (2,270) 26,717

215 Crawford (226) 748

(460) Cray (1,387) (4,904)

(306) Cree 1,824 (7,616)

(2,214) Crescent Point Energy 12,082 (85,378)

(1,473) Crew Energy 10,357 (8,000)

1,300 CreXus Investment (1,829) 12,844

605 Crocs (2,117) 9,952

451 Cross Country Healthcare (373) 2,002

(529) Crown Castle International 134 (28,423)

253 Crown Holdings (186) 8,544

489 Crown Media Holdings 126 724

540 CSS Industries (128) 10,260

522 CTC Media (730) 4,594

(153) CTS 175 (1,431)

(4,605) CubeSmart 4,499 (51,852)

1,214 Cumberland Pharmaceuticals (1,329) 7,430

(257) Cummins 1,029 (24,721)

(853) Cumulus Media 670 (2,371)

253 Curis (25) 1,164

208 Cutera (240) 1,520

(1,406) CVB Financial (88) (15,185)

117 CVR Energy (306) 3,015

1,712 Cyberonics 3,165 65,724

(69) Cyberonics 2 (2,649)

1,414 Cynosure 1,370 28,223

(7,297) CYS Investments (1,105) (99,604)

(43) Cytec Industries 22 (2,589)

144 Cytec Industries (347) 8,670

(152) Cytori Therapeutics 206 (328)

2,577 Dana Holding (6,409) 33,888

(611) Danaher 1,224 (31,601)

(1,133) Darden Restaurants (435) (58,417)

1,948 Davis & Henderson (3,045) 33,215

(31) Dawson Geophysical 356 (703)

(6,900) DCT Industrial Trust 103 (39,606)

1,041 DDR (490) 14,262

(1,037) DealerTrack Holdings 2,107 (28,258)

750 Dean Foods 2,473 11,595

300 Deer Consumer Products (88) 864

(1,469) Delcath Systems 3,534 (2,189)

270 Delek US Holdings 713 4,315

(1,730) Dell 5,687 (21,530)

508 Delphi Automotive 398 14,727

(1,350) Delta Air Lines (1,152) (15,809)

(57) Delta Apparel 130 (808)

(667) Deltic Timber 6,023 (36,678)

670 Deluxe 208 15,142

(103) Deluxe 93 (2,328)

131 Demand Media 297 1,175

(242) Dendreon 1,074 (1,626)

(909) Dentsply International 1,681 (33,678)

(4,316) Depomed 525 (22,875)

(401) Destination Maternity (883) (7,976)

(686) Detour Gold 2,528 (13,992)

67 DeVry (38) 1,805

(3,752) DexCom 585 (39,396)

2,037 DHT Holdings (1,160) 1,324

138 Diamond Hill Investment (1,306) 9,419

(159) Diamond Offshore Drilling 1,182 (9,287)

786 DiamondRock Hospitality (475) 7,726

211 Dice Holdings 158 2,068

209 Diebold (344) 7,672

(148) Digi International 528 (1,301)

1,588 Digimarc (1,719) 39,335

330 Digital Generation (272) 3,168

(5,410) Dime Community Bancshares 3,968 (71,033)

(693) DineEquity 1,263 (32,772)

(2,297) Diodes 8,973 (44,275)

589 Diodes (278) 11,353

84 DIRECTV (76) 3,811

(631) DISH Network 662 (17,725)

(67) Dolan 252 (464)

573 Dolby Laboratories 3,514 24,650

(207) Dolby Laboratories 324 (8,905)

83 Dollar General 126 4,093

(875) Dollarama (3,519) (46,837)

3,428 Domino’s Pizza (13,754) 103,560

224 Domtar (2,122) 17,620

(1,279) Donaldson 587 (45,456)

(218) Donegal Group (68) (3,305)

7,021 Doral Financial (1,809) 9,759

762 Dorel Industries (1,942) 19,437

8 Dorman Products 9 390

(994) Douglas Emmett 469 (21,023)

340 Dover (559) 19,101

(1,728) Dreams (99) (5,944)

(2,545) DreamWorks Animation SKG 1,565 (44,105)

322 Dresser-Rand Group (1,121) 14,187

(358) Drew Industries 1,284 (9,326)

(120) Dril-Quip 242 (7,210)


Holding Description


US$



US$

ValueUS$




(294) DST Systems 922 (14,938)

374 DSW (753) 22,253

(248) DSW (1,382) (14,756)

66 Ducommun (366) 578

(251) Duff & Phelps 345 (3,569)

3,002 Duke Energy 1,120 65,744

142 Dun & Bradstreet 75 9,490

2,068 Dundee (6,858) 44,286

1,781 Dundee Precious Metals (6,925) 11,021

(1,856) DuPont Fabros Technology (3,047) (46,641)

1,942 Dusa Pharmaceuticals (63) 10,351

307 DXP Enterprises 1,985 14,521

(1,976) Dyax (483) (3,478)

(2,212) Dynavax Technologies 1,768 (8,096)

600 DynaVox (330) 810

(483) Eagle Bulk Shipping 1,883 (1,579)

(660) Eagle Materials 1,703 (21,001)

575 EastGroup Properties (335) 28,089

(93) EasyLink Services International (3) (668)

(742) Eaton Vance 3,021 (17,697)

507 eBay (64) 19,900

(217) eBay (853) (8,517)

(85) EchoStar 19 (2,351)

(267) Ecolab (352) (16,882)

(300) Education Management 2,378 (2,343)

(88) EI du Pont de Nemours 53 (4,235)

723 Einstein Noah Restaurant Group 1,132 12,313

183 Eldorado Gold (416) 2,054

(165) Electro Rent 782 (2,295)

619 Electro Scientific Industries (2,404) 6,896

(156) Electronics for Imaging 429 (2,307)

(201) Elephant Talk Communications 141 (350)

400 Ellie Mae 3,754 6,516

(46) eMagin 43 (144)

187 Embraer (729) 5,272

(662) EMC 2,720 (15,643)

(215) Emcor Group 77 (5,882)

(1,523) Emera 2,501 (48,642)

(833) Emeritus 3,326 (12,420)

(265) Emerson Electric 82 (12,389)

(1,594) Empire 4,237 (86,421)

1 Empresa Nacional de Electricidad (5) 47

353 Emulex (1,324) 2,358

2,234 Enbridge 2,224 88,056

(2,210) Encana (3,484) (43,683)

(326) Encore Bancshares (202) (6,690)

346 Encore Capital Group 822 8,370

30 Encore Wire 20 745

(643) Endeavour International 3,499 (4,044)

(1,270) Endeavour Silver 1,890 (11,049)

(2,300) Endocyte (2,317) (14,398)

(1,897) Endologix (1,339) (25,951)

2,518 Enerflex (6,815) 26,058

4 Energizer Holdings (10) 291

(207) Energy Recovery 50 (457)

167 EnergySolutions 46 561

(196) EnerNOC 721 (1,203)

(3,073) Enerplus 15,047 (41,160)

345 Enersis (813) 5,969

(326) EnerSys 192 (10,693)

605 EnerSys (786) 19,844

(257) Ennis 775 (3,629)

800 Enphase Energy (724) 5,760

(1,166) Ensign Energy Services 2,512 (14,588)

(342) Ensign Group 630 (8,605)

(648) Enstar Group 1,691 (60,912)

775 Entegris (801) 5,987

165 Entercom Communications (452) 795

(21) Entergy (6) (1,353)

(25) Enterprise Bancorp 43 (371)

490 Enterprise Financial Services (540) 5,419

2,883 Entertainment Properties Trust (8,916) 118,261

235 Envestnet (188) 2,775

266 EPAM Systems (1,288) 4,602

242 Epoch Holding (597) 5,581

(500) Epocrates 1,404 (3,845)

483 Equifax (140) 21,725

(86) Equinix (371) (13,837)

183 Equity Lifestyle Properties (300) 11,895

(42) Equity One 12 (818)

(80) Equity Residential 15 (4,819)

(56) ESB Financial 58 (693)

(446) ESCO Technologies 613 (15,521)

(200) Essex Rental 60 (672)

370 Estee Lauder Cos (631) 20,221

(262) Esterline Technologies (19) (17,326)

223 Euronet Worldwide (78) 4,023

1,033 Evolution Petroleum (1,673) 8,264

(1,032) Exact Sciences (142) (10,176)

(85) Exactech (26) (1,407)

(500) ExamWorks Group (317) (5,490)

(327) Excel Maritime Carriers 415 (275)

(1,860) Excel Trust 1,878 (21,185)

1,070 Exelis (226) 10,818

(745) Exelixis 372 (3,338)

52 Exelon 4 1,914

2,378 Exide Technologies (1,890) 5,493

295 ExlService Holdings (1,602) 6,452

91 Expedia (59) 4,069

(241) Expedia (2,788) (10,775)

635 Expeditors International of Washington (3,298) 23,800

347 Exponent (503) 16,191

1,200 Express (1,615) 22,524

126 Express Scripts Holding (34) 6,544

(869) Extorre Gold Mines 4,878 (2,276)

161 Ezcorp (340) 3,808

138 F5 Networks (1,165) 13,890

(128) Fair Isaac 160 (5,100)

602 Fair Isaac (779) 23,984

(966) Fairchild Semiconductor International 322 (12,703)

(37) Fairfax Financial Holdings 226 (14,426)

100 Fairpoint Communications 72 513

235 FalconStor Software (81) 616

1,107 Farmer Bros (1,197) 7,760

(11,034) FBR (2,216) (29,571)

356 Federal-Mogul (1,249) 3,888

(575) Federated Investors 595 (11,247)

1,109 FEI 416 50,227

310 Feihe International (263) 1,442

239 FelCor Lodging Trust (85) 944

233 Female Health 119 1,323

(533) Fidelity National Financial 50 (9,988)

(667) Fifth Street Finance 511 (6,263)

(568) Financial Engines 1,032 (11,848)

(2,031) Finisar 9,100 (28,373)

702 Finish Line (143) 14,679

1,545 Finning International (5,677) 36,038

(52) First Bancorp 79 (726)

(567) First Busey 200 (2,620)

2,710 First California Financial Group 5,476 18,238

(3,886) First Capital Realty 3,015 (67,578)

(142) First Cash Financial Services 9 (5,304)

240 First Citizens BancShares (3,238) 39,602

(289) First Community Bancshares 90 (3,581)


Holding Description


US$



US$

ValueUS$





(400) First Connecticut Bancorp 79 (5,120)

3,626 First Defiance Financial (1,121) 57,907

29 First Financial (73) 799

(1,722) First Horizon National 2,081 (14,465)

108 First Industrial Realty Trust (32) 1,257

(1,443) First Majestic Silver 5,491 (19,930)

1,729 First Merchants 343 20,506

(445) First of Long Island 51 (11,926)

(591) First Potomac Realty Trust 1,265 (6,915)

(535) First Quantum Minerals 1,870 (9,081)

183 First Republic Bank 329 5,757

18 First Solar (29) 228

(216) FirstEnergy 285 (10,038)

(125) FirstMerit 144 (1,949)

(288) FirstService 1,408 (7,533)

318 Fiserv 159 21,160

(36) Fiserv 75 (2,395)

537 Five Star Quality Care (355) 1,643

12,373 Flagstar Bancorp 583 9,334

(3,615) Flextronics International 1,754 (22,738)

(287) FLIR Systems 94 (6,150)

1,728 Flow International (1,799) 5,167

(105) Flowserve 417 (10,837)

(2,850) Fluidigm 3,058 (39,701)

(353) Flushing Financial 125 (4,557)

43 FNB (16) 452

950 Forbes Energy Services (143) 4,807

1,443 Ford Motor (656) 15,094

225 Forest City Enterprises (83) 2,968

1,924 Forest Oil (1,084) 15,604

25 Forestar Group (89) 332

(1,067) FormFactor 80 (6,359)

(187) Forrester Research (17) (6,135)

385 Fortinet (1,796) 8,162

(2,070) Fortis 3,818 (64,566)

(1,251) Fortuna Silver Mines 3,403 (4,926)

647 Fortune Brands Home & Security (500) 14,325

244 Forward Air (695) 7,698

75 Fossil 102 5,432

(144) Foster Wheeler AG 448 (2,540)

720 Francesca’s Holdings (5,383) 16,013

512 Franco-Nevada (592) 20,951

(8) Franklin Electric 5 (392)

(500) Franklin Financial (973) (7,575)

(1,466) Fred’s 1,489 (19,996)

1,193 Freehold Royalties (1,347) 21,001

694 Freescale Semiconductor (2,252) 6,454

749 FreightCar America (1,220) 14,785

3,200 Friendfinder Networks (3,444) 3,648

(68) Frisch’s Restaurants (13) (1,853)

252 Frontier Communications 76 942

(1,707) FSI International 970 (6,077)

(491) Fuel Systems Solutions 5,406 (7,311)

557 Fuel Tech (722) 2,072

(764) FuelCell Energy 170 (947)

(691) Fulton Financial 70 (6,986)

13 Furiex Pharmaceuticals 31 254

3,748 Fushi Copperweld (332) 25,749

(57) Fusion-io 21 (1,138)

123 Fusion-io (318) 2,455

656 FutureFuel (628) 6,567

(3,853) FX Energy 2,948 (18,302)

(58) G-III Apparel Group 168 (1,427)

(2,233) Gabriel Resources 3,975 (4,072)

5,250 Gain Capital Holdings (4,963) 25,358

(104) GameStop (39) (2,012)

(1,093) Gap (1,397) (28,888)

46 Gardner Denver (63) 2,498

(80) Garmin 48 (3,444)

(79) GATX 477 (3,009)

604 GATX (321) 23,006

(1,307) Gaylord Entertainment (7,794) (48,202)

490 Geeknet 1,664 8,805

(258) Genco Shipping & Trading 1,504 (779)

800 Generac Holdings (1,018) 19,888

(271) General Cable 465 (7,710)

(1,257) General Electric 383 (23,757)

114 General Electric (16) 2,155

(173) General Motors 67 (3,815)

(335) Genesee & Wyoming 1,310 (16,609)

504 Genie Energy (1,343) 3,422

246 Genomic Health 960 8,243

7,421 GenOn Energy (3,518) 12,616

19 Genpact (12) 300

194 Gentex (51) 4,318

3,085 Genworth Financial (3,364) 15,795

1,376 Genworth MI Canada (4,798) 25,050

(1,114) Geo Group (1,897) (24,408)

3,539 Geokinetics (4,922) 1,593

(998) George Weston 6,031 (55,638)

(2,443) Geron 1,783 (3,127)

(1,000) Gevo 3,317 (5,640)

(197) GFI Group 324 (520)

500 Gibraltar Industries (2,792) 5,035

3,300 Gibson Energy (3,160) 66,541

48 Gilead Sciences (24) 2,403

(140) Glacier Bancorp 72 (1,977)

276 Gleacher (233) 218

(1,237) Glimcher Realty Trust 1,067 (11,306)

200 Global Geophysical Services (810) 1,430

(1,232) Global Indemnity (1,872) (25,810)

400 Global Power Equipment Group 289 7,336

1,014 Global Sources 165 5,324

(1,100) Globe Specialty Metals 927 (12,837)

(2,003) Glu Mobile (1,066) (8,953)

184 GNC Holdings 800 7,064

(42) Golar LNG 3 (1,434)

938 Gold Resource 351 23,760

1,167 Goldcorp (6,786) 42,535

(750) Golden Minerals 3,392 (2,670)

(1,200) Golub Capital BDC 456 (17,484)

(697) Goodrich Petroleum 2,744 (10,190)

(1,714) Goodyear Tire & Rubber 3,738 (17,226)

50 Google (1,082) 29,127

(931) Government Properties Income Trust 2,188 (19,849)

(293) Graco 722 (14,632)

(1,184) Graham 4,366 (22,117)

6,171 Gramercy Capital (661) 15,428

4,900 Gran Tierra Energy (4,548) 24,598

850 Gray Television (184) 1,190

(224) Great Lakes Dredge & Dock 104 (1,447)

655 Great Northern Iron Ore Properties (19,101) 41,861

(4,171) Great-West Lifeco 9,522 (84,427)

232 Greatbatch (1,089) 4,770

134 Green Mountain Coffee Roasters (172) 3,252

1,654 Green Plains Renewable Energy (786) 11,396

34 Greenbrier Cos (252) 466

391 Greenhill (343) 13,411

(11) Group 1 Automotive 29 (559)

150 Groupon (408) 1,544

237 Grupo Aeroportuario del Sureste 783 17,031

903 Grupo Televisa (1,582) 17,202


Holding Description


US$



US$

ValueUS$


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



12 GSI Technology (9) 50

216 GT Advanced Technologies (155) 903

444 Guess? (338) 11,708

13 Guidance Software (29) 109

500 Guidewire Software 1,079 12,755

(223) Gulfport Energy 2,139 (4,137)

303 Gulfport Energy (955) 5,621

(466) Guyana Goldfields 2,634 (1,008)

(3) Gyrodyne Co of America 3 (297)

279 H&E Equipment Services (731) 4,347

(1,037) H&R Block 1,096 (15,825)

156 Hackett Group 200 808

(15) Haemonetics* – (1,044)

(6) Hain Celestial Group 7 (333)

180 Halcon Resources (463) 1,600

(100) Halcon Resources 30 (889)

125 Hallador Energy (375) 889

365 Hallmark Financial Services (8) 2,628

(1,271) Halozyme Therapeutics 3,811 (9,596)

1,969 Halozyme Therapeutics (1,324) 14,866

(752) Hampton Roads Bankshares 832 (1,278)

1,339 Hancock Holding 789 40,023

(76) Handy & Harman (1) (1,053)

(584) Hanesbrands (85) (16,113)

132 Hanmi Financial 61 1,258

218 Hanover Insurance Group 71 8,502

(5,108) Hansen Medical 3,598 (11,953)

155 Harman International Industries (1,203) 5,964

334 Harmonic (196) 1,426

(281) Harris 1,399 (11,055)

(1,326) Harry Winston Diamond 2,665 (16,294)

(1,550) Harsco 2,056 (30,613)

172 Harvard Bioscience (101) 623

1,122 Harvest Natural Resources (1,266) 5,958

(10) Hasbro 14 (352)

(1,129) Hatteras Financial 44 (32,030)

(179) Haverty Furniture Cos 70 (2,189)

(1,159) Hawaiian Electric Industries (208) (31,861)

2,550 Hawaiian Telcom Holdco 780 45,926

(287) Hawkins 2,110 (9,526)

(16) HB Fuller (15) (486)

(210) HCA Holdings 160 (5,323)

(61) HCP* – (2,461)

555 Headwaters 686 2,486

1,737 Health Management Associates (1,136) 11,047

228 Health Net (99) 5,773

(5,249) Healthcare Realty Trust (1,909) (112,486)

(769) Heartland Express (65) (10,889)

721 Heartland Payment Systems (262) 20,880

(238) HeartWare International (2,369) (18,802)

27 HeartWare International 4 2,133

(5,876) Heckmann 6,900 (19,626)

(291) HEICO (178) (12,007)

(166) Heidrick & Struggles International 956 (2,683)

1,441 Helix Energy Solutions Group (403) 25,088

(110) Helmerich & Payne 78 (4,979)

(5) Henry Schein 9 (370)

347 Herbalife (4,319) 15,736

(1,802) Hercules Offshore 2,530 (6,055)

85 Heritage Commerce 55 512

(1,109) Heritage-Crystal Clean 1,226 (21,348)

215 Herman Miller (92) 3,892

275 Hersha Hospitality Trust (81) 1,427

445 Hershey (77) 29,993

234 Hertz Global Holdings (166) 3,009

603 Hess (4,344) 26,779

(92) Hewlett-Packard 156 (2,082)

239 Hi-Tech Pharmacal (2,455) 6,921

8 Hibbett Sports (6) 444

555 Hill-Rom Holdings (421) 16,361

615 Hittite Microwave (4,498) 30,098

(437) HJ Heinz 379 (23,235)

(1,231) HMS Holdings (2,895) (32,671)

(325) HNI 1,005 (7,358)

365 HollyFrontier (925) 10,749

571 Hologic (599) 9,564

78 Home BancShares 161 2,179

945 Home Capital Group (7,268) 39,860

105 Home Loan Servicing Solution (40) 1,395

28 Home Properties (36) 1,657

(78) HomeAway 67 (1,857)

700 HomeStreet 1,223 23,254

1,467 Hooker Furniture (1,662) 16,254

103 Horizon Bancorp (174) 2,524

800 Horizon Pharma 61 3,088

(468) Hornbeck Offshore Services 2,206 (15,814)

141 Horsehead Holding (320) 1,252

(186) Hospira 982 (5,857)

7 Hospira (8) 220

(377) Houston American Energy 4,229 (588)

(362) HSN (198) (14,122)

325 Hubbell 67 25,610

3,814 HudBay Minerals (12,553) 28,668

(1,641) Hudson City Bancorp 1,492 (10,010)

(126) Hudson Global 130 (493)

73 Hudson Pacific Properties 75 1,175

268 Hudson Valley Holding (83) 4,443

(1,601) Human Genome Sciences (3,546) (21,694)

(600) Huntington Ingalls Industries (446) (22,044)

813 Huntsman (527) 10,455

67 Hurco Cos (174) 1,510

(3,856) Husky Energy 9,580 (86,354)

(84) Hyatt Hotels 486 (3,089)

348 IAC/InterActiveCorp (611) 15,677

849 IAMGOLD (2,440) 9,082

71 Iberiabank (276) 3,436

256 ICF International (1,401) 5,632

(396) ICG Group 199 (3,425)

258 Iconix Brand Group (1,375) 3,932

164 ICU Medical 745 8,384

468 Idenix Pharmaceuticals (163) 4,151

(1,582) Identive Group 1,331 (1,977)

14 IDEXX Laboratories 18 1,183

340 IDT (409) 2,737

(1,184) iGATE 1,557 (19,536)

(1,686) IGM Financial 11,496 (65,474)

(598) IHS (1,461) (59,645)

(737) II-VI 2,981 (14,003)

1,865 Imation (1,546) 10,444

(889) Immersion 53 (4,881)

(932) Immunogen (847) (13,076)

(399) Immunomedics (11) (1,329)

(119) Impax Laboratories 260 (2,524)

300 Imperial Holdings 337 1,245

(2,156) Imperial Oil 11,464 (86,863)

(7,026) inContact 2,033 (35,973)

(556) Incyte (1,222) (11,876)

873 Industrial Alliance Insurance & Financial

Services (6,620) 21,295

(1,140) Infinera 2,319 (7,193)


Holding Description


US$



US$

ValueUS$






(48) Informatica 70 (1,972)

1,906 InfoSpace 194 23,634

(212) Ingersoll-Rand (244) (8,686)

10 Ingram Micro (7) 178

(670) Ingram Micro 532 (11,939)

(753) Inmet Mining 13,983 (31,419)

(1,238) Innodata Isogen (67) (6,673)

(857) Innophos Holdings (1,378) (43,184)

734 Insight Enterprises (4,366) 10,937

(2,149) Insulet 2,759 (39,133)

1,409 Intact Financial (1,657) 85,725

26 Integramed America (10) 296

972 Integrated Device Technology (768) 5,229

(1,782) Integrated Device Technology 2,476 (9,587)

(917) Intel 46 (23,668)

(1,033) Inter Parfums 272 (15,805)

557 Interactive Brokers Group (898) 7,854

(2,050) Interactive Intelligence Group 9,605 (51,804)

(32) IntercontinentalExchange 3 (3,879)

(350) InterDigital 3,163 (8,579)

55 Interface (40) 689

(423) Interface 337 (5,300)

106 Interline Brands 552 2,658

350 Intermolecular (37) 2,349

(919) InterMune 1,990 (9,273)

(1,589) Internap Network Services 705 (10,964)

(802) International Bancshares 1,149 (14,588)

(280) International Business Machines 356 (54,365)

669 International Game Technology (730) 9,219

(859) International Paper 573 (24,791)

(1,582) International Rectifier 4,363 (29,362)

40 International Shipholding (133) 720

473 International Tower Hill Mines (925) 1,491

360 Intersections (393) 4,208

(1,538) Intevac 896 (11,827)

803 INTL. FCStone (4,002) 14,526

2,250 IntraLinks Holdings (3,724) 8,865

56 Intuit 16 3,138

36 Intuitive Surgical (58) 18,879

1,083 Invacare (2,537) 16,202

1,400 InvenSense (6,085) 13,860

(697) Invesco Mortgage Capital (1,103) (12,609)

(208) Investors Bancorp 95 (3,074)

(140) Ipass 10 (330)

37 IPG Photonics (19) 1,583

667 iRobot (3,302) 14,034

(850) Ironwood Pharmaceuticals 1,432 (10,056)

(1,081) Isis Pharmaceuticals (1,915) (10,507)

266 Isle of Capri Casinos (165) 1,351

49 Isramco (447) 3,908

100 iStar Financial (142) 566

347 ITC Holdings (36) 23,964

213 Itron (1,181) 7,544

(273) Itron 524 (9,670)

219 ITT Educational Services (2,240) 12,295

(1,636) Ivanhoe Mines 6,968 (15,074)

97 IXYS (263) 1,002

(6) J&J Snack Foods (9) (331)

508 j2 Global (2,953) 12,207

(83) j2 Global* – (1,994)

(1,471) Jack in the Box (3,255) (37,805)

(324) Jacobs Engineering Group 3,284 (11,499)

(672) Jamba (56) (1,257)

244 Jazz Pharmaceuticals (306) 10,660

(93) JB Hunt Transport Services (142) (5,238)

(509) JC Penney 5,115 (13,326)

(710) JDS Uniphase 2,985 (7,100)

2,169 Jean Coutu 4,601 32,186

(118) Jefferies Group 471 (1,551)

2,101 JetBlue Airways 1,477 10,274

(200) Jive Software 1,287 (3,362)

(195) JMP Group 336 (1,150)

539 John B Sanfilippo & Son 1,437 7,869

(290) John Wiley & Sons 60 (13,047)

343 John Wiley & Sons (344) 15,432

5 Johnson & Johnson* – 313

(425) Johnson Controls 1,604 (12,822)

(21) Johnson Outdoors (8) (378)

12 Jos A Bank Clothiers (16) 521

(73) Jos A Bank Clothiers 509 (3,171)

50 Joy Global (1,029) 2,745

647 Juniper Networks (644) 11,012

1,733 Just Energy Group (3,110) 18,657

(990) K-Swiss 1,179 (2,742)

(1,242) K12 2,606 (26,057)

(56) Kaman 247 (1,637)

15 Kansas City Southern 33 988

(2,037) KBW 1,875 (32,286)

(57) Kearny Financial 9 (527)

255 Kemet (813) 1,410

(1,323) Kemper (243) (38,208)

(12) Kenexa 34 (347)

476 Kennametal (958) 16,422

(100) Kennedy-Wilson Holdings 124 (1,280)

(282) Kenneth Cole Productions (249) (4,199)

2,946 KeyCorp (443) 21,741

(811) Keyera (732) (33,068)

(425) Keynote Systems 1,892 (6,133)

(500) KEYW Holding (736) (4,555)

(402) Kilroy Realty 455 (18,251)

(640) Kimberly-Clark (4,213) (50,784)

225 Kinder Morgan Management (265) 16,058

79 Kinross Gold (232) 636

(1,200) KiOR 2,203 (10,752)

(21) Kirby 65 (1,119)

425 Kirkland Lake Gold (1,358) 4,415

(1,300) KIT Digital 9,675 (4,381)

311 Kite Realty Group Trust (184) 1,452

248 Knight Transportation 121 4,092

(582) Knight Transportation 869 (9,603)

494 Knightsbridge Tankers (1,103) 4,619

(150) Kohl’s 417 (6,956)

1,518 Kohlberg Capital (1,925) 8,820

(70) Korn/Ferry International 232 (937)

703 Kosmos Energy (1,754) 7,318

600 Kraton Performance Polymers (1,820) 11,712

773 Kronos Worldwide (2,019) 13,187

2,068 Kulicke & Soffa Industries (2,470) 21,859

(1,356) KVH Industries (78) (12,787)

193 Laclede Group (780) 7,334

574 Ladenburg Thalmann Financial Services (269) 827

(107) Lakeland Bancorp 52 (959)

63 Lam Research (102) 2,342

(24) Lamar Advertising 36 (587)

(462) Landauer 2,180 (23,054)

31 Landstar System (18) 1,618

(403) Lannett 238 (1,656)

100 Laredo Petroleum Holdings (92) 2,105


Holding Description


US$



US$

ValueUS$





443 Las Vegas Sands (1,053) 20,453

2,203 LaSalle Hotel Properties (1,631) 59,349

2,129 Laurentian Bank of Canada (7,718) 88,439

(971) Lawson Products 4,749 (9,448)

(90) Layne Christensen 664 (1,694)

182 LB Foster (1,094) 4,945

313 LCA-Vision (923) 1,443

152 LeapFrog Enterprises 306 1,566

200 Lear (1,294) 7,902

158 LeCroy 599 2,244

4,622 Legacy Oil & Gas (14,021) 33,173

620 Legg Mason (204) 15,711

(226) Leggett & Platt 458 (4,615)

(410) Lennar (1,201) (10,722)

39 Lennox International (26) 1,631

(158) Lennox International (544) (6,608)

1,185 Leucadia National (1,291) 24,269

(136) Level 3 Communications 347 (2,870)

(4,110) Lexicon Pharmaceuticals 464 (6,617)

93 Lexmark International (158) 2,318

(220) Lexmark International 2,819 (5,485)

(268) Libbey 14 (3,752)

(377) Liberty Global 1,919 (17,150)

95 Ligand Pharmaceuticals (107) 1,170

600 Lihua International (135) 3,210

(1,732) Limelight Networks 2,434 (4,642)

(99) Limoneira 298 (1,526)

285 LIN TV (488) 818

2,221 Linamar 4,057 46,637

139 Lincare Holdings (10) 3,157

(341) Lincoln National 234 (6,970)

241 Linear Technology (834) 6,946

119 Liquidity Services 1,790 7,214

(265) Littelfuse 206 (15,216)

(1,213) Live Nation Entertainment 537 (11,184)

42 LivePerson 68 711

(531) LKQ (53) (19,047)

56 LMI Aerospace (303) 893

(1,966) Loblaw Cos 4,905 (59,816)

487 LogMeIn (2,033) 15,341

2,799 Lone Pine Resources (5,131) 8,397

89 Loral Space & Communications 239 5,385

121 Lorillard (983) 15,002

(2,563) Louisiana-Pacific (1,534) (23,862)

(182) Lowe’s Cos* – (4,898)

(500) LPL Investment Holdings (331) (15,735)

189 LSB Industries (1,492) 5,216

835 Ltd Brands (323) 37,450

(634) LTX-Credence (211) (4,413)

83 Lufkin Industries (137) 4,705

(571) Lufkin Industries 8,487 (32,370)

(27) Lululemon Athletica 36 (1,921)

(145) Lumber Liquidators Holdings (983) (4,164)

(1,234) Lundin Mining 1,142 (4,751)

294 LyondellBasell Industries (1,325) 11,337

100 M/A-COM Technology Solutions Holdings 168 1,602

257 MacDonald Dettwiler & Associates 149 11,002

362 Mack-Cali Realty (650) 9,745

44 Macy’s 45 1,676

(1,050) Madison Square Garden (2,912) (39,302)

462 Magellan Health Services (400) 19,307

1,665 Magna International (8,028) 66,338

1,811 Magnachip Semiconductor (3,012) 17,331

(1,656) Magnum Hunter Resources 5,165 (6,359)

(273) Maidenform Brands 838 (5,203)

3,376 Major Drilling Group International (15,355) 39,849

375 MAKO Surgical (843) 8,483

1,233 Manhattan Associates 1,431 58,407

(46) Manhattan Associates 34 (2,179)

(1,009) Manitoba Telecom Services 1,218 (32,823)

561 Manitowoc (1,218) 5,677

(370) Manitowoc 2,302 (3,744)

(2,429) MannKind 814 (4,251)

431 Manpower (3,282) 15,016

1,057 Mantech International (4,903) 22,842

(1,812) Manulife Financial 4,168 (19,138)

(1,362) MAP Pharmaceuticals 780 (15,268)

3,399 Maple Leaf Foods (4,568) 38,109

(525) Marathon Oil 49 (12,878)

148 Marathon Oil (67) 3,630

438 Marathon Petroleum (2,635) 15,768

1,177 Marchex (1,311) 4,025

680 Marcus 405 8,956

216 Marine Products (212) 1,160

(1,692) MarineMax (2,247) (16,379)

(24) Markel 276 (10,386)

(549) MarketAxess Holdings 21 (17,573)

200 MarketAxess Holdings (48) 6,402

(369) Marriott International (366) (13,885)

(418) Marsh & McLennan Cos 204 (13,297)

25 Marten Transport (69) 505

(182) Martha Stewart Living Omnimedia 259 (557)

(14) Martin Marietta Materials 29 (934)

441 Marvell Technology Group (232) 5,521

106 Masco (10) 1,301

(1,561) Masco 1,608 (19,153)

333 Masimo (208) 6,204

(1,448) MasTec 2,016 (23,168)

26 Mastercard (797) 10,522

223 Matador Resources (183) 2,221

114 Materion Corp (240) 2,535

(1,222) Matthews International 1,586 (36,367)

7,766 Mattson Technology (4,101) 13,979

9 MAXIMUS (5) 410

(1,262) MaxLinear 1,431 (5,338)

(119) Maxygen (36) (690)

(77) MBIA 10 (666)

(913) McCormick (801) (51,694)

110 McDermott International (134) 1,096

545 McDonald’s (1,415) 48,876

(1,850) McEwen Mining 4,988 (4,347)

66 McGrath RentCorp (483) 1,635

(323) McMoRan Exploration (172) (3,075)

(225) MDC Holdings (69) (6,368)

(500) MDC Partners 1,763 (4,895)

492 Mead Johnson Nutrition (253) 40,118

(1,167) MeadWestvaco 818 (31,614)

(803) Measurement Specialties 327 (26,258)

278 Medallion Financial (191) 2,891

1,432 Medcath (27) 11,284

(444) Media General 1,187 (1,545)

27 Medical Action Industries (9) 119

5,721 Medical Properties Trust (1,805) 50,288

1,272 Medicines 1,181 27,819

392 Medicis Pharmaceutical (475) 14,343

(94) Medicis Pharmaceutical 19 (3,439)

(56) Medifast 77 (998)

12 Mediware Information Systems (8) 172

(200) Mediware Information Systems 31 (2,196)

244 Medtox Scientific 599 4,719

500 MEG Energy (1,979) 16,983

(681) MELA Sciences 1,212 (1,743)


Holding Description


US$



US$

ValueUS$





1,048 MEMC Electronic Materials (131) 1,698

(213) Mentor Graphics 4 (3,003)

64 MercadoLibre (1,388) 4,588

219 Merck 28 8,263

3,174 Merge Healthcare (1,209) 7,395

(17) Meridian Bioscience (7) (319)

(27) Meridian Interstate Bancorp 4 (354)

300 Merrimack Pharmaceuticals (297) 1,953

43 Met-Pro 10 413

1,261 Metalico (491) 3,228

200 Metals USA Holdings 189 2,890

547 Methanex (2,509) 15,205

(1,658) Metro 5,770 (81,063)

153 Metro Bancorp 16 1,737

1,311 MetroPCS Communications (2,968) 8,115

376 Metropolitan Health Networks (41) 3,211

(26) Mettler-Toledo International 180 (4,102)

(579) MFA Financial 8 (4,435)

(467) MGM Resorts International 2,060 (4,861)

2,690 MI Developments (4,951) 87,297

200 Michael Kors Holdings (1,118) 7,848

73 Micrel (97) 710

(1,129) Micron Technology 2,867 (6,616)

(590) Microsemi 2,160 (10,443)

(78) MicroStrategy 1,684 (9,432)

99 MicroStrategy (893) 11,971

(88) Middleby 294 (8,856)

1,100 Midstates Petroleum (630) 16,236

667 Miller Energy Resources (703) 2,641

401 Miller Industries (920) 5,815

(414) Mindspeed Technologies 1,394 (1,379)

(2,073) MIPS Technologies 21 (13,329)

156 Mission West Properties (147) 1,324

183 Mitcham Industries (833) 3,367

700 Mitek Systems (1,832) 1,470

99 MKS Instruments 24 2,563

293 Modine Manufacturing (1,092) 1,878

(1,068) Molex 4,860 (24,500)

(188) Molina Healthcare 83 (4,818)

70 Molson Coors Brewing (191) 2,720

(783) Molycorp 1,336 (15,276)

776 Momenta Pharmaceuticals (893) 10,569

63 MoneyGram International (301) 876

364 Monmouth Real Estate Investment 281 3,716

19 Monolithic Power Systems 5 353

84 Monotype Imaging Holdings (146) 1,147

(826) Monro Muffler Brake 9,120 (27,952)

15 Monsanto (14) 1,140

497 Monster Beverage 3,981 36,206

(298) Moody’s 386 (10,805)

2,270 Morgans Hotel Group (1,837) 10,102

(80) Mosaic 86 (3,781)

(4,112) MoSys 3,004 (11,719)

62 Motorcar Parts of America (229) 274

(225) Motorola Solutions 52 (10,706)

730 Movado Group 3,154 20,557

7,300 MPG Office Trust (1,761) 13,213

136 MSC Industrial Direct (1,257) 9,708

(566) MSCI (589) (19,244)

(2,917) Mueller Water Products 224 (9,976)

2,601 Mullen Group 201 53,531

(180) Multi-Color 596 (3,362)

2,814 Multimedia Games Holding 4,467 35,372

(523) Murphy Oil 1,386 (24,283)

(135) MVC Capital 15 (1,675)

(545) Mylan 1,064 (11,767)

52 MYR Group (93) 797

571 Myriad Genetics 188 14,041

(4,123) Nabi Biopharmaceuticals 894 (6,556)

76 Nabors Industries (211) 1,016

39 Nanometrics (113) 598

183 Nash Finch (1,616) 3,737

222 National Bank of Canada (1,715) 15,770

(5) National Bankshares (2) (145)

233 National Beverage (598) 3,290

202 National CineMedia (285) 2,727

437 National Financial Partners (560) 5,725

(34) National Healthcare 44 (1,479)

(415) National Instruments 124 (10,790)

(80) National Interstate 153 (2,057)

274 National Oilwell Varco (1,482) 18,139

19 National Western Life Insurance (330) 2,410

109 Natural Gas Services Group (5) 1,475

(16) Nature’s Sunshine Products (10) (227)

(4,860) Navidea Biopharmaceuticals 1,614 (13,025)

(55) Navistar International 89 (1,519)

40 NCI Building Systems (91) 371

(153) NCR Corp (33) (3,273)

(5,656) Nektar Therapeutics 2,467 (38,291)

(72) Nelnet 210 (1,655)

(681) Neogen (543) (26,525)

(169) NeoPhotonics 189 (676)

(41) NetApp 16 (1,202)

(12) Netflix 510 (773)

318 Netscout Systems (177) 6,147

200 Netspend Holdings (56) 1,470

(93) NetSuite 153 (4,188)

377 Neurocrine Biosciences (741) 2,451

378 Nevsun Resources (127) 1,320

(693) New Gold 2,000 (6,022)

314 New Jersey Resources (133) 13,147

1,200 New Mountain Finance 248 16,524

(345) New York Times 45 (2,277)

(266) Newfield Exploration 189 (7,940)

(237) NewStar Financial (205) (2,647)

2,497 Nexen (7,203) 39,088

(83) NextEra Energy 45 (5,384)

101 NGP Capital Resources 51 671

592 NII Holdings (1,377) 6,613

(1,091) Niko Resources 5,671 (32,697)

(399) NL Industries 1,294 (4,952)

149 NN (361) 1,119

(470) Noble 2,748 (14,852)

(1,140) Nordion 377 (10,227)

337 Nordson 420 17,807

186 Norfolk Southern (236) 12,120

200 Nortek (75) 9,598

(4,166) North American Palladium 1,453 (9,536)

1,925 North West (1,473) 40,010

(2,166) Northern Dynasty Minerals 6,986 (5,903)

(2,023) Northern Oil and Gas 5,835 (35,180)

(245) Northern Trust 338 (10,408)

(404) Northfield Bancorp 198 (5,371)

711 Northland Power (211) 12,178

6,094 NorthStar Realty Finance (1,655) 31,689

320 NorthWestern (21) 11,242

(179) NovaCopper (455) (455)

(2,888) Novagold Resources 1,264 (16,554)

7,058 Novatel Wireless (259) 14,539

(566) NRG Energy 215 (8,615)

467 Nu Skin Enterprises (1,406) 20,282

75 Nuance Communications (70) 1,539


Holding Description


US$



US$

ValueUS$




(820) Nucor (114) (29,012)

(1,009) Numerex 465 (9,031)

339 Nutrisystem (393) 3,478

(2,595) NuVista Energy 1,281 (8,784)

1,012 NV Energy 49 17,447

426 NVIDIA (21) 5,257

6 NVR 11 4,746

(234) NxStage Medical 61 (3,515)

500 Nymox Pharmaceutical (326) 3,720

371 NYSE Euronext (1,925) 9,023

(1) O’Reilly Automotive 1 (96)

(650) Oasis Petroleum 3,492 (16,517)

5,623 Obagi Medical Products 391 70,063

274 Occidental Petroleum (2,656) 21,753

24 OceanaGold (18) 42

64 Oceaneering International (98) 2,971

(2,447) Oclaro 4,254 (5,922)

2,396 Ocwen Financial 2,065 38,528

(299) Ocwen Financial (6) (4,808)

(2,100) OCZ Technology Group 5,326 (9,702)

(12,577) Odyssey Marine Exploration (2,791) (39,618)

114 Oi (489) 1,377

33 Oi (92) 156

131 Oil States International (1,258) 8,658

1,603 Old Republic International 1,149 15,709

(68) Olin 156 (1,295)

352 Omega Healthcare Investors (153) 7,244

3,371 Omega Protein (4,968) 22,181

(1,300) Omeros (3,622) (13,013)

(300) OmniAmerican Bancorp (385) (5,988)

173 Omnicare (87) 5,479

476 Omnicell (969) 6,288

(64) Omnicom Group 140 (3,059)

(1,701) OmniVision Technologies 5,878 (26,876)

74 On Assignment 150 1,214

3,498 ON Semiconductor (2,038) 23,192

203 ONEOK 351 16,808

(1,046) Onex (367) (39,129)

13 Open Text (100) 622

(143) OpenTable (20) (5,564)

315 OpenTable 132 12,257

211 Opko Health (3) 964

(1,599) Opko Health (215) (7,307)

(241) Oplink Communications 1,256 (3,061)

55 Oppenheimer Holdings (216) 781

(2,186) Optimer Pharmaceuticals (3,691) (32,965)

(1,128) OraSure Technologies 356 (11,382)

701 Orchids Paper Products (1,397) 11,223

(111) Orexigen Therapeutics 34 (370)

(15) Orient-Express Hotels 20 (120)

(1,052) Oriental Financial Group 1,567 (10,993)

(102) Orion Marine Group 136 (649)

(793) Ormat Technologies (1,420) (15,916)

274 Orrstown Financial Services (173) 2,058

221 Orthofix International (282) 8,371

(1,671) Osiris Therapeutics (2,867) (11,196)

396 Osisko Mining (1,950) 2,858

(523) Overstock.com 93 (3,384)

561 Owens & Minor 157 15,764

(169) OYO Geospace 2,001 (15,903)

(121) PACCAR 204 (4,511)

1,035 Pacer International 16 5,941

(2,150) Pacific Biosciences of California 3,252 (4,988)

99 Pacific Continental 3 896

(774) Pacific Rubiales Energy 2,534 (19,998)

(469) Pacira Pharmaceuticals (55) (4,948)

945 Packaging Corp of America (536) 25,043

229 PacWest Bancorp (172) 5,207

4,773 Pain Therapeutics (1,012) 16,896

(25) Pan American Silver 181 (416)

241 Panera Bread (226) 35,374

1,203 Pantry (122) 15,362

49 Papa John’s International 356 2,288

(658) Paramount Gold and Silver 244 (1,434)

(1,596) Paramount Resources (237) (41,253)

(475) Park National 2,909 (30,547)

(191) Park Sterling 96 (812)

2,935 Parker Drilling (3,120) 14,235

(55) Parker Hannifin (11) (4,490)

2,496 Parkland Fuel (1,600) 33,165

1,896 Parkway Properties 49 19,510

(36) PartnerRe (1) (2,541)

3,677 Pason Systems 2,730 53,244

1,241 Patrick Industries 4,034 15,996

(181) Patriot Transportation Holding 379 (3,691)

(422) Patterson Cos (125) (14,095)

(152) Patterson-UTI Energy (81) (2,306)

(178) Paychex 271 (5,336)

250 PC Connection (47) 2,223

538 PDF Solutions 1,075 4,697

1,648 PDL BioPharma 287 10,663

315 Peabody Energy (434) 7,248

(299) Peet’s Coffee & Tea 3,078 (17,955)

(342) Pegasystems 870 (10,482)

3,006 Pembina Pipeline (7,916) 80,642

(4,151) Pendrell 4,001 (4,981)

(2,591) Pengrowth Energy 7,854 (18,144)

(62) Penn National Gaming (2) (2,818)

2,591 Penn West Petroleum (15,584) 33,850

(162) Penns Woods Bancorp 87 (6,180)

(893) Penske Automotive Group 1,811 (21,691)

6,032 Pepco Holdings 2,891 114,789

(71) PepsiCo 56 (4,829)

506 Peregrine Pharmaceuticals (203) 283

(82) Perficient 105 (925)

(1,324) PerkinElmer (52) (34,993)

(17) Perrigo (26) (1,768)

(62) Perry Ellis International (33) (1,156)

2,028 PetMed Express (782) 22,734

971 PetroBakken Energy (4,149) 10,990

(1,267) Petrobank Energy & Resources 4,799 (13,603)

549 Petroleo Brasileiro (2,155) 9,959

(31) Petroleum Development 185 (758)

(586) Petrominerales 2,964 (7,866)

55 PetSmart 35 3,541

(2,493) Peyto Exploration & Development 948 (42,362)

187 Pharmacyclics (254) 5,907

681 PharmAthene (238) 858

(28) PHI (24) (669)

82 Philip Morris International (6) 6,978

172 Phillips 66 (237) 5,160

6,611 Phoenix Cos (2,178) 10,908

243 Photronics (352) 1,453

(714) PICO Holdings 1,417 (15,601)

(768) Piedmont Natural Gas 2,861 (22,948)

(700) Pilgrim’s Pride (316) (5,509)

564 Pinnacle Entertainment (1,139) 5,403

(125) Pioneer Natural Resources 1,531 (12,093)

828 Plantronics (4,768) 25,113

341 Plexus (2,799) 9,453

(985) Plum Creek Timber 1,053 (35,568)

(3,471) PMC - Sierra 1,643 (21,885)

839 PNM Resources 348 15,580

434 Polycom (998) 4,956


Holding Description


US$



US$

ValueUS$





226 PolyOne (70) 2,938

(476) Polypore International 101 (17,998)

(638) Pool 610 (23,587)

(58) Popular 49 (891)

(149) Post Holdings 191 (4,466)

1,315 Post Holdings (2,532) 39,411

(2,139) Potash Corp of Saskatchewan 12,115 (82,983)

(1,324) Potlatch 3,217 (37,324)

1,091 Power Corp of Canada (3,163) 24,327

(3,334) Power Financial 13,638 (82,166)

(320) Power-One 115 (1,254)

(52) PowerSecure International 136 (219)

(1,241) Powerwave Technologies 375 (1,132)

1,341 Pozen 1,729 9,239

2,864 PPL 391 78,244

(14) Praxair 37 (1,481)

376 Precision Castparts (1,166) 62,115

951 Precision Drilling (3,939) 7,139

(73) Preformed Line Products 631 (4,001)

237 Premier Gold Mines (311) 1,027

311 Premiere Global Services (61) 2,578

(800) Pretium Resources 1,752 (10,133)

27 priceline.com (381) 16,902

16 Pricesmart (10) 1,094

(184) Pricesmart 1,037 (12,580)

(66) Primerica 116 (1,561)

400 Primus Telecommunications Group 892 6,096

(61) Principal Financial Group (46) (1,480)

(1,346) PrivateBancorp 256 (19,732)

(688) Procter & Gamble 836 (42,800)

1,250 Progenics Pharmaceuticals (846) 10,863

(381) Progress Energy Resources 13 (4,139)

(743) Progress Software 2,394 (14,139)

(4,230) Progressive 905 (91,030)

(1,013) Progressive Waste Solutions 2,405 (19,503)

400 Proofpoint 394 5,504

(3,503) Prospect Capital 1,312 (37,552)

1,353 Prosperity Bancshares (482) 57,191

(343) Protalix BioTherapeutics 129 (2,130)

358 Protective Life (901) 9,201

(19) Protective Life 3 (488)

136 Proto Labs 487 4,862

295 Providence Service (529) 3,915

(476) Prudential Financial 329 (21,834)

751 PS Business Parks 313 48,973

759 PSS World Medical 612 15,248

253 Public Storage 217 33,277

93 Pulse Electronics (85) 189

774 PulteGroup 216 6,935

308 PVH (1,359) 24,711

62 Pzena Investment Management (110) 250

(129) QEP Resources 416 (3,319)

(1,974) QIAGEN (304) (31,545)

(100) QLIK Technologies 200 (2,254)

1,183 QLogic (3,486) 16,148

(1,428) QLogic 5,200 (19,492)

300 Quad/Graphics (642) 3,678

(526) Quaker Chemical 744 (22,008)

511 Quality Distribution (1,599) 5,243

543 Quality Systems (539) 15,470

(948) Quanex Building Products 1,566 (15,367)

(340) Quanta Services 66 (7,528)

2,287 Quebecor (1,567) 84,311

(1,744) Quepasa 2,476 (5,040)

(35) Questar (5) (697)

141 Questcor Pharmaceuticals 1,048 5,813

(359) Quicksilver Resources 47 (1,493)

1,414 QuinStreet (3,502) 11,270

(194) Rackspace Hosting 620 (9,545)

(439) Radisys 429 (2,577)

640 RadNet 13 1,606

300 RailAmerica 949 7,101

442 Ralph Lauren (1,110) 64,952

1,055 Rambus (2,992) 4,790

(100) Rand Logistics 67 (757)

154 Range Resources (608) 8,776

(191) Range Resources 1,593 (10,885)

(1,982) Raptor Pharmaceutical 2,696 (10,505)

(3) Raven Industries 5 (196)

(301) Raymond James Financial 152 (10,096)

813 Rayonier (212) 34,626

437 RBC Bearings 603 20,168

800 ReachLocal 1,812 8,000

(200) RealD 201 (2,228)

(1,126) RealNetworks 1,720 (9,830)

(200) RealPage 320 (3,574)

106 Red Hat (134) 5,400

200 Red Robin Gourmet Burgers (490) 6,378

666 Regal Entertainment Group (205) 9,138

(30) Regeneron Pharmaceuticals (329) (4,029)

(878) Regis (25) (15,848)

72 Reinsurance Group of America (562) 3,577

1,378 Reitmans Canada (1,566) 19,005

5 RenaissanceRe Holdings (5) 384

832 Renewable Energy Group (1,246) 5,708

(147) Rent-A-Center 39 (4,945)

(975) Rentrak 4,224 (15,815)

(1,357) Research In Motion 5,486 (13,991)

(63) ResMed 177 (1,938)

100 Resolute Forest Products (210) 1,133

3,800 Revett Minerals (1,934) 12,844

(307) Revlon 476 (4,568)

335 REX American Resources (3,432) 6,241

(499) Rex Energy 435 (4,925)

(100) Rexnord 31 (2,030)

(1,702) RF Micro Devices 897 (6,246)

(751) RG Barry 291 (10,018)

(1,407) Rigel Pharmaceuticals 2,102 (10,327)

4,727 Rite Aid 327 6,145

(75) Riverbed Technology 56 (1,199)

862 RLI (4,329) 57,237

505 RLJ Lodging Trust (279) 8,873

200 Roadrunner Transportation Systems (242) 3,260

64 Robert Half International (12) 1,787

(45) Robert Half International 66 (1,256)

270 Rock-Tenn (3,709) 13,703

(93) Rockwell Collins 34 (4,652)

(2,803) Rockwell Medical Technologies 2,937 (23,125)

(396) Rofin-Sinar Technologies 1,980 (7,841)

(1,287) Rogers (1,648) (51,480)

2,515 Rogers Communications (9,738) 87,033

(34) Roma Financial 86 (274)

(1,273) RONA (354) (12,223)

(173) Roper Industries 227 (17,399)

(228) Rosetta Resources 2,048 (8,776)

(71) Rosetta Stone (309) (987)

255 Roundy’s 67 2,708

(56) Rovi 60 (1,360)

(331) Rowan Cos 1,752 (9,798)

(1,348) Royal Bank of Canada 10,831 (66,730)

62 Royal Caribbean Cruises (84) 1,454

(35) Royal Gold (165) (2,377)


Holding Description


US$



US$

ValueUS$





(860) RPC (134) (9,047)

(184) RPM International (124) (4,812)

1,109 RPX (4,131) 14,816

2,398 RTI Biologics (721) 8,465

(233) RTI International Metals 440 (4,902)

(309) Rubicon Minerals 313 (857)

(1,998) Rubicon Technology 2,491 (17,622)

104 Rudolph Technologies (223) 905

(100) rue21 195 (2,711)

2,329 Russel Metals (5,109) 57,691

43 Ryder System (280) 1,823

(69) S&T Bancorp 372 (1,170)

(1,174) Saba Software 4,650 (9,615)

(33) Safeguard Scientifics 91 (498)

(175) Safety Insurance Group 148 (6,960)

(211) Safeway 537 (4,030)

21 Saga Communications (46) 722

160 Saia 648 3,371

(111) Saks 75 (1,121)

146 Salem Communications (27) 685

(10) Salesforce.com 90 (1,387)

12 Salix Pharmaceuticals* – 620

(54) Salix Pharmaceuticals (26) (2,790)

565 Sally Beauty Holdings 1,672 14,973

(996) Sanderson Farms (4,296) (54,581)

62 Sanderson Farms 133 3,398

(1,701) SandRidge Energy 2,629 (10,563)

(1,064) Sangamo Biosciences 49 (4,586)

(224) Sanmina-SCI 1,207 (1,570)

4,446 Santarus 1,335 28,321

(1,096) Saputo 2,405 (44,614)

(6,144) Satcon Technology 1,452 (2,193)

413 Sauer-Danfoss (3,581) 14,975

(26) Saul Centers (46) (1,037)

626 Savanna Energy Services 121 4,790

(3,232) Savient Pharmaceuticals 4,170 (2,472)

(1,499) ScanSource 10,228 (44,415)

(74) Schawk 104 (818)

242 Schnitzer Steel Industries (1,472) 6,440

33 Scholastic (160) 894

215 School Specialty (54) 641

702 Schweitzer-Mauduit International (1,756) 46,627

1,829 Sciclone Pharmaceuticals 1,776 11,486

(587) Scientific Games 2,580 (4,843)

291 Scientific Games (291) 2,401

(300) SciQuest (226) (4,665)

(1,941) Scorpio Tankers 1,529 (10,908)

343 Scotts Miracle-Gro (1,020) 14,838

3 Seaboard 257 5,865

121 Seacoast Banking (12) 175

(74) Seagate Technology 186 (1,722)

2,349 Sealed Air (1,415) 36,480

1,773 Sealy (979) 2,925

84 Sears Holdings (247) 4,271

(593) Seattle Genetics 712 (11,647)

(1,800) Secure Energy Services (109) (14,368)

477 SEI Investments (60) 8,524

1,296 Select Comfort (7,142) 34,538

519 Select Medical Holdings 639 4,733

263 SEMAFO (473) 1,283

210 Sempra Energy 25 13,616

(125) Seneca Foods 372 (2,805)

(433) Senomyx 427 (983)

(4,839) Sequenom 2,616 (19,404)

132 Service Corp International 5 1,501

235 ServiceSource International (131) 2,750

(3,220) ServiceSource International 12,206 (37,674)

(4,718) Shaw Communications 4,641 (89,596)

(225) Shaw Group 1,065 (5,675)

2,770 ShawCor 1,241 88,603

(426) Shenandoah Telecommunications 92 (4,439)

1,899 Sherritt International (3,050) 9,301

(86) Shiloh Industries (16) (845)

(583) Shoe Carnival (237) (12,307)

1,768 Shoppers Drug Mart (6,535) 70,254

3,679 ShoreTel (4,559) 15,010

(1,424) Shutterfly 1,805 (39,018)

(361) Signature Bank 1,115 (22,057)

66 Signet Jewelers (284) 2,886

665 Silgan Holdings (591) 27,677

(2,969) Silicon Image 4,006 (13,004)

1,380 Silicon Laboratories (5,753) 47,279

(242) Silver Standard Resources 1,118 (2,676)

(547) Silver Wheaton 2,285 (14,192)

8 Simon Property Group (32) 1,161

164 Simpson Manufacturing (145) 4,476

(121) Simpson Manufacturing 521 (3,302)

574 Sirona Dental Systems (2,327) 24,659

100 Six Flags Entertainment (197) 4,499

(740) Skechers U.S.A. (2,933) (12,595)

(330) SkyWest 1,885 (2,293)

(571) Skyworks Solutions (657) (14,795)

1,089 Smart Balance 273 6,262

(4,335) Smith Micro Software 2,708 (6,893)

(2,173) SNC-Lavalin Group 5,128 (80,509)

(2,319) Snyders-Lance (4,321) (60,248)

(20) Sohu.com 27 (875)

96 SolarWinds 652 4,316

(1,000) Solazyme 2,371 (10,805)

157 Solera Holdings (710) 7,010

232 Solta Medical (123) 603

(636) Sonic (160) (5,234)

(388) Sonoco Products 208 (11,861)

(2,626) Sonus Networks 1,118 (6,119)

364 Sotheby’s (304) 11,193

(291) Sotheby’s 1,821 (8,948)

(21) Sourcefire 46 (1,133)

1,561 South Jersey Industries (116) 74,538

(818) Southern (238) (37,620)

(362) Southern Copper 1,536 (10,158)

238 Southside Bancshares (52) 4,939

1,558 Southwest Airlines 930 13,819

(480) Southwestern Energy 1,075 (13,200)

325 Sovran Self Storage (226) 15,759

200 Spansion (457) 2,158

3,209 Spartan Motors (974) 13,863

767 Spartech (774) 2,884

2,128 Spectranetics 1,091 20,897

544 Spectrum Brands Holdings 593 19,035

923 Spectrum Pharmaceuticals 220 10,744

(182) Spirit Aerosystems Holdings 59 (4,191)

1,650 Spirit Airlines (803) 33,809

(1,577) Sprint Nextel 79 (3,990)

(1,800) SPS Commerce (4,036) (49,572)

(286) SPX 1,428 (20,675)

(1,345) SRS Labs 400 (12,159)

204 SS&C Technologies Holdings 105 4,745

348 STAG Industrial 284 4,750

(77) Stage Stores (162) (1,338)

(551) StanCorp Financial Group 3,053 (19,015)

799 Standard Motor Products (4,727) 10,547

13 Standard Parking (3) 249


Holding Description


US$



US$

ValueUS$





1,527 Stantec (1,738) 45,823

(3,019) Star Scientific (200) (11,412)

(631) State Street 772 (25,783)

187 STEC (332) 1,305

(1,049) Steiner Leisure 2,835 (47,698)

(166) Steinway Musical Instruments 334 (3,790)

(21) Stepan (93) (1,911)

(2,223) Stereotaxis 1,183 (556)

(109) Stericycle (40) (9,423)

(670) STERIS 515 (19,953)

687 Sterling Construction (991) 6,217

(240) Stewart Enterprises 46 (1,464)

140 Stillwater Mining 21 1,224

(97) Stone Energy 156 (2,219)

559 Stone Energy (5,409) 12,790

(1,257) Stoneridge 2,322 (8,673)

47 Stratasys (50) 2,247

(68) Stratasys (676) (3,251)

971 Strategic Hotels & Resorts (261) 5,884

53 Strayer Education (42) 4,581

(46) Stryker 58 (2,361)

728 Sturm Ruger (3,887) 28,246

(909) Sucampo Pharmaceuticals 615 (6,499)

62 Summer Infant (9) 192

2,239 Summit Hotel Properties 131 17,666

(53) Sun Bancorp 30 (124)

(104) Sun Communities 116 (4,196)

1,800 Sun Healthcare Group (555) 8,622

1,005 Sun Hydraulics (4,055) 23,798

(161) Sun Life Financial 69 (3,253)

(47) SunCoke Energy (22) (666)

3,242 Suncor Energy (17,810) 87,508

(483) Sunrise Senior Living 1,170 (2,787)

1,723 Sunstone Hotel Investors 351 16,834

441 SunTrust Banks (214) 9,755

(2,948) Super Micro Computer 4,061 (46,667)

(458) Superior Industries International 774 (7,603)

730 Superior Plus 243 4,892

2,175 SUPERVALU (2,453) 9,788

(3,591) support.com 2,589 (9,157)

500 Surge Energy (1,359) 3,846

203 SurModics (44) 2,828

813 Susser Holdings 2,110 23,585

248 Swift Energy (2,308) 4,896

(326) Swift Transportation 143 (3,302)

(700) Swisher Hygiene 1,092 (1,372)

2,389 SWS Group (233) 13,856

100 SXC Health Solutions (104) 8,770

(60) SY Bancorp 2 (1,348)

(2,428) Sycamore Networks 12,374 (31,928)

1,274 Symetra Financial 1,419 14,371

789 Synacor 5,319 11,125

141 Synageva BioPharma 175 5,392

296 Synaptics (1,381) 7,868

1,992 Synchronoss Technologies (5,471) 34,641

1,500 Synergy Resources (905) 3,960

(296) SYNNEX 180 (9,892)

218 Synopsys (181) 6,396

(686) Synta Pharmaceuticals 648 (3,087)

83 Syntel 43 4,609

(198) Syntroleum 105 (135)

142 Systemax (1,103) 1,684

2,212 Tahoe Resources (7,925) 35,871

785 Take-Two Interactive Software (361) 9,059

(1,401) Take-Two Interactive Software 5,211 (16,168)

(526) TAL International Group 2,192 (17,432)

95 TAL International Group (44) 3,148

(2,130) Talisman Energy 6,895 (21,733)

286 TAM (1,033) 5,989

87 Targa Resources (66) 3,851

(340) Targa Resources 579 (15,048)

2,396 Targacept (1,967) 9,752

(1,042) Taseko Mines 1,146 (2,719)

336 Taser International 417 1,801

(658) Taylor Capital Group (392) (9,255)

(3,381) TCF Financial 1,545 (38,273)

2,782 TE Connectivity (32) 87,661

(200) Teavana Holdings 1,551 (2,632)

(236) Tech Data 79 (11,243)

598 Teck Resources (3,770) 17,841

(1,922) TECO Energy 1,024 (33,193)

1,106 Tecumseh Products 532 5,165

(316) Teekay 2,603 (8,548)

1,086 TeleCommunication Systems (1,677) 1,564

109 Teledyne Technologies (194) 6,537

(178) Teledyne Technologies 77 (10,675)

467 Telefonica Brasil (3,174) 10,942

2,950 TeleNav (3,846) 17,258

1,105 Telephone & Data Systems (3,175) 21,802

(467) Tellabs 205 (1,667)

3,463 Telular (2,508) 25,245

413 Tempur-Pedic International (1,379) 18,977

117 Teradata (344) 7,956

(479) Teradyne 1,327 (6,883)

(418) Terex 2,786 (7,073)

462 Terex (273) 7,817

475 Ternium (1,829) 8,997

50 Territorial Bancorp 14 1,067

(200) Tesla Motors 298 (5,852)

1,444 Tessco Technologies (3,284) 27,638

1,084 Tessera Technologies (5,083) 14,688

1,945 Texas Capital Bancshares 8,815 73,638

(515) Texas Industries 1,133 (16,284)

(6) Texas Instruments 30 (171)

56 Texas Roadhouse 7 1,005

(652) Textainer Group Holdings (41) (21,503)

1,335 TGC Industries 235 11,935

(289) Theravance (136) (5,841)

142 Thermo Fisher Scientific (38) 7,208

(100) Thermon Group Holdings 60 (2,055)

71 Thomas Properties Group 23 337

(1,000) Thompson Creek Metals 2,849 (3,510)

(5,749) Thompson Creek Metals 20,765 (20,185)

(1,300) Thomson Reuters 1,041 (35,958)

(2,785) Thomson Reuters (387) (76,982)

430 Thoratec (727) 13,132

582 THQ 2 370

(70) Threshold Pharmaceuticals (87) (496)

330 TIBCO Software (245) 8,844

265 Tidewater (326) 11,795

(858) Tim Hortons 1,160 (45,261)

(294) Titan International 653 (6,527)

(633) Titan Machinery (1,452) (19,515)

(414) Titanium Metals 1,405 (4,728)

383 Titanium Metals (189) 4,374

4,474 TiVo (11,518) 38,700

852 TNS (1,642) 15,174

(106) Tootsie Roll Industries 78 (2,390)

(500) Torchmark (72) (22,950)

(357) Tornier 1,018 (7,119)

527 Toromont Industries (1,535) 10,826

1,144 Toronto-Dominion Bank (4,459) 86,800


Holding Description


US$



US$

ValueUS$




464 Total System Services 766 10,797

500 Tourmaline Oil 1,217 11,469

450 Tower International 160 5,585

(92) Towers Watson 439 (5,521)

(5,750) Towerstream 2,684 (20,873)

174 Town Sports International Holdings 164 2,046

(1,631) TowneBank/Portsmouth 1,789 (19,719)

(5,183) TransAlta 16,785 (82,592)

1,768 TransCanada (4,476) 72,191

(138) Transcept Pharmaceuticals 179 (963)

2,080 Transcontinental (6,930) 19,468

(18) TransDigm Group 62 (2,194)

2,555 TransForce 925 44,456

534 TransGlobe Energy (455) 5,169

1,420 TravelCenters of America (1,543) 6,120

540 Travelers Cos (96) 33,485

436 Travelzoo (898) 10,093

569 Tredegar (2,958) 7,738

(860) Triangle Capital (583) (17,269)

(4,803) Triangle Petroleum 4,790 (24,159)

(2,070) Trican Well Service 5,502 (24,413)

(1,640) Trilogy Energy 83 (40,402)

(169) Trimble Navigation 1,022 (7,923)

1,897 Trinidad Drilling (2,567) 10,432

1,284 Trinity Industries (6,794) 31,342

212 TripAdvisor 922 9,021

(55) Triple-S Management 343 (945)

(2,719) TriQuint Semiconductor 2,427 (14,057)

288 Triumph Group (614) 17,225

900 Trius Therapeutics (137) 4,518

1,105 True Religion Apparel 2,468 31,946

1,001 Tuesday Morning 528 4,094

144 Tupperware Brands (131) 7,741

83 Tutor Perini (523) 920

(312) Twin Disc 170 (6,015)

505 Tyson Foods 52 9,802

580 U.S. Global Investors (778) 2,912

842 Ubiquiti Networks (5,480) 15,299

(138) UGI 65 (3,916)

(4) Ulta Salon Cosmetics & Fragrance 6 (353)

(782) Ultimate Software Group (6,761) (62,294)

286 Ultra Clean Holdings (109) 1,703

(58) Ultra Petroleum 224 (1,056)

547 Ultrapetrol Bahamas (314) 777

726 Ultratech 618 21,577

924 Umpqua Holdings (155) 11,735

(768) Umpqua Holdings 199 (9,754)

(416) Under Armour (1,416) (41,346)

(2,500) Unilife 26 (10,025)

362 Unisys (1,623) 5,615

(553) United Bankshares 2,068 (13,963)

(537) United Continental Holdings (614) (12,969)

(568) United Natural Foods (2,598) (28,769)

61 United Rentals (32) 2,089

(39) United Rentals 152 (1,335)

2 United States Lime & Minerals (35) 86

(299) United States Steel 291 (6,198)

873 United Stationers (2,592) 21,685

96 United Therapeutics 166 4,238

232 UnitedHealth Group 178 12,911

(539) Universal Electronics 3,483 (7,029)

(1,565) Universal Health Realty Income Trust 839 (60,080)

(369) Universal Stainless & Alloy 610 (14,967)

(105) Universal Technical Institute 169 (1,254)

729 Universal Truckload Services (1,371) 9,878

(7,058) Unwired Planet 1,843 (16,516)

(1,283) UR Energy 518 (1,146)

(4,653) Uranerz Energy 5,897 (6,002)

(6,384) Uranium Energy 8,696 (14,428)

(4,114) Uranium One 2,147 (9,736)

(90) Urban Outfitters 21 (2,523)

(159) US Airways Group (253) (2,002)

517 US Ecology (399) 8,727

40 US Physical Therapy 118 969

1,622 US Silica Holdings (7,260) 18,020

193 USA Mobility (484) 2,393

45 USANA Health Sciences 195 1,820

(810) USG (258) (11,834)

(180) UTi Worldwide 89 (2,759)

5,288 Vaalco Energy (2,411) 43,943

(204) Vail Resorts (134) (8,703)

916 Vale (3,997) 16,305

1,497 Valeant Pharmaceuticals International (8,828) 71,797

(1,058) Valence Technology 317 (717)

286 Valero Energy (298) 6,100

957 Validus Holdings (898) 29,906

(31) Valmont Industries 203 (3,507)

21 Valspar 45 1,011

(2,547) Vanda Pharmaceuticals 828 (10,468)

(4,510) Vantage Drilling (651) (6,540)

(243) Varian Medical Systems 904 (14,254)

138 VASCO Data Security International (398) 956

(111) VCA Antech 87 (2,378)

531 Vector Group (796) 8,793

(163) Veeco Instruments 116 (5,604)

(125) Ventrus Biosciences 112 (1,295)

719 Vera Bradley (4,805) 15,653

(6,525) Veresen 14,627 (82,524)

(3) VeriFone Systems 30 (107)

113 VeriFone Systems (95) 4,037

(439) Verint Systems 232 (12,889)

(135) VeriSign 226 (5,156)

86 Verisk Analytics 16 4,118

(793) Verizon Communications (878) (32,862)

(907) Vermilion Energy 6,048 (37,800)

366 Verso Paper (110) 406

2 VF (3) 279

1,967 Viacom 99 93,531

(787) ViaSat 3,718 (32,904)

443 Vical (292) 1,249

95 Vicor (61) 570

756 Vicwest (1,039) 7,252

70 Village Super Market (107) 1,791

(111) Virgin Media 361 (2,466)

422 Virgin Media (7) 9,377

(664) VirnetX Holding (5,542) (22,410)

(322) ViroPharma 32 (6,446)

1,382 ViroPharma (5,798) 27,668

(37) Virtus Investment Partners 61 (2,608)

(539) Virtusa 997 (7,762)

(4,862) Vista Gold 198 (14,635)

(30) VistaPrint 41 (1,036)

100 Visteon (177) 4,057

(1,000) Vitacost.com (302) (7,800)

(1,037) Vivus (4,233) (25,324)

77 VMware (796) 7,112

400 Vocera Communications 1,194 9,864

1,400 Vocus 4,098 21,980

1,881 Volterra Semiconductor (7,786) 51,144

7,704 Vonage Holdings (4,633) 13,713

60 VOXX International (242) 610

163 Vulcan Materials 88 5,614

506 W&T Offshore (1,449) 7,656

(133) Wabash National 438 (879)


Holding Description


US$



US$

ValueUS$





19 WABCO Holdings (212) 970

164 Walker & Dunlop (150) 1,912

(255) Walt Disney (649) (11,513)

161 Walter Energy (869) 7,701

1,820 Walter Investment Management (800) 33,543

99 Warnaco Group (30) 4,406

1,012 Warren Resources (1,999) 2,206

(55) Washington Federal 24 (903)

13 Washington Post (103) 4,537

(63) Washington Post (800) (21,988)

(1,154) Washington Real Estate Investment Trust 2,117 (32,208)

273 Washington Real Estate Investment Trust (175) 7,619

460 Waste Connections (413) 14,283

(849) Waste Management 1,824 (27,669)

(296) Waters 655 (23,718)

114 Watson Pharmaceuticals (14) 8,247

(1,885) Wausau Paper 869 (17,248)

(3,676) Wave Systems 3,077 (3,713)

(49) WD-40 (141) (2,284)

(138) Web.com Group 93 (2,100)

(66) WebMD Health 3 (1,492)

371 Webster Financial (687) 7,379

135 Weight Watchers International (2,787) 7,610

(17) Weis Markets (3) (742)

386 WellCare Health Plans (2,753) 21,616

(650) Wells Fargo & Co 152 (20,469)

139 Wendy’s 8 621

500 Wesco Aircraft Holdings (833) 6,740

(310) WESCO International 581 (18,464)

172 WESCO International (1,067) 10,244

686 West Fraser Timber (54) 30,719

(45) West Marine 134 (465)

(170) West Pharmaceutical Services (907) (8,135)

(991) Westamerica Bancorporation 2,742 (44,149)

(6,750) Westell Technologies 214 (14,648)

839 Western Refining 958 16,277

(125) Western Refining 6 (2,425)

565 Western Union (332) 9,283

(568) Westfield Financial 640 (3,982)

97 Westlake Chemical (153) 5,202

(37) Westmoreland Coal 168 (270)

(2,967) Westport Innovations 11,868 (71,797)

538 Westwood Holdings Group (769) 19,099

(254) Weyco Group 486 (5,812)

(16) Whirlpool 29 (981)

109 Whirlpool (122) 6,682

1,700 Whitecap Resources (1,064) 12,317

(15) Whole Foods Market 12 (1,329)

2,242 Wi-Lan 29 10,807

3,689 Willbros Group 5,525 20,695

674 Williams Cos (649) 20,389

(96) Willis Group Holdings (27) (3,380)

522 Willis Group Holdings 481 18,380

(1,170) Windstream 3,853 (10,776)

1,660 Windstream (1,462) 15,289

3 Winmark (4) 159

(280) Winnebago Industries 401 (2,461)

(197) Wintrust Financial 136 (6,592)

(3,228) Wisconsin Energy (1,727) (121,050)

(144) WMS Industries 617 (2,965)

(326) Wolverine World Wide (631) (13,793)

(67) World Acceptance 117 (4,567)

188 WPX Energy (253) 2,773

3,001 WR Berkley (1,863) 114,368

62 WSFS Financial (122) 2,285

257 Wynn Resorts (2,958) 25,875

(1,674) XenoPort (2,126) (9,726)

2,737 Xerium Technologies (6,897) 10,209

(863) Xerox 30 (6,231)

1,833 XL Group (590) 36,568

236 XPO Logistics 134 4,106

1,104 Xylem (2,581) 27,732

1,370 Xyratex (6,192) 15,413

280 Yahoo! (18) 4,264

135 Yamana Gold (287) 1,951

(700) Zagg 336 (7,350)

1,786 Zale (801) 4,304

1,900 Zalicus (135) 1,843

(46) ZaZa Energy 69 (142)

47 Zebra Technologies (80) 1,566

400 Zeltiq Aesthetics (1,728) 1,808

342 Zhongpin (299) 3,249

(91) Zillow (119) (3,514)

(142) Zimmer Holdings (83) (8,625)

(484) Zion Oil & Gas 43 (1,079)

(202) Zions Bancorporation 108 (3,739)

(2,059) ZIOPHARM Oncology (167) (10,316)

(1,400) Zogenix 949 (2,562)

(236) Zoltek Cos 1,118 (1,897)

(40) Zumiez (3) (1,429)

1,370 Zynga (2,826) 8,275

64,231

Net unrealised gain 169,335


Holding Description


US$



US$

ValueUS$



BlackRock Asia Extension Fund

BONDS


(Zero coupon) 499,978 5.51

US$ 400,000 Aspen Funding 0.00 % 29/6/2012

(Zero coupon) 399,920 4.41

US$ 500,000 Atlantis One Funding 0.00 % 9/7/2012

(Zero coupon) 499,874 5.51

US$ 300,000 Bank of Nova Scotia 0.00 %

18/10/2012 (Zero coupon) 300,281 3.31


(Zero coupon) 534,940 5.89

US$ 500,000 Fannie Mae Discount Notes 0.00 %

5/7/2012 (Zero coupon) 499,980 5.51

US$ 450,000 Jupiter Second Term 0.00 % 18/6/2012

(Zero coupon) 449,943 4.96

US$ 250,000 Metlife Term Funding 0.00 % 5/6/2012

(Zero coupon) 249,992 2.75

US$ 250,000 Mizuho Funding 0.00 % 5/7/2012

(Zero coupon) 249,951 2.75

US$ 450,000 Mont Blanc Capital 0.00 % 9/7/2012

(Zero coupon) 449,870 4.96

US$ 400,000 Rabobank 0.00 % 1/6/2012

(Zero coupon) 399,996 4.41

US$ 440,000 Sumitomo Mitsui Banking 0.00 %

19/7/2012 (Zero coupon) 439,804 4.84

US$ 450,000 Sydney Capital 0.00 % 14/6/2012

(Zero coupon) 449,961 4.96

US$ 1,000,000 United States Treasury Bill 0.00 %

23/8/2012 (Zero coupon) 999,848 11.02


8/11/2012 (Zero coupon) 999,452 11.01

7,423,790 81.80

Total Bonds 7,423,790 81.80


Other Net Assets 1,651,284 18.20










US$

£ 3,161 US$ 5,093 15/6/2012 (211)

US$ 477 £ 301 15/6/2012 12

Net unrealised loss (USD commitment - US$ 5,570) (199)


% of netassets

Financial 81.80


100.00



BlackRock Asia Extension Fund continued

Cayman Islands 199,000 Semiconductor Manufacturing (2,251) 6,663

(2,251)

Hong Kong 2,000 AAC Technologies Holdings 720 6,323

151,000 Agricultural Bank of China (11,878) 61,255

43,200 AIA Group (5,446) 140,753

(26,000) Aluminum of China 21 (11,250)

(5,100) ASM Pacific Technology 2,062 (62,657)

(100,000) AviChina Industry & Technology 6,478 (38,763)

394,000 Bank of China (16,968) 150,697

90,000 Bank of Communications (11,962) 58,299

(2,500) BBMG 300 (1,986)

82,000 Beijing Capital International Airport 7,048 51,533

19,000 BOC Hong Kong Holdings (1,188) 52,240

(22,000) Bosideng International Holdings 68 (4,986)

(12,000) Brilliance China Automotive Holdings 608 (11,838)

9,000 Cheung Kong Holdings (18,451) 103,444

46,000 China Agri-Industries Holdings 1,255 33,233

(18,000) China BlueChemical 767 (12,564)

138,000 China Citic Bank (16,716) 71,443

46,000 China Communications Construction 442 43,245

148,000 China Communications Services (2,344) 73,761

291,000 China Construction Bank (34,623) 202,742

(34,000) China COSCO Holdings 6,313 (16,201)

(75,000) China Dongxiang Group 68 (9,562)

(22,000) China Everbright 8,308 (28,672)

(136,000) China Gas Holdings 935 (66,554)

(111,000) China High Speed Transmission

Equipment Group 8,159 (45,743)

(2,000) China Longyuan Power Group 21 (1,218)

19,000 China Mengniu Dairy (1,949) 52,362

29,000 China Merchants Bank (9,785) 56,169

12,000 China Merchants Holdings (3,045) 36,394

62,000 China Minsheng Banking (368) 59,005

31,500 China Mobile (2,516) 318,241

(118,000) China Molybdenum 17,191 (44,829)

20,000 China National Building Material (3,157) 24,262

(8,000) China National Materials 415 (2,658)

14,000 China Overseas Land & Investment 1,261 29,316

66,000 China Petroleum & Chemical (19,500) 58,732

39,000 China Railway Construction 1,205 30,436

23,000 China Railway Group 800 8,856

(20,000) China Resources Cement Holdings 1,321 (14,552)

(263,000) China Rongsheng Heavy Industries

Group Holdings (939) (71,126)

13,500 China Shenhua Energy (13,488) 47,549

(12,000) China Shineway Pharmaceutical Group (728) (18,297)

(60,000) China Shipping Development 14,553 (32,685)

52,000 China State Construction International

Holdings (1,275) 48,350

(18,000) China ZhengTong Auto Services Holdings 5,716 (11,359)

140,000 China Zhongwang Holdings (5,052) 54,629

28,000 Chongqing Rural Commercial Bank (3,966) 11,935

15,000 CLP Holdings (8,251) 122,374

117,000 CNOOC (46,408) 210,944

7,000 CSR 81 5,382

(28,000) Dah Chong Hong Holdings 5,223 (26,683)

10,400 Dongfang Electric (1,757) 24,403

42,000 Dongfeng Motor Group (9,958) 70,964

31,000 Dongyue Group (7,188) 20,241

6,000 ENN Energy Holdings 2,379 23,065

7,500 Fosun International (627) 4,037

(8,000) Foxconn International Holdings 73 (3,338)

3,000 Galaxy Entertainment group 143 7,395

(33,000) GOME Electrical Appliances Holding 1,272 (5,185)

7,000 Great Wall Motor 426 14,369

10,500 Greentown China Holdings (387) 6,572

6,000 Guangdong Investment 162 3,933

(4,000) Guangzhou Automobile Group (105) (3,379)

14,400 Guangzhou R&F Properties 2,416 19,064

15,000 Haier Electronics Group 35 17,675

(1,000) Henderson Land Development 1,138 (5,003)

2,000 Hengan International Group (637) 19,085

5,021 HKT 3,821 3,821

14,000 Hong Kong & China Gas (3,451) 32,922

7,000 Hutchison Whampoa (11,445) 57,424

384,000 Industrial & Commercial Bank of China (33,099) 234,897

(2,500) Intime Department Store Group 431 (2,617)

2,000 Kerry Properties (1,174) 8,023

(5,000) Kingboard Chemical Holdings 4,968 (10,753)

57,000 KWG Property Holding 3,161 34,133

86,000 Lenovo Group (2,593) 73,096

30,000 LI & Fung (15,612) 54,938

(25,500) Li Ning 2,871 (22,725)

17,000 Lifestyle International Holdings (8,203) 36,999

(16,500) Link REIT (3,120) (63,747)

(2,000) Luk Fook Holdings 1,182 (4,147)

(20,000) Maanshan Iron & Steel (199) (4,816)

7,726 MGM China Holdings (519) 12,477

48,000 MIE Holdings (6,791) 12,054

48,000 Minmetals Resources (3,584) 20,708

20,000 MTR (6,709) 64,648

85,000 New World Development (16,504) 91,184

7,000 NWS Holdings (992) 10,187

6,000 Orient Overseas (9,564) 32,414

(7,500) Parkson Retail Group 1,551 (7,408)

126,000 PCCW (1,483) 46,083

84,000 PetroChina (18,759) 106,121

3,000 Ping An Insurance Group (3,137) 22,080

500 Power Assets holdings (211) 3,487

1,900 Prada (606) 11,696

(356,000) Renhe Commercial Holdings 24,511 (17,422)

11,600 Sands China (5,549) 39,587

(11,000) Sany Heavy Equipment International

Holdings 2,742 (6,658)

24,000 Shandong Weigao GP Medical (2,898) 24,324

(8,000) Shangai Industrial Holding 2,152 (22,356)

(31,700) Shanghai Pharmaceuticals Holding 8,043 (38,211)

48,000 Shougang Fushan Resources Group (35) 15,701

32,500 Shui On Land (616) 12,682

8,000 Sihuan Pharmaceutical Holdings Group (357) 2,751

(76,000) Sino-Ocean Land Holdings 4,103 (31,026)

70,000 Sinopec (4,274) 20,373

22,000 Sinopharm Group (9,766) 50,204

25,000 SJM Holdings (9,670) 44,623

45,000 Soho China (2,501) 30,598

8,000 Sun Hung Kai Properties (32,988) 90,353

2,500 Swire Pacific (1,487) 26,947

4,800 Tencent Holdings 12,366 131,913

(32,000) Tingyi Cayman Islands Holding 15,004 (75,909)

8,000 Tsingtao Brewery 3,097 50,225

39,000 Want Want China Holdings (2,018) 44,600

(5,000) Weichai power 1,446 (22,086)

24,000 Wheelock (3,423) 71,551

(20,000) Wumart Stores (1,840) (44,198)

16,000 Wynn Macau (5,196) 38,902

(36,000) Xinyi Glass Holdings 481 (21,651)

16,000 Yue Yuen Industrial Holding (624) 49,967

44,000 Yuexiu Property 1,053 10,596

37,200 Zoomlion Heavy Industry Science

and Technology 185 54,518

(7,400) ZTE 4,010 (14,752)

(295,098)


Holding Description


US$



US$

ValueUS$

Hong Kong continued




Indonesia 1,163,000 Alam Sutera Realty (10,405) 66,811

(1,500) Astra International 1,713 (10,261)

55,000 Bank Mandiri 641 40,372

(299,500) Bumi Resources 26,303 (45,244)

(54,500) Charoen Pokphand Indonesia 458 (15,219)

1,500 Indo Tambangraya Megah (290) 5,394

38,500 Indocement Tunggal Prakarsa (1,681) 72,904

(43,500) Indosat 6,691 (18,048)

24,000 Kalbe Farma (489) 9,894

181,500 Perusahaan Gas Negara Persero (1,214) 71,441

8,000 Semen Gresik Persero (621) 9,319

97,500 Telekomunikasi Indonesia Persero (461) 80,904

44,500 Unilever Indonesia 4,182 97,285

2,000 United Tractors (1,611) 4,915

23,216

Malaysia (6,300) AirAsia 4 (6,992)

72,200 Berjaya Sports Toto (10,415) 94,924

31,800 DiGi.Com (3,383) 40,104

13,200 Gamuda (1,455) 14,108

15,300 Genting (5,677) 48,238

39,600 Lafarge Malayan Cement (6,639) 87,771

(59,600) Malaysia Marine and Heavy

Engineering Holdings 13,834 (93,579)

6,500 MMC (458) 5,533

(28,600) Petronas Dagangan (13,522) (186,654)

1,100 Petronas Gas (51) 5,965

(12,300) PPB Group (4,551) (65,926)

78,600 Sime Darby (11,960) 239,883

7,400 Tenaga Nasional (174) 15,562

137,100 UEM Land Holdings (15,450) 86,883

90,600 UMW Holdings 14,891 228,232

22,300 YTL 1,310 12,937

(43,696)

Philippines 51,400 Aboitiz Power 2,272 41,765

20,000 Alliance Global Group (90) 5,728

(3,270) Ayala (3,026) (33,222)

255,700 Ayala Land (8,368) 115,434

255,700 Ayala Land* – –

2,470 Jollibee Foods (522) 5,995

1,340 SM Investments 1,083 21,684

(8,651)

Singapore 32,000 Ascendas (1,915) 50,896

(9,000) Biosensors International Group 1,209 (8,554)

(19,000) CapitaMalls Asia 2,216 (20,785)

84,000 Comfortdelgro (2,014) 95,803

(2,000) Cosco Singapore 504 (1,575)

8,000 DBS Group Holdings (5,213) 82,054

(3,000) Genting Singapore 41 (3,491)

(12,000) Global Logistic Properties 725 (19,365)

102,000 Golden Agri Resources (4,933) 51,439

7,000 Hutchison Port Holdings Trust (194) 5,005

1,000 Keppel (93) 7,743

(27,000) Keppel Land 6,879 (59,912)

(61,000) Neptune Orient Lines (789) (50,403)

37,000 Noble Group (1,663) 32,008

(11,000) Olam International 366 (14,210)

14,000 Oversea-Chinese Banking (7,935) 90,806

(15,000) Sakari Resources 4,079 (16,817)

35,000 SembCorp Industries (8,596) 131,158

(10,000) Singapore Telecommunications 798 (23,896)

34,000 StarHub 3,972 85,468

32,000 STX OSV Holdings (6,160) 36,000

4,000 United Overseas Bank (3,265) 54,900

(21,981)

South Korea 8 Amorepacific 350 7,348

2,260 BS Financial Group (3,905) 22,212

450 Capro (1,895) 6,291

1,500 CJ (5,270) 102,944

(64) CJ CheilJedang 456 (18,220)

(540) Cosmochemical 926 (5,994)

(2,873) CrucialTec 20,510 (17,867)

607 Daelim Industrial (16,696) 51,276

40 Daewoo Shipbuilding & Marine (233) 925

240 Daou Technology (599) 2,450

7,986 Dasan Networks (13,082) 34,170

800 DGB Financial Group (758) 9,930

1,480 Dongbu Insurance (5,752) 59,250

(210) Dongkuk Steel Mill 794 (2,909)

(2,820) Foosung 4,722 (13,093)

92 Gamevil 1,442 6,860

560 Grand Korea Leisure 1,386 10,818

206 GS Engineering & Construction (4,189) 14,050

66 GS Holdings (557) 3,098

1,460 Halla Climate Control (4,014) 24,741

960 Hana Financial Group (4,109) 30,258

(737) Hana Financial Group 535 (5,420)

1,510 Hanil Micro (1,638) 11,348

110 Hankook Tire (161) 4,427

2,500 Hansol Paper (4,737) 15,357

(240) Hanwha Chemical 1,880 (4,199)

88 Himart (173) 4,429

17 Honam Petrochemical (1,200) 3,601

460 Hotel Shilla 3,067 20,968

314 Hyosung 26 14,047

279 Hyundai Engineering & Construction (4,897) 15,720

25 Hyundai Heavy Industries (1,481) 5,656

1,380 Hyundai Marine & Fire Insurance (4,196) 34,376

(1,110) Hyundai Merchant Marine 2,604 (23,559)

179 Hyundai Mobis (3,863) 42,011

731 Hyundai Motor 8,614 151,124

(770) ICD 3,689 (12,591)

690 Industrial Bank of Korea (1,479) 7,015

(650) Infinitt Healthcare 4,822 (4,731)

(266) Infraware 1,991 (1,864)

(1,820) Inktec 19,088 (23,131)

(1,547) Jusung Engineering 2,321 (9,817)

(1,910) Kangwon Land 4,958 (40,781)

840 KB Financial Group (6,245) 26,262

174 KCC (9,645) 43,638

(63) KEPCO Engineering & Construction 212 (3,891)

3,383 KH Vatec (6,078) 16,395

2,446 Kia Motors 9,653 166,210

(1,000) Korea Aerospace Industries 5,980 (21,055)

3,070 Korea Exchange Bank (742) 21,355

960 Korea Investment Holdings (4,214) 32,617

58 Korea Zinc (3,811) 17,445

1,820 KP Chemical (7,554) 22,360

474 KT&G 835 31,567

40 LG Chem (5,104) 9,862

680 LG Display (6,131) 12,042

496 LG Electronics (10,846) 27,779

278 LG International (4,734) 9,045

(870) LMS 4,916 (9,472)

(2,100) Lock & Lock 2,312 (55,692)

1,237 Loen Entertainment (2,223) 11,686

21 Lotte Confectionery (4,651) 27,650


Holding Description


US$



US$

ValueUS$

Singapore continued




99 Lotte Shopping (5,870) 26,464

57 LS 16 3,926

390 Macrogen (2,895) 7,864

(1,175) Melfas 6,660 (18,766)

(240) Nexen Tire (664) (4,250)

28 NHN 305 5,753

969 Osstem Implant 766 10,878

(306) Osung LST 1,881 (2,224)

1,032 Partron (314) 11,673

212 Posco (12,734) 65,024

230 S&T Dynamics (1,457) 2,377

10 S-Oil (448) 785

794 Samsung C&T (8,252) 45,746

84 Samsung Electronics 2 7,259

432 Samsung Electronics 29,042 443,255

224 Samsung Engineering (11,673) 35,681

96 Samsung Fire & Marine (1,854) 17,122

1,140 Samsung Heavy Industries (4,012) 35,304

(11) Samsung SDI (193) (1,426)

(152) Samsung Techwin (1,302) (9,595)

(2,041) Seoul Semiconductor (313) (39,514)

1,590 Shinan Financial Group (12,719) 51,125

243 Silicon Works (2,586) 5,147

35 SK C&C (1,041) 2,782

1,273 SK Chemicals (15,776) 55,979

(903) SK Communications 4,049 (5,677)

1,055 SK Holdings (34,844) 109,500

1,070 SK Hynix (7,368) 20,942

465 SK Innovation (23,229) 55,158

2,500 SK Networks (6,219) 17,878

(1,320) STS Semiconductor &

Telecommunications 5,020 (6,386)

(6,400) STX Pan Ocean 21,410 (23,670)

(329) Ubivelox 139 (7,666)

(5,312) Wonik IPS 7,071 (33,440)

440 Woongjin Coway (880) 13,160

3,700 Woori Finance Holdings (6,793) 34,484

(135,848)

Taiwan 21,000 Advanced Semiconductor Engineering (1,636) 19,876

45,000 Ardentec (3,571) 31,133

3,000 Capella Microsystems Taiwan 3,514 18,544

(11,000) Capital Securities 881 (3,623)

(15,000) Cheng Shin Rubber Industry (1,870) (36,183)

2,000 Chicony Electronics (266) 3,799

113,400 China Development Financial Holding (14,101) 28,494

67,000 China Life Insurance (1,178) 61,617

(26,000) China Motor (84) (23,171)

2,000 China Petrochemical Development (973) 1,679

(62,000) China Steel 4,492 (58,161)

14,000 China Trust Financial Holding (1,866) 7,810

5,000 Chipbond Technology 443 6,583

(16,000) Clevo 5,052 (22,943)

(26,000) Compal Communications 9,130 (31,707)

50,000 Compal Electronics (5,957) 51,595

9,000 Delta Electronics (4,141) 25,087

(5,000) Dynapack International 299 (25,881)

(4,000) E INK Holdings 1,644 (4,248)

(11,000) Eva Airways (207) (6,560)

3,000 Far EasTone Telecommunications (321) 6,674

(24,000) Farglory Land Development 4,461 (38,797)

26,000 Forhouse (4,339) 13,632

8,000 Formosa Chemicals & Fibre (3,505) 21,174

(4,000) Formosa Petrochemical 948 (10,922)

(5,000) Formosa Taffeta (84) (4,573)

15,000 Giant Manufacturing 273 70,608

40,000 Hon Hai Precision Industry (20,347) 117,261

2,000 HTC (9,288) 28,813

21,000 Hua Nan Financial Holdings (868) 11,538

(39,000) Inventec (304) (12,975)

163,000 KGI Securities 3,056 73,997

48,000 Lite on Technology 3,003 61,431

(64,000) Macronix International 361 (18,462)

78,000 Mega Financial Holding (4,870) 54,225

8,000 MStar Semiconductor (3,621) 48,512

(49,000) Nan Kang Rubber Tire 5,926 (67,636)

(17,000) Nan Ya Printed Circuit Board 10,299 (27,766)

30,000 Pegatron 2,738 41,661

2,000 Phison Electronics (1,789) 14,741

85,000 Pou Chen 1,589 73,615

25,000 Qisda (1,139) 5,989

12,000 Quanta Computer 2,412 31,359

13,000 Radiant Opto-Electronics 4,690 58,580

38,000 Realtek Semiconductor (5,505) 75,623

29,000 Ruentex Development 477 42,507

7,000 Ruentex Industries (1,939) 11,198

19,000 Siliconware Precision Industries (540) 20,688

(6,000) Synnex Technology International 321 (13,408)

16,000 Tainan Spinning (10) 6,808

(8,000) Taiwan Glass Industry 819 (7,491)

115,000 Taiwan Semiconductor Manufacturing 19,516 327,878

61,000 Teco Electric & Machinery (994) 41,487

1,000 Tong Hsing Electronic Industries (726) 3,216

(18,000) Tong Yang Industry 1,550 (16,946)

27,000 Transcend Information (1,071) 76,709

(21,000) TSRC (302) (51,220)

24,000 Uni President Enterprises (161) 36,103

143,000 United Microelectronics (10,899) 62,761

163,000 Vanguard International 3,451 84,646

120,000 Wan Hai Lines (9,371) 57,089

1,000 Ways Technical (24) 2,808

102,000 Winbond Electronics (980) 16,301

82,000 Yuanta Financial Holding (4,055) 36,126

(26,000) Yulon Motor (4,407) (45,035)

(35,964)

Thailand 19,700 Advanced Info Service 13,202 110,838

18,100 Airports of Thailand (2,671) 32,144

184,400 Bangchak Petroleum (3,032) 131,569

21,800 Charoen Pokphand Foods (45) 26,038

(45,500) Esso Thailand 7,962 (13,086)

(122,700) Italian-Thai Development 2,869 (12,727)

1,800 PTT (3,251) 17,143

17,700 PTT Global Chemical (6,452) 30,182

(6,100) Ratchaburi Electricity Generating

Holding 302 (7,957)

23,700 Thai Oil (15,963) 42,089

(389,300) True (3,948) (45,275)

(11,027)

United States 200 Focus Media Holding (1,169) 4,244

198 ICICI Bank (516) 5,540

(168) Patni Computer Systems 305 (2,967)

600 Perfect World (2,400) 6,222

3,920 Sterlite Industries India (11,723) 26,068

4,309 Tata Motors (29,233) 88,507

2,263 Wipro (3,591) 19,462

35,400 WisdomTree (131,975) 557,550

(180,302)

Net unrealised loss (711,602)


Holding Description


US$



US$

ValueUS$

Taiwan continued South Korea continued


BlackRock Emerging Markets Extension Fund

BONDS


(Zero coupon) 399,982 4.51

US$ 400,000 Aspen Funding 0.00 % 29/6/2012

(Zero coupon) 399,920 4.51

US$ 350,000 Bank of Nova Scotia 1.00 % 15/6/2012 349,981 3.95

US$ 300,000 Bank of Nova Scotia 0.00 %

18/10/2012 (Zero coupon) 300,281 3.39


(Zero coupon) 464,948 5.25

US$ 392,000 Fairway Finance 0.00 % 10/7/2012

(Zero coupon) 391,892 4.42

US$ 400,000 Mont Blanc Capital 0.00 % 9/7/2012

(Zero coupon) 399,884 4.51

US$ 400,000 Natixis 0.00 % 4/6/2012 (Zero coupon) 400,012 4.52

US$ 400,000 Rabobank 0.00 % 1/6/2012

(Zero coupon) 399,996 4.51

US$ 400,000 Sumitomo Mitsui Banking 0.00 %

19/7/2012 (Zero coupon) 399,822 4.51


23/8/2012 (Zero coupon) 999,848 11.28


8/11/2012 (Zero coupon) 999,452 11.28

5,906,018 66.64

Total Bonds 5,906,018 66.64


TIME DEPOSITS Natixis 400,000 4.51

Total Time Deposits 400,000 4.51










% of netassets

Financial 66.64

Time deposit 4.51


100.00



BlackRock Emerging Markets Extension Fund continued

Belgium 112 NovaTek (1,365) 10,472

(1,365)

Brazil (1,600) All America Latina Logistica 1,101 (6,476)

500 Amil Participacoes (113) 4,517

(1,100) Anhanguera Educacional Participacoes 1,711 (13,102)

(2,900) B2W Cia Global Do Varejo 3,824 (8,446)

3,000 Banco Bradesco (10,863) 43,062

7,100 Banco do Brasil (31,231) 69,742

200 Banco do Estado do Rio Grande do Sul (823) 1,550


11,100 BM&FBovespa (22,549) 52,708

(5,000) BR Malls Participacoes 6,355 (52,495)

(1,000) BR Properties 1,267 (11,442)

700 Bradespar (3,872) 10,635

400 Braskem (1,348) 2,180

(900) BRF - Brasil Foods 2,531 (13,807)

2,000 Brookfield Incorporacoes (755) 3,436

2,500 CCR (257) 19,041

(6,300) CCX Carvao da Colombia (21,395) (21,395)

4,200 Centrais Eletricas Brasileiras (12,339) 37,420

(1,300) CETIP - Mercados Organizados 3,605 (18,205)

100 Cia Brasileira de Distribuicao Grupo

Pao de Acucar (399) 3,806

2,300 Cia de Bebidas das Americas (1,322) 85,022


de Sao Paulo (86) 10,424

(300) Cia de Transmissao de Energia Eletrica

Paulista 288 (8,926)

1,375 Cia Energetica de Minas Gerais (9) 23,680

300 Cia Paranaense de Energia (1,199) 5,954

2,000 Cia Siderurgica Nacional (6,495) 12,784

60 Cielo (212) 1,563

2,800 Cosan Industria e Comercio (6,130) 41,353

2,000 Cyrela Brazil Realty SA

Empreendimentos e Participacoes (61) 14,295

(5,100) Diagnosticos da America 1,846 (34,992)

700 EcoRodovias Infraestrutura e Logistica (38) 5,477

(1,100) EDP - Energias do Brasil 1,141 (6,793)

(100) Eletropaulo Metropolitana Eletricidade

de Sao Paulo 151 (1,157)

800 Embraer (43) 5,603

1,500 Gerdau (3,797) 11,713


(5,000) HRT Participacoes em Petroleo 10,597 (16,437)

(5,400) Hypermarcas 8,558 (28,174)

4,800 Itau Unibanco Holding (34,791) 67,170

16,170 Itausa - Investimentos Itau (34,539) 67,046

6,700 Klabin (660) 27,450

(11,500) LLX Logistica 6,709 (13,056)

7,100 Metalurgica Gerdau (17,947) 69,076

(1,300) MMX Mineracao e Metalicos 547 (4,248)

(6,300) MPX Energia 53,708 (111,701)

(837) MPX Energia (4) (4)

500 Multiplan Empreendimentos Imobiliarios 257 11,696

2,000 Multiplus 636 45,570

(18,100) OGX Petroleo e Gas Participacoes 58,822 (90,683)

150 Oi (121) 709

1,540 Oi (795) 6,233

20,000 Petroleo Brasileiro (83,669) 181,055

(2,400) QGEP Participacoes 1,511 (12,143)

1,200 Redecard (7,029) 18,190

2,700 Rossi Residencial (1,626) 7,130

5,100 Souza Cruz (2,338) 66,862

5,476 Sul America (13,417) 38,545

5,100 Tim Participacoes (2,511) 25,149

500 Tractebel Energia (392) 8,317

900 Ultrapar Participacoes (893) 17,863

(2,400) Usinas Siderurgicas de Minas Gerais 6,274 (10,389)

10,900 Vale (61,788) 194,391

(211,758)

Canada 1,829 Pacific Rubiales Energy (27) 47,257

1,271 Pan American Silver (5,747) 21,153

1,450 Petrominerales (8,172) 19,464

(13,946)

Cayman Islands 196 Country Garden Holdings 73 73

73

Chile 63 Banco de Credito e Inversiones (355) 3,721

3,725 Cencosud (2,540) 19,893

1,830 Cia Cervecerias Unidas (1,456) 23,202

8,777 Empresa Nacional de Electricidad (1,002) 13,756

2,236 ENTEL Chile (6,033) 38,230

5,146 SACI Falabella (1,810) 45,277

(13,196)

Czech Republic 409 Telefonica Czech Republic (577) 7,501

(577)

Hong Kong 102,000 Agricultural Bank of China (9,108) 41,377

(26,000) Angang Steel 6,870 (14,833)

(16,000) AviChina Industry & Technology 1,119 (6,202)

333,000 Bank of China (16,355) 127,366

55,000 Bank of Communications (8,614) 35,627

(8,000) BBMG 1,112 (6,357)

78,000 Beijing Capital International Airport 2,895 49,019

34,000 Bosideng International Holdings (3,111) 7,706

(8,000) Brilliance China Automotive Holdings 6 (7,892)

(31,000) China Agri-Industries Holdings 2,444 (22,396)

110,000 China BlueChemical (11,385) 76,779

79,000 China Citic Bank (10,011) 40,898

30,000 China Communications Construction (1,209) 28,203

62,000 China Communications Services 770 30,900

268,000 China Construction Bank (31,360) 186,717

(60,000) China COSCO Holdings 9,943 (28,589)

(41,000) China Dongxiang Group 630 (5,227)

(61,000) China Everbright International (441) (27,338)

(56,000) China Gas Holdings (175) (27,405)

(18,000) China Longyuan Power Group 3,358 (10,964)

6,000 China Mengniu Dairy (1,041) 16,536

17,000 China Merchants Bank (6,787) 32,927

21,000 China Mobile (3,694) 212,161

(11,000) China Molybdenum 730 (4,179)

30,000 China National Building Material (2,168) 36,394

2,000 China Oilfield Services 109 2,761

10,000 China Overseas Land & Investment 817 20,940

35,000 China Railway Construction 58 27,315

(22,000) China Resources Cement Holdings 1,406 (16,008)

6,000 China Resources Enterprise (2,514) 19,008

(34,500) China Rongsheng Heavy Industries

Group Holdings 3,725 (9,330)

48,000 China Shanshui Cement Group (1,538) 38,078

12,000 China Shenhua Energy (11,648) 42,266


Holding Description


US$



US$

ValueUS$

Brazil continued



(54,000) China Shipping Development 13,714 (29,416)

14,000 China Southern Airlines (1,683) 6,022

44,000 China State Construction International

Holdings (579) 40,911

(10,600) China Taiping Insurance Holdings 4,384 (17,610)

(7,500) China ZhengTong Auto Services Holdings 2,483 (4,733)

7,000 Chongqing Rural Commercial Bank (73) 2,984

(2,200) Chow Tai Fook Jewellery Group 750 (2,550)

75,000 CNOOC (30,564) 135,220

2,000 COSCO Pacific (141) 2,475

3,000 CSR 177 2,306

(4,000) Dah Chong Hong Holdings 459 (3,812)

6,000 Daphne International Holdings (1,256) 6,491

(10,800) Dongfang Electric 3,678 (25,341)

40,000 Dongfeng Motor Group (11,355) 67,584

44,000 Dongyue Group (10,008) 28,729

2,000 ENN Energy Holdings 794 7,688

65,000 Evergrande Real Estate Group (1,852) 35,743

14,000 Fosun International (1,294) 7,536

8,000 Franshion Properties China 287 2,318

10,500 Great Wall Motor 2,535 21,554

66,000 Guangdong Investment (86) 43,263

34,000 Guangzhou Automobile Group (9,001) 28,723

17,600 Guangzhou R&F Properties 2,233 23,300

8,000 Haier Electronics Group (664) 9,427

277,000 Industrial & Commercial Bank of China (21,204) 169,444

2,000 Intime Department Store Group (282) 2,094

(1,000) Kingboard Chemical Holdings 1,134 (2,151)

(4,000) Kunlun Energy (257) (6,851)

54,000 Lenovo Group (387) 45,898

30,000 MIE Holdings (3,539) 7,534

52,000 Minmetals Resources (2,636) 22,434

56,000 PetroChina (13,734) 70,747

8,000 PICC Property & Casualty (2,961) 8,881

1,000 Ping An Insurance Group (903) 7,360

(5,000) Sany Heavy Equipment International

Holdings 1,371 (3,026)

(179,000) Semiconductor Manufacturing

International 3,934 (5,993)

(12,000) Shandong Weigao Group Medical Polymer (678) (12,162)

3,000 Shimao Property Holdings 257 4,003

110,000 Shougang Fushan Resources Group (9,037) 35,982

(28,000) Sino-Ocean Land Holdings 1,975 (11,431)

1,600 Sinopharm Group (890) 3,651

68,000 Skyworth Digital Holdings (2,509) 30,562

10,500 Soho China (317) 7,140

(10,000) Sun Art Retail Group (91) (12,337)

3,700 Tencent Holdings 9,909 101,683

(28,000) Tingyi Cayman Islands Holding 12,369 (66,420)

10,000 Want Want China Holdings 933 11,436

(5,000) Wumart Stores (348) (11,049)

(64,000) Yingde Gases 9,128 (59,590)

28,000 Yuexiu Property 1,428 6,743

11,000 Zhaojin Mining Industry (8,192) 13,033

(11,000) Zhuzhou CSR Times Electric (4,013) (31,944)

130,000 Zijin Mining Group (15,364) 41,184

7,600 Zoomlion Heavy Industry Science

and Technology (117) 11,138

(167,250)

Hungary 20,247 Magyar Telekom

Telecommunications (12,808) 35,440

12 Richter Gedeon Nyrt (269) 1,752

(13,077)

Indonesia 281,000 Aneka Tambang Persero (24,108) 34,378

2,500 Astra Agro Lestari (836) 5,439

(2,500) Astra International 2,875 (17,101)

24,000 Bank Rakyat Indonesia Persero (4,075) 14,425

(35,000) Bumi Resources 3,509 (5,287)

149,500 Charoen Pokphand Indonesia (3,440) 41,749

25,000 Indocement Tunggal Prakarsa (392) 47,340

107,500 Kalbe Farma 1,789 44,315

94,000 Perusahaan Gas Negara Persero (323) 37,000

23,000 Unilever Indonesia 569 50,282

14,000 United Tractors (11,823) 34,404

(20,500) Vale Indonesia 2,971 (5,452)

(3,500) XL Axiata (353) (2,197)

(33,637)

Malaysia (5,200) AirAsia 623 (5,771)

52,300 Berjaya Sports Toto (7,644) 68,760

(4,100) Bumi Armada 306 (5,171)

39,500 DiGi.Com (4,465) 49,815

1,900 Gamuda (184) 2,031

(5,800) IOI 896 (9,600)

52,800 JCY International (703) 23,972

14,900 Lafarge Malayan Cement (1,565) 33,025

13,000 Malayan Banking (581) 35,863

(45,300) Malaysia Marine and Heavy

Engineering Holdings 9,736 (71,126)

3,900 MISC (668) 4,955

10,900 MMC (1,583) 9,279

6,300 Parkson Holdings (2,288) 9,435

14,500 Petronas Chemicals Group (2,911) 30,630

(18,200) Petronas Dagangan (8,535) (118,780)

(600) PPB Group (229) (3,216)

47,900 Sime Darby (8,067) 146,188

(1,000) SP Setia 44 (1,230)

3,600 Tenaga Nasional (85) 7,571

(3,800) UEM Land Holdings 491 (2,408)

25,400 UMW Holdings 6,484 63,986

(20,928)

Mexico 7,000 Alfa (6,445) 88,282

77,000 America Movil (2,032) 90,385

(2,200) Arca Continental (261) (10,827)

7,172 Cemex (498) 3,873

800 Coca-Cola Femsa 646 9,149

(100) El Puerto de Liverpool 75 (720)

300 Fomento Economico Mexicano (68) 2,372

(1,300) Genomma Lab Internacional 610 (2,249)

1,400 Grupo Aeroportuario del Pacifico (536) 4,809

14,800 Grupo Bimbo (2,555) 31,190

4,200 Grupo Carso (469) 12,446

(2,050) Grupo Elektra 27,931 (75,378)

800 Grupo Financiero Banorte 344 3,602

(27,900) Grupo Financiero Inbursa 1,099 (57,371)

18,200 Grupo Mexico (10,068) 47,215

5,600 Grupo Modelo 4,821 40,123

7,000 Grupo Televisa (1,513) 26,670

3,175 Industrias Penoles (36,126) 118,301

9,300 Mexichem (1,671) 31,760

(19,900) Minera Frisco 11,045 (78,050)

49,100 Urbi Desarrollos Urbanos (3,532) 41,198

800 Wal-Mart de Mexico (115) 2,008

(19,318)


Holding Description


US$



US$

ValueUS$

Hong Kong continued





Philippines 23,100 Ayala Land 30 10,428

23,100 Ayala Land* – –

(12,400) Energy Development (55) (1,710)

7,130 Manila Electric (8,901) 36,875

65 Philippine Long Distance Telephone (711) 3,496

3,400 Universal Robina 256 5,080

(9,381)

Poland 605 Asseco Poland (1,424) 8,051

(3,045) Cyfrowy Polsat 1,573 (11,717)

1,908 Enea (2,458) 8,150

(41,239) Getin Holding 8,864 (20,819)

(10,627) Globe Trade Centre (727) (727)

(10,627) Globe Trade Centre 10,821 (16,720)

(5,519) Grupa Lotos 9,644 (36,699)

(119) Jastrzebska Spolka Weglowa 481 (3,047)

(721) Kernel Holding 4,874 (11,324)

3,059 KGHM Polska Miedz (30,331) 107,926

8,805 PGE (10,405) 45,067

(1,013) Polski Koncern Naftowy Orlen 2,099 (9,495)

836 Powszechna Kasa Oszczednosci

Bank Polski (1,939) 7,353

618 Powszechny Zaklad Ubezpieczen (14,139) 51,217

25,169 Synthos (6,309) 38,118

(229) Telekomunikacja Polska 81 (1,024)

(7,819) TVN 11,246 (17,477)

(18,049)

Russia 21 AK Transneft (13,585) 27,427

339,000 Federal Hydrogenerating (1,068) 8,058

42,870 Gazprom (82,420) 189,200

480,000 IDGC Holding JSC (25,614) 21,552

51,600 Sberbank of Russia (36,908) 125,526

130 Severstal (86) 1,439

33,600 Surgutneftegas (7,872) 25,106

21,490 Tatneft (28,593) 108,993

7,300,000 VTB Bank (4,482) 11,488

(200,628)

South Africa (2,077) Anglo American 27,111 (62,530)

(77) Anglo American Platinum 1,141 (4,224)

(13,004) ArcelorMittal South Africa 27,939 (80,288)

7,831 Barloworld (14,912) 76,691

3,882 Bidvest Group (6,114) 80,661

(508) British American Tobacco 1,824 (23,869)

(1,345) Clicks Group (309) (7,362)

(1,595) Impala Platinum Holdings 8,982 (25,047)

6,320 Imperial Holdings 8,431 121,582

1,322 MTN Group (2,189) 20,874

(2,582) Northam Platinum 2,770 (7,844)

(346) Pick n Pay Stores 199 (1,829)

(843) Remgro 844 (13,000)

32,756 RMB Holdings (465) 127,306

29,093 RMI Holdings (4,533) 55,177

(362) SABMiller 925 (13,337)

20,869 Sappi (277) 67,590

1,461 Sasol (13,670) 61,364

3,746 Spar Group (5,508) 48,022

9,509 Telkom (3,569) 25,437

11,965 Vodacom Group (13,214) 141,601

10,868 Woolworths Holdings 3,017 61,557

18,423

South Korea 18 Amorepacific 824 16,532

480 Asiana Airlines (971) 2,591

1,510 BS Financial Group (2,543) 14,841

1,410 Capro (6,415) 19,712

934 CJ (4,140) 64,100

(28) CJ CheilJedang 441 (7,971)

(110) Cosmochemical 674 (1,221)

(2,965) CrucialTec 20,684 (18,439)

465 Daelim Industrial (12,866) 39,280

2,810 Daesang 8,071 43,689

1,020 Dongbu Insurance (3,586) 40,835

(217) Duksan Hi-Metal 163 (4,385)

(3,400) Foosung 7,048 (15,786)

790 Hana Financial Group (3,521) 24,900

(1,590) Hanjin Heavy Industries & Construction 10,488 (20,544)

360 Hankook Tire 337 14,488

1,950 Hansol Paper (3,898) 11,978

29 Himart (491) 1,460

12 Honam Petrochemical (1,657) 2,542

(77) Hyosung 1,312 (3,445)

91 Hyundai Department Store (2,971) 11,180

530 Hyundai Engineering & Construction (9,335) 29,862

130 Hyundai Hysco (647) 4,075

1,950 Hyundai Marine & Fire Insurance (6,189) 48,574

(110) Hyundai Merchant Marine (26) (2,335)

133 Hyundai Mobis (3,334) 31,215

664 Hyundai Motor 8,266 137,273

(1,950) Iljin Materials 8,570 (19,992)

700 Industrial Bank of Korea (1,853) 7,117

(764) Infinitt Healthcare 5,850 (5,560)

(1,003) Jusung Engineering 4,550 (6,365)

(230) Kangwon Land 345 (4,911)

154 KCC (8,886) 38,622

1,692 Kia Motors 10,073 114,974

(177) Kolon Industries 2,697 (9,748)

(2,480) Korea Aerospace Industries 14,677 (52,216)

4,180 Korea Exchange Bank (1,016) 29,077

610 Korea Investment Holdings (2,072) 20,725

79 Korea Zinc (5,492) 23,762

150 Korean Air Lines (1,865) 5,745

1,690 KP Chemical (7,352) 20,763

294 KT&G 564 19,579

344 LG (7,070) 16,030

187 LG Chem (25,261) 46,106

620 LG Display (5,054) 10,979

20 LG International (153) 651

(2,620) Lock & Lock 3,199 (69,482)

14 Lotte Confectionery (3,038) 18,433

123 Lotte Shopping (6,507) 32,880

(1,188) Melfas 5,939 (18,974)

(490) Nexen Tire (1,603) (8,677)

40 NHN 535 8,219

166 Osstem Implant 129 1,864

169 Posco (10,652) 51,835

2,770 S&T Dynamics (16,831) 28,633

289 S-Oil (13,898) 22,699

250 S1 (644) 11,968

259 Samsung C&T (2,672) 14,922

740 Samsung Card (6,805) 20,816

214 Samsung Electronics 15,106 219,576

189 Samsung Engineering (8,089) 30,105

710 Samsung Heavy Industries (2,906) 21,987

(98) Samsung SDI (876) (12,704)

(1,575) Samsung Techwin (14,388) (99,418)

(96) SFA Engineering 255 (4,449)

9 Shinsegae (456) 1,754


Holding Description


US$



US$

ValueUS$



2,296 Simm Tech (7,029) 21,593

256 SK C&C (7,921) 20,346

537 SK Chemicals (5,184) 23,614

914 SK Holdings (32,662) 94,865

1,360 SK Hynix (6,416) 26,618

533 SK Innovation (25,424) 63,224

1,530 SK Networks (4,975) 10,941

(70) SKC 825 (2,476)

190 SM Entertainment (515) 6,737

(200) Song Won 771 (1,342)

(1,030) STS Semiconductor &

Telecommunications 3,258 (4,983)

990 STX Offshore & Shipbuilding (6,275) 9,017

(3,340) STX Pan Ocean 10,418 (12,353)

(857) Wonik IPS 415 (5,395)

(1,040) Woongjin Energy (47) (4,732)

2,950 Woori Finance Holdings (5,470) 27,494

840 Youngone 2,048 21,351

40 Youngone Holdings 135 1,956

(171,280)

Taiwan 16,000 Acer (6,972) 16,376

9,000 Advanced Semiconductor Engineering (361) 8,518

88,000 Ardentec (9,055) 60,882

(9,000) Capital Securities 463 (2,964)

(11,000) Chang Hwa Commercial Bank 1,040 (5,712)

(19,000) Cheng Shin Rubber Industry 950 (45,832)

10,000 Chicony Electronics (1,541) 18,996

(120,000) Chimei Innolux 8,279 (50,456)

37,000 China Development Financial Holding (3,238) 9,297

19,000 China Petrochemical Development (7,638) 15,946

(10,000) China Steel 651 (9,381)

11,000 Chipbond Technology 498 14,483

4,000 Chong Hong Construction (902) 7,692

(3,000) Clevo 816 (4,302)

78,000 Compal Electronics (11,500) 80,488

20,000 Evergreen Marine (4,040) 9,816

11,000 Far Eastern Department Stores (6,361) 10,245

29,000 Far Eastern New Century (8,373) 29,342

38,000 Far EasTone Telecommunications 11,242 84,535

47,000 Farglory Land Development (21,138) 75,977

(6,000) Feng Hsin Iron & Steel (236) (10,433)

(2,000) Formosa Petrochemical 741 (5,461)

(2,000) Foxconn Technology (256) (7,203)

5,000 Giant Manufacturing 441 23,536

18,000 Highwealth Construction (3,423) 28,947

27,000 Hon Hai Precision Industry (14,652) 79,151

(2,000) Hotai Motor (945) (13,100)

2,000 HTC (10,193) 28,813

59,000 Hua Nan Financial Holdings (2,608) 32,418

55,000 Inventec (6,009) 18,298

107,000 KGI Securities 604 48,575

(68,000) Macronix International 9,073 (19,615)

4,000 MStar Semiconductor (3,613) 24,256

(17,000) Nan Ya Printed Circuit Board 15,151 (27,766)

10,000 Novatek Microelectronics (1,103) 29,684

10,000 Pegatron (536) 13,887

4,000 Phison Electronics (3,463) 29,483

2,000 Pou Chen 37 1,732

3,000 Quanta Computer 591 7,840

14,000 Radiant Opto-Electronics 4,458 63,086

29,000 Realtek Semiconductor (1,711) 57,712

8,000 Siliconware Precision Industries (332) 8,711

2,000 Simplo Technology (782) 14,339

(4,000) SinoPac Financial Holdings (89) (1,487)

1,000 Standard Foods (592) 3,045

(6,000) Synnex Technology International 502 (13,408)

(2,000) Taiwan Glass Industry 31 (1,873)

69,000 Taiwan Semiconductor Manufacturing 13,763 196,727

4,000 Transcend Information (69) 11,364

5,000 Tripod Technology (1,095) 13,937

5,000 TSRC (1,139) 12,195

2,000 U-Ming Marine Transport (362) 3,076

45,000 United Microelectronics (3,429) 19,750

14,000 Wan Hai Lines (1,175) 6,660

16,000 Wistron (6,264) 20,316

(4,000) Yulon Motor 1,639 (6,928)

(74,225)

Thailand 19,600 Advanced Info Service 13,180 110,275

70,700 Bangchak Petroleum 1,293 50,444

25,100 BEC World 7,605 42,603

27,900 Charoen Pokphand Foods 6 33,324

(23,100) Esso Thailand 4,194 (6,644)

(3,700) Glow Energy (1,284) (7,676)

6,200 PTT (11,502) 59,048

(9,900) Ratchaburi Electricity Generating

Holding 333 (12,914)

(1,100) Siam Cement 1,072 (13,726)

16,900 Thai Oil (9,538) 30,013

(133,200) True (134) (15,491)

5,225

Turkey (1,277) Anadolu Efes Biracilik Ve Malt Sanayii 2,565 (15,222)

536 BIM Birlesik Magazalar 2,146 21,464

(28,870) Dogan Sirketler Grubu Holding 260 (11,290)

14,703 Enka Insaat ve Sanayi (7,082) 32,058

1,537 Ford Otomotiv Sanayi (1,003) 13,257

(1,801) KOC Holding 1,418 (5,847)

2,333 Koza Altin Isletmeleri (2,535) 40,745

182 Migros Ticaret (229) 1,516

(4,942) Sinpas Gayrimenkul Yatirim Ortakligi 416 (2,965)

1,158 TAV Havalimanlari Holding (449) 5,596

2,421 Tupras Turkiye Petrol Rafinerileri (18,358) 45,264

18,319 Turk Hava Yollari (2,673) 24,927

733 Turk Telekomunikasyon (611) 2,576

2,194 Turkiye Garanti Bankasi (793) 6,911

2,102 Turkiye Halk Bankasi (993) 13,063

631 Turkiye Is Bankasi (121) 1,274

2,891 Turkiye Sise ve Cam Fabrikalari (832) 4,089

(28,874)

United Kingdom (3,802) Antofagasta 19,583 (58,430)

(3,125) Fresnillo 19,626 (63,375)

(372) LSR 22 (1,506)

(1,027) Magnit 4,525 (25,090)

(3,200) MMC Norilsk Nickel 9,261 (47,232)

(3,920) Rosneft Oil 686 (24,147)

5,098 Sistema JSFC (12,908) 88,705

4,055 TMK (460) 49,877

(3,877) Uralkali 10,664 (133,330)

9,299 VTB Bank (4,464) 29,152

(1,653) X5 Retail Group 2,177 (36,449)

48,712


Holding Description


US$



US$

ValueUS$

Taiwan continued South Korea continued




United States 4,160 AES 102 51,043

(3,163) Aluminum 7,898 (33,718)

(1,161) AU Optronics 1,417 (4,667)

(1,285) AuRico Gold 1,681 (9,808)


373 BanColombia (1,551) 22,134

490 Braskem (3,057) 5,405

(3,772) BRF - Brasil Foods 7,667 (58,466)

(4,481) Chunghwa Telecom 6,311 (134,520)

3,576 Cia de Bebidas das Americas (21,267) 132,848

1,090 Cia de Saneamento Basico do Estado

de Sao Paulo (5,536) 76,213

6,582 Cia Energetica de Minas Gerais (8,460) 113,210

2,123 Cia Siderurgica Nacional (5,771) 13,566

685 Coca-Cola Femsa 6,816 78,268

1,481 Copa Holdings 200 119,902

(574) CPFL Energia 2,184 (13,868)

(177) Empresa Nacional de Electricidad 971 (8,310)


797 Goldcorp (8,990) 29,049

289 Grupo Aeroportuario del Pacifico (280) 9,916

(303) Harmony Gold Mining (107) (2,972)

(3,401) Korea Electric Power 457 (32,242)

(269) MercadoLibre 7,507 (19,282)

1,942 Methanex (8,851) 53,982

5,631 Mobile Telesystems (5,169) 93,869

(4,167) NII Holdings 22,088 (46,545)

869 Oi (1 ADR represents 1 ordinary

share of{OIBR3 BZ Equity DES}) (1,596) 4,102

2,970 Oi (1 ADR represents 3 preference

share of{OIBR3 BZ Equity DES}) (9,471) 35,878

278 Siliconware Precision Industries (210) 1,473

(428) Silver Wheaton 3,079 (11,104)

(280) Sociedad Quimica y Minera de Chile 1,297 (14,840)

2,141 Southern Copper (9,017) 60,076

9,068 Taiwan Semiconductor

Manufacturing (12,469) 124,776

(2,157) Telefonica Brasil 4,848 (50,539)

4,820 Ternium (21,520) 91,291

(2,634) Turkcell Iletisim Hizmetleri 4,754 (28,895)

40,000 WisdomTree (150,500) 630,000

(181,864)

Net unrealised loss (1,106,920)


Holding Description


US$



US$

ValueUS$


1 This fund is managed by BlackRock.


BlackRock Euro Dynamic Diversified Growth Fund

BONDS

France £ 900,000 Societe Generale 0.00 % 28/4/2016

(Zero coupon) 973,681 1.46

973,681 1.46

Germany € 1,000,000 Bundesobligation 4.25 % 12/10/2012 1,015,000 1.52

€ 2,000,000 Bundesrepublik Deutschland 5.00 %

4/7/2012 2,007,900 3.00

3,022,900 4.52

Netherlands € 2,000,000 Netherlands Government Bond 5.00 %

15/7/2012 2,010,950 3.01

2,010,950 3.01

Switzerland £ 346,000 Credit Suisse AG/London 0.00 %

24/4/2014 (Zero coupon) 402,710 0.60

402,710 0.60

Total Bonds 6,410,241 9.59

FUNDS

France 14,233 LYXOR ETF Russia Dow Jones Russia

(GDR's) - D EUR 394,539 0.59

394,539 0.59

Guernsey 468,004 Alcentra European Floating Rate

Income Fund 585,491 0.88

32,251 BH Macro 617,607 0.92

1,000,000 Bluecrest Allblue Fund 2,056,433 3.08

254,357 Bluecrest Allblue Fund 407,607 0.61

165,886 Dexion Absolute 291,130 0.44

13,020 HarbourVest Global Private Equity 76,343 0.11

559,819 NB Global Floating Rate Income Fund 443,708 0.66

4,478,319 6.70

Hong Kong 678,900 iShares FTSE A50 China Index ETF 751,354 1.12

751,354 1.12

Ireland 12,504,660 Institutional cash series-Institutional

Euro Liquidity Fund1 12,504,660 18.71

55,500 iShares FTSE BRIC 50 1,045,980 1.57

13,550,640 20.28

Jersey 1,694 ETFS Physical Platinum 187,389 0.28

187,389 0.28

Luxembourg 63,008 BlackRock Global Funds - Asian Dragon

Fund X2 (USD)1 1,203,137 1.80

1,080,404 BlackRock Global Funds - Global

Corporate Bond Fund X2 (EUR)

Hedged1 12,024,897 18.00

1,294,301 BlackRock Global Funds - Global Equity

Fund X2 (USD)1 6,238,856 9.34

738,549 BlackRock Global Funds - Global Equity

Income X2 (USD)1 6,468,911 9.68

95,490 BlackRock Global Funds - US Dollar

High Yield Bond Fund X2 (USD)1 1,913,739 2.86

19,077 BlackRock Global Funds - World Gold

Fund X2 (EUR)1 808,674 1.21

129,262 Goldman Sachs Global High Yield

Portfolio 1,699,795 2.54

30,358,009 45.43

United Kingdom 113,185 Scottish Mortgage Investment Trust 902,428 1.35

902,428 1.35

United States 11,231 Market Vectors Agribusiness 425,096 0.64

425,096 0.64

Total Funds 51,047,774 76.39



Total Net Assets (€) 66,828,783 100.00



Holding Description Value (€) %





BlackRock Euro Dynamic Diversified Growth Fund continued

Written Call Options as at 31 May 2012

Number of contracts Issuer


€Value

€

(1,549,000) EUR/BRL Call Option strike price

€ 2.56 expiring on 29/6/2012 4,147 (22,341)

(89) EURO STOXX BANKS INDEX Call Option

strike price € 135.00

expiring on 15/6/2012 5,919 (445)

(131) MARKET VECTORS GOLD MINERS ETF

Call Option strike price US$ 51.00

expiring on 22/9/2012 (4,467) (12,714)

(120) SPDR GOLD SHARES Call Option

strike price US$ 166.00

expiring on 22/9/2012 (6,802) (28,048)

(102) VSTOXX INDEX Call Option


expiring on 22/8/2012 (3,519) (32,895)

Total Written Call Options (4,722) (96,443)

Purchased Call Options as at 31 May 2012



€Value

€

204 EURO STOXX 50 INDEX Call Option

strike price € 2,950.00

expiring on 15/6/2012 (6,324) 204

56 FTSE 100 INDEX Call Option

strike price £ 6,100.00

expiring on 17/8/2012 (6,400) 4,880

131 MARKET VECTORS GOLD MINERS ETF

Call Option strike price US$ 47.00

expiring on 22/9/2012 5,999 23,627

9 NIKKEI 225 INDEX Call Option

strike price ¥ 10,500.00

expiring on 14/12/2012 (7,389) 3,713

120 SPDR GOLD SHARES Call Option


expiring on 22/9/2012 7,241 39,063

44 STOXX EUROPE 600 INDEX Call Option


expiring on 15/6/2012 (10,983) 220

Total Purchased Call Options (17,856) 71,707

Swaps as at 31 May 2012 Nominal

Value DescriptionValue

€

391,000 Credit Default Swap (Morgan Stanley) (Fund

provides default protection on iTraxx Senior

Financials Series 16 Version 1 and receives

Fixed 5.00%) (20/12/2016) (25,869)

1,000,000 Credit Default Swaps (Citibank) (Fund receives

Fixed 5.000% and pays default protection

on CDX.NA.HY.17.V3) (20/12/2016) (45,179)

1,385,000 Total Return Swap (Citibank) (Fund receives

6 Month LIBOR and pays Fixed 0.6744%)

(2/4/2013) (89,522)

1,208,000 Total Return Swap (JP Morgan) (Fund receives

12 Month ENHMACRO and pays Fixed 0.000%)

(28/1/2013) 7,339

(153,231)




€

CA$ 2,558,400 NZD 3,115,907 1/6/2012 104,074

€ 4,284,924 £ 3,510,960 1/6/2012 (85,568)

€ 6,008,944 £ 5,003,350 1/6/2012 (219,297)

€ 1,450,000 ¥ 157,357,625 1/6/2012 (172,976)

€ 11,358,458 $ 15,229,220 1/6/2012 (958,433)

£ 260,000 € 322,885 1/6/2012 767

¥ 153,854,425 € 1,450,000 1/6/2012 136,844

NZD 3,202,174 CA$ 2,558,400 1/6/2012 (51,649)

US$ 2,035,000 € 1,607,028 1/6/2012 38,813

US$ 203,900 € 156,069 1/6/2012 8,839

US$ 2,366,000 € 1,804,665 1/6/2012 108,878

€ 1,850,577 SEK 16,644,797 15/6/2012 (2,655)

SEK 269,848 € 30,002 15/6/2012 (286)

€ 10,311,688 £ 8,254,310 31/8/2012 48,218

€ 8,467,010 US$ 10,624,320 31/8/2012 (119,274)

Net unrealised loss (EUR commitment - € 51,148,156) (1,163,706)

Open Futures Contractsas at 31 May 2012

Number of Contracts Contract/Description

Expirationdate


€

23 EURO STOXX 50 December 2014 (45,360)

67 EURO STOXX 50 December 2013 (21,051)

169 FTSE 100 December 2013 13,810

(26) FTSE 100 June 2012 58,504

10 FTSE MIB June 2012 (19,569)

(33) S P500 E MINI June 2012 74,934

102 VSTOXX MINI August 2012 19,125

(EUR commitment - € 1,147,286) 80,393


BlackRock Euro Dynamic Diversified Growth Fund continued

Purchased Put Options as at 31 May 2012



€Value

€

1,549,000 EUR/BRL Put Option


expiring on 29/6/2012 (11,207) 10,076

24 S+P 500 INDEX Put Option

strike price US$ 1,350.00

expiring on 16/6/2012 29,273 90,841

Total Purchased Put Options 18,066 100,917

Written Put Options as at 31 May 2012



€Value

€

(64) EURO STOXX BANKS INDEX Put Option


expiring on 15/6/2012 (14,208) (26,240)

(8) FTSE 100 INDEX Put Option

strike price £ 5,100.00

expiring on 17/8/2012 (5,694) (18,423)

(313) MARKET VECTORS GOLD MINERS ETF

Put Option strike price US$ 45.00

expiring on 22/9/2012 35,727 (108,852)

(24) S+P 500 INDEX Put Option

strike price US$ 1,250.00

expiring on 16/6/2012 15,044 (12,811)

(120) SPDR GOLD SHARES Put Option


expiring on 22/9/2012 6,930 (79,001)

(44) STOXX EUROPE 600 INDEX Put Option


expiring on 15/6/2012 (21,043) (34,760)

Total Written Put Options 16,756 (280,087)


% of netassets

Funds 76.39

Government 7.53

Financial 2.06


100.00




BlackRock European Absolute Return Fund

COMMON / PREFERRED STOCKS (SHARES)

Austria 204,740 Voestalpine 4,132,677 0.99

4,132,677 0.99

Canada 336,237 Africa Oil 2,611,395 0.62

2,611,395 0.62

Finland 89,450 Kone 4,069,975 0.97

4,069,975 0.97

France 238,090 Cie Generale de Geophysique-Veritas 4,191,574 1.00

120,007 Eutelsat Communications 2,511,146 0.60

40,190 LVMH Moet Hennessy Louis Vuitton 4,750,458 1.14

43,345 Neopost 1,834,360 0.44

122,647 Renault 4,154,667 0.99

352,765 Rexel 4,944,002 1.18

97,726 Sanofi 5,345,612 1.28

37,137 Technip 2,752,223 0.66

309,308 Veolia Environnement 2,852,129 0.68

452,428 Vivendi 5,892,875 1.41

39,229,046 9.38

Germany 83,408 Continental 5,585,834 1.34

33,315 Linde 4,116,068 0.98

106,445 SAP 4,933,194 1.18

14,635,096 3.50

Ireland 502,719 Kingspan Group 3,501,438 0.84

1,219,000 Ryanair Holdings 5,024,718 1.20

8,526,156 2.04

Italy 245,939 Brunello Cucinelli 2,702,870 0.64

291,247 ENI 4,511,416 1.08

7,214,286 1.72

Luxembourg 185,201 ArcelorMittal 2,066,843 0.49

2,066,843 0.49

Netherlands 654,378 Koninklijke Ahold 6,232,296 1.49

463,648 Reed Elsevier 3,883,979 0.93

10,116,275 2.42

Portugal 295,864 Jeronimo Martins 4,148,013 0.99

4,148,013 0.99

Spain 380,089 Abertis Infraestructuras 3,952,926 0.94

320,865 Amadeus IT Holding 4,724,737 1.13

83,214 Inditex 5,518,752 1.32

14,196,415 3.39

Total Common / Preferred Stocks (shares) 110,946,177 26.51

FUNDS



41,614,039 9.95

Total Funds 41,614,039 9.95


TIME DEPOSITS Barclays Bank 63,640,000 15.21

HSBC Bank 18,190,000 4.34

ING Bank 63,640,000 15.21

Rabobank 63,640,000 15.21

State Street Bank 40,000,000 9.56

Total Time Deposits 249,110,000 59.53


Total Net Assets (€) 418,453,107 100.00










€

€ 5,580,976 CHF 6,701,661 15/6/2012 (136)

CHF 86,801 € 72,286 15/6/2012 (10)

Net unrealised loss (EUR commitment - € 5,653,388) (146)


% of netassets

Time Deposit 59.53

Funds 9.95

Consumer, Cyclical 5.49

Consumer, Non-cyclical 4.70

Energy 3.36

Industrial 2.99

Communications 2.94

Technology 2.75

Basic Materials 2.46

Diversified 1.14

Utilities 0.68


100.00



Expirationdate


€

(1,478) EURO STOXX 50 June 2012 244,361

(1,226) STOXX EUROPE 600 June 2012 927,146

(4,434) STOXX EUROPE SMALL 200 June 2012 1,143,972

Net unrealised gain (EUR commitment - € 80,397,180) 2,315,479

BlackRock European Absolute Return Fund continued



BlackRock European Absolute Return Fund continued

Austria (98,798) Verbund 7,302 (1,834,185)

(280,896) Wienerberger 346,771 (2,059,810)

354,073

Denmark (58,688) William Demant Holding (582,398) (4,213,022)

(582,398)

Finland (144,406) Cargotec 822,820 (2,999,312)

(411,121) Neste Oil 83,610 (3,064,907)

(58,729) Tieto 56,983 (728,827)

963,413

France (57,968) Axel Springer 21,840 (1,889,177)

(288,295) EDF 307,321 (4,472,897)

(394,531) SOITEC 766,527 (1,032,882)

(180,343) Total 109,231 (6,207,406)

1,204,919

Germany (97,611) Hamburger Hafen und Logistik 325,442 (1,978,575)

(63,037) Kesko 422,570 (1,271,456)

(8,149) Rational (167,691) (1,519,789)

(119,360) Salzgitter 339,472 (4,123,888)

919,793

Ireland (427,883) CRH 719,992 (5,838,962)

719,992

Italy (13,617,979) Banca Monte dei Paschi

di Siena SpA 423,342 (2,722,234)

423,342

Netherlands (1,044,448) Koninklijke BAM Groep NV 840,057 (2,134,852)

(289,244) Koninklijke Philips Electronics NV 20,363 (4,115,942)

(407,058) SBM Offshore 770,334 (4,327,026)

(1,824,812) SNS REAAL 834,558 (2,047,439)

2,465,312

Norway (238,820) TGS Nopec Geophysical 76,076 (4,933,535)

76,076

Portugal (9,661,431) Banco Comercial Portugues 3,555 (985,466)

3,555

Spain (189,490) ACS Actividades de Construccion

y Servicios 1,191,053 (2,570,432)

(2,052,859) Banco de Sabadell 468,023 (2,701,562)

(1,120,304) Banco Santander 298,364 (4,735,525)

(849,705) Gamesa Corp Tecnologica 882,393 (1,249,066)

(271,518) Sacyr Vallehermoso 39,814 (344,828)

(104,747) Tecnicas Reunidas (29,256) (3,038,711)

2,850,391

Sweden 266,812 Atlas Copco (392,950) 4,367,224

(330,328) Hennes & Mauritz 343,346 (7,933,746)

(583,779) Sandvik 232,519 (5,908,743)

(380,181) SKF 6,732 (6,057,771)

1,237,907 TeliaSonera (239,971) 6,048,357

(50,324)

Switzerland (364,186) ABB 498,514 (4,627,456)

(75,600) Lonza Group 611,625 (2,182,429)

143,556 Nestle 157,862 6,580,262

1,268,001

United Kingdom (289,593) Admiral Group 446,126 (3,782,057)

488,093 Antofagasta (772,679) 6,048,724

425,787 Associated British Foods (43,960) 6,277,738

1,115,800 AZ Electronic Materials 138,514 4,123,930

(1,222,670) BP 558,740 (6,031,067)

249,658 Burberry Group 139,844 4,275,720

373,610 Chariot Oil & Gas (485,237) 386,803

(1,100,481) J Sainsbury 156,666 (3,943,769)

128,911 Johnson Matthey (149,255) 3,474,866

22,621,477 Lloyds Banking Group (1,825,175) 7,109,329

(1,017,309) Marks & Spencer Group 75,022 (4,198,972)

(743,330) Premier Oil 81,654 (3,156,200)

243,737 Royal Dutch Shell (189,549) 6,296,437

(369,477) Scottish & Southern Energy (150,626) (6,106,559)

127,364 Spirax-Sarco Engineering 118,395 3,236,168

(192,306) SuperGroup 686,807 (717,517)

412,345 Telecity Group 188,587 4,171,333

401,171 Tullow Oil (35,742) 7,140,799

2,680,668 Vodafone Group (6,380) 5,770,503

202,985 Wolseley (483,774) 5,570,317

(1,552,022)

Net unrealised gain 9,064,123


Holding Description


€

Value€ Holding Description


€

Value€


BlackRock European Credit Strategies Fund

BONDS

Bermuda € 290,000 Central European Media Enterprises

11.625 % 15/9/2016 303,708 0.06

£ 2,100,000 Fidelity International 7.125 %

13/2/2024 2,734,591 0.58

3,038,299 0.64

Cayman Islands € 1,355,000 UPCB Finance II 6.375 % 1/7/2020 1,310,116 0.28

1,310,116 0.28

France € 3,485,000 GDF Suez 2.25 % 1/6/2018 3,517,968 0.75

€ 6,000,000 Pernod-Ricard 5.00 % 15/3/2017 6,635,880 1.40

€ 10,623,000 Rhodia 7.00 % 15/5/2018 11,885,066 2.51

22,038,914 4.66

Germany € 2,500,000 Bayerische Landesbank Variable

4.50 % 7/2/2019 2,004,225 0.42

€ 7,480,000 Bundesschatzanweisungen 1.00 %

14/12/2012‡ 7,519,046 1.59

€ 500,000 Commerzbank 6.375 % 22/3/2019 413,282 0.09

€ 2,300,000 Commerzbank 7.75 % 16/3/2021 1,917,901 0.41

€ 6,108,000 HSH Nordbank Variable 1.49 %

14/2/2017 3,965,924 0.84

€ 3,170,000 HSH Nordbank Variable 1.53 %

14/2/2017 2,049,532 0.43

3,900,000 IVG Immobilien 8.00 % 31/12/2049 1,959,750 0.41

€ 4,147,000 KFW Variable 0.917 % 4/3/2013 4,157,761 0.88

£ 2,200,000 Muenchener Rueckversicherungs

Variable 6.625 % 26/5/2042 2,697,715 0.57

€ 1,100,000 Unitymedia 9.50 % 15/3/2021 1,159,378 0.24

27,844,514 5.88

Greece € 306,000 Hellenic Republic Government Bond

Variable 0.00 % 15/10/2042 920 –

920 0.00

Ireland € 905,000 Allied Irish Banks 4.00 % 19/3/2015 781,472 0.16

€ 11,150,000 Depfa Bank Variable 1.576 %

15/12/2015 7,137,003 1.51

7,918,475 1.67

Italy € 4,360,000 Italy Buoni Poliennali Del Tesoro

5.00 % 1/3/2022 4,107,164 0.87

4,107,164 0.87

Luxembourg € 1,760,000 Gategroup Finance Luxembourg

6.75 % 1/3/2019 1,731,400 0.37

€ 1,428,000 GCL Holdings 9.375 % 15/4/2018 1,290,077 0.27

€ 1,692,000 Matterhorn Mobile Holdings 8.25 %

15/2/2020 1,713,150 0.36

€ 2,796,000 Ontex IV 7.50 % 15/4/2018 2,690,828 0.57

€ 2,240,000 Schmolz & Bickenbach 9.875 %

15/5/2019 2,164,926 0.46

€ 1,328,000 Spie BondCo 3 11.00 % 15/8/2019 1,254,960 0.26

€ 3,675,000 Wind Acquisition Finance 11.75 %

15/7/2017 3,042,551 0.64

13,887,892 2.93

Netherlands US$ 8,150,000 ABN Amro Bank Variable 1.166 %

17/1/2017 5,777,233 1.22

€ 30,000 ABN Amro Bank Variable 0.923 %

31/5/2018 26,033 0.01

US$ 1,200,000 ING Bank Variable 1.142 %

23/5/2016 880,436 0.18

US$ 19,400,000 ING Bank Variable 0.668 %

3/7/2017 13,904,698 2.94

€ 1,300,000 ING Verzekeringen Variable 2.692 %

21/6/2021 1,216,677 0.26

€ 11,490,000 ING Verzekeringen Variable 2.692 %

21/6/2021 10,753,548 2.27

€ 7,000,000 PostNL 5.375 % 14/11/2017 7,743,645 1.64

€ 386,000 Refresco Group 7.375 % 15/5/2018 341,610 0.07

40,643,880 8.59

Portugal € 3,000,000 Portugal Obrigacoes do Tesouro OT

4.45 % 15/6/2018 1,906,800 0.40

€ 6,000,000 Portugal Obrigacoes do Tesouro OT

4.75 % 14/6/2019 3,713,850 0.79

5,620,650 1.19

Spain CHF 8,200,000 Autonomous Community of Catalonia

2.125 % 1/10/2014 4,918,993 1.04

CHF 2,120,000 Autonomous Community of Madrid

(Spain) 3.00 % 5/11/2013 1,584,290 0.33

CHF 13,815,000 Autonomous Community of Valencia

(Spain) 2.125 % 22/2/2013 10,430,448 2.20

€ 1,500,000 Ayt Cedulas Cajas Global 3.50 %

14/3/2016 1,359,225 0.29

€ 1,900,000 Ayt Cedulas Cajas Global 4.00 %

21/3/2017 1,688,910 0.36

€ 400,000 Ayt Cedulas Cajas Global 4.25 %

14/6/2018 345,690 0.07

€ 400,000 AyT Cedulas Cajas VIII Fondo de

Titulizacion de Activos 4.25 %

18/11/2019 326,560 0.07

€ 7,800,000 Cedulas TDA 6 Fondo de Titulizacion

de Activos 4.25 % 10/4/2031 4,764,708 1.01

€ 2,640,000 Spain Government Bond 5.90 %

30/7/2026 2,442,792 0.52

27,861,616 5.89

Sweden € 463,000 Verisure Holding 8.75 % 1/9/2018 438,311 0.09

438,311 0.09

United Kingdom £ 345,000 Bakkavor Finance 2 8.25 %

15/2/2018 356,531 0.08

€ 1,820,000 Barclays Bank 6.00 % 14/1/2021 1,656,282 0.35

€ 3,250,000 Barclays Bank 6.625 % 30/3/2022 3,037,742 0.64

£ 2,265,000 Crown Newco 3 7.00 % 15/2/2018 2,702,239 0.57

£ 690,000 DFS Furniture Holdings 9.75 %

15/7/2017 822,945 0.17

€ 2,185,000 Eco-Bat Finance 7.75 % 15/2/2017 2,123,973 0.45

£ 2,292,000 Enterprise Inns 6.50 % 6/12/2018 2,206,473 0.47

£ 2,675,000 Gala Group Finance 8.875 %

1/9/2018 2,878,887 0.61

£ 5,375,000 House of Fraser Funding 8.875 %

15/8/2018 5,832,987 1.23

€ 2,299,000 Kerling 10.625 % 1/2/2017 2,077,342 0.44






‡ Securities given in guarantees, see Note 13, for further details.



BlackRock European Credit Strategies Fund continued

£ 2,465,000 Lloyds TSB Bank 5.125 % 7/3/2025 3,330,034 0.70

£ 1,000,000 Lloyds TSB Bank 6.50 % 17/9/2040 1,180,169 0.25

€ 9,832,000 Lloyds TSB Bank Variable 11.875 %

16/12/2021 10,225,280 2.16

£ 4,037,000 Old Mutual 8.00 % 3/6/2021 5,040,192 1.06

€ 3,683,000 Old Mutual Variable 5.00 %

31/12/2049 3,168,706 0.67

£ 3,250,000 Old Mutual Variable 6.376 %

31/12/2049 3,324,225 0.70

£ 2,597,000 Phones4u Finance 9.50 % 1/4/2018 2,834,722 0.60

£ 740,000 Punch Taverns Finance 7.274 %

15/4/2022 834,838 0.18

£ 1,500,000 Punch Taverns Finance Variable

1.218 % 15/10/2029 972,944 0.21

£ 4,989,000 Unique Pub Finance 5.659 %

30/6/2027 4,566,760 0.96

£ 451,820 Unique Pub Finance Variable

1.187 % 30/9/2013 552,313 0.12

59,725,584 12.62

United States € 3,710,000 Philip Morris International 2.125 %

30/5/2019 3,767,115 0.80

3,767,115 0.80

Total Bonds 218,203,450 46.11



Citi Bank 70,003,422 14.79

Deutsche Bank 70,002,022 14.79

ING Bank 35,000,253 7.39



Total Net Assets (€) 473,259,688 100.00






United Kingdom continued






€Value

€

(44,450,000) ITRAXX EUR 17 Version 15 Call Option


expiring on 18/7/2012 33,203 (233,497)

Total Written Call Options 33,203 (233,497)




€Value

€

100,650 EURO STOXX BANKS INDEX Call Option


expiring on 20/7/2012 (50,831) 201,300

Total Purchased Call Options (50,831) 201,300




€Value

€

34,000,000 ITRAXX EUR 17 Version 15 Put Option


expiring on 20/6/2012 (3,315) 255,936

Total Purchased Put Options (3,315) 255,936




€

€ 466,660 £ 375,373 15/6/2012 (1,525)

€ 101,452,551 € 126,414,020 15/6/2012 123,211

€ 2,415,945 US$ 3,000,000 15/6/2012 (6,717)

US$ 63,255,554 € 48,895,352 15/6/2012 2,186,922

£ 12,100,000 € 14,629,998 21/6/2012 460,913

€ 383,118 CHF 460,000 21/6/2012 11

€ 3,734,349 CHF 4,490,000 21/6/2012 (5,107)

€ 10,646,205 CHF 12,834,000 21/6/2012 (42,478)

€ 348,548 CHF 420,000 21/6/2012 (1,246)

€ 2,439,993 CHF 2,930,000 21/6/2012 (231)

€ 1,192,269 £ 970,000 21/6/2012 (17,499)

€ 53,149,086 £ 44,270,000 21/6/2012 (2,063,691)

€ 4,510,487 £ 3,770,000 21/6/2012 (191,392)

€ 968,445 £ 790,000 21/6/2012 (16,829)

€ 12,400,790 US$ 16,390,000 21/6/2012 (834,689)

€ 416,451 US$ 540,000 21/6/2012 (19,617)

€ 1,522,287 US$ 1,920,000 21/6/2012 (28,178)

US$ 6,940,000 € 5,280,337 21/6/2012 323,947

Net unrealised loss (EUR commitment - € 289,814,340) (134,195)



Expirationdate


€

(225) Euro BOBL June 2012 (289,790)

42 Euro Bund June 2012 183,260

(53) UK GILT Bond September 2012 (127,593)



% of netassets

Time Deposit 49.08

Financial 23.81

Government 7.74


Industrial 3.00


Communications 2.18


Utilities 0.75


100.00



Nominal Value Description

Value€


Value€

Swaps as at 31 May 2012

2,250,000 Credit Default Swaps (Barclays Bank) (Fund receives

default protection on Lloyds Banking Group 5.875%

8/7/2014 and pays Fixed 5.000%) (20/12/2016) 146,542


default protection on Portugal Obrigacoes do

Tesouro 5.450% 23/6/2013 and pays Fixed 1.000%)

(20/6/2017) 1,357,558


default protection on Solvay 4.625% 27/6/2018 and

pays Fixed 1.000%) (20/3/2017) 124,757


default protection on Telekom Finanzmanagement

6.375% 29/1/2016 and pays Fixed 1.000%)

(20/6/2017) 65,583


Fixed 1.000% and provides default protection on

BASF 4.500% 29/6/2016) (20/6/2017) 9,686



France Telecom 5.625% 22/5/2018) (20/6/2017) (74,385)



Rabobank Nederland 4.500% 12/1/2014)

(20/6/2017) (78,814)



Kabel BW Erste Beteiligungs) (20/6/2017) (87,993)



Virgin Media Finance 9.500% 15/8/2016) (20/6/2017) 54,437

5,790,000 Credit Default Swaps (BNP Paribas) (Fund receives

default protection on Akzo Nobel Sweden Finance

7.750% 31/1/2014 and pays Fixed 1.000%)

(20/6/2017) 108,980


default protection on Banca Monte dei Paschi di

Siena 5.600% 9/9/2020 and pays Fixed 5.000%)

(20/6/2016) 440,136


default protection on Banco Bilbao Vizcaya Argentaria

4.375% 20/10/2019 and pays Fixed 5.000%)

(20/6/2017) 502,764


default protection on Banco Bilbao Vizcaya Argentaria

4.375% 20/10/2019 and pays Fixed 5.000%)

(20/6/2017) 435,729


default protection on Banco De Sabadell 4/10/2016

and pays Fixed 5.000%) (20/6/2017) 105,725


default protection on BCP Finance Bank 17/6/2013

and pays Fixed 5.000%) (20/3/2016) 592,352


default protection on Caja De Ahorros y Pensiones De

Barcelona 4.910% 20/1/2015 and pays Fixed 3.000%)

(20/6/2017) 27,510


default protection on Caja De Ahorros y Pensiones De

Barcelona 4.910% 20/1/2015 and pays Fixed 3.000%)

(20/6/2017) 36,411


default protection on Deutsche Bank 5.125%

31/8/2017 and pays Fixed 1.000%) (20/6/2017) 376,833


default protection on ING Bank 5.250% 4/1/2013

and pays Fixed 3.000%) (20/3/2017) 65,301



and pays Fixed 3.000%) (20/3/2017) 65,301


default protection on iTraxx.FINSUB.17.Version 1

and pays Fixed 5.000%) (20/6/2017) (11,307)



and pays Fixed 5.000%) (20/6/2017) (10,234)

960,000 Credit Default Swaps (BNP Paribas) (Fund receives


8/7/2014 and pays Fixed 5.000%) (20/12/2016) 62,525


default protection on Royal Bank of Scotland 6.934%

9/4/2018 and pays Fixed 5.000%) (20/3/2017) 76,948


default protection on St-Gobain Nederland 5.000%

25/4/2014 and pays Fixed 1.000%) (20/6/2017) 341,073


default protection on Standard Chartered Bank

28/3/2018 and pays Fixed 1.000%) (20/6/2016) 111,706


default protection on UPM-Kymmene 5.625%

1/12/2014 and pays Fixed 5.000%) (20/6/2017) (200,536)


default protection on Valeo 4.875% 11/5/2018

and pays Fixed 1.000%) (20/6/2017) 353,233


default protection on Valeo 4.875% 11/5/2018

and pays Fixed 1.000%) (20/6/2017) 166,000



Alstom 4.000% 23/9/2014) (20/6/2017) (497,583)



Alstom 4.000% 23/9/2014) (20/6/2017) (233,837)



Credit Suisse 5.000% 29/7/2019) (20/6/2017) (401,239)



Landesbank Hessen-Thueringen Girozentrale

4.250% 5/3/2013) (20/9/2016) (46,481)



Banca Monte dei Paschi di Siena 5.600% 9/9/2020)

(20/9/2016) (417,726)



BCP Finance Bank 17/6/2013) (20/3/2013) (181,067)



Stora Enso 5.125% 23/6/2014) (20/6/2017) 156,207

2,000,000 Credit Default Swaps (Citibank) (Fund provides

default protection on Republic of Italy 6.875%

27/9/2023 and receives Fixed 1.000%)

(20/12/2016) (268,995)

2,500,000 Credit Default Swaps (Citibank) (Fund provides


27/9/2023 and receives Fixed 1.000%)

(20/12/2016) (336,243)




(20/9/2016) 322,346





Value€


Value€


1,010,000 Credit Default Swaps (Citibank) (Fund receives default

protection on Banco Bilbao Vizcaya Argentaria

4.375% 20/10/2019 and pays Fixed 5.000%)

(20/6/2017) 112,843


protection on BNP Paribas 4.250% 16/1/2014 and

pays Fixed 1.000%) (20/6/2017) 372,388


protection on Diageo Capital 5.500% 30/6/2016 and

pays Fixed 1.000%) (20/6/2017) (52,526)


protection on Dixons Retail 8.750% 3/8/2015 and

pays Fixed 5.000%) (20/6/2017) 334,655


protection on Dixons Retail 8.750% 3/8/2015 and

pays Fixed 5.000%) (20/9/2016) 221,423


protection on HeidelbergCement Finance 5.625%

4/1/2018 and pays Fixed 5.000%) (20/6/2017) (99,159)


protection on Ireland Government Bond 5.400%

13/3/2025 and pays Fixed 1.000%) (20/3/2017) 630,349



13/3/2025 and pays Fixed 1.000%) (20/12/2016) 348,445



13/3/2025 and pays Fixed 1.000%) (20/12/2016) 435,556


protection on iTraxx FIN SUB 17 Version 1 and pays

Fixed 5.000%) (20/6/2017) (14,323)


protection on iTraxx XO 17 Version 1 and pays Fixed

1.000%) (20/6/2017) 61,814


protection on Portugal Obrigacoes do Tesouro

5.450% 23/6/2013 and pays Fixed 1.000%)

(20/6/2017) 1,764,826


protection on UBS 6.000% 18/4/2018 and pays

Fixed 1.000%) (20/6/2017) 161,762



Cooperatieve Centrale raiffeisen-Boerenleen Bank

4.125% 4/4/2012) (20/6/2017) (82,365)

3,000,000 Credit Default Swaps (Citibank) (Fund receives Fixed

1.000% and provides default protection on Imperial

Tobacco Finance 6.250% 4/12/2018) (20/6/2017) (21,395)


1.000% and provides default protection on iTraxx

EUR 17 Version 1) (20/6/2017) 1,234,421


1.000% and provides default protection on Vodafone

Group 5.000% 4/6/2018) (20/6/2017) 11,684


5.000% and provides default protection on iTraxx

XO 17 Version 1) (20/6/2017) (554,081)


5.000% and provides default protection on Kabel

BW Musketeer 9.500% 15/3/2021) (20/6/2017) 244,587



BW Musketeer 9.500% 15/3/2021) (20/6/2017) 244,587



BW Musketeer 9.500% 15/3/2021) (20/6/2017) 97,688

680,000 Credit Default Swaps (Citibank) (Fund receives Fixed

5.000% and provides default protection on OTE

4.625% 20/5/2016) (20/6/2013) (238,373)



4.625% 20/5/2016) (20/6/2013) (357,560)


5.000% and provides default protection on Sunrise

Communications Holdings 8.500% 31/12/2018)

(20/3/2017) (216,738)


5.000% and provides default protection

on Unitymedia 9.625% 1/12/2019) (20/6/2017) (143,420)


5.000% and provides default protection

on Virgin Media Finance 9.500% 15/8/2016)

(20/6/2017) 99,988

8,500,000 Credit Default Swaps (Credit Suisse) (Fund receives

default protection on Bertelsmann 4.750%

26/6/2016 and pays Fixed 1.000%) (20/6/2017) 10,264

650,000 Credit Default Swaps (Credit Suisse) (Fund receives

default protection on Dixons Retail 8.750%

3/8/2015 and pays Fixed 5.000%) (20/12/2016) 56,865


default protection on Dixons Retail 8.750%

3/8/2015 and pays Fixed 5.000%) (20/12/2016) 174,969


default protection on Henkel AG & Co 4.250%

10/6/2013 and pays Fixed 1.000%) (20/6/2017) (56,902)


default protection on Virgin Media Finance 9.500%

15/8/2016 and pays Fixed 5.000%) (20/9/2016) (178,755)



Banca Monte dei Paschi di Siena 5.600% 9/9/2020)

(20/6/2016) (664,253)



Norske Skogindustrier 7.000% 26/6/2017)

(20/9/2012) (38,797)



Virgin Media Finance 9.500% 15/8/2016)

(20/6/2017) 48,949

1,750,000 Credit Default Swaps (Deutsche Bank) (Fund receives



(20/12/2016) 392,918


default protection on Clariant Finance Luxembourg

4.375% 5/4/2013 and pays Fixed 1.000%)

(20/6/2017) 139,113


default protection on Ireland Government Bond

4.500% 18/4/2020 and pays Fixed 1.000%)

(20/9/2016) 504,280


default protection on iTraxx XO 17 Version 1

and pays Fixed 5.000%) (20/6/2017) (578,207)



and pays Fixed 5.000%) (20/6/2017) (10,736)


default protection on Koninklijke DSM 4.000%

10/11/2015 and pays Fixed 1.000%) (20/6/2017) (294,992)





Value€


Value€




6.375% 29/1/2016 and pays Fixed 1.000%)

(20/6/2017) 194,064


default protection on Veolia Environnement 5.375%

28/5/2018 and pays Fixed 1.000%) (20/6/2017) 91,172



Deutsche Telekom International Finance 6.000%

20/1/2017) (20/6/2017) (7,743)


Fixed 1.000% and provides default protection on E.ON

International Finance 6.375% 29/5/2017)

(20/6/2017) 18,765



France Telecom 5.625% 22/5/2018) (20/6/2017) (68,321)



iTraxx.FIN Serie.17.Version 1) (20/6/2017) (1,146,754)

4,000,000 Credit Default Swaps (Goldman Sachs) (Fund provides


27/9/2023 and receives Fixed 1.000%) (20/12/2016) (537,989)

2,690,000 Credit Default Swaps (Goldman Sachs) (Fund receives

default protection on Clariant Finance Luxembourg

4.375% 5/4/2013 and pays Fixed 1.000%)

(20/6/2017) 187,107

4,000,000 Credit Default Swaps (Goldman Sachs) (Fund

receives default protection on Ireland Government

Bond 4.500% 18/4/2020 and pays Fixed 1.000%)

(20/12/2016) 696,890



Alstom 4.000% 23/9/2014) (20/6/2017) (522,054)



TESCO 6.000% 14/12/2029) (20/6/2017) (64,623)

6,660,000 Credit Default Swaps (HSBC) (Fund receives default

protection on Deutsche Bank AG 5.125% 31/8/2017

and pays Fixed 1.000%) (20/6/2017) 288,472

1,375,000 Credit Default Swaps (JP Morgan) (Fund receives

default protection on Barclays Bank 27/10/2015

and pays Fixed 1.000%) (20/9/2016) 73,207


default protection on France Government Bond

OAT 4.250% 25/4/2019 and pays Fixed 0.250%)

(20/6/2017) 1,229,678



and pays Fixed 3.000%) (20/3/2017) 130,450


default protection on iTraxx EUR 17 Version 1

and pays Fixed 1.000%) (20/6/2017) (503,392)


default protection on iTraxx XO 17 Version 1

and pays Fixed 5.000%) (20/6/2017) 281,200


default protection on iTraxx.EUR.9 3-6% and pays

Fixed 5.000%) (20/6/2013) 56,189



Fixed 5.000%) (20/6/2015) 2,196,536



Fixed 5.000%) (20/6/2013) 25,341



and pays Fixed 5.000%) (20/6/2017) (17,384)


default protection on iTraxx.XO.15.V1 and pays

Fixed 5.000%) (20/6/2016) 109,692


default protection on iTraxx.XO.16.V1 and pays

Fixed 5.000%) (20/12/2016) 253,271


default protection on Lanxess Finance 7.750%

9/4/2014 and pays Fixed 1.000%) (20/6/2017) 56,161

750,000 Credit Default Swaps (JP Morgan) (Fund receives


9/4/2018 and pays Fixed 5.000%) (20/3/2016) 38,349



9/4/2018 and pays Fixed 5.000%) (20/6/2017) 302,091


default protection on Societe Generale 5.250%

28/3/2013 and pays Fixed 3.000%) (20/6/2017) 137,718


default protection on Telenor 4.500% 28/3/2014

and pays Fixed 1.000%) (20/6/2017) (42,179)


default protection on Unitymedia and pays Fixed

5.000%) (20/12/2016) 85,071



Netherlands Government Bond 3.250% 15/7/2015)

(20/6/2017) (335,601)



Netherlands Government Bond 3.250% 15/7/2015)

(20/6/2017) (267,889)


Fixed 1.000% and provides default protection

on Anheuser-Busch InBev 8.625% 30/1/2017)

(20/6/2017) (1)


Fixed 1.000% and providesdefault protection on

Belgium Government Bond 4.250% 28/9/2014)

(20/6/2017) (558,259)



on Banca Monte dei Paschi di Siena 30/6/2015)

(20/9/2016) (556,968)



iTraxx.EUR.9 0-3%) (20/6/2013) (3,196,432)



iTraxx.XO.16.V1) (20/12/2016) (211,059)



iTraxx.XO.16.V1) (20/12/2016) (42,212)



Kabel BW Musketeer 9.500% 15/3/2021)

(20/12/2016) 245,279

4,000,000 Credit Default Swaps (JP Morgan) (Fund receives Fixed

5.000% and provides default protection on Lloyds

Banking Group 5.875% 8/7/2014) (20/6/2017) (299,744)



4.625% 20/5/2016) (20/6/2013) (595,933)



Value€


Value€




4.625% 20/5/2016) (20/6/2013) (595,933)

4,330,000 Credit Default Swaps (Morgan Stanley) (Fund receives

default protection on AXA 6.000% 18/6/2013 and

pays Fixed 1.000%) (20/6/2017) 482,202

900,000 Credit Default Swaps (Morgan Stanley) (Fund receives

default protection on Dixons Retail 8.750% 3/8/2015

and pays Fixed 5.000%) (20/12/2016) 78,736


default protection on HeidelbergCement Finance

5.625% 4/1/2018 and pays Fixed 5.000%)

(20/6/2017) (96,032)


default protection on iTraxx XO 17 Version 1 and pays

Fixed 5.000%) (20/6/2017) 276,624


default protection on iTraxx XO 17 Version 1 and pays

Fixed 5.000%) (20/6/2017) 554,913


default protection on Kabel BW Musketeer 9.500%

15/3/2021 and pays Fixed 5.000%)

(20/12/2016) (245,279)


default protection on Lafarge 5.448% 4/12/2013

and pays Fixed 1.000%) (20/6/2017) 457,507



8/7/2014 and pays Fixed 5.000%) (20/6/2016) 79,260

950,000 Credit Default Swaps (Morgan Stanley) (Fund receives


8/7/2014 and pays Fixed 5.000%) (20/12/2016) 61,873


default protection on Peugeot 8.375% 15/7/2014

and pays Fixed 1.000%) (20/6/2017) 2,351,224


default protection on PostNL 3.875% 1/6/2015 and

pays Fixed 1.000%) (20/6/2017) 348,260


default protection on SCA Finans 4.500% 15/7/2015

and pays Fixed 1.000%) (20/6/2017) (24,943)


default protection on Valeo 3.750% 24/6/2013 and

pays Fixed 1.000%) (20/6/2017) 370,606


default protection on Wolters Kluwer 5.125%

27/1/2014 and pays Fixed 1.000%) (20/6/2017) (58,868)



iTraxx EUR 9 0-3%) (20/6/2013) (799,107)



on Sunrise Communications Holdings 8.500%

31/12/2018) (20/3/2017) (216,738)



Unitymedia ) (20/12/2016) (85,071)

1,740,000 Credit Default Swaps (UBS) (Fund receives default

protection on Clariant Finance Luxembourg 4.375%

5/4/2013 and pays Fixed 1.000%) (20/6/2017) 121,029


protection on iTraxx XO 17 Version 1 and pays

Fixed 5.000%) (20/6/2017) (110,650)


protection on iTraxx.EUR.17.V1 and pays

Fixed 1.000%) (20/6/2017) 505,983

1,925,000 Credit Default Swaps (UBS) (Fund receives

default protection on iTraxx.EUR.17.V1

and pays Fixed 1.000%) (20/6/2017) 71,252


protection on Lanxess Finance 7.750% 9/4/2014

and pays Fixed 1.000%) (20/6/2017) 56,161


protection on Solvay 4.625% 27/6/2018 and pays

Fixed 1.000%) (20/3/2017) 176,078


protection on WPP 2008 6.000% 4/4/2017 and pays

Fixed 1.000%) (20/6/2017) 55,869

1,750,000 Credit Default Swaps (UBS) (Fund receives Fixed

5.000% and provides default protection on

Finmeccanica Finance 5.750% 12/12/2018)

(20/6/2017) (70,031)

2,500,000 Credit Default Swaps (UBS) (Fund receives Fixed

5.000% and provides default protection on iTraxx.

XO.15.V1) (20/6/2016) (109,692)

7,790,000 Interest Rate Swap (Citibank) (Fund receives Fixed

1.557% and pays Floating EUR 6 Month EURIBOR)

(2/3/2017) 139,141



(26/3/2017) 145,441



(5/3/2018) 70,597



(25/4/2017) 130,807



(20/7/2017) 559,863

4,100,000 Interest Rate Swap (Citibank) (Fund receives Floating

EUR 6 Month EURIBOR and pays Fixed 2.267%)

(2/3/2022) (219,900)

3,600,000 Interest Rate Swap (Deutsche Bank) (Fund receives

Fixed 1.250% and pays Floating EUR 6 Month

EURIBOR) (10/2/2015) 27,180



EURIBOR) (14/2/2015) 27,365



EURIBOR) (6/10/2016) 285,840



EURIBOR) (5/4/2022) 344,491

6,700,000 Total Return Swap (Barclays Bank) (Fund receives


(30/4/2013) 306,463

94,305 Total Return Swap (Barclays Bank) (Fund receives

default protection on Solvay 4.625% 27/6/2018

and pays Fixed 3.900%) (20/3/2017) (70,392)

1,580,000 Total Return Swap (BNP Paribas) (Fund receives


(31/5/2013) 16,251



(31/1/2013) (129,653)



(31/1/2013) 107,683

905,000 Total Return Swap (BNP Paribas) (Fund receives


(28/2/2013) (38,198)






Value€


Value€


1,250,000 Total Return Swap (BNP Paribas) (Fund receives Fixed

0.400% and pays Fixed 3.250%) (31/7/2012) (6,783)



(28/2/2013) 208,755



(31/5/2013) 268,287

6,000,000 Total Return Swap (Citibank) (Fund receives Fixed

0.050% and pays Fixed 5.500%) (31/7/2013) (93,147)

780,000 Total Return Swap (Citibank) (Fund receives Fixed

0.350% and pays Fixed 8.375%) (31/8/2012) (74,514)

8,280,000 Total Return Swap (Citibank) (Fund receives Fixed

0.800% and pays Fixed 3.750%) (28/9/2012) 378,162

1,600,000 Total Return Swap (Credit Suisse) (Fund receives

1 Month EURIBOR and pays Fixed 3.900%)

(31/1/2013) 257,710



(30/11/2012) 346,460



(30/11/2012) 298,211



(28/2/2013) (68,687)



(28/3/2013) (356,060)



(31/10/2012) (131,256)



(31/1/2013) (23,554)

600,000 Total Return Swap (Credit Suisse) (Fund receives


(31/5/2013) 12,859



(28/9/2012) (60,224)



(28/2/2013) 308,761



(28/3/2013) 210,784



(31/1/2013) (297,988)



(31/1/2013) (378,355)



(30/11/2012) (5,751)



(28/9/2012) (117,215)



(31/10/2012) 208,148



(30/11/2012) 175,442



(30/11/2012) 168,380


Fixed 0.050% and pays Fixed 4.000%)

(31/8/2012) 212,852



(28/2/2013) 441,252



(28/3/2013) 92,571



(31/1/2013) 7,384

7,200,000 Total Return Swap (Morgan Stanley) (Fund receives


(28/2/2013) (224,524)



(28/2/2013) (28,212)

400,000 Total Return Swap (Morgan Stanley) (Fund receives

Fixed 0.050% and pays Fixed 4.000%) (31/8/2012) 25,054


Fixed 0.100% and pays Fixed 3.750%) (28/9/2012) (89,246)









12,292,104




% of netassets

Time Deposit 38.46

Government 36.40

Financial 11.15

Funds 5.75


100.00




€

CHF 149,182 € 124,238 15/6/2012 (3)

€ 1,057 CHF 1,269 15/6/2012 (1)

€ 262,193 £ 210,933 15/6/2012 (894)

€ 3,497,601 SEK 31,705,527 15/6/2012 (31,020)

€ 1,511,496 US$ 1,954,463 15/6/2012 (66,839)

£ 18,495,984 € 23,047,974 15/6/2012 21,241

SEK 556,218,086 € 62,058,673 15/6/2012 (155,171)

US$ 9,993,659 € 7,723,674 15/6/2012 346,744

Net unrealised gain (EUR commitment - € 98,226,906) 114,057

BlackRock European Diversified Equity Absolute Return Fund

BONDS

Germany € 7,811,000 Bundesrepublik Deutschland 5.00 %

4/7/2012 7,841,853 3.47


15/6/2012 25,002,500 11.07

€ 18,000,000 Erste Abwicklungsanstalt Variable

0.95 % 28/3/2013 18,012,870 7.97

€ 9,000,000 State of North Rhine-Westphalia

4.00 % 3/5/2013 9,284,985 4.11

60,142,208 26.62

Netherlands € 18,000,000 Cooperatieve Centrale Raiffeisen-

Boerenleenbank Variable 1.043 %

17/4/2013 18,014,490 7.97

€ 21,250,000 Dutch Treasury Certificate 0.00 %

29/6/2012 (Zero coupon) 21,250,000 9.41

€ 839,000 Dutch Treasury Certificate 0.00 %

28/9/2012 (Zero coupon) 839,000 0.37

40,103,490 17.75

Sweden € 7,145,000 Nordea Bank 3.00 % 6/8/2012 7,174,795 3.18

7,174,795 3.18

Total Bonds 107,420,493 47.55

FUNDS

Ireland 12,995,000 Institutional Cash Series

- Institutional Euro Liquidity Fund1 12,995,000 5.75

12,995,000 5.75

Total Funds 12,995,000 5.75



FMS Wertmanagement 15,980,130 7.08

GE Capital European Funding 8,984,298 3.98

HSBC Bank 7,952,527 3.52

ING Bank 8,996,522 3.98

Rheingold Securitisation 8,998,498 3.98

Solitaire Funding 8,996,286 3.98

Svenska Handelsbanken 8,985,948 3.98



Total Net Assets (€) 225,899,516 100.00








BlackRock European Diversified Equity Absolute Return Fund continued


Holding Description


€



€

Value€

Austria 6,044 AMAG Austria Metall (8,615) 107,855

48,897 Andritz 89,237 2,022,624

246,193 Atrium European Real Estate (20,950) 861,676

(84,527) CA Immobilien Anlagen 100,047 (633,952)

229,534 Conwert Immobilien Invest (46,859) 1,971,697

(28,470) Erste Group Bank 96,035 (398,580)

32,105 Erste Group Bank (96,886) 449,470

(49,081) EVN 157 (477,558)

(23,706) Flughafen Wien 50,020 (746,028)

902,443 IMMOFINANZ (249,232) 2,052,155

230,228 Intercell (115,114) 473,809

(23,301) Kapsch TrafficCom (19,331) (1,454,914)

489 Lenzing 1,198 34,010

(130) Lenzing 51 (9,041)

(14,394) Mayr Melnhof Karton (79,476) (1,056,376)

8,175 Oesterreichische Post 3,795 219,948

(10,709) Oesterreichische Post (7,770) (288,126)

(15,529) OMV 43,464 (336,591)

(19,553) Palfinger (28,328) (355,865)

40,961 RHI (19,773) 720,504

(53,321) S IMMO 11,251 (218,349)

23,830 Schoeller-Bleckmann Oilfield

Equipment (22,334) 1,566,823

(29,514) Semperit Holding 109,343 (855,906)

8,077 Strabag (21,243) 141,751

(871) Strabag 2,291 (15,286)

(208,807) Telekom Austria 232,611 (1,497,564)

(204,660) Verbund 1,088,446 (3,799,513)

(7,769) Vienna Insurance Group AG Wiener

Versicherung Gruppe 30,831 (217,493)

85,704 Voestalpine (174,270) 1,729,935

93,924 Wienerberger (94,303) 688,745

(137,159) Zumtobel 56,510 (1,369,944)

910,803

Belgium 5,114 Ablynx (688) 14,268

6,231 Aedifica 4,559 302,203

(754,076) Ageas 47,395 (975,774)

(304,414) AGFA-Gevaert 109,589 (392,694)

(37,191) Anheuser-Busch InBev (38,423) (2,031,372)

56,605 Anheuser-Busch InBev 9,623 3,091,765

55,581 Arseus 122,957 821,487

38,934 Barco (244,015) 1,720,104

(36,462) Befimmo SCA Sicafi (46,038) (1,678,710)

3,782 Bekaert (5,388) 81,275

(2,924) Bekaert 3,646 (62,837)

49,539 Belgacom (16,843) 1,046,264

(97,913) Belgacom 33,444 (2,067,923)

(37,074) Cie d'Entreprises CFE 129,997 (1,448,110)

28,760 Cie Maritime Belge 21,598 519,118

(23,887) Cofinimmo 167,448 (2,012,241)

14,779 Cofinimmo (84,440) 1,244,983

(171,004) Colruyt (307,561) (5,581,571)

(47,249) D'ieteren 42,475 (1,438,968)

186,817 Deceuninck (34,208) 171,872

51,518 Delhaize Group (349,415) 1,520,039

80,821 Elia System Operator (110,800) 2,485,650

60,232 Euronav (33,423) 381,871

(26,294) EVS Broadcast Equipment (3,165) (1,008,901)

677 Exmar (535) 3,446

(47,339) Galapagos (56,401) (557,180)

6,139 KBC Groep (11,347) 76,461

792 Kinepolis Group (4,784) 50,997

(7,627) Melexis 10,907 (90,838)

49,994 Mobistar (215,955) 1,206,855

(321,615) Nyrstar 429,168 (1,549,219)

44,600 Nyrstar (9,766) 214,838

45,929 Recticel (68,434) 204,843

11,180 RTL Group (59,207) 772,538

6,941 Sipef (48,973) 436,450

7,938 Solvay 4,332 673,539

(1,797) Solvay 12,723 (152,475)

(13,456) Telenet Group Holding 5,469 (435,033)

(117,958) Tessenderlo Chemie 398,450 (2,442,910)

(31,353) ThromboGenics (3,941) (714,221)

(16,679) UCB 7,107 (636,137)

32,375 Umicore (83,851) 1,243,362

(48,993) Umicore 119,568 (1,881,576)

14,022 Warehouses De Pauw 5,754 546,998

(151,392)

Canada (3,303) Eldorado Gold 6,002 (29,933)

6,002

Denmark 12,627 ALK-Abello (23,465) 643,946

825 AP Moeller - Maersk (517,366) 4,140,690

(8,742) Auriga Industries 2,353 (85,282)

(37,579) Bang & Olufsen 32,242 (313,507)

(20,484) Bavarian Nordic 5,129 (132,026)

(3,761) Carlsberg 15,946 (226,265)

4,899 Chr Hansen Holding 1,487 109,889

(13,266) Chr Hansen Holding (19,457) (297,568)

19,124 Coloplast 60,262 2,663,355

(70,051) D/S Norden 16,167 (1,486,469)

2,488 D/S Norden (631) 52,795

(18,916) DSV 11,202 (299,837)

36,871 East Asiatic (44,031) 711,946

(59,173) FLSmidth & Co 356,567 (2,512,873)

(8,537) Genmab 1,015 (48,602)

(29,787) GN Store Nord (30,883) (284,975)

231,149 H Lundbeck 393,910 3,906,534

(479) NKT Holding 327 (13,567)

26,891 Novo Nordisk (95,984) 2,912,814

56,011 Novozymes 97,245 1,217,937

(49,931) Novozymes (42,581) (1,085,729)

55 Pandora 9 448

(1,278) Pandora 113 (10,421)

30,954 Rockwool International (9,292) 2,199,179

7,571 Royal UNIBREW (4,401) 402,402

18,341 Schouw & Co (11,751) 307,257

41 SimCorp (303) 5,213

366 Solar 1,084 15,710

62,017 TDC (7,750) 315,687

(142,859) TDC 47,480 (727,200)

14,777 Topdanmark 20,814 1,940,645

(64,584) Tryg 21,400 (2,749,612)

(166) United International Enterprises (338) (18,405)

23,163 Vestas Wind Systems (15,857) 117,845

(63,496) Vestas Wind Systems 109,333 (323,045)

620 William Demant Holding 1,244 44,508

(15,159) William Demant Holding (15,855) (1,088,216)

355,384

Belgium continued




Holding Description


€



€

Value€

Finland 210,576 Amer Sports (70,966) 1,964,674

(62,748) Cargotec 325,662 (1,303,276)

301,572 Citycon (66,346) 687,584

129,910 Cramo (315,718) 1,195,172

(174,709) Elisa 239,351 (2,737,690)

43,833 Fortum (60,949) 649,605

(376) Huhtamaki (83) (4,151)

(123,111) Kemira 147,765 (1,029,208)

66,076 Kesko 523 1,331,431

(9,067) Kesko (1,507) (182,700)

(77,094) Kone 20,366 (3,507,777)

29,468 Kone (13,654) 1,340,794

31,617 Konecranes (56,114) 620,009

(702) Konecranes 2,380 (13,766)

30,202 Metso (211,183) 789,782

122,459 Neste Oil (77,434) 912,932

12,444 Nokia (1,951) 26,431

(172,547) Nokia 48,336 (366,490)

19,844 Nokian Renkaat (96,879) 593,336

(7,858) Nokian Renkaat 21,837 (234,954)

51,991 Orion (67,579) 733,593

(123,420) Orion 150,789 (1,741,456)

389,077 Outokumpu (138,816) 325,074

(21,593) Outokumpu 2,620 (18,041)

(13,813) Outotec 25,709 (442,016)

14,086 Outotec (121,140) 450,752

26,415 PKC Group (75,547) 366,904

32,219 Pohjola Bank (7,255) 269,995

332,749 Ramirent (603,600) 1,896,669

151,833 Sampo (114,434) 2,811,947

476,540 Sponda (63,297) 1,391,497

(39,623) Stockmann 110,548 (558,684)

327,010 Stora Enso (246,586) 1,437,536

(79,175) Stora Enso 27,291 (348,053)

(211,730) Tieto 190,066 (2,627,569)

30,170 Tikkurila (35,243) 427,509

53,182 UPM-Kymmene (65,036) 436,890

(79,011) UPM-Kymmene 60,428 (649,075)

(100,596) Uponor 167,247 (809,798)

(52,456) Wartsila 111,647 (1,384,314)

(83,536) YIT 213,750 (1,090,980)

24,432 YIT (15,636) 319,082

(660,638)

France (18) AB Science (11) (212)

(1,615) ABC Arbitrage 2 (10,934)

8,458 Accor (10,107) 201,174

(123,456) Accor 250,057 (2,936,401)

10,085 Aeroports de Paris (4,083) 589,267

(26,724) Aeroports de Paris 137,094 (1,561,483)

(23,390) Affine 69,936 (236,005)

306,413 Air France-KLM (49,984) 1,045,175

(5,368) Air Liquide 41,908 (466,318)

(5,368) AIR Liquide (46,632) (46,632)

(24,031) Akka Technologies 93,829 (475,814)

2,018 Alcatel-Lucent 23 2,525

(116,984) Alcatel-Lucent (10,178) (146,347)

(49,528) Alstom 181,520 (1,154,745)

(63,368) Alten (115,668) (1,365,264)

(12) ANF Immobilier (12) (431)

(8,374) April 28,891 (89,602)

55,994 Arkema (347,782) 2,979,441

1,878 Artprice.com (1,013) 46,631

(34,354) Assystem 33,024 (462,405)

4,008 AtoS (559) 178,035

(11,433) AtoS (9,209) (507,854)

56,620 AXA (50,863) 511,392

(1,993) Belvedere (21,503) (110,014)

(135,186) Beneteau (92,361) (1,198,289)

21,917 BioMerieux (5,250) 1,342,416

(30,954) BioMerieux 18,615 (1,895,933)

49,213 BNP Paribas (142,087) 1,246,073

(5,689) Bonduelle 22,593 (393,110)

8,844 Bourbon (1,174) 167,152

101,903 Bouygues (109,546) 1,981,504

(860) Bouygues 1,336 (16,723)

6,530 Bull (2,351) 15,999

20,987 Bureau Veritas 71,165 1,456,918

(1,766) Bureau Veritas (3,726) (122,596)

80,627 Cap Gemini (116,898) 2,202,327

(115,022) Carrefour 131,653 (1,609,733)

(8,615) Casino Guichard Perrachon 38,169 (587,112)

30,013 Casino Guichard Perrachon (130,557) 2,045,386

66,145 CFAO 178,377 2,275,388

18,092 Christian Dior (136,539) 1,904,183

26,709 Cie de St-Gobain (86,064) 757,067

(58,245) Cie de St-Gobain 141,492 (1,650,955)

36,991 Cie Generale d'Optique Essilor

International (6,552) 2,544,611

(22,864) Cie Generale d'Optique Essilor

International (45,661) (1,572,815)

32,659 Cie Generale de Geophysique - Veritas (65,443) 574,962

1,489 Cie Generale des Etablissements

Michelin (2,170) 70,020

(20,273) Cie Generale des Etablissements

Michelin 190,465 (953,338)

24,995 Ciments Francais (176,835) 1,060,163

186,386 Club Mediterranee (240,081) 2,502,232

(23,509) CNP Assurances 15,184 (208,031)

(12,704) Credit Agricole 2,000 (36,397)

129,074 Credit Agricole (24,458) 369,797

24,269 Danone (39,820) 1,248,155

(30,877) Danone 2,498 (1,588,004)

17,368 Dassault Systemes 46,052 1,276,027

(8,584) Dassault Systemes (9,673) (630,666)

677,277 Derichebourg (314,373) 1,287,504

63,335 Edenred (164,139) 1,362,019

(88,327) Eiffage 94,182 (2,175,494)

5,385 Electricite de France 672 83,548

(84,920) Electricite de France 39,912 (1,317,534)

4,743 Eramet (104,989) 372,515

(86) Esso SA Francaise 251 (4,592)

(19,252) Etablissements Maurel et Prom 25,274 (209,173)

(1,426) Euler Hermes (1,057) (75,692)

(11,466) Euro Disney 9,747 (42,768)

9,571 Eurofins Scientific 20,839 874,215

33,056 European Aeronautic Defence

and Space (42,597) 898,627

60,182 Eutelsat Communications (350,893) 1,259,308

(22,422) Faiveley Transport 148,655 (784,658)

75,915 Faurecia (213,178) 996,005

(11,435) FFP 38,183 (298,625)

(18,226) Fonciere Des Regions 37,152 (943,742)

244 France Telecom 21 2,467

(185,518) France Telecom 41,742 (1,875,587)

217,397 GameLoft 22,859 1,060,897

(1,222) GDF Suez 305 (19,466)

918 GDF Suez (298) 14,624

5,455 Gecina (7,310) 374,704

France continued





Holding Description


€



€

Value€

(6,954) Gecina (6,622) (477,670)

32,110 Gemalto (117,126) 1,635,041

(12,491) Gemalto 67,077 (636,042)

248,465 Groupe Eurotunnel (32,710) 1,546,198

(200,116) Groupe Steria 444,258 (2,547,477)

(7,045) Guyenne et Gascogne 52,182 (519,991)

69,898 Haulotte Group (206,578) 372,556

2,033 Hermes International (9,560) 533,053

(63,414) Hi-Media 24,731 (121,755)

(12,950) ICADE 242,027 (810,800)

577 Iliad (2,009) 60,066

(12,797) Iliad (87,686) (1,332,168)

14,307 Imerys (47,818) 550,748

(23,358) Ingenico 45,009 (801,530)

(65,500) Inside Secure 168,913 (196,500)

34,825 Interparfums 31,298 762,667

(144,653) Ipsen (43,948) (2,951,644)

86,050 IPSOS (25,590) 2,133,610

44,943 Jacquet Metal Service (101,599) 360,892

(3,865) JCDecaux 13,080 (65,145)

(190,480) Klepierre (293,779) (4,731,523)

40,895 L'Oreal (9,200) 3,704,678

7,566 Lafarge (1,645) 222,894

(1,470) Lafarge 67 (43,306)

(135,753) Lagardere 436,013 (2,605,779)

(22,599) Legrand 32,722 (548,930)

(10,483) LISI 72,879 (527,295)

26,987 LVMH Moet Hennessy Louis Vuitton (224,816) 3,189,863

19,033 Maisons France Confort (44,914) 378,757

(213) Manitou (21) (3,195)

(49,486) Mauna Kea Technologies 18,533 (488,922)

(199,617) Maurel & Prom Nigeria 61,737 (361,307)

38,609 Medica 6,000 472,574

166,178 Mercialys (1,212,694) 2,454,449

43,719 Mersen (256,523) 931,215

178,911 Metropole Television (320,792) 1,733,469

411,232 Natixis (95,554) 766,948

(23,740) Naturex 113,374 (1,091,328)

34,176 Neopost (39,366) 1,446,328

(7,781) Neopost (8,764) (329,292)

25,848 Nexans (164,542) 802,710

(12,397) Nexans 148,015 (384,989)

(79,226) Nexity 225,556 (1,358,726)

334 NicOx 217 1,012

175 Oeneo (16) 387

(77,083) Orpea 8,094 (1,945,575)

105,733 PagesJaunes Groupe (37,641) 191,800

39,028 Parrot (120,199) 770,413

(14,634) Pernod-Ricard (71) (1,151,257)

13,776 Pernod-Ricard (1,853) 1,083,758

42,749 Peugeot (32,599) 341,479

(13,548) Peugeot 4,047 (108,221)

(1,520) Pierre & Vacances 16,170 (24,062)

108,394 Plastic Omnium 35,606 2,019,922

(16,739) PPR 171,374 (1,924,148)

114,727 Publicis Groupe (154,218) 4,286,201

30,713 Rallye (73,737) 713,309

5,674 Remy Cointreau (8,932) 449,721

(86,555) Renault (54,701) (2,932,051)

182,088 Rexel (311,649) 2,551,963

50,717 Rubis (179,726) 1,954,380

(20,654) Sa des Ciments Vicat 85,675 (859,516)

35,065 Safran 4,040 969,372

128,758 Saft Groupe (376,557) 2,365,284

297 Sanofi 86 16,246

(14,447) Sartorius Stedim Biotech (73,295) (843,560)

3,314 Schneider Electric (312) 141,359

28,898 SCOR (61,166) 503,548

(19,414) SCOR 26,592 (338,289)

2,585 SEB (1,667) 140,676

(886) Seche Environnement 5,130 (19,049)

(120,153) Sechilienne-Sidec 108,138 (1,276,626)

10,445 Sequana (4,965) 31,962

(266,622) SES 73,873 (4,761,869)

10,153 Societe BIC (43,556) 801,275

142,957 Societe d'Edition de Canal + (25,017) 587,553

(6,504) Societe de la Tour Eiffel 15,347 (230,112)

33,463 Societe Generale (58,813) 531,727

15,007 Societe Internationale de Plantations

d'Heveas (27,913) 1,133,028

19,172 Societe Television Francaise 1 (8,325) 115,895

(121,876) Societe Television Francaise 1 152,954 (736,740)

15,524 Sodexo (28,409) 905,515

(64,501) Sodexo 104,578 (3,762,343)

(243,642) SOITEC 187,235 (637,855)

8,290 Sopra Group 16,580 378,439

(996,541) ST Dupont 73,444 (408,582)

(226,232) STMicroelectronics 13,575 (926,194)

80,398 Suez Environnement (172,268) 701,794

(47,571) Suez Environnement 82,034 (415,247)

(1,594) Technicolor 6 (2,542)

61,701 Technicolor 6,730 98,413

1,277 Technip (3,769) 94,638

(2,862) Technip 1,376 (212,103)

110,731 Teleperformance 12,735 2,124,928

(67,266) Thales 161,853 (1,598,577)

(68,298) Total 113,033 (2,350,476)

49,237 Total (81,013) 1,694,491

1,320 Total Gabon 15,236 465,960

(18,111) Transgene 25,293 (133,478)

41,241 Trigano (51,581) 420,658

235,766 UBISOFT Entertainment 1,646 5,187

156,042 UBISOFT Entertainment 14,139 841,847

20,817 Unibail-Rodamco (169,363) 2,773,865

89,423 Valeo (252,173) 3,065,420

(13,485) Valeo 15,784 (462,266)

(17,998) Vallourec 241,945 (542,100)

33,107 Veolia Environnement (61,049) 305,280

(1,418) Vilmorin & Cie 3,970 (111,597)

119,917 Vinci (322,534) 3,858,929

(14,269) Virbac (65,848) (1,836,420)

(8,961) Vivendi (8,120) (116,717)

4,415 Zodiac Aerospace (1,957) 342,207

(4,299) Zodiac Aerospace 20,575 (333,215)

(3,334,294)

Germany (707) 2G energy 2,420 (21,153)

30,895 Aareal Bank (60,213) 370,122

2,631 Adidas (1,233) 157,965

(30,016) Adidas 74,580 (1,802,161)

271,218 ADVA AG Optical Networking (221,358) 1,246,247

(91,711) Air Berlin 19,234 (165,080)

(12,544) Aixtron 14,014 (148,145)

1,104 Allianz (3,222) 80,371

(30,405) Allianz 335,732 (2,213,484)

145,270 Alstria Office (63,760) 1,153,444

13,326 Amadeus Fire (26,186) 477,271

55,707 Aurubis (272,129) 2,063,387

France continued France continued




Holding Description


€



€

Value€

98,448 Axel Springer (177,182) 3,207,928

(1,452) Balda (356) (6,575)

(300) BASF 363 (16,803)

(15,735) Bauer 21,321 (271,979)

22,661 Bayer (32,270) 1,148,913

43,477 Bayerische Motoren Werke (218,867) 2,656,010

(113,336) BayWa 213,504 (3,077,639)

155 Bechtle (428) 4,845

(55,627) Beiersdorf 119,585 (2,828,077)

1,468 Beiersdorf 28 74,633

(29,761) Bertrandt (13,095) (1,716,614)

4,812 Bijou Brigitte (4,526) 328,660

52,923 Bilfinger Berger (171,145) 3,313,509

(5,183) Bilfinger Berger 33,586 (324,508)

9,836 Biotest (53,164) 379,620

186,658 Borussia Dortmund GmbH & Co (23,238) 402,248

(1,064) Brenntag 3,178 (96,611)

61,456 CANCOM (58,383) 760,211

98,586 Carl Zeiss Meditec (70,176) 1,926,370

51,191 CAT Oil (44,075) 278,940

19,389 Celesio (38,048) 217,932

(14,597) Celesio 8,834 (164,070)

(36,289) CENTROTEC Sustainable (45,180) (494,982)

(29,145) Centrotherm Photovoltaics 92,290 (145,463)

36,433 Cewe Color Holding (46,753) 1,126,326

101,621 Commerzbank (20,751) 134,140

(32,216) CompuGroup Medical (113,384) (388,686)

10,993 Continental (5,171) 736,201

(9,320) Continental 6,184 (624,160)

(30,592) CTS Eventim 6,503 (800,746)

(13,233) Daimler 58,717 (493,657)

16,542 Delticom (162,772) 1,043,800

(14,964) Deutsche Bank 4,172 (430,514)

(27,725) Deutsche Euroshop (44,256) (824,819)

200,320 Deutsche Lufthansa (239,230) 1,694,908

(29,885) Deutsche Lufthansa 746 (252,857)

5,221 Deutsche Post 704 69,230

(22,646) Deutsche Post 4,192 (300,286)

181,816 Deutsche Telekom (131,696) 1,443,983

96,896 Deutsche Wohnen 121,306 1,203,933

722,487 Deutz (70,755) 3,004,101

(12,219) Dialog Semiconductor 2,076 (190,616)

951 Dialog Semiconductor 89 14,836

(116,043) DIC Asset 251,691 (704,729)

32,027 Douglas Holding (116,258) 995,079

(2,051) Douglas Holding 6,398 (63,725)

18,488 Draegerwerk AG & Co (41,252) 1,530,437

11,604 Drillisch (12,020) 95,385

21,495 Duerr (59,111) 966,845

157,204 E.ON (175,044) 2,328,191

(21,182) E.ON 32,350 (313,705)

(3,874) Eckert & Ziegler 7,257 (85,596)

84,519 Elmos Semiconductor (109,875) 606,846

(158,859) ElringKlinger 394,320 (3,062,802)

(17,761) Euromicron 31,602 (343,729)

471,201 Evotec (221,654) 987,637

11,206 Fielmann (42,214) 776,352

(25,920) Fielmann 101,347 (1,795,738)

21,824 Fraport AG Frankfurt Airport Services

Worldwide (76,697) 891,183

(30,226) Fraport AG Frankfurt Airport Services

Worldwide 207,758 (1,234,279)

(58,893) Freenet 117,460 (655,185)

12,466 Fresenius Medical Care AG & Co 13,997 672,665

26,641 Fresenius SE & Co (19,226) 2,024,183

(77,194) Fuchs Petrolub 248,487 (3,196,990)

49,564 Fuchs Petrolub (141,251) 2,052,693

(278,648) GAGFAH (145,923) (2,010,724)

4,642 GEA Group (4) 95,161

(49,122) GEA Group 217,610 (1,007,001)

(53,777) Gerresheimer (42,054) (1,908,546)

65,495 Gerry Weber International 50,769 2,001,855

6,589 Gesco (28,076) 389,476

(11,274) GFK 27,362 (424,015)

(133,102) Gigaset 124,466 (234,260)

45,278 Gildemeister (71,197) 598,575

27,437 Grammer (57,781) 379,591

9,989 Grenkeleasing (69,868) 422,934

(68,043) GSW Immobilien (313,556) (1,920,173)

(37,255) H&R 47,558 (538,931)

46,362 Hamborner (19,936) 332,416

74,963 Hamburger Hafen und Logistik (49,902) 1,519,500

63,793 Hannover Rueckversicherung (130,314) 2,769,573

17,153 HeidelbergCement (32,582) 603,700

1,233,233 Heidelberger Druckmaschinen (323,910) 1,291,195

44,923 Henkel AG & Co (173,852) 2,350,821

(55,848) Henkel AG & Co (2,128) (2,922,526)

30,557 Hochtief (239,555) 1,107,844

(15,479) Hochtief 102,598 (561,191)

(111) Hugo Boss (70) (8,609)

(881) Indus Holding (1,388) (20,047)

205,244 Infineon Technologies (49,255) 1,304,736

(139,442) IVG Immobilien 9,024 (222,549)

115,124 Jenoptik (81,119) 595,767

(2,101) Jungheinrich 7,718 (45,875)

(305) K+S 2,527 (9,882)

4,839 Kabel Deutschland Holding (9,397) 221,118

63,483 KHD Humboldt Wedag International (39,493) 330,048

23,978 Kinghero (30,099) 275,747

(180,593) Kloeckner & Co 425,163 (1,393,456)

243,374 Kontron (104,407) 1,226,605

(4,968) Krones (2,634) (190,175)

(3,850) KSB 93,022 (1,559,250)

(103,144) KUKA (171,955) (1,817,913)

2,306 KWS Saat 49,888 447,941

10,129 Lanxess (67,560) 541,699

(822) Lanxess 1,902 (43,961)

(58,045) Leoni 291,624 (1,906,256)

(19,555) Linde 112,587 (2,416,020)

(2,350) LPKF Laser & Electronics 1,310 (30,082)

(14,933) MAN 213,294 (1,157,755)

(791) Manz 827 (17,659)

3,768 Merck (19,792) 281,997

(25,303) Merck 193,793 (1,893,677)

21,829 Metro (24,776) 507,306

(42,228) Metro 7,483 (981,379)

(399) MLP (24) (2,508)

42,635 Morphosys (115,409) 723,090

(11,546) MTU Aero Engines Holding 29,904 (686,410)

13,603 Muenchener Rueckversicherungs (56,938) 1,361,660

(19,884) Nordex 16,599 (63,708)

(24,428) NORMA Group 23,913 (449,109)

52,017 Patrizia Immobilien (5,815) 248,069

(23,026) Pfeiffer Vacuum Technology 205,852 (1,905,171)

(689) Porsche Automobil Holding 3,545 (28,228)

48,269 Porsche Automobil Holding 32,559 1,977,581

(117,472) Praktiker 114,129 (140,379)

(116,518) Prime Office 149,643 (335,106)

53,082 ProSiebenSat.1 Media (91,577) 898,678

(45,866) ProSiebenSat.1 Media 49,634 (776,511)

Germany continued Germany continued






Holding Description


€



€

Value€

(19,125) PSI AG Gesellschaft Fuer Produkte und

Systeme der Informationstechnologie 12,331 (309,347)

(17,994) Puma 365,121 (4,386,937)

20,336 QIAGEN (4,685) 261,521

(134,405) QIAGEN (49,730) (1,728,448)

819,266 QSC (215,060) 1,550,051

(6,859) Rational (91,561) (1,277,489)

42,618 Rheinmetall (182,069) 1,416,409

146 Rhoen Klinikum 112 3,214

(30,715) RWE 64,549 (909,778)

(235,490) SAF-Holland 412,108 (1,083,254)

57,369 Salzgitter (51,309) 1,980,665

45,776 SAP (171,088) 2,121,489

(14,774) Sartorius (216,526) (768,248)

(6,049) SGL Carbon 17,646 (186,551)

19,733 Siemens (6,797) 1,309,877

(45,218) Siemens 76,781 (3,001,571)

(49,206) Singulus Technologies 14,237 (88,522)

(86,708) Sixt 97,547 (1,262,035)

(108) SKW Stahl-Metallurgie Holding 45 (1,383)

39,751 Sky Deutschland 2,723 89,519

13,416 SMA Solar Technology (4,192) 331,174

(28) SMT Scharf 33 (611)

55,588 Software (118,454) 1,323,550

(6,635) Stada Arzneimittel 12,941 (153,434)

5,846 Stada Arzneimittel (10,118) 135,189

(510) Sto 1,843 (58,982)

(65,360) STRATEC Biomedical 117,385 (2,186,292)

104,409 Stroer Out-of-Home Media (560,248) 830,052

23,537 Suedzucker 53,019 581,129

(57,366) Suedzucker (97,235) (1,416,367)

(65,905) Suss Microtec (79,538) (599,801)

(44,891) Symrise (25,867) (1,025,535)

(187,914) TAG Immobilien (163,021) (1,496,547)

50,795 Takkt (72,118) 486,667

11,280 ThyssenKrupp (6,275) 151,434

(19,795) ThyssenKrupp 29,476 (265,748)

61,863 Tipp24 280,229 2,662,893

(44,595) Tom Tailor Holding 77,474 (526,221)

258,242 TUI (277,610) 1,147,886

(12,804) United Internet 10,518 (174,198)

75,205 Verbio (23,988) 195,608

7,394 Volkswagen 7,753 958,632

(2,956) Volkswagen 545 (383,245)

25,589 Vossloh (156,138) 1,728,793

(13,111) Vossloh (12,767) (885,779)

(18,959) VTG 16,684 (242,675)

(23,616) Wacker Neuson (45,615) (262,610)

20,213 Wincor Nixdorf (19,011) 572,937

(9,114) Wincor Nixdorf 10,232 (258,336)

(35,115) Wirecard (17,870) (511,099)

(6,908) XING 14,352 (308,097)

(1,840,828)

Ireland 594,159 Aer Lingus Group (25,022) 547,815

839,486 C&C Group (277,687) 2,879,437

50,360 DCC (3,636) 958,240

(7,271) Elan (6,907) (82,889)

68,555 FBD Holdings 10,280 557,558

340,962 Glanbia 239,289 1,962,236

1,290,061 Governor & Co of the Bank of Ireland (29,363) 117,396

(689,840) Grafton Group 331,123 (1,945,349)

(19,936) Irish Continental Group 2,986 (307,712)

(6,834) Kerry Group (8,317) (238,199)

(132,202) Kingspan Group 120,833 (920,919)

36,070 Paddy Power 95,192 1,850,391

(663,811) Ryanair Holdings 89,614 (2,736,229)

49,989 Smurfit Kappa Group (49,185) 257,443

924,754 United Drug (40,998) 2,076,997

448,202

Israel (8,106) Kardan Yazamut (1,173) (1,173)

(1,173)

Italy (3,355,052) A2A (102,618) (1,732,884)

(304,432) ACEA 272,902 (1,194,591)

29,724 Amplifon (5,612) 116,875

(87,712) Amplifon 18,419 (344,884)

18,489 Ansaldo STS (20,708) 102,614

(14,939) Ansaldo STS 8,725 (82,911)

(781,285) Arnoldo Mondadori Editore 353,730 (750,815)

(174,721) Assicurazioni Generali 367,063 (1,435,333)

19,996 Assicurazioni Generali (6,164) 164,267

377,564 Astaldi (264,898) 1,756,428

(79,796) Atlantia 81,217 (801,152)

(11,254) Autogrill 7,021 (77,990)

109,830 Autostrada Torino-Milano (497,841) 430,534

(196,275) Azimut Holding (40,831) (1,477,951)

495,763 Banca Carige (63,590) 323,981

8,173 Banca Generali (12,325) 62,278

(682,825) Banca Monte dei Paschi di Siena 36,118 (136,906)

34,636 Banca Popolare dell'Emilia Romagna (30,875) 114,645

(238,622) Banca Popolare di Milano 11,471 (72,374)

17,668 Banca Popolare di Sondrio 285 75,584

(353,825) Banco Popolare 98,264 (318,089)

14 Banco Popolare (3) 13

(121,424) Beni Stabili 5,152 (39,305)

266,202 Brembo (17,298) 2,256,062

31,578 Brunello Cucinelli 9,242 347,042

152,445 Buzzi Unicem (129,897) 1,037,388

158,731 Cairo Communication (100,029) 395,240

(1,202,375) Cam Finanziaria (16,945) (343,879)

363,772 CIR-Compagnie Industriali Riunite (137,183) 300,476

(1) Cofide* – –

(66,267) Credito Emiliano 75,842 (160,234)

(40,654) Danieli & C Officine Meccaniche 39,645 (708,193)

183,610 Davide Campari-Milano (41,448) 947,428

(10,704) De'Longhi 13,979 (96,978)

56,369 DiaSorin 13,954 1,138,654

(3,051,104) Edison (15,126) (2,694,125)

(426) Ei Towers 784 (7,178)

(785,164) Enel 129,370 (1,810,588)

211,630 Enel Green Power (29,445) 229,195

(31,549) ENI 12,719 (488,694)

(63,110) ERG 11,866 (285,257)

(775,423) Falck Renewables (3,343) (672,292)

79,222 Fiat 8,239 297,241

(348,926) Fiat 17,998 (1,309,170)

79,222 Fiat* – –

(122,658) Fiat* – –

79,222 Fiat* – –

(122,658) Fiat* – –

(47,185) Fiat Industrial (8,451) (379,367)

Ireland continued Germany continued





Holding Description


€



€

Value€

123,480 Fiat Industrial 47,803 992,779

143,498 Fiat Industrial* – –

(44,977) Fiat Industrial* – –

143,498 Fiat Industrial* – –

(44,977) Fiat Industrial* – –

287,559 Finmeccanica (76,324) 771,233

749 Fondiaria-Sai (8) 687

(2,688,592) Gemina 101,136 (1,601,057)

(492,331) Geox 280,670 (856,656)

(1,770,638) Gruppo Editoriale L'Espresso 837,718 (1,178,360)

371,814 Hera 15,663 427,586

72,251 Immobiliare Grande Distribuzione* – –

72,251 Immobiliare Grande Distribuzione (12,608) 45,735

(200,946) Impregilo (35,896) (634,587)

287,076 Indesit (308,122) 934,145

(38,011) Industria Macchine Automatiche 2,420 (507,827)

37,313 Interpump Group (14,511) 233,206

245,769 Intesa Sanpaolo (6,826) 246,752

(407,415) Intesa Sanpaolo 56,631 (409,045)

(3,310,058) Iren 846,000 (1,182,353)

(316,155) Landi Renzo 26,595 (516,913)

15,420 Lottomatica Group 10 215,417

(15,770) Luxottica Group 4,620 (412,701)

75,368 Luxottica Group (62,066) 1,972,381

80,796 Maire Tecnimont (3,109) 52,517

(80,640) Marcolin (54,947) (346,591)

(1,958,024) Mediaset 979,865 (2,463,194)

288,556 Mediobanca (256,238) 808,534

(19,382) Mediobanca 17,211 (54,308)

(3,567) Mediolanum 2,252 (8,325)

373,095 Mediolanum (226,684) 870,804

(2,963) Milano Assicurazioni (44) (719)

(1,290,972) Molecular Medicine 2,136 (606,628)

(267,664) Piaggio & C 16,350 (586,719)

115,397 Piaggio & C (6,281) 252,950

(30,099) Pirelli & C 35,517 (241,394)

34,525 Pirelli & C (32,503) 276,890

(649,849) Prelios 7,669 (93,578)

105,733 Prysmian (56,637) 1,195,840

435,444 Recordati 27,385 2,312,208

419,913 Safilo Group (210,072) 1,974,431

79,202 Saipem (406,702) 2,516,248

29,204 Salvatore Ferragamo Italia (52,859) 486,539

148,274 Saras (30,645) 111,131

(219,731) Saras 16,871 (164,688)

384,132 Snam (125,269) 1,245,356

(303,444) Snam 102,794 (983,765)

55 Societa Cattolica di Assicurazioni (170) 550

124,696 Societa Iniziative Autostradali e Servizi (121,002) 611,010

2,179 Sogefi 9 4,057

(11,314) Sogefi 2,172 (21,067)

1,267,736 Sorin (132,888) 1,730,460

2,810,402 Telecom Italia (358,558) 1,860,486

(187,399) Tenaris 244,556 (2,424,943)

165,618 Terna Rete Elettrica Nazionale 2,740 449,818

(803,477) Terna Rete Elettrica Nazionale 75,527 (2,182,244)

(37,633) Tod's 94,712 (2,989,942)

339,827 Trevi Finanziaria Industriale (476,544) 1,245,806

335,209 UniCredit (129,820) 834,000

(244,177) Unione di Banche Italiane 231,094 (545,003)

(28,505) Yoox (13,447) (328,093)

(16,997) Zignago Vetro (3,389) (79,036)

913,332

Netherlands (5,847) Aalberts Industries 7,971 (76,274)

954 Aalberts Industries 481 12,445

(42,123) Accell Group 55,451 (610,994)

151,527 Aegon (10,271) 517,162

(1,093,064) Aegon 76,273 (3,730,627)

(46,679) Akzo Nobel 134,684 (1,716,854)

(7,993) AMG Advanced Metallurgical Group (361) (51,315)

26,217 Amsterdam Commodities 7,720 334,267

(8,253) APERAM 44,954 (74,714)

16,667 APERAM (53,630) 150,886

(131,831) Arcadis 78,439 (2,227,944)

37 ArcelorMittal (24) 413

(189,484) ArcelorMittal 177,973 (2,114,641)

676 ASM International (1,203) 18,732

(41,923) ASM International (35,150) (1,161,686)

99,696 ASML Holding (112,044) 3,681,773

237,557 BE Semiconductor Industries (35,333) 1,317,966

(72,360) BinckBank 88,954 (434,739)

5,991 BinckBank (3,967) 35,994

39,611 Brunel International (95,033) 1,298,449

(119,865) Corio (9,802) (4,023,868)

(96,816) CSM (305,688) (1,293,946)

(72,103) Delta Lloyd 173,554 (723,554)

3,481 Dockwise (1,775) 49,221

56,320 Eurocommercial Properties 6,478 1,498,675

(28,216) Exact Holding 2,075 (492,228)

(53,204) Fugro 441,512 (2,483,031)

(90,839) Grontmij 297,083 (207,113)

64,784 Heijmans (96,102) 352,425

(43,821) Heineken 120,250 (1,687,109)

152,709 ING Groep (36,048) 708,112

36,461 Kendrion (43,045) 616,191

(110,577) Koninklijke Ahold 6,413 (1,053,135)

203,657 Koninklijke BAM Groep (64,392) 416,275

(481,512) Koninklijke BAM Groep 76,096 (984,211)

114,541 Koninklijke Boskalis Westminster (174,042) 2,772,465

7,596 Koninklijke DSM (37,106) 291,914

74,714 Koninklijke KPN 7,962 569,769

190,417 Koninklijke Philips Electronics (20,998) 2,708,682

(292) Koninklijke Ten Cate 1,405 (5,615)

39,573 Koninklijke Vopak (39,784) 1,887,038

(565,550) Koninklijke Wessanen 144,215 (1,132,797)

178,999 Mediq (11,078) 1,704,786

(216,808) Nieuwe Steen Investments* – –

180,701 Nieuwe Steen Investments (646,346) 1,131,911

54,897 Nutreco (56,282) 2,943,577

3 Ordina 3 3

31,192 Randstad Holding (105,890) 682,637

(16,432) Randstad Holding 9,386 (359,614)

(73,948) Royal Imtech 27,361 (1,552,169)

41,414 SBM Offshore (109,182) 440,231

(25,872) Sligro Food Group 33,763 (561,293)

157 SNS REAAL (58) 176

(26,893) SNS REAAL 15,924 (30,174)

(48,191) TKH Group (35,836) (832,018)

1,004 TomTom 129 3,208

11,367 Unit 4 (16,550) 223,362

(160,678) USG People 206,431 (893,048)

(62,983) Vastned Retail 179,586 (1,981,445)

(1,771) Wereldhave 6,242 (87,045)

37,333 Wolters Kluwer 173,114 439,036

(154,770) Wolters Kluwer 86,757 (1,820,095)

531,619

Italy continued






Holding Description


€



€

Value€

Norway (50,367) Aker Solutions 38,905 (542,626)

(86,726) Algeta (112,942) (1,677,667)

10,072 Algeta 13,430 194,837

(238,464) Archer 49,914 (311,643)

190,552 Atea (181,707) 1,466,359

(157,972) Austevoll Seafood 2,096 (438,052)

(223,665) BW Offshore 32,275 (200,903)

(307,336) BWG Homes 46,893 (428,156)

251,647 Cermaq (416,442) 2,138,503

(52,834) Clavis Pharma 78,247 (392,555)

(286,063) Deep Sea Supply 75,908 (400,417)

21,566 Det Norske Oljeselskap (3,969) 230,337

114,594 DNB (116,904) 835,465

(664,181) DNO International 88,388 (707,181)

(131,741) Electromagnetic GeoServices 83,900 (232,472)

(8,958) Fred Olsen Energy 41,444 (221,780)

(194,616) Funcom 115,079 (420,886)

(167,012) Gjensidige Forsikring (21,050) (1,450,294)

1 Gjensidige Forsikring* – 9

(34,647) Golar (23,423) (956,614)

(2,287,189) Golden Ocean Group 96,469 (1,401,983)

(845,568) Kongsberg Automotive Holding 43,753 (180,623)

(33,825) Kongsberg Gruppen 53,854 (442,051)

(440,129) Kvaerner 126,216 (750,381)

33,800 Leroy Seafood Group (25,803) 376,699

701,561 Marine Harvest (22,320) 277,942

(66,890) Marine Harvest (444) (26,500)

32,116 Nordic Semiconductor (79) 84,796

(571,826) Norsk Hydro 155,427 (1,931,618)

505,427 Norwegian Energy (35,099) 395,648

(356,687) Norwegian Property 14,916 (381,909)

273,025 Opera Software 140,988 1,441,732

102,962 Orkla (9,699) 564,601

(8,801) Orkla (108) (48,261)

79,629 Panoro Energy (3,787) 39,936

(189,535) Petroleum Geo-Services 131,405 (1,825,681)

(466,591) Polarcus 79,252 (282,293)

(169,171) ProSafe 18,749 (933,274)

754,637 Renewable Energy (45,482) 265,328

77,927 Royal Caribbean Cruises (45,448) 1,476,438

(138,930) Schibsted 428,273 (3,511,478)

(32,489) Seadrill 59,618 (881,082)

42,047 Seadrill (68,522) 1,140,289

(200,695) Sevan Drilling 49,193 (151,246)

175,068 Songa Offshore (111,493) 346,092

72,041 Statoil (141,326) 1,316,172

(61,348) Statoil 115,991 (1,120,813)

20,558 Stolt-Nielsen (12,963) 265,940

718,908 Storebrand (456,230) 1,745,514

(60,759) Subsea 7 181,987 (989,132)

84,248 Telenor (180,559) 994,829

(17,523) Telenor 21,347 (206,918)

120,814 TGS Nopec Geophysical (167,356) 2,495,771

(327,462) Tomra Systems 78,205 (1,859,532)

(42,987) Veidekke 22,243 (252,662)

(76,088) Wilh Wilhelmsen (22,845) (428,037)

18,851 Yara International (41,448) 580,758

216,917

Portugal 4,063 Banco Comercial Portugues (16) 414

329,334 Banco Espirito Santo (17,112) 146,883

(787,150) Brisa Auto-Estradas de Portugal 104,167 (1,932,453)

1,302,315 EDP - Energias de Portugal (711,265) 2,161,843

(310,253) EDP Renovaveis 80,547 (913,075)

216,252 EDP Renovaveis (70,044) 636,430

(142,352) Galp Energia 125,871 (1,366,579)

70,709 Galp Energia (143,973) 678,806

30,224 Jeronimo Martins (10,377) 423,740

398,690 Portucel Empresa Produtora de Pasta

e Papel (66,183) 697,708

(108,082) Portugal Telecom 93,436 (328,569)

111,830 REN - Redes Energeticas Nacionais (4,069) 218,851

(103,639) Semapa-Sociedade de Investimento

e Gestao 27,673 (533,741)

1,718,768 Sonae (50,174) 653,132

(29,009) Sonaecom 2,118 (33,128)

(405,302) Zon Multimedia Servicos de

Telecomunicacoes e Multimedia 179,348 (836,949)

(460,053)

Spain (453) Abengoa 993 (4,248)

(45,606) Abertis Infraestructuras 39,786 (474,302)

(15,386) Acciona 67,391 (646,520)

(43,641) ACS Actividades de Construccion y

Servicios 135,063 (593,518)

(117,427) Almirall 97,464 (663,463)

98,518 Amadeus IT Holding (41,115) 1,450,678

(42,804) Amadeus IT Holding 26,706 (630,289)

4,596 Antena 3 de Television (1,377) 13,558

(263,847) Antena 3 de Television 304,492 (778,349)

(151,630) Banco Bilbao Vizcaya Argentaria 44,313 (690,675)

(211) Banco Popular Espanol (339) (339)

361,918 Banco Santander (168,510) 1,533,809

(318,249) Banco Santander 95,966 (1,348,739)

175,808 Bankinter (148,079) 446,552

19,894 Cie Automotive (2,503) 108,621

(4,683) Construcciones y Auxiliar

de Ferrocarriles 127,056 (1,691,500)

(4) Corp Financiera Alba 77 (95)

422,720 Deoleo (11,028) 133,157

218,459 Distribuidora Internacional

de Alimentacion (21,500) 771,379

367,035 Duro Felguera (110,472) 1,596,602

188,444 Ebro Foods (61,841) 2,419,621

(277,127) Enagas 177,711 (3,498,728)

(516,614) Faes Farma 320,915 (607,021)

418,746 Ferrovial (318,667) 3,199,638

17,256 Gamesa Corp Tecnologica (6,670) 25,366

(384,470) Gas Natural SDG (179,163) (179,163)

(389,822) Gas Natural SDG 732,113 (3,417,569)

(53,243) Grifols (240,480) (969,023)

38,427 Grupo Catalana Occidente (69,996) 367,746

(184,696) Grupo Empresarial Ence 60,668 (253,034)

576,532 Iberdrola (226,202) 1,772,836

256,214 Inbesos (19,197) 43,556

61,434 Inditex (102,496) 4,074,303

(438,805) Indra Sistemas 844,303 (3,260,321)

389,700 Jazztel (242,113) 1,726,371

1,108,257 Mapfre (662,952) 1,736,639

(481,106) Mapfre 296,361 (753,893)

(682,642) Mediaset Espana Comunicacion 296,152 (2,331,222)

(74) Melia Hotels International 53 (276)

(471,210) NH Hoteles 355,764 (815,193)

141,923 Obrascon Huarte Lain (387,392) 2,172,132

29,569 Pescanova (193,499) 617,696

1,021 Promotora de Informaciones (56) 317

Portugal continued





Holding Description


€



€

Value€

(107,787) Prosegur Cia de Seguridad 305,489 (4,218,783)

12,740 Red Electrica (724) 380,544

(10,022) Red Electrica (3,102) (299,357)

(44,431) Repsol YPF 87,477 (536,504)

(28,479) Tecnicas Reunidas 13,009 (827,885)

21,179 Tecnicas Reunidas (6,349) 615,674

186,228 Telefonica (393,127) 1,657,243

(361,496) Telefonica 716,407 (3,216,953)

(361,488) Telefonica (84,227) (84,227)

(232,645) Tubacex 81,454 (358,273)

47,351 Viscofan (46,595) 1,568,265

140,175 Vueling Airlines (66,915) 643,403

(112,487) Zardoya Otis 61,109 (988,761)

1,471,606

Sweden (45,711) AarhusKarlshamn (27,994) (1,178,296)

734 Active Biotech (101) 3,547

(3,187) Aerocrine 573 (3,921)

9,577 AF 3,728 144,495

32,405 Alfa Laval (6,874) 432,627

(20,957) Alfa Laval 32,903 (279,789)

(10,278) Alliance Oil (1,140) (71,584)

(46,238) Assa Abloy 33,308 (970,495)

(34,647) Atlas Copco 48,995 (568,265)

97,028 Avanza Bank Holding (331,154) 1,485,534

13,330 Axfood (21,967) 340,788

(131,436) Axfood 208,874 (3,360,230)

175,922 Axis Communications (484,365) 2,957,875

(173,219) BE Group 66,248 (381,895)

155,991 Betsson 439,795 3,777,823

150,170 Betsson 157,179 157,179

121,649 Bilia (215,581) 1,286,811

392,495 Billerud (178,745) 2,491,103

(13,605) BioGaia 38,560 (240,110)

(151,287) BioInvent International 37,511 (234,153)

(126,996) Boliden 182,978 (1,319,333)

88,607 Byggmax Group (21,519) 363,077

176,382 Castellum (63,829) 1,606,535

(8,948) Castellum 3,063 (81,501)

97,360 CDON Group 47,193 467,241

(66,962) Clas Ohlson* – (740,017)

73,982 Concentric (38,104) 451,017

39,006 East Capital Explorer (20,196) 206,738

(73,081) Electrolux 61,696 (1,139,240)

2,800 Elekta 494 108,217

(10,403) Elekta (10,004) (402,065)

139,922 Fabege (52,193) 832,754

(826) Fabege 308 (4,916)

259,688 Fastighets Balder (12,752) 913,738

(73,030) Getinge (4,335) (1,473,473)

(127,698) Gunnebo 25,170 (391,021)

(51,238) Hakon Invest (9,668) (567,673)

(270,366) Haldex 262,720 (1,035,603)

(129,375) Hennes & Mauritz 208,845 (3,110,182)

82,592 Hennes & Mauritz (4,546) 1,985,516

(38,662) Hexagon 21,566 (553,185)

42,429 Hexpol 32,767 1,211,806

(76,054) HIQ International 16,090 (293,009)

23,857 Hoganas (60,472) 625,590

(134,467) Holmen (95,164) (2,780,420)

(293,653) Hufvudstaden (40,872) (2,403,281)

(240,433) Husqvarna 102,711 (909,704)

5,369 Industrial & Financial Systems 798 62,174

(22,568) Indutrade 60,777 (471,169)

(141,450) Intrum Justitia 3,938 (1,602,581)

23,153 JM 3,363 320,322

(38,001) JM (6,433) (525,744)

73,435 Klovern 936 192,974

(4,152) KNOW IT (606) (27,161)

42,364 Kungsleden 1,039 186,799

198,818 Lindab International 169,831 963,003

161,664 Loomis (107,789) 1,489,581

21,029 Lundin Petroleum (14,748) 298,078

2,137 Meda 1,285 16,704

(93,319) Meda (38,966) (729,441)

50,100 Medivir (37,067) 326,345

(52,745) Mekonomen 45,135 (1,215,722)

(186,345) Micronic Mydata 9,337 (300,863)

5,734 Millicom International Cellular (43,026) 398,724

9,418 Modern Times Group (24,970) 309,884

67,303 NCC (56,626) 927,765

(55,817) Net Entertainment NE* – (411,751)

(78,922) New Wave Group 33,394 (225,847)

(159,429) Nibe Industrier 44,380 (1,846,220)

(229,790) Nobia 41,632 (588,494)

143,513 Nordea Bank (77,959) 855,724

(160,708) Nordic Mines 400,069 (270,207)

186,299 Nordnet (30,273) 419,030

67,633 Oriflame Cosmetics (110,855) 1,639,456

(345,408) Peab 72,514 (1,275,351)

(110,332) Proffice 16,653 (280,104)

99,451 Ratos (24,042) 718,682

(104,964) Rezidor Hotel Group (65,514) (287,513)

7,332 Saab 4,805 91,927

(119,989) Sandvik 202,241 (1,213,806)

110,299 Sandvik (81,483) 1,115,782

20,491 Scania (51,793) 261,703

(56,812) Scania 111,195 (725,582)

(117,934) Securitas 116,872 (692,042)

275,486 Securitas 21,835 1,616,564

9,560 Skandinaviska Enskilda Banken 315 42,792

(13,313) Skandinaviska Enskilda Banken 1,244 (59,592)

(209,263) Skanska 166,545 (2,242,725)

339,110 SKF (599,060) 5,395,797

(473,160) SSAB 586,342 (2,966,191)

(104,989) Svenska Cellulosa 1,572 (1,209,949)

24,364 Svenska Handelsbanken (42,973) 550,444

(54,577) Svenska Handelsbanken 90,548 (1,233,032)

(106,324) Swedbank 57,022 (1,224,150)

143,135 Swedish Match 221,233 4,379,710

85,331 Swedish Orphan Biovitrum 20,471 217,583

82,633 Tele2 (194,786) 991,871

(42,384) Tele2 91,063 (508,749)

79,345 Telefonaktiebolaget LM Ericsson (1,403) 547,765

(4,798) Telefonaktiebolaget LM Ericsson 1,218 (33,123)

(52,720) TeliaSonera 13,497 (257,059)

197,580 TeliaSonera (21,017) 963,387

1,184 Transmode Holding (82) 10,909

(247,438) Trelleborg (33,668) (1,939,643)

50,657 Trelleborg (38,638) 397,095

(186,758) Unibet Group (526,681) (3,888,692)

186,689 Volvo (191,272) 1,688,981

160,528 Wallenstam (20,311) 1,149,329

93,890 Wihlborgs Fastigheter 12,594 990,561

515,352

Sweden continued Spain continued





Switzerland 25,414 ABB (27,825) 322,918

6,988 Acino Holding 16,471 641,208

64,613 Actelion (41,218) 1,997,066

(26,544) AFG Arbonia-Forster Holding 49,895 (375,733)

(2,346) Allreal Holding (1,679) (267,617)

19,782 Aryzta (23,076) 722,278

(26,781) Aryzta 41,254 (977,825)

(68,253) Ascom Holding 55,581 (473,972)

7,474 Austriamicrosystems 798 431,894

(1,822) Autoneum Holding 14,344 (64,780)

24,306 Baloise Holding (201,493) 1,220,381

(8,528) Baloise Holding 65,628 (428,183)

(960) Bank Sarasin & Cie 334 (20,623)

5,118 Banque Cantonale Vaudoise (78,779) 2,086,016

(1,434) Barry Callebaut 1,217 (1,030,444)

(85) Basellandschaftliche Kantonalbank 4,954 (88,823)

(25,203) Basilea Pharmaceutica 176,965 (855,154)

1,111 Basler Kantonalbank (14,782) 102,591

275 Belimo Holding (13,706) 397,509

2,322 Berner Kantonalbank (5,993) 483,839

(21,533) BKW 32,196 (569,263)

5,176 Bossard Holding 15,212 530,108

16,267 Bucher Industries (301,359) 2,188,837

(6,943) Burckhardt Compression Holding 136,723 (1,312,892)

2,860 Charles Voegele Holding (8,954) 34,054

(50,874) Cie Financiere Richemont (9,045) (2,370,067)

66,206 Cie Financiere Richemont (8,613) 3,084,338

8,793 Clariant (2,832) 72,556

(129,925) Clariant 175,003 (1,072,089)

(37,004) Credit Suisse Group 98,289 (570,630)

5,032 Credit Suisse Group 3,142 3,142

1,214 Daetwyler Holding (5,885) 72,275

14,705 DKSH Holding (13,619) 599,353

6,464 Dufry Group (56,823) 593,127

(6,037) Dufry Group 64,845 (553,946)

64,098 EFG International (100,654) 366,128

1,837 Emmi (19,074) 277,620

(9,372) EMS-Chemie Holding 16,849 (1,357,832)

2,136 EMS-Chemie Holding (6,254) 309,468

6,610 Flughafen Zuerich (120,493) 1,777,741

2,932 Forbo Holding 139,197 1,519,735

1,619 Galenica (51,227) 783,901

(4,013) Galenica (73,848) (1,943,048)

73,972 GAM Holding (39,673) 631,329

(81,402) Gategroup Holding 423,623 (1,663,992)

165 Geberit (563) 25,801

(5,422) Geberit 18,510 (847,851)

5,549 Georg Fischer (254,438) 1,564,004

580 Givaudan 18,798 434,887

97 Gurit Holding (4,967) 37,517

12,595 Helvetia Holding (558,448) 2,849,918

(1,909) Helvetia Holding 84,643 (431,957)

(3,594) Holcim 8,282 (153,817)

16,469 Holcim (35,551) 704,847

(61,969) Huber & Suhner 279,561 (1,919,473)

49,673 Implenia 204 1,240,813

11,986 Inficon Holding 74,930 1,910,209

1,244 Intershop Holdings 553 338,455

9,925 Julius Baer Group (26,444) 252,385

28 Kaba Holding (256) 7,804

8,131 Komax Holding (80,122) 530,115

35,917 Kudelski 19,109 221,308

(13,241) Kuehne + Nagel International 75,038 (1,138,900)

2,695 Kuehne + Nagel International (12,279) 231,806

(11,032) Kuoni Reisen Holding 417,956 (2,590,407)

782 LEM Holding (6,799) 307,336

(17,349) Liechtensteinische Landesbank 239,094 (554,715)

(173) Lindt & Spruengli 260,657 (4,855,897)

(80,792) Lonza Group 311,714 (2,332,313)

(2,041) Luzerner Kantonalbank 13,776 (546,372)

(431) Metall Zug 26,583 (1,319,220)

123,931 Meyer Burger Technology 74,975 1,563,353

88,284 Micronas Semiconductor Holding (37,712) 643,213

16,323 Mobilezone Holding (8,854) 123,682

14,584 Mobimo Holding 8,905 2,653,339

(87,814) Myriad Group 25,155 (256,647)

64,167 Nestle 23,908 2,943,933

(15,396) Nestle (2,842) (706,357)

(40,433) Nobel Biocare Holding 22,279 (343,737)

(29,960) Novartis (26,088) (1,261,036)

21,070 Novartis 8,772 886,850

(88,413) OC Oerlikon 36,616 (597,774)

21,610 Orascom Development Holding (506) 269,905

(78,707) Panalpina Welttransport Holding (324,497) (6,124,311)

(2,350) Partners Group Holding 27,590 (310,338)

30,436 PSP Swiss Property (5,664) 2,073,029

4,711 Rieter Holding (28,666) 537,401

37,364 Roche Holding (254,521) 4,728,915

(19,000) Schindler Holding 158,204 (1,699,114)

1,646 Schmolz + Bickenbach (1,028) 6,771

(1,282) Schweiter Technologies 137,983 (509,713)

14,984 Schweizerische National-Versicherungs

-Gesellschaft (29,944) 410,476

(223) SGS (928) (326,429)

844 SGS 3,514 1,235,452

418 Siegfried Holding (419) 36,093

650 Sika (83,394) 957,427

(14) Sika 580 (20,621)

(25,482) Sonova Holding 188,495 (1,922,323)

(1,876) St Galler Kantonalbank 117,790 (518,994)

(5,952) Straumann Holding (24,675) (771,642)

2,689 Sulzer (32,689) 259,501

(1,104) Sulzer 709 (106,541)

7,898 Swatch Group (199,718) 2,462,825

(9,754) Swatch Group 358,167 (3,041,579)

(26,926) Swiss Life Holding 328,454 (1,753,247)

3,044 Swiss Prime Site 1,054 192,883

(1,263) Swiss Re 1,495 (58,629)

(3,802) Swisscom (14,143) (1,110,862)

5,900 Swisscom 43,705 1,723,852

(262,641) Swisslog Holding* – (203,381)

(16,264) Swissquote Group Holding 128,330 (352,777)

56 Syngenta (349) 14,553

(5,060) Syngenta (2,033) (1,314,949)

(12,240) Tecan Group 1,055 (639,019)

(37,401) Temenos Group 37,162 (488,931)

30,602 Transocean (45,053) 999,870

(2,186) Transocean 11,030 (71,424)

20,047 U-Blox (39,909) 672,696

(405,422) UBS 44,436 (3,716,715)

105,521 UBS (38,363) 967,366

10,570 Valiant Holding (40,886) 932,922

(7,500) Valora Holding 118,653 (1,067,879)

(7,133) Verwaltungs- und Privat-Bank 169,472 (430,601)

461 Vetropack Holding 2,298 656,006

18,796 Vontobel Holding (46,000) 309,881

17,924 Zurich Insurance Group (240,335) 2,965,496

1,726,727


Holding Description


€



€

Value€

Switzerland continued



United Kingdom 1,096,726 888 Holdings (35,786) 930,252

(78,198) A.G.BARR 28,060 (348,711)

213,052 Abcam 56,107 1,039,097

131,252 Aberdeen Asset Management (7,327) 389,324

(34,338) Aberdeen Asset Management 15,678 (101,855)

(122,358) Admiral Group 186,792 (1,596,458)

3,015 Admiral Group (6,205) 39,338

(556,005) Advanced Medical Solutions Group (27,540) (546,164)

(1,851) Aegis Group 397 (3,717)

351,163 Aegis Group (73,151) 705,226

(165,663) Afren 13,084 (241,094)

15,604 African Barrick Gold (5,586) 64,348

(120,886) African Barrick Gold 17,994 (498,508)

(9,585) African Minerals 10,041 (44,416)

175,957 African Minerals (217,950) 815,378

68,795 Aggreko 20,306 1,866,421

(79,091) Allied Gold Mining 15,247 (97,059)

99,272 AMEC (65,217) 1,196,182

(107,599) AMEC 226,824 (1,296,519)

(2,063,290) Amerisur Resources 109,381 (534,038)

(417,788) Amlin 25,270 (1,665,023)

(100,747) Andor Technology (6,912) (694,946)

(39,185) Anglo American 205,776 (951,655)

29,126 Anglo American (75,491) 707,360

(200,865) Anglo Pacific Group 215,475 (586,292)

(623,074) Anite (211,726) (907,382)

27,115 Antofagasta (62,909) 336,532

(139,886) Antofagasta 67,744 (1,736,164)

(101,010) APR Energy 202,323 (1,007,971)

(1,201,882) Aquarius Platinum 325,201 (1,101,452)

173 ARM Holdings 23 1,095

(80,889) ARM Holdings (11,121) (512,058)

(202,826) Ashmore Group 123,385 (843,495)

153,910 Ashtead Group 1,744 439,063

(406,973) Ashtead Group (59,954) (1,160,981)

70,617 ASOS 173,135 1,523,873

(209,547) Associated British Foods 98,233 (3,089,530)

90,354 Associated British Foods (44,380) 1,332,166

(2,820) AstraZeneca 299 (91,932)

(835,670) Aurelian Oil & Gas 65,149 (164,176)

(146,274) Avanti Communications Group (52,370) (557,406)

90,487 Aveva Group 152,631 1,856,717

(23,072) Aveva Group (20,424) (473,418)

611,487 Aviva (69,223) 1,990,008

(115,197) Aviva 66,688 (374,894)

(242,257) Avocet Mining 143,250 (436,352)

133,446 AZ Electronic Materials (42,857) 493,209

336,307 Babcock International Group 150,043 3,569,924

(177,090) Babcock International Group (373,726) (1,879,824)

583,733 BAE Systems (31,837) 1,984,877

(320,757) Bahamas Petroleum Co 515 (27,447)

(842,120) Balfour Beatty 62,543 (2,859,273)

20,355 Barclays (6,171) 44,722

(38,603) Barratt Developments 6,597 (57,782)

307,449 Barratt Developments (12,622) 460,201

(585,857) BBA Aviation 64,494 (1,406,016)

(4,439,180) Beacon Hill Resources 118,498 (360,477)

84,408 Beazley (1,057) 142,454

(76,077) Bellway 93,947 (653,357)

582,890 Berendsen (100,588) 3,433,983

164,857 Berkeley Group Holdings (52,181) 2,562,235

(9,479) Berkeley Group Holdings 4,138 (147,324)

2,421 Betfair Group (1,103) 21,471

34,349 BG Group (87,516) 533,429

(1,567) BG Group 507 (24,335)

145,121 BHP Billiton (516,577) 3,041,795

(45,755) BHP Billiton 56,324 (959,043)

(491,403) Big Yellow Group (51,332) (1,746,933)

1,996,398 Blinkx (255,462) 996,095

57,697 Bodycote 2,206 271,108

(77,808) Bodycote (53,041) (365,606)

3,258,772 Booker Group 464,791 3,585,222

(434,949) Borders & Southern Petroleum 71,210 (378,422)

(255,081) Bovis Homes Group 151,135 (1,320,125)

152,513 BP (4,223) 751,636

(136,335) Brammer 135,590 (483,819)

194,419 Brewin Dolphin Holdings (9,615) 341,456

(29,713) British American Tobacco 51,806 (1,127,455)

(19,164) British Land 480 (116,152)

222,168 British Sky Broadcasting Group 22,275 1,905,231

(211,828) Britvic 131,193 (873,534)

450,852 BT Group (31,325) 1,151,439

613,263 BTG 153,882 2,941,282

116,266 Bumi (222,135) 491,059

40,367 Bunzl 1,007 516,112

(45,863) Bunzl (14,848) (586,381)

63,051 Burberry Group (6,202) 1,079,045

3,650,675 Cable & Wireless Communications (153,847) 1,255,462

234,998 Cairn Energy (152,926) 839,519

(78,388) Cairn Energy 27,122 (280,037)

(406,490) Cape 651,616 (1,226,143)

81,343 Capita 6,441 630,601

(73,374) Capita 20,447 (568,823)

810,189 Capital & Counties Properties (51,483) 1,953,492

171,675 Capital Shopping Centres Group (21,842) 658,271

(241,833) Capital Shopping Centres Group 52,973 (927,284)

(37,237) Carclo 7,454 (170,929)

(642,951) Carillion 244,194 (2,084,384)

(23,356) Carnival (13,106) (604,228)

22,733 Carnival 20,133 588,111

(164,026) Carpetright (95,139) (1,322,741)

57,052 Carphone Warehouse Group (70) 92,514

(1,311,083) Carphone Warehouse Group 43,610 (2,126,019)

348,033 Catlin Group (57,766) 1,737,799

884,668 Centamin (25,522) 720,036

(140,894) Centrica 5,515 (540,420)

737,768 Centrica 5,522 2,829,818

(143,786) Chariot Oil & Gas (7,390) (147,967)

(274,612) Chemring Group 330,297 (1,092,707)

(146,923) Chesnara 65,775 (289,365)

(148,111) Chime Communications 91,067 (305,482)

586,413 Cineworld Group 95,091 1,579,977

(91) City of London Investment Group 18 (395)

23,057 Close Brothers Group (11,670) 198,447

(71,494) Close Brothers Group 3,826 (615,336)

2,220 Cluff Gold (586) 1,772

374,226 Cobham (19,605) 1,037,688

(66,575) Cobham 845 (184,605)

(233,297) Colt Group (33,757) (343,388)

38,778 Colt Group 1,226 57,077

(626,846) Compass Group 47,100 (4,947,508)

315,020 Computacenter (188,222) 1,442,108

88,886 Cookson Group (41,257) 694,621

(24,200) Cookson Group 6,596 (189,117)

622 Costain Group 1,393 1,524

121,524 Cranswick (5,293) 1,214,194

(146,645) CRH 99,472 (2,001,143)

(71,314) Croda International 13,415 (1,929,425)

(686,796) CSR 152,244 (1,787,045)

(60,491) Cupid 23,023 (141,854)


Holding Description


€



€

Value€





205,032 Daily Mail & General Trust (211,896) 976,452

(502) Daily Mail & General Trust 212 (2,391)

(672,225) Dairy Crest Group (62,412) (2,642,145)

56,063 De La Rue 3,433 702,807

(60,246) Debenhams 291 (58,128)

257,460 Debenhams (15,073) 248,407

(23,390) Dechra Pharmaceuticals 13,318 (139,242)

(15,438) Derwent London 3,560 (336,224)

(688,945) Desire Petroleum 24,062 (207,967)

15,488 Development Securities (5,708) 24,487

(170,449) Devro (130,282) (658,247)

(95,066) Diageo (21,017) (1,820,234)

(81,462) Dialight (39,629) (1,091,322)

72,013 Dignity 4,940 759,483

18,873 Diploma 7,059 102,429

4,894,935 Dixons Retail (13,146) 872,515

(237,102) Domino Printing Sciences 131,852 (1,645,864)

149,998 Domino's Pizza Group 50,362 889,858

176,218 Dragon Oil (187,317) 1,102,338

(10,951) Dragon Oil 3,479 (68,504)

31,442 Drax Group 2,157 215,120

1,241,392 DS Smith (178,135) 2,235,989

221,689 Dunelm Group (37,721) 1,362,449

(20,343) E2V Technologies 1,327 (34,637)

(122,940) easyJet 17,586 (765,528)

870,982 Electrocomponents (101,064) 2,192,421

(512,743) Electrocomponents 87,548 (1,290,668)

(301,351) Elementis (41,897) (760,435)

661,343 EnQuest 8,916 996,523

(815,572) Enterprise Inns (30,519) (656,169)

25,214 Entertainment One 3,385 47,711

630,284 Eurasian Natural Resources (847,269) 3,331,891

4,254 Euromoney Institutional Investor 3,022 41,469

119,883 Evraz (90,986) 449,810

237,882 Experian (209,192) 2,676,466

(247,224) Experian (28,545) (2,781,575)

(230,691) F&C Asset Management (12,949) (206,753)

(466,304) Falkland Oil & Gas 7,271 (535,119)

(25,124) Faroe Petroleum 489 (49,233)

383,163 Fenner (331,719) 1,822,401

862,947 Ferrexpo (785,718) 2,192,647

442,786 Fiberweb 2,007 331,389

3,969 Fidessa Group 1,611 75,747

253,848 Filtrona (50,465) 1,415,386

326,257 Firstgroup 42,345 851,771

5,777 Fresnillo (1,515) 94,615

(598,046) G4S 26,855 (2,058,909)

29,933 Galliford Try (4,348) 223,091

1,136,406 Game Group (9,121) 33,879

238,449 Gem Diamonds (89,365) 607,061

19,024 Genus (5,933) 301,132

(342,517) GKN 80,816 (778,011)

(98,892) GlaxoSmithKline (3,955) (1,759,651)

(141) GlobeOp Financial Services 14 (850)

15,224 Go-Ahead Group (2,627) 206,990

1,413,615 Grainger (283,143) 1,533,184

491,148 Great Portland Estates 117,345 2,319,458

480,527 Greene King (133,496) 2,902,858

(279,067) Greene King 9,038 (1,685,841)

304,761 Greggs (9,579) 1,902,642

(140,656) Gulf Keystone Petroleum 49,682 (342,907)

694,061 Gulfsands Petroleum (412,051) 779,606

198 Halfords Group (83) 596

(994,652) Halfords Group 518,577 (2,994,254)

(155,834) Halma (51,883) (754,590)

306,593 Hammerson (5,677) 1,590,923

(378,718) Hammerson 8,019 (1,965,182)

(1,202,442) Hansteen Holdings 8,368 (1,114,414)

23,351 Hargreaves Lansdown (15,515) 137,772

(125,858) Hargreaves Services 440,335 (1,237,088)

(218,207) Hays 2,748 (196,381)

289,231 Helical Bar (64,465) 611,516

690,317 Henderson Group (57,598) 849,453

(186,948) Henderson Group 52,585 (230,044)

(184,464) Heritage Oil 3,817 (283,246)

502,579 Highland Gold Mining (302,854) 642,572

(93,893) Hikma Pharmaceuticals 5,098 (757,759)

40,468 Hikma Pharmaceuticals 11,309 326,595

99,627 Hill & Smith Holdings (8,699) 401,396

215,045 Hiscox (24,399) 1,048,012

221,414 Hochschild Mining (150,873) 1,180,687

(92,407) Hochschild Mining 82,606 (492,759)

790,807 Home Retail Group (205,578) 748,697

(664,439) Home Retail Group 98,342 (629,058)

275,799 Homeserve (178,993) 479,223

(23,313) Homeserve 2,385 (40,508)

(30,193) Howden Joinery Group (1,940) (44,027)

(114,499) HSBC Holdings 36,720 (720,252)

(27,811) Hunting 32,002 (287,410)

404,074 ICAP (41,249) 1,704,622

(60,869) ICAP 25,350 (256,781)

222,282 IG Group Holdings (87,849) 1,188,643

(120,284) IG Group Holdings 49,671 (643,213)

98,268 Imagination Technologies Group (108,630) 601,848

(17,396) Imagination Technologies Group 42,639 (106,543)

75,324 IMI (111,338) 818,361

(40,173) IMI 23,091 (436,461)

(106,047) Imperial Tobacco Group 160,780 (3,096,659)

1,007,486 Inchcape (564,998) 3,920,912

363,082 Informa (92,751) 1,556,150

(174,676) Informa 183,420 (748,652)

364,273 Inmarsat (47,145) 1,946,115

67,120 InterContinental Hotels Group 53,414 1,264,219

(142,588) InterContinental Hotels Group (157,608) (2,685,675)

(102,212) Intermediate Capital Group 76,932 (312,237)

208,970 Intermediate Capital Group (24,517) 638,361

378,168 International Consolidated Airlines

Group (39,279) 655,682

(293,041) International Consolidated Airlines

Group 102,071 (508,085)

(309,718) International Personal Finance (165,950) (858,428)

306,197 Interserve 20,400 1,135,124

(51,532) Intertek Group (78,912) (1,694,400)

908,994 Invensys 54,229 2,454,779

(412,030) Investec 75,546 (1,678,053)

(2,200,187) IQE 64,145 (618,184)

1,001,452 ITE Group (392,060) 2,398,418

1,967,517 ITV (222,703) 1,763,351

(5,895) J Sainsbury 1,493 (21,148)

59,811 Jardine Lloyd Thompson Group (6,600) 503,965

39,159 JD Sports Fashion (67,165) 336,302

89,150 JD Wetherspoon (43,807) 430,688

281,042 JKX Oil & Gas (111,233) 369,037

(33,621) John Menzies 13,468 (247,852)

(147,742) John Wood Group 24,088 (1,290,939)

134,579 John Wood Group (40,872) 1,175,923

2,574 Johnson Matthey 1,578 69,409

(33,216) Johnson Matthey 63,377 (895,679)

358,222 Jupiter Fund Management (164,132) 916,902

(65,880) Kazakhmys 143,401 (551,815)


Holding Description


€



€

Value€

United Kingdom continued United Kingdom continued



(190,836) Kcom Group 7,316 (161,988)

(202,583) Keller Group 21,961 (1,010,118)

(52,186) Kenmare Resources 2,729 (29,163)

(197,188) Kentz 63,251 (961,011)

8,820 Kesa Electricals (612) 5,384

59,519 Kier Group (8,377) 864,918

(1,631,393) Kingfisher 238,088 (5,673,419)

150,422 Kofax (41,863) 481,274

(415,456) Ladbrokes 46,554 (872,173)

(195,117) Lamprell 11,829 (246,911)

128,794 Lancashire Holdings (76,841) 1,196,866

(59,722) Land Securities Group 6,468 (527,798)

(2,537,265) Legal & General Group 12,477 (3,481,385)

1,908,163 Lloyds Banking Group (52,340) 600,994

(1,181,793) Logica (476,420) (1,630,385)

(1,185,526) London & Stamford Property 4,924 (1,636,525)

(169,295) London Mining 103,892 (491,504)

2,805 London Stock Exchange Group 211 34,464

(43,366) London Stock Exchange Group 55,716 (532,818)

(313,568) Lonmin 722,568 (2,754,872)

(5,345,120) Lonrho 122,828 (644,596)

375,262 Lookers (12,872) 282,023

(84,725) Majestic Wine 31,887 (451,795)

467,256 Man Group (20,179) 422,558

(79,698) Marks & Spencer Group 25,748 (329,155)

(832,702) Marston's (9,803) (1,022,926)

(5,076) Max Petroleum 66 (630)

(19,371) McBride (24) (24)

(122,633) Mears Group 4,971 (395,040)

(255,625) Mecom Group 156,163 (465,532)

36,072 Meggitt (944) 169,271

(205,954) Meggitt 82,979 (966,457)

(789,038) Melrose (407,026) (4,148,480)

21,046 Michael Page International (2,128) 92,407

(15,642) Michael Page International 375 (68,680)

105,829 Micro Focus International (30,494) 584,133

(95,322) Micro Focus International 8,160 (526,138)

38,108 Millennium & Copthorne Hotels (4,879) 220,560

527,488 Mitchells & Butlers (238,052) 1,479,117

81,847 Mitie Group 1,348 290,046

(336,007) Mitie Group 29,460 (1,190,729)

(4,168) Mondi 143 (26,125)

123,587 Mondi (98,790) 774,644

835,149 Moneysupermarket.com Group (209,713) 1,168,827

(1,472,704) Monitise 58,573 (528,137)

(618,219) Morgan Crucible 220,741 (2,151,494)

28,165 Morgan Sindall Group (5,838) 228,358

546,457 Mothercare 211,964 1,407,569

35,868 Mulberry Group (63,761) 931,497

(742,819) N Brown Group 60,924 (2,118,131)

(525,085) National Express Group 183,032 (1,237,898)

80,461 National Express Group 593 189,688

321,495 National Grid (79,366) 2,608,645

(340,388) Nautical Petroleum 106,648 (1,153,818)

(10,184) NCC Group 5,815 (98,259)

51,237 New Britain Palm Oil (37,821) 517,681

261 Next 218 9,754

(90,794) Next (55,056) (3,393,067)

244,694 Northern Petroleum (33,779) 219,760

411,792 Northgate (105,066) 911,224

(826,306) Ocado Group 307,150 (1,030,705)

(789,492) Old Mutual 44,967 (1,387,562)

2,589 Ophir Energy 36 18,521

76,566 Optos (60,307) 183,371

(40,678) Oxford Instruments (10,818) (586,558)

76,478 Pace (1,147) 87,049

1,483,843 Pan African Resources (41,645) 254,498

570,104 Paragon Group of Cos (109,676) 1,151,316

(869,275) Patagonia Gold 111,141 (287,340)

12,097 PayPoint (1,419) 93,554

(400,360) Pearson 120,283 (5,668,134)

4,482,687 Pendragon 191,090 768,838

114,552 Pennon Group 4,908 1,048,189

157,587 Persimmon (106,081) 1,112,912

2,147,948 Petroceltic International (56,431) 156,470

138,586 Petrofac (328,448) 2,670,800

89,813 Petropavlovsk (55,501) 412,269

(9,215) Petropavlovsk 12,506 (42,300)

(129,659) Phoenix Group Holdings 192,671 (661,274)

235,378 Playtech (88,081) 1,004,120

(47,697) Playtech 17,849 (203,475)

14,207,856 Polo Resources (119,626) 442,173

(46,455) Polymetal International 44,712 (451,981)

(3,101) Premier Farnell 2,112 (6,193)

96,529 Premier Farnell (27,914) 192,771

(76,752) Premier Foods 5,911 (105,312)

11,700 Premier Foods (624) 16,054

(165,871) Premier Oil 7,126 (704,914)

(95,579) Primary Health Properties 21,162 (377,039)

5,528 Provident Financial (4,897) 74,884

248,585 Prudential (49,595) 2,093,014

(382,661) PZ Cussons (34,752) (1,524,553)

1,351,578 QinetiQ Group (16,859) 2,562,585

(141,176) Quintain Estates & Development 3,670 (59,873)

8,356 Randgold Resources 24,226 536,658

(4,117) Randgold Resources 3,786 (264,412)

(37,850) Rathbone Brothers 39,659 (584,966)

(116,286) Reckitt Benckiser Group 201,418 (5,001,361)

(537,928) Redrow 98,706 (726,685)

(173,696) Reed Elsevier 69,613 (1,037,162)

291,860 Reed Elsevier (66,753) 1,742,736

193,473 Regus (9,709) 215,509

38,859 Renishaw (9,841) 686,354

(928,500) Rentokil Initial 131,519 (870,371)

157,746 Resolution (18,681) 382,318

(182,804) Resolution 69,788 (443,049)

587,142 Restaurant Group (15,697) 2,049,933

15,758 Rexam (955) 78,919

223,969 Rightmove (184,566) 4,106,755

31,003 Rio Tinto (20,318) 1,067,711

(4,446) Rio Tinto 11,938 (153,116)

64,690 Rockhopper Exploration (17,812) 242,681

(68,250) Rockhopper Exploration 22,054 (256,036)

(5,948,190) Rolls-Royce Holdings (7,420) (7,420)

49,823,074 Rolls-Royce Holdings 62,148 62,148

54,697 Rolls-Royce Holdings 11,947 564,238

55,660 Rotork (136,774) 1,395,510

112,312 Royal Bank of Scotland Group (219) 27,809

56,297 Royal Dutch Shell (122,188) 1,455,370

(360,588) RPC Group (93,752) (1,760,458)

(480,086) RPS Group 150,291 (1,249,784)

830,742 RSA Insurance Group (24,218) 1,018,104

(235,885) RSA Insurance Group 19,861 (289,086)

520,501 RusPetro (178,374) 1,025,822

153,102 SABMiller (197,767) 4,556,641

274,268 Safestore Holdings 17,804 378,889

(860,322) Sage Group 322,397 (2,752,593)

381,159 Salamander Energy (367,161) 772,122

428 San Leon Energy (14) 43

(236,437) Savills 86,566 (937,561)


Holding Description


€



€

Value€





37,513 Schroders (80,355) 556,830

(28,781) SDL 17,541 (225,634)

88,627 Segro (7,849) 236,577

(428,563) Segro 21,770 (1,143,989)

414,454 Senior (38,281) 1,031,712

(829,032) Serco Group 228,513 (5,429,054)

127,210 Severn Trent 43,003 2,724,489

357,728 Shaftesbury (41,661) 2,262,322

(40,684) Shaftesbury 2,284 (257,291)

(189,336) Shanks Group 25,573 (189,527)

221,698 Shire (502,019) 5,055,120

(655,356) SIG 132,846 (696,483)

75,966 SIG (1,933) 80,733

(22,262) Sirius Minerals (640) (4,998)

(440,945) Smith & Nephew 24,891 (3,324,867)

(73,481) Smiths Group 69,201 (911,535)

251 Smiths Group (284) 3,114

50,253 Smiths News (1,157) 59,550

(334,906) Soco International 44,774 (1,171,789)

(134,563) Songbird Estates 3,755 (174,983)

77,486 Spectris (72,920) 1,558,052

(1,211,258) Speedy Hire (21,314) (404,161)

(114,805) Spirax-Sarco Engineering (252,986) (2,921,356)

(505,536) Spirent Communications 32,298 (1,012,094)

1,064,029 Spirit Pub (82,601) 673,570

579,496 Sports Direct International (43,322) 2,121,544

146,467 SSE 9,135 2,422,573

(224,361) SSE 1,253 (3,710,944)

(156,614) St James's Place (1,514) (605,405)

(174,503) ST Modwen Properties (85,714) (364,595)

205,063 Stagecoach Group (32,765) 598,801

(88,411) Standard Chartered 192,637 (1,433,650)

(1,123,969) Standard Life 206,783 (2,852,522)

(195,747) Sthree (101,851) (651,318)

311,966 Stobart Group (24,838) 451,008

84,647 SuperGroup (114,513) 316,683

(10,251) SuperGroup 2,927 (38,351)

(100,894) Synegry Health 30,438 (1,029,466)

(407,863) TalkTalk Telecom Group (106,834) (777,885)

69,472 Tate & Lyle 6,868 583,201

(160,902) Tate & Lyle 51,602 (1,350,735)

3,024,085 Taylor Wimpey (70,955) 1,601,650

(457,188) Taylor Wimpey 34,392 (242,141)

(57,419) Telecity Group (30,911) (581,216)

200,563 Telecity Group 56,860 2,030,172

(45,791) Telecom Plus (9,472) (427,243)

47,448 TESCO (8,476) 178,798

42,793 Travis Perkins (67,323) 492,710

(94) Travis Perkins 149 (1,082)

376,295 TT electronics (112,856) 745,136

(536,910) TUI Travel 182,251 (1,095,666)

1,443,250 TUI Travel (431,218) 2,945,224

(393,096) Tullett Prebon 282,247 (1,333,709)

(10,106) Tullow Oil (5,908) (180,012)

635,975 UBM (322,598) 4,236,184

43,574 Ultra Electronics Holdings (18,421) 903,342

(50,364) Ultra Electronics Holdings (22,515) (1,044,106)

(417,051) Unite Group 7,476 (980,605)

300,841 United Utilities Group 97,971 2,429,799

299,792 Valiant Petroleum (579,207) 1,577,134

(248,736) Vectura Group 23,658 (199,733)

(105,077) Vedanta Resources 187,790 (1,221,566)

17,359,695 Victoria Oil & Gas (194,885) 690,759

(58,774) Victrex 51,319 (1,013,180)

(1,771,564) Vodafone Group (47,499) (3,816,302)

(125,813) Weir Group 65,231 (2,452,890)

476,571 WH Smith (223,155) 2,895,010

(12,596) Whitbread 9,430 (292,711)

(537,335) William Hill (19,571) (1,804,991)

208,192 William Hill (31,423) 699,349

480,845 WM Morrison Supermarkets (30,528) 1,656,618

(263,141) Wolfson Microelectronics (27,555) (636,772)

(10,496) Wolseley 3,433 (288,032)

(482,224) Workspace Group 51,812 (1,329,336)

(309,647) WPP 169,931 (2,993,382)

48,126 WS Atkins (13,494) 397,703

499,961 Xchanging 18,155 613,101

(44,885) Xcite Energy 4,502 (50,389)

(16,247) XP Power (23,937) (255,148)

(47,814) Yule Catto & Co 21,829 (117,017)

(3,427,678)

Net unrealised loss (2,780,112)


Holding Description


€



€

Value€




BlackRock European Opportunities Absolute Return Fund

COMMON / PREFERRED STOCKS (SHARES) & RIGHTS

Austria 5,059 Austriamicrosystems 292,340 1.29

41,083 CA Immobilien Anlagen 308,123 1.35

600,463 2.64

Denmark 12,609 GN Store Nord 120,631 0.53

1,867 Novo Nordisk 202,232 0.89

322,863 1.42

France 2,203 Christian Dior 231,866 1.02

12,418 Eurazeo 375,707 1.65

9,447 Eurazeo - Rights 14,291 0.06

24,308 Metropole Television 235,520 1.03

12,841 Nexity 220,223 0.97

6,282 Publicis Groupe 234,696 1.03

5,467 Saft Groupe 100,429 0.44

2,121 Sartorius Stedim Biotech 123,845 0.54

7,550 Valeo 258,814 1.14

4,207 Wendel 222,593 0.98

4,066 Zodiac Aerospace 315,156 1.38

2,333,140 10.24

Germany 7,803 Axel Springer 254,261 1.12

8,855 Deutsche Boerse 338,350 1.49

16,976 Deutsche Post 225,102 0.99

5,381 Fresenius 408,848 1.79

5,157 Henkel 227,037 1.00

6,417 LPKF Laser & Electronics 82,144 0.36

2,430 Merck 181,861 0.80

5,877 MTU Aero Engines Holding 349,388 1.53

1,895 Sartorius - Pref - 98,540 0.43

3,156 SHW 84,628 0.37

15,982 Suss Microtec 145,452 0.64

2,395,611 10.52

Ireland 62,645 Ryanair Holdings 258,223 1.13

258,223 1.13

Italy 4,913 Banca Generali 37,437 0.16

37,437 0.16

Netherlands 9,282 ASM International 257,204 1.13

6,136 ASML Holding 226,603 0.99

7,537 Beter Bed Holding 107,063 0.47

4,548 Koninklijke DSM 174,780 0.77

8,376 Nutreco 449,121 1.97

1,214,771 5.33

Sweden 26,014 Kinnevik Investment 372,214 1.63

372,214 1.63

Switzerland 7,656 Actelion 236,633 1.04

493 Burckhardt Compression Holding 93,224 0.41

28,228 GAM Holding 240,918 1.06

324 Georg Fischer 91,320 0.40

902 Kaba Holding 251,415 1.10

40,527 OC Oerlikon 274,009 1.20

743 Syngenta 193,084 0.85

1,380,603 6.06

United Arab Emirates 281,186 Polarcus 170,120 0.75

170,120 0.75

United Kingdom 79,523 AZ Electronic Materials 293,912 1.29

60,886 Hornby 56,201 0.25

350,113 1.54

Total Common / Preferred Stocks (shares) & Rights 9,435,558 41.42

FUNDS

Ireland 901,021 Institutional cash series-Institutional

Euro Liquidity Fund1 901,021 3.95

901,021 3.95

Total Funds 901,021 3.95



HSBC Bank 1,280,000 5.62

ING Bank 3,430,000 15.06

Rabobank 3,430,000 15.06



Total Net Assets (€) 22,780,307 100.00










% of netassets

Time Deposit 50.79

Financial 8.37

Industrial 8.09



Technology 4.05

Funds 3.95

Communications 3.71


Diversified 0.98

Energy 0.75


100.00




€

€ 1,767,041 CHF 2,127,403 15/6/2012 (4,607)

€ 222,006 DKK 1,650,041 15/6/2012 (44)

€ 210,192 £ 174,739 15/6/2012 (7,752)

£ 97,560 € 121,563 15/6/2012 119

€ 670,892 NOK 5,109,635 15/6/2012 (6,716)

NOK 3,772,705 € 497,791 15/6/2012 2,521

€ 135,729 SEK 1,215,737 15/6/2012 426


BlackRock European Opportunities Absolute Return Fund continued

Austria (15,923) Verbund 239 (295,611)

239

Belgium (5,197) Barco (884) (229,811)

(6,326) Colruyt (190) (206,164)

(3,882) Umicore (58) (149,011)

(1,132)

Denmark (13,929) Bang & Olufsen* – (116,204)

(2,760) East Asiatic (1,114) (53,293)

(7,690) Novozymes 414 (167,216)

(700)

Finland (20,004) Alma Media 1,400 (99,620)

(4,723) Cargotec 1,464 (98,097)

(4,920) Metso 8,659 (128,805)

(11,935) Orion 3,939 (168,522)

(3,423) Outotec 479 (109,502)

(5,044) Stockmann 1,211 (71,120)

(3,347) Vacon (3,012) (130,868)

14,140

France (2,082) Air Liquide (896) (180,863)

(28,533) Deutsche Telekom (970) (226,666)

(6,398) Eiffage 1,664 (157,903)

(12,941) JCDecaux 4,853 (217,862)

(5,851) Legrand 8,279 (142,033)

(4,742) Leoni 3,798 (156,481)

(2,387) LVMH Moet Hennessy Louis Vuitton 2,148 (281,666)

(44,094) Oriola-KD 1,764 (79,810)

(1,414) Remy Cointreau 1,301 (111,706)

(16,950) Repsol YPF 2,458 (204,332)

(10,594) Rexel 3,496 (148,528)

(4,058) SEB 1,704 (220,836)

(8,646) SES 1,340 (154,288)

(2,002) Sodexo 801 (116,637)

(38,436) SOITEC 1,999 (100,626)

33,739

Germany (3,052) Allianz 916 (222,155)

(9,727) Amadeus IT Holding (486) (142,987)

(6,740) Austria Technologie & Systemtechnik (1,213) (56,616)

(2,505) BASF 1,854 (140,405)

(22,520) Davide Campari-Milano (338) (116,091)

(14,752) De’ Longhi 2,286 (133,653)

(6,865) Edenred 2,094 (147,563)

(6,163) ElringKlinger 3,975 (118,730)

(3,829) Fraport Frankfurt Airport Services

Worldwide 4,097 (156,300)

(3,813) Fuchs Petrolub 1,887 (157,915)

(8,806) GDF Suez 837 (140,148)

(4,033) GFK (3,267) (151,681)

(37,535) Grafton Group (450) (105,548)

(94,862) IMMOFINANZ (664) (216,001)

(31,024) Jazztel 4,964 (137,126)

(4,624) Kerry Group (763) (161,170)

(1,509) MAN 2,384 (116,993)

(8,451) Nordex (1,149) (27,009)

(51,741) Piaggio & C 4,967 (113,520)

(19,021) Pirelli & C 2,092 (152,548)

(6,833) RWE (888) (202,393)

(3,213) SAP (1,751) (149,324)

(36,933) Singulus Technologies 2,253 (66,443)

(58,229) Talvivaara Mining 6,405 (95,496)

(5,277) Vienna Insurance Group 3,034 (147,730)

(5,915) Wincor Nixdorf 4,850 (167,631)

37,926

Italy (60,022) Amplifon 360 (236,126)

(2,912) Tod’s (291) (230,776)

(9,918) Yoox (1,389) (113,859)

(1,320)

Jersey 11,759 Shire (4,840) 268,127

(4,840)

Holding Description


€



€

Value€




BlackRock European Opportunities Absolute Return Fund continued

Netherlands (17,563) Aalberts Industries (88) (229,109)

(3,157) Fugro 2,336 (147,337)

(5,279) Heijmans 950 (28,718)

(3,864) Heineken 541 (148,764)

(7,725) Royal Imtech (695) (162,148)

(141,511) SNS REAAL 1,132 (158,775)

4,176

Norway (294,408) Marine Harvest 2,266 (116,481)

(5,156) Seadrill 3,557 (139,828)

5,823

Portugal (17,610) Jeronimo Martins (176) (246,892)

(176)

Spain (3,772) ACS Actividades de Construccion

y Servicios 245 (51,167)

(42,325) Gamesa Corp Tecnologica 846 (62,218)

(13,205) Grifols 5,216 (240,265)

(2,480) Inditex 1,017 (164,523)

(3,840) Prosegur Cia de Seguridad 1,690 (150,298)

(10,869) Zardoya Otis 652 (95,647)

9,666

Sweden (9,239) Atlas Copco 4,732 (151,226)

(5,206) Axfood 174 (132,572)

(8,560) Axis Communications 1,430 (143,448)

(20,668) Byggmax Group (3,682) (84,689)

(14,347) Clas Ohlson (3,994) (158,553)

(14,295) Electrolux (2,865) (222,682)

(9,143) Getinge (814) (184,268)

(79,737) KappAhl 444 (46,169)

(28,497) New Wave Group 317 (81,548)

(15,379) Ratos 2,140 (110,451)

(93,561) SAS 1,563 (61,465)

(25,380) Telefonaktiebolaget LM Ericsson 1,978 (175,213)

1,423

Switzerland (2,884) Baloise Holding 1,201 (144,803)

(259) Barry Callebaut 1,510 (185,789)

(1,565) Basler Kantonalbank (130) (144,514)

(27,134) EFG International (226) (154,990)

(561) Flughafen Zuerich 350 (150,996)

(169) Givaudan (563) (126,717)

(12,111) Julius Baer Group 2,017 (308,175)

(2,030) Kuehne + Nagel International 2,366 (174,607)

(11,109) Logitech International 1,388 (91,019)

(1,615) Panalpina Welttransport Holding 2,084 (125,800)

(18,822) Schmolz + Bickenbach 627 (77,421)

(435) St Galler Kantonalbank (815) (120,071)

(891) Straumann Holding 2,374 (115,365)

(4,557) Tecan Group 3,794 (237,150)

(10,323) Temenos Group (430) (134,949)

15,547

United Kingdom 55,394 3i Group 2,695 119,882

1 Aegis Group* – 2

7,124 Aggreko (977) 193,364

(13,022) Associated British Foods 975 (191,994)

(7,158) AstraZeneca (1,562) (233,528)

38,006 Babcock International Group (4,030) 403,436

325,605 Barratt Developments 6,092 487,784

(13,913) Berkeley Group Holdings (7,636) (216,238)

95,633 Centrica (477) 366,695

24,365 Chemring Group 334 96,799

32,066 Chime Communications 6,140 66,137

26,126 Cranswick (2,281) 261,035

(5,786) Croda International (1,155) (156,542)

(237,097) Debenhams (2,514) (228,464)

66,466 Elementis (1,741) 167,721

114,758 Faroe Petroleum 140 224,878

46,712 Gem Diamonds (641) 118,923

(19,742) Hargreaves Lansdown (271) (116,478)

208,854 Hays (3,126) 187,963

(37,212) HSBC Holdings (325) (234,034)

80,845 Inchcape (2,219) 313,925

302,612 ITV (20,383) 271,399

74,645 Jupiter Fund Management 2,700 191,061

119,873 K3 Business Technology Group (3,888) 256,286

(54,784) Marks & Spencer Group 888 (226,123)

(53,336) Mcbride 499 (76,010)

(27,644) Michael Page International 2,517 (121,205)

25,678 Millennium & Copthorne Hotels 480 148,458

(73,788) Moneysupermarket.com Group (184) (103,269)

(55,386) Mothercare (5,181) (142,664)

40,125 N Brown Group (2,102) 114,315

28,773 New Britain Palm Oil* – 290,712

8,874 Next (1,660) 331,852

205,838 Northern Petroleum 8,011 184,864

109,435 Old Mutual (136) 192,199

(13,078) Pearson 2,121 (184,827)

30,708 Playtech (4,692) 131,287

(54,962) PZ Cussons (4,730) (218,699)

47,758 Rexam (1,728) 239,001

(17,963) Rolls-Royce Holdings (549) (185,189)

(5,766) Rotork 863 (144,565)

(32,403) RPC Group (7,639) (158,359)

68,780 Salamander Energy (86) 139,501

52,653 Serco Group (2,627) 344,807

31,570 Smith & Nephew (591) 237,851

(22,000) SuperGroup 2,461 (82,085)

17,635 Valiant Petroleum (3,300) 92,828

(6,829) Victrex* – (117,722)

147,517 Vodafone Group 1,334 317,550

(41,136) Wolfson Microelectronics (4,618) (99,544)

10,232 Wolseley (2,553) 280,787

(57,352)

United States (35,330) Severfield-Rowen (2,314) (76,460)

(2,314)

Net unrealised gain 54,845


Holding Description


€



€

Value€




BlackRock European Opportunities Extension Fund


Austria 3,568 Austriamicrosystems 206,181 1.95

26,504 CA Immobilien Anlagen 198,780 1.88

404,961 3.83

Denmark 11,811 GN Store Nord 112,997 1.07

2,510 Novo Nordisk 271,881 2.57

384,878 3.64

France 1,427 Christian Dior 150,192 1.42

1,479 Danone 76,065 0.72

7,445 Eurazeo 225,248 2.13

6,163 Eurazeo - Rights 9,323 0.09

14,153 Metropole Television 137,128 1.30

7,282 Nexity 124,886 1.18

2,201 Publicis Groupe 82,229 0.78

3,643 Saft Groupe 66,922 0.63

1,416 Sartorius Stedim Biotech 82,680 0.78

833 Technip 61,734 0.58

4,940 Valeo 169,343 1.60

3,071 Wendel 162,487 1.54

1,961 Zodiac Aerospace 151,997 1.44

1,500,234 14.19

Germany 4,387 Axel Springer 142,950 1.35

6,257 Deutsche Boerse 239,080 2.26

11,595 Deutsche Post 153,750 1.45

4,822 Fresenius 366,376 3.47

6,941 Henkel 305,578 2.89

3,688 LPKF Laser & Electronics 47,210 0.45

1,950 Merck 145,938 1.38

3,330 MTU Aero Engines Holding 197,968 1.87

1,307 Sartorius - Pref - 67,964 0.64

2,616 SHW 70,148 0.66

10,528 Suss Microtec 95,815 0.91

1,832,777 17.33

Ireland 34,908 Ryanair Holdings 143,891 1.36

143,891 1.36

Italy 6,855 Banca Generali 52,235 0.49

52,235 0.49

Netherlands 6,724 ASM International 186,322 1.76

4,336 ASML Holding 160,129 1.52

6,201 Beter Bed Holding 88,085 0.83

3,248 Koninklijke DSM 124,821 1.18

5,607 Nutreco 300,647 2.84

860,004 8.13

Sweden 18,317 Kinnevik Investment 262,084 2.48

262,084 2.48

Switzerland 7,130 Actelion 220,375 2.08

372 Burckhardt Compression Holding 70,344 0.66

18,190 GAM Holding 155,246 1.47

194 Georg Fischer 54,679 0.52

622 Kaba Holding 173,371 1.64

30,122 OC Oerlikon 203,659 1.93

362 Swatch Group /The 112,882 1.07

802 Syngenta 208,417 1.97

1,198,973 11.34

United Arab Emirates 177,144 Polarcus 107,174 1.01

107,174 1.01

United Kingdom 56,603 AZ Electronic Materials 209,202 1.98

62,754 Hornby 57,925 0.55

68,400 K3 Business Technology Group 146,238 1.38

413,365 3.91


FUNDS



1,001,205 9.46

Total Funds 1,001,205 9.46



Total Net Assets (€) 10,575,753 100.00








BlackRock European Opportunities Extension Fund continued

Austria (2,260) Verbund 34 (41,957)

34

Belgium (917) Barco (156) (40,550)

(976) Colruyt (29) (31,808)

(672) Umicore (10) (25,794)

(195)

Denmark (2,089) Bang & Olufsen* – (17,428)

(1,034) East Asiatic (418) (19,965)

(1,350) Novozymes 73 (29,355)

(345)

Finland (3,670) Alma Media 257 (18,276)

(879) Cargotec 273 (18,257)

(619) Metso 1,089 (16,205)

(2,049) Orion 676 (28,932)

(603) Outotec 84 (19,290)

(1,606) Stockmann 385 (22,645)

(427) Vacon (384) (16,696)

2,380

France (333) Air Liquide (122) (28,928)

(4,482) Deutsche Telekom (152) (35,605)

(945) Eiffage 246 (23,323)

(2,033) JCDecaux 762 (34,226)

(1,016) Legrand 1,438 (24,663)

(659) Leoni 528 (21,746)

(413) LVMH Moet Hennessy Louis Vuitton 372 (48,734)

(7,770) Oriola-KD 311 (14,064)

(274) Remy Cointreau 252 (21,646)

(2,717) Repsol YPF 394 (32,753)

(1,919) Rexel 633 (26,904)

(761) SEB 320 (41,414)

(1,190) SES 184 (21,236)

(362) Sodexo 145 (21,090)

(5,201) SOITEC 270 (13,616)

5,581

Germany (479) Allianz 144 (34,866)

(1,551) Amadeus IT Holding (78) (22,800)

(1,234) Austria Technologie & Systemtechnik (222) (10,366)

(425) BASF 314 (23,821)

(4,159) Davide Campari-Milano (62) (21,440)

(2,341) De’ Longhi 363 (21,210)

(1,243) Edenred 379 (26,718)

(1,292) ElringKlinger 833 (24,890)

(581) Fraport Frankfurt Airport Services

Worldwide 622 (23,717)

(686) Fuchs Petrolub 340 (28,411)

(1,409) GDF Suez 134 (22,424)

(738) GFK (598) (27,756)

(6,791) Grafton Group (82) (19,096)

(17,351) IMMOFINANZ (122) (39,508)

(5,305) Jazztel 849 (23,448)

(857) Kerry Group (141) (29,871)

(246) MAN 389 (19,072)

(3,329) Nordex (453) (10,640)

(8,637) Piaggio & C 829 (18,950)

(3,057) Pirelli & C 336 (24,517)

(1,041) RWE (135) (30,834)

(596) SAP (325) (27,699)

(7,493) Singulus Technologies 457 (13,480)

(11,799) Talvivaara Mining 1,298 (19,350)

(874) Vienna Insurance Group 503 (24,468)

(1,095) Wincor Nixdorf 898 (31,032)

6,470

Italy (10,283) Amplifon 62 (40,453)

(514) Tod’s (51) (40,735)

(1,583) Yoox (222) (18,173)

(211)

Jersey 10,322 Shire (4,249) 235,360

(4,249)

Netherlands (3,291) Aalberts Industries (17) (42,931)

(513) Fugro 379 (23,942)

(2,798) Heijmans 504 (15,221)

(700) Heineken 98 (26,950)

(1,234) Royal Imtech (111) (25,902)

(26,594) SNS REAAL 213 (29,838)

1,066


Holding Description


€



€

Value€

Germany continued


% of netassets


Financial 11.98

Industrial 11.26

Funds 9.46

Technology 7.52



Communications 4.50

Energy 1.59

Diversified 1.54


100.00




€

CHF 442,185 € 368,276 15/6/2012 (35)

€ 394,462 CHF 473,698 15/6/2012 (22)

€ 473,977 £ 381,011 15/6/2012 (1,241)

£ 3,341,320 € 4,154,321 15/6/2012 13,159

€ 97,167 SEK 873,233 15/6/2012 (18)

SEK 3,618,517 € 400,119 15/6/2012 2,599

Net unrealised gain (EUR commitment - € 5,888,322) 14,442




BlackRock European Opportunities Extension Fund continued

Norway (50,853) Marine Harvest 392 (20,120)

(973) Seadrill 671 (26,387)

1,063

Portugal (2,239) Jeronimo Martins (23) (31,391)

(23)

Spain (800) ACS Actividades de Construccion

y Servicios 52 (10,852)

(9,605) Gamesa Corp Tecnologica 192 (14,119)

(2,331) Grifols 921 (42,413)

(393) Inditex 161 (26,072)

(758) Prosegur Cia de Seguridad 334 (29,668)

(2,873) Zardoya Otis 172 (25,282)

1,832

Sweden (1,462) Atlas Copco 749 (23,930)

(1,075) Axfood 36 (27,375)

(1,283) Axis Communications 214 (21,500)

(3,081) Byggmax Group (549) (12,625)

(2,090) Clas Ohlson (582) (23,097)

(2,646) Electrolux (530) (41,218)

(1,763) Getinge (157) (35,532)

(15,969) KappAhl 89 (9,246)

(8,716) New Wave Group 97 (24,942)

(2,558) Ratos 356 (18,372)

(17,256) SAS 288 (11,337)

(4,200) Telefonaktiebolaget LM Ericsson 327 (28,995)

338

Switzerland (465) Baloise Holding 194 (23,347)

(46) Barry Callebaut 268 (32,997)

(279) Basler Kantonalbank (23) (25,763)

(4,538) EFG International (38) (25,921)

(90) Flughafen Zuerich 56 (24,224)

(32) Givaudan (106) (23,994)

(2,242) Julius Baer Group 373 (57,050)

(291) Kuehne + Nagel International 339 (25,030)

(1,999) Logitech International 250 (16,378)

(265) Panalpina Welttransport Holding 342 (20,642)

(3,634) Schmolz + Bickenbach 121 (14,948)

(117) St Galler Kantonalbank (219) (32,295)

(163) Straumann Holding 434 (21,105)

(781) Tecan Group 650 (40,644)

(1,638) Temenos Group (68) (21,413)

2,573

United Kingdom 30,755 3i Group 1,496 66,559

4,325 Aggreko (593) 117,392

(1,969) Associated British Foods 147 (29,031)

(1,226) AstraZeneca (268) (39,998)

20,298 Babcock International Group (2,152) 215,465

187,491 Barratt Developments 3,508 280,877

(2,575) Berkeley Group Holdings (1,413) (40,021)

4,718 BHP Billiton (1,589) 98,898

69,680 Centrica (348) 267,181

15,225 Chemring Group 209 60,487

25,946 Chime Communications 4,968 53,514

16,350 Compass Group (51) 129,046

22,271 Cranswick (1,945) 222,518

(940) Croda International (188) (25,432)

(44,431) Debenhams (471) (42,813)

50,106 Elementis (1,312) 126,438

73,635 Faroe Petroleum 90 144,294

27,985 Gem Diamonds (384) 71,246

(3,703) Hargreaves Lansdown (51) (21,848)

114,234 Hays (1,710) 102,808

(5,893) HSBC Holdings (51) (37,062)

48,794 Inchcape (1,339) 189,469

188,150 ITV (12,673) 168,743

42,507 Jupiter Fund Management 1,538 108,801

50,122 K3 Business Technology Group (1,626) 107,160

(7,595) Marks & Spencer Group 123 (31,349)

(10,778) Mcbride 101 (15,360)

(4,748) Michael Page International 432 (20,818)

16,690 Millennium & Copthorne Hotels 312 96,494

(13,738) Moneysupermarket.com Group (34) (19,227)

(8,968) Mothercare (839) (23,100)

24,998 N Brown Group (1,310) 71,219

17,511 New Britain Palm Oil* – 176,925

4,633 Next (867) 173,256

126,246 Northern Petroleum 4,913 113,382

77,946 Old Mutual (97) 136,896

(2,445) Pearson 396 (34,554)

19,220 Playtech (2,937) 82,172

(10,774) PZ Cussons (927) (42,871)

26,606 Rexam (962) 133,148

(3,376) Rolls-Royce Holdings (103) (34,805)

(913) Rotork 137 (22,891)

(5,148) RPC Group (1,214) (25,159)

46,761 Salamander Energy (58) 94,841

26,985 Serco Group (1,346) 176,716

37,788 Smith & Nephew (707) 284,698

53,885 Standard Life 635 136,677

(5,352) SuperGroup 599 (19,969)

13,356 Valiant Petroleum (2,499) 70,304

(1,200) Victrex* – (20,686)

202,903 Vodafone Group 1,834 436,776

(7,546) Wolfson Microelectronics (847) (18,260)

5,726 Wolseley (1,428) 157,133

(22,901)

United States (6,679) Severfield-Rowen (437) (14,454)

(437)

Net unrealised loss (7,024)


Holding Description


€



€

Value€



BONDS

Australia US$ 55,000 Commonwealth Bank of Australia

'144A' 2.75 % 15/10/2012 44,700 0.07

A$ 500,000 Holcim Finance Australia 7.00 %

27/3/2015 411,135 0.61

€ 270,000 Telstra 3.50 % 21/9/2022 292,275 0.43

€ 300,000 Westfield Europe Finance 3.625 %

27/6/2012 300,195 0.44

1,048,305 1.55

Austria € 200,000 Austria Government Bond 4.35 %

15/3/2019 233,590 0.35

233,590 0.35

Cayman Islands US$ 200,000 China Resources Land 4.625 %

19/5/2016 163,114 0.24

€ 50,000 Hutchison Whampoa Finance 09

4.75 % 14/11/2016 54,896 0.08

US$ 210,000 IPIC GMTN 5.50 % 1/3/2022 179,346 0.27

£ 180,000 Trafford Centre Finance 8.28 %

28/10/2022 294,266 0.44

US$ 239,000 Transocean 5.05 % 15/12/2016 210,616 0.31

US$ 205,000 Transocean 6.00 % 15/3/2018 185,886 0.27

1,088,124 1.61

Curacao € 635,000 Teva Pharmaceutical Finance IV

2.875 % 15/4/2019 664,229 0.98

664,229 0.98

Czech Republic CZK 4,250,000 Czech Republic Government Bond

4.00 % 11/4/2017 180,192 0.27

CZK 6,170,000 Czech Republic Government Bond

5.70 % 25/5/2024 293,302 0.43

473,494 0.70

Denmark € 52,000 DONG Energy 6.50 % 7/5/2019 66,277 0.10

66,277 0.10

Finland £ 350,000 Finland Government International

Bond Variable 1.062 % 25/3/2015 436,621 0.65

€ 160,000 Nordea Bank Finland 2.50 %

2/6/2014 165,086 0.24

601,707 0.89

France € 376,156 AUTO ABS Variable 0.981 % 25/7/2017 375,720 0.56

€ 300,000 AXA Variable 6.211 % 31/12/2049 204,426 0.30

US$ 150,000 BNP Paribas 3.60 % 23/2/2016 120,912 0.18

€ 400,000 BNP Paribas Home Loan 4.125 %

15/1/2014 419,150 0.62

€ 900,000 BNP Paribas Variable 1.14 % 13/5/2014 892,255 1.32

€ 100,000 CNP Assurances Variable 4.75 %

31/12/2049 53,395 0.08

€ 50,000 Crown European Holdings 7.125 %

15/8/2018 53,360 0.08

US$ 200,000 Dexia Municipal Agency 5.25 %

16/2/2017 169,590 0.25

€ 650,000 France Government Bond 3.50 %

25/4/2015 704,129 1.04

€ 744,653 France Government Bond 1.10 %

25/7/2022 761,370 1.13

€ 1,735,000 France Government Bond OAT 4.00 %

25/4/2014 1,855,149 2.75

€ 1,204,347 French Treasury Note BTAN 0.45 %

25/7/2016 1,239,393 1.84

€ 500,000 GCE Covered Bonds 2.25 % 4/2/2013 504,912 0.75

€ 390,000 GDF Suez 1.50 % 1/2/2016 390,462 0.58

€ 100,000 HSBC France 4.875 % 15/1/2014 105,623 0.16

€ 200,000 Pernod-Ricard 7.00 % 15/1/2015 224,808 0.33

€ 250,000 PPR 8.625 % 3/4/2014 282,390 0.42

€ 270,000 PPR 3.75 % 8/4/2015 285,890 0.42

€ 400,000 Societe Generale 5.25 % 28/3/2013 412,420 0.61

€ 400,000 Vivendi 3.875 % 30/11/2015 417,158 0.62

9,472,512 14.04

Germany € 260,000 Bundesobligation 1.75 % 9/10/2015 274,440 0.41

€ 605,000 Bundesrepublik Deutschland 3.50 %

4/1/2016 678,114 1.01


4/1/2022 167,123 0.25


4/7/2042 6,723 0.01

€ 3,683,963 Bundesrepublik Deutschland

Bundesobligation Inflation

Linked Bond 2.25 % 15/4/2013 3,750,238 5.56

€ 25,000 Daimler 3.00 % 19/7/2013 25,579 0.04

€ 196,000 Daimler 1.75 % 21/5/2015 198,895 0.29

€ 250,000 Deutsche Bank Variable 1.671 %

9/3/2017 217,361 0.32

€ 1,200,000 FMS Wertmanagement AoR 2.25 %

14/7/2014 1,237,296 1.83

€ 66,000 Merck Financial Services 4.50 %

24/3/2020 76,545 0.11

€ 195,000 State of North Rhine-Westphalia

1.25 % 14/6/2012 195,052 0.29

€ 150,000 Unitymedia Hessen 8.125 % 1/12/2017 157,925 0.23

€ 300,000 Volkswagen Leasing Variable

1.071 % 3/6/2013 300,247 0.45

7,285,538 10.80

India US$ 200,000 Bank of India 6.25 % 16/2/2021 161,691 0.24

161,691 0.24

International € 61,870 European Financial Stability Facility

0.40 % 12/3/2013 61,802 0.09

€ 61,870 European Financial Stability Facility

1.00 % 12/3/2014 61,996 0.10

€ 14,542 European Financial Stability Facility

Treasury Bill 0.00 % 12/9/2012

(Zero coupon) 14,532 0.02

138,330 0.21

France continued

BlackRock Fixed Income Strategies Fund








BlackRock Fixed Income Strategies Fund continued

Ireland € 100,000 Ardagh Packaging Finance 7.375 %

15/10/2017 103,511 0.15

€ 100,000 Caterpillar International Finance

1.375 % 18/5/2015 100,875 0.15

US$ 200,000 Irish Life & Permanent Group Holdings

3.60 % 14/1/2013 157,080 0.23

€ 50,000 Smurfit Kappa Acquisitions 7.25 %

15/11/2017 52,133 0.08

413,599 0.61

Italy € 57,835 AUTO ABS Variable 0.871 % 25/10/2020 57,468 0.08

€ 100,000 ENI 5.875 % 20/1/2014 107,014 0.16

€ 700,000 Italy Buoni Ordinari del Tesoro BOT

0.00 % 12/4/2013 (Zero coupon) 680,890 1.01

€ 1,205,000 Italy Buoni Poliennali Del Tesoro

4.75 % 15/9/2016 1,184,575 1.76

€ 500,000 Italy Certificati di Credito Del Tesoro

Variable 3.56 % 1/7/2013 493,288 0.73

€ 200,000 Mediobanca 4.875 % 20/12/2012 202,250 0.30

2,725,485 4.04

Japan € 300,000 Tokyo Electric Power 4.50 %

24/3/2014 287,619 0.43

287,619 0.43

Luxembourg € 50,000 ITW Finance Europe 5.25 % 1/10/2014 54,846 0.08

€ 100,000 Ontex IV 7.50 % 15/4/2018 96,238 0.14

€ 300,000 Volkswagen Car Lease - Class B

1.695 % 21/1/2018 300,243 0.45

451,327 0.67

Netherlands € 650,000 ABB Finance 2.625 % 26/3/2019 673,946 1.00

€ 300,000 Allianz Finance II 5.00 % 6/3/2013 309,473 0.46

€ 200,000 Allianz Finance II Variable 5.75 %

8/7/2041 177,647 0.26

€ 250,000 BASF Finance Europe 5.00 % 26/9/2014 273,460 0.41

€ 573,403 Bumper 2 Variable 1.695 % 20/5/2026 575,449 0.85

€ 321,835 Chapel Variable 0.903 % 17/7/2066 308,801 0.46

€ 55,000 Cooperatieve Centrale Raiffeisen-

Boerenleenbank 4.125 % 14/1/2020 60,205 0.09



14/1/2013 365,500 0.54



30/8/2012 700,406 1.04

£ 400,000 Daimler International Finance 3.50 %

6/6/2019 514,560 0.76

€ 174,623 DECO Series Variable 1.424 %

27/10/2020 27,940 0.04

€ 275,819 E-MAC NL Variable 4.014 % 25/11/2053 265,719 0.39

€ 74,846 Globaldrive 4.00 % 20/10/2016 75,300 0.11

€ 300,000 Heineken 5.00 % 4/11/2013 316,076 0.47

€ 200,000 HIGHWAY - Class A Variable 1.535 %

26/3/2024 200,480 0.30

US$ 500,000 ING Bank Variable 1.142 % 23/5/2016 366,848 0.54

€ 261,000 ING Groep 4.125 % 23/3/2015 272,330 0.40

€ 200,000 Koninklijke KPN 6.25 % 16/9/2013 213,026 0.32

€ 400,000 Linde Finance 1.75 % 6/11/2019 398,564 0.59

US$ 500,000 MDC-GMTN 3.75 % 20/4/2016 419,887 0.62

€ 220,000 New World Resources 7.875 %

1/5/2018 205,198 0.30

€ 1,000,000 PostNL 5.375 % 14/11/2017 1,106,235 1.64

€ 500,000 Quality Parking - Class A Variable

0.971 % 5/10/2016 463,750 0.69

€ 400,000 Rodamco Europe Finance 3.75 %

12/12/2012 406,042 0.60

€ 400,000 Shell International Finance 3.00 %

14/5/2013 409,172 0.61

€ 36,878 Storm Variable 1.632 % 22/3/2052 36,796 0.06

US$ 365,000 Volkswagen International Finance

'144A' 1.625 % 12/8/2013 296,669 0.44

9,439,479 13.99

Norway € 300,000 DNB Boligkreditt 2.75 % 21/3/2022 312,396 0.46

NOK 5,495,000 Norway Government Bond 4.50 %

22/5/2019 865,638 1.29

1,178,034 1.75

Poland PLN 4,460,000 Poland Government Bond 5.25 %

25/10/2020 1,003,248 1.49

€ 400,000 Poland Government International

Bond 4.50 % 5/2/2013 409,220 0.60

1,412,468 2.09

Russia US$ 483,000 Russian Foreign Bond - Eurobond

Variable 7.50 % 31/3/2030 459,508 0.68

459,508 0.68

South Korea US$ 200,000 Korea Finance 4.625 % 16/11/2021 171,917 0.26

171,917 0.26

Spain CHF 150,000 Autonomous Community of Madrid

(Spain) 3.00 % 5/11/2013 112,096 0.17

€ 300,000 Banco Santander 3.875 % 27/5/2014 297,684 0.44

€ 200,000 Cedulas TDA 6 Fondo de Titulizacion

de Activos 4.25 % 10/4/2031 122,172 0.18

£ 500,000 Instituto de Credito Oficial 4.50 %

7/3/2013 619,217 0.92

€ 270,000 Spain Government Bond 4.65 %

30/7/2025 223,114 0.33

€ 630,000 Spain Letras del Tesoro 0.00 %

19/4/2013 (Zero coupon) 610,108 0.90

€ 350,000 Spain Letras del Tesoro 0.00 %

21/6/2013 (Zero coupon) 335,405 0.50

2,319,796 3.44

Sweden € 200,000 Nordea Bank 4.00 % 29/3/2021 188,245 0.28

€ 400,000 Scania CV 1.75 % 22/3/2016 403,300 0.60

591,545 0.88

Switzerland € 200,000 Credit Suisse 6.125 % 5/8/2013 210,955 0.31

€ 500,000 UBS 2.375 % 21/1/2013 505,475 0.75

€ 400,000 UBS 4.875 % 21/1/2013 409,362 0.61

1,125,792 1.67






Netherlands continued

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



United Kingdom € 200,000 3i Group 5.625 % 17/3/2017 205,797 0.31

€ 500,000 Abbey National Treasury Services

2.875 % 14/6/2013 508,762 0.75

€ 200,000 Abbey National Treasury Services

4.125 % 3/3/2014 202,072 0.30

€ 300,000 Anglian Water Services Financing

4.625 % 7/10/2013 313,664 0.47

€ 400,000 Anglo American Capital 4.25 %

30/9/2013‡ 416,010 0.62

€ 200,000 Barclays Bank 5.25 % 27/5/2014 213,673 0.32

€ 300,000 Barclays Bank 2.125 % 8/9/2014 306,731 0.45

€ 850,000 BAT International Finance 3.625 %

9/11/2021 927,507 1.38

£ 250,000 Chester Asset Receivables Dealings

2003-B 6.125 % 15/7/2013 318,078 0.47

£ 7,449 EMC 1.863 % 30/4/2014 9,013 0.01

£ 150,000 Enterprise Inns 6.875 % 15/2/2021 132,144 0.20

€ 50,000 FCE Bank 9.375 % 17/1/2014 55,479 0.08

£ 872,001 Higher Education Securitised

Investments 1.462 % 10/4/2028 222,979 0.33

€ 100,000 HSBC Bank 1.268 % 8/4/2013 100,371 0.15

€ 300,000 HSBC Holdings 6.00 % 10/6/2019 324,474 0.48

£ 200,000 Marks & Spencer 5.625 % 24/3/2014 262,959 0.39

£ 300,000 Mitchells & Butlers Finance 6.469 %

15/9/2030 359,016 0.53

£ 500,000 Mitchells & Butlers Finance 1.889 %

15/6/2036 258,978 0.38

£ 390,000 National Grid Electricity Transmission

4.00 % 8/6/2027 492,244 0.73

£ 100,000 Old Mutual 7.125 % 19/10/2016 139,791 0.21

€ 500,000 Paragon Mortgages 1.17 % 15/11/2038 311,118 0.46

£ 299,075 Paragon Mortgages 3.768 % 15/4/2039 372,869 0.55

£ 158,224 Premiertel 6.175 % 8/5/2032 183,737 0.27

£ 100,000 Priory Group n° 3 7.00 % 15/2/2018 119,304 0.18

£ 316,074 Residential Mortgage Securities

3.536 % 16/12/2050 382,431 0.57

€ 400,000 Rexam 4.375 % 15/3/2013 407,788 0.60

£ 57,000 Royal Bank of Scotland Variable 6.20 %

31/12/2049 55,941 0.08

£ 40,000 Royal Bank of Scotland Variable

5.625 % 31/12/2049 31,184 0.05

US$ 120,000 Standard Chartered '144A' 3.85 %

27/4/2015 101,389 0.15

€ 100,000 Tesco 5.625 % 12/9/2012 101,314 0.15

£ 741,766 Titan Europe 9.138 % 3/9/2014 926,640 1.37

£ 389,173 Turbo Finance - Class A 2.078 %

20/2/2019 488,941 0.73

£ 1,000,000 Unique Pub Finance /The 6.464 %

30/3/2032 555,688 0.82

£ 108,872 Unique Pub Finance Variable 1.187 %

30/9/2013 133,087 0.20

£ 250,000 United Kingdom Gilt 4.25 % 7/12/2040 389,053 0.58

£ 151,000 Virgin Media Secured Finance 7.00 %

15/1/2018 200,830 0.30

£ 100,000 Virgin Media Secured Finance 5.50 %

15/1/2021 128,479 0.19

€ 400,000 Vodafone Group 3.625 % 29/11/2012 405,734 0.60

£ 250,000 Western Power Distribution West

Midlands 5.75 % 16/4/2032 358,959 0.53

11,424,228 16.94

United States US$ 100,000 Altria Group 8.50 % 10/11/2013 89,277 0.13

US$ 20,000 Altria Group 9.95 % 10/11/2038 27,258 0.04

US$ 68,000 Altria Group 10.20 % 6/2/2039 90,239 0.13

€ 300,000 Bank of America 4.625 % 18/2/2014 307,323 0.46

€ 200,000 Bank of America 4.625 % 7/2/2017 196,767 0.29

US$ 280,000 CIT Group 4.75 % 15/2/2015 226,125 0.34

€ 400,000 Citigroup 3.95 % 10/10/2013 409,316 0.61

€ 200,000 Deutsche Bank Capital Funding Trust

XI 9.50 % 31/12/2049 210,443 0.31

US$ 200,000 DIRECTV Financing 5.15 % 15/3/2042 160,311 0.24

US$ 160,000 El Paso Pipeline Partners Operating

5.00 % 1/10/2021 137,896 0.20

US$ 200,000 Energy Transfer Partners 6.50 %

1/2/2042 172,871 0.26

US$ 400,000 Goldman Sachs Group 5.75 % 24/1/2022 332,259 0.49

US$ 75,000 Hospira 5.60 % 15/9/2040 62,498 0.09

US$ 300,000 HSBC Finance 5.25 % 15/4/2015 259,809 0.38

US$ 160,000 International Paper 6.00 % 15/11/2041 145,677 0.22

£ 50,000 Kraft Foods 5.375 % 11/12/2014 67,597 0.10

US$ 300,000 Lorillard Tobacco 3.50 % 4/8/2016 253,676 0.38

£ 100,000 Metropolitan Life Global Funding I

5.25 % 9/1/2014 131,341 0.19

€ 200,000 New York Life Global Funding Variable

0.973 % 20/12/2013 195,000 0.29

US$ 360,000 Petrohawk Energy 10.50 % 1/8/2014 323,058 0.48

US$ 40,000 Petrohawk Energy 7.875 % 1/6/2015 33,764 0.05

US$ 96,000 Prudential Financial 2.75 % 14/1/2013 78,383 0.12

US$ 100,000 Prudential Financial 7.375 % 15/6/2019 98,807 0.15

€ 500,000 SES Global Americas Holdings 4.875 %

9/7/2014 536,313 0.79

US$ 100,000 SLM 6.25 % 25/1/2016 82,172 0.12

US$ 2,260,000 United States Treasury Note 4.75 %

15/2/2041 2,601,703 3.86

US$ 205,000 Universal City Development Partners

UCDP Finance 8.875 % 15/11/2015 178,519 0.26

US$ 50,000 WEA Finance '144A' 5.75 % 2/9/2015 44,176 0.07

7,452,578 11.05

Total Bonds 60,687,172 89.97

FUNDS



2,775,167 4.11

Total Funds 2,775,167 4.11


TIME DEPOSITS Citi Bank 3,400,021 5.04



Total Net Assets (€) 67,454,855 100.00











Expirationdate


€

(32) Euro BOBL June 2012 (60,010)

(1) Euro BUXL June 2012 (16,460)

(7) EURO Future June 2012 (49,280)

(160) Euro SCHATZ June 2012 (72,835)

(23) German Euro Bund June 2012 (110,660)

(17) UK GILT Bond September 2012 (42,124)

(26) US Treasury 10 Year Note September 2012 (19,685)

(12) US TREASURY 5 Year Note September 2012 (3,861)



% of netassets

Government 33.73

Financial 23.53


Time Deposit 5.04


Mortgage Securities 4.14

Funds 4.11

Asset Backed Securities 3.87

Industrial 3.55

Communications 3.48

Utilities 2.84

Energy 2.64


Diversified 0.35


100.00




€Value

€

(1,765,000) EUR/RON 1 Year Mid-CRV Call Option


expiring on 22/11/2012 (335) (3,459)

(183,400) USD/TRY 1 Year Mid-CRV Call Option


expiring on 1/8/2012 (1,392) (4,351)





€Value

€

1,765,000 EUR/RON 1 Year Mid-CRV Call Option


expiring on 22/11/2012 (1,246) 6,379

1,834,000 USD/TRY 1 Year Mid-CRV Call Option


expiring on 1/8/2012 31,306 43,506

Total Purchased Call Options 30,060 49,885




€Value

€

183,400 USD/TRY 1 Year Mid-CRV Put Option


expiring on 1/8/2012 (251) 163

Total Purchased Put Options (251) 163




€Value

€

(1,834,000) USD/TRY 1 Year Mid-CRV Put Option


expiring on 1/8/2012 10,574 (1,626)




Value€


Value€


250,000 Credit Default Swap [Barclays Bank] (Fund receives

default protection on iTraxx FinSub Series 15

Version 1 and pays Fixed 1.00%) (20/6/2016) 36,209

1,000,000 Credit Default Swap [Deutsche Bank] (Fund receives

default protection on iTraxx FinSub Series 15

Version 1 and pays Fixed 1.00%) (20/6/2016) 144,836

100,000 Credit Default Swap [JP MorganChase Bank] (Fund

provides default protection on Anheuser-Busch InBev

8.625% 30/1/2017 and receives Fixed 1.00%)

(20/12/2016) 273


default protection on Devon Energy 7.950%

15/4/2032 and pays Fixed 1.000%) (20/6/2017) (1,903)

500,000 Credit Default Swaps (Barclays Bank) (Fund receives

default protection on Philips Electronics 5.750%

11/3/2018 and pays Fixed 1.000%) (20/6/2017) 9,121



Canadian Natural Resources 6.250% 15/3/2038)

(20/6/2017) (18,839)



Purchases SalesMaturity

dateUnrealised

Profit/(Loss)

TRY 677,376 USD EUR 378,000 5/6/2012 (12,284)

TRY 331,340 USD EUR 183,000 5/6/2012 (4,475)

USD 563,000 TRY EUR 1,016,625 5/6/2012 14,953

USD 184,000 ZAR EUR 1,493,160 5/6/2012 7,880

ZAR 1,441,394 USD EUR 181,000 5/6/2012 (10,336)

INR 59,205,800 USD EUR 1,155,857 15/6/2012 (83,943)

USD 796,000 INR EUR 43,357,000 15/6/2012 20,734

INR 33,895,400 USD EUR 660,665 19/6/2012 (47,594)

EUR 1,381,000 USD EUR 1,755,582 20/6/2012 (36,698)

EUR 753,000 USD EUR 963,915 20/6/2012 (25,397)

USD 1,505,049 EUR EUR 1,176,000 20/6/2012 39,383

USD 1,075,485 EUR EUR 830,000 20/6/2012 38,494

USD 1,034,756 EUR EUR 795,000 20/6/2012 40,604

USD 539,327 EUR EUR 417,000 20/6/2012 18,527

CZK 4,540,000 EUR EUR 183,286 21/6/2012 (7,156)

EUR 389,123 AUD EUR 500,000 21/6/2012 (2,555)

EUR 58,261 CHF EUR 70,000 21/6/2012 (38)

EUR 297,322 CZK EUR 7,540,000 21/6/2012 4,806

EUR 365,505 CZK EUR 8,962,000 21/6/2012 17,823

EUR 11,909,621 GBP EUR 9,920,000 21/6/2012 (462,431)

EUR 3,484,614 GBP EUR 2,900,000 21/6/2012 (132,216)

EUR 871,197 NOK EUR 6,640,000 21/6/2012 (9,126)

EUR 1,014,997 PLN EUR 4,230,000 21/6/2012 59,001

EUR 323,482 SEK EUR 2,895,000 21/6/2012 1,373

EUR 5,463,388 USD EUR 7,220,000 21/6/2012 (367,006)

EUR 77,121 USD EUR 100,000 21/6/2012 (3,633)

EUR 63,000 USD EUR 79,938 21/6/2012 (1,553)

EUR 346,730 USD EUR 440,000 21/6/2012 (8,585)

EUR 200,154 USD EUR 260,000 21/6/2012 (9,805)

GBP 32,182 EUR EUR 39,000 21/6/2012 1,137

GBP 340,000 EUR EUR 414,094 21/6/2012 9,948

GBP 5,820,000 EUR EUR 7,016,021 21/6/2012 242,582

SEK 1,810,000 EUR EUR 203,579 21/6/2012 (2,191)

USD 190,000 EUR EUR 143,755 21/6/2012 9,676

EUR 671,834 NOK EUR 5,131,000 17/7/2012 (7,646)

CNY 1,658,090 USD EUR 262,668 19/7/2012 (2,066)

MYR 1,821,244 USD EUR 592,140 19/7/2012 (15,764)

TWD 13,069,140 USD EUR 444,000 19/7/2012 (4,759)

TWD 44,811,781 USD EUR 1,532,000 19/7/2012 (24,072)

USD 1,244,000 CNY EUR 7,862,080 19/7/2012 8,602

USD 192,295 TWD EUR 5,654,250 19/7/2012 2,223

CZK 8,590,368 EUR EUR 344,000 24/7/2012 (10,855)

EUR 474,794 CZK EUR 11,800,000 24/7/2012 17,176

EUR 467,000 GBP EUR 373,497 24/7/2012 1,369

EUR 346,000 GBP EUR 276,309 24/7/2012 1,532

EUR 343,000 HUF EUR 101,253,600 24/7/2012 11,912

EUR 500,000 PLN EUR 2,159,525 24/7/2012 13,911

EUR 79,000 PLN EUR 343,492 24/7/2012 1,683


Purchases SalesMaturity

dateUnrealised

Profit/(Loss)

EUR 224,518 RON EUR 989,000 24/7/2012 4,936

EUR 264,077 SEK EUR 2,345,000 24/7/2012 3,546

PLN 2,916,847 EUR EUR 689,000 24/7/2012 (32,444)

PLN 4,380,100 EUR EUR 1,034,846 24/7/2012 (48,926)

PLN 423,000 SEK EUR 886,185 24/7/2012 (3,242)

SEK 3,271,887 EUR EUR 361,000 24/7/2012 2,509

JPY 131,832,146 KRW EUR 1,867,402,358 26/7/2012 83,483

JPY 178,930,000 USD EUR 2,206,289 26/7/2012 59,736

JPY 32,632,000 USD EUR 406,680 26/7/2012 7,413

KRW 1,867,402,358 JPY EUR 131,832,146 26/7/2012 (83,483)

KRW 3,488,669,858 USD EUR 3,056,065 26/7/2012 (89,257)

USD 3,473,934 JPY EUR 278,879,044 26/7/2012 (64,664)

USD 1,258,672 KRW EUR 1,443,822,580 26/7/2012 32,005

CHF 1,225,843 EUR EUR 1,021,000 27/7/2012 379

EUR 1,021,156 CHF EUR 1,226,000 27/7/2012 (353)

AUD 445,000 USD EUR 432,540 2/8/2012 (1,932)

AUD 1,279,000 USD EUR 1,266,204 2/8/2012 (24,135)

CHF 939,600 EUR EUR 783,000 2/8/2012 (66)

CLP 450,370,500 USD EUR 918,304 2/8/2012 (48,085)

MXN 9,554,908 USD EUR 680,000 2/8/2012 (12,120)

NZD 862,000 USD EUR 666,248 2/8/2012 (15,570)

NZD 186,000 USD EUR 141,983 2/8/2012 (1,924)

TRY 1,872,536 USD EUR 1,045,000 2/8/2012 (44,839)

USD 823,680 AUD EUR 832,000 2/8/2012 15,703

USD 494,036 CAD EUR 497,000 2/8/2012 10,175

USD 433,000 CAD EUR 444,102 2/8/2012 2,267

USD 836,000 CAD EUR 838,993 2/8/2012 18,799

USD 670,099 CLP EUR 346,356,697 2/8/2012 7,820

USD 435,066 MXN EUR 6,000,000 2/8/2012 14,118

USD 133,873 NZD EUR 164,000 2/8/2012 8,707

USD 716,850 NZD EUR 885,000 2/8/2012 42,484

USD 876,000 RUB EUR 28,117,498 2/8/2012 37,202

USD 396,000 SGD EUR 507,193 2/8/2012 1,975

USD 419,000 ZAR EUR 3,580,445 2/8/2012 3,821

ZAR 7,429,969 USD EUR 876,000 2/8/2012 (13,186)

IDR 7,293,180,000 USD EUR 757,000 15/10/2012 4,892

USD 821,355 IDR EUR 7,690,430,311 15/10/2012 13,489

IDR 9,734,400,000 USD EUR 1,040,000 17/10/2012 (17,582)

USD 912,617 IDR EUR 8,584,073,809 17/10/2012 11,888

IDR 12,396,240,000 USD EUR 1,326,000 18/10/2012 (23,840)

USD 1,368,925 IDR EUR 12,772,072,489 18/10/2012 26,759

IDR 3,964,782,000 USD EUR 426,000 19/10/2012 (9,200)

USD 803,103 IDR EUR 7,458,415,704 19/10/2012 18,699

USD 1,726,000 HKD EUR 13,389,963 30/11/2012 632

USD 901,000 INR EUR 51,311,950 19/12/2012 11,515

Net unrealised loss (EUR commitment - EUR 81,200,139) (796,752)




Value€


Value€


516,000 Credit Default Swaps (Citibank) (Fund receives default

protection on Suedzucker International Finance

4.125% 29/3/2018 and pays Fixed 1.000%) (20/6/2017) (6,966)

720,000 Credit Default Swaps (Citibank) (Fund receives default

protection on Viacom 6.875% 30/4/2036 and pays

Fixed 1.000%) (20/6/2017) (1,561)

516,000 Credit Default Swaps (Deutsche Bank) (Fund provides

default protection on E.ON International Finance

6.375% 29/5/2017 and receives Fixed 1.000%)

(20/6/2017) 1,291

358,000 Credit Default Swaps (Deutsche Bank) (Fund receives

default protection on Electrolux 7/4/2016 and pays

Fixed 1.000%) (20/6/2017) (1,998)


default protection on Koninklijke DSM 4.000%

10/11/2015 and pays Fixed 1.000%) (20/6/2017) (3,684)


default protection on Royal Bank of Scotland

6/12/2020 and pays Fixed 1.000%) (20/6/2017) 54,849



6.375% 29/1/2016 and pays Fixed 1.000%) (20/6/2017) 9,933



Republic of France 4.250% 25/4/2019) (20/6/2017) (56,782)



Lloyds TSB Bank 3.375% 20/4/2015) (20/6/2017) (54,710)

500,000 Credit Default Swaps (Goldman Sachs) (Fund receives

default protection on Bertelsmann 4.750% 26/9/2016

and pays Fixed 1.000%) (20/6/2017) 604


default protection on PostNL 3.875% 1/6/2015 and

pays Fixed 1.000%) (20/6/2017) 49,751



Anheuser-Busch Inbev 8.625% 30/1/2017) (20/6/2017) 0.00



Republic of Italy 6.675% 27/3/2023) (20/6/2017) (71,664)



Tesco 6% 14/12/2029) (20/3/2017) (3,212)


default protection on Total Capital 4.875% 28/1/2019

and pays Fixed 1.000%) (20/6/2017) (5,040)

700,000 Credit Default Swaps (JP Morgan) (Fund receives Fixed

1.000% and provides default protection on SABMiller

6.625% 15/8/2033) (20/6/2017) 4,762


default protection on UBS 6.000% 18/4/2018 and

pays Fixed 1.000%) (20/6/2017) 46,483



Credit Suisse Group 29/7/2019) (20/6/2017) (46,119)

370,000 Interest Rate Swap (Deutsche Bank) (Fund receives

Fixed 2.220% and provides Floating EUR 12 Month

HICP) (16/2/2022) 14,343


Floating CZK 6 Month PRIBO and pays Fixed 1.915%)

(2/12/2016) (4,986)

740,000 Interest Rate Swap (Deutsche Bank) (Fund receives

Floating EUR 12 Month HICP and pays Fixed 1.920%)

(16/2/2017) (12,582)


Floating EUR 6 Month EURIBOR and pays Fixed

1.739%) (1/6/2022) (5,813)

8,025,000 Interest Rate Swap (Goldman Sachs) (Fund receives

Floating CZK 6 Month PRIBO and pays Fixed 1.860%)

(25/5/2022) (3,636)

13,690,000 Interest Rate Swap (Royal Bank of Scotland) (Fund

receives Fixed 2.310% and provides Floating SEK

3 Month STIBO) (29/3/2017) 31,723

680,000 Interest Rate Swap (Royal Bank of Scotland) (Fund

receives Fixed 2.590% and provides Floating EUR

6 Month EURIBOR) (12/4/2032) 75,057

1,550,000 Interest Rate Swap (Royal Bank of Scotland) (Fund

receives Floating EUR 6 Month EURIBOR and pays

Fixed 1.638%) (29/3/2017) (34,324)

420,000 Interest Rate Swap (Royal Bank of Scotland) (Fund

receives Floating EUR 6 Month EURIBOR and pays

Fixed 2.490%) (12/4/2052) (70,853)

6,535,000 Interest Rate Swap [Barclays Bank] (Fund provides

Floating PLN Wibor 6 Month and receives Fixed

5.18%) (19/5/2013) 491

468,110,000 Interest Rate Swap [Barclays Bank] (Fund receives

Floating HUF Bubor 6 Month and pays Fixed 6.39%)

(19/5/2013) 17,689

650,000 Interest Rate Swap [Barclays Bank] (Fund receives

Floating USD Libor 3 Month and pays Fixed 3.929%)

(15/2/2041) (175,266)

1,055,000 Interest Rate Swap [Barclays] (Fund receives Floating

USD Libor 3 Month and pays Fixed 4.228%)

(15/2/2041) (338,867)

384,000 Interest Rate Swap [Citibank] (Fund provides Floating

EUR Euribor 6 Month and receives Fixed 1.658%)

(2/11/2014) 6,957

60,000,000 Interest Rate Swap [Citibank] (Fund receives Floating

HUF Bubor 6 Month and pays Fixed 7.000%)

(29/8/2021) 4,112

545,000 Interest Rate Swap [Citibank] (Fund receives Floating

USD Libor 3 Month and pays Fixed 3.281%)

(15/2/2041) (86,054)

1,160,000 Interest Rate Swap [Deutsche Bank] (Fund receives

Floating EUR Euribor 6 Month and pays Floating EUR

Euribor 12 Month) (25/7/2016) (96,538)

14,582,500 Interest Rate Swap [Deutsche Bank] (Fund receives

Floating HUF Bubor 6 Month and pays Fixed 6.670%)

(29/8/2021) 1,736

220,000 Interest Rate Swap [Morgan Stanley] (Fund provides

Floating EUR Euribor 6 Month and receives Fixed

3.740%) (23/6/2041) 90,913

900,000 Interest Rate Swap [Morgan Stanley] (Fund provides

Floating EUR Euribor 6 Month and receives Fixed

3.763%) (11/7/2041) 376,707

170,000 Interest Rate Swap [Morgan Stanley] (Fund receives

Floating EUR Euribor 6 Month and pays Fixed 3.651%)

(23/6/2061) (94,905)

750,000 Interest Rate Swap [Morgan Stanley] (Fund receives

Floating EUR Euribor 6 Month and pays Fixed

3.715%) (11/7/2061) (433,968)

(652,430)




BlackRock Fund of iShares - Conservative

FUNDS

Germany 1,029 iShares Dow Jones-UBS Commodity

Swap DE1 27,943 2.14

27,943 2.14

Ireland 632 Institutional Cash Series - Institutional Euro

Liquidity Fund -Agency1 64,953 4.96

1,307 iShares - iShares FTSE 1001 8,630 0.66

885 iShares - iShares MSCI Europe ex. UK1 15,954 1.22

1,626 iShares - iShares MSCI North America1 33,540 2.56

949 iShares Barclays Capital Euro Corporate

Bond1 111,455 8.51

1,280 iShares Barclays Capital Euro

Government Bond 1-31 174,963 13.36

652 iShares Barclays Capital Euro


586 iShares Barclays Capital Euro


1,310 iShares Barclays Capital Euro

Inflation Linked Bond1 245,776 18.77

1,600 iShares EURO STOXX Small1 30,760 2.35

3,429 iShares FTSE EPRA/NAREIT

Developed Markets Property

Yield Fund1 53,253 4.07

857 iShares II - iShares JPMorgan $

Emerging Markets Bond Fund1 75,583 5.77

385 iShares III - iShares MSCI Pacific

ex-Japan1 11,119 0.85

1,293 iShares Markit iBoxx Euro High

Yield Bond1 128,550 9.82

1,394 iShares MSCI Emerging Markets1 39,781 3.04

1,227 iShares MSCI Japan Fund1 8,828 0.68

1,204,716 92.01

Total Funds 1,232,659 94.15



Total Net Assets (€) 1,309,304 100.00






Ireland continued


% of netassets

Funds 94.15


100.00




BlackRock Fund of iShares - Dynamic

FUNDS

Germany 269 iShares Dow Jones-UBS Commodity

Swap DE1 7,305 0.43

7,305 0.43

Ireland 1,568 Institutional Cash Series - Institutional Euro

Government Liquidity Fund -Agency1 159,152 9.26


9,325 iShares - iShares MSCI Europe ex. UK1 168,106 9.78


302 iShares Barclays Capital Euro Corporate

Bond1 35,468 2.06

202 iShares Barclays Capital Euro Government

Bond 3-51 30,432 1.77


Bond 7-101 22,750 1.32

452 iShares Barclays Capital Euro Inflation

Linked Bond1 84,802 4.93




Yield Fund1 16,260 0.95

260 iShares II - iShares JPMorgan $


3,828 iShares III - iShares MSCI Pacific

ex-Japan1 110,553 6.43

376 iShares Markit iBoxx Euro High

Yield Bond1 37,382 2.18



7,175 iShares S&P 500 Index Fund1 75,291 4.38

1,685,578 98.07

Total Funds 1,692,883 98.50



Total Net Assets (€) 1,718,713 100.00






Ireland continued


% of netassets

Funds 98.50


100.00



BlackRock Fund of iShares - Growth

FUNDS


Swap DE1 51,051 1.29

51,051 1.29

Ireland 3,807 Institutional Cash Series - Institutional Euro

Government Liquidity Fund -Agency1 386,372 9.75




1,582 iShares Barclays Capital Euro Corporate

Bond1 185,798 4.69

1,072 iShares Barclays Capital Euro Government

Bond 3-51 161,502 4.07


Bond 7-101 128,916 3.25

2,501 iShares Barclays Capital Euro Inflation

Linked Bond1 469,225 11.84




Yield Fund1 90,711 2.29

1,400 iShares II - iShares JPMorgan $



ex-Japan1 182,406 4.60


Yield Bond (traded in Italy)1 207,092 5.23

156 iShares Markit iBoxx Euro High

Yield Bond (traded in UK)1 15,507 0.39



3,857,639 97.34

Total Funds 3,908,690 98.63



Total Net Assets (€) 3,962,973 100.00






Ireland continued


% of netassets

Funds 98.63


100.00




BlackRock Fund of iShares - Moderate

FUNDS


Swap DE1 101,641 1.96

101,641 1.96

Ireland 2,830 Institutional Cash Series - Institutional

Euro Liquidity Fund -Agency1 290,912 5.61




3,435 iShares Barclays Capital Euro Corporate

Bond1 403,424 7.78


Bond 3-51 349,972 6.75


Bond 7-101 281,110 5.42

5,231 iShares Barclays Capital Euro Inflation

Linked Bond1 981,414 18.93




Yield Fund1 192,184 3.71

3,097 iShares II - iShares JPMorgan $



ex-Japan1 131,751 2.54


Yield Bond1 454,349 8.77



4,833,059 93.24

Total Funds 4,934,700 95.20



Total Net Assets (€) 5,183,611 100.00






Ireland continued


% of netassets

Funds 95.20


100.00


BlackRock Global Absolute Return Bond Fund

BONDS

Germany € 2,000,000 Bundesobligation 4.25 % 12/10/2012 2,029,940 4.06

€ 2,000,000 Bundesrepublik Deutschland 5.00 %

4/7/2012 2,007,900 4.02


15/6/2012 3,000,300 6.00


14/9/2012 2,505,263 5.01


14/12/2012 2,010,440 4.02

€ 849,000 Deutsche Bundesrepublik Inflation

Linked Bond 1.75% 15/4/2020 1,072,842 2.15

€ 2,000,000 German Treasury Bill 0.00% 11/7/2012 2,000,023 4.00



18,626,824 37.26

United Kingdom £ 490,000 United Kingdom Gilt 3.75% 22/7/2052 696,748 1.39

£ 360,000 United Kingdom Gilt 4.50% 07/12/2042 580,875 1.16

1,277,623 2.55

Total Bonds 19,904,447 39.81



JP Morgan 5,000,000 10.00

Rabobank 5,000,000 10.00



Total Net Assets (€) 50,002,078 100.00









€

€ 367,440 US$ 456,000 11/7/2012 (754)

£ 573,000 US$ 888,757 11/7/2012 (3,140)

US$ 434,539 NOK 2,637,000 11/7/2012 1,563

US$ 455,882 SEK 3,303,000 11/7/2012 921

US$ 435,276 A$ 448,000 11/7/2012 1,191

Net unrealised loss (EUR commitment - € 1,785,455) (219)


% of netassets

Time Deposit 30.00

Government 39.81


100.00




BlackRock Global Currency Absolute Return Fund

BONDS

United States US$ 6,500,000 United States Treasury Bill 0.00 %

7/6/2012 (Zero coupon) 6,499,967 7.32


14/6/2012 (Zero coupon) 7,999,952 9.02


28/6/2012 (Zero coupon) 5,999,766 6.76


12/7/2012 (Zero coupon) 9,999,560 11.27


26/7/2012 (Zero coupon) 3,499,822 3.94


2/8/2012 (Zero coupon) 10,999,043 12.40


9/8/2012 (Zero coupon) 12,998,674 14.65


16/8/2012 (Zero coupon) 10,998,702 12.40

68,995,486 77.76

Total Bonds 68,995,486 77.76

FUNDS

Ireland 8,233,695 Institutional Cash Series

- Institutional US Dollar

Liquidity Fund1 8,233,695 9.28

8,233,695 9.28

Total Funds 8,233,695 9.28











UnrealisedlossUS$

ValueUS$

(36,925,000) EUR/RON 1 Year Mid-CRV Call Option


expiring on 22/11/2012 (6,253) (89,616)

(3,647,400) USD/TRY 1 Year Mid-CRV Call Option


expiring on 1/8/2012 (32,075) (107,139)




UnrealisedlossUS$

ValueUS$

3,647,400 USD/TRY 1 Year Mid-CRV Put Option


expiring on 1/8/2012 (6,500) 4,005

Total Purchased Put Options (6,500) 4,005




US$Value

US$

36,925,000 EUR/RON 1 Year Mid-CRV Call Option


expiring on 22/11/2012 (38,222) 165,241

36,474,000 USD/TRY 1 Year Mid-CRV Call Option


expiring on 1/8/2012 750,416 1,071,387

Total Purchased Call Options 712,194 1,236,628



Unrealisedprofit

US$Value

US$

(36,474,000) USD/TRY 1 Year Mid-CRV Put Option


expiring on 1/8/2012 280,923 (40,048)



BlackRock Global Currency Absolute Return Fund continued




US$

TRY 20,176,164 US$ 11,221,000 5/6/2012 (423,015)

US$ 11,265,000 TRY 20,341,494 5/6/2012 378,533

US$ 3,795,000 ZAR 30,796,425 5/6/2012 201,222

ZAR 29,265,863 US$ 3,675,000 5/6/2012 (259,831)

£ 35,312,320 US$ 56,949,902 15/6/2012 (2,410,927)

INR 1,229,405,700 US$ 23,985,795 15/6/2012 (2,141,313)

US$ 16,603,000 INR 904,198,810 15/6/2012 536,900

INR 678,554,100 US$ 13,225,886 19/6/2012 (1,178,644)

€ 43,695,000 US$ 55,676,599 20/6/2012 (1,567,633)

US$ 84,137,967 € 65,189,000 20/6/2012 3,412,269

€ 14,009,139 NOK 106,992,000 17/7/2012 (197,954)

€ 2,554,000 US$ 3,326,049 18/7/2012 (162,775)

£ 7,250,000 US$ 11,557,370 18/7/2012 (361,873)

HUF 125,728,783 US$ 545,052 18/7/2012 (35,372)

US$ 273,973 CHF 250,000 18/7/2012 16,008

US$ 15,925,863 € 12,100,000 18/7/2012 939,326

US$ 542,407 HUF 125,730,000 18/7/2012 32,722

CNY 41,514,426 US$ 6,576,543 19/7/2012 (63,968)

MYR 28,876,284 US$ 9,388,524 19/7/2012 (309,252)

TWD 1,163,693,574 US$ 39,727,000 19/7/2012 (717,787)

US$ 24,951,000 CNY 157,690,320 19/7/2012 213,335

US$ 4,002,882 TWD 117,700,755 19/7/2012 57,330

CZK 171,907,248 € 6,884,000 24/7/2012 (269,046)

€ 9,504,122 CZK 236,205,000 24/7/2012 425,822

€ 16,109,000 £ 12,875,245 24/7/2012 71,559

€ 6,940,000 HUF 2,048,688,000 24/7/2012 298,038

€ 11,743,000 PLN 50,764,635 24/7/2012 391,139

€ 3,868,104 RON 17,039,000 24/7/2012 105,341

€ 4,983,671 SEK 44,255,000 24/7/2012 82,772

PLN 134,561,054 € 31,801,191 24/7/2012 (1,871,864)

PLN 8,484,000 SEK 17,773,980 24/7/2012 (80,475)

SEK 62,909,059 € 6,941,000 24/7/2012 59,900

US$ 1,550,837 € 1,200,000 25/7/2012 64,474

¥ 2,291,128,310 KRW 32,453,832,518 26/7/2012 1,796,425

¥ 3,821,822,000 US$ 47,206,986 26/7/2012 1,498,211

KRW 32,453,832,518 ¥ 2,291,128,310 26/7/2012 (1,796,425)

KRW 67,134,635,768 US$ 58,718,827 26/7/2012 (2,035,230)

US$ 65,341,284 ¥ 5,247,906,183 26/7/2012 (1,537,892)

US$ 21,065,470 KRW 24,164,200,560 26/7/2012 662,979

CHF 24,965,706 € 20,793,642 27/7/2012 9,703

€ 20,575,546 CHF 24,703,000 27/7/2012 (8,724)

A$ 35,213,000 US$ 34,692,805 2/8/2012 (654,996)

CHF 19,766,400 € 16,472,000 2/8/2012 (1,762)

CLP 8,949,863,000 US$ 18,248,874 2/8/2012 (1,183,536)

MXN 198,052,561 US$ 14,095,000 2/8/2012 (311,090)

NZD 20,675,000 US$ 15,944,112 2/8/2012 (426,779)

TRY 37,253,601 US$ 20,790,000 2/8/2012 (1,125,687)

US$ 16,641,900 A$ 16,810,000 2/8/2012 392,913

US$ 36,076,178 CA$ 36,430,318 2/8/2012 791,270

US$ 13,613,751 CLP 7,036,575,340 2/8/2012 196,615

US$ 8,804,728 MXN 121,426,000 2/8/2012 353,814

US$ 16,781,127 NZD 20,692,000 2/8/2012 1,251,035

US$ 18,312,000 RUB 587,771,251 2/8/2012 962,938

US$ 8,475,000 SGD 10,854,695 2/8/2012 52,362

US$ 8,880,000 ZAR 75,883,080 2/8/2012 99,967

ZAR 155,316,890 US$ 18,312,000 2/8/2012 (341,098)

IDR 141,753,697,500 US$ 14,721,000 15/10/2012 110,373

US$ 14,945,257 IDR 139,933,935,910 15/10/2012 304,282

IDR 152,802,000,000 US$ 16,325,000 17/10/2012 (342,170)

US$ 16,605,841 IDR 156,194,541,575 17/10/2012 268,157

IDR 233,294,245,000 US$ 24,957,000 18/10/2012 (558,253)

US$ 25,723,762 IDR 240,084,196,381 18/10/2012 614,898

IDR 77,806,520,000 US$ 8,360,000 19/10/2012 (223,861)

US$ 14,613,140 IDR 135,712,233,037 19/10/2012 421,867

US$ 36,852,000 HKD 285,890,446 30/11/2012 16,757

US$ 18,130,000 INR 1,032,503,500 19/12/2012 287,583

Net unrealised loss (USD commitment - US$ 1,314,596,478) (5,220,393)


% of netassets

Government 77.76

Funds 9.28


100.00




BlackRock Latin American Opportunities Fund


Brazil 156,000 AES Tiete 1,894,261 1.09

138,000 AES Tiete -Pref- 1,861,120 1.07

403,000 Arezzo Industria e Comercio 5,894,588 3.40

483,000 Autometal 3,328,805 1.92

548,000 Banco ABC Brasil -Pref- 3,015,990 1.74

381,000 BR Malls Participacoes 4,193,767 2.42

626,000 BR Properties 7,107,817 4.10

322,697 CCX Carvao da Colombia 1,045,900 0.60

262,000 CETIP - Mercados Organizados 3,780,251 2.18

154 CETIP - Mercados Organizados - Rights 191 0.00

169,000 Cia de Saneamento de Minas

Gerais-COPASA 3,603,144 2.08

406,000 Cia Hering 8,434,638 4.87

160,000 Cia Paranaense de Energia ADR 3,251,200 1.88

700,000 EcoRodovias Infraestrutura e Logistica 5,601,805 3.23

125,000 Embraer ADR 3,525,000 2.03

1,280,000 Klabin -Pref- 5,394,551 3.11

236,000 Localiza Rent a Car 3,744,453 2.16

125,000 Lojas Renner 3,604,011 2.08

481,000 LPS Brasil Consultoria de Imoveis 8,776,458 5.06

155,000 M Dias Branco 4,284,528 2.47

268,000 MPX Energia 4,604,309 2.66

35,640 MPX Energia - Rights 177 0.00

650,000 OSX Brasil 4,366,958 2.52

636,500 QGEP Participacoes 3,118,041 1.80

425,000 Qualicorp 3,624,464 2.09

618,000 Restoque Comercio e Confeccoes

de Roupas 3,548,325 2.05

850,000 Rossi Residencial 2,225,252 1.28

429,000 Santos Brasil Participacoes 6,381,238 3.68

255,717 Sonae Sierra Brasil 3,676,918 2.12

799,000 T4F Entretenimento 6,112,785 3.53

217,000 Totvs 3,927,164 2.27

123,928,109 71.49

Chile 206,000 ENTEL Chile 3,662,488 2.11

3,662,488 2.11

Colombia 60,000 BanColombia ADR 3,552,600 2.05

335,000 Grupo Nutresa 3,885,120 2.24

200,000 Pacific Rubiales Energy 5,245,680 3.03

12,683,400 7.32

Mexico 287,000 Alfa 3,579,750 2.06

2,600,000 Alpek 4,875,611 2.81

2,950,000 Alsea 3,441,276 1.99

500,000 El Puerto de Liverpool 3,606,222 2.08

15,502,859 8.94

Panama 101,000 Copa Holdings 8,385,020 4.84

8,385,020 4.84

Peru 31,000 Credicorp 3,867,870 2.23

792,000 Grana y Montero 2,384,045 1.38

6,251,915 3.61


BONDS

Brazil BRL 490,000 Lupatech 6.50 % 15/4/2018 245,360 0.14

245,360 0.14

Total Bonds 245,360 0.14

Unquoted Securities

WARRANTS

Brazil 802 Hypermarcas (Wts 31/12/2049)* – 0.00

– 0.00

Total Warrants – 0.00

BONDS

Brazil BRL 802 Hypermarcas 11.30 % 15/10/2018 404,028 0.24

BRL 802 Hypermarcas Variable 1.00 %

15/10/2015 451,854 0.26

855,882 0.50

Total Bonds 855,882 0.50









Mexico continued


BlackRock Latin American Opportunities Fund continued


% of netassets


Financial 21.90


Utilities 9.21


Energy 4.97

Industrial 4.55

Diversified 3.44

Technology 2.27

Communications 2.11


100.00



BlackRock Mining Opportunities Fund

COMMON / PREFERRED STOCKS (SHARES)

Australia 200,000 Alara Resources 58,110 0.56

50,000 Atlas Iron 102,661 0.98

150,000 Beadell Resources 84,260 0.81

100,000 Berkeley Resources 38,740 0.37

65,000 Carabella Resources 45,326 0.43

75,000 Cokal 18,159 0.17

100,000 Discovery Metals 127,358 1.22

80,000 Fortescue Metals Group 354,083 3.39

13,000 Iluka Resources 161,410 1.55

58,000 Mawson West 50,529 0.48

200,000 Metals X 30,992 0.30

390,000 Metminco 48,345 0.46

15,000 Mineral Deposits 70,458 0.68

37,000 PanAust 100,337 0.96

20,000 Western Areas NL 85,228 0.82

15,000 Whitehaven Coal 56,657 0.54

1,432,653 13.72

Canada 11,500 Alamos Gold 211,225 2.02

45,000 Alderon Iron Ore 92,703 0.89

180,000 Aurcana 161,148 1.54

45,000 Banro 193,637 1.85

90,000 Belo Sun Mining 97,901 0.94

3,000 Detour Gold 64,806 0.62

42,000 Dia Bras Exploration 109,569 1.05

31,000 Eldorado Gold 353,331 3.38

22,000 First Quantum Minerals 373,585 3.58

5,200 Franco-Nevada 221,155 2.12

3,000 Inmet Mining 124,037 1.19

7,000 Ivanhoe Mines 64,690 0.62

120,000 Katanga Mining 109,742 1.05

60,000 Lundin Mining 225,260 2.16

33,150 New Gold 305,715 2.93

85,000 NGEx Resources 166,923 1.60

24,000 SEMAFO 128,918 1.23

140,000 Sirocco Mining 111,860 1.07

17,000 Teck Resources 494,551 4.73

3,610,756 34.57

Ireland 140,000 Kenmare Resources 98,415 0.94

98,415 0.94

Jersey 120,000 Minera IRL 97,938 0.94

2,600 Randgold Resources ADR 218,244 2.09

316,182 3.03

Mexico 10,800 Fresnillo 222,854 2.13

222,854 2.13

Peru 3,800 Cia de Minas Buenaventura ADR 153,748 1.47

5,850 Sociedad Minera Cerro Verde 214,987 2.06

240,000 Volcan Companhia Minera 269,474 2.58

638,209 6.11

South Africa 10,000 African Rainbow Minerals 197,959 1.89

6,200 Impala Platinum Holdings 95,240 0.91

3,250 Kumba Iron Ore 201,347 1.93

494,546 4.73

United Kingdom 31,000 African Minerals 173,166 1.66

14,000 Bumi 72,200 0.69

26,500 Eurasian Natural Resources 170,330 1.63

1,000,000 Stratex International 88,544 0.85

14,000 Vedanta Resources 190,901 1.83

695,141 6.66

United States 14,000 Alpha Natural Resources 144,760 1.39

12,500 Freeport-McMoRan Copper & Gold 403,750 3.86

2,700 Walter Energy 128,655 1.23

677,165 6.48

Total Common / Preferred Stocks (shares) 8,185,921 78.37



Total Net Assets(US$) 10,445,632 100.00







% of netassets


Energy 4.36


100.00




US$

ZAR 4,238,044 US$ 499,546 7/6/2012 (6,161)

Net unrealised loss (USD commitment - US$ 499,546) (6,161)


Notes to the Financial Statements

1. OrganisationBlackRock Strategic Funds (“the Company”) is a public limited

company (Société anonyme) incorporated in Luxembourg as

an open-ended variable capital investment company (Société

d’investissement à capital variable) and qualifies as a UCITS

(Undertaking for Collective Investment in Transferable Securities)

of Part I of the law of 17 December 2010 (“2010 Law”). It has an

“umbrella” structure comprising a number of different Funds,

each having a separate portfolio of investments.

The Company has appointed BlackRock (Luxembourg) S.A. as

its Management Company.

As at 31 May 2012, the Company offered shares in 18 Funds

(“Funds”). Each Fund is a separate pool of assets and is

represented by separate shares of each Fund which are

divided into share classes as follows:

A Class

A Class non-distributing hedged share in CHF

A Class non-distributing share in EUR

A Class non-distributing hedged share in EUR

A Class distributing share in EUR

A Class UK reporting distributing fund share in GBP

A Class UK reporting non-distributing fund hedged share in GBP

A Class non-distributing share in GBP

A Class non-distributing hedged share in SEK

A Class non-distributing share in USD

C Class

C Class non-distributing share in USD

D Class

D Class non-distributing share in EUR

D Class non-distributing hedged share in EUR

D Class non-distributing hedged share in CHF

D Class UK reporting non-distributing fund share in EUR

D Class UK reporting non-distributing fund share in USD

D Class UK reporting non-distributing fund hedged share in GBP

D Class non-distributing hedged share in USD

D Class non-distributing share in USD

E Class

E Class non-distributing share in EUR

E Class non-distributing share in USD

H Class

H Class non-distributing share in EUR

H Class UK reporting non-distributing fund hedged share in GBP

H Class non-distributing hedged share in USD

I Class

I Class non-distributing share in EUR*

I Class UK reporting non-distributing fund hedged share in GBP*

I Class non-distributing hedged share in USD*

K Class

K Class non-distributing share in EUR

L Class

L Class non-distributing share in EUR

M Class

M Class non-distributing share in EUR

X Class

X Class non-distributing share in EUR*

X Class UK reporting distributing fund hedged share in GBP*

X Class non-distributing share in USD*

* available to institutional investors.

The classes of shares have equivalent rights in the Company

but carry different features and charging structures, which

are more fully described in the Company’s Prospectus.

Fund LaunchesEffective 10 February 2012, the BlackRock Asia Extension

Fund and the BlackRock Emerging Markets Extension Fund,

denominated in USD were launched.

Effective 17 February 2012, the BlackRock Americas

Diversified Equity Absolute Return Fund, denominated in USD

was launched.

Effective 25 May 2012, the BlackRock Global Absolute Return

Bond Fund, denominated in EUR was launched.

Effective 31 May 2012, the BlackRock Mining Opportunities

Fund, denominated in USD was launched.

Significant events during the year ended 31 May 2012James Charrington resigned from the Board on 1 June 2011.

Douglas A. Shaw resigned from the Board on

21 November 2011.

Maarten F. Slendebroek resigned from the Board on 27 April 2012.

Alexander C. Hoctor-Duncan was appointed to the Board on

27 April 2012.

On 17 October 2011 the BlackRock European Opportunities

Extension Strategies Fund changed its name to BlackRock

European Opportunities Extension Fund.

A new prospectus was issued on 4 May 2012 and a simplified

prospectus was issued on 15 September 2011.

The Key Investor Information Documents (“KIIDS”) were made

available from 30 April 2012 and replaced the simplified

prospectus issued on 15 September 2011.


Notes to the Financial Statements continued

2. Summary of Significant Accounting Policies:The Financial Statements have been prepared in accordance

with the legal and regulatory requirements relating to the

preparation of the financial statements as prescribed by the

Luxembourg authorities for Luxembourg investment companies

and include the following significant accounting policies:

(a) Valuation of Investments and Other Assets

The Company’s investments and other assets are valued as

follows:

� The value of all securities and other assets forming any

particular Fund’s portfolio is determined by last known prices

upon close of the exchange on which those securities or

assets are traded or admitted for trading. For securities traded

on markets closing after the time of the valuation, last known

prices as of this time or such other time may be used. If net

transactions in Shares of the Fund on any Dealing Day exceed

the threshold set by the Board of Directors of the Fund, then

additional procedures apply (see Note 2(h)). The value of any

securities or assets traded on any other regulated market is

determined in the same way.

Where such securities or other assets are quoted or dealt in on

more than one stock exchange or regulated market the Board

of Directors of the Fund may in their discretion select one of

such stock exchanges or regulated markets for such purposes;

� For non-quoted securities or securities not traded or

dealt in on any stock exchange or other regulated market

(including securities of closed-ended investment funds),

as well as quoted or non-quoted securities on such other

markets for which no valuation price is available, or

securities for which the quoted prices are, in the opinion of

the Board of Directors of the Fund, not representative of the

fair market value, the value shall be determined prudently

and in good faith by the Board of Directors of the Fund on

the basis of their expected disposal or acquisition price;

� liquid assets such as time deposits may be valued at

nominal values plus any accrued interest or at amortised

cost basis;

� cash, bills payable on demand and other debts are valued

at their nominal amount;

� assets which include, in particular, interest and dividends

receivable, receivable for investments sold and receivable

for Fund shares subscribed are valued at nominal value;

� liabilities which include, in particular, income distribution

payable, payable for investments purchased and payable for

fund shares redeemed are valued at nominal value.

The market value of the Contracts for Difference (“CFDs”)

is determined by the price of the exchange on which the

underlying securities or assets are traded or admitted for

trading. For underlying securities traded on markets closing

after the time of the valuation, last known prices as of this

time or such other time may be used. The change in market

value, if any, is recorded as unrealised appreciation or

Share Classes LaunchedThe dates disclosed are the launch dates but the classes may have been seeded at a later date.

Effective date Type Fund

7 September 2011 I Class non-distributing hedged share in USD BlackRock European Credit Strategies Fund

16 November 2011 H Class non-distributing hedged share in USD BlackRock European Credit Strategies Fund

13 January 2012 A Class non-distributing hedged share in SEK BlackRock Euro Dynamic Diversified Growth Fund

17 January 2012 D Class UK reporting non-distributing fund

hedged share in GBP BlackRock European Opportunities Absolute Return Fund

10 February 2012 A Class non-distributing share in USD BlackRock Asia Extension Fund

10 February 2012 D Class non-distributing share in USD BlackRock Asia Extension Fund

10 February 2012 E Class non-distributing share in USD BlackRock Asia Extension Fund

10 February 2012 A Class non-distributing share in USD BlackRock Emerging Markets Extension Fund

10 February 2012 D Class non-distributing share in USD BlackRock Emerging Markets Extension Fund

10 February 2012 E Class non-distributing share in USD BlackRock Emerging Markets Extension Fund

17 February 2012 A Class non-distributing hedged share in EUR BlackRock Americas Diversified Equity Absolute Return Fund

17 February 2012 A Class non-distributing share in EUR BlackRock Americas Diversified Equity Absolute Return Fund

17 February 2012 D Class non-distributing hedged share in EUR BlackRock Americas Diversified Equity Absolute Return Fund

9 March 2012 D Class non-distributing hedged share in CHF BlackRock European Absolute Return Fund

5 April 2012 A Class non-distributing hedged share in SEK BlackRock Americas Diversified Equity Absolute Return Fund

16 May 2012 A Class UK reporting non-distributing fund

share in GBP BlackRock Americas Diversified Equity Absolute Return Fund

25 May 2012 A Class non-distributing share in EUR BlackRock Global Absolute Return Bond Fund

25 May 2012 X Class non-distributing share in EUR BlackRock Global Absolute Return Bond Fund

31 May 2012 D Class UK reporting non-distributing fund

share in USD BlackRock Mining Opportunities Fund



depreciation in the Statement of Operations and Changes

in Net Assets. Realised gains or losses on maturity or

termination of the CFDs are presented in the Statement of

Operations and Changes in Net Assets.

The liquidating value of futures, forward or options contracts

not traded on exchanges or on regulated markets and/or

other regulated markets shall be their net liquidating value

determined, pursuant to the policies established by the Board

of Directors of the Fund, on a basis consistently applied for

each different variety of contract. The liquidating value of

futures, forward and options contracts traded on exchanges

or on regulated markets and/or other regulated markets is

based upon the last available settlement prices of these

contracts on exchanges and regulated markets and/or other

regulated markets on which the particular futures, forward or

options contracts are traded by the Company; provided that if

a futures, forward or options contract could not be liquidated

on the day with respect to which net assets are being

determined, the basis for determining the liquidating value of

such contract shall be such value as the Board of Directors of

the Fund may deem fair and reasonable;

Credit Default Swap, Interest Rate Swap and Total Return

Swap transactions are valued at their daily market value under

guidelines established by the Board of Directors of the Fund

and in accordance with the terms of the Swap agreement.

(b) Cost of Sales of Investments

Profits and losses on sales of investments have been

determined on the basis of the average cost.

Profits and losses on sales of CFDs have been determined on

cost basis using the First In First Out (“FIFO”) method.

(c) Income from Investments

The Company takes credit for income from its investments on

the following basis;

� interest income is accrued daily and includes the

amortisation on a straight line basis of premiums and

accretion of discounts;

� bank interest, fixed deposit and money market deposit

income are recognised on an accrual basis;

� dividend income is accrued on the ex-dividend date;

� on bonds and CFDs on a time apportionment basis;

� on stocks on the date the dividends declared;

� on Institutional Cash Series on a time apportionment basis.

(d) Financial Instruments

During the year, the Funds have entered into a number of

forward foreign exchange and futures contracts. Open forward

foreign exchange and futures contracts are valued at the cost

to close the contracts on the accounting date. Surpluses/

deficits arising from these and closed unsettled contracts are

taken to unrealised profit/loss and are included under assets

or liabilities (as appropriate) in the Statement of Net Assets

on pages 8 to 10.

During the year, the Funds have entered into CFDs. CFDs

allow investors to take synthetic long or synthetic short

positions with a variable margin, which, unlike futures

contracts, have no fixed expiry date or contract size. Unlike

shares, with CFDs the buyer is potentially liable for far more

than the amount they paid on margin. This will result in the

Fund holding cash received from shareholders on deposit

with various institutions as described in the Prospectus.

CFD positions are entered into subject to a daily financing

charge, applied at a previously agreed rate above or below

the applicable benchmark. The related interest income or

expense is disclosed net of withholding tax in the Statement

of Operations and Changes in Net Assets on pages 14 to 16.

The Funds can write covered call and put options and

purchase call and put options. When the Company writes and/

or purchases an option, an amount equal to the premium

received or paid by the Company is reflected as a liability or

an asset. The liability for a written option and the asset for

a purchased option is subsequently marked to market to

reflect the current value of the option. When a security is sold

through an exercise of an option, the premium received (or

paid) is deducted from (or added to) the basis of the security

sold. When an option expires (or the Company enters into a

closing transaction), the Company realises a gain or loss on

the option to the extent of the premiums received or paid (or

gain or loss to the extent the cost of the closing transactions

exceeds premium paid or received).

The Funds have entered into swap agreements to exchange

the return generated by one instrument for the return

generated by another investment. In the case of credit

default swaps, a series of premiums is paid to the seller of

the protection, in return for a payment contingent on a credit

event (predefined in the agreement). Where possible, swaps

are marked to market based upon daily prices obtained from

third party pricing agents and verified against an internal

State Street Bank Model. Where such quotations are not

available swaps are priced based upon daily quotations from

the market maker. In both cases changes in quotations are

recorded as unrealised appreciation or depreciation in the

Statement of Operations and Changes in Net Assets. Realised

gains or losses on maturity or termination of the swaps and

the interest earned in relation to the swaps are presented in

the Statement of Operations and Changes in Net Assets on

pages 14 to 16.

(e) Foreign Exchange

The cost of investments in currencies other than the currency

of denomination of the respective Fund has been translated

at the rates of exchange ruling at the time of purchase.

Investments and other assets in currencies other than the



currency of denomination of the respective Funds has been

translated at the exchange rate prevailing at the Fund’s

valuation point in Luxembourg on 31 May 2012.

The income and expense in currencies other than the currency

of denomination of the respective Fund has been translated

at the rates of exchange prevailing on record date.

The following exchange rates were used to translate

the investments and other assets and other liabilities

denominated in currencies, for all Funds other than the base

currency of the Fund at 31 May 2012:

All Funds (except the BlackRock Euro Dynamic Diversified Growth Fund and BlackRock Latin American Opportunities Fund)



CCY EUR USD EUR USD

AUD 0.7847 0.9717 0.7845 0.9741

BRL 0.3986 0.4936 0.3997 0.4958

CAD 0.7833 0.9699 0.7808 0.9682

CHF 0.8327 1.0310 0.8323 1.0295

CLP 0.0015 0.0019 0.0015 0.0019

CNY 0.1268 0.1570 0.1270 0.1570

COP 0.0004 0.0005 0.0004 0.0005

CZK 0.0388 0.0481 0.0387 0.0481

DKK 0.1346 0.1666 0.1346 0.1664

EUR 1.0000 1.2383 1.0000 1.2365

GBP 1.2474 1.5445 1.2448 1.5412

HKD 0.1040 0.1288 0.1042 0.1288

HUF 0.0033 0.0041 0.0033 0.0041

ILS 0.2073 0.2566 0.2073 0.2562

JPY 0.0103 0.0127 0.0103 0.0128

MXN 0.0566 0.0700 0.0565 0.0697

MYR 0.2546 0.3153 0.2550 0.3153

NOK 0.1327 0.1643 0.1323 0.1635

NZD 0.6084 0.7534 0.6077 0.7536

PEN 0.2983 0.3693 0.2985 0.3693

PLN 0.2265 0.2805 0.2271 0.2820

SEK 0.1113 0.1379 0.1112 0.1377

SGD 0.6266 0.7759 0.6276 0.7760

TRY 0.4326 0.5357 0.4340 0.5363

USD 0.8076 1.0000 0.8088 1.0000

ZAR 0.0943 0.1167 0.0945 0.1178

(f) Total Consolidated Figures

The consolidated figures of the Company are expressed in

USD and include the total of the financial statements of

the different Funds. For the Statement of Net Assets and

the Statement of Operations and Changes in Net Assets,

the exchange rate prevailing at 16:00 in Luxembourg as at

31 May 2012 for all Funds expressed in Euros excluding

BlackRock Euro Dynamic Diversified Growth Fund is:

EURUSD 0.80759

For the BlackRock Euro Dynamic Diversified Growth Fund,

the exchange rate prevailing at 17:00 in Luxembourg as at

31 May 2012 is:

EURUSD 0.80877

Foreign Exchange Adjustment

The combined opening net asset value of the Funds has been

revalued at the exchange rates ruling at 31 May 2012. The

resulting loss of USD 216,631,172 represents the movement in

exchange rates between 31 May 2011 and 31 May 2012. This

is a notional loss, which has no impact on the Net Asset Value

of the individual Portfolios.

(g) Income Equalisation

The Company operates Income Equalisation arrangements

with a view to ensure that the level of net income accrued

within a Fund is not affected by the issue, conversion or

redemption of Fund shares during an accounting period.

(h) Swing Adjustment

If on any dealing day the aggregate transactions in shares

of all classes of a Fund result in a net increase or decrease

of shares which exceeds a threshold set by the Board of

Directors of the Fund, the Net Asset Value of the relevant

Fund may be adjusted by an amount which reflects the

estimated dealing costs to be incurred by the Fund and the

estimated bid/offer spread of the assets in which the Fund

invests. In addition, the Board of Directors of the Fund may

agree to include anticipated fiscal charges in the amount of

the adjustment. In accordance with the prospectus, there was

no swing adjustment applied as at 31 May 2012.

The Board of Directors may, at their discretion, decide to

subsidise the swing adjustment.

The published/dealing NAV per share is disclosed in the Three

year summary of Net Asset Values and may include a swing

pricing adjustment. This adjustment is not recognised in the

Statement of Net Assets or the Statement of Operations and

Changes in Net Assets.

(i) Fair valuation

If in any case a particular value is not ascertainable by the

methods outlined above, or if the Directors consider that some

other method of valuation more accurately reflects the fair

value of the relevant security or other asset for the purpose

concerned, the method of valuation of the security or asset

will be such as the Directors in their absolute discretion

decide. Discrepancies in value of securities may result where

the underlying markets are closed for business at the time of

calculating the net asset value of certain Funds. The Directors

may set specific thresholds, that where exceeded, result in



adjustment to the value of these securities to their fair value

by applying a specific index adjustment.

For BlackRock Asia Extension Fund and BlackRock Emerging

Markets Extension Fund, in case of price variation, the Directors

may decide to apply a fair valuation factor on the market value

of the Fund.

(j) Transaction costs

Transaction costs are incremental costs that are directly

attributable to the acquisition, issue or disposal of securities.

An incremental cost is one that would not have been incurred

if the entity had not acquired, issued or disposed of the

security. When a security is recognised initially, it is measured

at its market value, plus transaction costs that are directly

attributable to the acquisition or issue of the security.

Transaction costs on purchases or sales of securities are

included within net realised gain/(loss) or net change in

unrealised appreciation/(depreciation) within the Statement

of Operations and Changes in Net Assets of each Fund.

Separately identifiable transactions costs are disclosed in

note 14. Custodian transaction fees are included as a separate

line item in the Statement of Operations and Changes in Net

Assets of the Fund. Refer to note 6 for further information.

3. Management CompanyBlackRock (Luxembourg) S.A. has been appointed by the

Company to act as its Management Company. The Management

Company is authorised to act as a Fund Management Company

in accordance with Chapter 15 of 17 December 2010 Law.

The Company has signed a restated Management Company

Agreement with the Management Company effective

1 August 2009. Under this agreement, the Management

Company is entrusted with the day-to-day management of

the Company, with responsibility for performing directly or

by way of delegation all operational functions relating to the

Company’s investment management, administration, and the

marketing of the Funds.

In agreement with the Company, the Management Company

has decided to delegate several of its functions as is further

described in the Prospectus.

BlackRock (Luxembourg) S.A. is a wholly owned subsidiary

within the BlackRock Group. It is regulated by the Commission

de Surveillance du Secteur Financier (“CSSF”).

4. Management and Distribution FeesDuring the year the Company paid management fees to the

Management Company, BlackRock (Luxembourg) S.A.

The Company pays management fees at an annual rate that

varies from 0.50% to 2.00% of the Net Asset Value (“NAV”),

with the exception of Class J and Class X shares, which do not

pay management fees. The level of management fee varies

according to which Fund and share class the investor buys.

These fees accrue daily, are based on the NAV of the relevant

Fund and are paid monthly. The Management Company pays

certain costs and fees out of the management fee, including

the fees of the Investment Advisers.

Where a Fund invests a substantial proportion of its net

assets in other UCITS and other Undertaking for Collective

Investments (“UCIs”), the Adviser will ensure that the total

management fee (excluding any performance fee, if any)

charged to such Fund (including management fees from other

UCITS and UCIs in which it invests) shall not exceed 3.75% of

the net asset value of the Fund.

During the year, the following active Funds were subject to fee

reimbursement from the Management Company:

BlackRock Asia Extension Fund, BlackRock Emerging Markets

Extension Fund, BlackRock European Opportunities Absolute

Return Fund, BlackRock European Opportunities Extension

Fund, BlackRock Fixed Income Strategies Fund, BlackRock

Fund of iShares – Conservative, BlackRock Fund of iShares

– Dynamic, BlackRock Fund of iShares – Growth, BlackRock

Fund of iShares – Moderate.

During the year, the Company paid distribution fees to

BlackRock (Channel Islands) Limited which acted as Principal

Distributor.

The Principal Distributor receives annual distribution fees

of 1.00% of the NAV for Class C Shares, 0.50% of the NAV

for Class E Shares, 0.50% of the NAV for Class L Shares and

0.75% of the NAV for Class M Shares. These fees accrue daily,

are based on the NAV of the relevant Fund reflecting, when

applicable, any adjustment to the NAV of the relevant Fund,

and are paid monthly.

The management and distribution fees per share class per

Fund are disclosed in detail in the Prospectus and KIID of the

Company.

The Principal Distributor may rebate all or part of the fees it

receives as described on page 33 of the current Prospectus

dated on 4 May 2012.

5. Administration FeesThe Company pays an administration fee to the Management

Company.

The level of administration fee may vary at the Directors’

discretion, as agreed with the Management Company, and

will apply at different rates across the various Funds and

Share Classes issued by the Company. However, it has been

agreed between the Board of Directors of the Fund and the

Management Company that the administration fee currently

paid shall not exceed 0.30% per annum. It is accrued daily,

based on the Net Asset Value of the relevant Share Class and

paid monthly.

For the year ended 31 May 2012 the administration fee % per

class were as follows:



Share Class Equity Fund

Currency Funds

Bond Funds

Mixed Funds

A, C, D, E, H 0.30% 0.20% 0.20% 0.25%

I, X 0.05% 0.05% 0.05% 0.05%

K, L, M 0.10% 0.10% 0.10% 0.10%

The Board of Directors of the Fund and the Management

Company set the level of the administration fee at a rate which

aims to ensure that the total expense ratio of each Fund remains

competitive when compared across a broad market of similar

investment products available to investors in the Funds, taking

into account a number of criteria such as the market sector of

each Fund and the Fund’s performance relative to its peer group.

The administration fee is used by the Management Company

to meet all fixed and variable operating and administrative

costs and expenses incurred by the Company, with the

exception of the custodian fees, distribution fees, plus any

taxes thereon and any taxes at an investment or Company

level. These operating and administrative expenses include

all third party expenses and other recoverable costs

incurred by or on behalf of the Company from time to time,

including but not limited to, fund accounting fees, transfer

agency fees (including sub-transfer agency and associated

platform dealing charges), all professional costs, such as

consultancy, legal, tax advisory and audit fees, Directors’

fees, travel expenses, reasonable out-of-pocket expenses,

printing, publication, translation and all other costs relating

to shareholder reporting, regulatory filing and licence

fees, correspondent and other banking charges, software

support and maintenance, operational costs and expenses

attributed to the Investor Servicing teams and other global

administration services provided by various BlackRock

Group companies.

The Management Company bears the financial risk of ensuring

that the Fund’s total expense ratio remains competitive.

Accordingly the Management Company is entitled to retain any

amount of the administration fee paid to it which is in excess

of the actual expenses incurred by the Company during any

year whereas any costs and expenses incurred by the Company

in any period which exceed the amount of administration fee

that is paid to the Management Company, shall be borne by the

Management Company or another BlackRock Group company.

Directors who are not representatives of the BlackRock. Group

received a fee of USD 15,000 gross in return for their duties

performed during the financial year.

6. Custodian and Depository FeesThe Custodian receives a fee in respect of each Fund. These

fees are to remunerate the Custodian for safekeeping and

transaction costs applicable to each Fund. These fees vary in

respect of each Fund depending on the value of assets under

management and the volume of trading in that Fund.

For Funds which have low volume trading the safekeeping

fee which accrues daily, will range from 0.005% to 0.20%

per annum and the transaction fees will range from US$7

to US$50 per transaction.

For Funds which engage in higher trading volumes, the

Custodian does not charge separate safekeeping and

transaction fees. The Custodian receives a fee which is

charged on a sliding scale, based on the value of assets

under management and the volume of trading within each

Fund. These fees range from 1 basis point to 15 basis points

of assets under management of each Fund, depending on

whether a particular Fund is considered to be a ‘medium

volume trading Fund’ or ‘high volume trading Fund’.

Each of the Funds is also subject to a minimum annual fee

which will be set at either, US$30,000 for a low volume trading

Fund, US$100,000 for a medium volume trading Fund or

US$150,000 for a high volume trading Fund.

Trading volumes for each Fund vary according to the

investment strategy of each Fund. The combined custody

cost to each Fund depends on its asset allocation and trading

activity at any time.

7. Performance FeesA performance fee may be payable out of each Share Class of

each Fund, in addition to other fees and expenses mentioned in

the Prospectus. The performance fee accrues on each Valuation

Day and is equal to 20 percent of the amount by which the

net asset value per share return exceeds the appropriate

benchmark return described in further detail in Appendix E of

the Prospectus. Two methods of calculation are used and are

referred to as Type A and Type B – the method applicable to

each Fund is indicated in Appendix F of the Prospectus.

Crystallisation of the performance fee occurs on the last day

of each Performance Period or where a shareholder redeems

or converts all or part of his shares before the end of a

Performance Period.

8. Tax

LuxembourgThe Company is registered under Luxembourg law as an

investment company. Accordingly, no Luxembourg income

or capital gains tax is at present payable by the Company.

However, it is subject to an annual “taxe d’abonnement”

calculated at an annual rate of 0.05%, and in the case of all

Class I, Class J and Class X Shares, of 0.01% of the Net Assets

Value of each Fund at the end of each quarter. For the year

ended 31 May 2012 USD 625,125 was charged in relation to

Luxembourg tax.

BelgiumThe Company is registered with the Banking and Finance

Commission in Belgium in accordance with Article 130 of the

Act of 20 July 2004 relating to financial transactions and the

financial markets. Funds registered for public distribution

in Belgium are subject to an annual tax of 0.08% on the

net assets value of units distributed in Belgium via Belgian

intermediaries as at 31 December of the previous year. For the

year ended 31 May 2012 USD 2,792 was charged in relation to

Belgium tax.



United KingdomReporting Funds

The UK Reporting Funds regime applies to the Company.

Under this regime, investors in UK Reporting Funds are

subject to tax on the share of the UK Reporting Funds income

attributable to their holdings in the Fund, whether or not

distributed, but any gains on disposal of their holdings are

subject to capital gains tax. The Board of Directors of the Fund

have made a successful application for UK Reporting Fund

status in relation to certain share classes. A list of the Funds

which currently have UK Reporting Fund status is available at:

www.blackrock.co.uk/reportingfundstatus.

9. Brazilian Transaction TaxBrazilian transaction tax became effective from

20th October 2009. Effective 5th October 2010 the transaction

tax rate was increased to 4% from the previous 2% rate.

The rates were changed again effective 19th October 2010

and 1st December 2011. Currently the following rates apply

to foreign currency exchange transactions by non-residents

making investments in the Brazilian financial and

capital markets.

� A 0% rate applies to transactions related to investments in

listed shares or shares issued in an Initial Public offering.

� A 6% rate applies to transactions related to fixed income

investments or investment in investment funds.

For the year ended 31 May 2012, USD 505,335 was charged in

relation to Brazilian tax.

10. Investment AdviceThe Management Company, BlackRock (Luxembourg) S.A.,

has delegated some management and investment advice to

the Investment Advisers: BlackRock Financial Management,

Inc., BlackRock Institutional Trust Company N.A., BlackRock

Investment Management LLC, BlackRock Investment

Management (UK) Limited and BlackRock (Singapore) Limited

as described in the Prospectus. The Investment Advisers

provide advice and management in the areas of stock

and sector selection and strategic allocation. BlackRock

Investment Management (UK) Limited has sub-delegated

some of these functions to BlackRock (Hong Kong) Limited.

Notwithstanding the appointment of the Investment Advisers,

the Management Company accepts full responsibility to the

Company for all investment transactions.

BlackRock Institutional Trust Company N.A. provides

investment advice on the following Funds:

BlackRock Americas Diversified Equity Absolute Return Fund

BlackRock Asia Extension Fund

BlackRock Emerging Markets Extension Fund


BlackRock Investment Management (UK) Limited provides

investment advice on the following Funds:


BlackRock European Absolute Return Fund


BlackRock European Diversified Equity Absolute Return Fund

BlackRock European Opportunities Absolute Return Fund

BlackRock European Opportunities Extension Fund


BlackRock Fund of iShares – Conservative

BlackRock Fund of iShares – Dynamic

BlackRock Fund of iShares – Growth

BlackRock Fund of iShares – Moderate



BlackRock Mining Opportunities Fund

BlackRock Financial Management, Inc. provides investment

advice on the following Funds:



BlackRock (Singapore) Limited provides investment advice on

the following Fund:


BlackRock Investment Management, LLC provides investment

advice on the following Fund:


BlackRock Investment Management (UK) Limited has

sub-delegated some of these functions to BlackRock

(Hong Kong) Limited for the following Funds:




11. Transactions with Connected PersonsThe ultimate holding company of the Management Company,

the Investment Manager and the Investment Advisers is

BlackRock, Inc., a company incorporated in Delaware, USA.

PNC Bank N.A. is substantial shareholder in BlackRock Inc.

When arranging transactions in securities for the Company,

companies in the PNC Group may have provided securities,

brokerage, foreign exchange banking and other services or

may have acted as principal on their usual terms and may

benefit therefrom. Commission has been paid to brokers and

agents in accordance with the relevant market practice and

the benefit of any bulk or other commission discounts or

cash commission rebates provided by brokers or agents have

been passed on to the Company. The services of PNC Group

companies could have been used by the Investment Advisers

where it was considered appropriate to do so provided that

their commissions and other terms of business are generally

comparable with those available from unassociated brokers



and agents in the markets concerned, and that this is

consistent with the above policy of obtaining best results.

During the year, there have been no transactions which were

outside the ordinary course of business or which were not on

normal commercial terms. There were no transactions of the

Company effected through BlackRock companies.

During the year no Director purchased shares in any of the

Funds.

The Directors of the Management Company are: Graham

Bamping, Geoffrey D. Radcliffe, Dominic Critchley (appointed

23 January 2012), Ulla Pitha (appointed 23 January 2012),

Alexander C. Hoctor-Duncan (appointed 23 January 2012

and resigned 24 May 2012) and Barry O’Dwyer (appointed

23 January 2012). With effect from 23 January 2012,

Frank P. Le Feuvre resigned as a Director of the Management

Company and Guido Van Berkel appointed as independent

non-executive Director.

12. DividendsThe Directors’ current policy is to retain and reinvest all net

income except for income from the Distributing share classes

and income from the distributing UK Reporting Fund share

classes (detailed in note 1).

For the distributing share classes the policy is to distribute

substantially all the investment income for the year after

deduction of expenses. The Board of Directors of the Fund

may also determine if and to what extend dividends may

include distribution, from both net realised and net unrealised

capital gains.

13. Securities Pledged or Given in GuaranteeSecurities which have been given as guarantee, are evidenced by

“‡” in the Portfolio of Investments of the Funds. As at 31 May 2012

the value of these securities amounts to USD 4,391,583.

Securities which have been received in guarantee are detailed

in table below. As at 31 May 2012 the value of these securities

amounts to USD 1,102,320.

Fund Holdings Description Value (USD)

BlackRock European

Credit Strategies Fund

457,000 Bundesrepublik

Deutschland 4.75%

4/7/2034 1,102,320

14. Transaction costsDisclosed in the table below are separately identifiable

transaction costs incurred by each Fund for the year

ended 31 May 2012. These include brokerage commission,

settlement fees, stamp duties and broker fees charges on

equities, exchange traded futures contracts and options.

Fund 31 May 2012

BlackRock Americas Diversified Equity

Absolute Return Fund –

Fund 31 May 2012

BlackRock Asia Extension Fund –

BlackRock Emerging Markets Extension Fund –

BlackRock Euro Dynamic Diversified

Growth Fund 9,252

BlackRock European Absolute Return Fund 796,571

BlackRock European Credit Strategies Fund –

BlackRock European Diversified Equity

Absolute Return Fund –

BlackRock European Opportunities Absolute

Return Fund 114,831

BlackRock European Opportunities

Extension Fund 248,109

BlackRock Fixed Income Strategies Fund –

BlackRock Fund of iShares - Conservative 592

BlackRock Fund of iShares - Dynamic 801

BlackRock Fund of iShares - Growth 1,311

BlackRock Fund of iShares - Moderate 1,912

BlackRock Global Absolute Return Bond Fund –

BlackRock Global Currency Absolute

Return Fund –

BlackRock Latin American

Opportunities Fund 576,386

BlackRock Mining Opportunities Fund 17,004

Not all transaction costs are separately identifiable. For fixed

income investments, forward currency contracts and other

derivative contracts, transaction costs are included in the

purchase or sales price and are not separately disclosed.

15. Subsequent EventsOn 28 June 2012, Ulla Pitha resigned from the Management

Company.

On 26 July 2012, Adrian Lawrence was appointed to the

Management Company.


REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ

To the Shareholders of

BlackRock Strategic Funds SICAV

Following our appointment by the annual general meeting of the Shareholders of the Company, we have audited the

accompanying financial statements of BlackRock Strategic Funds SICAV and of each of its Sub-funds, which comprise the

statement of net assets and the portfolio of investments as at 31 May 2012 and the statement of operations and changes in net

assets for the year then ended, and a summary of significant accounting policies and other explanatory information.

Responsibility of the Board of Directors of the Company for the financial statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in

accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for

such internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financial

statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the réviseur d’entreprises agréé

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in

accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du

Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain

reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial

statements. The procedures selected depend on the réviseur d’entreprises agréé’s judgement, including the assessment of the

risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,

the réviseur d’entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the

financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness

of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Company, as

well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of BlackRock Strategic Funds SICAV

and of each of its Sub-funds as of 31 May 2012, and of the results of their operations and changes in their net assets for the

year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial

statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been

subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express

no opinion on such information. However, we have no observation to make concerning such information in the context of the

financial statements taken as a whole.

For Deloitte Audit, Société à responsabilité limitée Cabinet de révision agréé

Johnny Yip, Réviseur d’entreprises agréé

Partner

19 September 2012

560, rue de Neudorf

L-2220 Luxembourg


Appendix I - Global Exposure and Leverage (Unaudited)

Global ExposureIn accordance with current BlackRock policy, global exposure is measured using the Value at Risk (“VaR”) approach which

considers the full constituents of the portfolio.

VaR is a statistical risk measure that estimates the potential loss from adverse market moves in an ordinary market environment.

A VaR number is defined at a specified probability and a specified time horizon. The VaR calculations are based on a confidence

level of 99% with a holding period of not greater than 1 month (20 days) and a historical observation of not less than 1 year

(250 days). The model used for the Funds is a parametric factor model.

For funds which use a relative VaR approach BlackRock Risk & Quantitative Analysis (“RQA”) determines a reference portfolio

as the basis for the relative VaR calculation. The reference portfolio is typically the index benchmark also established as the

reference point for performance data in respect of the relevant Fund. This is an index (or composite of indices) constructed by a

recognised index provider(s) from relevant securities which are eligible for investment by the fund. This process gives appropriate

consideration to the availability of indices with construction rules which are themselves compliant with diversification rules.

Where a Fund is monitored using Absolute VaR, the Investment Manager will observe the regulatory limit and any internal risk

limits which may be appropriate for the portfolio.

The table below details the highest, lowest and average utilisation of the VaR limit, expressed as a percentage of the respective

absolute or relative VaR regulatory limit.

Fund Market Risk Approach

Reference portfolio

Highest utilisation of

the VaR limit %

Lowest utilisation of

the VaR limit %

Average utilisation of

the VaR limit %

BlackRock Americas Diversified Equity

Absolute Return Fund Absolute VaR N/A 17.07% 10.80% 13.57%

BlackRock Asia Extension Fund Relative VaR

MSCI Country

Asia ex Japan

Index SM 49.93% 49.13% 49.62%

BlackRock Emerging Markets

Extension Fund Relative VaR

MSCI Emerging

Markets Index 50.44% 49.53% 50.08%

BlackRock Euro Dynamic Diversified

Growth Fund Absolute VaR N/A 27.04% 9.75% 18.68%

BlackRock European Absolute Return Fund Absolute VaR N/A 17.23% 5.47% 10.68%

BlackRock European Credit Strategies Fund Absolute VaR N/A 18.27% 6.69% 9.82%

BlackRock European Diversified Equity





Extension Fund Relative VaR

S&P Europe

BMI Index 57.57% 34.64% 48.36%

BlackRock Fixed Income Strategies Fund Absolute VaR N/A 12.31% 2.54% 6.30%

BlackRock Fund of iShares - Conservative Absolute VaR N/A 22.05% 9.15% 14.58%

BlackRock Fund of iShares - Dynamic Absolute VaR N/A 73.10% 31.70% 42.57%

BlackRock Fund of iShares - Growth Absolute VaR N/A 58.95% 25.20% 33.33%

BlackRock Fund of iShares - Moderate Absolute VaR N/A 38.70% 16.20% 24.27%

BlackRock Global Absolute Return Absolute VaR N/A N/A N/A N/A

BlackRock Global Currency Absolute

Return Fund Absolute VaR N/A 39.19% 11.60% 22.95%

BlackRock Latin American

Opportunities Fund Relative VaR

MSCI Emerging

Market Latin

America 58.84% 41.83% 49.21%

BlackRock Mining Opportunities Fund Relative VaR

HSBC Global

Mining Index N/A N/A N/A1 As at 4 May 2012 the Market Risk approach changed from relative VaR to absolute VaR.2 As the BlackRock Global Absolute Return Bond Fund and the BlackRock Mining Opportunities Fund were launched on 25 May 2012 and 31 May 2012 respectively, no statistical data has

been calculated.


Appendix I - Global Exposure and Leverage (Unaudited) continued

LeverageThe use of derivatives may expose Funds to a higher degree of risk. In particular, derivative contracts can be highly volatile, and

the amount of initial margin is generally small relative to the size of the contract so that transactions may be leveraged in terms

of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard

bonds or equities. Leveraged derivative positions can therefore increase Fund volatility.

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.

Disclosed in the table below is the level of leverage employed during the year.

Average leverage employed during

the year

BlackRock Americas Diversified Equity Absolute Return Fund 454%

BlackRock Asia Extension Fund 159%

BlackRock Emerging Markets Extension Fund 177%

BlackRock Euro Dynamic Diversified Growth Fund 79%

BlackRock European Absolute Return Fund 57%

BlackRock European Credit Strategies Fund 168%

BlackRock European Diversified Equity Absolute Return Fund 490%

BlackRock European Opportunities Absolute Return Fund 102%

BlackRock European Opportunities Extension Fund 110%

BlackRock Fixed Income Strategies Fund 236%

BlackRock Fund of iShares - Conservative 0%

BlackRock Fund of iShares - Dynamic 0%

BlackRock Fund of iShares - Growth 0%

BlackRock Fund of iShares - Moderate 0%

BlackRock Global Absolute Return Bond Fund1 0%

BlackRock Global Currency Absolute Return Fund 564%

BlackRock Latin American Opportunities Fund 1%

BlackRock Mining Opportunities Fund1 0%

1 As the BlackRock Global Absolute Return Bond Fund and the BlackRock Mining Opportunities Fund were launched on 25 May 2012 and 31 May 2012 respectively, no statistical data has

been calculated.


Appendix II - Total Expense Ratio

Total Expense Ratio (TER) is calculated as the total of all expenses (excluding bank interest and including expense

reimbursements), divided by the average net assets of the fund, expressed as a percentage.

The Management Fee may be used in part to pay remuneration for distribution activities concerning the Fund. Reimbursement

may be made to institutional investors which from a commercial perspective hold shares of the Fund for third parties.

The Total Expense Ratios for the year from 1 June 2011 to 31 May 2012 are as follows:

Fund Name TER(including Performance

Fee)

Performance-related Fee (as a percentage of the

average net assets)

BlackRock Americas Diversified Equity Absolute Return Fund* Class A 3.063% 1.185%

Class D 1.355% –

BlackRock Asia Extension Fund** Class A 1.895% 0.019%

Class D 1.391% –

Class E 2.372% –

BlackRock Emerging Markets Extension Fund** Class A 1.878% –

Class D 1.376% –

Class E 2.385% –

BlackRock Euro Dynamic Diversified Growth Fund Class A 1.718% –

Class D 1.133% –

Class E 2.126% –

Class I 0.887% –

Class X 0.203% –

BlackRock European Absolute Return Fund Class A 4.339% 2.462%

Class D 3.838% 2.454%

Class E 4.710% 2.332%

Class I 1.113% 0.018%

BlackRock European Credit Strategies Fund Class H 1.882% 0.118%

Class I 1.828% 0.756%

Class X 0.077% –

BlackRock European Diversified Equity Absolute Return Fund Class A 1.850% –

Class D 1.347% –

Class E 2.349% –

Class I 1.062% –

Class X 0.050% –

BlackRock European Opportunities Absolute Return Fund Class A 2.789% 1.030%

Class D 1.322% 0.072%

Class E 2.507% 0.259%

Class I 1.455% 0.374%

BlackRock European Opportunities Extension Fund Class A 3.271% 1.419%

Class D 1.590% 0.222%

Class E 3.577% 1.223%

BlackRock Fixed Income Strategies Fund Class A 1.238% –

Class D 0.868% –

Class E 1.770% –

Class I 0.756% –

Class X 0.080% –

BlackRock Fund of iShares - Conservative Class K 0.791% –

Class L 1.276% –

Class M 1.536% –

BlackRock Fund of iShares - Dynamic Class K 0.779% –

Class L 1.279% –

Class M 1.524% –


Appendix II - Total Expense Ratio continued

Fund Name TER(including Performance

Fee)

Performance-related Fee (as a percentage of the

average net assets)

BlackRock Fund of iShares - Growth Class K 0.785% –

Class L 1.277% –

Class M 1.527% –

BlackRock Fund of iShares - Moderate Class K 0.789% –

Class L 1.284% –

Class M 1.517% –

BlackRock Global Absolute Return Bond Fund*** Class A 1.272% –

Class X 0.084% –

BlackRock Global Currency Absolute Return Fund Class A 1.269% –

Class X 0.079% –

BlackRock Latin American Opportunities Fund Class A 2.535% 0.001%

Class C 3.539% 0.003%

BlackRock Mining Opportunities Fund**** Class D N/A –

* The Fund was launched on 17 February 2012.

** The Fund was launched on 10 February 2012.

*** The Fund was launched on 25 May 2012.

**** As the Fund was launched on 31 May 2012, no TER has been calculated.


Appendix III - Portfolio Turnover Rates

The Portfolio Turnover Rate (PTR), expressed as a percentage, reflects the volume of dealing in the fund. It is equal to the total of

purchases and sales of securities netted against the value of the subscriptions and redemptions, over the average net assets of

the fund for the year.

The Portfolio Turnover Rates for the year from 1 June 2011 to 31 May 2012 are as follows:

Fund Name Portfolio turnover

BlackRock Americas Diversified Equity Absolute Return Fund* 345.00%

BlackRock Asia Extension Fund** 734.84%

BlackRock Emerging Markets Extension Fund** 573.02%

BlackRock Euro Dynamic Diversified Growth Fund (53.02)%

BlackRock European Absolute Return Fund 176.48%

BlackRock European Credit Strategies Fund 133.29%

BlackRock European Diversified Equity Absolute Return Fund 80.77%

BlackRock European Opportunities Absolute Return Fund 464.52%

BlackRock European Opportunities Extension Fund 862.56%

BlackRock Fixed Income Strategies Fund 403.79%

BlackRock Fund of iShares - Conservative 77.08%

BlackRock Fund of iShares - Dynamic 128.57%

BlackRock Fund of iShares - Growth 155.20%

BlackRock Fund of iShares - Moderate 66.28%

BlackRock Global Absolute Return Bond Fund*** (4,020.35)%

BlackRock Global Currency Absolute Return Fund 616.65%

BlackRock Latin American Opportunities Fund 99.10%

BlackRock Mining Opportunities Fund**** N/A

* The Fund was launched on 17 February 2012.

** The Fund was launched on 10 February 2012.

*** The Fund was launched on 25 May 2012.

**** As the Fund was launched on 31 May 2012, no PTR has been calculated.


Appendix IV - Performance

Calculation methodology is based on industry standards.

The figures indicated relate to share class publicly distributed in Switzerland. Performance figures for any other share class can

be made available upon request.

Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a

product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from

it will vary and your initial investment amount cannot be guaranteed. The fund invests a large portion of assets which are

denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The

performance figures do not consider charges and fees that may be levied at the time of subscription or redemption of shares.

Levels and bases of taxation may change from time to time. Subscriptions may be made only on the basis of the current

Prospectus, of which the most recent audited annual report and accounts and unaudited interim report and accounts

form an integral part, and KIID. Copies are available from Investor Services, the Transfer Agent, the Manager or any of the

Representatives or Distributors. BlackRock Strategic Fund is only available for investment by non-US citizens who are not

residents of the US. It is not offered for sale or sold in the US, its territories or possessions.

YTD 2011 2010 2009 Launch Date

BlackRock Americas Diversified Equity Absolute Return Fund 'A' Non Dist (USD)* 5.15% – – – 17 February 2012

3M USD LIBOR (USD) 0.14% – – –

BlackRock Asia Extension Fund 'A' Non Dist (USD)** (9.30)% – – – 10 February 2012

MSCI All Country Asia ex Japan (USD) (9.23)% – – –

BlackRock Emerging Markets Extension Fund 'A' Non Dist (USD)** (11.37)% – – – 10 February 2012

MSCI Emerging Markets (USD) (12.11)% – – –

BlackRock European Absolute Return Fund 'A' Non Dist (EUR) 3.92% 6.11% (0.12)% – 27 February 2009

3M Euro LIBOR (Euro) 0.36% 1.36% 0.26% –

BlackRock European Opportunities Extension Fund 'A' Non Dist (EUR) 3.71% (8.79)% 0.07% 46.83% 31 August 2007

S&P Europe BMI Europe Index (EUR) b1 0.94% (8.59)% (0.60)% 34.41%

MSCI Europe (net) (Euro) (0.40)% (8.08)% (1.90)% 31.61%

BlackRock Global Currency Absolute Return Fund 'A' Non Dist (USD) 1.31% (5.98)% 5.00% – 14 August 2009

U.S. Fed Funds Rate (USD) 0.05% 0.10% 0.07% –

BlackRock Fixed Income Strategies Fund 'A' Non Dist (EUR) 2.57% (1.30)% 0.42% – 30 September 2009

EONIA (Euro) 0.15% 0.86% 0.14% –

BlackRock European Opportunities Absolute Returns Fund 'A' Non Dist (EUR) (1.49)% 3.79% – – 06 August 2010

3M Euro LIBOR (Euro) 0.36% 1.36% – –

BlackRock Latin American Opportunities Fund 'A' Non Dist (USD) f1 2.87% (28.12)% (5.71)% 219.27% 14 November 2007

MSCI EM Latin America net (USD) (4.20)% (19.35)% (7.46)% 103.77%

MSCI EM Lat Am 10/40 (net) (USD) (3.62)% (18.57)% (6.42)% 102.19%

BlackRock European Diversified Equity Absolute Return Fund 'A' Non Dist (EUR) (4.60)% (4.55)% – – 06 August 2010

3M Euro LIBOR (Euro) 0.36% 1.36% – –

BlackRock Fund of iShares - Conservative 'K' Non Dist (EUR) 2.81% (0.76)% – – 17 September 2010

Comp (Conservative) (Euro) 5.14% 0.33% – –

BlackRock Fund of iShares - Moderate 'K' Non Dist (EUR) 2.56% (2.97)% – – 17 September 2010

Comp (Moderate) (Euro) 4.63% (2.10)% – –

BlackRock Fund of iShares - Growth 'K' Non Dist (EUR) 1.64% (6.75)% – – 17 September 2010

Comp (Growth) (Euro) 4.18% (4.93)% – –

BlackRock Fund of iShares - Dynamic 'K' Non Dist (EUR) 0.62% (9.92)% – – 17 September 2010

Comp (Dynamic) (Euro) 3.88% (7.46)% – –


Appendix IV - Performance continued

YTD 2011 2010 2009 Launch Date

BlackRock Euro Dynamic Diversified Growth Fund 'A' Non Dist (EUR) 1.25% – – – 28 January 2011

EONIA (Euro) 0.15% – – –

BlackRock European Credit Strategies Fund 'H' Non Dist (EUR) 2.55% – – – 16 February 2011

3M EURIBOR (Euro) 0.36% – – –

BlackRock European Credit Strategies Fund 'H' Non Dist RF (GBP) 2.58% – – – 16 February 2011

3M EURIBOR (Euro) (3.48)% – – –

BlackRock Global Absolute Return Bond Fund 'A' Non Dist (EUR) (0.01)% – – – 25 May 2012

3M EURIBOR (Euro) 0.01% – – –

* As the BlackRock Mining Opportunities Fund was launched on 31 May 2012, no performance has been calculated.

b1 Previously known as Citigroup BMI Europe Index.

f1 Performance is measured using a specially created non-dealing month end closing price.

Basis: Fund & Benchmark Information. Unless otherwise stated, performance is shown on a NAV price basis with income

reinvested. Fund performance figures are calculated net of annual fees. All fund and index information is recorded in its base

currency and is converted into the appropriate currency for performance reporting using WM/Reuters spot closing rates. The

FTSE-All share, MSCI EM Latin America 10/40 (net) and CitiGroup BMI Europe indices are supplied on a TOTAL RETURN basis,

whilst the MSCI EM Latin America (net) index is supplied on a NET basis. Sources: Indices - Financial Times, MSCI, Citigroup,

DataStream, MorningStar; Funds - BlackRock Investment Management (UK) Limited.


General Information

Current ProspectusThe method by which the Reference NAV is calculated at the end of each Performance Period for Type A Funds has been

changed with effect from the beginning of the current Performance Period for Type A Funds (1 June 2011). The change is

beneficial to Shareholders in the affected Funds. Further details of the Performance Fee calculation are set out in the version of

the Prospectus published on 4 May 2012.

The Company’s Prospectus dated 4 May 2012, and the KIID dated 30 April 2012 along with copies of the Application Form

may be obtained from the local Investor Servicing Centre, the Manager or any of the Representatives or Distributors. Copies

of the Company’s Articles of Association and the Audited Annual and Unaudited Interim Report and Accounts may also be

obtained free of charge from any of these offices and from the Paying Agents. All these documents are also available from

www.blackrockinternational.com.

RepresentativeThe representative in Poland is BlackRock Investment Management (UK) Limited, Oddział w Polsce, Rondo Onz 1,

00-124 Warsaw, Poland.

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

11411 Stockholm, Sweden.

The representative in Switzerland is BlackRock Asset Management Switzerland Limited, Claridenstrasse 25, 8002 Zurich, Switzerland.

Purchases and SalesA detailed list of investments purchased and sold for any Fund during the year is available upon request, free of charge, from the

Registered office, or the offices of the Representatives as mentioned above.

Authorised StatusThe Company is an undertaking for Collective Investment in Transferable securities (“UCITS”) under the Luxembourg Law of

17 December 2010. Regulatory consents have been obtained or appropriate notifications have been made for the distribution of

shares of all the Company’s Funds in the umbrella in the following countries:

Austria, Belgium, Finland, France, Germany, Guernsey, Hungary, Ireland, Italy, Jersey, Luxembourg, Netherlands, Poland, Spain,

Sweden, Switzerland and the United Kingdom.

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

Change of Registered AddressThe registered office of BlackRock Investment Management (UK) Limited has changed from 33 King William Street, EC4R 9AS

to 12 Throgmorton Avenue, London EC2N 2DL.

Paying AgentsAustria

Raiffeisen Bank International AG

Am Stadtpark 9

1030 Vienna

Belgium

J.P. Morgan Chase Bank,

Brussels Branch

1 Boulevard du Roi Albert II

Brussels

B-1210 Belgium

Italy

BNP Paribas Securities Services

Succursale di Milano

Via Ansperto 5

20121 Milan

Societe Generale Securities Services S.p.A

Registered Office

Via Benigno Crespi

19A, MAC II

20159 Milan

Banca Monte dei Paschi di Siena S.p.A

Registered Office

Piazza Salimbeni 3

53100 Siena

Italy

State Street Bank S.p.A

Registered Office

Via Ferrante Aporti 10 – 20125 Milan,

Italy


General Information continued

Luxembourg (Central Paying Agent)

J.P. Morgan Bank Luxembourg S.A.

6C, route de Trèves

L-2633, Senningerberg

Switzerland

J.P. Morgan Chase Bank,

National Association,

Columbus,

Zürich Branch

Dreikönigstrasse 21

CH-8002 Zurich

United Kingdom

J.P. Morgan Trustee and Depositary Company Limited

Hampshire Building,

1st Floor

Chaseside

Bournemouth

BH7 7DA

FOR MORE INFORMATIONTel +44 (0)20 7743 3300

blackrockinternational.com

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